# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-23-000442
**Filing Date:** 2023-1
**Character Count:** 7946607
**Document Hash:** 89ebc35a98f7c74ec41e3e7760a0e9ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000442.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000442

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 118

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663
- **IRS NUMBER:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 23500903

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares TIPS Bond ETF (Series ID: S000004363)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000012093 | iShares TIPS Bond ETF | TIP             |

### iShares J.P. Morgan USD Emerging Markets Bond ETF (Series ID: S000019798)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055529 | iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB             |

### iShares International Treasury Bond ETF (Series ID: S000023614)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000069477 | iShares International Treasury Bond ETF | IGOV            |

### iShares 1-3 Year International Treasury Bond ETF (Series ID: S000023615)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000069478 | iShares 1-3 Year International Treasury Bond ETF | ISHG            |

### iShares 0-5 Year TIPS Bond ETF (Series ID: S000030481)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000093655 | iShares 0-5 Year TIPS Bond ETF | STIP            |

### iShares Floating Rate Bond ETF (Series ID: S000033136)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000102031 | iShares Floating Rate Bond ETF | FLOT            |

### iShares CMBS ETF (Series ID: S000035914)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000110079 | iShares CMBS ETF | CMBS            |

### iShares GNMA Bond ETF (Series ID: S000035915)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000110080 | iShares GNMA Bond ETF | GNMA            |

### iShares Aaa - A Rated Corporate Bond ETF (Series ID: S000035916)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000110081 | iShares Aaa - A Rated Corporate Bond ETF | QLTA            |

### iShares U.S. Treasury Bond ETF (Series ID: S000035919)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000110086 | iShares U.S. Treasury Bond ETF | GOVT            |

### iShares Core 1-5 Year USD Bond ETF (Series ID: S000038926)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000119711 | iShares Core 1-5 Year USD Bond ETF | ISTB            |

### iShares iBonds Mar 2023 Term Corporate ex-Financials ETF (Series ID: S000039663)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000122833 | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | IBCE            |

### iShares iBonds Mar 2023 Term Corporate ETF (Series ID: S000040347)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000125276 | iShares iBonds Mar 2023 Term Corporate ETF | IBDD            |

### iShares 0-5 Year High Yield Corporate Bond ETF (Series ID: S000042353)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000131291 | iShares 0-5 Year High Yield Corporate Bond ETF | SHYG            |

### iShares 0-5 Year Investment Grade Corporate Bond ETF (Series ID: S000042354)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000131292 | iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD            |

### iShares Treasury Floating Rate Bond ETF (Series ID: S000044143)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000137225 | iShares Treasury Floating Rate Bond ETF | TFLO            |

### iShares Core Total USD Bond Market ETF (Series ID: S000045644)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000141927 | iShares Core Total USD Bond Market ETF | IUSB            |

### iShares iBonds Dec 2022 Term Corporate ETF (Series ID: S000048150)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152177 | iShares iBonds Dec 2022 Term Corporate ETF | IBDN            |

### iShares iBonds Dec 2023 Term Corporate ETF (Series ID: S000048151)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152178 | iShares iBonds Dec 2023 Term Corporate ETF | IBDO            |

### iShares iBonds Dec 2024 Term Corporate ETF (Series ID: S000048152)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152179 | iShares iBonds Dec 2024 Term Corporate ETF | IBDP            |

### iShares iBonds Dec 2025 Term Corporate ETF (Series ID: S000048153)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152180 | iShares iBonds Dec 2025 Term Corporate ETF | IBDQ            |

### iShares Convertible Bond ETF (Series ID: S000048637)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000153287 | iShares Convertible Bond ETF | ICVT            |

### iShares iBonds Dec 2022 Term Muni Bond ETF (Series ID: S000049023)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000154546 | iShares iBonds Dec 2022 Term Muni Bond ETF | IBMK            |

### iShares Core International Aggregate Bond ETF (Series ID: S000051261)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000161648 | iShares Core International Aggregate Bond ETF | IAGG            |

### iShares ESG Advanced High Yield Corporate Bond ETF (Series ID: S000054184)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000170245 | iShares ESG Advanced High Yield Corporate Bond ETF | HYXF            |

### iShares Fallen Angels USD Bond ETF (Series ID: S000054186)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000170247 | iShares Fallen Angels USD Bond ETF | FALN            |

### iShares iBonds Dec 2023 Term Muni Bond ETF (Series ID: S000054724)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000171897 | iShares iBonds Dec 2023 Term Muni Bond ETF | IBML            |

### iShares iBonds Dec 2024 Term Muni Bond ETF (Series ID: S000054725)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000171898 | iShares iBonds Dec 2024 Term Muni Bond ETF | IBMM            |

### iShares iBonds Dec 2026 Term Corporate ETF (Series ID: S000055059)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000173141 | iShares iBonds Dec 2026 Term Corporate ETF | IBDR            |

### iShares iBonds Dec 2027 Term Corporate ETF (Series ID: S000058301)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000191091 | iShares iBonds Dec 2027 Term Corporate ETF | IBDS            |

### iShares Broad USD High Yield Corporate Bond ETF (Series ID: S000059297)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000194633 | iShares Broad USD High Yield Corporate Bond ETF | USHY            |

### iShares U.S. Fixed Income Balanced Risk Factor ETF (Series ID: S000060088)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000196720 | iShares U.S. Fixed Income Balanced Risk Factor ETF | FIBR            |

### iShares iBonds Dec 2028 Term Corporate ETF (Series ID: S000063041)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000204503 | iShares iBonds Dec 2028 Term Corporate ETF | IBDT            |

### iShares iBonds Dec 2025 Term Muni Bond ETF (Series ID: S000063114)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000204675 | iShares iBonds Dec 2025 Term Muni Bond ETF | IBMN            |

### iShares iBonds Dec 2026 Term Muni Bond ETF (Series ID: S000063115)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000204676 | iShares iBonds Dec 2026 Term Muni Bond ETF | IBMO            |

### iShares BB Rated Corporate Bond ETF (Series ID: S000063139)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000204721 | iShares BB Rated Corporate Bond ETF | HYBB            |

### iShares USD Green Bond ETF (Series ID: S000063466)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000205645 | iShares USD Green Bond ETF | BGRN            |

### iShares iBonds Dec 2027 Term Muni Bond ETF (Series ID: S000065128)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210857 | iShares iBonds Dec 2027 Term Muni Bond ETF | IBMP            |

### iShares iBonds Dec 2028 Term Muni Bond ETF (Series ID: S000065129)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210858 | iShares iBonds Dec 2028 Term Muni Bond ETF | IBMQ            |

### iShares iBonds 2022 Term High Yield and Income ETF (Series ID: S000065339)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211398 | iShares iBonds 2022 Term High Yield and Income ETF | IBHB            |

### iShares iBonds 2023 Term High Yield and Income ETF (Series ID: S000065341)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211400 | iShares iBonds 2023 Term High Yield and Income ETF | IBHC            |

### iShares iBonds 2024 Term High Yield and Income ETF (Series ID: S000065343)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211402 | iShares iBonds 2024 Term High Yield and Income ETF | IBHD            |

### iShares iBonds 2025 Term High Yield and Income ETF (Series ID: S000065345)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211404 | iShares iBonds 2025 Term High Yield and Income ETF | IBHE            |

### iShares iBonds Dec 2029 Term Corporate ETF (Series ID: S000066401)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000214263 | iShares iBonds Dec 2029 Term Corporate ETF | IBDU            |

### iShares iBonds Dec 2022 Term Treasury ETF (Series ID: S000067557)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217182 | iShares iBonds Dec 2022 Term Treasury ETF | IBTB            |

### iShares iBonds Dec 2023 Term Treasury ETF (Series ID: S000067558)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217184 | iShares iBonds Dec 2023 Term Treasury ETF | IBTD            |

### iShares iBonds Dec 2024 Term Treasury ETF (Series ID: S000067559)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217185 | iShares iBonds Dec 2024 Term Treasury ETF | IBTE            |

### iShares iBonds Dec 2025 Term Treasury ETF (Series ID: S000067560)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217186 | iShares iBonds Dec 2025 Term Treasury ETF | IBTF            |

### iShares iBonds Dec 2026 Term Treasury ETF (Series ID: S000067561)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217187 | iShares iBonds Dec 2026 Term Treasury ETF | IBTG            |

### iShares iBonds Dec 2027 Term Treasury ETF (Series ID: S000067562)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217188 | iShares iBonds Dec 2027 Term Treasury ETF | IBTH            |

### iShares iBonds Dec 2028 Term Treasury ETF (Series ID: S000067563)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217189 | iShares iBonds Dec 2028 Term Treasury ETF | IBTI            |

### iShares iBonds Dec 2029 Term Treasury ETF (Series ID: S000067564)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000217190 | iShares iBonds Dec 2029 Term Treasury ETF | IBTJ            |

### iShares iBonds Dec 2030 Term Corporate ETF (Series ID: S000068777)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000219751 | iShares iBonds Dec 2030 Term Corporate ETF | IBDV            |

### iShares iBonds Dec 2030 Term Treasury ETF (Series ID: S000068912)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000220170 | iShares iBonds Dec 2030 Term Treasury ETF | IBTK            |

### iShares iBonds 2026 Term High Yield and Income ETF (Series ID: S000069852)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000222633 | iShares iBonds 2026 Term High Yield and Income ETF | IBHF            |

### iShares iBonds Dec 2031 Term Corporate ETF (Series ID: S000072204)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000228040 | iShares iBonds Dec 2031 Term Corporate ETF | IBDW            |

### iShares iBonds 2027 Term High Yield and Income ETF (Series ID: S000072335)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000228465 | iShares iBonds 2027 Term High Yield and Income ETF | IBHG            |

### iShares iBonds Dec 2031 Term Treasury ETF (Series ID: S000072402)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000228602 | iShares iBonds Dec 2031 Term Treasury ETF | IBTL            |

### iShares iBonds 2028 Term High Yield and Income ETF (Series ID: S000075472)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000234589 | iShares iBonds 2028 Term High Yield and Income ETF | IBHH            |

### iShares iBonds 2029 Term High Yield and Income ETF (Series ID: S000075473)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000234590 | iShares iBonds 2029 Term High Yield and Income ETF | IBHI            |

### iShares iBonds Dec 2032 Term Corporate ETF (Series ID: S000076685)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000236700 | iShares iBonds Dec 2032 Term Corporate ETF | IBDX            |

### iShares iBonds Dec 2032 Term Treasury ETF (Series ID: S000076714)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000236733 | iShares iBonds Dec 2032 Term Treasury ETF | IBTM            |

### iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (Series ID: S000076777)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000236812 | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | TLTW            |

### iShares High Yield Corporate Bond BuyWrite Strategy ETF (Series ID: S000076779)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000236814 | iShares High Yield Corporate Bond BuyWrite Strategy ETF | HYGW            |

### iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (Series ID: S000076781)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000236816 | iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | LQDW            |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-09729** 

------

## iShares Trust
**(Exact name of registrant as specified in charter)** 

------

---

| |
|:---|
| **c/o: State Street Bank and Trust Company** |
| **100 Summer Street, 4<sup>th</sup> Floor, Boston, MA 02110** |
| **(Address of principal executive offices) (Zip code)** |

---

------

**The Corporation Trust Company** 

**1209 Orange Street, Wilmington, DE 19801** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (415) 670-2000** 

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

------

**Item 1. Reports to Stockholders.** 

(a) The Report to Shareholders is attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g389142g24u50.jpg) | **OCTOBER 31, 2022** |

---

**2022 Annual Report**<br>

**iShares Trust** 

· iShares 1-3 Year International Treasury Bond ETF \| ISHG \| NASDAQ

· iShares International Treasury Bond ETF \| IGOV \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g389142sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g389142photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia,<br>Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br>U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx389142_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx389142_2) | 4 |
|  [Fund Summary](#tx389142_3) | 5 |
|  [About Fund Performance](#tx389142_4) | 9 |
|  [Disclosure of Expenses](#tx389142_5) | 9 |
|  [Schedules of Investments](#tx389142_6) | 10 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx389142_7) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx389142_8) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx389142_9) | 23 |
|  [Financial Highlights](#tx389142_10) | 24 |
|  [Notes to Financial Statements](#tx389142_11) | 26 |
|  [Report of Independent Registered Public Accounting Firm](#tx389142_12) | 32 |
|  [Important Tax Information](#tx389142_13) | 33 |
|  [Board Review and Approval of Investment Advisory Contract](#tx389142_14) | 34 |
|  [Supplemental Information](#tx389142_15) | 36 |
|  [Trustee and Officer Information](#tx389142_16) | 37 |
|  [General Information](#tx389142_17) | 40 |
|  [Glossary of Terms Used in this Report](#tx389142_18) | 41 |

---

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Market Overview

**iShares Trust** 

**Global Bond Market Overview** 

Global investment-grade bonds experienced a sizable decline the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia's invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation's economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader "risk-off" environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation's stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **1-3 Year International Treasury Bond ETF** |

---

**Investment Objective** 

The **iShares 1-3 Year International Treasury Bond ETF (the "Fund")** seeks to track the investment results of an index composed of non-U.S. developed market government bonds with remaining maturities between one and three years, as represented by the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (18.32)% | (4.11)% | (3.55)% | (18.32)% | (18.94)% | (30.36)% |
|  Fund Market | (18.18) | (4.07) | (3.54) | (18.18) | (18.75) | (30.27) |
|  Index | (18.03) | (3.90) | (3.31) | (18.03) | (18.04) | (28.57) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g389142dsp5.jpg)

Index performance through August 31, 2020 reflects the performance of the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index. Index performance beginning on September 1, 2020 reflects the performance of the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **1-3 Year International Treasury Bond ETF** |

---

**Portfolio Management Commentary** 

Returns for international short-term government bonds were well into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia's invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russian oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up more than two-thirds of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better.

In terms of bond maturity, the two-to-three-year government bond segment detracted the most from the Index's return. All maturity segments experienced notably negative performance.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>*  | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Aaa | 35.4% |
|  Aa | 25.3 |
|  A | 21.0 |
|  Baa | 14.3 |
|  Not Rated | 4.0 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Japan | 12.8% |
|  Italy | 10.1 |
|  Germany | 9.1 |
|  France | 9.0 |
|  Spain | 6.1 |
|  Australia | 4.7 |
|  Canada | 4.6 |
|  United Kingdom | 4.6 |
|  Austria | 4.6 |
|  Netherlands | 4.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF** |

---

**Investment Objective** 

The **iShares International Treasury Bond ETF (the "Fund")** seeks to track the investment results of an index composed of non-U.S. developed market government bonds, as represented by the FTSE World Government Bond Index - Developed Markets Capped Select Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (27.42)% | (5.23)% | (2.75)% | (27.42)% | (23.56)% | (24.33)% |
|  Fund Market | (27.46) | (5.23) | (2.75) | (27.46) | (23.57) | (24.31) |
|  Index | (27.14) | (4.87) | (2.40) | (27.14) | (22.07) | (21.56) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g389142dsp7.jpg)

Index performance through August 31, 2020 reflects the performance of the S&P International Sovereign Ex-U.S. Bond Index. Index performance beginning on September 1, 2020 reflects the performance of the FTSE World Government Bond Index – Developed Markets Capped Select Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **International Treasury Bond ETF** |

---

**Portfolio Management Commentary** 

Returns for international government bonds were deeply into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia's invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russia oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up nearly two-thirds of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better.

In terms of bond maturity, bonds with maturities greater than 10 years, which are more sensitive to changes in interest rates, detracted the most from the Index's return. All maturity segments experienced notably negative performance.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>*  | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Aaa | 32.4% |
|  Aa | 25.9 |
|  A | 24.2 |
|  Baa | 12.8 |
|  Not Rated | 4.7 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Japan | 17.8% |
|  France | 9.0 |
|  Italy | 7.9 |
|  Germany | 6.9 |
|  Spain | 5.4 |
|  Canada | 4.7 |
|  Australia | 4.7 |
|  United Kingdom | 4.6 |
|  Austria | 4.6 |
|  Netherlands | 4.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com.** Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 9

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **1-3 Year International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Foreign Government Obligations** |  |  |  |
|  **Australia — 4.6%** |  |  |  |
|  Australia Government Bond<br>0.25%, 11/21/24<sup>(a)</sup>  | AUD | 1792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/21/24<sup>(a)</sup>  | AUD | 930 | 591264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/25<sup>(a)</sup>  | AUD | 1360 | 869332 |
|  |  |  | 2538784 |
|  **Austria — 4.6%** |  |  |  |
|  Republic of Austria Government Bond<br>0.00%, 07/15/24<sup>(b)(c)</sup>  | EUR | 790 | 754165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/20/25<sup>(b)(c)</sup>  | EUR | 590 | 552631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/20/25<sup>(b)</sup>  | EUR | 750 | 717988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/21/24<sup>(b)</sup>  | EUR | 504 | 494442 |
|  |  |  | 2519226 |
|  **Belgium — 4.5%** |  |  |  |
|  Kingdom of Belgium Government Bond<br>0.50%, 10/22/24<sup>(b)</sup>  | EUR | 694 | 665956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/25<sup>(b)</sup>  | EUR | 1150 | 1100120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/22/24<sup>(b)</sup>  | EUR | 738 | 735819 |
|  |  |  | 2501895 |
|  **Canada — 4.6%** |  |  |  |
|  Canada Government Bond, 3.00%, 10/01/25 | CAD | 60 | 43060 |
|  Canadian Government Bond<br>0.25%, 04/01/24 | CAD | 365 | 254363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/01/23 | CAD | 290 | 205319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/01/25 | CAD | 480 | 319999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/01/24 | CAD | 370 | 260794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/01/25 | CAD | 190 | 131389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/24 | CAD | 360 | 254723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/24 | CAD | 318 | 223610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/25 | CAD | 268 | 186015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/24 | CAD | 150 | 107634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/25 | CAD | 260 | 183753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/24 | CAD | 190 | 136406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/01/24 | CAD | 90 | 64734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/01/24 | CAD | 240 | 166035 |
|  |  |  | 2537834 |
|  **Denmark — 2.6%** |  |  |  |
|  Denmark Government Bond<br>0.00%, 11/15/24<sup>(c)</sup>  | DKK | 6360 | 807774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/23 | DKK | 4806 | 633928 |
|  |  |  | 1441702 |
|  **Finland — 3.7%** |  |  |  |
|  Finland Government Bond<br>0.00%, 09/15/24<sup>(b)(c)</sup>  | EUR | 411 | 391268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/15/25<sup>(b)</sup>  | EUR | 479 | 457334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/15/24<sup>(b)</sup>  | EUR | 480 | 474165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/04/25<sup>(b)</sup>  | EUR | 666 | 690596 |
|  |  |  | 2013363 |
|  **France — 8.9%** |  |  |  |
|  French Republic Government Bond OAT<br>0.00%, 02/25/24<sup>(a)(c)</sup>  | EUR | 575 | 552844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/24<sup>(a)(c)</sup>  | EUR | 735 | 705081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/25<sup>(a)(c)</sup>  | EUR | 490 | 460466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/25<sup>(a)(c)</sup>  | EUR | 890 | 835213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/25<sup>(a)</sup>  | EUR | 722 | 684048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/25/24<sup>(a)</sup>  | EUR | 650 | 637288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/25/24<sup>(a)</sup>  | EUR | 625 | 618644 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/25<sup>(a)</sup>  | EUR | 390 | $427467 |
|  |  |  | 4921051 |
|  **Germany — 9.0%** |  |  |  |
|  Bundesobligation<br>0.00%, 04/05/24<sup>(a)(c)</sup>  | EUR | 304 | 292274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/18/24<sup>(a)(c)</sup>  | EUR | 530 | 504524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/11/25<sup>(a)(c)</sup>  | EUR | 330 | 311277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/10/25<sup>(a)(c)</sup>  | EUR | 480 | 448683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 10/10/25<sup>(a)(c)</sup>  | EUR | 100 | 93689 |
|  Bundesrepublik Deutschland Bundesanleihe<br>0.50%, 02/15/25<sup>(a)</sup>  | EUR | 591 | 565664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24<sup>(a)</sup>  | EUR | 410 | 398781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/25<sup>(a)</sup>  | EUR | 460 | 443280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/24<sup>(a)</sup>  | EUR | 410 | 402630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/24<sup>(a)</sup>  | EUR | 415 | 408963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/04/24<sup>(a)</sup>  | EUR | 270 | 279638 |
|  Bundesschatzanweisungen<br>0.00%, 12/15/23<sup>(a)(c)</sup>  | EUR | 190 | 183610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/24<sup>(a)(c)</sup>  | EUR | 326 | 313848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/14/24<sup>(a)</sup>  | EUR | 100 | 96098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/13/24<sup>(a)</sup>  | EUR | 226 | 217048 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960007 |
|  **Ireland — 3.7%** |  |  |  |
|  Ireland Government Bond<br>3.40%, 03/18/24<sup>(a)</sup>  | EUR | 713 | 715967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/13/25 | EUR | 1272 | 1346864 |
|  |  |  | 2062831 |
|  **Israel — 4.5%** |  |  |  |
|  Israel Government Bond - Fixed<br>0.40%, 10/31/24 | ILS | 1366 | 364889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/25 | ILS | 2430 | 642145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/23 | ILS | 1081 | 300568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/31/25 | ILS | 1610 | 436736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/31/24 | ILS | 2610 | 743074 |
|  |  |  | 2487412 |
|  **Italy — 10.0%** |  |  |  |
|  Italy Buoni Poliennali Del Tesoro<br>0.00%, 11/29/23<sup>(a)(c)</sup>  | EUR | 180 | 172902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/24<sup>(a)(c)</sup>  | EUR | 280 | 268218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/30/24<sup>(a)(c)</sup>  | EUR | 220 | 210562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/15/24<sup>(a)(c)</sup>  | EUR | 300 | 285185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/24<sup>(a)(c)</sup>  | EUR | 250 | 235337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/24<sup>(a)(c)</sup>  | EUR | 170 | 158416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/01/25<sup>(a)</sup>  | EUR | 330 | 308058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/15/25<sup>(a)</sup>  | EUR | 220 | 206149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/15/24<sup>(a)</sup>  | EUR | 320 | 308081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25<sup>(a)</sup>  | EUR | 310 | 294397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/25<sup>(a)</sup>  | EUR | 400 | 379966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/30/24<sup>(a)</sup>  | EUR | 240 | 233281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/24<sup>(a)</sup>  | EUR | 340 | 330656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/24<sup>(a)</sup>  | EUR | 290 | 282795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/01/25<sup>(b)</sup>  | EUR | 230 | 219808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/24<sup>(a)</sup>  | EUR | 470 | 460929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/24<sup>(a)</sup>  | EUR | 390 | 392139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/24<sup>(a)</sup>  | EUR | 200 | 202275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25<sup>(b)</sup>  | EUR | 338 | 349123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/23<sup>(a)</sup>  | EUR | 180 | 188556 |
|  |  |  | 5486833 |

---

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **1-3 Year International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Japan — 12.6%** |  |  |  |
|  Japan Government Five Year Bond<br>0.10%, 12/20/23 | JPY | 45350 | $305615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/24 | JPY | 114500 | 771734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/24 | JPY | 21550 | 145278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/24 | JPY | 39850 | 268738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/24 | JPY | 66100 | 445868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/25 | JPY | 41550 | 280367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/25 | JPY | 45650 | 308220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/25 | JPY | 63200 | 426748 |
|  Japan Government Ten Year Bond<br>0.40%, 03/20/25 | JPY | 53300 | 362216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/25 | JPY | 36750 | 250084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | JPY | 33600 | 228296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/23 | JPY | 9450 | 64044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/20/24 | JPY | 73350 | 497791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/24 | JPY | 25350 | 172289 |
|  Japan Government Twenty Year Bond<br>1.90%, 12/20/23 | JPY | 13000 | 89394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/24 | JPY | 52800 | 369467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/20/24 | JPY | 6550 | 45812 |
|  Japan Government Two Year Bond<br>0.00%, 11/01/23<sup>(c)</sup>  | JPY | 17450 | 117475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/23<sup>(c)</sup>  | JPY | 35100 | 236306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/24<sup>(c)</sup>  | JPY | 21000 | 141369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/24<sup>(c)</sup>  | JPY | 20250 | 136322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/24<sup>(c)</sup>  | JPY | 48950 | 329490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/24<sup>(c)</sup>  | JPY | 61200 | 411947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/24<sup>(c)</sup>  | JPY | 26150 | 176016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/24<sup>(c)</sup>  | JPY | 41600 | 280047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/01/24<sup>(c)</sup>  | JPY | 14650 | 98617 |
|  |  |  | 6959550 |
|  **Netherlands — 4.6%** |  |  |  |
|  Netherlands Government Bond<br>0.00%, 01/15/24<sup>(b)(c)</sup>  | EUR | 753 | 726739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/25<sup>(b)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1040 | 979988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/15/24<sup>(b)</sup>  | EUR | 815 | 805826 |
|  |  |  | 2512553 |
|  **New Zealand — 1.7%** |  |  |  |
|  New Zealand Government Bond<br>0.50%, 05/15/24 | NZD | 860 | 471905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25<sup>(a)</sup>  | NZD | 800 | 447362 |
|  |  |  | 919267 |
|  **Norway — 2.3%** |  |  |  |
|  Norway Government Bond<br>1.75%, 03/13/25<sup>(b)</sup>  | NOK | 6048 | 558193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/14/24<sup>(b)</sup>  | NOK | 7160 | 684033 |
|  |  |  | 1242226 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Singapore — 3.5%** |  |  |  |
|  Singapore Government Bond<br>2.00%, 02/01/24 | SGD | 1036 | $720926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/25 | SGD | 848 | 587844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/24 | SGD | 848 | 597871 |
|  |  |  | 1906641 |
|  **Spain — 6.1%** |  |  |  |
|  Spain Government Bond<br>0.00%, 05/31/24<sup>(c)</sup>  | EUR | 337 | 321700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/25<sup>(c)</sup>  | EUR | 370 | 347823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/31/25<sup>(c)</sup>  | EUR | 230 | 213839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/30/24<sup>(b)</sup>  | EUR | 162 | 154860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/30/25<sup>(b)</sup>  | EUR | 389 | 378021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/31/24<sup>(b)</sup>  | EUR | 460 | 459268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/30/24<sup>(b)</sup>  | EUR | 400 | 404064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/31/23<sup>(b)</sup>  | EUR | 294 | 296481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/25<sup>(b)</sup>  | EUR | 368 | 386398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/31/24<sup>(b)</sup>  | EUR | 384 | 390949 |
|  |  |  | 3353403 |
|  **Sweden — 3.0%** |  |  |  |
|  Sweden Government Bond<br>1.50%, 11/13/23<sup>(b)</sup>  | SEK | 10310 | 926324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/12/25 | SEK | 8135 | 737839 |
|  |  |  | 1664163 |
|  **United Kingdom — 4.6%** |  |  |  |
|  United Kingdom Gilt<br>0.13%, 01/31/24<sup>(a)</sup>  | GBP | 646 | 712310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/31/25<sup>(a)</sup>  | GBP | 410 | 436993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/07/25<sup>(a)</sup>  | GBP | 176 | 188172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/22/24<sup>(a)</sup>  | GBP | 135 | 149709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/07/25<sup>(a)</sup>  | GBP | 320 | 353875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/07/24<sup>(a)</sup>  | GBP | 246 | 279009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/07/25<sup>(a)</sup>  | GBP | &nbsp;&nbsp;&nbsp;&nbsp;340 | 403325 |
|  |  |  | 2523393 |
|  **Total Investments — 99.1%<br>(Cost: $63,280,154)** |  |  | 54552134 |
|  **Other Assets Less Liabilities — 0.9%** |  |  | 491216 |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;55043350 |

---

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

<sup>(c)</sup> Zero-coupon bond.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup>  | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(20000)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **1-3 Year International Treasury Bond ETF** |

---

**Affiliates (continued)** 

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54552134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54552134 |

---

*See notes to financial statements.* 

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |  |
|  **Australia — 4.6%** |  |  |  |
|  Australia Government Bond<br>0.25%, 11/21/24<sup>(a)</sup>  | AUD | 5773 | $3473427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/25<sup>(a)</sup>  | AUD | 2465 | 1436849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/21/26<sup>(a)</sup>  | AUD | 3867 | 2214672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/30<sup>(a)</sup>  | AUD | 3129 | 1621827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/21/31<sup>(a)</sup>  | AUD | 4385 | 2213235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/21/32 | AUD | 4763 | 2434215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/21/31<sup>(a)</sup>  | AUD | 3566 | 1903921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/21/32<sup>(a)</sup>  | AUD | 3457 | 1836526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/21/51<sup>(a)</sup>  | AUD | 3257 | 1260150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/21/28<sup>(a)</sup>  | AUD | 2279 | 1364757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/30<sup>(a)</sup>  | AUD | 4289 | 2529716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/21/24<sup>(a)</sup>  | AUD | 1817 | 1155189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/27<sup>(a)</sup>  | AUD | 2769 | 1710811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/28<sup>(a)</sup>  | AUD | 1174 | 717787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/29<sup>(a)</sup>  | AUD | 2224 | 1343728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/21/35<sup>(a)</sup>  | AUD | 736 | 414740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/21/41<sup>(a)</sup>  | AUD | 1755 | 919970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/33<sup>(a)</sup>  | AUD | 3120 | 1845152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/21/47<sup>(a)</sup>  | AUD | 1753 | 925235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/25<sup>(a)</sup>  | AUD | 1999 | 1277791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/29<sup>(a)</sup>  | AUD | 2432 | 1524703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/21/39<sup>(a)</sup>  | AUD | 2392 | 1375172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/21/37<sup>(a)</sup>  | AUD | 1410 | 875435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/21/26<sup>(a)</sup>  | AUD | 3214 | 2115886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/21/33<sup>(a)</sup>  | AUD | 2843 | 1928109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/21/27<sup>(a)</sup>  | AUD | 2869 | 1934750 |
|  |  |  | 42353753 |
|  **Austria — 4.5%** |  |  |  |
|  Republic of Austria Government Bond | Republic of Austria Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/24<sup>(b)(c)</sup>  | EUR | 2278 | 2174668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/20/25<sup>(b)(c)</sup>  | EUR | 2411 | 2258295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/20/28<sup>(b)(c)</sup>  | EUR | 865 | 734253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/20/30<sup>(b)(c)</sup>  | EUR | 2058 | 1676069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/20/31<sup>(b)(c)</sup>  | EUR | 3240 | 2550657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/20/40<sup>(b)(c)</sup>  | EUR | 1013 | 583039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/20/36<sup>(b)</sup>  | EUR | 1462 | 1003428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/20/27<sup>(b)</sup>  | EUR | 2292 | 2077974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/20/29<sup>(b)</sup>  | EUR | 2385 | 2071074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/20/71<sup>(b)</sup>  | EUR | 718 | 318878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/20/26<sup>(b)</sup>  | EUR | 3307 | 3069831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/20/28<sup>(b)</sup>  | EUR | 2319 | 2095119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/20/51<sup>(b)</sup>  | EUR | 1706 | 993364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 06/30/2120<sup>(b)</sup>  | EUR | 888 | 385515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/20/32<sup>(b)</sup>  | EUR | 1640 | 1367572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/20/25<sup>(b)</sup>  | EUR | 2083 | 1994092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/20/47<sup>(b)</sup>  | EUR | 2413 | 1783787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/02/86<sup>(b)</sup>  | EUR | 533 | 315621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/21/24<sup>(b)</sup>  | EUR | 2305 | 2261287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/2117<sup>(b)</sup>  | EUR | 1094 | 801993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/23/34<sup>(b)</sup>  | EUR | 1702 | 1594537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/20/44<sup>(b)</sup>  | EUR | 1363 | 1384565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/26/62<sup>(b)</sup>  | EUR | 802 | 933576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/37<sup>(b)</sup>  | EUR | 2681 | 2997456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26<sup>(b)</sup>  | EUR | 1926 | 2063442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/27 | EUR | 1780 | 2057126 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41547218 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Belgium — 4.5%** |  |  |  |
|  Kingdom of Belgium Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/22/27<sup>(b)(c)</sup>  | EUR | 1444 | $1271914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/22/31<sup>(b)(c)</sup>  | EUR | 1976 | 1545822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/22/30<sup>(b)</sup>  | EUR | 1310 | 1080867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 06/22/32<sup>(b)</sup>  | EUR | 2020 | 1596213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/22/40<sup>(b)</sup>  | EUR | 1000 | 621214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/22/24<sup>(b)</sup>  | EUR | 1563 | 1499840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/22/71<sup>(b)</sup>  | EUR | 674 | 299221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/25<sup>(b)</sup>  | EUR | 3404 | 3256354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/27<sup>(b)</sup>  | EUR | 1571 | 1452867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/28<sup>(b)</sup>  | EUR | 1905 | 1728154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/22/29<sup>(b)</sup>  | EUR | 2248 | 2011423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/22/26<sup>(b)</sup>  | EUR | 1875 | 1779035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/22/31<sup>(b)</sup>  | EUR | 2318 | 2016559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/22/53<sup>(b)</sup>  | EUR | 1276 | 834156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/22/37<sup>(b)</sup>  | EUR | 1370 | 1094765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/22/47<sup>(b)</sup>  | EUR | 1333 | 968742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/22/50<sup>(b)</sup>  | EUR | 1306 | 946243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/22/38<sup>(b)</sup>  | EUR | 1136 | 958071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/22/66<sup>(b)</sup>  | EUR | 966 | 772661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/22/57<sup>(b)</sup>  | EUR | 736 | 606902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/22/24<sup>(b)</sup>  | EUR | 1229 | 1225368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/22/34<sup>(b)</sup>  | EUR | 1292 | 1290098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/22/45<sup>(a)</sup>  | EUR | 1232 | 1320218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/28/32<sup>(a)</sup>  | EUR | 889 | 971296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/41<sup>(b)</sup>  | EUR | 2100 | 2371393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/28/26<sup>(b)</sup>  | EUR | 1397 | 1487346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/28/35<sup>(b)</sup>  | EUR | 1958 | 2328976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/28/28 | EUR | 2495 | 2862718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 86, 1.25%, 04/22/33<sup>(b)</sup>  | EUR | 1205 | 1034483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41232919 |
|  **Canada — 4.6%** |  |  |  |
|  Canada Government Bond<br>2.50%, 12/01/32 | CAD | 800 | 548235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/24 | CAD | 1984 | 1430851 |
|  Canadian Government Bond<br>0.25%, 04/01/24 | CAD | 938 | 653677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/26 | CAD | 4855 | 3184340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/01/23 | CAD | 2200 | 1557594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/01/25 | CAD | 2303 | 1535328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/01/30 | CAD | 4815 | 2837575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/01/24 | CAD | 3088 | 2176571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/01/26 | CAD | 3778 | 2518214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/01/27 | CAD | 47 | 31024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/01/27 | CAD | 1950 | 1302429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/30 | CAD | 4540 | 2879660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/24 | CAD | 3157 | 2219922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/26 | CAD | 110 | 75139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/31 | CAD | 4651 | 2955870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/31 | CAD | 1260 | 795390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/01/53 | CAD | 2537 | 1299776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/28 | CAD | 200 | 137059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/32 | CAD | 2431 | 1598070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 | CAD | 4633 | 2540713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/24 | CAD | 3874 | 2779833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/25 | CAD | 641 | 453022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/29 | CAD | 320 | 220687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/27 | CAD | 1838 | 1308233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/48 | CAD | 1146 | 752204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/64 | CAD | 800 | 512338 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | CAD | 1121 | $833252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | CAD | 950 | 750886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/37 | CAD | 191 | 165399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/29 | CAD | 162 | 136057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/33 | CAD | 2082 | 1850349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/01/24 | CAD | 662 | 457980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42497677 |
|  **Denmark — 3.1%** |  |  |  |
|  Denmark Government Bond<br>0.00%, 11/15/24<sup>(c)</sup>  | DKK | 23631 | 3001337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/31<sup>(c)</sup>  | DKK | 32767 | 3462535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/52 | DKK | 23841 | 1690448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/27 | DKK | 27394 | 3315582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/29 | DKK | 27125 | 3146756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/23 | DKK | 23045 | 3039701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/25 | DKK | 23019 | 3011843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/39 | DKK | 48327 | 7976353 |
|  |  |  | 28644555 |
|  **Finland — 4.4%** |  |  |  |
|  Finland Government Bond<br>0.00%, 09/15/24<sup>(b)(c)</sup>  | EUR | 1797 | 1710728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/26<sup>(b)(c)</sup>  | EUR | 1712 | 1546940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/30<sup>(b)(c)</sup>  | EUR | 2667 | 2146220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/15/31<sup>(b)</sup>  | EUR | 2740 | 2168518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/36<sup>(b)</sup>  | EUR | 1931 | 1316085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/52<sup>(b)</sup>  | EUR | 1874 | 890691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/15/40<sup>(b)</sup>  | EUR | 1735 | 1073399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/26<sup>(b)</sup>  | EUR | 2084 | 1941894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/27<sup>(b)</sup>  | EUR | 2878 | 2588974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/28<sup>(b)</sup>  | EUR | 2397 | 2102814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/29<sup>(b)</sup>  | EUR | 2323 | 1989985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/43<sup>(b)</sup>  | EUR | 1733 | 1075536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/15/31<sup>(b)</sup>  | EUR | 2005 | 1697857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/15/25<sup>(b)</sup>  | EUR | 2467 | 2355412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/15/34<sup>(b)</sup>  | EUR | 1623 | 1328166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/15/27<sup>(b)</sup>  | EUR | 899 | 847950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/15/47<sup>(b)</sup>  | EUR | 1897 | 1405339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/32<sup>(b)</sup>  | EUR | 2345 | 2060510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/15/24<sup>(b)</sup>  | EUR | 1144 | 1130094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/04/42<sup>(b)</sup>  | EUR | 2514 | 2355268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/04/28<sup>(b)</sup>  | EUR | 2310 | 2306530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/04/25<sup>(b)</sup>  | EUR | 3931 | 4076175 |
|  |  |  | 40115085 |
|  **France — 8.9%** |  |  |  |
|  French Republic Government Bond OAT<br>0.00%, 02/25/24<sup>(a)(c)</sup>  | EUR | 512 | 492272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/24<sup>(a)(c)</sup>  | EUR | 3770 | 3616539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/25<sup>(a)(c)</sup>  | EUR | 430 | 404082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/25<sup>(a)(c)</sup>  | EUR | 2535 | 2378950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/26<sup>(a)(c)</sup>  | EUR | 2080 | 1913109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/27<sup>(a)(c)</sup>  | EUR | 2075 | 1861961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/29<sup>(a)(c)</sup>  | EUR | 1968 | 1645559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/30<sup>(a)(c)</sup>  | EUR | 2583 | 2096491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/31<sup>(a)(c)</sup>  | EUR | 2043 | 1607725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/25/32<sup>(a)(c)</sup>  | EUR | 2240 | 1729105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/25/26<sup>(a)</sup>  | EUR | 2451 | 2237628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/25<sup>(a)</sup>  | EUR | 3203 | 3034634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/26<sup>(a)</sup>  | EUR | 2784 | 2591713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/29<sup>(a)</sup>  | EUR | 2544 | 2233784 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/40<sup>(b)</sup>  | EUR | 1522 | $990460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/25/44<sup>(b)</sup>  | EUR | 859 | 515711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/72<sup>(b)</sup>  | EUR | 556 | 226270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/25/28<sup>(a)</sup>  | EUR | 1760 | 1601392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/28<sup>(a)</sup>  | EUR | 2424 | 2199324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/25/28<sup>(a)</sup>  | EUR | 2742 | 2468068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/52<sup>(a)</sup>  | EUR | 1548 | 864496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/53<sup>(b)</sup>  | EUR | 1100 | 602022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/25/25<sup>(a)</sup>  | EUR | 1225 | 1168764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/25/27<sup>(a)</sup>  | EUR | 2343 | 2190202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/34<sup>(a)</sup>  | EUR | 3243 | 2704930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/36<sup>(b)</sup>  | EUR | 2198 | 1766194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/31<sup>(a)</sup>  | EUR | 2804 | 2573199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/50<sup>(b)</sup>  | EUR | 1668 | 1179595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/25/24<sup>(a)</sup>  | EUR | 1812 | 1776160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/25/39<sup>(b)</sup>  | EUR | 1450 | 1214435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/25/66<sup>(b)</sup>  | EUR | 648 | 458772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/25/48<sup>(b)</sup>  | EUR | 1541 | 1233239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/25/24<sup>(a)</sup>  | EUR | 1889 | 1869791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/25/30<sup>(a)</sup>  | EUR | 3278 | 3267018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/25/27<sup>(a)</sup>  | EUR | 2593 | 2616068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/25/45<sup>(a)</sup>  | EUR | 1830 | 1850997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/25/26<sup>(a)</sup>  | EUR | 2227 | 2296173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/25/38<sup>(a)</sup>  | EUR | 1262 | 1397119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/55<sup>(b)</sup>  | EUR | 1297 | 1515505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/60<sup>(a)</sup>  | EUR | 958 | 1131766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/25/41<sup>(a)</sup>  | EUR | 1885 | 2224989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/25/35<sup>(a)</sup>  | EUR | 1899 | 2230066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/25/29<sup>(a)</sup>  | EUR | 2848 | 3324529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/25/32<sup>(a)</sup>  | EUR | 1778 | 2222610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/25<sup>(a)</sup>  | EUR | 1660 | 1819473 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81342889 |
|  **Germany — 6.9%** |  |  |  |
|  Bundesobligation<br>0.00%, 04/05/24<sup>(a)(c)</sup>  | EUR | 1368 | 1315234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/18/24<sup>(a)(c)</sup>  | EUR | 1740 | 1656361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/11/25<sup>(a)(c)</sup>  | EUR | 1190 | 1122485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/10/25<sup>(a)(c)</sup>  | EUR | 1024 | 957424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/10/26<sup>(a)(c)</sup>  | EUR | 1430 | 1323784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/09/26<sup>(a)(c)</sup>  | EUR | 1011 | 924046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/16/27<sup>(a)(c)</sup>  | EUR | 850 | 768611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/27<sup>(a)</sup>  | EUR | 1187 | 1134166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 10/10/25<sup>(a)(c)</sup>  | EUR | 853 | 799205 |
|  Bundesrepublik Deutschland Bundesanleihe<br>0.00%, 08/15/26<sup>(a)(c)</sup>  | EUR | 590 | 542288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/27<sup>(a)(c)</sup>  | EUR | 1318 | 1179582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/28<sup>(a)(c)</sup>  | EUR | 1720 | 1509039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/29<sup>(a)(c)</sup>  | EUR | 1257 | 1083398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/30<sup>(a)(c)</sup>  | EUR | 1255 | 1070339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/30<sup>(a)(c)</sup>  | EUR | 1534 | 1294248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/31<sup>(a)(c)</sup>  | EUR | 1226 | 1022573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/31<sup>(a)(c)</sup>  | EUR | 1924 | 1586503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/32<sup>(a)(c)</sup>  | EUR | 1120 | 910918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/35<sup>(a)(c)</sup>  | EUR | 1125 | 837127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/36<sup>(a)(c)</sup>  | EUR | 1223 | 888657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/50<sup>(a)(c)</sup>  | EUR | 1906 | 1036962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/52<sup>(a)(c)</sup>  | EUR | 854 | 446871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/27<sup>(a)</sup>  | EUR | 1856 | 1707651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/15/28<sup>(a)</sup>  | EUR | 1307 | 1169621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/29<sup>(a)</sup>  | EUR | 1306 | 1158272 |

---

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/25<sup>(a)</sup>  | EUR | 1184 | $1133242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/26<sup>(a)</sup>  | EUR | 1705 | 1609783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/15/27<sup>(a)</sup>  | EUR | 1700 | 1569546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/28<sup>(a)</sup>  | EUR | 1288 | 1178890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24<sup>(a)</sup>  | EUR | 1193 | 1160354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/25<sup>(a)</sup>  | EUR | 1430 | 1378023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/48<sup>(a)</sup>  | EUR | 1832 | 1471680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/24<sup>(a)</sup>  | EUR | 1271 | 1248267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/15/32<sup>(a)</sup>  | EUR | 1081 | 1025908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/24<sup>(a)</sup>  | EUR | 1149 | 1132285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/53 | EUR | 299 | 266966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/29 | EUR | 976 | 964049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/04/44<sup>(a)</sup>  | EUR | 1488 | 1520469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/46<sup>(a)</sup>  | EUR | 1544 | 1595925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/04/42<sup>(a)</sup>  | EUR | 944 | 1066069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/04/37<sup>(a)</sup>  | EUR | 1584 | 1881156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/04/39<sup>(a)</sup>  | EUR | 1514 | 1874242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/28<sup>(a)</sup>  | EUR | 774 | 869737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/34<sup>(a)</sup>  | EUR | 1476 | 1835249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/40<sup>(a)</sup>  | EUR | 1020 | 1350423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/04/31<sup>(a)</sup>  | EUR | 1166 | 1443090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/04/28<sup>(a)</sup>  | EUR | 1284 | 1484310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/04/24<sup>(a)</sup>  | EUR | 785 | 813021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/04/30<sup>(a)</sup>  | EUR | 673 | 848305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/04/27<sup>(a)</sup>  | EUR | 773 | 910207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/30<sup>(a)(c)</sup>  | EUR | 643 | 542301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/31<sup>(a)(c)</sup>  | EUR | 290 | 238757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/50<sup>(a)(c)</sup>  | EUR | 393 | 214329 |
|  Bundesschatzanweisungen<br>0.00%, 12/15/23<sup>(a)(c)</sup>  | EUR | 820 | 792423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/24<sup>(a)(c)</sup>  | EUR | 1630 | 1569239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/14/24<sup>(a)</sup>  | EUR | 680 | 653469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63087079 |
|  **Ireland — 4.5%** |  |  |  |
|  Ireland Government Bond<br>0.00%, 10/18/31<sup>(a)(c)</sup>  | EUR | 3419 | 2698330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 05/15/27<sup>(a)</sup>  | EUR | 2657 | 2400079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 10/18/30<sup>(a)</sup>  | EUR | 2765 | 2292245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 10/18/32<sup>(a)</sup>  | EUR | 1674 | 1327600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 05/15/35<sup>(a)</sup>  | EUR | 1847 | 1364410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 04/22/41<sup>(a)</sup>  | EUR | 1316 | 843918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/15/28<sup>(a)</sup>  | EUR | 3154 | 2887790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/15/26<sup>(a)</sup>  | EUR | 3866 | 3679488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/15/29<sup>(a)</sup>  | EUR | 3556 | 3248190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/15/33<sup>(a)</sup>  | EUR | 1735 | 1497630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/18/31<sup>(a)</sup>  | EUR | 2050 | 1869106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/50<sup>(a)</sup>  | EUR | 2490 | 1755739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/37<sup>(a)</sup>  | EUR | 2503 | 2113187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/18/45<sup>(a)</sup>  | EUR | 3850 | 3155615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/30<sup>(a)</sup>  | EUR | 3467 | 3427382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/18/24<sup>(a)</sup>  | EUR | 2035 | 2043467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/13/25 | EUR | 4487 | 4767368 |
|  |  |  | 41371544 |
|  **Israel — 3.3%** |  |  |  |
|  Israel Government Bond - Fixed<br>0.40%, 10/31/24 | ILS | 6000 | 1602732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/25 | ILS | 14759 | 3900171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/27/26 | ILS | 9886 | 2555552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/31/30 | ILS | 9971 | 2403925 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Israel (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/30/32 | ILS | 2918 | $694093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/23 | ILS | 8375 | 2328641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/31/37 | ILS | 8482 | 1876338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/31/25 | ILS | 2043 | 554194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/31/27 | ILS | 6710 | 1800042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/28/28 | ILS | 9408 | 2513719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/31/24 | ILS | 5392 | 1535117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/31/47 | ILS | 10825 | 3149915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/31/42 | ILS | 7990 | 2907230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/30/26 | ILS | 7383 | 2318667 |
|  |  |  | 30140336 |
|  **Italy — 7.9%** |  |  |  |
|  Italy Buoni Poliennali Del Tesoro<br>0.00%, 11/29/23<sup>(a)(c)</sup>  | EUR | 230 | 220931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/24<sup>(a)(c)</sup>  | EUR | 823 | 788369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/30/24<sup>(a)(c)</sup>  | EUR | 720 | 689112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/15/24<sup>(a)(c)</sup>  | EUR | 800 | 760494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/24<sup>(a)(c)</sup>  | EUR | 997 | 938523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/26<sup>(a)(c)</sup>  | EUR | 1368 | 1208297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/26<sup>(a)(c)</sup>  | EUR | 646 | 563837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/28<sup>(a)</sup>  | EUR | 1203 | 992963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/01/25<sup>(a)</sup>  | EUR | 1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 02/15/29<sup>(a)</sup>  | EUR | 740 | 596818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/01/26<sup>(a)</sup>  | EUR | 794 | 718342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/15/28<sup>(a)</sup>  | EUR | 609 | 504038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/01/31<sup>(b)</sup>  | EUR | 1069 | 788040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/15/27<sup>(a)</sup>  | EUR | 945 | 843149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 04/01/31<sup>(a)</sup>  | EUR | 1565 | 1203696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/15/27<sup>(a)</sup>  | EUR | 1637 | 1434925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/01/30<sup>(a)</sup>  | EUR | 997 | 789194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 12/01/31<sup>(b)</sup>  | EUR | 844 | 635204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/01/32<sup>(a)</sup>  | EUR | 790 | 584952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/01/37<sup>(b)</sup>  | EUR | 1491 | 952193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/27<sup>(a)</sup>  | EUR | 930 | 831457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/15/25<sup>(a)</sup>  | EUR | 620 | 580964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/01/26<sup>(a)</sup>  | EUR | 993 | 904121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 04/01/30<sup>(a)</sup>  | EUR | 2261 | 1872142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/15/24<sup>(a)</sup>  | EUR | 1164 | 1120644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25<sup>(a)</sup>  | EUR | 1072 | 1018045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/01/36<sup>(b)</sup>  | EUR | 849 | 599701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/25<sup>(a)</sup>  | EUR | 878 | 834026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/30/45<sup>(b)</sup>  | EUR | 539 | 316292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/01/26<sup>(a)</sup>  | EUR | 1050 | 979688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 12/01/30<sup>(b)</sup>  | EUR | 1260 | 1046150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/32<sup>(b)</sup>  | EUR | 1220 | 978047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/01/51<sup>(b)</sup>  | EUR | 831 | 478591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/30/24<sup>(a)</sup>  | EUR | 1136 | 1104195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/24<sup>(a)</sup>  | EUR | 1059 | 1029895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/01/41<sup>(b)</sup>  | EUR | 990 | 657570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/24<sup>(a)</sup>  | EUR | 670 | 653354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/01/25<sup>(b)</sup>  | EUR | 996 | 951864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/25<sup>(a)</sup>  | EUR | 1302 | 1243674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/28<sup>(a)</sup>  | EUR | 814 | 743733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/27<sup>(a)</sup>  | EUR | 1957 | 1814329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/15/26<sup>(a)</sup>  | EUR | 922 | 873298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/52<sup>(b)</sup>  | EUR | 481 | 303286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/01/72<sup>(b)</sup>  | EUR | 306 | 174578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/27<sup>(a)</sup>  | EUR | 1287 | 1206528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/36<sup>(b)</sup>  | EUR | 815 | 633498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/33<sup>(b)</sup>  | EUR | 940 | 777897 |

---

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/50<sup>(b)</sup>  | EUR | 785 | $539064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/24<sup>(a)</sup>  | EUR | 573 | 561941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/25<sup>(a)</sup>  | EUR | 1007 | 977284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/32<sup>(a)</sup>  | EUR | 790 | 668997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/47<sup>(b)</sup>  | EUR | 786 | 587420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/28<sup>(a)</sup>  | EUR | 1021 | 962014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/67<sup>(b)</sup>  | EUR | 432 | 294902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/38<sup>(b)</sup>  | EUR | 683 | 560958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/29<sup>(a)</sup>  | EUR | 1029 | 970111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/40<sup>(b)</sup>  | EUR | 762 | 630947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/38<sup>(b)</sup>  | EUR | 230 | 196794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/46<sup>(b)</sup>  | EUR | 980 | 810341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/01/35<sup>(b)</sup>  | EUR | 884 | 784906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/48<sup>(b)</sup>  | EUR | 1021 | 867924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/30<sup>(b)</sup>  | EUR | 1284 | 1243890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/24<sup>(a)</sup>  | EUR | 946 | 951189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/49<sup>(b)</sup>  | EUR | 694 | 625786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/37<sup>(b)</sup>  | EUR | 1318 | 1255089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/24<sup>(a)</sup>  | EUR | 1177 | 1190388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26<sup>(b)</sup>  | EUR | 1336 | 1373853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28<sup>(b)</sup>  | EUR | 1516 | 1582759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/44<sup>(b)</sup>  | EUR | 1221 | 1254798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25<sup>(b)</sup>  | EUR | 1119 | 1155825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/34<sup>(b)</sup>  | EUR | 1271 | 1331417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/39<sup>(b)</sup>  | EUR | 1057 | 1110075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/40<sup>(b)</sup>  | EUR | 956 | 1004382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/29<sup>(a)</sup>  | EUR | 1465 | 1584170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/33<sup>(a)</sup>  | EUR | 1232 | 1365635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/31<sup>(a)</sup>  | EUR | 1824 | 2065256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/27<sup>(a)</sup>  | EUR | 1368 | 1540439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/26<sup>(a)</sup>  | EUR | 1070 | 1217188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/23<sup>(a)</sup>  | EUR | 622 | 651890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71907542 |
|  **Japan — 17.6%** |  |  |  |
|  Japan Government Five Year Bond<br>0.00%, 03/20/26<sup>(c)</sup>  | JPY | 90950 | 612468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/20/26<sup>(c)</sup>  | JPY | 87750 | 590618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/20/26<sup>(c)</sup>  | JPY | 118950 | 800144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/20/26<sup>(c)</sup>  | JPY | 341250 | 2293199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/20/27<sup>(c)</sup>  | JPY | 445450 | 2989349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/23 | JPY | 231500 | 1560085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/24 | JPY | 77350 | 521342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/24 | JPY | 73700 | 496845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/24 | JPY | 22950 | 154769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/24 | JPY | 80000 | 539628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/25 | JPY | 142400 | 960873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/25 | JPY | 69450 | 468913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/25 | JPY | 83600 | 564704 |
|  Japan Government Forty Year Bond<br>0.40%, 03/20/56 | JPY | 103750 | 504994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/59 | JPY | 126050 | 621523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/60 | JPY | 181950 | 889517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/61 | JPY | 187700 | 979797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/58 | JPY | 98150 | 541777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/20/57 | JPY | 108400 | 621138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/20/62 | JPY | 165600 | 946892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 03/20/55 | JPY | 54400 | 362158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/54 | JPY | 60750 | 436671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/53 | JPY | 63450 | 476779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/52 | JPY | 76600 | 590643 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/49 | JPY | 59100 | $473396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/50 | JPY | 77100 | 619522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/51 | JPY | 83000 | 666149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/20/48 | JPY | 36900 | 307752 |
|  Japan Government Ten Year Bond<br>0.10%, 03/20/26 | JPY | 42600 | 287793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/26 | JPY | 45000 | 303928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/26 | JPY | 218300 | 1473861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/26 | JPY | 109700 | 740076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/27 | JPY | 109550 | 738754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/27 | JPY | 55050 | 371058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/27 | JPY | 56250 | 378756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/27 | JPY | 56000 | 376821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/28 | JPY | 109850 | 739012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/28 | JPY | 82500 | 553556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/29 | JPY | 73100 | 489816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/29 | JPY | 78600 | 525744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/29 | JPY | 11500 | 76828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/30 | JPY | 147450 | 983079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/30 | JPY | 126050 | 839223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/30 | JPY | 165050 | 1098136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/30 | JPY | 223000 | 1481253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/31 | JPY | 156750 | 1040889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/31 | JPY | 238350 | 1580953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/31 | JPY | 163550 | 1084482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/31 | JPY | 282400 | 1873835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/20/32 | JPY | 342950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/24 | JPY | 82650 | 559882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/25 | JPY | 51550 | 350389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/25 | JPY | 36850 | 250764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/25 | JPY | 47950 | 326571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | JPY | 81900 | 556471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/24 | JPY | 57850 | 393545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/23 | JPY | 207000 | 1402872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/20/24 | JPY | 79700 | 540885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/24 | JPY | 83050 | 564441 |
|  Japan Government Thirty Year Bond<br>0.30%, 06/20/46 | JPY | 58200 | 318471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/49 | JPY | 93900 | 497573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/49 | JPY | 104500 | 551781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 12/20/49 | JPY | 136500 | 720941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/50 | JPY | 130000 | 685509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/46 | JPY | 89000 | 509705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/49 | JPY | 128450 | 702689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/46 | JPY | 71300 | 416604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/50 | JPY | 119100 | 659501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/20/50 | JPY | 140400 | 776522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/20/48 | JPY | 216000 | 1264027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/48 | JPY | 118450 | 687288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/50 | JPY | 150150 | 852764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/51 | JPY | 190250 | 1075185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/20/51 | JPY | 134950 | 761100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/20/51 | JPY | 138000 | 776752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/51 | JPY | 129300 | 727026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/46 | JPY | 65400 | 404121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/47 | JPY | 56550 | 345408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/20/47 | JPY | 78100 | 474945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/20/47 | JPY | 59550 | 361229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 12/20/47 | JPY | 42650 | 257564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/48 | JPY | 91000 | 547603 |

---

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/20/48 | JPY | 87350 | $535120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/20/52 | JPY | 137750 | 838886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/20/33 | JPY | 29000 | 210094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/20/52 | JPY | 142150 | 932333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/20/45 | JPY | 37500 | 263613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 12/20/45 | JPY | 55450 | 389282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/20/52 | JPY | 92000 | 616427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/20/44 | JPY | 50150 | 360475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/45 | JPY | 75000 | 538520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/20/45 | JPY | 30950 | 226144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/33 | JPY | 61300 | 469000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/43 | JPY | 96400 | 721708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/44 | JPY | 86400 | 646436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/44 | JPY | 55450 | 413879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/20/44 | JPY | 64150 | 478492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 11/22/32 | JPY | 26000 | 200539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/20/43 | JPY | 185400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/20/43 | JPY | 29650 | 225533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/20/42 | JPY | 188350 | 1458831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/20/43 | JPY | 77250 | 597697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/33 | JPY | 14550 | 114556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/40 | JPY | 121600 | 956256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/41 | JPY | 198300 | 1558101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/42 | JPY | 160900 | 1264292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/33 | JPY | 38950 | 309292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/39 | JPY | 108400 | 876597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/41 | JPY | 161950 | 1310391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/20/32 | JPY | 24800 | 198577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/35 | JPY | 47600 | 387340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/20/35 | JPY | 45550 | 371164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/20/35 | JPY | 45650 | 372912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/20/36 | JPY | 43100 | 353916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/39 | JPY | 131050 | 1075334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/40 | JPY | 158950 | 1303348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/20/34 | JPY | 43200 | 353209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/20/34 | JPY | 42600 | 349435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/20/37 | JPY | 111400 | 925370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/20/38 | JPY | 141950 | 1180821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/34 | JPY | 50950 | 421183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/34 | JPY | 39700 | 328485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/35 | JPY | 36550 | 304528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/36 | JPY | 52000 | 434489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/36 | JPY | 43950 | 367726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/36 | JPY | 36900 | 309114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/37 | JPY | 85800 | 721731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/38 | JPY | 161500 | 1358427 |
|  Japan Government Twenty Year Bond<br>0.20%, 06/20/36 | JPY | 75000 | 476551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 06/20/39 | JPY | 180000 | 1102564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 09/20/39 | JPY | 192850 | 1173857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/39 | JPY | 97150 | 589277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/36 | JPY | 22350 | 146150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/39 | JPY | 240100 | 1502944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/40 | JPY | 141450 | 869105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/40 | JPY | 166600 | 1020204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/40 | JPY | 222850 | 1358022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/41 | JPY | 185150 | 1116503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/36 | JPY | 144100 | 950966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/38 | JPY | 63300 | 409025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/20/38 | JPY | 203700 | 1312793 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/38 | JPY | 140200 | $894896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/40 | JPY | 172600 | 1067498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/41 | JPY | 365250 | 2251706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/41 | JPY | 220200 | 1348507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/41 | JPY | 157850 | 964903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/36 | JPY | 107100 | 714396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/37 | JPY | 89200 | 591505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/20/37 | JPY | 110000 | 726690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/37 | JPY | 89350 | 588564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/37 | JPY | 73500 | 495650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/20/38 | JPY | 63850 | 422489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/42 | JPY | 150350 | 969148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/20/42 | JPY | 173950 | 1140774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/20/35 | JPY | 120500 | 852143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/20/34 | JPY | 105650 | 767129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/20/35 | JPY | 74250 | 538273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/20/35 | JPY | 102900 | 746019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/20/35 | JPY | 37700 | 276472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/20/34 | JPY | 120000 | 890822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/20/32 | JPY | 65950 | 495023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/33 | JPY | 59400 | 446366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/34 | JPY | 56400 | 423117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/20/34 | JPY | 85050 | 638297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/20/30 | JPY | 59800 | 443713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 03/20/32 | JPY | 46700 | 353032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/20/32 | JPY | 36700 | 277789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 03/20/33 | JPY | 89100 | 675565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/20/33 | JPY | 121150 | 918123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/20/31 | JPY | 50400 | 381616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/31 | JPY | 66600 | 505917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/32 | JPY | 45450 | 346385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/32 | JPY | 44550 | 340021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/32 | JPY | 102050 | 780493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/33 | JPY | 141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/20/33 | JPY | 119050 | 910895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/20/30 | JPY | 18100 | 136128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/20/30 | JPY | 48850 | 368526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/20/31 | JPY | 47800 | 363800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/20/31 | JPY | 88950 | 678711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 12/20/31 | JPY | 80100 | 613278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/20/32 | JPY | 101700 | 781352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 12/20/32 | JPY | 55950 | 431612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/20/23 | JPY | 35000 | 240675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/24 | JPY | 24250 | 167502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/25 | JPY | 31500 | 221639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/20/25 | JPY | 40200 | 284251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/20/28 | JPY | 63050 | 469766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/29 | JPY | 25150 | 187946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/20/30 | JPY | 75200 | 571231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/31 | JPY | 55950 | 427466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/20/31 | JPY | 135800 | 1041275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/24 | JPY | 53100 | 372673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/25 | JPY | 39650 | 282364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/25 | JPY | 56050 | 401086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/27 | JPY | 38350 | 280047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/20/30 | JPY | 51700 | 394049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/30 | JPY | 60550 | 464593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/31 | JPY | 72550 | 558298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/24 | JPY | 7300 | 50559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/24 | JPY | 70600 | 494022 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/25 | JPY | 29900 | $211340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/25 | JPY | 28850 | 206014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/25 | JPY | 30000 | 215309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/26 | JPY | 54600 | 393721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/26 | JPY | 93350 | 681635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/27 | JPY | 213950 | 1568650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/20/27 | JPY | 37500 | 276077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/27 | JPY | 31300 | 231249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/27 | JPY | 60000 | 445209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/28 | JPY | 35000 | 263639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/29 | JPY | 70500 | 532845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/20/29 | JPY | 92550 | 702327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/29 | JPY | 33250 | 252992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/29 | JPY | 87950 | 671282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/30 | JPY | 100200 | 767058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/30 | JPY | 104000 | 803562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/24 | JPY | 41600 | 288504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/26 | JPY | 42700 | 308880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/20/26 | JPY | 29550 | 214750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/26 | JPY | 247400 | 1806081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/27 | JPY | 226400 | 1680075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/28 | JPY | 81400 | 609163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/28 | JPY | 96450 | 727356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/20/29 | JPY | 39450 | 301114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/20/29 | JPY | 82800 | 635894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/30 | JPY | 64000 | 493071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/31 | JPY | 70600 | 551093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/26 | JPY | 36000 | 261235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/20/26 | JPY | 61300 | 446986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/20/27 | JPY | 40000 | 296968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/20/24 | JPY | 55800 | 390275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/20/28 | JPY | 36500 | 275777 |
|  Japan Government Two Year Bond<br>0.00%, 01/01/24<sup>(c)</sup>  | JPY | 70500 | 474594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/24<sup>(c)</sup> | JPY | 118650 | 798748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/24<sup>(c)</sup>  | JPY | 299200 | 2013963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/01/24<sup>(c)</sup>  | JPY | 50000 | 336558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/24<sup>(c)</sup>  | JPY | 203800 | 1371783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/01/24<sup>(c)</sup>  | JPY | 45750 | 307938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/24<sup>(c)</sup>  | JPY | 239050 | 1609261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161288552 |
|  **Netherlands — 4.5%** |  |  |  |
|  Netherlands Government Bond<br>0.00%, 01/15/24<sup>(b)(c)</sup>  | EUR | 1575 | 1520071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/26<sup>(c)</sup>  | EUR | 980 | 905717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/27<sup>(b)(c)</sup>  | EUR | 1875 | 1695837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/29<sup>(c)</sup>  | EUR | 1274 | 1094097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/30<sup>(b)(c)</sup>  | EUR | 2294 | 1905451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/31<sup>(b)(c)</sup>  | EUR | 2119 | 1716954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/38<sup>(b)(c)</sup>  | EUR | 1138 | 762835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/52<sup>(b)(c)</sup>  | EUR | 1933 | 967369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/25<sup>(b)</sup>  | EUR | 3172 | 2989246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/29<sup>(b)</sup>  | EUR | 1863 | 1612259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/15/26<sup>(b)</sup>  | EUR | 2748 | 2564445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/15/32 | EUR | 1378 | 1135203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/40<sup>(b)</sup>  | EUR | 2681 | 1889622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/27<sup>(b)</sup>  | EUR | 2392 | 2216906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/28<sup>(b)</sup>  | EUR | 2192 | 1998070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/15/24<sup>(b)</sup>  | EUR | 2564 | 2535226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/54<sup>(b)</sup>  | EUR | 655 | 587040 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/33<sup>(b)</sup>  | EUR | 2385 | $2360607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/47<sup>(b)</sup>  | EUR | 2818 | 2903524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/42<sup>(b)</sup>  | EUR | 2479 | 2874160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/37<sup>(b)</sup>  | EUR | 2228 | 2554769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(b)</sup>  | EUR | 2390 | 2741355 |
|  |  |  | 41530763 |
|  **New Zealand — 1.8%** |  |  |  |
|  New Zealand Government Bond<br>1.75%, 05/15/41 | NZD | 1847 | 705156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/32 | NZD | 6389 | 3081187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25<sup>(a)</sup>  | NZD | 7700 | 4305857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/37<sup>(a)</sup>  | NZD | 2734 | 1311786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/51 | NZD | 1921 | 812727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/29 | NZD | 5310 | 2879401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/27<sup>(a)</sup>  | NZD | 5489 | 3221894 |
|  |  |  | 16318008 |
|  **Norway — 1.8%** |  |  |  |
|  Norway Government Bond<br>1.25%, 09/17/31<sup>(b)</sup>  | NOK | 9818 | 782340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/19/30<sup>(b)</sup>  | NOK | 5994 | 492134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/19/26<sup>(b)</sup>  | NOK | 6974 | 628282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/13/25<sup>(b)</sup>  | NOK | 69380 | 6403343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/17/27<sup>(b)</sup>  | NOK | 7241 | 647404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/29<sup>(b)</sup>  | NOK | 32655 | 2801203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/26/28<sup>(b)</sup>  | NOK | 26722 | 2371171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/18/32<sup>(b)</sup>  | NOK | 24134 | 2060344 |
|  |  |  | 16186221 |
|  **Singapore — 4.0%** |  |  |  |
|  Singapore Government Bond<br>0.50%, 11/01/25 | SGD | 1618 | 1057678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/01/26 | SGD | 2100 | 1375785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/31 | SGD | 2112 | 1290728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/01/50 | SGD | 2934 | 1596228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/51 | SGD | 1703 | 926196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/24 | SGD | 2307 | 1605382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/26 | SGD | 2835 | 1932590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/36 | SGD | 4020 | 2487567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/25 | SGD | 4823 | 3343358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/39 | SGD | 832 | 515457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/01/28 | SGD | 3487 | 2374860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/42 | SGD | 2443 | 1601135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/46 | SGD | 3292 | 2166102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/29 | SGD | 2203 | 1507910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/30 | SGD | 4459 | 3034142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/24 | SGD | 4860 | 3426478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/72<sup>(a)</sup>  | SGD | 1109 | 767009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/33 | SGD | 3511 | 2470101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 | SGD | 4456 | 3179889 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36658595 |
|  **Spain — 5.3%** |  |  |  |
|  Spain Government Bond<br>0.00%, 05/31/24<sup>(c)</sup>  | EUR | 1535 | 1465311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/25<sup>(c)</sup>  | EUR | 29 | 27262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/26<sup>(c)</sup>  | EUR | 1570 | 1434193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/27<sup>(c)</sup>  | EUR | 674 | 596974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/28<sup>(c)</sup>  | EUR | 669 | 573419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 04/30/31<sup>(b)</sup>  | EUR | 1240 | 959058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/30/24<sup>(b)</sup>  | EUR | 780 | 745621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/30<sup>(b)</sup>  | EUR | 663 | 550134 |

---

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Spain (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/31<sup>(b)</sup>  | EUR | 1034 | $816111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 10/31/29<sup>(b)</sup>  | EUR | 1152 | 977269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/30/32<sup>(b)</sup>  | EUR | 1320 | 1045066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/27<sup>(b)</sup>  | EUR | 944 | 857501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/29 | EUR | 360 | 310402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 07/30/37<sup>(b)</sup>  | EUR | 608 | 414975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/30/42<sup>(b)</sup>  | EUR | 351 | 222548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/31/50<sup>(b)</sup>  | EUR | 1244 | 666067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/31/40<sup>(b)</sup>  | EUR | 1092 | 736770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/31/30<sup>(b)</sup>  | EUR | 1397 | 1212940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/31/26<sup>(b)</sup>  | EUR | 1265 | 1195517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 04/30/28<sup>(b)</sup>  | EUR | 1022 | 941322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/30/28<sup>(b)</sup>  | EUR | 1250 | 1146938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/31/27<sup>(b)</sup>  | EUR | 1157 | 1079214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/30/29<sup>(b)</sup>  | EUR | 1828 | 1661764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/31/71<sup>(b)</sup>  | EUR | 326 | 156487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/30/27<sup>(b)</sup>  | EUR | 2107 | 1987375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/30/25<sup>(b)</sup>  | EUR | 1227 | 1192369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/35<sup>(b)</sup>  | EUR | 1019 | 848933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 10/31/52<sup>(b)</sup>  | EUR | 490 | 325091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/30/26<sup>(b)</sup>  | EUR | 1215 | 1181932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/30/30<sup>(b)</sup>  | EUR | 1461 | 1344887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 10/31/25<sup>(b)</sup>  | EUR | 972 | 956141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 07/30/33<sup>(b)</sup>  | EUR | 922 | 838847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/31/32<sup>(b)</sup>  | EUR | 760 | 707470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/31/48<sup>(b)</sup>  | EUR | 780 | 651764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/31/24<sup>(b)</sup>  | EUR | 1284 | 1281957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/31/46<sup>(b)</sup>  | EUR | 972 | 854781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/30/43<sup>(b)</sup>  | EUR | 188 | 181665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/30/66<sup>(b)</sup>  | EUR | 856 | 785389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/30/24<sup>(b)</sup>  | EUR | 988 | 998037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/37<sup>(b)</sup>  | EUR | 1190 | 1277519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/31/23<sup>(b)</sup>  | EUR | 443 | 446739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/25<sup>(b)</sup>  | EUR | 1583 | 1662143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/30/41<sup>(b)</sup>  | EUR | 1070 | 1224448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/31/24<sup>(b)</sup>  | EUR | 1607 | 1636078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/30/40<sup>(b)</sup>  | EUR | 1113 | 1300273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/31/28<sup>(b)</sup>  | EUR | 975 | 1086309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/31/44<sup>(b)</sup>  | EUR | 775 | 944714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/30/32 | EUR | 1474 | 1784535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/30/26<sup>(b)</sup>  | EUR | 1653 | 1837578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/29 | EUR | 1251 | 1468067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48597904 |
|  **Sweden — 2.2%** |  |  |  |
|  Sweden Government Bond<br>0.13%, 05/12/31<sup>(b)</sup>  | SEK | 2070 | 156746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/12/28 | SEK | 3765 | 312782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/12/29<sup>(b)</sup>  | SEK | 39415 | 3209117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/12/26<sup>(a)</sup>  | SEK | 63360 | 5434366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/13/23<sup>(b)</sup>  | SEK | 39660 | 3563337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/32<sup>(a)</sup>  | SEK | 34620 | 3149545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/12/25 | SEK | 28160 | 2554094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/39 | SEK | 18445 | 1987667 |
|  |  |  | 20367654 |
|  **United Kingdom — 4.6%** |  |  |  |
|  United Kingdom Gilt<br>0.13%, 01/31/24<sup>(a)</sup>  | GBP | 1300 | 1433442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/30/26<sup>(a)</sup>  | GBP | 1380 | 1422392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/28<sup>(a)</sup>  | GBP | 660 | 630260 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/31/25<sup>(a)</sup>  | GBP | 400 | $426334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/31<sup>(a)</sup>  | GBP | 716 | 617309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/22/26<sup>(a)</sup>  | GBP | 1230 | 1243412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/22/30<sup>(a)</sup>  | GBP | 910 | 814729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/31/29<sup>(a)</sup>  | GBP | 2174 | 2053102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/22/61<sup>(a)</sup>  | GBP | 834 | 376355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/07/25<sup>(a)</sup>  | GBP | 600 | 641497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/35<sup>(a)</sup>  | GBP | 1255 | 986451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/22/50<sup>(a)</sup>  | GBP | 699 | 382930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/22/29<sup>(a)</sup>  | GBP | 635 | 606824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/31/33<sup>(a)</sup>  | GBP | 1278 | 1102432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/46<sup>(a)</sup>  | GBP | 538 | 342485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/22/24<sup>(a)</sup>  | GBP | 1165 | 1292341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/31/32<sup>(a)</sup>  | GBP | 1050 | 959699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/31/39<sup>(a)</sup>  | GBP | 898 | 690086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/22/73<sup>(a)</sup>  | GBP | 440 | 247906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/22/27<sup>(a)</sup>  | GBP | 315 | 324215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/22/41<sup>(a)</sup>  | GBP | 1081 | 809394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/31/51<sup>(a)</sup>  | GBP | 856 | 567400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/26<sup>(a)</sup>  | GBP | 1384 | 1477084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/47<sup>(a)</sup>  | GBP | 905 | 666510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/53<sup>(a)</sup>  | GBP | 230 | 161318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/28<sup>(a)</sup>  | GBP | 322 | 330201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/54<sup>(a)</sup>  | GBP | 770 | 559226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/71<sup>(a)</sup>  | GBP | 555 | 390222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/07/37<sup>(a)</sup>  | GBP | 746 | 652072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/49<sup>(a)</sup>  | GBP | 630 | 489844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/22/57<sup>(a)</sup>  | GBP | 258 | 195277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/22/65<sup>(a)</sup>  | GBP | 917 | 847802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/07/24<sup>(a)</sup>  | GBP | 1010 | 1145527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/44<sup>(a)</sup>  | GBP | 1084 | 1137629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/22/45<sup>(a)</sup>  | GBP | 873 | 951899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/22/68<sup>(a)</sup>  | GBP | 801 | 944031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/52<sup>(a)</sup>  | GBP | 545 | 637895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/60<sup>(a)</sup>  | GBP | 587 | 749472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/27<sup>(a)</sup>  | GBP | 534 | 627660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/07/32<sup>(a)</sup>  | GBP | 945 | 1146910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/07/36<sup>(a)</sup>  | GBP | 780 | 936545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/07/39<sup>(a)</sup>  | GBP | 638 | 762241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/40<sup>(a)</sup>  | GBP | 804 | 963795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/46<sup>(a)</sup>  | GBP | 357 | 437575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/49<sup>(a)</sup>  | GBP | 991 | 1238079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/55<sup>(a)</sup>  | GBP | 1153 | 1501204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/07/34<sup>(a)</sup>  | GBP | 745 | 921050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/07/42<sup>(a)</sup>  | GBP | 848 | 1060353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/30<sup>(a)</sup>  | GBP | 640 | 797187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/38<sup>(a)</sup>  | GBP | 603 | 763369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/07/25<sup>(a)</sup>  | GBP | 676 | 801578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/28<sup>(a)</sup>  | GBP | 528 | 680351 |
|  |  |  | 41944901 |
|  **Total Long-Term Investments — 99.0%<br>(Cost: $1,209,969,906)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907133195 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **International Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.0%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup>  | 370 | $370000 |
|  **Total Short-Term Securities — 0.0%<br>(Cost: $370,000)** |  | 370000 |
|  **Total Investments — 99.0%<br>(Cost: $1,210,339,906)** |  | 907503195 |
|  **Other Assets Less Liabilities — 1.0%** |  | 8854701 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916357896 |

---

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $460000 | $– $| (90000)<sup>(a)</sup> | $– $– $| 370000 | 370 | $3710 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | $— | $907133195 | $— | $907133195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 370000 |  |  | 370000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | $907133195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $907503195 |

---

*See notes to financial statements.* 

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | |
|:---|:---|:---|
| | iShares<br> 1-3 Year<br>International<br>Treasury<br> Bond ETF | iShares<br> International<br> Treasury Bond<br> ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $54552134 | $907133195 |
|  Investments, at value — affiliated<sup>(b)</sup>  |  | 370000 |
|  Cash | 709 | 2736 |
|  Foreign currency, at value<sup>(c)</sup>  | 196380 | 729986 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4215164 | 35562779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  | 478768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 35 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 314937 | 6263322 |
|  Total assets | 59279359 | 950541471 |
|  **LIABILITIES** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 4219725 | 33242423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 677080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 16284 | 264072 |
|  Total liabilities | 4236009 | 34183575 |
|  NET ASSETS | $55043350 | $916357896 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $72698430 | $1247022253 |
|  Accumulated loss | (17655080) | (330664357) |
|  NET ASSETS | $55043350 | $916357896 |
|  **NET ASSETVALUE** |  |  |
|  Shares outstanding | 850000 | 24850000 |
|  Net asset value | $64.76 | $36.88 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $63280154 | $1209969906 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $— | $370000 |
|  <sup>(c)</sup> Foreign currency, at cost | $198054 | $738945 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 21

------

Statements of Operations

Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| | iShares<br> 1-3 Year<br>International<br>Treasury<br> Bond ETF | iShares<br> International<br>Treasury<br> Bond ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $74 | $3710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 3109 | 6490888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | (558) |
|  Total investment income | 3183 | 6494040 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 236216 | 3745151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |
|  Total expenses | 236433 | 3745368 |
|  Net investment income (loss) | (233250) | 2748672 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (3901205) | (46809524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (93355) | (1428274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (728305) | (11487313) |
|  | (4722865) | (59725111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (8328107) | (283400930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (11703) | (140567) |
|  | (8339810) | (283541497) |
|  Net realized and unrealized loss | (13062675) | (343266608) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(13295925) | $(340517936) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>1-3 Year International Treasury Bond ETF | iShares<br>1-3 Year International Treasury Bond ETF | iShares<br>International Treasury Bond ETF | iShares<br>International Treasury Bond ETF |
| | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(233250) | $(349662) | $2748672 | $1706805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4722865) | 1408412 | (59725111) | 10657620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8339810) | (1950151) | (283541497) | (59153120) |
|  Net decrease in net assets resulting from operations | (13295925) | (891401) | (340517936) | (46788695) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (958072) |  | (4625904) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (6994582) | 20246747 | 78292063 | 147069339 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (21248579) | 19355346 | (266851777) | 100280644 |
|  Beginning of year | 76291929 | 56936583 | 1183209673 | 1082929029 |
|  End of year | $55043350 | $76291929 | $916357896 | $1183209673 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 23

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares 1-3 Year International Treasury Bond ETF | iShares 1-3 Year International Treasury Bond ETF | iShares 1-3 Year International Treasury Bond ETF | iShares 1-3 Year International Treasury Bond ETF | iShares 1-3 Year International Treasury Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $80.31 | $81.34 | $78.93 | $80.16 | $82.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.25) | (0.49) | (0.14) | (0.00)<sup>(b)</sup> | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (14.29) | (0.54) | 2.55 | 0.20 | (2.17) |
|  Net increase (decrease) from investment operations | (14.54) | (1.03) | 2.41 | 0.20 | (2.23) |
|  Distributions from net investment income<sup>(d)</sup>  | (1.01) |  |  | (1.43) | (0.39) |
|  **Net asset value, end of year** | $64.76 | $80.31 | $81.34 | $78.93 | $80.16 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (18.32)% | (1.27)% | 3.05% | 0.25% | (2.71)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Total expenses after fees waived | 0.35% | 0.35% | 0.17% | 0.09% | 0.01% |
|  Net investment loss | (0.35)% | (0.59)% | (0.18)% | (0.01)% | (0.07)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $55043 | $76292 | $56937 | $67090 | $76156 |
|  Portfolio turnover rate<sup>(g)</sup>  | 69% | 60% | 71% | 56% | 47% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Rounds to less than $0.01. 

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares International Treasury Bond ETF | iShares International Treasury Bond ETF | iShares International Treasury Bond ETF | iShares International Treasury Bond ETF | iShares International Treasury Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $51.00 | $52.95 | $50.76 | $47.45 | $48.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.11 | 0.08 | 0.21 | 0.30 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (14.03) | (2.03) | 2.10 | 3.16 | (1.58) |
|  Net increase (decrease) from investment operations | (13.92) | (1.95) | 2.31 | 3.46 | (1.25) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.20) |  | (0.12) | (0.15) | (0.02) |
|  **Net asset value, end of year** | $36.88 | $51.00 | $52.95 | $50.76 | $47.45 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (27.42)% | (3.68)% | 4.57% | 7.31% | (2.57)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Net investment income | 0.26% | 0.14% | 0.41% | 0.62% | 0.66% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $916358 | $1183210 | $1082929 | $903457 | $851684 |
|  Portfolio turnover rate<sup>(f)</sup>  | 24% | 21% | 41% | 9% | 10% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 25

------

*Notes to Financial Statements*

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification <br>Classification* |
|  1-3 Year International Treasury Bond | Non-diversified |
|  International Treasury Bond | Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

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*Notes to Financial Statements* (continued)

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  1-3 Year International Treasury Bond | 0.35% |
|  International Treasury Bond | 0.35 |

---

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Funds.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  1-3 Year International Treasury Bond | $46137453 | $46520460 |
|  International Treasury Bond | 306315668 | 255263460 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  1-3 Year International Treasury Bond | $— | $6592124 |
|  International Treasury Bond | 162677051 | 124477206 |

---

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to net operating loss, distributions paid in excess of taxable income, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  1-3 Year International Treasury Bond | $(4258808) | $4258808 |
|  International Treasury Bond | (38176874) | 38176874 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  1-3 Year International Treasury Bond<br>Ordinary income | $958072 | $— |
|  International Treasury Bond<br>Ordinary income | $4625904 | $— |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Non-expiring <br>Capital Loss <br>Carryforwards<sup>(a)</sup>* | *Net Unrealized <br>Gains (Losses)<sup>(b)</sup>* | *Qualified* <br> *Late-Year Losses<sup>(c)</sup>* | *Total* |
|  1-3 Year International Treasury Bond | $(8404881) | $(9036506) | $(213693) | $(17655080) |
|  International Treasury Bond | (20331032) | (310333325) |  | (330664357) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and amortization methods for premiums and discounts on fixed income securities. 

<sup>(c)</sup> The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  1-3 Year International Treasury Bond | $63571383 | $26211 | $(9046537) | $(9020326) |
|  International Treasury Bond | 1217559223 | 55483 | (310159515) | (310104032) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

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*Notes to Financial Statements* (continued)

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  1-3 Year International Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 250000 | $20246747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (6994582) |  |  |
|  | (100000) | $(6994582) | 250000 | $20246747 |
|  International Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5050000 | $224304765 | 6100000 | $324357341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3400000) | (146012702) | (3350000) | (177288002) |
|  | 1650000 | $78292063 | 2750000 | $147069339 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 31

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares 1-3 Year International Treasury Bond ETF

iShares International Treasury Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Foreign Source* <br> *Income Earned*  |
|  1-3 Year International Treasury Bond | $3109 |
|  International Treasury Bond | 6490887 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  International Treasury Bond | $1666512 |

---

I M P O R T A N T T A X I N F O R M A T I O N 33

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Board Review and Approval of Investment Advisory Contract

**iShares 1-3 Year International Treasury Bond ETF, iShares International Treasury Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFAand/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 35

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  1-3 Year International Treasury Bond<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;0.959734 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.048763 | $&nbsp;&nbsp;&nbsp;&nbsp;1.008497 | 95% | —% | 5% | 100% |
|  International Treasury Bond<sup>(a)</sup>  | 0.193778 |  | 0.003069 | 0.196847 | 98 |  | 2 | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> <br> (65) | Trustee<br> (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> <br> (52) | Trustee<br> (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
|  <sup>(a) </sup>Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b) </sup>Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  |  | **Independent Trustees** |  |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan<br> (67) | Trustee<br> (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin<br> (66) | Trustee<br> (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani<br> (67) | Trustee<br> (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert<br> (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton<br> (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez<br> (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan<br> (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
| **Officers** | **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra<br> (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker<br> (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park<br> (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland<br> (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre<br> (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui<br> (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro<br> (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 39

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com.** Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com.** 

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov.** Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports.**

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com;** and (3) on the SEC website at **sec.gov.**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com.**

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 41

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1003-1022

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| | |
|:---|:---|
| ![LOGO](g389142g24u50.jpg)  | ![LOGO](g389142g48v93.jpg) |

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| | |
|:---|:---|
| ![LOGO](g393331g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**<br>

**iShares Trust** 

· iShares J.P. Morgan USD Emerging Markets Bond ETF \| EMB \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g393331g31b48.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g393331g82p07.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | <br> *6-Month* | <br> *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. large cap equities<br>(S&P 500<sup>®</sup> Index)<br>| (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index)<br>| (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index)<br>| (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Emerging market equities<br>(MSCI Emerging Markets Index)<br>| (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index)<br>| 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index)<br>| (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index)<br>| (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index)<br>| (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)<br>| (4.71) | (11.76) |
| <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx393331_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx393331_2) | 4 |
|  [Fund Summary](#tx393331_3) | 5 |
|  [About Fund Performance](#tx393331_4) | 7 |
|  [Disclosure of Expenses](#tx393331_5) | 7 |
|  [Schedule of Investments](#tx393331_6) | 8 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx393331_7) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#tx393331_8) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx393331_9) | 18 |
|  [Financial Highlights](#tx393331_10) | 19 |
|  [Notes to Financial Statements](#tx393331_11) | 20 |
|  [Report of Independent Registered Public Accounting Firm](#tx393331_12) | 25 |
|  [Important Tax Information](#tx393331_13) | 26 |
|  [Board Review and Approval of Investment Advisory Contract](#tx393331_14) | 27 |
|  [Supplemental Information](#tx393331_15) | 30 |
|  [Trustee and Officer Information](#tx393331_16) | 32 |
|  [General Information](#tx393331_17) | 35 |

---

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Market Overview

**iShares Trust** 

**Global Bond Market Overview** 

Global investment-grade bonds experienced a sizable decline the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia's invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation's economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader "risk-off" environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation's stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF** |

---

**Investment Objective** 

The **iShares J.P. Morgan USD Emerging Markets Bond ETF** (**the** "**Fund**") seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds, as represented by the J.P. Morgan EMBI<sup>®</sup> Global Core Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (24.42)% | (3.03)% | 0.35% | (24.42)% | (14.25)% | 3.56% |
|  Fund Market | (24.89) | (3.17) | 0.24 | (24.89) | (14.88) | 2.38 |
|  Index | (24.72) | (2.79) | 0.83 | (24.72) | (13.19) | 8.58 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g393331dsp5a.jpg)

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $890.40 | $1.86 |  | $1000.00 | $1023.20 | $1.99 | 0.39% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF** |

---

**Portfolio Management Commentary** 

Emerging market sovereign bonds suffered losses and finished behind developed-market government debt in the 12-month period.

As was the case across the rest of the global bond market, the Index was hurt by the environment of sharply rising inflation and the aggressive interest rate hikes by the world's major central banks. In addition, credit spreads widened amid a pronounced deterioration in investor sentiment and concerns about the trajectory of global growth.

Emerging markets were hurt by events specific occurring within the region. First, Russia's invasion of Ukraine together with the sanctions that followed caused significant losses in Russian bonds contributing to underperformance across Eastern Europe. Second, China was a persistent source of concern. The government's increased regulation of technology companies and continued lockdowns associated with its zero-COVID policy weighed on the nation's financial assets, as did instability in the property market.

All countries represented in the Index finished with a negative total return. While Europe was by far the weakest performer, Africa also lagged due to general underperformance for higher-risk securities. Latin America outperformed modestly, thanks in part to relative strength for Brazil. Asia posted the smallest losses of the major regions. China was a source of relative strength despite its challenges. Indonesia, while losing ground in absolute terms, outpaced the broader market behind optimism about the country's fiscal picture.

In terms of maturities, three- to ten-year issues outperformed. Those maturing in less than three years lagged, as did those with maturities of more than ten years. With respect to credit, higher-rated bonds generally outpaced their lower-rated counterparts.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
|  *Moody's Credit Rating<sup>\*</sup>*  | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Aaa | 0.2% |
|  Aa | 7.1 |
|  A | 14.7 |
|  Baa | 32.2 |
|  Ba | 17.5 |
|  B | 18.4 |
|  Caa | 4.0 |
|  Ca | 1.8 |
|  Not Rated | 4.1 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
|  *Country/Geographic Region* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Mexico | 5.9% |
|  Indonesia | 5.5 |
|  Saudi Arabia | 5.3 |
|  Turkey | 5.0 |
|  United Arab Emirates | 5.0 |
|  Qatar | 4.6 |
|  China | 4.3 |
|  Brazil | 3.9 |
|  Philippines | 3.8 |
|  Oman | 3.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 7

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Azerbaijan — 0.4%** |  |  |
|  Southern Gas Corridor CJSC,<br>6.88%, 03/24/26<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;55259 | $54286442 |
|  **Bahrain — 0.2%** |  |  |
|  Oil and Gas Holding Co. BSCC (The),<br>7.50%, 10/25/27<sup>(a)</sup>  | 26080 | 25180240 |
|  **Chile — 0.9%** |  |  |
|  Corp. Nacional del Cobre de Chile<br>3.00%, 09/30/29 (Call 06/30/29)<sup>(a)</sup>  | 20071 | 16631332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/14/30 (Call 10/14/29)<sup>(a)</sup>  | 18091 | 15047189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/01/27 (Call 05/01/27)<sup>(a)</sup>  | 19756 | 17938448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/50 (Call 07/30/49)<sup>(a)</sup>  | 45363 | 29097529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/49 (Call 08/05/48)<sup>(a)</sup>  | 22272 | 16269696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/47 (Call 02/01/47)<sup>(a)</sup>  | 22452 | 16737966 |
|  Empresa de Transporte de Pasajeros Metro SA, 4.70%, 05/07/50 (Call 11/07/49)<sup>(a)</sup>  | 17455 | 12925428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124647588 |
| **China — 2.5%** |  |  |
|  China Minmetals Corp.,<br>3.75%, (Call 11/13/22)<sup>(a)(b)(c)</sup>  | 9979 | 9959042 |
|  CNAC HK Finbridge Co. Ltd.<br>3.00%, 09/22/30<sup>(a)</sup>  | 15745 | 11306642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/19/24<sup>(a)</sup>  | 14197 | 13503619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/19/27<sup>(a)</sup>  | 15823 | 13704300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/14/28<sup>(a)</sup>  | 27350 | 24098769 |
|  Minmetals Bounteous Finance BVI Ltd., 3.38%, (Call 09/03/24)<sup>(a)(b)(c)</sup>  | 15494 | 14641830 |
|  Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42<sup>(a)</sup>  | 15563 | 13660268 |
|  Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24<sup>(a)</sup>  | 20933 | 20717181 |
|  Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25<sup>(a)</sup>  | 23282 | 22243623 |
|  Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27<sup>(a)</sup>  | 15489 | 14595285 |
|  Sinopec Group Overseas Development 2018 Ltd.<br>1.45%, 01/08/26<sup>(a)</sup>  | 18638 | 16669827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/13/25 (Call 04/13/25)<sup>(a)</sup>  | 15790 | 14685805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/08/31<sup>(a)</sup>  | 18853 | 15147066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/13/30 (Call 02/13/30)<sup>(a)</sup>  | 23322 | 19594678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/29 (Call 08/12/29)<sup>(a)</sup>  | 13928 | 12041633 |
|  SPIC MTN Co. Ltd., 1.63%, 07/27/25<sup>(a)</sup>  | 15761 | 14217210 |
|  State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24<sup>(a)</sup>  | 19932 | 19656938 |
|  State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/27<sup>(a)</sup>  | 38017 | 35753848 |
|  State Grid Overseas Investment BVI Ltd., 1.63%, 08/05/30 (Call 05/05/30)<sup>(a)</sup>  | 19790 | 15417993 |
|  Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26<sup>(a)</sup>  | 15513 | 14661491 |
|  |  | 336277048 |
| **Indonesia — 1.0%** |  |  |
|  Indonesia Asahan Aluminium Persero PT<br>4.75%, 05/15/25 (Call 04/15/25)<sup>(a)</sup>  | 10959 | 10467050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 9980 | 8696946 |
|  Pelabuhan Indonesia Persero PT, 4.25%, 05/05/25<sup>(a)</sup>  | 12151 | 11544787 |
|  Pertamina Persero PT<br>1.40%, 02/09/26 (Call 01/09/26)<sup>(a)</sup>  | 10489 | 9021694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 01/21/50 (Call 07/21/49)<sup>(a)</sup>  | 10641 | 7045246 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Indonesia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/43<sup>(a)</sup>  | $15617 | $12817028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/03/42<sup>(a)</sup>  | 12788 | 10920153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/30/44<sup>(a)</sup>  | 16449 | 14714659 |
|  Perusahaan Listrik Negara PT,<br>4.13%, 05/15/27<sup>(a)</sup>  | 15654 | 14323410 |
|  Perusahaan Perseroan Persero PT Perusahaan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/50 (Call 12/30/49)<sup>(a)</sup>  | 10871 | 6318769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/24/42<sup>(a)</sup>  | 10125 | 7320375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/21/28<sup>(a)</sup>  | 11328 | 10682304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/21/48<sup>(a)</sup>  | 10842 | 8470312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132342733 |
| **Kazakhstan — 0.8%** |  |  |
|  KazMunayGas National Co. JSC<br>4.75%, 04/19/27<sup>(a)</sup>  | 27338 | 23678125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/24/30<sup>(a)</sup>  | 33940 | 27762920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/19/47<sup>(a)</sup>  | 34296 | 23374439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/24/48<sup>(a)</sup>  | 41377 | 29433529 |
|  |  | 104249013 |
| **Malaysia — 1.9%** |  |  |
|  Petronas Capital Ltd.<br>2.48%, 01/28/32 (Call 10/28/31)<sup>(a)</sup>  | 32887 | 26123624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/28/61 (Call 10/28/60)<sup>(a)</sup>  | 47693 | 29426667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/18/25<sup>(a)</sup>  | 40838 | 39390803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/21/30 (Call 01/21/30)<sup>(a)</sup>  | 62663 | 55594363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/18/45<sup>(a)</sup>  | 39624 | 32729820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/21/50 (Call 10/21/49)<sup>(a)</sup>  | 75165 | 61125659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/21/60 (Call 10/21/59)<sup>(a)</sup>  | 27580 | 22675173 |
|  |  | 267066109 |
| **Mexico — 2.6%** |  |  |
|  Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25<sup>(a)</sup>  | 8861 | 8391921 |
|  Comision Federal de Electricidad, 4.69%, 05/15/29 (Call 03/15/29)<sup>(a)</sup>  | 11240 | 9471808 |
|  Mexico City Airport Trust, 5.50%, 07/31/47<br>(Call 01/31/47)<sup>(a)</sup>  | 18707 | 11878945 |
|  Petroleos Mexicanos<br>4.50%, 01/23/26 | 10174 | 8998903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/12/28 | 17068 | 13577116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 (Call 10/28/30) | 34020 | 24443370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/12/48 | 14579 | 8365722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 | 9283 | 5421272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/27 (Call 11/23/26) | 13679 | 11947239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 | 34675 | 30219262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/29 | 10120 | 8156720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/02/41 | 14154 | 8812280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/35 | 25343 | 17476533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 (Call 11/16/31) | 60619 | 45544000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 | 49839 | 29978158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/30 (Call 10/23/29) | 20955 | 16620039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/26 | 22594 | 20823634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/60 (Call 07/28/59) | 34226 | 20407253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/50 (Call 07/23/49) | 71374 | 46014282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 | 16166 | 14498603 |
|  |  | 361047060 |
| **Panama — 0.3%** |  |  |
|  Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (Call 08/11/60)<sup>(a)</sup>  | 28279 | 19084790 |

---

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Panama (continued)** |  |  |
|  Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;22561 | $16234050 |
|  |  | 35318840 |
| **Peru — 0.3%** |  |  |
|  Petroleos del Peru SA<br>4.75%, 06/19/32<sup>(a)</sup>  | 20560 | 15103890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/19/47<sup>(a)</sup>  | 41194 | 26261175 |
|  |  | 41365065 |
| **Philippines — 0.2%** |  |  |
|  Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24<sup>(a)</sup>  | 22602 | 23284298 |
|  **Qatar — 0.9%** |  |  |
|  Qatar Energy<br>1.38%, 09/12/26 (Call 08/12/26)<sup>(a)</sup>  | 20583 | 18074344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/31 (Call 04/12/31)<sup>(a)</sup>  | 47021 | 37734353 |
|  Qatar Petroleum<br>3.13%, 07/12/41 (Call 01/12/41)<sup>(a)</sup>  | 46741 | 32917349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/12/51 (Call 01/12/51)<sup>(a)</sup>  | 52748 | 35604900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124330946 |
| **Saudi Arabia — 0.1%** |  |  |
|  Gaci First Investment Co.<br>5.00%, 10/13/27 | 5600 | 5499200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/13/32 | 6000 | 5858940 |
|  |  | 11358140 |
| **South Africa — 0.4%** |  |  |
|  Eskom Holdings SOC Ltd.<br>6.35%, 08/10/28<sup>(a)</sup>  | 24337 | 21789220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/11/25<sup>(a)</sup>  | 29741 | 27683295 |
|  |  | 49472515 |
| **United Arab Emirates — 1.3%** |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47<sup>(a)</sup>  | 24607 | 21020530 |
|  DP World Crescent Ltd.<br>3.88%, 07/18/29<sup>(a)</sup>  | 11215 | 9961555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/26/28<sup>(a)</sup>  | 11199 | 10583055 |
|  DP World Ltd./United Arab Emirates<br>5.63%, 09/25/48<sup>(a)</sup>  | 14459 | 11856380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/37<sup>(a)</sup>  | 19270 | 18364310 |
|  DP World Salaam, 6.00%,<br>(Call 10/01/25)<sup>(a)(b)(c)</sup>  | 16881 | 16316542 |
|  MDGH GMTN RSC Ltd.<br>2.50%, 11/07/24 (Call 10/07/24)<sup>(a)</sup>  | 9712 | 9182696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/26 (Call 04/21/26)<sup>(a)</sup>  | 11461 | 10449567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/07/29 (Call 08/07/29)<sup>(a)</sup>  | 12163 | 10439655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/21/30 (Call 02/21/30)<sup>(a)</sup>  | 10210 | 8546408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/28/32 (Call 12/28/31)<sup>(a)</sup>  | 10395 | 8770781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/07/51 (Call 12/07/50)<sup>(a)</sup>  | 10927 | 7598854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/07/49 (Call 05/07/49)<sup>(a)</sup>  | 17458 | 12796714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/21/50 (Call 11/21/49)<sup>(a)</sup>  | 22293 | 17127991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/28/33 | 11500 | 11433300 |
|  |  | 184448338 |
| **Venezuela — 0.0%** |  |  |
|  Petroleos de Venezuela SA<br>0.00%, 02/17/22<sup>(a)(d)(e)(f)</sup>  | 14002 | 252041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/16/24<sup>(a)(d)(e)(f)</sup>  | 32388 | 728716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/12/37<sup>(a)(d)(e)(f)</sup>  | 22444 | 403996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/12/27<sup>(a)(d)(e)</sup>  | 24185 | 483700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/26<sup>(a)(d)(e)</sup>  | 30450 | 578557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/17/21<sup>(a)(d)(e)</sup>  | 28268 | 508825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Venezuela (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 05/17/35<sup>(a)(d)(e)</sup>  | $31912 | $574405 |
|  |  | 3530240 |
|  **Total Corporate Bonds & Notes — 13.8%<br>(Cost: $2,492,188,912)** |  | 1878204615 |
|  **Foreign Government Obligations<sup>(g)</sup>**  | **Foreign Government Obligations<sup>(g)</sup>**  | **Foreign Government Obligations<sup>(g)</sup>**  |
|  **Angola — 1.3%** |  |  |
|  Angolan Government International Bond<br>8.00%, 11/26/29<sup>(a)</sup>  | 46603 | 37864937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/09/28<sup>(a)</sup>  | 47890 | 40107875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/14/32<sup>(a)</sup>  | 47730 | 38184000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/49<sup>(a)</sup>  | 34256 | 25709128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 05/08/48<sup>(a)</sup>  | 48063 | 36527880 |
|  |  | 178393820 |
| **Argentina — 1.2%** |  |  |
|  Argentine Republic Government International Bond<br>0.50%, 07/09/30 (Call 12/01/22)<sup>(h)</sup>  | 192173 | 40260296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 (Call 12/01/22) | 31647 | 6471834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/35 (Call 12/01/22)<sup>(h)</sup>  | 243833 | 48278945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/46 (Call 12/01/22)<sup>(h)</sup>  | 26525 | 5351318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/41 (Call 12/01/22)<sup>(h)</sup>  | 123862 | 29417310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/09/38 (Call 12/01/22)<sup>(h)</sup>  | 135248 | 34767082 |
|  |  | 164546785 |
| **Azerbaijan — 0.4%** |  |  |
|  Republic of Azerbaijan International Bond 3.50%, 09/01/32<sup>(a)</sup>  | 30044 | 24022056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/18/24<sup>(a)</sup>  | 28956 | 28183236 |
|  |  | 52205292 |
| **Bahrain — 2.9%** |  |  |
|  Bahrain Government International Bond<br>5.25%, 01/25/33<sup>(a)</sup>  | 27456 | 21505736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/16/32<sup>(a)</sup>  | 27178 | 21898402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/30/31<sup>(a)</sup>  | 27265 | 22736011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/18/34<sup>(a)</sup>  | 27686 | 21814353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/19/44<sup>(a)</sup>  | 34359 | 24004056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/20/29<sup>(a)</sup>  | 33317 | 31220111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/26/26<sup>(a)</sup>  | 29528 | 29422806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/28<sup>(a)</sup>  | 44091 | 42170286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/14/30<sup>(a)</sup>  | 27622 | 26246079 |
|  CBB International Sukuk Co. 5 SPC,<br>5.62%, 02/12/24<sup>(a)</sup>  | 24420 | 24333004 |
|  CBB International Sukuk Co. 7 SPC,<br>6.88%, 10/05/25<sup>(a)</sup>  | 27978 | 28656466 |
|  CBB International Sukuk Programme Co. WLL 3.88%, 05/18/29<sup>(a)</sup>  | 27495 | 23556341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/16/27<sup>(a)</sup>  | 26205 | 24121703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/27<sup>(a)</sup>  | 27724 | 26126405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/14/24<sup>(a)</sup>  | 27316 | 27426903 |
|  |  | 395238662 |
| **Bolivia — 0.2%** |  |  |
|  Bolivian Government International Bond,<br>4.50%, 03/20/28<sup>(a)</sup>  | 26635 | 20830235 |
|  **Brazil — 3.8%** |  |  |
|  Brazilian Government International Bond<br>2.88%, 06/06/25 | 31453 | 29518640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/31 | 24476 | 20119272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/12/30 | 62155 | 52202431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/07/25 | 72393 | 70370521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/30/29 (Call 02/28/29) | 35513 | 31779696 |

---

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/13/28 (Call 10/13/27) | $&nbsp;&nbsp;&nbsp;&nbsp;53239 | $49888270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/14/50 (Call 07/14/49) | 70782 | 47304495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/27/45 | 58460 | 41992549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/07/41 | 38845 | 31180396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/21/47 | 48947 | 37071234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/07/26 | 39294 | 40173203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/20/37 | 26975 | 26870472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/20/34 | 22799 | 24605821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/15/24 | 14465 | 15240686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518317686 |
| **Chile — 2.3%** |  |  |
|  Chile Government International Bond<br>2.45%, 01/31/31 (Call 10/31/30) | 31244 | 24932712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/32 (Call 10/27/31) | 26646 | 20880472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/33 (Call 04/27/33) | 40721 | 30276063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/27 (Call 12/31/26) | 27392 | 24584320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/07/41 (Call 11/07/40) | 48521 | 31975339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/22/61 (Call 07/22/60) | 35018 | 19529101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 02/06/28 (Call 11/06/27) | 35163 | 31543409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/21/71 (Call 03/21/71) | 17314 | 9522700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/34 (Call 10/31/33) | 27215 | 21921683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/25/50 (Call 07/25/49) | 41341 | 27137783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/53 (Call 10/15/52) | 26524 | 16947178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 06/21/47 | 23263 | 16557440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/52 (Call 07/31/51) | 18771 | 13252326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 (Call 09/07/41) | 33804 | 26045982 |
|  |  | 315106508 |
| **China — 1.7%** |  |  |
|  China Development Bank, 1.00%, 10/27/25<sup>(a)</sup>  | 15813 | 14146942 |
|  China Government International Bond<br>0.55%, 10/21/25<sup>(a)</sup>  | 35429 | 31460598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/24<sup>(a)</sup>  | 15518 | 14403497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/21/30<sup>(a)</sup>  | 31465 | 25125117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/26/26<sup>(a)</sup>  | 23602 | 20977458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/26/31<sup>(a)</sup>  | 15398 | 12588943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/03/24<sup>(a)</sup>  | 31182 | 29548999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/03/29<sup>(a)</sup>  | 31098 | 27174987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/02/27<sup>(a)</sup>  | 15567 | 14312611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/19/28<sup>(a)</sup>  | 15618 | 14830267 |
|  Export-Import Bank of China (The)<br>2.88%, 04/26/26<sup>(a)</sup>  | 15630 | 14797234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/31/24<sup>(a)</sup>  | 18718 | 18358240 |
|  |  | 237724893 |
| **Colombia — 3.0%** |  |  |
|  Colombia Government International Bond<br>3.00%, 01/30/30 (Call 10/30/29) | 29192 | 20624148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 (Call 01/15/31) | 47447 | 32539746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/22/32 (Call 01/22/32) | 34726 | 23040701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/27 (Call 01/25/27) | 35413 | 29487962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/61 (Call 08/15/60) | 24154 | 12202299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/26/24 (Call 11/26/23) | 23470 | 22476926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/22/42 (Call 08/22/41) | 18990 | 10567935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 (Call 11/15/50) | 26975 | 14268089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/26 (Call 10/28/25) | 28489 | 25574219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 (Call 12/15/28) | 37855 | 30539521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 83095 | 50417891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/15/49 (Call 11/15/48) | 51615 | 31349661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/26/44 (Call 08/26/43) | 44306 | 28643829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/18/41 | 46697 | 33367925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Colombia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/18/37 | $33919 | $28540719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/21/24 | 18808 | 18840914 |
|  |  | 412482485 |
| **Costa Rica — 0.6%** |  |  |
|  Costa Rica Government International Bond<br>6.13%, 02/19/31<sup>(a)</sup>  | 32993 | 30576263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/44<sup>(a)</sup>  | 27337 | 23121976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 03/12/45<sup>(a)</sup>  | 35544 | 30641150 |
|  |  | 84339389 |
| **Croatia — 0.3%** |  |  |
|  Croatia Government International Bond, 6.00%, 01/26/24<sup>(a)</sup>  | 39986 | 40168436 |
|  **Dominican Republic — 3.2%** |  |  |
|  Dominican Republic International Bond<br>4.50%, 01/30/30<sup>(a)</sup>  | 44442 | 35478604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(a)</sup>  | 68212 | 52322867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/41<sup>(a)</sup>  | 32419 | 22233355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/27/25<sup>(a)</sup>  | 25998 | 25377298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/22/29 (Call 12/22/28)<sup>(a)</sup>  | 40059 | 34821286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/60<sup>(a)</sup>  | 69401 | 46498670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(a)</sup>  | 37301 | 34731894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/19/28<sup>(a)</sup>  | 28471 | 25905051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/22/33 (Call 11/22/32)<sup>(a)</sup>  | 37954 | 31627543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/05/49<sup>(a)</sup>  | 32674 | 23398668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/48<sup>(a)</sup>  | 21962 | 15960883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 01/27/45<sup>(a)</sup>  | 43334 | 33294054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/29/26<sup>(a)</sup>  | 33476 | 32791834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/30/44<sup>(a)</sup>  | 33407 | 27869790 |
|  |  | 442311797 |
|  **Ecuador — 1.3%** |  |  |
|  Ecuador Government International Bond 0.00%, 07/31/30<sup>(a)(f)</sup>  | 27621 | 8490019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/40<sup>(a)(h)</sup>  | 92679 | 30051219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/31/35<sup>(a)(h)</sup>  | 231680 | 84172111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/30<sup>(a)(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;100476 | 53239779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175953128 |
|  **Egypt — 2.7%** |  |  |
|  Egypt Government International Bond<br>5.75%, 05/29/24<sup>(a)</sup>  | 26803 | 25228324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/30/27<sup>(a)</sup>  | 27352 | 19864390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/11/25<sup>(a)</sup>  | 33905 | 29115918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/16/31<sup>(a)</sup>  | 35415 | 21532320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 02/21/28<sup>(a)</sup>  | 29617 | 21176155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 01/15/32<sup>(a)</sup>  | 24075 | 15134147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 09/30/33<sup>(a)</sup>  | 25276 | 15702715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/31/27<sup>(a)</sup>  | 47152 | 37898420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(a)</sup>  | 35592 | 20109480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 03/01/29<sup>(a)</sup>  | 41801 | 29887715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(a)</sup>  | 39744 | 25195212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 02/21/48<sup>(a)</sup>  | 33780 | 18874575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(a)</sup>  | 57376 | 33780120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70%, 03/01/49<sup>(a)</sup>  | 34192 | 20216020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/29/50<sup>(a)</sup>  | 46560 | 27586800 |
|  |  | 361302311 |
|  **El Salvador — 0.2%** |  |  |
|  El Salvador Government International Bond<br>7.12%, 01/20/50 (Call 07/20/49)<sup>(a)</sup>  | 29298 | 9829479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 06/15/35<sup>(a)</sup>  | 26904 | 9581187 |

---

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **El Salvador (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/15/52 (Call 01/15/52)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;27624 | $10359000 |
|  |  | 29769666 |
| **Ethiopia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethiopia International Bond,<br>6.63%, 12/11/24<sup>(a)</sup>  | 26441 | 13291560 |
|  **Gabon — 0.1%** |  |  |
|  Gabon Government International Bond, 6.63%, 02/06/31<sup>(a)</sup>  | 27371 | 19096405 |
|  **Ghana — 0.7%** |  |  |
|  Ghana Government International Bond<br>6.38%, 02/11/27<sup>(a)</sup>  | 33071 | 9921300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/16/29<sup>(a)</sup>  | 27871 | 7664525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/07/29<sup>(a)</sup>  | 27505 | 7792510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/11/35<sup>(a)</sup>  | 28340 | 7860808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/18/26<sup>(a)</sup>  | 25955 | 9437741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/26/32<sup>(a)</sup>  | 34260 | 9592800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/07/34<sup>(a)</sup>  | 27300 | 7678125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/16/49<sup>(a)</sup>  | 27093 | 7269391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/26/51<sup>(a)</sup>  | 26111 | 7299656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 10/14/30<sup>(a)</sup>  | 27631 | 17821995 |
|  |  | 92338851 |
| **Guatemala — 0.2%** |  |  |
|  Guatemala Government Bond,<br>6.13%, 06/01/50(Call 12/01/49)<sup>(a)</sup>  | 38407 | 32977210 |
|  **Hungary — 1.6%** |  |  |
|  Hungary Government International Bond<br>2.13%, 09/22/31<sup>(a)</sup>  | 59338 | 42252365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/21/51<sup>(a)</sup>  | 54144 | 29501712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(a)</sup>  | 48239 | 44238178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 | 43126 | 42648919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/16/34<sup>(a)</sup>  | 33687 | 28903446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/22/23 | 2300 | 2291087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/29/41 | 34452 | 34318498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224154205 |
|  **India — 0.7%** |  |  |
|  Export-Import Bank of India<br>2.25%, 01/13/31<sup>(a)</sup>  | 27346 | 19980628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30<sup>(a)</sup>  | 27352 | 22252493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/05/26<sup>(a)</sup>  | 25716 | 23322710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/28<sup>(a)</sup>  | 27721 | 24582983 |
|  |  | 90138814 |
|  **Indonesia — 4.4%** |  |  |
|  Indonesia Government International Bond<br>1.85%, 03/12/31 | 12076 | 9209278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/28/31 (Call 04/28/31) | 13667 | 10644680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | 13299 | 11260928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 | 20013 | 12710456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/11/28 | 13797 | 12588038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/31/32 (Call 12/31/31) | 11059 | 9456662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/49 | 10831 | 7528736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/18/27<sup>(a)</sup>  | 11043 | 10282413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/30 | 16858 | 15054194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/24/28 | 11309 | 10614910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/25<sup>(a)</sup>  | 21464 | 20938132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/50 | 17858 | 13350819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/08/27<sup>(a)</sup>  | 13736 | 13193428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/11/48 | 19424 | 15055737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/70 | 10791 | 8040482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Indonesia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/43<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;15863 | $13247350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/32 (Call 06/20/32) | 16471 | 15196309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/08/26<sup>(a)</sup>  | 22188 | 21692930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/11/29 | 13794 | 13226515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/18/47<sup>(a)</sup>  | 10932 | 9061945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/45<sup>(a)</sup>  | 21590 | 18893625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/17/42<sup>(a)</sup>  | 24477 | 22095082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/47<sup>(a)</sup>  | 16475 | 14664562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/11/49 | 10933 | 9594910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24<sup>(a)</sup>  | 13695 | 13800280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/08/46<sup>(a)</sup>  | 13364 | 12869532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/17/37<sup>(a)</sup>  | 15342 | 15781165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/44<sup>(a)</sup>  | 21282 | 21922801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/17/38<sup>(a)</sup>  | 21136 | 23319613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/12/35<sup>(a)</sup>  | 17896 | 20969638 |
|  Perusahaan Penerbit SBSN Indonesia III<br>1.50%, 06/09/26<sup>(a)</sup>  | 13854 | 12158409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/09/31<sup>(a)</sup>  | 10966 | 8774006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/23/30<sup>(a)</sup>  | 11085 | 9258054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/29/27<sup>(a)</sup>  | 22254 | 21096792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 05/28/25<sup>(a)</sup>  | 22535 | 22074441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/10/24<sup>(a)</sup>  | 14757 | 14575305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/06/27<sup>(a)</sup>  | 19565 | 18680662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/28<sup>(a)</sup>  | 19168 | 18141314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/20/29<sup>(a)</sup>  | 13235 | 12484741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/29/26<sup>(a)</sup>  | 19455 | 18966193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/06/32<sup>(a)</sup>  | 17126 | 16014694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598489761 |
| **Iraq — 0.3%** |  |  |
|  Iraq International Bond, 5.80%, 01/15/28<br>(Call 12/15/22)<sup>(a)</sup>  | 50487 | 42828382 |
|  **Ivory Coast — 0.2%** |  |  |
|  Ivory Coast Government International Bond, 6.13%, 06/15/33<sup>(a)</sup>  | 33930 | 26355128 |
|  **Jamaica — 0.9%** |  |  |
|  Jamaica Government International Bond<br>6.75%, 04/28/28 | 36869 | 38511975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/28/45 | 49639 | 52611135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/39 | 33872 | 37286721 |
|  |  | 128409831 |
| **Jordan — 0.7%** |  |  |
|  Jordan Government International Bond<br>5.75%, 01/31/27<sup>(a)</sup>  | 26141 | 23899409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/07/30<sup>(a)</sup>  | 34016 | 28148240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/29/26<sup>(a)</sup>  | 25834 | 24635948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/47<sup>(a)</sup>  | 27586 | 20586053 |
|  |  | 97269650 |
| **Kazakhstan — 1.2%** |  |  |
|  Kazakhstan Government International Bond<br>3.88%, 10/14/24<sup>(a)</sup>  | 36929 | 36612796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/14/44<sup>(a)</sup>  | 26053 | 19797023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/21/25<sup>(a)</sup>  | 68736 | 70166568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/21/45<sup>(a)</sup>  | 41371 | 36453022 |
|  |  | 163029409 |
| **Kenya — 0.9%** |  |  |
|  Republic of Kenya Government International Bond<br>6.30%, 01/23/34<sup>(a)</sup>  | 27625 | 17403750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/24/24<sup>(a)</sup>  | 52810 | 46076725 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Kenya (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/28/28<sup>(a)</sup>  | $26489 | $19999195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/22/32<sup>(a)</sup>  | 32571 | 22636845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/28/48<sup>(a)</sup>  | 27471 | 17306730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123423245 |
| **Kuwait — 0.8%** |  |  |
|  Kuwait International Government Bond, 3.50%, 03/20/27<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;117712 | 112216321 |
|  **Lebanon — 0.1%** |  |  |
|  Lebanon Government International Bond 6.00%, 01/27/23<sup>(a)(d)(e)</sup>  | 26384 | 1505537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/04/24 | 30361 | 1846328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/31/99<sup>(a)(d)(e)</sup>  | 40896 | 2320848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 12/31/99<sup>(a)(d)(e)</sup>  | 37648 | 2124759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/31/99<sup>(a)(d)(e)</sup>  | 24274 | 1377550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 12/31/99<sup>(a)(d)(e)</sup>  | 30836 | 1740307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/99<sup>(a)(d)(e)</sup>  | 26258 | 1490141 |
|  |  | 12405470 |
| **Malaysia — 0.4%** |  |  |
|  Malaysia Sovereign Sukuk Bhd,<br>3.04%, 04/22/25<sup>(a)</sup>  | 25694 | 24638940 |
|  Malaysia Sukuk Global Bhd,<br>3.18%, 04/27/26<sup>(a)</sup>  | 27362 | 26127290 |
|  |  | 50766230 |
| **Mexico — 3.1%** |  |  |
|  Mexico Government International Bond<br>2.66%, 05/24/31 (Call 02/24/31) | 30798 | 23853051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/16/30 (Call 01/16/30) | 19488 | 16367484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 (Call 11/12/33) | 25348 | 19365872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28 | 16480 | 15095680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/19/71 (Call 10/19/70) | 27520 | 15768960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/24/61 (Call 11/24/60) | 26952 | 15696171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/26 | 18859 | 18142358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/28/27 | 20818 | 19849963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/41 (Call 02/14/41) | 27939 | 20269744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47 | 13297 | 9297927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/52 (Call 08/12/51) | 25569 | 17501980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/29 | 27252 | 25344360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 (Call 07/31/49) | 20300 | 14429494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/23/46 | 20453 | 14928133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/10/48 | 18180 | 13115734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/32 (Call 01/27/32) | 21361 | 19329035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/44 | 32790 | 24885561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 (Call 02/19/33) | 18488 | 16315660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/27/51 (Call 10/27/50) | 22338 | 16925223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/21/45 | 24878 | 21073221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 | 23446 | 17845337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/11/40 | 24644 | 22684802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/27/34 | 14966 | 14978160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 08/15/31 | 9533 | 10607250 |
|  |  | 423671160 |
|  **Morocco — 0.3%** |  |  |
|  Morocco Government International Bond<br>3.00%, 12/15/32<sup>(a)</sup>  | 26878 | 19315203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/50<sup>(a)</sup>  | 34525 | 20333067 |
|  |  | 39648270 |
| **Nigeria — 1.9%** |  |  |
|  Nigeria Government International Bond<br>6.13%, 09/28/28<sup>(a)</sup>  | 35037 | 23036828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/27<sup>(a)</sup>  | 40679 | 28780392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 02/23/30<sup>(a)</sup>  | 34049 | 22131850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Nigeria (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/28/33<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;38269 | $23057072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/21/25<sup>(a)</sup>  | 29824 | 25648640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(a)</sup>  | 40851 | 23080815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/23/38<sup>(a)</sup>  | 34658 | 20274930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/16/32<sup>(a)</sup>  | 40302 | 25793280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/28/51<sup>(a)</sup>  | 33845 | 19460875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(a)</sup>  | 34568 | 24975380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/21/31<sup>(a)</sup>  | 28071 | 19649700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255889762 |
| **Oman — 3.7%** |  |  |
|  Oman Government International Bond<br>4.75%, 06/15/26<sup>(a)</sup>  | 52151 | 49282695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/25<sup>(a)</sup>  | 25885 | 25108450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/08/27<sup>(a)</sup>  | 43167 | 41116567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/17/28<sup>(a)</sup>  | 52648 | 50015600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29<sup>(a)</sup>  | 47551 | 45114011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/31<sup>(a)</sup>  | 36067 | 34353818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/08/47<sup>(a)</sup>  | 43384 | 35737570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/28/27<sup>(a)</sup>  | 30754 | 30798209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/17/48<sup>(a)</sup>  | 61062 | 51215752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/51<sup>(a)</sup>  | 22453 | 19141183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/28/32<sup>(a)</sup>  | 21356 | 21783120 |
|  Oman Sovereign Sukuk Co.<br>4.40%, 06/01/24<sup>(a)</sup>  | 35768 | 34873800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30<sup>(a)</sup>  | 39277 | 37295966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/31/25<sup>(a)</sup>  | 34169 | 34425268 |
|  |  | 510262009 |
| **Pakistan — 0.4%** |  |  |
|  Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29<sup>(a)</sup>  | 26801 | 13804084 |
|  Pakistan Government International Bond<br>6.00%, 04/08/26<sup>(a)</sup>  | 36019 | 11259900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/05/27<sup>(a)</sup>  | 41599 | 12900266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/08/31<sup>(a)</sup>  | 38981 | 11796040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/24<sup>(a)</sup>  | 24111 | 10008717 |
|  |  | 59769007 |
| **Panama — 2.6%** |  |  |
|  Panama Government International Bond<br>2.25%, 09/29/32 (Call 06/29/32) | 57712 | 40012451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/30 (Call 10/23/29) | 35337 | 28728981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/19/33 (Call 10/19/32) | 22504 | 17170552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/16/25 (Call 12/16/24) | 28500 | 27187219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/23/60 (Call 01/23/60) | 65723 | 37725002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 (Call 12/17/27) | 27385 | 24762886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/29/53 | 38993 | 25243093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 | 26051 | 18004497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 (Call 10/16/49) | 56092 | 37960261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 (Call 10/01/55) | 57679 | 37862659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/19/63 (Call 07/19/62) | 34534 | 21963624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 01/26/36 | 44526 | 43309884 |
|  |  | 359931109 |
| **Paraguay — 0.5%** |  |  |
|  Paraguay Government International Bond<br>4.95%, 04/28/31 (Call 01/28/31)<sup>(a)</sup>  | 27492 | 25083014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/30/50 (Call 09/30/49)<sup>(a)</sup>  | 32337 | 24622604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/11/44<sup>(a)</sup>  | 27329 | 23482443 |
|  |  | 73188061 |

---

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Peru — 2.9%** |  |  |
|  Peruvian Government International Bond<br>1.86%, 12/01/32 (Call 09/01/32) | $&nbsp;&nbsp;&nbsp;&nbsp;21739 | $15010779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/26 (Call 12/23/25) | 21514 | 19353188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 (Call 10/23/30) | 78165 | 61594020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/01/60 (Call 06/01/60) | 42448 | 22332954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/34 (Call 10/15/33) | 47119 | 35080095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 (Call 01/28/21) | 21455 | 11288012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/11/41 (Call 09/11/40) | 27254 | 18341942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 (Call 09/10/50) | 35927 | 23460331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/72 (Call 07/15/71) | 21635 | 12688928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/25/27 | 21216 | 19900608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50 | 54107 | 49399691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/37 | 24258 | 24171581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/21/25 | 32597 | 33815313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/21/33 | 46444 | 54740059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401177501 |
| **Philippines — 3.6%** |  |  |
|  Philippine Government International Bond 1.65%, 06/10/31 | 23962 | 17824373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 05/05/30 | 19183 | 15756149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/45 | 28902 | 17452762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/45 | 23524 | 15116758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 | 38354 | 34522819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | 42497 | 27787088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/41 | 36667 | 27320948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/02/42 | 36949 | 27438697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/14/29 | 28700 | 26371282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/20/40 | 37774 | 28901265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/21/24 | 21420 | 21020731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/29/47 | 19493 | 15129005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/13/37 | 25791 | 23343692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/26 | 19579 | 19679049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/32 | 19600 | 20190156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34 | 36153 | 37060802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/14/31 | 31038 | 34921164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/02/30 | 38102 | 45726591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%, 03/16/25 | 28460 | 31700456 |
|  |  | 487263787 |
| **Poland — 0.7%** |  |  |
|  Republic of Poland Government International Bond<br>3.25%, 04/06/26 | 52195 | 48893666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/24 | 46196 | 45453977 |
|  |  | 94347643 |
| **Qatar — 3.6%** |  |  |
|  Qatar Government International Bond<br>3.25%, 06/02/26<sup>(a)</sup>  | 47488 | 44917474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/14/24<sup>(a)</sup>  | 18942 | 18578692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/16/25<sup>(a)</sup>  | 27471 | 26519405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/16/30<sup>(a)</sup>  | 40879 | 38016244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/14/29<sup>(a)</sup>  | 53963 | 51255137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/16/50<sup>(a)</sup>  | 67177 | 56427336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/23/28<sup>(a)</sup>  | 40485 | 39619026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/02/46<sup>(a)</sup>  | 27042 | 23813726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 03/14/49<sup>(a)</sup>  | 78357 | 69754185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/23/48<sup>(a)</sup>  | 78544 | 72935173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/20/42<sup>(a)</sup>  | 13691 | 13947569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 01/20/40<sup>(a)</sup>  | 12175 | 13257114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/30<sup>(a)</sup>  | 17927 | 23160967 |
|  |  | 492202048 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Romania — 1.5%** |  |  |
|  Romanian Government International Bond<br>3.00%, 02/27/27<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;35172 | $30100637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/31<sup>(a)</sup>  | 34424 | 25394155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/27/32<sup>(a)</sup>  | 27974 | 20513684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/14/51<sup>(a)</sup>  | 54982 | 31985778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/48<sup>(a)</sup>  | 32806 | 22837077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup>  | 27710 | 25325208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/25/34<sup>(a)</sup>  | 27154 | 22831423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/22/44<sup>(a)</sup>  | 27790 | 22159051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201147013 |
| **Saudi Arabia — 5.1%** |  |  |
|  KSA Sukuk Ltd.<br>2.25%, 05/17/31<sup>(a)</sup>  | 21853 | 17646297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 10/29/29<sup>(a)</sup>  | 25628 | 22372988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/20/27<sup>(a)</sup>  | 48885 | 46097577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/19/29<sup>(a)</sup>  | 20193 | 19311172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 10/25/28 | 22850 | 22987100 |
|  Saudi Government International Bond<br>2.25%, 02/02/33<sup>(a)</sup>  | 32029 | 24595069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/03/27<sup>(a)</sup>  | 14215 | 12851782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/03/32<sup>(a)</sup>  | 11671 | 9586997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/22/25<sup>(a)</sup>  | 27283 | 25707407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/26/26<sup>(a)</sup>  | 60454 | 56791697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/22/30<sup>(a)</sup>  | 16485 | 14418935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/17/51<sup>(a)</sup>  | 13868 | 8913934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/02/61<sup>(a)</sup>  | 24842 | 15880745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/28<sup>(a)</sup>  | 54157 | 50398504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/21/55<sup>(a)</sup>  | 30426 | 21128727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25<sup>(a)</sup>  | 45545 | 44435068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/16/29<sup>(a)</sup>  | 44527 | 42504138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/17/30<sup>(a)</sup>  | 33192 | 31753127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/26/46<sup>(a)</sup>  | 70573 | 56048371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/60<sup>(a)</sup>  | 33258 | 26061967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/04/47<sup>(a)</sup>  | 47846 | 38414118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/17/49<sup>(a)</sup>  | 39563 | 33537061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/16/50<sup>(a)</sup>  | 37025 | 32748242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/32 | 23200 | 23524800 |
|  |  | 697715823 |
| **Senegal — 0.3%** |  |  |
|  Senegal Government International Bond<br>6.25%, 05/23/33<sup>(a)</sup>  | 30052 | 22403766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/48<sup>(a)</sup>  | 27511 | 17423060 |
|  |  | 39826826 |
| **Serbia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, 2.13%, 12/01/30<sup>(a)</sup>  | 31398 | 21611636 |
|  **South Africa — 2.9%** |  |  |
|  Republic of South Africa Government International Bond<br>4.30%, 10/12/28 | 47840 | 40747720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 01/17/24 | 28236 | 27720693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/27/27 | 24049 | 21761339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/30/29 | 48020 | 40675941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/14/26 | 30345 | 28425679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/46 | 23517 | 14731931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/24/44 | 24090 | 16024367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/27/47 | 35976 | 23879070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 | 69395 | 45974187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/16/25 | 47753 | 47179964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/22/30 | 34005 | 30122054 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **South Africa (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/32 | $30484 | $26025715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;38192 | 29694280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392962940 |
| **Sri Lanka — 0.4%** |  |  |
|  Sri Lanka Government International Bond<br>6.20%, 05/11/27<sup>(a)(d)(e)</sup>  | 41097 | 8737633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/18/28<sup>(a)(d)(e)</sup>  | 31371 | 6897699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 07/18/26<sup>(a)(d)(e)</sup>  | 27516 | 6204858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/14/24<sup>(a)(d)(e)</sup>  | 25121 | 5641235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/03/25<sup>(a)(d)(e)</sup>  | 39354 | 8775942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 03/28/30<sup>(a)(d)(e)</sup>  | 41056 | 8963038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 03/14/29<sup>(a)(d)(e)</sup>  | 38451 | 8334254 |
|  |  | 53554659 |
| **Trinidad And Tobago — 0.2%** |  |  |
|  Trinidad & Tobago Government International Bond, 4.50%, 08/04/26<sup>(a)</sup>  | 25307 | 24331099 |
|  **Tunisia — 0.1%** |  |  |
|  Tunisian Republic, 5.75%, 01/30/25<sup>(a)</sup>  | 26816 | 16756648 |
|  **Turkey — 4.9%** |  |  |
|  Hazine Mustesarligi Varlik Kiralama AS<br>4.49%, 11/25/24<sup>(a)</sup>  | 11394 | 10523783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/22/26<sup>(a)</sup>  | 27758 | 24458268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/24/27<sup>(a)</sup>  | 32994 | 30432841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76%, 11/13/25 | 26700 | 27033750 |
|  Turkey Government International Bond<br>4.25%, 03/13/25 | 21946 | 19833697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/14/26 | 16873 | 14320959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/26/26 | 19745 | 17276875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/09/26 | 31980 | 27143025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/16/43 | 33396 | 19536660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/17/28 | 22137 | 17875628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/13/30 | 21965 | 16336469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/14/24 | 26994 | 25779270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/22/24 | 28653 | 28115756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/11/47 | 37728 | 23202720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/26/31 | 19219 | 14438274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/31 | 25303 | 19325166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/25/27 | 35391 | 30745931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/14/41 | 32405 | 20820212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/24/28 | 31305 | 26022281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/10/24 | 25133 | 24525096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/14/25 | 26932 | 24945765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/20/33 | 16540 | 12405000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/17/45 | 32885 | 22320694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/30/40 | 20473 | 14663786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/17/36 | 30320 | 22740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/23/23 | 12721 | 12832309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/05/38 | 10888 | 8574300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/05/25 | 34801 | 34061479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/26/29 | 33977 | 29942231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/14/34 | 16413 | 14361375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.60%, 09/24/27 | 22130 | 21217137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 01/15/30 | 15793 | 17332818 |
|  |  | 673143555 |
|  **Ukraine — 0.5%** |  |  |
|  Ukraine Government International Bond<br>6.88%, 05/21/31<sup>(a)(d)(e)</sup>  | 47682 | 6907930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/35<sup>(a)(d)(e)</sup>  | 69849 | 10424963 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Ukraine (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/25/34<sup>(a)(d)(e)</sup>  | $79173 | $11866053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/25<sup>(a)(d)(e)</sup>  | 36984 | 7750459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/26<sup>(a)(d)(e)</sup>  | 35493 | 5851908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27<sup>(a)(d)(e)</sup>  | 35605 | 5914881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/28<sup>(a)(d)(e)</sup>  | 35949 | 6380948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/29<sup>(a)(d)(e)</sup>  | 36177 | 6326453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/01/30<sup>(a)(d)(e)</sup>  | 44230 | 8107912 |
|  |  | 69531507 |
| **United Arab Emirates — 3.5%** |  |  |
|  Abu Dhabi Government International Bond<br>1.63%, 06/02/28<sup>(a)</sup>  | 22022 | 18605837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/02/31<sup>(a)</sup>  | 16872 | 13247684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31<sup>(a)</sup>  | 19522 | 15352833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24<sup>(a)</sup>  | 30819 | 29283829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/16/25<sup>(a)</sup>  | 31662 | 30074942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/30/29<sup>(a)</sup>  | 32951 | 28508793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/02/70<sup>(a)</sup>  | 16480 | 9247340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/51<sup>(a)</sup>  | 13944 | 8957277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/03/26<sup>(a)</sup>  | 28072 | 26524531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/11/27<sup>(a)</sup>  | 45068 | 41893523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/16/30<sup>(a)</sup>  | 33637 | 30121933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/30/49<sup>(a)</sup>  | 44324 | 29636134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/16/50<sup>(a)</sup>  | 43547 | 33580180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/11/47<sup>(a)</sup>  | 33464 | 27038912 |
|  Emirate of Dubai Government International Bonds<br>3.90%, 09/09/50<sup>(a)</sup>  | 14421 | 9335795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/43<sup>(a)</sup>  | 11084 | 9229508 |
|  Finance Department Government of Sharjah,<br>4.00%, 07/28/50<sup>(a)</sup>  | 11299 | 6491982 |
|  RAK Capital, 3.09%, 03/31/25<sup>(a)</sup>  | 10304 | 9793952 |
|  Sharjah Sukuk Program Ltd.<br>2.94%, 06/10/27<sup>(a)</sup>  | 11151 | 9494380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 10/23/29<sup>(a)</sup>  | 11573 | 9423315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/03/26<sup>(a)</sup>  | 11105 | 10034756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/14/28<sup>(a)</sup>  | 12746 | 11190988 |
|  UAE International Government Bond<br>2.00%, 10/19/31<sup>(a)</sup>  | 10059 | 7954783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/19/41<sup>(a)</sup>  | 11291 | 7955215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/19/61<sup>(a)</sup>  | 22015 | 14430833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/07/32<sup>(a)</sup>  | 19393 | 17978523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/07/52<sup>(a)</sup>  | 15156 | 13754070 |
|  |  | 479141848 |
| **Uruguay — 2.3%** |  |  |
|  Uruguay Government International Bond 4.38%, 10/27/27 | 40110 | 39516402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/23/31 (Call 10/23/30) | 60074 | 57175588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/14/24 | 467 | 464712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/20/55 | 70409 | 61203121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp;&nbsp;106652 | 95440190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/28/34 | 26175 | 26567194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/21/36 | 28617 | 33693202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314060409 |
|  **Vietnam — 0.2%** |  |  |
|  Vietnam Government International Bond, 4.80%, 11/19/24<sup>(a)</sup>  | 26535 | 25437114 |

---

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **J.P. Morgan USD Emerging Markets Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Zambia — 0.2%** |  |  |  |
|  Zambia Government International Bond<br>8.50%, 04/14/24<sup>(a)(d)(e)</sup>  | $| 26938 | $10371130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.97%, 07/30/27<sup>(a)(d)(e)</sup>  |  | 34279 | 12683230 |
|  |  |  | 23054360 |
|  **Total Foreign Government Obligations — 84.0%<br>(Cost: $15,963,958,275)** | **Total Foreign Government Obligations — 84.0%<br>(Cost: $15,963,958,275)** | **Total Foreign Government Obligations — 84.0%<br>(Cost: $15,963,958,275)** | 11485507359 |
|  **Total Long-Term Investments — 97.8%<br>(Cost: $18,456,147,187)** |  |  | 13363711974 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 0.9%** |  |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(i)(j)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;122810 | 122810000 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $122,810,000)** |  |  | 122810000 |
|  **Total Investments — 98.7%<br>(Cost: $18,578,957,187)** |  |  | 13486521974 |
|  **Other Assets Less Liabilities — 1.3%** |  |  | 182647148 |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;13669169122 |

---

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(b)</sup> Perpetual security with no stated maturity date.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Zero-coupon bond.

<sup>(g)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

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

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $75320000 | $47490000 <sup>(a)</sup> | $– $– $– $| 122810000 | 122810 | $1186746 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1878204615 | $— | $1878204615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 11485507359 |  | 11485507359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 122810000 |  |  | 122810000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122810000 | $13363711974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13486521974 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 15

------

Statement of Assets and Liabilities

October 31, 2022

---

| | |
|:---|:---|
|  | iShares<br> J.P. Morgan USD<br> Emerging Markets<br> Bond ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $13363711974 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 122810000 |
|  Foreign currency, at value<sup>(c)</sup>  | 28269 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 33708176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 82616958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 256464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 187966479 |
|  Total assets | 13791098320 |
|  **LIABILITIES** |  |
|  Bank overdraft | 1528 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 103240988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 14177566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 4509116 |
|  Total liabilities | 121929198 |
|  NET ASSETS | $13669169122 |
|  **NET ASSETS CONSIST OF** |  |
|  Paid-in capital | $20258045817 |
|  Accumulated loss | (6588876695) |
|  NET ASSETS | $13669169122 |
|  **NET ASSETVALUE** |  |
|  Shares outstanding | 172600000 |
|  Net asset value | $79.20 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $18456147187 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $122810000 |
|  <sup>(c)</sup> Foreign currency, at cost | $29101 |

---

*See notes to financial statements.* 

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statement of Operations

Year Ended October 31, 2022

---

| | |
|:---|:---|
|  | iShares<br> J.P. Morgan USD<br> Emerging Markets<br> Bond ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $1186746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 791327703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 90957 |
|  Total investment income | 792605406 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 64113534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 |
|  Total expenses | 64113751 |
|  Net investment income | 728491655 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (629282814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (283037745) |
|  | (912320662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (4367348513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (832) |
|  | (4367349345) |
|  Net realized and unrealized loss | (5279670007) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(4551178352) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 17

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares<br>J.P. Morgan USD Emerging Markets Bond ETF | iShares<br>J.P. Morgan USD Emerging Markets Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $728491655 | $746027008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (912320662) | 357793022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4367349345) | (413985153) |
|  Net increase (decrease) in net assets resulting from operations | (4551178352) | 689834877 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (739764342) | (746778545) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (677716605) | 2486514963 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (5968659299) | 2429571295 |
|  Beginning of year | 19637828421 | 17208257126 |
|  End of year | $13669169122 | $19637828421 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares J.P. Morgan USD Emerging Markets Bond ETF | iShares J.P. Morgan USD Emerging Markets Bond ETF | iShares J.P. Morgan USD Emerging Markets Bond ETF | iShares J.P. Morgan USD Emerging Markets Bond ETF | iShares J.P. Morgan USD Emerging Markets Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $109.65 | $109.82 | $113.14 | $104.57 | $115.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 4.17 | 4.32 | 4.63 | 5.25 | 5.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (30.34) | (0.14) | (3.39) | 9.44 | (11.50) |
|  Net increase (decrease) from investment operations | (26.17) | 4.18 | 1.24 | 14.69 | (6.43) |
|  Distributions from net investment income<sup>(c)</sup>  | (4.28) | (4.35) | (4.56) | (6.12) | (4.92) |
|  **Net asset value, end of year** | $79.20 | $109.65 | $109.82 | $113.14 | $104.57 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (24.42)% | 3.80% | 1.20% | 14.50% | (5.68)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
|  Net investment income | 4.44% | 3.86% | 4.22% | 4.81% | 4.60% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $13669169 | $19637828 | $17208257 | $14482306 | $14744730 |
|  Portfolio turnover rate<sup>(f)</sup>  | 8% | 7% | 10% | 11% | 15% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 19

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*Notes to Financial Statements* 

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the "Fund"):

<u>*iShares ETF*</u>   <u>*Diversification <br>Classification* </u> <br> <u> J.P. Morgan USD Emerging Markets Bond</u>   <u>Diversified </u>

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
|  First $19 billion | 0.4000% |
|  Over $19 billion, up to and including $33 billion | 0.3800 |
|  Over $33 billion, up to and including $47 billion | 0.3610 |
|  Over $47 billion | 0.3430 |

---

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

N O T E S T O F I N A N C I A L S T A T E M E N T S 21

------

*Notes to Financial Statements* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized <br>Gain (Loss)* |
|  J.P. Morgan USD Emerging Markets Bond | $13445811 | $8346083 | $(1336046) |

---

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  J.P. Morgan USD Emerging Markets Bond | $1341227117 | $1270252533 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  J.P. Morgan USD Emerging Markets Bond | $8976366334 | $9690648968 |

---

***7. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  J.P. Morgan USD Emerging Markets Bond | $(290728907) | $290728907 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  J.P. Morgan USD Emerging Markets Bond<br>Ordinary income | $739764342 | $746778545 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | | *Total* | |
|  J.P. Morgan USD Emerging Markets Bond | $65837696 | $(1501668073) | $(5153046318) |  | $(6588876695) |  |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments and the accrual of income on securities in default. 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  J.P. Morgan USD Emerging Markets Bond | $18639567460 | $3670593 | $(5156716079) | $(5153045486) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve the Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

------

*Notes to Financial Statements* (continued)

may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Fund's performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  J.P. Morgan USD Emerging Markets Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101500000 | $9328406270 | 77600000 | $8640122153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (108000000) | (10006122875) | (55200000) | (6153607190) |
|  | (6500000) | $(677716605) | 22400000 | $2486514963 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares J.P. Morgan USD Emerging Markets Bond ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares J.P. Morgan USD Emerging Markets Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 25

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Important Tax Information (unaudited)

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Foreign Source* <br> *Income Earned*  |
|  J.P. Morgan USD Emerging Markets Bond | $792444925 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation* <br> *Interest*  |
|  J.P. Morgan USD Emerging Markets Bond | $8710 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  J.P. Morgan USD Emerging Markets Bond | $707762850 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related* <br> *Dividends*  |
|  J.P. Morgan USD Emerging Markets Bond | $1020047 |

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26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract

**iShares J.P. Morgan USD Emerging Markets Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 27

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Board Review and Approval of Investment Advisory Contract (continued)

presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 29

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  J.P. Morgan USD Emerging Markets Bond | $4.282293 | $— | $— | $4.282293 | 100% | —% | —% | 100% |

---

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

**Regulation under the Alternative Investment Fund Managers Directive** 

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the "Guidelines on sound remuneration policies under the AIFMD" issued by the European Securities and Markets Authority (together the "Regulations") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares J.P. Morgan USD Emerging Markets Bond ETF (the "Fund") to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

**Report on Remuneration** 

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Supplemental Information (unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual's portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company's financial year ending December 31, 2021 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Total<br>Remuneration* | *Fixed<br>Remuneration* | *Variable<br>Remuneration* | *No. of<br>Beneficiaries* | *Senior Management<br>Remuneration* | *Risk Taker* <br> *Remuneration*  |
|  J.P. Morgan USD Emerging Markets Bond | $1759866 | $822852 | $937014 | 661 | $215411 | $22262 |

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**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares J.P. Morgan USD Emerging Markets Bond ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L I N F O R M A T I O N 31

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

---

<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

---

---

| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

---

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 33

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 35

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1014-1022

---

| | |
|:---|:---|
| ![LOGO](g393331dsp40.jpg)  | ![LOGO](g393331dsp40a.jpg) |

---

------

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| | |
|:---|:---|
| ![LOGO](g393618g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**

**iShares Trust** 

· iShares 0-5 Year Investment Grade Corporate Bond ETF \| SLQD \| NASDAQ

· iShares Aaa - A Rated Corporate Bond ETF \| QLTA \| NYSE Arca

· iShares BB Rated Corporate Bond ETF \| HYBB \| NYSE Arca

· iShares Convertible Bond ETF \| ICVT \| Cboe BZX

· iShares Floating Rate Bond ETF \| FLOT \| Cboe BZX

· iShares USD Green Bond ETF \| BGRN \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g393618sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g393618photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [The Markets in Review](#tx393618_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx393618_2) | 4 |
|  [Fund Summary](#tx393618_3) | 5 |
|  [About Fund Performance](#tx393618_4) | 17 |
|  [Disclosure of Expenses](#tx393618_5) | 17 |
|  [Schedules of Investments](#tx393618_6) | 18 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx393618_7) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx393618_8) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx393618_9) | 105 |
|  [Financial Highlights](#tx393618_10) | 108 |
|  [Notes to Financial Statements](#tx393618_11) | 114 |
|  [Report of Independent Registered Public Accounting Firm](#tx393618_12) | 126 |
|  [Important Tax Information](#tx393618_13) | 127 |
|  [Board Review and Approval of Investment Advisory Contract](#tx393618_14) | 129 |
|  [Supplemental Information](#tx393618_15) | 135 |
|  [Trustee and Officer Information](#tx393618_16) | 136 |
|  [General Information](#tx393618_17) | 139 |
|  [Glossary of Terms Used in this Report](#tx393618_18) | 140 |

---

------

Market Overview

**iShares Trust** 

**U.S. Bond Market Overview** 

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors' increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed's decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares 0-5 Year Investment Grade Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx USD Liquid Investment Grade 0-5 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since*<br> *Inception* | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | (6.35)% | 0.93% | 1.33% | (6.35)% | 4.73% | 12.70% |
|  Fund Market | (6.29) | 0.93 | 1.34 | (6.29) | 4.74 | 12.81 |
|  Index | (6.36) | 0.97 | 1.42 | (6.36) | 4.92 | 13.60 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g393618sp5a5.jpg)

The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.

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

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| <br>| *Beginning*<br> *Account Value*<br> *(05/01/22* | <br>*)*  | *Ending*<br> *Account Value*<br> *(10/31/22* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22* | <br>*)*  | *Ending*<br> *Account Value*<br> *(10/31/22* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  | $1000.00 |  | $979.30 | $0.30 |  |  | $1000.00 |  | $1024.90 | $0.31 |  | 0.06 | % |

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<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF** |

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**Portfolio Management Commentary** 

All major segments of the fixed-income market, including high quality corporate bonds, experienced negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Returns for investment grade corporate bonds with maturities of five years or less held up better than for their longer-term counterparts but were nonetheless negative for the reporting period, as both rising Treasury yields and widening credit spreads had a negative impact on performance. In terms of credit quality, lower-rated issues in the Moody's A and Baa rating categories accounted for the great majority of the negative return for the Index, primarily due to their significant weights within the Index. In terms of maturities, more interest rate-sensitive bonds with maturities closest to five years weighed most heavily on performance given the rise in Treasury yields seen during the period.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | |
|  *Moody's Credit Rating<sup>\*</sup>* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  Aaa |  | 2.6 | % |
|  Aa |  | 4.8 |  |
|  A |  | 49.2 |  |
|  Baa |  | 41.3 |  |
|  Ba |  | 1 |  |
|  Not Rated |  | 1.1 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
|  *Maturity* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  0-1 Year |  | 13.3 | % |
|  1-5 Years |  | 85.2 |  |
|  5-10 Years |  | 1.5 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares Aaa - A Rated Corporate Bond ETF** (**the "Fund"**) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (18.93)% | (0.70)% | 0.98% | (18.93)% | (3.45)% | 10.24% |
|  Fund Market | (18.86) | (0.72) | 0.92 | (18.86) | (3.53) | 9.58 |
|  Index | (18.84) | (0.58) | 1.11 | (18.84) | (2.88) | 11.67 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g393618sp7a7.jpg)

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

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  | $1000.00 |  | $922.90 | $0.73 |  |  | $1000.00 |  | $1024.40 | $0.77 |  | 0.15 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market, including high quality corporate bonds, experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Returns for corporate bonds rated Aaa to A were notably negative for the reporting period. While A-rated bonds actually slightly outperformed their higher quality counterparts, the segment accounted for the majority of the Index's negative return due to its heavy weight within the Index. In terms of maturities, more interest rate sensitive bonds with maturities of greater than 10 years weighed most heavily on performance given the rise in Treasury yields seen during the period.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
|  *Maturity* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  1-5 Years |  | 40.3 | % |
|  5-10 Years |  | 26.2 |  |
|  10-15 Years |  | 5.8 |  |
|  15-20 Years |  | 7.0 |  |
|  More than 20 Years |  | 20.7 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** | |
|  *Security* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  Microsoft Corp., 2.92%, 03/17/52 |  | 0.2 | % |
|  Microsoft Corp., 2.53%, 06/01/50 |  | 0.2 |  |
|  Amazon.com Inc., 3.15%, 08/22/27 |  | 0.2 |  |
|  Apple Inc., 3.25%, 02/23/26 |  | 0.2 |  |
|  Wells Fargo & Co., 5.01%, 04/04/51 |  | 0.2 |  |
|  Microsoft Corp., 3.30%, 02/06/27 |  | 0.2 |  |
|  Apple Inc., 4.65%, 02/23/46 |  | 0.2 |  |
|  Comcast Corp., 2.94%, 11/01/56 |  | 0.2 |  |
|  Visa Inc., 3.15%, 12/14/25 |  | 0.1 |  |
|  Shell International Finance BV, 6.38%, 12/15/38 |  | 0.1 |  |

---

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares BB Rated Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since*<br> *Inception* |
|  Fund NAV | (11.30)% | (2.11)% | (11.30)% | (4.32)% |
|  Fund Market | (11.24) | (2.00) | (11.24) | (4.10) |
|  Index | (11.12) | (1.90) | (11.12) | (3.89) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g393618sp9a9.jpg)

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  | $1000.00 |  | $965.20 | $0.74 |  |  | $1000.00 |  | $1024.40 | $0.77 |  | 0.15 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

High-yield bonds, including those rated BB, lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark Fed funds rate to a range of 3.0% to 3.25%.

High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices.

Returns for corporate bonds rated BB or the equivalent were notably negative for the reporting period. However, BB-rated bonds outperformed their higher quality, investment grade counterparts due to their lower interest rate sensitivity in a rising rate environment. That said, within the Index performance was weakest for bonds with maturities of greater than 10 years, followed by the 7-10 year maturity range. From a sector perspective, Financial issuers underperformed while Energy issuers outperformed.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
|  *Maturity* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  1-5 Years |  | 36.1 | % |
|  5-10 Years |  | 55.5 |  |
|  10-15 Years |  | 2.7 |  |
|  15-20 Years |  | 1.6 |  |
|  More than 20 Years |  | 4.1 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** | |
|  *Security* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 |  | 0.6 | % |
| Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 |  | 0.6 |  |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 |  | 0.5 |  |
| Sprint Capital Corp., 6.88%, 11/15/28 |  | 0.4 |  |
| Sprint Capital Corp., 8.75%, 03/15/32 |  | 0.4 |  |
| Tenet Healthcare Corp., 4.88%, 01/01/26 |  | 0.3 |  |
| Sprint Corp., 7.13%, 06/15/24 |  | 0.3 |  |
| Carnival Corp., 4.00%, 08/01/28 |  | 0.3 |  |
| Tenet Healthcare Corp., 6.13%, 06/15/30 |  | 0.3 |  |
| United Airlines Inc., 4.38%, 04/15/26 |  | 0.3 |  |

---

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF** |

---

**Investment Objective** 

The **iShares Convertible Bond ETF** (**the "Fund"**) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond>$250MM Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since*<br> *Inception* | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | (25.08)% | 9.42% | 8.80% | (25.08)% | 56.85% | 86.93% |
|  Fund Market | (25.36) | 9.30 | 8.76 | (25.36) | 55.98 | 86.44 |
|  Index | (24.87) | 9.96 | 9.35 | (24.87) | 60.77 | 93.96 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g393618sp11a11.jpg)

The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.

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

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending*<br> *Account Value*<br> *(10/31/22* | <br>*)*  | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22* | <br>*)*  | *Ending*<br> *Account Value*<br> *(10/31/22* | *Expenses*<br> *Paid During*<br> *the Period* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 |  | $922.00 |  | $0.97 |  |  | $1000.00 |  | $1024.20 | $1.02 | 0.20% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Convertible Bond ETF** |

---

**Portfolio Management Commentary** 

U.S. dollar-denominated convertible bonds experienced significant declines over the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer's stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least

7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening,

Convertible securities experienced a sizable downturn beginning late in the first quarter of 2022 and extending into the second quarter, in keeping with the direction across the financial markets. Investor risk sentiment weakened dramatically on tighter Fed policy, recession fears, and the war in Ukraine. Additionally, the prospect of a higher interest rate regime for an extended period weighed on assets with more distant cash flows, such the type of growth company heavily represented in the convertible market. New issue supply of convertibles fell off sharply from the robust levels seen during the post-pandemic rebound, as waning investor demand led to less favorable pricing. As a result, the index returned -24.87% over the reporting period.

Much of the convertible universe is unrated, and unrated issues accounted for the great majority of the Index's negative return. In sector terms, technology issues are the largest Index constituent and the sector accounted for roughly half of the negative Index return, as rising interest rates weighed on assets with more distant cash flows.

**Portfolio Information** 

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of*<br> *Total Investments<sup>(a)</sup>* |
|  0-1 Year | 7.5% |
|  1-5 Years | 81.8 |
|  5-10 Years | 8.3 |
|  More than 20 Years | 2.4 |

---

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of*<br> *Total Investments<sup>(a)</sup>* |
|  Palo Alto Networks Inc., 0.38%, 06/01/25 | 1.8% |
|  Palo Alto Networks Inc., 0.75%, 07/01/23 | 1.6 |
|  Pioneer Natural Resources Co., 0.25%, 05/15/25 | 1.4 |
|  Ford Motor Co. , 03/15/26 | 1.2 |
|  DexCom Inc., 0.75%, 12/01/23 | 1.2 |
|  DISH Network Corp., 3.38%, 08/15/26 | 1.1 |
|  Southwest Airlines Co., 1.25%, 05/01/25 | 1 |
|  Sea Ltd., 0.25%, 09/15/26 | 1 |
|  Pinduoduo Inc. , 12/01/25 | 0.9 |
|  Airbnb Inc. , 03/15/26 | 0.8 |

---

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF** |

---

**Investment Objective** 

The **iShares Floating Rate Bond ETF** (**the "Fund"**) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note<5 Years Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | 0.21% | 1.41% | 1.19% | 0.21% | 7.23% | 12.53% |
|  Fund Market | (0.05) | 1.36 | 1.12 | (0.05) | 7.01 | 11.82 |
|  Index | 0.43 | 1.68 | 1.43 | 0.43 | 8.69 | 15.31 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g393618sp13a13.jpg)

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

**Expense Example** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22* | <br>*)*  | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22* | <br>*)*  | *Ending*<br> *Account Value*<br> *(10/31/22* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  | $1000.00 |  | $1005.20 |  | $0.76 |  |  | $1000.00 |  | $1024.40 | $0.77 |  | 0.15 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Floating Rate Bond ETF** |

---

**Portfolio Management Commentary** 

While most segments of the fixed-income market experienced steeply negative returns over the 12-month period against a backdrop of hawkish monetary policy and rising Treasury yields, investment grade floating rate bonds managed to post a small positive return as gauged by the Index.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

The Index principally comprises U.S. dollar-denominated bonds with interest rates that reset periodically. Floating rate bonds are generally attractive to investors in a rising interest-rate environment. Because their coupon rates adjust to reflect shifts in short-term interest rates, their prices are not very sensitive to changing interest rates. That said, prices for floating rate bonds can fluctuate based on changes in the economic outlook and credit sentiment, as a weaker economy can impact the ability of companies to service their debts. Investment-grade floating-rate bonds posted a modest positive performance for the reporting period, as investors were attracted to their relative price stability in a rising interest rate environment.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | |
|  *Moody's Credit Rating<sup>\*</sup>* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  Aaa |  | 16.4 | % |
|  Aa |  | 13.7 |  |
|  A |  | 52.7 |  |
|  Baa |  | 14.4 |  |
|  Ba |  | 0.4 |  |
|  Not Rated |  | 2.4 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
|  *Maturity* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  0-1 Year |  | 27.7 | % |
|  1-5 Years |  | 72.3 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF** |

---

**Investment Objective** 

The **iShares USD Green Bond ETF (the "Fund")** (formerly the iShares Global Green Bond ETF) seeks to track the investment results of an index composed of U.S.dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (15.69)% | (0.71)% | (15.69)% | (2.77)% |
|  Fund Market | (15.95) | (0.69) | (15.95) | (2.70) |
|  Index<sup>(a)</sup> | (15.35) | (0.54) | (15.35) | (2.11) |
|  Bloomberg MSCI Global Green Bond Select (USD Hedged) Index | (17.23) | (1.10) | (17.23) | (4.29) |
|  Bloomberg MSCI USD Green Bond Select Index <sup>(b)</sup> | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Index performance through February 28, 2022 reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index. Index performance beginning on March 1, 2022 reflects the performance of the Bloomberg MSCI USD Green Bond Select Index, which, effective as of March 1, 2022, replaced the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index as the underlying index of the fund. 

<sup>(b)</sup> The inception date of the Bloomberg MSCI USD Green Bond Select Index was December 10, 2021. The cumulative total return for this index for the period December 10, 2021 through April 30, 2022 was -15.13%. 

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g393618sp15a15.jpg)

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

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

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |
| *Beginning*<br> *Account Value<br>(05/01/22)* | <br> ** <br>| *Ending*<br> *Account Value*<br> *(10/31/22* | <br>*)*  | *Expenses*<br> *Paid During<br>the Period* | <br> *<br><sup>(a)</sup>*  | *Beginning*<br> *Account Value*<br> *(05/01/22* | <br>*)*  | *Ending*<br> *Account Value*<br> *(10/31/22* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | *Annualized<br>Expense<br>Ratio* |
| $1000.00 |  | $936.60 |  | $0.39 |  | $1000.00 |  | $1024.80 | $0.41 |  | 0.08% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **USD Green Bond ETF** |

---

**Portfolio Management Commentary** 

Green bonds seek to raise funds for projects that aim to positively affect the environment, typically by promoting energy efficiency or reducing carbon emissions. Projects financed using green bonds can include investments in renewable energy generation, wastewater collection and treatment, sustainable forest management, and upgrading equipment to improve energy efficiency.

Effective March 1, 2022, enhancements were made to the iShares Global Green Bond ETF to change its focus from global to U.S. dollar-denominated, investment-grade green bonds. The change is a result of the substantial growth seen in the USD green bond market since the inception of the fund in 2018.

Interest in green bonds continued to grow over the period given the outlook for spending to support efforts to move toward zero carbon emissions and renewable energy sources. In this vein the U.S. Inflation Reduction Act of 2022 included incentives in support of green initiatives.

The Index had a negative return for the period as a sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market. Investment-grade corporate bonds, which constitute roughly half of the Index, were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for the asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings. Viewed by credit quality, holdings of bonds rated Baa by Moody's, the lowest investment grade rating, had the biggest negative impact on return given the widening of credit spreads. In terms of bond maturities, exposure to issues with maturities of 10 years or longer weighed most heavily on return as rates moved higher.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | |
|  *Moody's Credit Rating<sup>\*</sup>* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  Aaa |  | 14.7 | % |
|  Aa |  | 12.1 |  |
|  A |  | 32.5 |  |
|  Baa |  | 33.5 |  |
|  Not Rated |  | 7.2 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
|  *Maturity* | <br>| *Percent of*<br> *Total Investments* | <br> *<sup>(a)</sup>*  |
|  0-1 Year |  | 3.5 | % |
|  1-5 Years |  | 51.5 |  |
|  5-10 Years |  | 32.0 |  |
|  10-15 Years |  | 1.9 |  |
|  15-20 Years |  | 1.4 |  |
|  More than 20 Years |  | 9.7 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 17

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.1%** |  |  |
|  Omnicom Group Inc./Omnicom Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 (Call 01/15/26) | $2715 | $2547753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 (Call 08/01/24) | 1572 | 1517342 |
|  |  | 4065095 |
| **Aerospace & Defense — 1.8%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 02/04/23 (Call 12/01/22)<sup>(a)</sup> | 597 | 590163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 (Call 11/14/22) | 4227 | 4009065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24 | 1537 | 1468527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) | 7357 | 6548953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26) | 320 | 277933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) | 2065 | 1862208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 (Call 03/01/26) | 520 | 469945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/23 (Call 04/01/23)<sup>(a)</sup> | 3185 | 3167722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 (Call 04/01/25) | 5403 | 5273969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27) | 2205 | 2128688 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | 800 | 699233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/23 (Call 06/15/23) | 892 | 871305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 (Call 05/15/26) | 240 | 215821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/22<sup>(a)</sup> | 1148 | 1146264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 (Call 09/15/24)<sup>(a)</sup> | 910 | 862253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 1718 | 1651671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/23 (Call 04/15/23)<sup>(a)</sup> | 917 | 909101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 1323 | 1281603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27) | 1920 | 1804027 |
|  L3Harris Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 (Call 01/27/25) | 1024 | 983410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/23 (Call 05/15/23) | 1585 | 1576133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 (Call 09/15/26) | 1900 | 1777031 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25) | 1633 | 1567822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/25 | 345 | 345182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 | 535 | 536041 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 (Call 11/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | 1871902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26) | 73 | 67086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/23 | 2083 | 2054635 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | 180 | 163817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | 230 | 209718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 (Call 01/15/24) | 1721 | 1674957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26) | 3315 | 3092931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 (Call 06/16/25) | 2336 | 2265424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53424540 |
| **Agriculture — 1.1%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 (Call 04/06/25) | 1706 | 1575065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 06/16/26)<sup>(a)</sup> | 359 | 320790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/24 | 325 | 319568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(a)</sup> | 1700 | 1634023 |
|  Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26) | 1435 | 1311837 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 (Call 08/06/24) | 1590 | 1505108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 (Call 06/15/24) | 3579 | 3418256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26) | 1753 | 1560715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 4380 | 3835067 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27)<sup>(a)</sup> | $894 | $828364 |
|  BAT International Finance PLC,<br>1.67%, 03/25/26 (Call 02/25/26)<sup>(a)</sup> | 2064 | 1772975 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 (Call 07/17/25) | 1397 | 1252753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/26 (Call 05/15/26) | 685 | 625302 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 1273 | 1088616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/01/23 | 974 | 957612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25) | 1240 | 1130562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/10/23 (Call 03/10/23)<sup>(a)</sup> | 749 | 739755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/02/22 | 586 | 586000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/06/23 | 209 | 207183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25)<sup>(a)</sup> | 752 | 689104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 (Call 04/01/24) | 1791 | 1729135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 (Call 05/17/27)<sup>(a)</sup> | 20 | 17980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24<sup>(a)</sup> | 1687 | 1625560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 1543 | 1460957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/23 | 350 | 345657 |
|  Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 (Call 03/12/25) | 2934 | 2831730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/15/23<sup>(a)</sup> | 844 | 839649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34209323 |
| **Airlines — 0.1%** |  |  |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 (Call 04/15/27) | 1875 | 1828606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 (Call 04/04/25)<sup>(a)</sup> | 2325 | 2311663 |
|  |  | 4140269 |
| **Apparel — 0.3%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/23 (Call 02/01/23)<sup>(a)</sup> | 531 | 525098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | 1225160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 (Call 02/27/25) | 1853 | 1749368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 2942 | 2695141 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 (Call 03/23/25) | 1685 | 1564994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 (Call 02/23/27)<sup>(a)</sup> | 650 | 577323 |
|  |  | 8337084 |
| **Auto Manufacturers — 3.7%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/12/24<sup>(a)</sup> | 1564 | 1450291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/08/23 | 297 | 286799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 | 990 | 918571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/07/23 | 789 | 767868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25<sup>(a)</sup> | 1433 | 1276961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25 | 1559 | 1406803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26<sup>(a)</sup> | 852 | 739229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25 | 1430 | 1326700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/10/23<sup>(a)</sup> | 1271 | 1252316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/10/23 | 1260 | 1253900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 | 1527 | 1448713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26 | 210 | 187870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27 | 610 | 542197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 | 1298 | 1242306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/16/22<sup>(a)</sup> | 1003 | 1002387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 | 1220 | 1186267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/14/23 | 814 | 806258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24 | 1393 | 1367800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/10/23<sup>(a)</sup> | 1685 | 1662371 |

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18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
|  Cummins Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 (Call 08/01/25)<sup>(a)</sup> | $859 | $764694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 10/01/23 (Call 07/01/23) | 493 | 486778 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25<sup>(a)</sup> | 417 | 398697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/02/23 | 1851 | 1833634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/02/23<sup>(a)</sup> | 1713 | 1705989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 (Call 09/01/25) | 2668 | 2655266 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24 | 1430 | 1340897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 1110 | 1013972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25) | 1966 | 1679776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 1620 | 1363537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/18/23<sup>(a)</sup> | 1920 | 1856420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27)<sup>(a)</sup> | 2080 | 1760685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27) | 1025 | 862984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 (Call 05/20/25)<sup>(a)</sup> | 1758 | 1615737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 (Call 01/26/25) | 1735 | 1617203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/05/23 (Call 12/05/22)<sup>(a)</sup> | 751 | 748818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 (Call 09/07/24) | 1071 | 1021237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/09/23 (Call 03/09/23) | 2220 | 2196541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25<sup>(a)</sup> | 1265 | 1195911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 (Call 02/13/24) | 1711 | 1662571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 (Call 10/15/24)<sup>(a)</sup> | 1674 | 1607008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26) | 500 | 459123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/19/23 (Call 05/19/23)<sup>(a)</sup> | 1790 | 1772533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/23 | 1549 | 1543100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 (Call 04/13/25) | 1315 | 1251980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 (Call 02/09/25) | 1468 | 1406972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26) | 1000 | 920862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27)<sup>(a)</sup> | 1430 | 1350805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 (Call 12/17/23) | 1836 | 1815526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 1710 | 1656712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25 | 1050 | 1041150 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 03/10/25 (Call 02/10/25) | 1055 | 989780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27)<sup>(a)</sup> | 930 | 832216 |
|  Stellantis NV, 5.25%, 04/15/23 | 1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785316 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 (Call 02/25/24)<sup>(a)</sup> | 1605 | 1511088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 (Call 02/25/26)<sup>(a)</sup> | 1566 | 1383041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24 | 780 | 747977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 07/20/23<sup>(a)</sup> | 1292 | 1277941 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 04/06/23<sup>(a)</sup> | 993 | 976190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/11/24 | 1355 | 1284451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/14/23<sup>(a)</sup> | 1736 | 1679176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 1460 | 1357624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24<sup>(a)</sup> | 1335 | 1231922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25 | 1599 | 1410619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 879 | 767892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26<sup>(a)</sup> | 1820 | 1580977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/25/23<sup>(a)</sup> | 1496 | 1452807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25<sup>(a)</sup> | 1720 | 1593420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25 | 1821 | 1696243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | 976017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 | 706 | 666809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/18/23 | 728 | 708488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24 | 285 | 275577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/10/23 | 697 | 694333 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/11/23 | $| 839 | $| 835809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/23<sup>(a)</sup> |  | 1126 |  | 1117621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24 |  | 907 |  | 880295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25<sup>(a)</sup> |  | 1392 |  | 1327151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 |  | 1205 |  | 1104264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 |  | 3260 |  | 3014305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24 |  | 841 |  | 825690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25<sup>(a)</sup> |  | 499 |  | 479931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/20/23 |  | 973 |  | 961305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 |  | 2400 |  | 2310364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25<sup>(a)</sup> |  | 945 |  | 919986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 |  | 3000 |  | 2970892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 |  | 3000 |  | 2917643 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109277885 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
|  Aptiv PLC/Aptiv Corp.,<br>2.40%, 02/18/25 (Call 02/18/23)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |  | 1131623 |
|  BorgWarner Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 (Call 05/01/27) |  | 655 |  | 570196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/25 (Call 12/15/24) |  | 1165 |  | 1112433 |
|  Magna International Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 (Call 03/15/24) |  | 1532 |  | 1494742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 (Call 07/01/25) |  | 1603 |  | 1555038 |
|  |  |  |  | 5864032 |
| **Banks — 34.3%** | **Banks — 34.3%** | **Banks — 34.3%** | **Banks — 34.3%** | **Banks — 34.3%** |
|  Australia & New Zealand Banking Group Ltd./New York NY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/21/22 |  | 1204 |  | 1202393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/16/25 |  | 1613 |  | 1547433 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/18/23<sup>(a)</sup> |  | 1455 |  | 1395437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25 |  | 1250 |  | 1092952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/14/26 (Call 09/14/25)<sup>(b)</sup> |  | 400 |  | 386498 |
|  Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/30/24 (Call 06/30/23)<sup>(b)</sup> |  | 2185 |  | 2100544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(b)</sup> |  | 325 |  | 265065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 |  | 1980 |  | 1690767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24 |  | 2106 |  | 1999045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 |  | 1518 |  | 1376811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/23/23<sup>(a)</sup> |  | 1635 |  | 1623209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25 |  | 1610 |  | 1527549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/12/23 |  | 1845 |  | 1830627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 |  | 1985 |  | 1924424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(b)</sup> |  | 500 |  | 439929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 |  | 600 |  | 538947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25<sup>(a)</sup> |  | 625 |  | 601994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 |  | 2400 |  | 2208695 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 06/14/24 (Call 06/14/23),<br>(SOFR + 0.410%)<sup>(b)</sup> |  | 2495 |  | 2408375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 10/24/24 (Call 10/24/23),<br>(SOFR + 0.740%)<sup>(a)(b)</sup>  |  | 2355 |  | 2234481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24),<br>(SOFR + 0.690%)<sup>(b)</sup> |  | 2856 |  | 2647114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24),<br>(SOFR + 0.910%)<sup>(b)</sup> |  | 2645 |  | 2403426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 (Call 10/24/25),<br>(SOFR + 1.010%)<sup>(b)</sup> |  | 3140 |  | 2724887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25),<br>(SOFR + 1.150%)<sup>(b)</sup> |  | 2775 |  | 2450047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 05/19/24 (Call 05/19/23),<br>(SOFR + 1.460%)<sup>(a)(b)</sup>  |  | 980 |  | 957726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 (Call 12/06/24),<br>(SOFR + 0.650%)<sup>(b)</sup> |  | 1415 |  | 1288549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26),<br>(SOFR + 0.960%)<sup>(b)</sup> |  | 6595 |  | 5637809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 (Call 02/04/24),<br>(SOFR + 0.670%)<sup>(b)</sup> |  | 1810 |  | 1713611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 (Call 02/13/25),<br>(3 mo. LIBOR US + 0.640%)<sup>(b)</sup> |  | 2025 |  | 1852074 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 (Call 10/22/24),<br>(3 mo. LIBOR US + 0.870%)<sup>(b)</sup> | $2297 | $2147518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27),<br>(SOFR + 1.050%)<sup>(b)</sup> | 1900 | 1643352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/23 (Call 12/20/22),<br>(3 mo. LIBOR US + 0.790%)<sup>(b)</sup> | 2879 | 2868212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 (Call 10/01/24),<br>(3 mo. LIBOR US + 1.090%)<sup>(b)</sup> | 2242 | 2120695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26) | 200 | 178272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/11/23 | 120 | 119719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 (Call 01/23/25),<br>(3 mo. LIBOR US + 0.810%)<sup>(b)</sup> | 1910 | 1800587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 (Call 04/02/25),<br>(SOFR + 1.330%)<sup>(b)</sup> | 1585 | 1488494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 (Call 03/15/24),<br>(3 mo. LIBOR US + 0.970%)<sup>(b)</sup> | 1670 | 1610071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 2287 | 2137410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/05/24 (Call 03/05/23),<br>(3 mo. LIBOR US + 0.780%)<sup>(b)</sup> | 3271 | 3243808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26),<br>(3 mo. LIBOR US + 1.060%)<sup>(b)</sup> | 900 | 828649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 (Call 04/25/24),<br>(SOFR + 1.110%)<sup>(b)</sup> | 2105 | 2036593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 07/23/24 (Call 07/23/23),<br>(3 mo. LIBOR US + 0.940%)<sup>(b)</sup> | 3494 | 3443068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25<sup>(a)</sup> | 1832 | 1768934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24<sup>(a)</sup> | 1966 | 1937920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25 | 2155 | 2076695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 07/24/23<sup>(a)</sup> | 2023 | 2013003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24 | 3441 | 3400196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24 | 3105 | 3035472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 4190 | 3966775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27),<br>(SOFR + 1.580%)<sup>(b)</sup> | 2765 | 2574117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 1911 | 1833152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(b)</sup> | 2485 | 2422109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/25 | 2550 | 2440241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)<sup>(b)</sup> | 3020 | 2612130 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/15/23 | 1482 | 1420201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/08/23 | 1002 | 952124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 2435 | 2250286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(b)</sup> | 845 | 727486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 2467 | 2095847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 | 1795 | 1647297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25<sup>(a)</sup> | 1955 | 1795394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24 | 1950 | 1868409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24 | 2210 | 2109647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/06/22 | 723 | 722920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27<sup>(a)</sup> | 2575 | 2281716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25<sup>(a)</sup> | 1955 | 1870544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24<sup>(a)</sup> | 2522 | 2458381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 | 125 | 122287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 20 | 19143 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 12/07/23 (Call 11/07/23) | 760 | 724452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 (Call 03/26/24) | 723 | 676574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 1024 | 894749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) | 1007 | 921963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 01/27/23 (Call 01/02/23)<sup>(a)</sup> | 993 | 986792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26)<sup>(a)</sup> | 1440 | 1266807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24<sup>(a)</sup> | 2140 | 2020472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/16/23 (Call 06/16/23) | $1328 | $1300643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26) | 1370 | 1238385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26)<sup>(a)</sup> | 880 | 814816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/29/23 (Call 12/29/22) | 1154 | 1149128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | 825 | 799727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27)<sup>(a)</sup> | 675 | 624161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25) | 920 | 883991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24) | 593 | 578038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 (Call 06/13/24)<sup>(a)(b)</sup> | 510 | 495042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/11/23<sup>(a)</sup> | 811 | 804476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/28/23 | 1061 | 1055018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(b)</sup> | 265 | 257055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 3.65%, 02/04/24 (Call 01/05/24) | 1118 | 1098886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) | 932 | 889736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 905 | 834166 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/15/23 | 905 | 868578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/15/23 | 912 | 876490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | 1455 | 1339380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 2385 | 2226422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 1677 | 1453240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25<sup>(a)</sup> | 877 | 787122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 | 1565 | 1333016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 3655 | 3166330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 805 | 736920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/23 | 791 | 778628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/23 | 107 | 106305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27<sup>(a)</sup> | 1400 | 1207343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/22<sup>(a)</sup> | 608 | 607378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 | 850 | 790413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/18/23<sup>(a)</sup> | 751 | 747182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 03/11/24 | 1565 | 1506296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26 | 175 | 157726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 | 1685 | 1508544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | 2181 | 2132631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 | 1470 | 1397509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25<sup>(a)</sup> | 1956 | 1880124 |
|  Barclays Bank PLC, 3.75%, 05/15/24<sup>(a)</sup> | 1165 | 1133992 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%, 12/10/24 (Call 12/10/23)<sup>(b)</sup> | 2390 | 2238039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(b)</sup> | 1500 | 1240190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 (Call 05/07/25),<br>(SOFR + 2.714%)<sup>(b)</sup> | 2857 | 2574410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/16/25 | 2256 | 2098581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 (Call 05/07/24),<br>(3 mo. LIBOR US + 1.610%)<sup>(b)</sup> | 2662 | 2539273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 05/16/24 (Call 05/16/23),<br>(3 mo. LIBOR US + 1.356%)<sup>(b)</sup> | 1043 | 1029152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24 | 2229 | 2118092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26 | 3180 | 2951358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 722 | 664104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 (Call 08/09/25)<sup>(b)</sup> | 1070 | 1017780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594862 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/03/23<sup>(a)</sup> | 1001 | 995036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/24 | 1578 | 1517280 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26 | 890 | 811383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | 1084450 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/22/23 | 1636 | 1589891 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/14/23 | $819 | $776290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/23/23<sup>(a)</sup> | 1459 | 1418763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25 | 898 | 787094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/18/24 | 955 | 876625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 2697 | 2308230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 | 2083 | 1940547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24<sup>(a)</sup> | 1433 | 1389604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25 | 1170 | 1111225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27<sup>(a)</sup> | 500 | 456301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/13/23<sup>(a)</sup> | 1244 | 1229149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 | 830 | 796305 |
|  Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)<sup>(a)</sup> | 2070 | 2038948 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 10/30/24 (Call 10/30/23),<br>(SOFR + 0.686%)<sup>(b)</sup> | 2536 | 2397497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24),<br>(SOFR + 0.669%)<sup>(b)</sup> | 2025 | 1871216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26),<br>(SOFR + 0.765%)<sup>(b)</sup> | 924 | 787604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 (Call 11/03/24),<br>(SOFR + 0.528%)<sup>(b)</sup> | 1755 | 1590973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(b)</sup> | 3115 | 2641061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 05/15/24 (Call 05/15/23),<br>(SOFR + 1.667%)<sup>(b)</sup> | 2823 | 2761224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 (Call 01/25/25),<br>(SOFR + 0.694%)<sup>(b)</sup> | 3310 | 3022791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 (Call 04/08/25),<br>(SOFR + 2.842%)<sup>(b)</sup> | 4163 | 3886055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 3395 | 3091474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 (Call 03/17/25),<br>(SOFR + 1.528%)<sup>(a)(b)</sup>  | 1435 | 1345246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25<sup>(a)</sup> | 1771 | 1680467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24),<br>(3 mo. LIBOR US + 0.897%)<sup>(b)</sup> | 3983 | 3825448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | 2535 | 2351937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/23 | 1804 | 1788251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 2787 | 2619101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24<sup>(a)</sup> | 1541 | 1506844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/25/23 | 803 | 793132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25 | 1553 | 1482083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24 | 3030 | 2951638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 06/01/24 (Call 06/01/23),<br>(3 mo. LIBOR US + 1.023%)<sup>(a)(b)</sup> | 1715 | 1697085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 (Call 05/24/24),<br>(SOFR + 1.372%)<sup>(b)</sup> | 1485 | 1442734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26 | 1410 | 1330206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25 | 3152 | 3051416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27 | 6000 | 5574568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26<sup>(a)</sup> | 2165 | 2076537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25 | 1991 | 1973255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 (Call 09/29/25)<sup>(b)</sup> | 1420 | 1401406 |
|  Citizens Bank NA/Providence RI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/28/25 (Call 03/28/25) | 982 | 903383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/29/23 (Call 02/28/23) | 600 | 596794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/18/26 (Call 11/18/25) | 680 | 637502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 05/23/25 (Call 05/23/24)<sup>(b)</sup> | 685 | 668105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 10/24/25 | 535 | 538650 |
|  Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26) | 553 | 500037 |
|  Comerica Bank, 2.50%, 07/23/24 | 1043 | 995598 |
|  Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23) | 1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533241 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26 | 1461 | 1326398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | 1947294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/23<sup>(a)</sup> | 25 | 24679 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/12/24<sup>(a)</sup> | 430 | 406151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25 | 1225 | 1125894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/10/23<sup>(a)</sup> | 897 | 893750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25 | $1825 | $1744222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/24 | 300 | 293078 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 1380 | 1261453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 08/09/23 | 1840 | 1744633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/05/23 | 2591 | 2509649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | 2580 | 2059065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25 | 2186 | 1948670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24 | 3988 | 3717552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 2850 | 2602486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24 | 1125 | 1068442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 1200 | 1080386 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25 | 3349 | 3016246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/09/23 | 2409 | 2342878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26 | 2375 | 2091642 |
|  Deutsche Bank AG, 6.12%, 07/14/26<br>(Call 07/14/25)<sup>(b)</sup> | 1660 | 1587728 |
|  Deutsche Bank AG/London, 3.70%, 05/30/24<sup>(a)</sup> | 1485 | 1437611 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24 | 1455 | 1335272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 (Call 04/01/24),<br>(SOFR + 1.131%)<sup>(b)</sup> | 1210 | 1102379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26 | 795 | 685184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25),<br>(SOFR + 1.870%)<sup>(b)</sup> | 610 | 512766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/18/24 (Call 09/18/23),<br>(SOFR + 2.159%)<sup>(b)</sup> | 3138 | 2972158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26),<br>(SOFR + 1.219%)<sup>(b)</sup> | 1075 | 857347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27),<br>(SOFR + 1.318%)<sup>(b)</sup> | 945 | 755131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/16/22 | 1167 | 1166237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24 | 1094 | 1050433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/27/23<sup>(a)</sup> | 1624 | 1612399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 (Call 11/26/24),<br>(SOFR + 2.581%)<sup>(b)</sup> | 1991 | 1834576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 05/13/25<sup>(a)</sup> | 250 | 238192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.96%, 11/08/23 | 1415 | 1344360 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/12/24 (Call 08/12/24)<sup>(a)</sup> | 2218 | 2083736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/06/23 (Call 01/06/23)<sup>(a)</sup> | 1140 | 1134468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 (Call 04/27/26) | 1685 | 1510163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/08/23 | 1603 | 1585697 |
|  Fifth Third Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/05/23 (Call 04/05/23) | 830 | 816465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 (Call 11/01/26),<br>(SOFR + 0.685%)<sup>(a)(b)</sup>  | 100 | 85036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 (Call 12/28/24) | 1839 | 1711854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 (Call 04/05/27) | 120 | 104924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 (Call 12/25/23) | 2689 | 2632885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 (Call 12/16/23) | 1363 | 1342868 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/30/23 (Call 12/30/22) | 1078 | 1070204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 600 | 526845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/26 (Call 02/15/26) | 490 | 456614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 (Call 06/28/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | 1514712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/25 | 1000 | 1001066 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 03/08/23 | 675 | 664840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/17/23 (Call 11/17/22),<br>(SOFR + 0.538%)<sup>(b)</sup> | 860 | 857835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%, 09/10/24 (Call 09/10/23),<br>(SOFR + 0.505%)<sup>(b)</sup> | 2125 | 2022853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%, 03/08/24 (Call 03/08/23),<br>(SOFR + 0.572%)<sup>(b)</sup> | 3052 | 2990587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25),<br>(SOFR + 0.609%)<sup>(b)</sup> | 1770 | 1568770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%, 10/21/24 (Call 10/21/23),<br>(SOFR + 0.486%)<sup>(b)</sup> | 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25),<br>(SOFR + 0.789%)<sup>(a)(b)</sup>  | 495 | 426509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | 560 | 535571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26),<br>(SOFR + 0.798%)<sup>(b)</sup> | 2025 | 1733168 |

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S C H E D U L E O F I N V E S T M E N T S 21

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)<sup>(b)</sup> | $3200 | $2683038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)<sup>(b)</sup> | 3400 | 3211209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(b)</sup> | 1860 | 1579798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)<sup>(b)</sup> | 1215 | 1050735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 | 1830 | 1769380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/23/23 (Call 01/23/23) | 1342 | 1334363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24),<br>(3 mo. LIBOR US + 1.201%)<sup>(b)</sup> | 4051 | 3841237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 3290 | 3143511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 4513 | 4275385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 2295 | 2095167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(b)</sup> | 840 | 757572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/22/23 | 2255 | 2248896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24) | 2289 | 2237581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 2981 | 2838676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 2162 | 2030596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24) | 2046 | 1998435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 5715 | 5318794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | 4583 | 4498509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 3236 | 3097573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 (Call 06/15/26)<sup>(b)</sup> | 1415 | 1330127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24 | 1020 | 1019951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27 | 520 | 524653 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | 3131065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)<sup>(b)</sup> | 2125 | 1993928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)<sup>(b)</sup> | 2920 | 2399431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)<sup>(b)</sup> | 2841 | 2480693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)<sup>(b)</sup> | 2595 | 2281675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)<sup>(b)</sup> | 1875 | 1543176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)<sup>(b)</sup> | 2285 | 2089151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)<sup>(b)</sup> | 250 | 227234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/22/23 (Call 11/22/22),<br>(3 mo. LIBOR US + 0.923%)<sup>(a)(b)</sup> | 1041 | 1038878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/25/23 | 2635 | 2610352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 (Call 03/11/24),<br>(3 mo. LIBOR US + 1.211%)<sup>(b)</sup> | 4057 | 3875838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26<sup>(a)</sup> | 2570 | 2341231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/18/24 (Call 05/18/23),<br>(3 mo. LIBOR US + 0.987%)<sup>(b)</sup> | 2552 | 2510492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 (Call 12/09/24)<sup>(b)</sup> | 1345 | 1270083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24<sup>(a)</sup> | 3264 | 3150564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25<sup>(a)</sup> | 1637 | 1524742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 (Call 09/12/25),<br>(3 mo. LIBOR US + 1.348%)<sup>(b)</sup> | 810 | 747614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26<sup>(a)</sup> | 3573 | 3363353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26 | 735 | 666584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 (Call 11/03/25) | 2300 | 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/03/28 (Call 11/03/27) | 1625 | 1625000 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24<sup>(a)</sup> | 1254 | 1211020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24<sup>(a)</sup> | 2115 | 2054973 |
|  Huntington Bancshares Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 (Call 07/06/24) | 1232 | 1175749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 04/15/25) | 1295 | 1246895 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/06/23 (Call 09/06/23)<sup>(a)</sup> | 885 | 871170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 05/16/25 (Call 05/16/24)<sup>(a)(b)</sup> | 1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588945 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26),<br>(SOFR + 1.005%)<sup>(b)</sup> | 1340 | 1141362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24<sup>(a)</sup> | $2012 | $1953066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)<sup>(b)</sup> | 1420 | 1340963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27 | 1650 | 1497233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/02/23<sup>(a)</sup> | 2627 | 2590094 |
|  Intesa Sanpaolo SpA, 5.25%, 01/12/24<sup>(a)</sup> | 272 | 267910 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 (Call 02/16/24),<br>(SOFR + 0.420%)<sup>(b)</sup> | 985 | 918268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/16/24 (Call 09/16/23),<br>(SOFR + 0.600%)<sup>(b)</sup> | 1655 | 1580515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/16/24 (Call 03/16/23),<br>(SOFR + 0.580%)<sup>(b)</sup> | 2199 | 2155621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24),<br>(SOFR + 0.490%)<sup>(b)</sup> | 2330 | 2128502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 (Call 06/01/24),<br>(SOFR + 0.540%)<sup>(b)</sup> | 2360 | 2174647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 (Call 06/23/24),<br>(SOFR + 0.580%)<sup>(b)</sup> | 3530 | 3245207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(b)</sup> | 955 | 813006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25),<br>(SOFR + 0.800%)<sup>(b)</sup> | 1135 | 977293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26),<br>(SOFR + 0.765%)<sup>(b)</sup> | 3100 | 2602027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 06/01/24 (Call 06/01/23),<br>(SOFR + 1.455%)<sup>(b)</sup> | 930 | 908123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24),<br>(SOFR + 0.605%)<sup>(b)</sup> | 3855 | 3516536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26),<br>(SOFR + 0.885%)<sup>(b)</sup> | 4025 | 3459046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25),<br>(SOFR + 1.585%)<sup>(b)</sup> | 2422 | 2208543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25),<br>(SOFR + 1.850%)<sup>(b)</sup> | 3612 | 3290011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 (Call 10/15/24),<br>(SOFR + 1.160%)<sup>(b)</sup> | 1992 | 1857321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25),<br>(SOFR + 0.915%)<sup>(b)</sup> | 1360 | 1260549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/18/23 (Call 03/18/23)<sup>(a)</sup> | 2068 | 2046158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | 3710 | 3387710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.170%)<sup>(b)</sup> | 2495 | 2194993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 (Call 10/23/24) | 2989 | 2861032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/23<sup>(a)</sup> | 3157 | 3147580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 1670 | 1544675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.155%)<sup>(b)</sup> | 2661 | 2569739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 3200 | 2985023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/23 | 2063 | 2045620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/24 (Call 04/23/23),<br>(3 mo. LIBOR US + 0.730%)<sup>(b)</sup> | 601 | 595120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424 | 2374144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/23/24 (Call 07/23/23),<br>(3 mo. LIBOR US + 0.890%)<sup>(a)(b)</sup> | 2974 | 2931133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(b)</sup> | 4625 | 4486956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24 | 1497 | 1478508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 3864 | 3765773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25) | 3985 | 3846860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26),<br>(3 mo. LIBOR US + 1.245%)<sup>(b)</sup> | 1205 | 1129154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(b)</sup> | 3480 | 3415040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25),<br>(SOFR + 1.320%)<sup>(b)</sup> | 1717 | 1645789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26<sup>(a)</sup> | 510 | 483471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27),<br>(SOFR + 1.560%)<sup>(b)</sup> | 3340 | 3108998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(b)</sup> | 3000 | 2850920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26 | 110 | 118635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 | 15 | 16377 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%, 01/03/24 (Call 01/03/23),<br>(SOFR + 0.340%)<sup>(a)(b)</sup>  | 708 | 701437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 06/14/24 (Call 06/14/23),<br>(SOFR + 0.320%)<sup>(b)</sup> | 525 | 507974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/23 | 887 | 876022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25<sup>(a)</sup> | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/07/23<sup>(a)</sup> | 1074 | 1069431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/20/26 | 1330 | 1223625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 380 | 367194 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27<sup>(a)</sup> | $475 | $407750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/25 (Call 05/23/24)<sup>(b)</sup> | 1530 | 1486190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25<sup>(a)</sup> | 1255 | 1208684 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/11/24 (Call 05/11/23),<br>(1 year CMT + 0.550%)<sup>(a)(b)</sup> | 990 | 960237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 (Call 05/11/26)<sup>(b)</sup> | 330 | 276317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 (Call 02/05/25)<sup>(a)(b)</sup> | 1706 | 1550029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 11/07/23 (Call 11/07/22),<br>(3 mo. LIBOR US + 0.810%)<sup>(b)</sup> | 1595 | 1594281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 (Call 03/18/25)<sup>(b)</sup> | 1725 | 1596688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 960 | 858143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(b)</sup> | 1500 | 1322280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 (Call 07/09/24)<sup>(b)</sup> | 2133 | 2033185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24 | 2269 | 2211043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/16/23<sup>(a)</sup> | 2466 | 2436986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 | 2080 | 1993542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24 | 1402 | 1348745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 843 | 773992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 1037 | 953001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 (Call 08/11/25)<sup>(b)</sup> | 2000 | 1895743 |
|  M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23) | 1352 | 1337919 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/06/25 (Call 01/06/25)<sup>(a)</sup> | 1555 | 1473313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/17/27 | 50 | 44416 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 09/15/24 (Call 09/15/23)<sup>(b)</sup> | 1917 | 1830510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 (Call 07/19/24)<sup>(b)</sup> | 2425 | 2225279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 (Call 10/11/24)<sup>(b)</sup> | 965 | 877704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 | 2089 | 1864891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(b)</sup> | 2380 | 2008947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(b)</sup> | 240 | 201970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 3307 | 3050284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(b)</sup> | 1680 | 1436474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 09/13/23 | 494 | 481794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26 | 152 | 135351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24 | 1108 | 1056285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27 | 60 | 53757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 2351 | 2286163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/02/23<sup>(a)</sup> | 723 | 720235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27<sup>(a)</sup> | 50 | 45746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 07/26/23<sup>(a)</sup> | 2232 | 2204577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 796 | 763714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/17/26 (Call 04/17/25)<sup>(b)</sup> | 655 | 622824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 2553 | 2400118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(b)</sup> | 1700 | 1561991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(b)</sup> | 1085 | 1064507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(b)</sup> | 700 | 665037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(b)</sup> | 1645 | 1620477 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 09/08/24 (Call 09/08/23),<br>(SOFR + 0.872%)<sup>(a)(b)</sup>  | 1902 | 1817599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(b)</sup> | 1920 | 1612825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.24%, 07/10/24 (Call 07/10/23),<br>(SOFR + 1.252%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(b)</sup> | 650 | 550768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 (Call 05/25/25),<br>(3 mo. LIBOR US + 0.830%)<sup>(b)</sup> | 1985 | 1795825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 (Call 09/13/24),<br>(SOFR + 1.362%)<sup>(b)</sup> | 1180 | 1105021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 (Call 05/22/25)<sup>(a)(b)</sup> | 1600 | 1464086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24),<br>(SOFR + 1.242%)<sup>(b)</sup> | 1570 | 1484695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26<sup>(a)</sup> | $510 | $453625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/05/23 | 572 | 569613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27 | 515 | 465920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/11/24 (Call 09/11/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(b)</sup> | 1893 | 1856504 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%, 01/25/24 (Call 01/25/23),<br>(SOFR + 0.455%)<sup>(b)</sup> | 2940 | 2896992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 11/10/23 (Call 11/10/22),<br>(SOFR + 0.466%)<sup>(a)(b)</sup>  | 972 | 970982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%, 04/05/24 (Call 04/05/23),<br>(SOFR + 0.616%)<sup>(b)</sup> | 327 | 318986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 (Call 01/22/24),<br>(SOFR + 0.509%)<sup>(b)</sup> | 1718 | 1603807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 (Call 05/30/24),<br>(SOFR + 0.525%)<sup>(b)</sup> | 3050 | 2791549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25),<br>(SOFR + 0.720%)<sup>(b)</sup> | 1980 | 1695645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 (Call 10/21/24),<br>(SOFR + 0.560%)<sup>(b)</sup> | 3005 | 2724843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26),<br>(SOFR + 0.858%)<sup>(b)</sup> | 2735 | 2319425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26),<br>(SOFR + 0.879%)<sup>(b)</sup> | 2300 | 1968853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25),<br>(SOFR + 1.990%)<sup>(b)</sup> | 5620 | 5131001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27),<br>(SOFR + 1.000%)<sup>(b)</sup> | 1740 | 1504534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 (Call 02/18/25),<br>(SOFR + 0.940%)<sup>(b)</sup> | 5600 | 5189968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 (Call 07/22/24),<br>(SOFR + 1.152%)<sup>(b)</sup> | 1584 | 1493510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/23 | 3205 | 3193895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 1550 | 1414364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24),<br>(SOFR + 1.160%)<sup>(b)</sup> | 1795 | 1733756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 4490 | 4137310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 | 3691 | 3578018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 04/24/24 (Call 04/24/23),<br>(3 mo. LIBOR US + 0.847%)<sup>(b)</sup> | 620 | 613867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/23<sup>(a)</sup> | 2405 | 2392821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 4635 | 4405740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27 | 5125 | 4735220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 | 3874 | 3729230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/22/23<sup>(a)</sup> | 2905 | 2890569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27),<br>(SOFR + 1.610%)<sup>(b)</sup> | 985 | 911631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 | 2710 | 2578935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(b)</sup> | 1940 | 1882648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/22 | 1954 | 1954000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25 | 2750 | 2706230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 | 1230 | 1251891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 | 4366557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)<sup>(b)</sup> | 4609 | 4160064 |
|  National Australia Bank Ltd., 3.91%, 06/09/27 | 825 | 778893 |
|  National Australia Bank Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/13/22<sup>(a)</sup> | 890 | 887542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26<sup>(a)</sup> | 1105 | 1004230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/12/23<sup>(a)</sup> | 380 | 377025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/23<sup>(a)</sup> | 714 | 711488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26 | 1570 | 1484227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/09/25<sup>(a)</sup> | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/20/23<sup>(a)</sup> | 630 | 625336 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/15/24 (Call 11/15/23)<sup>(a)(b)</sup> | 1840 | 1743077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/06/24<sup>(a)</sup> | 1240 | 1139872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 02/01/23 | 440 | 436820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/25 (Call 06/09/24)<sup>(b)</sup> | 1635 | 1576538 |
|  Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)<sup>(a)(b)</sup>  | 1833 | 1787132 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(b)</sup> | 1100 | 913553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 (Call 03/22/24),<br>(3 mo. LIBOR US + 1.762%)<sup>(b)</sup> | 3411 | 3288222 |

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S C H E D U L E O F I N V E S T M E N T S 23

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 06/25/24 (Call 06/25/23),<br>(3 mo. LIBOR US + 1.550%)<sup>(b)</sup> | $2240 | $2208265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26<sup>(a)</sup> | 2518 | 2373643 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25 | 1745 | 1693535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27)<sup>(a)</sup> | 2155 | 2059750 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/22 | 648 | 648000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/30/23 (Call 12/30/22) | 916 | 912621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/23/25 (Call 01/24/25) | 1190 | 1132237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27) | 200 | 180678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/02/25) | 1377 | 1308815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24)<sup>(a)</sup> | 971 | 934606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/08/23 (Call 05/09/23) | 934 | 925964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/25/23 (Call 06/25/23) | 939 | 929426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | 1130 | 1086991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 (Call 10/02/25) | 900 | 868692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24)<sup>(a)</sup> | 981 | 935355 |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26)<sup>(a)</sup> | 1690 | 1451040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 (Call 10/02/24) | 1703 | 1605909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26) | 730 | 659099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/09/22<sup>(c)</sup> | 429 | 428848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27) | 560 | 503889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 (Call 12/23/23)<sup>(a)</sup> | 2092 | 2049451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 1860 | 1819798 |
|  Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25) | 824 | 758426 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24 | 884 | 833796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/26/23<sup>(a)</sup> | 847 | 809388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 1640 | 1511658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 1595 | 1459833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 1139 | 982462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25<sup>(a)</sup> | 1276 | 1145886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 1877 | 1601508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 1757 | 1517983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 2015 | 1714116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/17/23<sup>(a)</sup> | 819 | 806924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 630 | 578758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/17/23<sup>(a)</sup> | 1114 | 1108143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 1064 | 921772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | 1969 | 1850835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24 | 1813 | 1727942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25<sup>(a)</sup> | 1695 | 1616103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 | 2215 | 2042213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/05/23 | 1815 | 1789794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24<sup>(a)</sup> | 1105 | 1079004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | 1045 | 981493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 2229 | 2150980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24 | 510 | 511619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 1000 | 1005938 |
|  Santander Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 (Call 01/06/27),<br>(SOFR + 1.249%)<sup>(a)(b)</sup>  | 530 | 438645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26) | 920 | 812869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/18/23 (Call 12/18/22)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | 1030749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 (Call 05/02/25) | 968 | 904825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 (Call 05/07/24) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/25 (Call 06/09/24)<sup>(b)</sup> | 1395 | 1333969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 410 | 370402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 (Call 04/17/25)<sup>(a)</sup> | 1481 | 1417516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 (Call 09/09/25)<sup>(a)(b)</sup> | $1000 | $964380 |
|  Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/15/25 (Call 03/15/24),<br>(SOFR + 0.787%)<sup>(b)</sup> | 955 | 877111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 (Call 08/21/25)<sup>(b)</sup> | 1212 | 1032522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 (Call 06/14/26),<br>(SOFR + 0.989%)<sup>(b)</sup> | 2195 | 1794127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27),<br>(SOFR + 1.220%)<sup>(b)</sup> | 300 | 247824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/05/24 (Call 01/05/23),<br>(3 mo. LIBOR US + 1.080%)<sup>(b)</sup> | 684 | 679001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/24 (Call 11/15/23),<br>(3 mo. LIBOR US + 1.570%)<sup>(b)</sup> | 2311 | 2260785 |
|  Santander UK PLC, 4.00%, 03/13/24 | 2157 | 2112189 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 (Call 11/18/26),<br>(SOFR + 0.560%)<sup>(b)</sup> | 225 | 194892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26 | 920 | 851893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24<sup>(a)</sup> | 2228 | 2149762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25 | 2946 | 2830618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/20/23 | 1261 | 1244792 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/18/23 | 200 | 199159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24<sup>(a)</sup> | 1175 | 1130451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/23/25<sup>(a)</sup> | 40 | 37832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/19/23 | 275 | 273202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/10/24 | 825 | 809178 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%, 01/12/24<sup>(a)</sup> | 420 | 395846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 | 1384 | 1191043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26<sup>(a)</sup> | 3260 | 2759584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25 | 3770 | 3364693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27 | 660 | 570713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 | 2239 | 2083854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24 | 2475 | 2328575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26<sup>(a)</sup> | 3105 | 2781172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24 | 3830 | 3645292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26 | 855 | 771030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/17/23<sup>(a)</sup> | 439 | 437524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27<sup>(a)</sup> | 20 | 17775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27<sup>(a)</sup> | 1705 | 1532497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27 | 590 | 537228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/19/23<sup>(a)</sup> | 868 | 858080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | 2617423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 10/16/23 | 2065 | 2041713 |
|  SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26) | 595 | 499778 |
|  Svenska Handelsbanken AB, 3.90%, 11/20/23 | 1861 | 1836154 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/22/25 (Call 07/22/25) | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/23/27 (Call 07/23/27) | 1250 | 1175738 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/06/23<sup>(a)</sup> | 520 | 516095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 06/02/23<sup>(a)</sup> | 1706 | 1661948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 09/11/23 | 1544 | 1484551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24 | 1867 | 1751494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24 | 860 | 788939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/12/23 | 1217 | 1184039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25<sup>(a)</sup> | 1135 | 994122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 | 1304 | 1124937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 | 1186 | 1062288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 895 | 770430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 1345 | 1234380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 2280 | 1944619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 985 | 905075 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/22 | $1356 | $1353096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 | 1285 | 1114042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 2130 | 2046506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24<sup>(a)</sup> | 2626 | 2515613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 2360 | 2102022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 2905 | 2825926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/19/23<sup>(a)</sup> | 1490 | 1474694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 2155 | 2068535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 1550 | 1450295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 2135 | 2091496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 3025 | 2892876 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/09/23 (Call 02/06/23) | 790 | 780039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 (Call 02/10/25)<sup>(a)</sup> | 1930 | 1764804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 (Call 11/05/24) | 2352 | 2201570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/01/23 (Call 04/01/23) | 723 | 715797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/23 (Call 01/02/23)<sup>(a)</sup> | 802 | 798366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 2512 | 2438376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26) | 1370 | 1261106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) | 1800 | 1703452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 08/02/24 (Call 08/02/23),<br>(3 mo. LIBOR US + 0.735%)<sup>(a)(b)</sup> | 837 | 827268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26) | 1270 | 1181917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) | 598 | 577034 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 (Call 06/03/27) | 30 | 24316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 (Call 07/03/25) | 911 | 812444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26),<br>(SOFR + 0.609%)<sup>(b)</sup> | 1353 | 1167891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/16/23 (Call 02/13/23)<sup>(a)</sup> | 620 | 614986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 (Call 07/01/24) | 1923 | 1836380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 2041 | 1951144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25) | 1542 | 1476574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/06/23 (Call 11/06/23) | 1652 | 1629633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25) | 1882 | 1823057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 (Call 07/28/25)<sup>(b)</sup> | 2000 | 1929115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/26 | 1300 | 1300222 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 (Call 04/11/25)<sup>(a)</sup> | 2255 | 2060449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27),<br>(SOFR + 0.730%)<sup>(b)</sup> | 2600 | 2268066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 (Call 06/28/24)<sup>(a)</sup> | 2174 | 2077395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26) | 885 | 820686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 1590 | 1558266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24)<sup>(a)</sup> | 1776 | 1730008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 (Call 12/29/23) | 790 | 778269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | 1051454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 | 525 | 526453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) | 724 | 656131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27)<sup>(a)</sup> | 75 | 69013 |
|  U.S. Bank NA/Cincinnati OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/09/23 (Call 12/09/22)<sup>(a)</sup> | 680 | 676719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 (Call 12/20/24) | 786 | 734561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(a)</sup> | 1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/23/23 (Call 12/23/22) | 606 | 603870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/24/23 (Call 06/23/23) | 1399 | 1383736 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 (Call 05/19/24),<br>(SOFR + 0.510%)<sup>(a)(b)</sup>  | 4610 | 4265968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/02/24 (Call 06/02/23),<br>(SOFR + 1.600%)<sup>(b)</sup> | 3291 | 3215655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25),<br>(3 mo. LIBOR US + 0.750%)<sup>(b)</sup> | 4826 | 4432560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 (Call 04/30/25),<br>(SOFR + 2.000%)<sup>(b)</sup> | 3838 | 3493962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 (Call 10/30/24),<br>(SOFR + 1.087%)<sup>(b)</sup> | $| 4799 | $| 4471954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25 |  | 4111 |  | 3884242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 |  | 5213 |  | 4769108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 |  | 2150 |  | 1946485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26),<br>(3 mo. LIBOR US + 1.170%)<sup>(a)(b)</sup> |  | 4450 |  | 4030996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24 |  | 3591 |  | 3468606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27),<br>(SOFR + 1.510%)<sup>(b)</sup> |  | 980 |  | 883515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25 |  | 4115 |  | 3893608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 (Call 12/22/23) |  | 4793 |  | 4706390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25),<br>(SOFR + 1.320%)<sup>(a)(b)</sup>  |  | 3420 |  | 3257356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26<sup>(a)</sup> |  | 1747 |  | 1652031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/23<sup>(a)</sup> |  | 2185 |  | 2167703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 |  | 1850 |  | 1730114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24<sup>(a)</sup> |  | 453 |  | 448771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(b)</sup> |  | 3975 |  | 3823013 |
|  Westpac Banking Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 |  | 1890 |  | 1743627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 |  | 2335 |  | 2027263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/23<sup>(a)</sup> |  | 912 |  | 907603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25 |  | 1456 |  | 1368806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26<sup>(a)</sup> |  | 1755 |  | 1603377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/11/23<sup>(a)</sup> |  | 492 |  | 490021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26 |  | 1300 |  | 1202688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24<sup>(a)</sup> |  | 2397 |  | 2349861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 |  | 1268493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/23<sup>(a)</sup> |  | 1154 |  | 1147759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/25 |  | 1345 |  | 1297214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27<sup>(a)</sup> |  | 200 |  | 189923 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027499169 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25) |  | 5444 |  | 5218041 |
|  Coca-Cola Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 |  | 950 |  | 824648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24 |  | 1541 |  | 1466249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 |  | 355 |  | 327844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27<sup>(a)</sup> |  | 2070 |  | 1966624 |
|  Constellation Brands Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 (Call 02/09/27) |  | 395 |  | 362786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/09/24<sup>(a)</sup> |  | 1640 |  | 1598296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 (Call 09/06/26) |  | 430 |  | 400949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27) |  | 685 |  | 653560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 (Call 09/15/25)<sup>(a)</sup> |  | 1089 |  | 1060323 |
|  Diageo Capital PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 (Call 08/29/25) |  | 1610 |  | 1451575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/24/24 (Call 09/24/24) |  | 1602 |  | 1512495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/29/23 (Call 01/29/23) |  | 1833 |  | 1812824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/18/23 (Call 08/18/23) |  | 792 |  | 780899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 |  | 1000 |  | 1003012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 |  | 1000 |  | 1003674 |
|  Keurig Dr Pepper Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 (Call 12/01/22) |  | 1645 |  | 1548873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/23 (Call 10/15/23) |  | 775 |  | 759360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 (Call 08/15/25)<sup>(a)</sup> |  | 1162 |  | 1102109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 (Call 03/25/25)<sup>(a)</sup> |  | 807 |  | 796817 |
|  Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26) |  | 2640 |  | 2405818 |
|  PepsiCo Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/07/23 |  | 810 |  | 776879 |

---

S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/01/23 | $| 609 | $| 597790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 (Call 02/19/25) |  | 2364 |  | 2226918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) |  | 215 |  | 196821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 (Call 01/19/27) |  | 2355 |  | 2156312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/23<sup>(a)</sup> |  | 362 |  | 359871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) |  | 501 |  | 476232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) |  | 575 |  | 541092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) |  | 25 |  | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) |  | 508 |  | 491762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 (Call 12/01/23) |  | 2294 |  | 2264829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28) |  | 1425 |  | 1339562 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39507914 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
|  Amgen Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 (Call 01/21/25) |  | 1011 |  | 941314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) |  | 1497 |  | 1328614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/19/23 (Call 06/19/23)<sup>(a)</sup> |  | 1824 |  | 1783882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26)<sup>(a)</sup> |  | 2645 |  | 2419407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 (Call 02/01/25)<sup>(a)</sup> |  | 1513 |  | 1446276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 (Call 02/22/24) |  | 1475 |  | 1445432 |
|  Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) |  | 1608 |  | 1556785 |
|  Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25) |  | 1520 |  | 1464241 |
|  Gilead Sciences Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/29/23 (Call 11/14/22) |  | 1731 |  | 1666312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 (Call 08/01/27) |  | 200 |  | 164447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/23 (Call 07/01/23) |  | 1449 |  | 1420834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26) |  | 1050 |  | 955091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24)<sup>(a)</sup> |  | 2672 |  | 2580015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25) |  | 4353 |  | 4122840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 (Call 01/01/24)<sup>(a)</sup> |  | 2773 |  | 2721716 |
|  Illumina Inc., 0.55%, 03/23/23 |  | 365 |  | 358135 |
|  Royalty Pharma PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/02/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |  | 1193596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 (Call 08/02/25) |  | 2027 |  | 1789124 |
|  |  |  |  | 29358061 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 (Call 01/15/25)<sup>(a)</sup> |  | 1251 |  | 1163222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 (Call 12/15/26) |  | 490 |  | 431574 |
|  Fortune Brands Home & Security Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/21/23 (Call 08/21/23)<sup>(a)</sup> |  | 1138 |  | 1126950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 (Call 03/15/25) |  | 775 |  | 742207 |
|  |  |  |  | 3463953 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  Air Products and Chemicals Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 (Call 09/15/25) |  | 1456 |  | 1320215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 (Call 03/15/27)<sup>(a)</sup> |  | 625 |  | 546022 |
|  Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27) |  | 1240 |  | 1173385 |
|  Celanese U.S. Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 (Call 04/08/24) |  | 977 |  | 936179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/22 |  | 477 |  | 476374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 |  | 1770 |  | 1738037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25 |  | 1525 |  | 1481913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 (Call 06/15/27) |  | 3415 |  | 3221914 |
|  DuPont de Nemours Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 11/15/23 (Call 10/15/23) |  | 4033 |  | 3989036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 (Call 09/15/25) |  | 2060 |  | 2015883 |
|  Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24) |  | 1146 |  | 1097627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Ecolab Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/15/23 (Call 12/15/22) | $| 165 | $| 158029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/27 (Call 01/01/27)<sup>(a)</sup> |  | 795 |  | 692893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 (Call 08/01/26) |  | 415 |  | 379683 |
|  EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25) |  | 1238 |  | 1133506 |
|  FMC Corp., 3.20%, 10/01/26 (Call 08/01/26) |  | 205 |  | 187856 |
|  Linde Inc./CT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/21/23 (Call 11/21/22)<sup>(a)</sup> |  | 170 |  | 168930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 (Call 10/30/25) |  | 1468 |  | 1394375 |
|  LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)<sup>(a)</sup> |  | 75 |  | 68024 |
|  LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24) |  | 1763 |  | 1768172 |
|  Mosaic Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/22 |  | 350 |  | 349769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/23 (Call 08/15/23) |  | 326 |  | 322292 |
|  Nutrien Ltd., 1.90%, 05/13/23<sup>(a)</sup> |  | 486 |  | 477845 |
|  PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26) |  | 1122 |  | 972598 |
|  Sherwin-Williams Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 (Call 04/01/24) |  | 1312 |  | 1271128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 |  | 2071929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/08/24 |  | 470 |  | 461063 |
|  Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26) |  | 970 |  | 893778 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30768455 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
|  Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)<sup>(a)</sup> |  | 1081 |  | 1040571 |
|  Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> |  | 240 |  | 226138 |
|  Equifax Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 (Call 11/01/24) |  | 1495 |  | 1411013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) |  | 680 |  | 655322 |
|  Global Payments Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) |  | 2291 |  | 1954399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 (Call 10/15/24)<sup>(a)</sup> |  | 280 |  | 256267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26) |  | 1295 |  | 1104906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 (Call 01/15/25) |  | 882 |  | 818652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/23 (Call 03/01/23)<sup>(a)</sup> |  | 1087 |  | 1075988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 (Call 05/01/23)<sup>(a)</sup> |  | 1186 |  | 1178066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26) |  | 581 |  | 556826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 (Call 07/15/27) |  | 475 |  | 450966 |
|  Moody's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 (Call 02/24/25) |  | 877 |  | 848702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 (Call 11/15/23)<sup>(a)</sup> |  | 1044 |  | 1039234 |
|  PayPal Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 (Call 05/01/25)<sup>(a)</sup> |  | 1876 |  | 1722083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 (Call 09/01/24)<sup>(a)</sup> |  | 2130 |  | 2026843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) |  | 2545 |  | 2322547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/27 (Call 05/01/27)<sup>(a)</sup> |  | 645 |  | 613286 |
|  Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/22) |  | 1870 |  | 1699963 |
|  RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) |  | 955 |  | 949366 |
|  S&P Global Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(a)(d)</sup> |  | 2455 |  | 2199121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26)<sup>(a)</sup> |  | 985 |  | 901604 |
|  Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)<sup>(a)</sup> |  | 1048 |  | 1010559 |
|  Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)<sup>(a)</sup> |  | 516 |  | 469792 |
|  |  |  |  | 26532214 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Computers — 3.5%** | **Computers — 3.5%** | **Computers — 3.5%** |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 (Call 07/20/25) | $2118 | $1891364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | 3560 | 3117890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/11/23 | 1402 | 1373062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | 3342 | 3066168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 (Call 08/11/24) | 2012 | 1910658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 1095 | 989999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/13/23 (Call 12/13/22) | 543 | 540703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/03/23 | 5232 | 5177346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 2325 | 2139660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25<sup>(a)</sup> | 2145 | 2045588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24) | 2008 | 1926528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/23/23 (Call 12/23/22) | 1988 | 1978846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 3065 | 2981664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27)<sup>(a)</sup> | 450 | 413002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23) | 2949 | 2888310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27)<sup>(a)</sup> | 410 | 382064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 | 3370 | 3244425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27)<sup>(a)</sup> | 1565 | 1466041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25) | 4665 | 4443864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) | 4505 | 4272057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 3828 | 3757826 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 06/15/24) | 1703 | 1662529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) | 3025 | 2903452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/23 (Call 04/15/23) | 2101 | 2103895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 (Call 06/15/25) | 1917 | 1918252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345 | 5335177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 (Call 05/15/27)<sup>(a)</sup> | 445 | 445319 |
|  DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)<sup>(a)</sup> | 935 | 802530 |
|  Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26) | 1293 | 1113907 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 (Call 03/01/24) | 1833 | 1735298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 (Call 03/01/26)<sup>(a)</sup> | 1905 | 1685848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/23 (Call 03/01/23) | 529 | 523709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/02/23 (Call 09/02/23) | 1883 | 1868117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 (Call 07/15/25)<sup>(a)</sup> | 2475 | 2430297 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26)<sup>(a)</sup> | 1992 | 1704138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 (Call 05/17/25) | 2041 | 1874285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27)<sup>(a)</sup> | 235 | 206940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27) | 300 | 280212 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) | 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 (Call 01/09/27) | 535 | 474730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24 | 3813 | 3699846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 | 4250 | 3985477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27 | 547 | 507322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/01/23<sup>(a)</sup> | 1818 | 1797738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26<sup>(a)</sup> | 1419 | 1346249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 | 3253 | 3196690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25<sup>(a)</sup> | 700 | 682348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27)<sup>(a)</sup> | 1095 | 1046078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25 | 310 | 325179 |
|  Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26) | 2030 | 1587602 |
|  Leidos Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/23 (Call 04/15/23) | 940 | 928966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 (Call 04/15/25) | 1105 | 1052924 |
|  NetApp Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 (Call 05/22/25) | 1666 | 1508978 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Computers (continued)** | **Computers (continued)** | **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/22/27 (Call 04/22/27)<sup>(a)</sup> | $| 670 | $| 588710 |
|  Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)<sup>(a)</sup> |  | 2440 |  | 2255296 |
|  |  |  |  | 105273192 |
| **Cosmetics & Personal Care — 0.7%** |  |  |  |  |
|  Colgate-Palmolive Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/23 |  | 104 |  | 103292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/25<sup>(a)</sup> |  | 125 |  | 119961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 (Call 07/15/27) |  | 230 |  | 214674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24 |  | 732 |  | 719556 |
|  Estee Lauder Companies Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 (Call 11/01/24) |  | 1551 |  | 1471209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 (Call 12/15/26) |  | 90 |  | 83202 |
|  GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25 |  | 2140 |  | 2015377 |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24 |  | 515 |  | 496875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 |  | 2910 |  | 2631823 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25 |  | 1147 |  | 1014795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26<sup>(a)</sup> |  | 482 |  | 426346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27 |  | 625 |  | 560409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26<sup>(a)</sup> |  | 815 |  | 751056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26 |  | 1180 |  | 1111558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 |  | 2045 |  | 1890128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27 |  | 120 |  | 110451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/23<sup>(a)</sup> |  | 369 |  | 363631 |
|  Unilever Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/14/23<sup>(a)</sup> |  | 355 |  | 341506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 (Call 12/01/22) |  | 510 |  | 474361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26<sup>(a)</sup> |  | 100 |  | 90037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24) |  | 1783 |  | 1723422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 |  | 1900515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25 |  | 890 |  | 848158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/22/23 (Call 02/22/23)<sup>(a)</sup> |  | 628 |  | 624576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 (Call 02/07/24) |  | 1481 |  | 1451350 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21538268 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
|  WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25) |  | 1251 |  | 1164579 |
| **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 10/29/23 |  | 2420 |  | 2292096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 (Call 09/29/24) |  | 770 |  | 698897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) |  | 1335 |  | 1138253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26) |  | 6415 |  | 5426695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 (Call 07/14/24)<sup>(a)</sup> |  | 1148 |  | 1075485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 (Call 01/15/24) |  | 792 |  | 759180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/23/23 (Call 12/23/22) |  | 1022 |  | 1017506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) |  | 1099 |  | 1031129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) |  | 350 |  | 304350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/03/23 (Call 06/03/23)<sup>(a)</sup> |  | 1679 |  | 1657874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 (Call 08/01/25)<sup>(a)</sup> |  | 565 |  | 530032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 (Call 02/03/26) |  | 1070 |  | 990319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 1724 |  | 1692542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 (Call 12/16/23) |  | 1211 |  | 1188433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 (Call 06/15/25)<sup>(a)</sup> |  | 1637 |  | 1612503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22) |  | 1480 |  | 1339320 |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 (Call 01/15/24) |  | 914 |  | 853501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/24 (Call 07/18/24) |  | 860 |  | 782118 |

---

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26) | $3242 | $2719405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 800 | 669215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/23 | 1048 | 1041174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 (Call 01/01/25)<sup>(a)</sup> | 1079 | 987284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/23 (Call 12/15/22)<sup>(a)</sup> | 1030 | 1024204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 1815 | 1613771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/23 (Call 07/15/23) | 457 | 446311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 01/01/25) | 925 | 860551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 (Call 06/01/25)<sup>(a)</sup> | 1313 | 1211294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> | 303 | 266919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) | 615 | 557575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/23 (Call 06/03/23) | 1115 | 1102464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 (Call 01/01/24) | 1402 | 1370337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 06/15/24) | 977 | 950187 |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 (Call 02/01/24) | 430 | 409979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 (Call 04/15/26) | 910 | 803958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/25/23 (Call 08/25/23)<sup>(a)</sup> | 135 | 131907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23<sup>(a)</sup> | 1003 | 994721 |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/02/23 (Call 09/02/23) | 1872 | 1795454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/05/23 (Call 05/05/23) | 953 | 935949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 (Call 04/21/24) | 1270 | 1227200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25 | 1041 | 1004149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27)<sup>(a)</sup> | 900 | 821412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24 | 1575 | 1554021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 (Call 04/01/25)<sup>(a)</sup> | 1341 | 1329098 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/03/23 | 455 | 435166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | 997761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25)<sup>(a)</sup> | 4085 | 3791219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 (Call 06/30/24) | 2615 | 2481783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) | 2545 | 2236020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/02/22 | 1102 | 1100548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24)<sup>(a)</sup> | 2520 | 2407325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) | 1065 | 985648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27)<sup>(a)</sup> | 1845 | 1670295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 2090 | 2026912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/27/23 (Call 01/27/23)<sup>(a)</sup> | 877 | 873736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) | 2097 | 2045589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) | 575 | 553596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/03/23 (Call 07/03/23) | 2563 | 2539908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) | 2290 | 2198070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25) | 880 | 852348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 | 745 | 744464 |
|  Ameriprise Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 (Call 06/15/26) | 195 | 178724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 (Call 03/02/25) | 1387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24 | 698 | 677049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/23 | 921 | 911172 |
|  Brookfield Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27)<sup>(a)</sup> | 320 | 286490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 (Call 02/01/24) | 1299 | 1275465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/02/26 (Call 03/02/26)<sup>(a)</sup> | 250 | 237669 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 12/06/24 (Call 12/06/23),<br>(SOFR + 0.690%)<sup>(b)</sup> | 500 | 472704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 (Call 11/02/26),<br>(SOFR + 0.855%)<sup>(b)</sup> | 2700 | 2246107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/11/23 (Call 04/11/23)<sup>(a)</sup> | 1190 | 1174107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 (Call 03/03/25),<br>(SOFR + 1.290%)<sup>(b)</sup> | 175 | 160424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/23 (Call 12/30/22)<sup>(a)</sup> | 1924 | 1915212 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 (Call 01/05/25) | $1848 | $1745923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24)<sup>(a)</sup> | 2744 | 2619024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/23 | 1398 | 1384061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 (Call 04/11/27)<sup>(a)</sup> | 95 | 86158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 (Call 03/24/24)<sup>(a)</sup> | 594 | 578108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26) | 726 | 663644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27) | 505 | 460154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23) | 2024 | 1983262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 05/09/25 (Call 05/09/24)<sup>(b)</sup> | 400 | 384329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 943 | 893931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 (Call 03/31/25) | 1106 | 1064708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 (Call 07/24/25)<sup>(b)</sup> | 760 | 733392 |
|  Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26) | 400 | 374437 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 (Call 02/18/24) | 2248 | 2121795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26) | 2470 | 2137606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 1559 | 1351533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27)<sup>(a)</sup> | 1160 | 1034896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/25/23 (Call 12/25/22) | 167 | 166310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 (Call 12/02/26) | 155 | 142474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 130 | 119598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | 946 | 927820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) | 1231 | 1195068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 (Call 02/24/25)<sup>(a)</sup> | 1608 | 1583829 |
|  CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24) | 1266 | 1209435 |
|  Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/25 (Call 12/04/24) | 270 | 256715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/21/22 | 549 | 548797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 (Call 08/06/24) | 1540 | 1483161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 (Call 11/09/26) | 585 | 532076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/26 (Call 11/30/25)<sup>(a)</sup> | 1270 | 1191561 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) | 25 | 22674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 (Call 04/23/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | 1204657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25)<sup>(a)</sup> | 880 | 844679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27)<sup>(a)</sup> | 4510 | 4272493 |
|  Invesco Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26 | 265 | 250631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24 | 821 | 806148 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27<sup>(a)</sup> | 1190 | 1116509 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 (Call 02/03/25)<sup>(a)</sup> | 1727 | 1622458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26) | 545 | 506315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 1680 | 1573875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24 | 1863 | 1827442 |
|  Nasdaq Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/21/22 (Call 11/14/22) | 1408 | 1397831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/30/26 (Call 03/30/26)<sup>(a)</sup> | 213 | 202847 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26 | 2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/25 | 635 | 571094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27 | 1095 | 933104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25 | 1857 | 1738353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25<sup>(a)</sup> | 50 | 48953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/27<sup>(a)</sup> | 1045 | 1006501 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24 | 670 | 640629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27 | 50 | 45822 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24<sup>(a)</sup> | $| 285 | $| 280794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 |  | 635 |  | 620307 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/26 (Call 05/04/26)<sup>(a)</sup> |  | 345 |  | 309679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 (Call 05/15/24) |  | 700 |  | 675890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 (Call 02/19/24) |  | 1245 |  | 1216976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/25 (Call 04/23/25) |  | 1070 |  | 1011277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 (Call 05/13/25) |  | 1420 |  | 1363830 |
|  Visa Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 (Call 06/15/27) |  | 100 |  | 83171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27) |  | 2835 |  | 2499794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27) |  | 30 |  | 27235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/14/22 (Call 12/01/22) |  | 2822 |  | 2817399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) |  | 3865 |  | 3683304 |
|  Western Union Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 (Call 02/15/26) |  | 1367 |  | 1170928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 (Call 12/10/24) |  | 920 |  | 863635 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157560161 |
| **Electric — 3.6%** | **Electric — 3.6%** | **Electric — 3.6%** | **Electric — 3.6%** | **Electric — 3.6%** |
|  AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25) |  | 1197 |  | 1034671 |
|  Alabama Power Co., 3.75%, 09/01/27 (Call 08/01/27)<sup>(a)</sup> |  | 535 |  | 503139 |
|  Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27) |  | 1005 |  | 865389 |
|  American Electric Power Co. Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/24 |  | 720 |  | 686821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 |  | 800 |  | 797880 |
|  Avangrid Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 (Call 10/01/24) |  | 1448 |  | 1376698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 (Call 03/15/25) |  | 1254 |  | 1183300 |
|  Berkshire Hathaway Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/23 (Call 08/15/23) |  | 984 |  | 971143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25)<sup>(a)</sup> |  | 2258 |  | 2210797 |
|  Black Hills Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/24 (Call 11/16/22) |  | 625 |  | 577028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/23 (Call 08/30/23)<sup>(a)</sup> |  | 210 |  | 208677 |
|  CenterPoint Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/26 (Call 05/01/26) |  | 880 |  | 765457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) |  | 1130 |  | 1071804 |
|  Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26) |  | 565 |  | 518653 |
|  Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26) |  | 215 |  | 198245 |
|  Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 566 |  | 540191 |
|  Constellation Energy Generation LLC, 3.25%, 06/01/25 (Call 05/01/25) |  | 1357 |  | 1286212 |
|  Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23) |  | 245 |  | 240714 |
|  Dominion Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |  | 1281918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25)<sup>(a)</sup> |  | 1095 |  | 1049293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 (Call 03/15/26) |  | 1095 |  | 956924 |
|  DTE Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/22<sup>(a)</sup> |  | 610 |  | 610000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 (Call 07/01/26) |  | 620 |  | 561420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 01/11/24<sup>(c)</sup> |  | 1205 |  | 1176430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.53%, 10/01/24<sup>(c)</sup> |  | 1080 |  | 1023811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 1.05%, 06/01/25 (Call 05/01/25) |  | 1058 |  | 944268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 0.55%, 11/01/22 |  | 1015 |  | 1015000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/23 (Call 01/15/23)<sup>(a)</sup> | $764 | $757460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/23 (Call 02/15/23) | 899 | 894085 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | 1475 | 1299923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26) | 960 | 867943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 5 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 (Call 01/15/24) | 1976 | 1941443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28) | 905 | 848953 |
|  Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26) | 115 | 106594 |
|  Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25) | 766 | 729858 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 (Call 10/15/24)<sup>(a)</sup> | 366 | 351652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 04/15/27)<sup>(a)</sup> | 555 | 541284 |
|  Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26) | 1180 | 1089214 |
|  Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)<sup>(a)</sup>  | 895 | 847621 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | 1232 | 1079499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 683 | 620988 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%, 11/17/23 (Call 12/01/22) | 763 | 726559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | 4205 | 3876335 |
|  Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | 1235795 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 1550 | 1390412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/24 | 1345 | 1320068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 (Call 06/01/27) | 810 | 778329 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 (Call 02/15/27)<sup>(a)(d)</sup> | 480 | 429387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 1765 | 1649998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170552 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/23 (Call 12/01/22) | 209 | 206254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 (Call 03/01/25) | 1913 | 1816230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25)<sup>(a)</sup> | 695 | 657084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 (Call 12/01/23) | 171 | 166606 |
|  Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) | 385 | 347307 |
|  Georgia Power Co., Series A, 2.10%, 07/30/23<sup>(a)</sup> | 1408 | 1377606 |
|  Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24) | 892 | 856097 |
|  MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24) | 1390 | 1351329 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/08/24 | 983 | 925849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 1055 | 914308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/25 | 960 | 894728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 740 | 743723 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 03/01/23 | 1271 | 1252741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) | 2040 | 1777990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 11/03/23 (Call 12/01/22),<br>(SOFR + 0.400%)<sup>(b)</sup> | 945 | 933792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 03/21/24 (Call 12/01/22) | 2100 | 2034779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) | 295 | 271498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24 | 1350 | 1328370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 1040 | 1019320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/20/25 | 1135 | 1111418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27) | 1845 | 1773598 |
|  NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27) | 120 | 110338 |
|  OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)<sup>(a)</sup> | 135 | 131968 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22) | $| 300 | $| 292435 |
|  Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)<sup>(a)</sup> |  | 970 |  | 935091 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/23 (Call 12/01/22) |  | 1985 |  | 1895736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 (Call 12/01/25) |  | 959 |  | 853684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26<sup>(a)</sup> |  | 2062 |  | 1858459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/16/24 (Call 02/16/23) |  | 4450 |  | 4300398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25<sup>(a)</sup> |  | 380 |  | 353356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 (Call 03/15/25) |  | 920 |  | 853383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/23 (Call 07/01/23)<sup>(a)</sup> |  | 429 |  | 424826 |
|  Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) |  | 911 |  | 812003 |
|  PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26) |  | 1195 |  | 1096910 |
|  Public Service Enterprise Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 (Call 07/15/25) |  | 755 |  | 662559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 11/08/23 (Call 12/01/22) |  | 635 |  | 605587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/22 (Call 11/14/22)<sup>(a)</sup> |  | 652 |  | 651491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 (Call 05/15/24) |  | 1169 |  | 1123649 |
|  San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)<sup>(a)</sup> |  | 450 |  | 410334 |
|  Sempra Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) |  | 5 |  | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/25 (Call 03/01/25) |  | 320 |  | 303116 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 (Call 04/01/23)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 |  | 1280597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.50%, 10/01/23 (Call 07/01/23) |  | 828 |  | 812847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/27 (Call 05/01/27) |  | 1025 |  | 991192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) |  | 2066 |  | 1982208 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/01/23 (Call 05/01/23)<sup>(a)</sup> |  | 2006 |  | 1978941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 (Call 04/01/26) |  | 2660 |  | 2460615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/01/27<sup>(a)</sup> |  | 300 |  | 291612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/06/25 |  | 1000 |  | 995575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) |  | 1072 |  | 1006943 |
|  Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25) |  | 553 |  | 537305 |
|  Southwestern Electric Power Co., Series N, 1.65%, 03/15/26 (Call 02/15/26) |  | 835 |  | 733617 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) |  | 1408 |  | 1316204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26) |  | 260 |  | 241478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27) |  | 1230 |  | 1154730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.75%, 03/15/23 (Call 12/15/22) |  | 840 |  | 833143 |
|  WEC Energy Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/15/23 |  | 934 |  | 897109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 (Call 02/15/24) |  | 525 |  | 493591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/25 (Call 08/27/25) |  | 415 |  | 412003 |
|  Xcel Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/15/23 (Call 09/15/23)<sup>(a)</sup> |  | 466 |  | 444755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 (Call 02/15/27) |  | 1255 |  | 1074623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 (Call 12/01/24) |  | 1161 |  | 1101501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/26 (Call 06/01/26) |  | 115 |  | 106050 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108801451 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26) |  | 449 |  | 383353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/27 (Call 08/15/27) |  | 45 |  | 38607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/23 (Call 12/01/22) |  | 694 |  | 690060 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 (Call 03/01/25) | $| 679 | $| 649336 |
|  |  |  |  | 1761356 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
|  Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24) |  | 1540 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470806 |
|  Flex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 (Call 01/01/26) |  | 1002 |  | 925375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 (Call 03/15/25) |  | 1127 |  | 1092474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 |  | 816 |  | 816397 |
|  Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26) |  | 920 |  | 845688 |
|  Honeywell International Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27)<sup>(a)</sup> |  | 2205 |  | 1887483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 (Call 05/01/25) |  | 1837 |  | 1684306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 (Call 07/15/24) |  | 1341 |  | 1283074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26) |  | 1110 |  | 1015285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/28 |  | 760 |  | 758239 |
|  Jabil Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 (Call 03/15/26) |  | 862 |  | 746157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 (Call 04/15/27) |  | 985 |  | 913401 |
|  Keysight Technologies Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 (Call 07/30/24) |  | 938 |  | 919112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 (Call 01/06/27) |  | 270 |  | 258801 |
|  TD SYNNEX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 (Call 11/14/22) |  | 910 |  | 841361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 (Call 07/09/26)<sup>(a)</sup> |  | 1330 |  | 1119469 |
|  Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26) |  | 1080 |  | 890967 |
|  |  |  |  | 17468395 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
|  Magallanes Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 |  | 1480987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/15/24 (Call 03/15/23)<sup>(d)</sup> |  | 445 |  | 429658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25<sup>(d)</sup> |  | 1340 |  | 1263083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 (Call 02/15/27)<sup>(d)</sup> |  | 5940 |  | 5280797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/25 (Call 03/15/23)<sup>(d)</sup> |  | 1070 |  | 1010026 |
|  |  |  |  | 9464551 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  Republic Services Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 (Call 07/15/24) |  | 1880 |  | 1790323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/26 (Call 04/01/26)<sup>(a)</sup> |  | 590 |  | 539820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 (Call 12/15/24) |  | 916 |  | 872039 |
|  Waste Management Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 (Call 10/15/25) |  | 1293 |  | 1141615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/23 (Call 03/15/23)<sup>(a)</sup> |  | 1101 |  | 1087461 |
|  |  |  |  | 5431258 |
| **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
|  Campbell Soup Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/23 (Call 02/15/23)<sup>(a)</sup> |  | 902 |  | 897061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 (Call 01/15/25) |  | 1260 |  | 1221595 |
|  Conagra Brands Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/11/23 (Call 12/01/22) |  | 1180 |  | 1138362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 04/01/24)<sup>(a)</sup> |  | 2000 |  | 1967038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25) |  | 1297 |  | 1259883 |
|  General Mills Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26) |  | 5 |  | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) |  | 705 |  | 695023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 (Call 02/17/25) |  | 1648 |  | 1606289 |
|  Hershey Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 (Call 05/15/26) |  | 1060 |  | 966563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/23 (Call 04/15/23)<sup>(a)</sup> |  | 683 |  | 678011 |
|  Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22) |  | 615 |  | 574090 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Food (continued)** |  |  |
|  Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26) | $145 | $133102 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27<br>(Call 12/15/26)<sup>(d)</sup> | 586 | 500298 |
|  JM Smucker Co. (The), 3.50%, 03/15/25 | 800 | 767392 |
|  Kellogg Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/23<sup>(a)</sup> | 1308 | 1277967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26<sup>(a)</sup> | 1050 | 983290 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26) | 3030 | 2788282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> | 1415 | 1320605 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) | 1180 | 1056583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 (Call 11/01/25) | 1195 | 1121145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/27 (Call 05/01/27)<sup>(a)</sup> | 125 | 115427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/01/23 (Call 05/01/23)<sup>(a)</sup> | 1078 | 1068973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 (Call 11/01/23)<sup>(a)</sup> | 1070 | 1054045 |
|  McCormick & Co. Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 (Call 01/15/26) | 1146 | 988972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24) | 1755 | 1689548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 (Call 05/15/27) | 40 | 36379 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 (Call 04/04/25) | 869 | 793454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/17/24 | 245 | 234909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 (Call 02/17/27) | 2438 | 2171463 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 175 | 158295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26) | 760 | 702953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25)<sup>(a)</sup> | 1648 | 1572940 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 (Call 03/02/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | 1896730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 (Call 05/15/24) | 1445 | 1410210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26) | 1831 | 1750302 |
|  Walmart Inc., 3.90%, 09/09/25<sup>(a)</sup> | 805 | 788151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37389957 |
| **Forest Products & Paper — 0.0%** |  |  |
|  Georgia-Pacific LLC, 8.00%, 01/15/24 | 741 | 765250 |
| **Gas — 0.3%** |  |  |
|  Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/09/23 (Call 11/16/22) | 272 | 268249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 (Call 03/15/27) | 75 | 68366 |
|  CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)<sup>(a)</sup> | 100 | 98524 |
|  Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/24 (Call 10/15/24) | 1689 | 1599500 |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/23 (Call 12/01/22)<sup>(a)</sup> | 808 | 803972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25) | 923 | 902991 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 (Call 07/15/25)<sup>(a)</sup> | 2210 | 1956309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> | 815 | 745219 |
|  ONE Gas Inc., 1.10%, 03/11/24 (Call 11/16/22) | 676 | 639418 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 (Call 03/15/27)<sup>(a)</sup> | 1390 | 1256071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 2.60%, 06/15/26 (Call 03/15/26) | 250 | 227822 |
|  |  | 8566441 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Hand & Machine Tools — 0.1%** |  |  |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/24/25 (Call 02/24/23)<sup>(a)</sup> | $1160 | $1088535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 (Call 01/01/26) | 1055 | 991857 |
|  |  | 2080392 |
| **Health Care - Products — 1.0%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 12/15/24)<sup>(a)</sup> | 1902 | 1824906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/30/23 (Call 09/30/23)<sup>(a)</sup> | 1770 | 1745582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26) | 1285 | 1232362 |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%, 12/01/23 | 475 | 453540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 11/29/24<sup>(a)</sup> | 645 | 593602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 (Call 01/01/27) | 2305 | 1981182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 (Call 05/15/26) | 375 | 336994 |
|  Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/25 (Call 05/01/25) | 1403 | 1294348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 (Call 02/01/24)<sup>(a)</sup> | 1417 | 1386727 |
|  Danaher Corp., 3.35%, 09/15/25<br>(Call 06/15/25)<sup>(a)</sup> | 1160 | 1106616 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/15/22 | 1002 | 1000923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 (Call 10/15/24) | 1741 | 1643814 |
|  PerkinElmer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/15/23 (Call 12/01/22)<sup>(a)</sup> | 270 | 258746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 09/15/24 (Call 12/01/22)<sup>(a)</sup> | 685 | 631891 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/01/23 (Call 11/14/22) | 954 | 908509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 (Call 05/15/25)<sup>(a)</sup> | 1305 | 1174334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 02/15/24) | 1136 | 1106408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | 1180813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25) | 1965 | 1861080 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/18/23 (Call 12/01/22) | 2115 | 2029922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/24 (Call 12/01/22) | 2375 | 2209607 |
|  Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/22/24 (Call 12/01/22) | 2340 | 2157073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 1224 | 1135108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/01/25 (Call 01/01/25) | 1055 | 1008796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30262883 |
| **Health Care - Services — 2.0%** |  |  |
|  Aetna Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/23 (Call 04/15/23) | 2151 | 2119520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24)<sup>(a)</sup> | 1607 | 1552407 |
|  Anthem Inc., 0.45%, 03/15/23 | 671 | 659877 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 (Call 07/01/24) | 1097 | 1041762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/01/22 | 209 | 209000 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 (Call 02/15/26) | 1040 | 917582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 (Call 12/15/24) | 2001 | 1880200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/22 (Call 11/16/22) | 1223 | 1221485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/23 | 110 | 109635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 (Call 10/01/24) | 2028 | 1950845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 (Call 05/15/24) | 1060 | 1028579 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(d)</sup> | 1700 | 1504205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 1615 | 1512479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | 2743 | 2718824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25 | 1910 | 1875498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25) | 2207 | 2140045 |

---

S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | $2980 | $2944222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26) | 1350 | 1312884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25) | 2250 | 2227081 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 08/03/23 (Call 11/08/22) | 810 | 783058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) | 1792 | 1502106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/22 | 799 | 797873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 (Call 07/01/24) | 1327 | 1293378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 (Call 12/15/26) | 110 | 102838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 03/01/25)<sup>(a)</sup> | 812 | 794560 |
|  Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27) | 300 | 275977 |
|  Laboratory Corp. of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/01/26 (Call 05/01/26) | 925 | 804960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 (Call 07/01/24) | 1282 | 1234714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 (Call 11/01/24) | 1563 | 1497538 |
|  Quest Diagnostics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | 1320 | 1236696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 (Call 12/30/24) | 1192 | 1142126 |
|  SSM Health Care Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.69%, 06/01/23 (Call 03/01/23) | 60 | 59515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.82%, 06/01/27 (Call 03/01/27)<sup>(a)</sup> | 45 | 42423 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27) | 580 | 548112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/24 (Call 11/14/22) | 1348 | 1261569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26)<sup>(a)</sup> | 1335 | 1172274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26<sup>(a)</sup> | 811 | 721000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 1634 | 1563251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/23 (Call 12/01/22) | 767 | 762988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/23 | 1002 | 995352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 | 25 | 22550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 1384 | 1302463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 | 335 | 312394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 350 | 328111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/23<sup>(a)</sup> | 1010 | 1002390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24<sup>(a)</sup> | 1406 | 1382463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 | 2616 | 2538730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3000941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25 | 1435 | 1438572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 370 | 370698 |
|  Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)<sup>(a)(d)</sup> | 590 | 495423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59713173 |
| **Holding Companies - Diversified — 0.8%** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | 1550 | 1280544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 (Call 05/15/27)<sup>(a)</sup> | 645 | 530369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 (Call 06/15/25) | 305 | 275071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/10/23 (Call 01/10/23) | 1825 | 1816403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 1757 | 1574982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 (Call 05/10/24) | 1999 | 1923037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 (Call 01/01/25) | 853 | 800254 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/24 | 585 | 534035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 1520 | 1257626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 (Call 11/15/24) | 1115 | 1018643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27) | 1425 | 1198433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25<sup>(a)</sup> | 1155 | 1109470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/25<sup>(a)(d)</sup> | 55 | 54513 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 (Call 01/15/27)<sup>(a)</sup> | $560 | $451311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 (Call 08/19/26)<sup>(a)</sup> | 555 | 476173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 (Call 12/15/25) | 1920 | 1734773 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/12/24 | 905 | 819913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 06/15/27) | 540 | 442442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 1145 | 1008505 |
|  Golub Capital BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 (Call 07/24/26) | 1320 | 1100241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 (Call 03/15/24) | 785 | 747212 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 490 | 393062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26) | 782 | 667054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 (Call 06/22/25) | 934 | 853452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 (Call 12/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 | 1157886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23225404 |
| **Home Builders — 0.3%** |  |  |
|  DR Horton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26 (Call 09/15/26)<sup>(a)</sup> | 1375 | 1147762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 (Call 09/15/24) | 1079 | 1016807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 (Call 09/15/25) | 708 | 645356 |
|  Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 (Call 01/31/24) | 1575 | 1546333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 (Call 02/28/25) | 1534 | 1490725 |
|  PulteGroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | 960 | 921622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 (Call 12/01/25) | 630 | 619895 |
|  |  | 7388500 |
| **Household Products & Wares — 0.0%** |  |  |
|  Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)<sup>(a)</sup> | 30 | 25047 |
| **Insurance — 1.5%** |  |  |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 (Call 11/15/25) | 627 | 544051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/23<sup>(a)</sup> | 1055 | 1043716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/15/26 (Call 09/15/26) | 1220 | 1136836 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 (Call 05/30/25)<sup>(a)</sup> | 828 | 768544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 (Call 01/01/26) | 1135 | 1081106 |
|  Aon Corp., 2.20%, 11/15/22 | 921 | 920106 |
|  Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27)<sup>(a)</sup> | 1540 | 1366396 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 (Call 03/14/24) | 1284 | 1248176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 (Call 09/15/25) | 715 | 680327 |
|  Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26) | 1295 | 1215504 |
|  Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 1735 | 1562956 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/23 (Call 01/15/23) | 461 | 457632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/11/23 | 110 | 109728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25) | 3206 | 3038782 |
|  Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)<sup>(a)</sup> | 10 | 9033 |
|  Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24) | 861 | 839365 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/03/22 | 837 | 836868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25 | 1110 | 1060569 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/24 | $796 | $774420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 965 | 908521 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 (Call 05/15/27) | 105 | 94921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 (Call 02/15/24)<sup>(a)</sup> | 888 | 867229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 (Call 12/01/25) | 840 | 810313 |
|  CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)<sup>(a)</sup> | 519 | 509600 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 (Call 03/04/25)<sup>(d)</sup> | 425 | 401110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 | 2513766 |
|  Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)<sup>(a)</sup> | 980 | 975198 |
|  Jackson Financial Inc., 1.13%, 11/22/23<sup>(a)</sup> | 175 | 167213 |
|  Lincoln National Corp., 4.00%, 09/01/23<sup>(a)</sup> | 920 | 911684 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/23 (Call 02/15/23)<sup>(a)</sup> | 407 | 401677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 930 | 893760 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 (Call 03/19/27)<sup>(a)</sup> | 1370 | 1211902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26 | 800 | 769551 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24) | 1032 | 1003041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 (Call 12/10/24) | 1056 | 1013702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 (Call 12/14/25)<sup>(a)</sup> | 968 | 921424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | 1860 | 1826418 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25 | 831 | 795175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24 | 1781 | 1741665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 (Call 08/13/25)<sup>(a)</sup> | 694 | 662973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.37%, 09/15/23<sup>(a)</sup> | 2091 | 2076028 |
|  Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26) | 295 | 277685 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27<sup>(a)</sup> | 150 | 134836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 1020 | 910777 |
|  Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)<sup>(a)</sup> | 1235 | 1094296 |
|  Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) | 695 | 662507 |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 (Call 03/15/24)<sup>(a)</sup> | 96 | 92847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 (Call 05/15/27)<sup>(a)</sup> | 2070 | 1948686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45292620 |
| **Internet — 1.6%** |  |  |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 (Call 07/15/25) | 2424 | 2163769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27) | 150 | 126103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26) | 1770 | 1610494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24<sup>(a)</sup> | 1548 | 1524065 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/12/23 | 689 | 673074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/03/23 | 1579 | 1538417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24 | 1498 | 1404538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 (Call 05/03/25) | 2361 | 2136422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 2965 | 2594798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 890 | 756556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/22/23 (Call 01/22/23)<sup>(a)</sup> | 1929 | 1917893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/29/22<sup>(a)</sup> | 1207 | 1205419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24<sup>(a)</sup> | 825 | 802988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24)<sup>(a)</sup> | 3450 | 3334514 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25 | $2095 | $2013719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 1185 | 1097116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27)<sup>(a)</sup> | 2650 | 2487122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24)<sup>(a)</sup> | 1728 | 1697718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25) | 1132 | 1147544 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/23 (Call 02/15/23) | 1028 | 1019563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | 1407 | 1327919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 (Call 12/15/24)<sup>(a)</sup> | 747 | 722974 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 1570 | 1366097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 (Call 02/11/25) | 1688 | 1561456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/30/23 (Call 12/30/22) | 1058 | 1052422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 1353 | 1316214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 (Call 03/05/27)<sup>(a)</sup> | 190 | 174828 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 90 | 84191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25)<sup>(a)</sup> | 1822 | 1760719 |
|  Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)<sup>(d)</sup> | 5110 | 4688024 |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26 | 630 | 601455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/25 | 1250 | 1258049 |
|  VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 12/01/22)<sup>(a)</sup> | 130 | 124798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 01/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 1237477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48528455 |
| **Iron & Steel — 0.1%** |  |  |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 (Call 05/01/25) | 1235 | 1135422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 1000 | 968354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/23/27 (Call 04/23/27) | 1340 | 1277312 |
|  Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup> | 547 | 545350 |
|  |  | 3926438 |
| **Lodging — 0.3%** |  |  |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/01/23 (Call 12/01/22)<sup>(a)</sup> | 565 | 541752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/24 (Call 12/01/22)<sup>(a)</sup> | 1315 | 1226401 |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 (Call 03/15/24) | 1097 | 1071848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 420 | 404505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.75%, 05/01/25 (Call 04/01/25) | 1603 | 1617251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 1300 | 1187740 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 1900 | 1547113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/08/25 (Call 06/08/25) | 245 | 216825 |
|  |  | 7813435 |
| **Machinery — 1.8%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/23 | 273 | 269228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 09/14/23 | 290 | 279564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/17/24 | 1339 | 1249993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24 | 235 | 217019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/07/23 | 567 | 550831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25<sup>(a)</sup> | 1761 | 1559164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26<sup>(a)</sup> | 1070 | 937652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 1090 | 1040534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26 | 983 | 851370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25<sup>(a)</sup> | 779 | 715699 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27<sup>(a)</sup> | $2465 | $2159993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/18/22<sup>(a)</sup> | 705 | 704230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 1490 | 1413238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/29/22 | 599 | 598091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 950 | 921253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24<sup>(a)</sup> | 666 | 643986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25<sup>(a)</sup> | 690 | 666152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/23 | 870 | 863361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 | 885 | 829897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/07/23 | 1064 | 1050211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 | 1125 | 1090531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/24/23 | 475 | 470308 |
|  Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24) | 1823 | 1782248 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 (Call 06/15/26)<sup>(a)</sup> | 950 | 813568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 (Call 12/15/25) | 1000 | 881973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/02/23<sup>(a)</sup> | 1092 | 1066381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 1195 | 1143818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/24 | 1009 | 993394 |
|  CNH Industrial NV, 4.50%, 08/15/23 | 929 | 921717 |
|  Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)<sup>(a)</sup> | 945 | 898945 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/17/23 | 650 | 644252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/10/23 | 426 | 408483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/17/24<sup>(a)</sup> | 805 | 764974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 815 | 759736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 595 | 551817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | 865 | 756347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/10/24 | 450 | 429724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26 | 1805 | 1573348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/06/23<sup>(a)</sup> | 135 | 133068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25<sup>(a)</sup> | 950 | 879741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27 | 1925 | 1687951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27 | 195 | 169879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 | 469 | 441630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27 | 3540 | 3172046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24<sup>(a)</sup> | 1149 | 1114768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24 | 957 | 923351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26<sup>(a)</sup> | 370 | 342308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/06/23<sup>(a)</sup> | 436 | 434857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/23<sup>(a)</sup> | 405 | 403240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/06/23<sup>(a)</sup> | 483 | 479981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 | 30 | 27071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24 | 930 | 907954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | 375 | 361775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25 | 1051 | 1017534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 10/12/23<sup>(a)</sup> | 571 | 565786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/08/25 | 675 | 659142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 760 | 730107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24<sup>(a)</sup> | 370 | 368053 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 (Call 03/05/25) | 1865 | 1725613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 (Call 02/05/27)<sup>(a)</sup> | 520 | 456598 |
|  Rockwell Automation Inc.,<br>0.35%, 08/15/23 (Call 11/14/22) | 350 | 337730 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 05/15/25) | 861 | 800724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26) | 1405 | 1257604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 (Call 02/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | 1366634 |
|  Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26) | 720 | 660928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54899103 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Manufacturing — 0.5%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/23 (Call 01/14/23)<sup>(a)</sup> | $511 | $506739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 01/14/25)<sup>(a)</sup> | 839 | 784185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/23 (Call 02/15/23) | 716 | 709001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 (Call 06/19/26)<sup>(a)</sup> | 840 | 757516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25)<sup>(a)</sup> | 1333 | 1258511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25<sup>(a)</sup> | 1170 | 1108286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 (Call 01/14/24) | 1754 | 1714779 |
|  General Electric Co., 3.10%, 01/09/23 | 65 | 64762 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26) | 622 | 571012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 (Call 12/01/23) | 419 | 411451 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 (Call 05/14/24) | 1533 | 1469806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) | 150 | 137006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/21/24 (Call 08/21/24) | 874 | 838791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 | 2086 | 2028854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 270 | 255971 |
|  Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23 | 938 | 934684 |
|  Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | 1100352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14651706 |
| **Media — 1.8%** |  |  |
|  Charter Communications Operating LLC/Charter |  |  |
|  Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 (Call 01/01/24) | 1976 | 1944923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 (Call 04/23/25)<sup>(a)</sup> | 6226 | 6044366 |
|  Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22<sup>(a)</sup> | 970 | 970436 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26) | 1124 | 1003997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 2160 | 2029659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) | 4160 | 3852317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 185 | 171529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 (Call 11/15/24) | 1795 | 1729077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25)<sup>(a)</sup> | 2147 | 2049320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 (Call 03/15/24) | 3310 | 3247998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25)<sup>(a)</sup> | 3095 | 2992882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/25 | 175 | 174953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 175 | 174921 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/20/23 (Call 02/20/23)<sup>(a)</sup> | 1712 | 1695559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 (Call 12/11/25) | 955 | 906934 |
|  FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)<sup>(a)</sup> | 1550 | 1386329 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 (Call 03/07/25) | 1344 | 1271048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 (Call 12/25/23) | 1762 | 1731837 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | 905 | 798648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25) | 566 | 530730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25) | 1248 | 1215424 |
|  Thomson Reuters Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/26 (Call 02/15/26) | 535 | 497666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/23/23 (Call 08/23/23)<sup>(a)</sup> | 1141 | 1130674 |
|  Time Warner Cable Enterprises LLC, 8.38%, 03/15/23 | 1651 | 1670140 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26 | 876 | 780022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 12/01/22<sup>(a)</sup> | 701 | 700008 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(a)</sup> | $60 | $54538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26<sup>(a)</sup> | 2049 | 1916062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25 | 1720 | 1635902 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 (Call 07/30/24) | 2149 | 2028453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26 | 2543 | 2302266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25 | 2349 | 2258389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 1581 | 1544181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 (Call 07/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | 1285326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27<sup>(a)</sup> | 490 | 462241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54188755 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Precision Castparts Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/23 (Call 12/01/22)<sup>(a)</sup> | 1006 | 1001660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 (Call 03/15/25) | 1113 | 1068379 |
|  |  | 2070039 |
| **Mining — 0.1%** |  |  |
|  BHP Billiton Finance USA Ltd., 3.85%, 09/30/23 | 843 | 834986 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/23 (Call 12/15/22) | 512 | 508902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/24 (Call 08/14/24)<sup>(a)</sup> | 1170 | 1149742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 12/01/22) | 115 | 109893 |
|  Kinross Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 (Call 04/15/27) | 25 | 23258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 (Call 12/15/23) | 980 | 980226 |
|  |  | 3607007 |
| **Office & Business Equipment — 0.1%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 740 | 637086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 (Call 12/01/22) | 535 | 508785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 (Call 06/01/24) | 720 | 713160 |
|  |  | 1859031 |
| **Oil & Gas — 3.0%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26)<sup>(a)</sup> | 2360 | 2158364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 1457 | 1357729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25) | 725 | 686264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27) | 315 | 293046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) | 550 | 512559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 (Call 07/21/25)<sup>(a)</sup> | 1765 | 1712747 |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/06/22<sup>(a)</sup> | 605 | 604807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | 175 | 159801 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 (Call 06/15/25)<sup>(a)</sup> | 1312 | 1197163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 (Call 01/15/24) | 1000 | 975970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27) | 820 | 754400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 (Call 11/01/24) | 843 | 812977 |
|  Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25) | 946 | 943503 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%, 05/11/23 | 1235 | 1212046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 (Call 04/11/25) | 3734 | 3445026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27) | 890 | 787216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 (Call 01/03/24) | 1231 | 1201978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 2465 | 2314406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25) | 754 | 726803 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 08/11/23<sup>(a)</sup> | 806 | 782186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 (Call 07/12/25) | 1228 | 1100112 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | $1492 | $1464619 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/24 (Call 12/01/22)<sup>(a)</sup> | 825 | 794493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23)<sup>(a)</sup> | 1150 | 1086410 |
|  Continental Resources Inc./OK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 (Call 03/01/24) | 1840 | 1773691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup> | 783 | 780300 |
|  Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)<sup>(a)(d)</sup> | 1290 | 1188050 |
|  Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26) | 630 | 577601 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/23 (Call 12/15/22) | 1685 | 1671208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 (Call 01/01/25) | 1290 | 1235757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 1430 | 1387464 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 45 | 40476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 775 | 773679 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25)<sup>(a)</sup> | 290 | 261467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/17/23<sup>(a)</sup> | 665 | 662144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/24 | 1396 | 1358893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/06/25 (Call 03/06/25) | 2449 | 2331401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/27 (Call 02/06/27) | 250 | 229095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24<sup>(a)</sup> | 1240 | 1199051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/24<sup>(a)</sup> | 1707 | 1678935 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 04/15/23<sup>(a)</sup> | 1887 | 1860999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 (Call 07/16/24)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | 2066879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26)<sup>(a)</sup> | 680 | 618799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 (Call 12/06/24) | 2550 | 2432992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/01/23 (Call 01/01/23) | 391 | 388865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25)<sup>(a)</sup> | 3608 | 3453254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 3395 | 3194846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23)<sup>(a)</sup> | 736 | 721156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27) | 775 | 727669 |
|  Hess Corp., 4.30%, 04/01/27 (Call 01/01/27) | 667 | 626354 |
|  Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 945 | 881439 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 (Call 06/15/24) | 1736 | 1677689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 (Call 04/01/25) | 2333 | 2283203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 09/15/26) | 590 | 579001 |
|  Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)<sup>(a)</sup> | 1335 | 1306925 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 (Call 12/01/22) | 993 | 939681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 (Call 01/15/26) | 810 | 709194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/23 | 835 | 831423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 (Call 03/09/25) | 1631 | 1578181 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/23<sup>(a)</sup> | 410 | 400594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 (Call 12/15/25) | 880 | 767515 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/23<sup>(a)</sup> | 317 | 304880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 (Call 10/07/24)<sup>(a)</sup> | 2123 | 2011765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26 | 870 | 793784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25 | 3985 | 3825690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/13/23 (Call 10/13/23) | 1600 | 1577646 |
|  TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23<sup>(a)</sup> | 1470 | 1449452 |

---

S C H E D U L E O F I N V E S T M E N T S 35

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 (Call 10/10/24)<sup>(a)</sup> | $1734 | $1639463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/25/23<sup>(a)</sup> | 65 | 64750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24 | 1580 | 1553448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24<sup>(a)</sup> | 1884 | 1856834 |
|  Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27)<sup>(a)</sup> | 10 | 8561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90092408 |
| **Oil & Gas Services — 0.2%** |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 12/15/23 | 330 | 316276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | 1824105 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 945 | 854094 |
|  Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23) | 2087 | 2059827 |
|  |  | 5054302 |
| **Packaging & Containers — 0.2%** |  |  |
|  Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26) | 1490 | 1374412 |
|  Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25) | 705 | 678124 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 (Call 01/15/24) | 860 | 809019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 (Call 12/15/25) | 735 | 637026 |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 (Call 07/15/24)<sup>(a)</sup> | 555 | 527469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 (Call 06/15/27) | 15 | 13430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 01/15/25)<sup>(a)</sup> | 847 | 809711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26) | 1420 | 1375258 |
|  |  | 6224449 |
| **Pharmaceuticals — 5.1%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/21/22 | 2112 | 2109397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 (Call 10/21/24) | 3665 | 3481858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/14/23 (Call 03/14/23) | 1943 | 1921521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22 | 3570 | 3569327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26) | 5725 | 5228848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 3410 | 3177632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 (Call 02/14/25) | 4390 | 4210875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 (Call 10/14/23)<sup>(a)</sup> | 1975 | 1948967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 3800 | 3667629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 (Call 03/15/24) | 1438 | 1407860 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%, 03/15/23 (Call 12/01/22) | 691 | 680025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 570 | 545578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | 1164 | 1132136 |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 (Call 12/01/22) | 2785 | 2602887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26) | 3367 | 2935574 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 05/26/23 | 1885 | 1837850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26) | 1050 | 901416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27)<sup>(a)</sup> | 105 | 96613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25<sup>(a)</sup> | 1737 | 1654990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/17/23 (Call 07/17/23) | 1833 | 1813056 |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 (Call 04/06/24) | 1600 | 1552740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27)<sup>(a)</sup> | 2975 | 2762337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 (Call 09/15/24) | 1055 | 1024818 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%, 11/13/23 (Call 12/01/22) | $261 | $249574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 1295 | 1144554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/23 (Call 01/15/23)<sup>(a)</sup> | 978 | 972997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 (Call 06/26/24) | 3533 | 3415486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 2119 | 2009577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/23<sup>(a)</sup> | 580 | 571871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/25 (Call 05/15/25) | 185 | 178544 |
|  Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 (Call 04/15/24) | 1745 | 1681999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/23<sup>(a)</sup> | 575 | 571129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 (Call 03/15/27)<sup>(a)</sup> | 125 | 114367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 06/15/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250115 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 (Call 12/01/22) | 823 | 775129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26) | 2023 | 1765334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/23 (Call 05/16/23)<sup>(a)</sup> | 1520 | 1499804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) | 25 | 22386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 1378 | 1314016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 655 | 603153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 (Call 03/17/24)<sup>(a)</sup> | 1099 | 1070827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/23 (Call 06/15/23) | 1586 | 1571283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 3285 | 3174510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25) | 1906 | 1860181 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) | 1950 | 1614540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 (Call 07/15/24)<sup>(a)</sup> | 1741 | 1666307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26) | 2954 | 2717012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 350 | 320642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 (Call 05/12/24) | 1558 | 1512554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27) | 790 | 735643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 (Call 04/20/25) | 3447 | 3328746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 (Call 01/25/25)<sup>(a)</sup> | 1402 | 1368018 |
|  Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25) | 1237 | 1177758 |
|  GlaxoSmithKline Capital Inc., 3.63%, 05/15/25<sup>(a)</sup> | 1328 | 1287269 |
|  GlaxoSmithKline Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%, 10/01/23 (Call 12/01/22) | 1878 | 1805846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 (Call 05/01/24) | 2194 | 2129297 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 (Call 08/01/25) | 727 | 648518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27)<sup>(a)</sup> | 200 | 168985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/23 (Call 01/01/23)<sup>(a)</sup> | 653 | 647241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25) | 890 | 830175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24)<sup>(a)</sup> | 621 | 594543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 705 | 655981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/05/23 | 290 | 286377 |
|  McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 (Call 11/03/25) | 720 | 628015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/26 (Call 07/15/26) | 1885 | 1619372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 (Call 12/15/23) | 1826 | 1793105 |
|  Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | 749 | 723671 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26) | 2124 | 1858903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27)<sup>(a)</sup> | 2765 | 2408412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 (Call 11/10/24) | 3610 | 3449918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/18/23<sup>(a)</sup> | 2279 | 2255286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 (Call 02/07/24) | 1737 | 1693686 |
|  Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23) | 1222 | 1199140 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 (Call 01/14/25) | $741 | $691617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 165 | 147449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 3203 | 3039400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) | 3360 | 3123604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24 | 3387 | 3320393 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 (Call 04/28/25)<sup>(a)</sup> | 1794 | 1627064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(a)</sup> | 465 | 434362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 (Call 02/15/24)<sup>(a)</sup> | 1016 | 992189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/23 | 1977 | 1958181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26 | 1190 | 1110997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/23 (Call 08/15/23)<sup>(a)</sup> | 1446 | 1427880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 | 1737 | 1700772 |
|  Sanofi, 3.38%, 06/19/23 (Call 05/19/23)<sup>(a)</sup> | 1389 | 1376850 |
|  Shire Acquisitions Investments Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/23/23 (Call 07/23/23) | 1880 | 1838510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/26 (Call 06/23/26) | 3545 | 3260375 |
|  Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) | 541 | 535436 |
|  Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26) | 3280 | 2988556 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 (Call 05/22/25) | 1714 | 1530615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27) | 570 | 466183 |
|  Wyeth LLC, 6.45%, 02/01/24 | 768 | 781156 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27) | 75 | 67236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/23 (Call 12/01/22) | 1894 | 1885096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | 1615336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153124987 |
| **Pipelines — 3.3%** |  |  |
|  Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 (Call 04/15/27) | 570 | 529133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 (Call 09/15/24) | 888 | 874187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | 1100 | 1099534 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27) | 1155 | 1126125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 (Call 10/02/24) | 2237 | 2237866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/24 (Call 01/01/24) | 2084 | 2110468 |
|  Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)<sup>(a)</sup> | 1669 | 1629587 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> | 200 | 199000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25) | 270 | 263674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 1000 | 967250 |
|  Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)<sup>(a)</sup> | 884 | 890940 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/04/23 | 650 | 621406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 (Call 09/04/26) | 1638 | 1405895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/25 (Call 12/15/24) | 972 | 910747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/14/25 | 540 | 504606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 (Call 03/10/24) | 1025 | 993643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/27 (Call 04/15/27) | 20 | 18345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (Call 07/01/23) | 1082 | 1065898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 950 | 899110 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 (Call 04/15/25) | 1723 | 1599085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 (Call 12/01/22) | 385 | 383225 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 (Call 02/15/24) | $1170 | $1136315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 (Call 04/15/26) | 875 | 808055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27) | 20 | 18124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 (Call 12/15/24) | 1741 | 1666556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 (Call 01/15/27) | 535 | 492840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) | 726 | 722270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 1026 | 1001947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 (Call 12/15/26)<sup>(a)</sup> | 875 | 811924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 (Call 03/15/24) | 1371 | 1346488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 1463 | 1403474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27) | 960 | 934192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 (Call 10/15/23) | 1640 | 1641421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)<sup>(a)</sup> | 825 | 816750 |
|  Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) | 1104 | 1090213 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> | 1390 | 1382800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25)<sup>(a)</sup> | 1015 | 962223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 (Call 11/15/24) | 2268 | 2182869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 (Call 11/15/23) | 1920 | 1883148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 (Call 11/15/26)<sup>(a)</sup> | 375 | 353767 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/15/23 (Call 12/01/22)<sup>(a)</sup> | 717 | 713325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/23 (Call 06/01/23) | 1113 | 1098582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 (Call 11/01/23)<sup>(a)</sup> | 1255 | 1233982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 (Call 06/01/24) | 1443 | 1409100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24) | 1446 | 1420155 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 (Call 10/15/26)<sup>(a)</sup> | 375 | 323430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/23 (Call 12/15/22)<sup>(a)</sup> | 1068 | 1063105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 (Call 03/01/25)<sup>(a)</sup> | 1915 | 1862566 |
|  Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25) | 672 | 659206 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 2140 | 1867045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 (Call 11/15/24)<sup>(a)</sup> | 758 | 729031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 2005 | 1862401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/23 (Call 04/15/23) | 1870 | 1860147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 (Call 09/01/24) | 1662 | 1637016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 03/01/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672384 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 (Call 08/01/24) | 1400 | 1328378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 (Call 04/13/27) | 210 | 190502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 670 | 666608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/23 (Call 06/01/23)<sup>(a)</sup> | 736 | 743867 |
|  ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24) | 702 | 684989 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/24 (Call 08/01/24)<sup>(a)</sup> | 1555 | 1489813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/23 (Call 07/15/23)<sup>(a)</sup> | 1238 | 1216706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26) | 990 | 930244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 (Call 07/15/25) | 1589 | 1528427 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 1855 | 1787660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/23 (Call 01/15/23)<sup>(a)</sup> | 1932 | 1932331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 (Call 12/01/24) | 2951 | 2937059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 (Call 02/15/24) | 3044 | 3039622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 847 | 843256 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 655 | 599779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 (Call 12/15/24) | 982 | 936291 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 (Call 12/15/23)<sup>(a)</sup> | $| 1977 | $| 1959106 |
|  Targa Resources Corp., 5.20%, 07/01/27 (Call 06/01/27) |  | 1150 |  | 1108750 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 07/15/27 (Call 12/01/22)<sup>(a)</sup> |  | 20 |  | 19849 |
|  TransCanada PipeLines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 (Call 09/12/24) |  | 1440 |  | 1322066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/16/23 (Call 07/16/23)<sup>(a)</sup> |  | 1350 |  | 1328282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25) |  | 801 |  | 782623 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)<sup>(a)</sup> |  | 2027 |  | 2136178 |
|  Williams Companies Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27) |  | 830 |  | 762167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 (Call 10/15/24) |  | 1626 |  | 1570257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 06/15/25) |  | 1377 |  | 1320710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 (Call 12/04/23) |  | 1948 |  | 1917776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 1052 |  | 1042644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 (Call 03/24/24) |  | 1927 |  | 1896298 |
|  |  |  |  | 98418813 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)<sup>(a)</sup> |  | 1007 |  | 976143 |
|  CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25) |  | 1430 |  | 1393030 |
|  |  |  |  | 2369173 |
| **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |
|  Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)<sup>(a)</sup> |  | 1353 |  | 1292820 |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24 |  | 1047 |  | 989585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 (Call 08/15/25) |  | 1060 |  | 933953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) |  | 925 |  | 779118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 (Call 03/15/26) |  | 1375 |  | 1187172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 (Call 02/15/25) |  | 1559 |  | 1442011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26) |  | 335 |  | 293530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 (Call 12/15/24) |  | 1217 |  | 1146959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/23 |  | 1402 |  | 1382304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) |  | 979 |  | 948825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) |  | 910 |  | 823681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/23 |  | 1756 |  | 1751424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27) |  | 435 |  | 389212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27) |  | 1100 |  | 995331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) |  | 678 |  | 647987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 (Call 11/15/25) |  | 958 |  | 915474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 |  | 1763 |  | 1755603 |
|  AvalonBay Communities Inc., 3.45%, 06/01/25 (Call 03/03/25)<sup>(a)</sup> |  | 1383 |  | 1321202 |
|  Boston Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26) |  | 1044 |  | 925396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/23 (Call 06/01/23)<sup>(a)</sup> |  | 999 |  | 978116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 (Call 10/15/24) |  | 1564 |  | 1481948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) |  | 1528 |  | 1415653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/24 (Call 11/01/23) |  | 1336 |  | 1301902 |
|  Brixmor Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 04/15/24) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24) |  | 255 |  | 243150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 (Call 03/15/26) |  | 1025 |  | 942089 |
|  Crown Castle Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26) |  | 4829 |  | 4066925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/23 (Call 06/15/23)<sup>(a)</sup> |  | 793 |  | 780688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 (Call 07/01/24) |  | 893 |  | 860128 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27)<sup>(a)</sup> | $60 | $54228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 430 | 399615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/26) | 25 | 23131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 990 | 948191 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 (Call 06/15/25)<sup>(a)</sup> | 960 | 857589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27) | 385 | 340168 |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27) | 15 | 13652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 (Call 12/15/27) | 400 | 388747 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 896 | 786379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 (Call 06/15/25) | 433 | 385533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 (Call 04/15/26) | 1951 | 1677122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 (Call 10/18/24) | 778 | 732636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 (Call 09/18/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | 1787887 |
|  ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26) | 725 | 657495 |
|  Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)<sup>(a)</sup> | 666 | 636074 |
|  Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23) | 167 | 164026 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 (Call 03/01/25) | 1081 | 1045348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/23 (Call 08/01/23)<sup>(a)</sup> | 514 | 508312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26) | 1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835748 |
|  Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 (Call 05/01/26)<sup>(a)</sup> | 155 | 142004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/27 (Call 04/01/27) | 40 | 36379 |
|  Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26) | 872 | 801376 |
|  Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)<sup>(a)</sup> | 460 | 433317 |
|  Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/26 (Call 07/01/26) | 360 | 318997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/25 (Call 12/01/24) | 1177 | 1119829 |
|  LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)<sup>(a)</sup> | 564 | 524336 |
|  Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27) | 755 | 690107 |
|  Omega Healthcare Investors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 01/01/27) | 335 | 304939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 (Call 10/15/25) | 855 | 818350 |
|  Prologis LP, 2.13%, 04/15/27 (Call 02/15/27) | 150 | 131292 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 1080 | 937310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26) | 920 | 801673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 (Call 06/15/27) | 15 | 13578 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 (Call 10/15/26) | 390 | 351281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/25 (Call 02/15/25) | 795 | 769785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27) | 120 | 111530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26) | 480 | 454055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25) | 1022 | 997752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26) | 245 | 238413 |
|  Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26) | 830 | 760658 |
|  Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)<sup>(a)</sup> | 740 | 671840 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | 4915 | 4162787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 (Call 06/13/24) | 1167 | 1097098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/23 (Call 03/01/23) | 1143 | 1126626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 140 | 127753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 715 | 667180 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24) | $1095 | $1056960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 200 | 182157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 06/01/25)<sup>(a)</sup> | 1572 | 1492514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 575 | 564906 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 1328 | 1262018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 (Call 10/15/25) | 728 | 690644 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/25 | 270 | 255865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 01/15/28) | 1200 | 1094669 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 (Call 12/15/26) | 670 | 592570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 (Call 02/15/24) | 1688 | 1640812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | 2012201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 (Call 01/01/26) | 1210 | 1147006 |
|  WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24) | 395 | 388844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77447752 |
| **Retail — 2.2%** |  |  |
|  AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/23 (Call 04/15/23)<sup>(a)</sup> | 658 | 648290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 (Call 03/15/25) | 1275 | 1223446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/27 (Call 03/01/27) | 770 | 719058 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 1020 | 876805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 (Call 03/18/24) | 2047 | 1988889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27) | 1475 | 1374049 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 (Call 01/15/27) | 775 | 727751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/25 (Call 08/01/25) | 1029 | 993699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24 | 725 | 712359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 (Call 10/01/27) | 600 | 579239 |
|  Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25) | 1915 | 1856664 |
|  Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23) | 870 | 802256 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26) | 795 | 716500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(a)</sup> | 130 | 117504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/01/23 (Call 01/01/23)<sup>(a)</sup> | 915 | 907854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | 770 | 732143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27)<sup>(a)</sup> | 15 | 13630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27)<sup>(a)</sup> | 3380 | 3104910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 1922 | 1807148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 1268 | 1216974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 1581 | 1565561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25)<sup>(a)</sup> | 365 | 357335 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26) | 2246 | 2056301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 680 | 620907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27) | 850 | 785741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 1881 | 1786806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/23 (Call 06/15/23)<sup>(a)</sup> | 850 | 842449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 (Call 03/15/25) | 1844 | 1797863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 | 1290 | 1264760 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/01/25 (Call 08/01/25)<sup>(a)</sup> | 1060 | 965215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/10/24<sup>(a)</sup> | 626 | 609365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25 (Call 06/01/25) | 1796 | 1727170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/23 (Call 03/01/23) | 338 | 335664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 (Call 02/26/25) | 1820 | 1747139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 775 | 726827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27) | 1165 | 1084029 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | $1823 | $1750231 |
|  O'Reilly Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 1303 | 1229774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27)<sup>(a)</sup> | 10 | 9183 |
|  Ross Stores Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 (Call 03/15/26) | 837 | 719298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 (Call 03/15/25) | 1670 | 1635884 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 (Call 01/12/27) | 475 | 413804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> | 495 | 451456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/23 (Call 02/01/23) | 954 | 947387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 (Call 06/15/25)<sup>(a)</sup> | 1734 | 1679347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/23 (Call 07/01/23) | 837 | 827347 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 1340 | 1198641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 (Call 03/15/25) | 3137 | 2945690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 | 1308 | 1209049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24 | 2488 | 2434487 |
|  TJX Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 880 | 793715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/23 (Call 02/15/23) | 596 | 588898 |
|  Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22) | 400 | 382680 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 12/15/22 (Call 12/01/22)<sup>(a)</sup> | 1392 | 1389165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/11/23 (Call 01/11/23) | 1043 | 1032827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/24 (Call 10/15/24) | 80 | 76783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 (Call 06/08/24)<sup>(a)</sup> | 854 | 829143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26)<sup>(a)</sup> | 910 | 865976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | 2216665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/26/23 (Call 05/26/23) | 600 | 595643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 (Call 04/26/25) | 790 | 768834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66384207 |
| **Semiconductors — 1.9%** |  |  |
|  Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)<sup>(a)</sup> | 1800 | 1699252 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> | 1145 | 1076310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25)<sup>(a)</sup> | 1310 | 1274302 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 (Call 11/15/23) | 1765 | 1728271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 3658 | 3361706 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25) | 2508 | 2338122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26) | 610 | 560511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 (Call 09/15/24) | 1239 | 1197773 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26)<sup>(a)</sup> | 2545 | 2353466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/22<sup>(a)</sup> | 2122 | 2118325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 1663 | 1613835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 35 | 32331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 (Call 02/25/25) | 2595 | 2507944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 1729 | 1678334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27)<sup>(a)</sup> | 1355 | 1284971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 350 | 328970 |
|  KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)<sup>(a)</sup> | 752 | 748184 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 1758 | 1685555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 1088 | 1059570 |
|  Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26) | 1656 | 1431635 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
|  Microchip Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24 | $265 | $243227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 09/01/23<sup>(a)</sup> | 237 | 232125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 (Call 12/01/22) | 1780 | 1698417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 06/01/23 (Call 05/01/23) | 824 | 818840 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26) | 2440 | 2263872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 (Call 12/06/25) | 635 | 618292 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%, 06/15/23 (Call 12/01/22) | 140 | 136134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 2680 | 2500389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26) | 1135 | 1066528 |
|  NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 02/01/24) | 1825 | 1804252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 (Call 01/01/26) | 780 | 759811 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 (Call 04/01/25) | 837 | 773090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 03/01/27) | 80 | 70837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26)<sup>(a)</sup> | 555 | 516117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 (Call 05/01/27)<sup>(a)</sup> | 745 | 697322 |
|  Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)<sup>(d)</sup> | 575 | 525350 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 01/30/23 (Call 12/30/22)<sup>(a)</sup> | 1580 | 1572177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 (Call 03/20/24)<sup>(a)</sup> | 1777 | 1721825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27)<sup>(a)</sup> | 3385 | 3144380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 (Call 02/20/25)<sup>(a)</sup> | 1477 | 1424050 |
|  Skyworks Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/23 (Call 11/16/22) | 325 | 315691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/26 (Call 05/01/26) | 1067 | 910819 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 (Call 08/15/26) | 885 | 770904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 (Call 02/12/25) | 1387 | 1280984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/23 (Call 02/01/23)<sup>(a)</sup> | 406 | 401321 |
|  Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | 1738674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58084795 |
| **Shipbuilding — 0.0%** |  |  |
|  Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25) | 397 | 378275 |
| **Software — 3.1%** |  |  |
|  Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26) | 1485 | 1399209 |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/01/23 | 592 | 587543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 (Call 01/01/25) | 1096 | 1028846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 1070 | 960380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 1369 | 1323485 |
|  Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27) | 260 | 238230 |
|  Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26) | 1120 | 1032497 |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/01/23 | 650 | 641176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24<sup>(a)</sup> | 1575 | 1479812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 (Call 02/01/26) | 2482 | 2143022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/25 | 445 | 432869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/27 (Call 06/15/27)<sup>(a)</sup> | 925 | 884965 |
|  Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 (Call 04/01/27)<sup>(a)</sup> | 475 | 410769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 (Call 06/01/24) | 2605 | 2493046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 3035 | 2784833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/23 (Call 09/01/23) | 1775 | 1748931 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 (Call 03/01/25) | $1505 | $1444220 |
|  Intuit Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/15/23<sup>(a)</sup> | 1212 | 1176098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 (Call 06/15/25) | 1531 | 1377798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 (Call 05/15/27)<sup>(a)</sup> | 890 | 751153 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/08/23 (Call 06/08/23)<sup>(a)</sup> | 1899 | 1866725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/15/22 | 407 | 406739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/01/23 (Call 02/01/23)<sup>(a)</sup> | 1564 | 1548407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26) | 5277 | 4881570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 (Call 11/12/24) | 2710 | 2599879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 (Call 12/06/23)<sup>(a)</sup> | 3268 | 3202101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25) | 1905 | 1831665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | 4530 | 4305432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/23 (Call 09/15/23)<sup>(a)</sup> | 1926 | 1907310 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26)<sup>(a)</sup> | 3697 | 3249164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/15/23 (Call 07/15/23)<sup>(a)</sup> | 3280 | 3198451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 (Call 03/01/25)<sup>(a)</sup> | 4700 | 4392593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/23 (Call 01/15/23) | 1783 | 1771036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26) | 5292 | 4756765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27)<sup>(a)</sup> | 2595 | 2293336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 (Call 09/15/24) | 2942 | 2808345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 (Call 02/15/25)<sup>(a)</sup> | 837 | 786855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24)<sup>(a)</sup> | 3377 | 3275810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/23<sup>(a)</sup> | 1541 | 1524181 |
|  Roper Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 1793 | 1587387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 (Call 07/15/27) | 20 | 16441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 (Call 08/15/24) | 872 | 828415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/23 (Call 08/15/23) | 1264 | 1248231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 (Call 09/15/26) | 1029 | 963318 |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 (Call 12/01/22) | 2330 | 2170470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/11/23 (Call 03/11/23) | 728 | 722711 |
|  Take-Two Interactive Software Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24 | 385 | 373431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25 | 870 | 830124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 (Call 03/14/27) | 2420 | 2236652 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/15/23 | 716 | 689209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 (Call 12/01/22) | 760 | 701437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 (Call 07/15/26) | 2745 | 2344502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27) | 1130 | 1035403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 (Call 04/15/25) | 1532 | 1493583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 (Call 03/15/27) | 365 | 345451 |
|  Workday Inc., 3.50%, 04/01/27 (Call 03/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | 995952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93527963 |
| **Telecommunications — 2.2%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 (Call 11/14/22)<sup>(a)</sup> | 2497 | 2356596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 4455 | 3931791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 3732 | 3257329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26)<sup>(a)</sup> | 1505 | 1408695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26)<sup>(a)</sup> | 1355 | 1296600 |
|  Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24 | 1300 | 1223283 |
|  British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23) | 1013 | 999838 |

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40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | <br> *Par*<br> *(000)* | *Value* | *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
|  Cisco Systems Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/23 (Call 07/20/23)<sup>(a)</sup> | $| 887 | $| 867523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26)<sup>(a)</sup> |  | 1213 |  | 1120383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/28/23<sup>(a)</sup> |  | 325 |  | 322833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 |  | 1555 |  | 1469721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 |  | 1010 |  | 980435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24 |  | 1642 |  | 1617346 |
|  Rogers Communications Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 (Call 08/15/26)<sup>(a)</sup> |  | 280 |  | 251106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 03/15/23)<sup>(d)</sup> |  | 1330 |  | 1253879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/23 (Call 12/15/22) |  | 612 |  | 607902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(a)(d)</sup> |  | 2130 |  | 1934649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 (Call 09/15/25) |  | 1599 |  | 1494710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/23 (Call 07/01/23) |  | 1328 |  | 1311082 |
|  Telefonica Emisiones SA, 4.10%, 03/08/27 |  | 3100 |  | 2836839 |
|  TELUS Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 (Call 11/16/26) |  | 855 |  | 772123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 (Call 06/15/27) |  | 25 |  | 23146 |
|  T-Mobile USA Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) |  | 1100 |  | 965506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23) |  | 2610 |  | 2343785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) |  | 2555 |  | 2307761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 03/15/25) |  | 3707 |  | 3531766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) |  | 5770 |  | 5320553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 11/14/22)<sup>(a)</sup> |  | 835 |  | 813817 |
|  Verizon Communications Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24<sup>(a)</sup> |  | 630 |  | 594786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 (Call 10/20/25) |  | 556 |  | 488315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26)<sup>(a)</sup> |  | 3063 |  | 2699832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26<sup>(a)</sup> |  | 3110 |  | 2827881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27) |  | 4900 |  | 4441910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 |  | 2519 |  | 2430855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 (Call 08/01/24)<sup>(a)</sup> |  | 2375 |  | 2305092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27<sup>(a)</sup> |  | 380 |  | 361628 |
|  Vodafone Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/19/23<sup>(a)</sup> |  | 305 |  | 302934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/16/24<sup>(a)</sup> |  | 552 |  | 544372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 |  | 2047794 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65666396 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
|  Hasbro Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 (Call 10/19/24) |  | 864 |  | 820181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/27 (Call 06/15/27) |  | 55 |  | 49429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 (Call 09/19/26)<sup>(a)</sup> |  | 1410 |  | 1290791 |
|  |  |  |  | 2160401 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/23 (Call 12/15/22) |  | 412 |  | 409213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25)<sup>(a)</sup> |  | 1259 |  | 1204460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) |  | 380 |  | 352549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 (Call 06/01/24) |  | 1203 |  | 1169236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24) |  | 855 |  | 840037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/23 (Call 06/01/23)<sup>(a)</sup> |  | 1624 |  | 1611056 |
|  Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25) |  | 1272 |  | 1178043 |
|  Canadian Pacific Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/24 (Call 12/02/22)<sup>(a)</sup> |  | 905 |  | 835029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 (Call 11/02/26) |  | 1645 |  | 1428110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 (Call 11/01/24) |  | 1034 |  | 982561 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
|  CSX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | $| 95 | $86142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 (Call 03/01/27) |  | 955 | 875065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 (Call 08/01/25) |  | 755 | 714591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 (Call 05/01/24)<sup>(a)</sup> |  | 1538 | 1494970 |
|  FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> |  | 1357 | 1276489 |
|  Norfolk Southern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/15/23 (Call 12/01/22) |  | 1362 | 1356423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> |  | 175 | 161834 |
|  Ryder System Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) |  | 1010 | 961856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 (Call 02/18/24) |  | 928 | 906799 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26)<sup>(a)</sup> |  | 760 | 677314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) |  | 1280 | 1191054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27)<sup>(a)</sup> |  | 150 | 137336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 (Call 02/01/24) |  | 942 | 920292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) |  | 755 | 721438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/08/23 (Call 05/08/23)<sup>(a)</sup> |  | 931 | 922891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25) |  | 916 | 888093 |
|  United Parcel Service Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 (Call 08/15/26) |  | 1454 | 1320181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/23 (Call 03/01/23)<sup>(a)</sup> |  | 245 | 243073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24) |  | 736 | 705292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) |  | 1676 | 1638332 |
|  Walmart Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26) |  | 1740 | 1514336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) |  | 620 | 599905 |
|  |  |  | 29324000 |
| **Water — 0.0%** |  |  |  |
|  American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24) |  | 940 | 901955 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $3,159,623,857)** | **Total Long-Term Investments — 98.9%<br>(Cost: $3,159,623,857)** | **Total Long-Term Investments — 98.9%<br>(Cost: $3,159,623,857)** | &nbsp;&nbsp;&nbsp;&nbsp;2960324717 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 7.9%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222045 | 222000166 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup> |  | 15158 | 15158000 |
|  **Total Short-Term Securities — 7.9%<br>(Cost: $237,157,846)** | **Total Short-Term Securities — 7.9%<br>(Cost: $237,157,846)** | **Total Short-Term Securities — 7.9%<br>(Cost: $237,157,846)** | 237158166 |
|  **Total Investments — 106.8%<br>(Cost: $3,396,781,703)** | **Total Investments — 106.8%<br>(Cost: $3,396,781,703)** | **Total Investments — 106.8%<br>(Cost: $3,396,781,703)** | 3197482883 |
|  **Liabilities in Excess of Other Assets — (6.8)%** | **Liabilities in Excess of Other Assets — (6.8)%** | **Liabilities in Excess of Other Assets — (6.8)%** | (204676531) |
|  **Net Assets — 100.0%** |  |  | $2992806352 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

S C H E D U L E O F I N V E S T M E N T S 41

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year Investment Grade Corporate Bond ETF** |

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $124111752 | $97988066 <sup>(a)</sup> | $— | $(60761) | $(38891) | $222000166 | 222045 | $351813 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1718000 | 13440000 <sup>(a)</sup> |  |  |  | 15158000 | 15158 | 251531 |  |
|  |  |  |  | $(60761) | $(38891) | $237158166 |  | $603344 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $2960324717 | $— | $2960324717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 237158166 |  |  | 237158166 |
|  | $237158166 | $2960324717 | $— | $3197482883 |

---

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Aerospace & Defense — 0.8%** |  |  |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | $215 | $187794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 (Call 05/15/26) | 190 | 170854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 (Call 03/01/31) | 185 | 150568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 (Call 09/15/24) | 105 | 99553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27 (Call 08/15/27) | 228 | 202763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/41 (Call 12/01/40) | 80 | 55698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 115 | 110567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 57 | 55221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27) | 32 | 30085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/42 (Call 05/15/42)<sup>(a)</sup> | 108 | 82932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 (Call 01/01/30) | 380 | 346100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 (Call 02/15/28) | 274 | 256143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39) | 369 | 317680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 207 | 173075 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 184 | 117145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25) | 117 | 112628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/35 (Call 09/01/34) | 178 | 152437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44) | 390 | 301610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32)<sup>(a)</sup> | 260 | 237827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42 | 383 | 314435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52) | 381 | 301474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) | 455 | 364915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/62 (Call 12/15/61) | 200 | 159900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/36 (Call 11/15/35)<sup>(a)</sup> | 145 | 131805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | 463 | 409014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/25 | 40 | 40037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 | 70 | 70151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 100 | 100322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 295 | 297599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 275 | 279749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.15%, 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | 220968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851049 |
| **Agriculture — 0.7%** |  |  |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 (Call 05/11/26) | 403 | 368451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) | 200 | 125344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31) | 120 | 100265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 (Call 12/27/29) | 410 | 361940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 268 | 232961 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 230 | 196809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25) | 265 | 241484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(a)</sup> | 205 | 150566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30) | 266 | 203064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25)<sup>(a)</sup> | 324 | 297348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 (Call 04/01/24) | 145 | 140028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 (Call 05/17/27)<sup>(a)</sup> | 240 | 215957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/28 (Call 12/02/27)<sup>(a)</sup> | 60 | 52439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 287 | 276332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 240 | 227815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 209 | 178760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 | 285 | 188978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 | 214 | 145854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 | 388 | 269388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41 | 321 | 231935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/42 | 296 | 216346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43<sup>(a)</sup> | $272 | $209111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 470 | 438308 |
|  |  | 5069483 |
| **Airlines — 0.2%** |  |  |
|  American Airlines Pass Through Trust, Series A, Class A, 2.88%, 01/11/36 | 175 | 136239 |
|  Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29 | 70 | 59503 |
|  JetBlue Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Class A, 4.00%, 05/15/34<sup>(a)</sup> | 86 | 75082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 2.75%, 11/15/33<sup>(a)</sup> | 175 | 139651 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 01/07/30 | 291 | 248780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 09/01/31 | 249 | 210944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Class AA, 4.15%, 08/25/31<sup>(a)</sup> | 62 | 54524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class AA, 2.70%, 11/01/33 | 238 | 188863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | 688754 |
|  |  | 1802340 |
| **Apparel — 0.3%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26) | 465 | 423169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 (Call 02/27/25) | 288 | 272247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 401 | 367821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 (Call 12/27/29)<sup>(a)</sup> | 362 | 314060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39) | 297 | 225738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/46 (Call 05/01/46) | 235 | 171153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(a)</sup> | 545 | 397114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 (Call 11/01/42) | 247 | 191521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45)<sup>(a)</sup> | 335 | 267427 |
|  Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)<sup>(a)</sup> | 140 | 117006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747256 |
| **Auto Manufacturers — 1.8%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/12/24 | 307 | 284589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 | 300 | 278361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25<sup>(a)</sup> | 300 | 267432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25 | 330 | 297706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26 | 185 | 160497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25 | 470 | 435977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/31<sup>(a)</sup> | 35 | 26815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28 | 405 | 340188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 | 355 | 336757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/29 | 265 | 220970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26 | 361 | 322391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27 | 147 | 130690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 | 251 | 240257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 | 244 | 237258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 | 21 | 19119 |
|  Cummins Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 (Call 08/01/25) | 272 | 242213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 (Call 06/01/30) | 318 | 242885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/50 (Call 03/01/50)<sup>(a)</sup> | 245 | 144780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/43 (Call 04/01/43) | 170 | 151239 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 03/10/25 (Call 02/10/25) | 300 | 281607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27) | 290 | 259425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 (Call 12/10/31) | 300 | 248430 |
|  Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31 | 325 | 379015 |

---

S C H E D U L E O F I N V E S T M E N T S 43

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | $170 | $165398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25 | 435 | 420884 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 (Call 02/25/24) | 120 | 113012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 (Call 02/25/26) | 486 | 429308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24<sup>(a)</sup> | 265 | 254164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/25/31 (Call 12/25/30)<sup>(a)</sup> | 200 | 163096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 07/02/29 | 55 | 47699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/28 | 26 | 24063 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 150 | 139535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24 | 280 | 258504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25<sup>(a)</sup> | 450 | 397840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 70 | 61146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26 | 395 | 343006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27<sup>(a)</sup> | 360 | 299142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 | 410 | 380066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31 | 205 | 156171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25 | 458 | 427126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 | 230 | 201572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28 | 255 | 215886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/31 | 185 | 141170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 | 285 | 269288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30<sup>(a)</sup> | 235 | 192162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24<sup>(a)</sup> | 325 | 314246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24 | 313 | 303804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 | 438 | 417655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 130 | 119009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28 | 150 | 135699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 | 307 | 283950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 | 180 | 159957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25 | 70 | 67378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 | 265 | 255153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29<sup>(a)</sup> | 165 | 151391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25 | 50 | 48729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 | 300 | 297069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29<sup>(a)</sup> | 535 | 513145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | 301553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14017577 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Magna International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/30 (Call 03/15/30) | 141 | 112927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 (Call 03/15/24) | 314 | 306395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 (Call 07/01/25) | 378 | 367333 |
|  |  | 786655 |
| **Banks — 35.3%** |  |  |
|  Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25 | 350 | 335829 |
|  Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25 | 385 | 336267 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(b)</sup> | 490 | 399845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 500 | 426800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24 | 355 | 337211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 | 610 | 553856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31 | 255 | 189042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29<sup>(a)</sup> | 405 | 337636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 500 | 394745 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28 | $443 | $376413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 610 | 591194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(b)</sup> | 315 | 277430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 | 230 | 207681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28 | 483 | 424456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25<sup>(a)</sup> | 200 | 192378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 400 | 369300 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24),<br>(SOFR + 0.690%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24),<br>(SOFR + 0.910%)<sup>(b)</sup> | 556 | 505226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 (Call 10/24/25),<br>(SOFR + 1.010%)<sup>(b)</sup> | 510 | 442471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25),<br>(SOFR + 1.150%)<sup>(b)</sup> | 381 | 336530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 (Call 12/06/24),<br>(SOFR + 0.650%)<sup>(b)</sup> | 460 | 419377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26),<br>(SOFR + 0.960%)<sup>(b)</sup> | 670 | 572709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 (Call 02/04/24),<br>(SOFR + 0.670%)<sup>(b)</sup> | 480 | 454752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 (Call 07/23/30),<br>(SOFR + 1.530%)<sup>(b)</sup> | 500 | 370955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 (Call 10/24/30),<br>(SOFR + 1.370%)<sup>(b)</sup> | 530 | 389380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 (Call 02/13/25),<br>(3 mo. LIBOR US + 0.640%)<sup>(b)</sup> | 235 | 215034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28),<br>(SOFR + 1.060%)<sup>(b)</sup> | 620 | 501704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 (Call 07/21/31),<br>(SOFR + 1.220%)<sup>(b)</sup> | 560 | 414618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 (Call 10/22/24),<br>(3 mo. LIBOR US + 0.870%)<sup>(b)</sup> | 337 | 314263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30),<br>(3 mo. LIBOR US + 0.990%)<sup>(b)</sup> | 600 | 471030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27),<br>(SOFR + 1.050%)<sup>(b)</sup> | 560 | 484333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 (Call 10/20/31),<br>(SOFR + 1.210%)<sup>(b)</sup> | 600 | 453102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30),<br>(SOFR + 2.150%)<sup>(b)</sup> | 594 | 469551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40),<br>(SOFR + 1.930%)<sup>(b)</sup> | 485 | 307461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.320%)<sup>(b)</sup> | 765 | 590419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50),<br>(SOFR + 1.880%)<sup>(b)</sup> | 180 | 104737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 (Call 10/22/29),<br>(3 mo. LIBOR US + 1.190%)<sup>(b)</sup> | 245 | 199763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 (Call 02/04/32),<br>(SOFR + 1.330%)<sup>(b)</sup> | 680 | 526918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51),<br>(SOFR + 1.560%)<sup>(b)</sup> | 410 | 243479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 (Call 10/01/24),<br>(3 mo. LIBOR US + 1.090%)<sup>(b)</sup> | 453 | 428842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 (Call 07/23/29),<br>(3 mo. LIBOR US + 1.180%)<sup>(b)</sup> | 421 | 352259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26) | 634 | 566301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.580%)<sup>(b)</sup> | 530 | 366490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 (Call 01/23/25),<br>(3 mo. LIBOR US + 0.810%)<sup>(b)</sup> | 125 | 117789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 (Call 04/02/25),<br>(SOFR + 1.330%)<sup>(b)</sup> | 560 | 525890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27),<br>(3 mo. LIBOR US + 1.040%)<sup>(b)</sup> | 757 | 668537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 (Call 03/15/24),<br>(3 mo. LIBOR US + 0.970%)<sup>(b)</sup> | 380 | 366347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 515 | 481432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26),<br>(3 mo. LIBOR US + 1.060%)<sup>(b)</sup> | 557 | 512602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27),<br>(3 mo. LIBOR US + 1.370%)<sup>(b)</sup> | 184 | 164939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27),<br>(3 mo. LIBOR US + 1.512%)<sup>(b)</sup> | 265 | 239814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27),<br>(3 mo. LIBOR US + 1.575%)<sup>(b)</sup> | 490 | 447987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 (Call 04/25/24),<br>(SOFR + 1.110%)<sup>(b)</sup> | 275 | 266065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25<sup>(a)</sup> | 443 | 428075 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48),<br>(3 mo. LIBOR US + 1.19%)<sup>(b)</sup> | $249 | $177876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 (Call 03/05/28),<br>(3 mo. LIBOR US + 1.070%)<sup>(b)</sup> | 369 | 331521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 (Call 02/07/29),<br>(3 mo. LIBOR US + 1.210%)<sup>(b)</sup> | 585 | 517643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 | 90 | 88727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39),<br>(3 mo. LIBOR US + 1.32%)<sup>(b)</sup> | 313 | 243821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50),<br>(3 mo. LIBOR US + 3.15%)<sup>(b)</sup> | 708 | 525534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37),<br>(3 mo. LIBOR US + 1.814%)<sup>(b)</sup> | 373 | 302962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 (Call 07/23/28),<br>(3 mo. LIBOR US + 1.310%)<sup>(b)</sup> | 558 | 506937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49),<br>(3 mo. LIBOR US + 1.520%)<sup>(b)</sup> | 494 | 383853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27),<br>(SOFR + 1.580%)<sup>(b)</sup> | 425 | 395284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47),<br>(3 mo. LIBOR US + 1.990%)<sup>(b)</sup> | 295 | 233507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32),<br>(SOFR + 1.830%)<sup>(b)</sup> | 690 | 612485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(b)</sup> | 410 | 398602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 | 20 | 16483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 387 | 330796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(b)</sup> | 520 | 477256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42 | 323 | 309973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26),<br>(SOFR + 0.910%)<sup>(b)</sup> | 525 | 453379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31),<br>(SOFR + 1.220%)<sup>(b)</sup> | 431 | 332241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52 (Call 03/13/51),<br>(SOFR + 1.650%)<sup>(b)</sup> | 180 | 118910 |
|  Bank of America NA, 6.00%, 10/15/36 | 366 | 356111 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 619 | 572160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(b)</sup> | 445 | 383928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 510 | 433872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 | 475 | 436140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25<sup>(a)</sup> | 457 | 419636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24 | 570 | 546106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24 | 550 | 525239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27<sup>(a)</sup> | 390 | 345599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25 | 520 | 498129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24 | 603 | 588341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 | 50 | 48955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 100 | 95792 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 (Call 03/26/24) | 195 | 182384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 330 | 288463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26) | 400 | 340176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) | 540 | 494483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 (Call 05/14/28)<sup>(a)</sup> | 160 | 130112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/31 (Call 10/28/30) | 235 | 176102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 (Call 04/28/31)<sup>(a)</sup> | 75 | 55855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26) | 30 | 26362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 | 411 | 387869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26) | 408 | 369958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26) | 377 | 349094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 (Call 07/30/28) | 211 | 181418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | $326 | $315956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27) | 198 | 182978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29) | 330 | 285582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25) | 290 | 278870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24) | 386 | 376331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 163 | 148235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 (Call 06/13/24)<sup>(b)</sup> | 90 | 87226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 (Call 02/07/27),<br>(3 mo. LIBOR US + 1.069%)<sup>(b)</sup> | 356 | 325768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28 | 70 | 65072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/13/28 (Call 06/13/27)<sup>(b)</sup> | 245 | 228205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 06/13/33 (Call 06/13/32)<sup>(b)</sup> | 260 | 232315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(b)</sup> | 45 | 43688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 (Call 07/26/29)<sup>(b)</sup> | 225 | 210623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28<sup>(a)</sup> | 40 | 40280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 | 180 | 180461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 3.65%, 02/04/24 (Call 01/05/24) | 436 | 428605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) | 348 | 332138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 200 | 183978 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 570 | 532226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 155 | 134360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25<sup>(a)</sup> | 445 | 399668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 | 330 | 281335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 155 | 134030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 550 | 503921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27 | 70 | 60477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/01/31 | 165 | 122722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 | 521 | 485015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 03/11/24 | 310 | 298418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32 | 445 | 334213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26 | 299 | 269578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 | 235 | 210490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | 181 | 176853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 | 580 | 551998 |
|  Barclays Bank PLC, 3.75%, 05/15/24 | 280 | 273017 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26 | 280 | 255133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24<sup>(a)</sup> | 590 | 574288 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25<sup>(a)</sup> | 320 | 280582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/18/24 | 560 | 514136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 295 | 252367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 | 508 | 473649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24<sup>(a)</sup> | 520 | 504057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25 | 265 | 251890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27<sup>(a)</sup> | 245 | 223477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 (Call 03/07/32)<sup>(a)</sup> | 130 | 107307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 | 385 | 369704 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 10/30/24 (Call 10/30/23),<br>(SOFR + 0.686%)<sup>(b)</sup> | 7 | 6617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24),<br>(SOFR + 0.669%)<sup>(b)</sup> | 815 | 751813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26),<br>(SOFR + 0.765%)<sup>(b)</sup> | 315 | 267917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 (Call 11/03/24),<br>(SOFR + 0.528%)<sup>(b)</sup> | 435 | 394262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(b)</sup> | 1011 | 858875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 (Call 01/25/25),<br>(SOFR + 0.694%)<sup>(b)</sup> | 660 | 603148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 (Call 11/03/31),<br>(SOFR + 1.177%)<sup>(b)</sup> | 645 | 482776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31),<br>(SOFR + 1.167%)<sup>(b)</sup> | 950 | 724042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30),<br>(SOFR + 2.107%)<sup>(b)</sup> | 1003 | 785660 |

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S C H E D U L E O F I N V E S T M E N T S 45

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)<sup>(b)</sup> | $901 | $716637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41),<br>(SOFR + 1.379%)<sup>(a)(b)</sup> | 255 | 161237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 (Call 11/05/29),<br>(SOFR + 1.422%)<sup>(b)</sup> | 838 | 683808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)<sup>(b)</sup> | 955 | 745970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)<sup>(b)</sup> | 900 | 794565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)<sup>(b)</sup> | 723 | 674769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 494 | 450296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)<sup>(b)</sup> | 605 | 567066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25 | 544 | 516376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24),<br>(3 mo. LIBOR US + 0.897%)<sup>(b)</sup> | 943 | 905525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | 635 | 589578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27),<br>(3 mo. LIBOR US + 1.151%)<sup>(b)</sup> | 811 | 717962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27),<br>(3 mo. LIBOR US + 1.390%)<sup>(b)</sup> | 884 | 792515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 660 | 620512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24 | 606 | 592832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)<sup>(b)</sup> | 830 | 686775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 (Call 01/24/38),<br>(3 mo. LIBOR US + 1.168%)<sup>(b)</sup> | 266 | 203197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27),<br>(3 mo. LIBOR US + 1.563%)<sup>(b)</sup> | 531 | 486279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29),<br>(3 mo. LIBOR US + 1.338%)<sup>(b)</sup> | 600 | 528810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 (Call 04/23/28),<br>(3 mo. LIBOR US + 1.192%)<sup>(b)</sup> | 699 | 629715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)<sup>(a)(b)</sup> | 115 | 111709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47),<br>(3 mo. LIBOR US + 1.839%)<sup>(b)</sup> | 336 | 256778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)<sup>(b)</sup> | 824 | 734044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45 | 289 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | 703 | 565409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)<sup>(a)(b)</sup> | 255 | 240253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 (Call 05/24/32)<sup>(b)</sup> | 845 | 768773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)<sup>(b)</sup> | 400 | 355756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 (Call 09/29/25)<sup>(b)</sup> | 860 | 848399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42 | 395 | 368871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | 608 | 703651 |
|  Comerica Bank, 2.50%, 07/23/24 | 260 | 247541 |
|  Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28) | 395 | 360295 |
|  Cooperatieve Rabobank UA, 5.25%, 05/24/41 | 591 | 550546 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25 | 380 | 348973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25 | 370 | 353428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337269 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 235 | 214576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | 485 | 387229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25 | 675 | 604051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24 | 615 | 571741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 445 | 407157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24 | 295 | 280082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 500 | 449740 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24 | 400 | 367152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26 | 750 | 645450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 05/13/25<sup>(a)</sup> | 265 | 252908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | $155 | $135822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 (Call 06/28/25) | 405 | 391291 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)<sup>(b)</sup> | 207 | 183489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)<sup>(a)(b)</sup> | 675 | 580864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)<sup>(b)</sup> | 400 | 342296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)<sup>(b)</sup> | 787 | 660946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)<sup>(b)</sup> | 810 | 765280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(b)</sup> | 980 | 832775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)<sup>(b)</sup> | 515 | 375821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 | 831573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29)<sup>(a)</sup> | 681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)<sup>(b)</sup> | 1020 | 779280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)<sup>(b)</sup> | 680 | 587996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)<sup>(b)</sup> | 630 | 475984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)<sup>(b)</sup> | 442 | 275706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 | 300 | 290097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)<sup>(b)</sup> | 985 | 772171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)<sup>(b)</sup> | 617 | 409972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24),<br>(3 mo. LIBOR US + 1.201%)<sup>(b)</sup> | 707 | 670151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)<sup>(b)</sup> | 565 | 385437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 684 | 654697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 763 | 722767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 721 | 662585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(b)</sup> | 855 | 770569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24) | 151 | 147637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27),<br>(3 mo. LIBOR US + 1.510%)<sup>(b)</sup> | 885 | 795349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 574 | 546769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 585 | 549666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29) | 868 | 748780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 (Call 04/23/28),<br>(3 mo. LIBOR US + 1.158%)<sup>(b)</sup> | 623 | 552769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24) | 847 | 827866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 797 | 739616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | 603 | 592025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37),<br>(3 mo. LIBOR US + 1.373%)<sup>(b)</sup> | 653 | 507714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 (Call 05/01/28),<br>(3 mo. LIBOR US + 1.301%)<sup>(b)</sup> | 742 | 671436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 (Call 06/15/26)<sup>(b)</sup> | 35 | 32899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38),<br>(3 mo. LIBOR US + 1.430%)<sup>(b)</sup> | 420 | 340817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(b)</sup> | 730 | 678433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45) | 360 | 291712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 463 | 378868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(a)</sup> | 373 | 372978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 749 | 734185 |
|  HSBC Bank USA NA, 7.00%, 01/15/39 | 235 | 235743 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)<sup>(b)</sup> | 825 | 750230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)<sup>(b)</sup> | 390 | 365957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)<sup>(b)</sup> | 810 | 665893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)<sup>(b)</sup> | 883 | 771548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)<sup>(a)(b)</sup> | 490 | 385184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)<sup>(b)</sup> | 830 | 729935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)<sup>(b)</sup> | 405 | 306966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)<sup>(b)</sup> | 940 | 773423 |

---

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 (Call 08/18/30),<br>(SOFR + 1.947%)<sup>(b)</sup> | $565 | $401512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 (Call 11/07/24),<br>(SOFR + 1.401%)<sup>(b)</sup> | 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 (Call 05/24/31),<br>(SOFR + 1.187%)<sup>(b)</sup> | 675 | 484063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 (Call 06/04/30),<br>(SOFR + 2.387%)<sup>(b)</sup> | 445 | 331854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 (Call 11/22/31),<br>(SOFR + 1.410%)<sup>(b)</sup> | 630 | 448522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25),<br>(SOFR + 1.430%)<sup>(b)</sup> | 410 | 372403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 (Call 03/11/24),<br>(3 mo. LIBOR US + 1.211%)<sup>(b)</sup> | 240 | 229164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 815 | 744323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29),<br>(3 mo. LIBOR US + 1.610%)<sup>(b)</sup> | 1138 | 939647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27),<br>(3 mo. LIBOR US + 1.546%)<sup>(b)</sup> | 798 | 699192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 (Call 12/09/24)<sup>(b)</sup> | 630 | 594871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 (Call 09/12/25),<br>(3 mo. LIBOR US + 1.348%)<sup>(b)</sup> | 690 | 636490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26<sup>(a)</sup> | 737 | 693922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28),<br>(3 mo. LIBOR US + 1.535%)<sup>(b)</sup> | 733 | 638106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(b)</sup> | 825 | 742929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30 | 863 | 773343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(b)</sup> | 500 | 458500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(b)</sup> | 806 | 699560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42<sup>(a)</sup> | 300 | 277287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 (Call 11/03/25) | 800 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/03/28 (Call 11/03/27) | 565 | 565000 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24 | 295 | 284312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24 | 360 | 349661 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 05/16/25 (Call 05/16/24)<sup>(b)</sup> | 285 | 277724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/28 (Call 05/17/27)<sup>(a)(b)</sup> | 310 | 295821 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26),<br>(SOFR + 1.005%)<sup>(a)(b)</sup> | 215 | 182922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 (Call 04/01/31),<br>(SOFR + 1.316%)<sup>(b)</sup> | 283 | 211732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24 | 335 | 325265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 (Call 03/28/25),<br>(SOFR + 1.640%)<sup>(b)</sup> | 340 | 319396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27 | 395 | 358992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27),<br>(SOFR + 1.830%)<sup>(b)</sup> | 430 | 386514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29 | 340 | 296670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 (Call 03/28/32),<br>(SOFR + 2.070%)<sup>(b)</sup> | 320 | 266051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28<sup>(a)</sup> | 430 | 387525 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 (Call 02/16/24),<br>(SOFR + 0.420%)<sup>(b)</sup> | 155 | 144276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24),<br>(SOFR + 0.490%)<sup>(b)</sup> | 90 | 81960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 (Call 06/01/24),<br>(SOFR + 0.540%)<sup>(b)</sup> | 125 | 115146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 (Call 06/23/24),<br>(SOFR + 0.580%)<sup>(b)</sup> | 425 | 390847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(b)</sup> | 60 | 51042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25),<br>(SOFR + 0.800%)<sup>(b)</sup> | 355 | 305847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26),<br>(SOFR + 0.765%)<sup>(b)</sup> | 645 | 542103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24),<br>(SOFR + 0.605%)<sup>(b)</sup> | 405 | 369550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26),<br>(SOFR + 0.885%)<sup>(b)</sup> | 625 | 536981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 (Call 11/19/30),<br>(SOFR + 1.105%)<sup>(a)(b)</sup> | 390 | 283756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 (Call 02/04/31),<br>(SOFR + 1.065%)<sup>(b)</sup> | 444 | 325656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25),<br>(SOFR + 1.585%)<sup>(b)</sup> | 300 | 273597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 (Call 06/01/28),<br>(SOFR + 1.015%)<sup>(b)</sup> | 260 | 210324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25),<br>(SOFR + 1.850%)<sup>(b)</sup> | 630 | 573672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27),<br>(SOFR + 1.890%)<sup>(b)</sup> | 301 | 254694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 (Call 10/15/24),<br>(SOFR + 1.160%)<sup>(b)</sup> | 435 | 405624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 (Call 04/22/30),<br>(SOFR + 2.040%)<sup>(b)</sup> | 485 | 382549 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40),<br>(SOFR + 1.510%)<sup>(b)</sup> | $350 | $215744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 (Call 11/08/31),<br>(SOFR + 1.180%)<sup>(b)</sup> | 575 | 434516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.250%)<sup>(b)</sup> | 675 | 519156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25),<br>(SOFR + 0.915%)<sup>(b)</sup> | 350 | 324338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29),<br>(SOFR + 1.510%)<sup>(b)</sup> | 720 | 582970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | 377 | 344450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.170%)<sup>(b)</sup> | 410 | 361001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 (Call 05/13/30),<br>(SOFR + 2.515%)<sup>(a)(b)</sup> | 411 | 323736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32),<br>(SOFR + 1.260%)<sup>(b)</sup> | 590 | 460395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40),<br>(SOFR + 2.460%)<sup>(b)</sup> | 295 | 201877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50),<br>(SOFR + 2.440%)<sup>(b)</sup> | 260 | 162367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 (Call 10/23/24) | 510 | 487993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41),<br>(SOFR + 2.460%)<sup>(b)</sup> | 120 | 81958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 260 | 240913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24),<br>(3 mo. LIBOR US + 1.155%)<sup>(b)</sup> | 495 | 478071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51),<br>(SOFR + 1.580%)<sup>(b)</sup> | 655 | 423890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 (Call 01/23/28),<br>(3 mo. LIBOR US + 0.945%)<sup>(b)</sup> | 320 | 282982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27),<br>(3 mo. LIBOR US + 1.380%)<sup>(b)</sup> | 518 | 465920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24 | 105 | 102914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26) | 262 | 237113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 (Call 05/06/29),<br>(3 mo. LIBOR US + 1.160%)<sup>(b)</sup> | 506 | 440589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27),<br>(3 mo. LIBOR US + 1.337%)<sup>(b)</sup> | 474 | 431951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(b)</sup> | 450 | 437562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24 | 389 | 384176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 555 | 540670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37),<br>(3 mo. LIBOR US + 1.360%)<sup>(b)</sup> | 371 | 288601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25) | 587 | 567265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48),<br>(3 mo. LIBOR US + 1.220%)<sup>(b)</sup> | 280 | 203871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26),<br>(3 mo. LIBOR US + 1.245%)<sup>(b)</sup> | 65 | 60913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47),<br>(3 mo. LIBOR US + 1.380%)<sup>(b)</sup> | 630 | 462061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 (Call 04/23/28),<br>(3 mo. LIBOR US + 1.120%)<sup>(b)</sup> | 420 | 377987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(b)</sup> | 440 | 432084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47),<br>(3 mo. LIBOR US + 1.460%)<sup>(b)</sup> | 308 | 229007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25),<br>(SOFR + 1.320%)<sup>(b)</sup> | 355 | 340335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26 | 510 | 483444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 (Call 07/23/28),<br>(3 mo. LIBOR US + 1.260%)<sup>(b)</sup> | 345 | 312467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27 | 315 | 295826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47),<br>(3 mo. LIBOR US + 1.580%)<sup>(b)</sup> | 328 | 254387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27),<br>(SOFR + 1.560%)<sup>(b)</sup> | 605 | 563176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 (Call 12/05/28),<br>(3 mo. LIBOR US + 1.330%)<sup>(b)</sup> | 405 | 369072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 (Call 03/24/30),<br>(SOFR + 3.790%)<sup>(b)</sup> | 600 | 543126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 (Call 06/14/29)<sup>(b)</sup> | 300 | 275256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32),<br>(SOFR + 1.800%)<sup>(b)</sup> | 130 | 115982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup> | 475 | 451639 |

---

S C H E D U L E O F I N V E S T M E N T S 47

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44 | $68 | $58292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(b)</sup> | 750 | 686475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45 | 305 | 251915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42 | 279 | 254646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40 | 95 | 88131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 | 323 | 302964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43 | 240 | 215743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 (Call 09/14/32)<sup>(b)</sup> | 250 | 232255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 | 367 | 378076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26 | 155 | 167031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 | 184 | 201912 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 | 317 | 301400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 435 | 420454 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 (Call 05/11/26)<sup>(b)</sup> | 395 | 331125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 (Call 02/05/25)<sup>(b)</sup> | 365 | 331661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 (Call 03/18/25)<sup>(b)</sup> | 490 | 453911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27),<br>(3 mo. LIBOR US + 1.205%)<sup>(b)</sup> | 660 | 564181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 475 | 425576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(b)</sup> | 320 | 282512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 (Call 07/09/24)<sup>(b)</sup> | 349 | 332538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24 | 445 | 433403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 280 | 249586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 | 515 | 493813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 485 | 434584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 (Call 08/11/25)<sup>(b)</sup> | 405 | 382842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(b)</sup> | 325 | 278187 |
|  M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226049 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/06/25 (Call 01/06/25) | 5 | 4744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/17/27 | 270 | 239868 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 (Call 07/19/24)<sup>(b)</sup> | 700 | 642474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 (Call 10/11/24)<sup>(b)</sup> | 355 | 322784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 | 665 | 593639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(b)</sup> | 715 | 604347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(b)</sup> | 535 | 450684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30<sup>(a)</sup> | 320 | 239741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 930 | 858092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(b)</sup> | 605 | 441354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(b)</sup> | 370 | 316332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 (Call 10/13/31)<sup>(b)</sup> | 305 | 224840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | 389 | 306353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26 | 255 | 227419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24<sup>(a)</sup> | 495 | 471567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 (Call 01/19/32)<sup>(b)</sup> | 285 | 214200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29 | 640 | 536026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27 | 472 | 422317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 803 | 780893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27 | 392 | 359868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 555 | 488489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39 | 225 | 167423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 194 | 186197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/17/26 (Call 04/17/25)<sup>(b)</sup> | 280 | 266154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 515 | 483930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28 | 557 | 508825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28 | 386 | 349677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(b)</sup> | 300 | 275499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/07/39 | $2 | $1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/26/38 | 50 | 40476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/19/33 (Call 04/19/32)<sup>(b)</sup> | 215 | 184687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(b)</sup> | 475 | 466065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(b)</sup> | 515 | 489873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(b)</sup> | 480 | 472882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(b)</sup> | 490 | 444837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(b)</sup> | 480 | 462782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 09/13/33 (Call 09/13/32)<sup>(b)</sup> | 240 | 224179 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(b)</sup> | 270 | 226954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(b)</sup> | 395 | 334458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 (Call 09/08/30),<br>(SOFR + 1.532%)<sup>(b)</sup> | 300 | 216309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 05/22/32 (Call 05/22/31)<sup>(b)</sup> | 225 | 160418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 (Call 07/10/30),<br>(SOFR + 1.772%)<sup>(b)</sup> | 465 | 342761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 (Call 05/25/25),<br>(3 mo. LIBOR US + 0.830%)<sup>(b)</sup> | 240 | 217061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/09/32 (Call 07/09/31)<sup>(a)(b)</sup> | 210 | 150734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 (Call 09/13/24),<br>(SOFR + 1.362%)<sup>(b)</sup> | 220 | 205962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/25/31 (Call 05/25/30),<br>(3 mo. LIBOR US + 1.070%)<sup>(b)</sup> | 115 | 87642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 (Call 05/22/25)<sup>(b)</sup> | 160 | 146501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24),<br>(SOFR + 1.242%)<sup>(b)</sup> | 205 | 194010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26<sup>(a)</sup> | 220 | 195356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 (Call 09/13/29),<br>(SOFR + 1.572%)<sup>(b)</sup> | 215 | 171463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 (Call 07/16/29),<br>(3 mo. LIBOR US + 1.130%)<sup>(b)</sup> | 235 | 191668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27 | 396 | 346516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 05/22/30 (Call 05/22/29)<sup>(b)</sup> | 215 | 178349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27 | 222 | 201092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28<sup>(a)</sup> | 430 | 387082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 (Call 09/11/28),<br>(3 mo. LIBOR US + 1.270%)<sup>(b)</sup> | 305 | 271066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(b)</sup> | 225 | 217314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 (Call 09/13/32)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187180 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 (Call 01/22/24),<br>(SOFR + 0.509%)<sup>(b)</sup> | 772 | 720755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 (Call 05/30/24),<br>(SOFR + 0.525%)<sup>(b)</sup> | 620 | 567815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25),<br>(SOFR + 0.720%)<sup>(b)</sup> | 887 | 759893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 (Call 10/21/24),<br>(SOFR + 0.560%)<sup>(b)</sup> | 690 | 624843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26),<br>(SOFR + 0.858%)<sup>(b)</sup> | 952 | 807325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26),<br>(SOFR + 0.879%)<sup>(b)</sup> | 637 | 545571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 (Call 02/13/31),<br>(SOFR + 1.034%)<sup>(b)</sup> | 580 | 419410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 (Call 04/28/31),<br>(SOFR + 1.020%)<sup>(b)</sup> | 758 | 549376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25),<br>(SOFR + 1.990%)<sup>(a)(b)</sup> | 535 | 488182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31),<br>(SOFR + 1.178%)<sup>(b)</sup> | 874 | 648473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27),<br>(SOFR + 1.000%)<sup>(b)</sup> | 750 | 648795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 (Call 10/20/31),<br>(SOFR + 1.200%)<sup>(b)</sup> | 670 | 505012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 (Call 02/18/25),<br>(SOFR + 0.940%)<sup>(b)</sup> | 775 | 718037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 (Call 01/22/30),<br>(SOFR + 1.143%)<sup>(b)</sup> | 881 | 705866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 (Call 07/22/24),<br>(SOFR + 1.152%)<sup>(b)</sup> | 743 | 701184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 (Call 01/25/51),<br>(SOFR + 1.430%)<sup>(b)</sup> | 670 | 393129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32),<br>(SOFR + 1.290%)<sup>(b)</sup> | 710 | 552337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 438 | 399684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.485%)<sup>(b)</sup> | 617 | 420263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27),<br>(3 mo. LIBOR US + 1.340%)<sup>(b)</sup> | 530 | 475267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24),<br>(SOFR + 1.160%)<sup>(b)</sup> | 770 | 743797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30),<br>(SOFR + 3.120%)<sup>(b)</sup> | 775 | 660796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 953 | 879114 |

---

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 | $418 | $405293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 (Call 01/24/28),<br>(3 mo. LIBOR US + 1.140%)<sup>(a)(b)</sup> | 967 | 862670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 1006 | 952742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37),<br>(3 mo. LIBOR US + 1.455%)<sup>(b)</sup> | 469 | 369112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 | 412 | 396772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)<sup>(b)</sup> | 320 | 296192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 | 615 | 475100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47<sup>(a)</sup> | 635 | 493947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 (Call 01/23/29),<br>(3 mo. LIBOR US + 1.628%)<sup>(b)</sup> | 682 | 621868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38),<br>(3 mo. LIBOR US + 0.408%)<sup>(b)</sup> | 315 | 258332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(b)</sup> | 285 | 276632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 (Call 07/20/32)<sup>(b)</sup> | 515 | 470102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50),<br>(SOFR + 4.480%)<sup>(b)</sup> | 466 | 431842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 | 225 | 229154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 270 | 273969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | 442 | 447759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32 | 466 | 504883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 | 641 | 628045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24),<br>(SOFR + 0.745%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351936 |
|  National Australia Bank Ltd., 3.91%, 06/09/27 | 75 | 70803 |
|  National Australia Bank Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26 | 255 | 231693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26 | 305 | 288045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/09/25 | 370 | 355581 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/15/24 (Call 11/15/23)<sup>(b)</sup> | 380 | 360137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/06/24 | 440 | 404329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/25 (Call 06/09/24)<sup>(b)</sup> | 365 | 351261 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(b)</sup> | 500 | 415645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 (Call 05/22/27)<sup>(b)</sup> | 50 | 42402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 (Call 05/08/29),<br>(3 mo. LIBOR US + 1.871%)<sup>(b)</sup> | 500 | 426815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26 | 200 | 188716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28),<br>(3 mo. LIBOR US + 1.754%)<sup>(b)</sup> | 510 | 454767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29),<br>(3 mo. LIBOR US + 1.905%)<sup>(b)</sup> | 500 | 445660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 (Call 09/30/27)<sup>(b)</sup> | 500 | 466600 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 (Call 02/01/30) | 255 | 199298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/03/29 (Call 02/03/29) | 210 | 184850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/03/28 (Call 05/03/28)<sup>(a)</sup> | 220 | 203104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25 | 525 | 507512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27)<sup>(a)</sup> | 305 | 291577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 | 195 | 195392 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 | 255 | 207126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/23/25 (Call 01/24/25) | 270 | 256946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27) | 280 | 252664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/02/25) | 315 | 299474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/28 (Call 12/23/27) | 160 | 144846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 50 | 48079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | 295 | 283808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28 | 450 | 408834 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 (Call 10/02/25) | $135 | $130252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24) | 315 | 300186 |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26) | 260 | 223228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 (Call 10/02/24) | 181 | 170654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 (Call 04/23/31),<br>(SOFR + 0.979%)<sup>(a)(b)</sup> | 333 | 255787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 (Call 10/24/29) | 790 | 641243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26) | 525 | 474259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27)<sup>(a)</sup> | 50 | 45079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 (Call 01/23/29)<sup>(a)</sup> | 501 | 440003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 352 | 344471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/33 (Call 06/06/32)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 | 400 | 402448 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 432 | 398758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 475 | 434729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 530 | 458291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25 | 617 | 554035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 405 | 345915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 565 | 487668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 430 | 366231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 280 | 258146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 250 | 218273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | 658 | 618908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31 | 105 | 79799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24<sup>(a)</sup> | 445 | 424557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25 | 175 | 167136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 | 500 | 460570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32 | 350 | 301749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24 | 665 | 649818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | 515 | 484028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 138 | 133251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24 | 200 | 200540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 200 | 201254 |
|  Santander UK PLC, 4.00%, 03/13/24<sup>(a)</sup> | 500 | 489745 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 (Call 11/18/26),<br>(SOFR + 0.560%)<sup>(b)</sup> | 120 | 103811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/07/28 (Call 02/07/27),<br>(SOFR + 0.730%)<sup>(a)(b)</sup> | 160 | 138806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31 | 542 | 417064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 (Call 11/01/24),<br>(SOFR + 0.940%)<sup>(b)</sup> | 213 | 200107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30 | 85 | 69394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 02/07/33 (Call 02/07/32),<br>(SOFR + 1.002%)<sup>(b)</sup> | 240 | 186984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26 | 15 | 13894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/01/34 (Call 11/01/29),<br>(SOFR + 1.490%)<sup>(b)</sup> | 175 | 142342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24 | 438 | 422035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25 | 69 | 66337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/03/24 (Call 12/03/23),<br>(3 mo. LIBOR US + 0.770%)<sup>(b)</sup> | 255 | 250831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/03/29 (Call 12/03/28),<br>(3 mo. LIBOR US + 1.030%)<sup>(b)</sup> | 170 | 155865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/33 (Call 08/04/32)<sup>(b)</sup> | 310 | 274694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/13/33 (Call 05/13/32)<sup>(b)</sup> | 165 | 150336 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24<sup>(a)</sup> | 200 | 194040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/23/25<sup>(a)</sup> | 55 | 52281 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 | 260 | 223980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 | 825 | 698313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25 | 730 | 651802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/31 | 380 | 270917 |

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S C H E D U L E O F I N V E S T M E N T S 49

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28 | $625 | $496469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30 | 550 | 412824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27 | 100 | 86335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31<sup>(a)</sup> | 340 | 249101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/12/41 | 100 | 58129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 | 590 | 549485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24 | 267 | 251429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29 | 260 | 210766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26 | 844 | 756925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24 | 480 | 457022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29 | 200 | 160986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30 | 460 | 367701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26 | 645 | 583041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29 | 509 | 420480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/14/42<sup>(a)</sup> | 90 | 58388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27 | 375 | 333866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27 | 714 | 641129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27<sup>(a)</sup> | 537 | 488305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28 | 245 | 219527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26<sup>(a)</sup> | 84 | 79112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 236 | 212442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187940 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24 | 135 | 126579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24 | 485 | 444740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25<sup>(a)</sup> | 487 | 427230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 | 562 | 485197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 | 145 | 129906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 478 | 411677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 165 | 151488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 350 | 298522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 545 | 501580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 | 385 | 333626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31 | 315 | 233138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 500 | 480715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/32 | 205 | 155878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24 | 185 | 177398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 230 | 205116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | 495 | 402965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 686 | 667567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/31 (Call 09/15/26)<sup>(b)</sup> | 477 | 427540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 530 | 508975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 410 | 384170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 600 | 587916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 650 | 584083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 500 | 479075 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 (Call 02/10/25) | 610 | 557595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 (Call 11/05/24) | 150 | 140414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 (Call 12/11/29) | 367 | 285383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/17/29 (Call 09/17/24)<sup>(b)</sup> | 322 | 298130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 673 | 653409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26) | 245 | 225020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) | 440 | 416429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26) | 312 | 290257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) | 239 | 230317 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 (Call 06/03/27)<sup>(a)</sup> | 140 | 113617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 (Call 07/03/25)<sup>(a)</sup> | 245 | 218675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26),<br>(SOFR + 0.609%)<sup>(b)</sup> | 487 | 420505 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 (Call 06/07/28),<br>(SOFR + 0.862%)<sup>(b)</sup> | $370 | $297954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 (Call 03/05/30) | 263 | 202810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 (Call 07/01/24) | 460 | 438642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 650 | 620139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25)<sup>(a)</sup> | 370 | 355011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/29 (Call 02/16/29) | 93 | 82817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25) | 297 | 287745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)(b)</sup> | 345 | 318942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 (Call 07/28/25)<sup>(b)</sup> | 210 | 202448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/33 (Call 07/28/32)<sup>(b)</sup> | 435 | 390513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/26 | 200 | 199808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33 | 400 | 400900 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 (Call 04/22/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 (Call 04/11/25) | 439 | 401189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27),<br>(SOFR + 0.730%)<sup>(b)</sup> | 500 | 436150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 (Call 06/28/24) | 497 | 475013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/36 (Call 11/03/31)<sup>(b)</sup> | 450 | 330422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 (Call 01/27/32),<br>(SOFR + 1.020%)<sup>(a)(b)</sup> | 280 | 220433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 (Call 04/30/29) | 422 | 356708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26) | 58 | 53804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 486 | 476100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24) | 427 | 415556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 (Call 03/24/28) | 290 | 270805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) | 390 | 376642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(b)</sup> | 560 | 532056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/33 (Call 07/22/32)<sup>(b)</sup> | 385 | 350627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 | 140 | 140482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 | 670 | 669109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) | 439 | 397839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27) | 504 | 463680 |
|  U.S. Bank NA/Cincinnati OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 (Call 12/20/24) | 200 | 186896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(a)</sup> | 429 | 408159 |
|  Wachovia Corp., 5.50%, 08/01/35 | 315 | 287129 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 (Call 05/19/24),<br>(SOFR + 0.510%)<sup>(b)</sup> | 415 | 383995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25),<br>(3 mo. LIBOR US + 0.750%)<sup>(b)</sup> | 825 | 756814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 (Call 04/30/25),<br>(SOFR + 2.000%)<sup>(b)</sup> | 620 | 564200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27),<br>(SOFR + 2.100%)<sup>(b)</sup> | 935 | 798836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 (Call 10/30/24),<br>(SOFR + 1.087%)<sup>(b)</sup> | 825 | 768199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 (Call 02/11/30),<br>(SOFR + 1.262%)<sup>(b)</sup> | 508 | 405257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 (Call 10/30/29),<br>(SOFR + 1.432%)<sup>(b)</sup> | 785 | 643355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25 | 777 | 734319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 | 564 | 516224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 | 650 | 588666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40),<br>(SOFR + 2.530%)<sup>(b)</sup> | 433 | 293275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26),<br>(3 mo. LIBOR US + 1.170%)<sup>(b)</sup> | 822 | 744724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24 | 675 | 652273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32),<br>(SOFR + 1.500%)<sup>(b)</sup> | 650 | 524881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27),<br>(SOFR + 1.510%)<sup>(b)</sup> | 815 | 734747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25 | 378 | 358219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27),<br>(3 mo. LIBOR US + 1.310%)<sup>(b)</sup> | 884 | 796086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 613 | 444094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25),<br>(SOFR + 1.320%)<sup>(b)</sup> | 870 | 827805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26 | 779 | 736412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 570 | 518689 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 | $741 | $692613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 | 575 | 425609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)<sup>(b)</sup> | 646 | 585018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(b)</sup> | 105 | 101010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(b)</sup> | 900 | 716391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 592 | 457764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46 | 566 | 437026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup> | 845 | 801347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(b)</sup> | 700 | 639107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 578 | 460834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)<sup>(b)</sup> | 1382 | 1167223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 450 | 380448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44<sup>(a)</sup> | 680 | 593021 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37 | 330 | 313870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/26/36 | 250 | 240145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38 | 383 | 392510 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 | 610 | 562627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 | 635 | 551783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 510 | 422632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31<sup>(a)</sup> | 325 | 256357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25 | 313 | 294370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30 | 310 | 260388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26 | 490 | 447929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26<sup>(a)</sup> | 180 | 166565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24<sup>(a)</sup> | 271 | 265827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27 | 320 | 296499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28 | 420 | 385980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/25 | 223 | 215139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | 289768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273279998 |
| **Beverages — 1.9%** |  |  |
|  Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45) | 270 | 233480 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28 | 465 | 382635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 | 314 | 239083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 155 | 134583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28 | 311 | 263684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 | 330 | 262439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24 | 269 | 256145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 275 | 221152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 | 373 | 313715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32 | 700 | 566223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 419 | 290476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51<sup>(a)</sup> | 538 | 329649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50 | 575 | 365022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60 | 252 | 153329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | 360 | 258412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 | 229 | 211630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 | 479 | 327339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27 | 371 | 352572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | 430 | 389219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/25/50 | 155 | 131869 |
|  Coca-Cola Femsa SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/01/32 (Call 06/01/32)<sup>(a)</sup> | 273 | 197395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/30 (Call 10/22/29)<sup>(a)</sup> | 445 | 375095 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 (Call 08/29/25) | 270 | 243572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 (Call 01/29/30) | 365 | 289978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/24/24 (Call 09/24/24) | $265 | $250255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 (Call 01/29/32) | 295 | 225755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 (Call 07/24/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | 190454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/28 (Call 02/18/28) | 60 | 56214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/43 (Call 10/29/42) | 281 | 216381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 | 200 | 200686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/36 | 284 | 287698 |
|  Diageo Investment Corp., 4.25%, 05/11/42 | 148 | 119938 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 (Call 11/25/30) | 325 | 249902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | 125 | 99493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | 380 | 301040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 (Call 02/19/25) | 609 | 573648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 297 | 271648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 (Call 01/19/27) | 160 | 145806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29) | 453 | 392737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 355 | 244414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) | 432 | 410387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 97 | 83933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51) | 280 | 181961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 400 | 376904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 495 | 335288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) | 483 | 446070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 361 | 270902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) | 81 | 78299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28) | 270 | 254075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 244 | 189576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 (Call 09/19/59) | 245 | 192482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32) | 400 | 370536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/47 (Call 11/02/46) | 210 | 172471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/52 (Call 01/18/52) | 230 | 196257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 200 | 200676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/29 | 80 | 88331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14462913 |
| **Chemicals — 0.5%** |  |  |
|  Air Products and Chemicals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 (Call 09/15/25) | 320 | 290208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 (Call 03/15/27) | 286 | 249621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 (Call 02/15/30) | 235 | 190082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 267 | 185512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49) | 128 | 81976 |
|  Ecolab Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/31 (Call 10/30/30) | 160 | 119320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/27 (Call 01/01/27)<sup>(a)</sup> | 220 | 191803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/32 (Call 11/01/31)<sup>(a)</sup> | 245 | 191663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/50 (Call 02/15/50)<sup>(a)</sup> | 150 | 80940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 (Call 08/01/26) | 445 | 407954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51) | 160 | 95160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/18/55 (Call 02/18/55) | 245 | 141304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/27 (Call 09/01/27) | 252 | 231840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/24/30 (Call 12/24/29) | 212 | 205581 |
|  EI du Pont de Nemours and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/15/25 (Call 06/15/25) | 206 | 188694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/15/30 (Call 04/15/30) | 157 | 126766 |
|  Linde Inc./CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/10/30 (Call 05/10/30) | 240 | 179594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 (Call 10/30/25) | 181 | 171619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/07/42 (Call 05/07/42) | 287 | 216346 |

---

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  PPG Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/26 (Call 02/15/26) | $145 | $125587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/28 (Call 12/15/27) | 263 | 241108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912678 |
| **Commercial Services — 1.4%** |  |  |
|  American University (The), Series 2019, 3.67%, 04/01/49 | 158 | 113673 |
|  Automatic Data Processing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 (Call 06/01/30)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | 357077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 (Call 03/15/28) | 525 | 446723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 566 | 544950 |
|  Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50) | 265 | 175894 |
|  California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119) | 165 | 98484 |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 (Call 01/01/27) | 328 | 309396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 (Call 02/01/32) | 125 | 113201 |
|  Duke University, Series 2020, 2.83%, 10/01/55 | 245 | 150415 |
|  Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69) | 350 | 189903 |
|  George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 41 | 31770 |
|  Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47) | 289 | 224839 |
|  Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/01/52 (Call 10/01/51) | 100 | 68325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 158 | 104514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 140 | 113156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/01/2111 | 263 | 251691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 2.99%, 07/01/50 (Call 01/01/50) | 175 | 118778 |
|  Northwestern University, 4.64%, 12/01/44 | 259 | 234812 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 (Call 05/01/25) | 300 | 275358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 370 | 298139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 (Call 09/01/24)<sup>(a)</sup> | 360 | 342842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 335 | 305637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 (Call 07/01/29) | 565 | 480984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 305 | 199192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/27 (Call 05/01/27)<sup>(a)</sup> | 120 | 114037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 (Call 03/01/32) | 540 | 495752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 325 | 281473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/62 (Call 12/01/61) | 95 | 81711 |
|  President and Fellows of Harvard College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50 (Call 04/15/50) | 86 | 52240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/46 (Call 01/15/46) | 319 | 228713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/56 (Call 01/15/56) | 235 | 164432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/52 (Call 05/15/52) | 110 | 85738 |
|  Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) | 315 | 184927 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/30 (Call 05/15/30) | 50 | 37173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 (Call 02/15/60) | 163 | 82809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(a)(c)</sup> | 200 | 179146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29)<sup>(a)</sup> | 230 | 191585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(c)</sup> | 570 | 489858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(c)</sup> | 505 | 415721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26)<sup>(a)</sup> | 318 | 291015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/49 (Call 06/01/49) | 219 | 147902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(a)(c)</sup> | 340 | 247741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 (Call 09/01/61)<sup>(a)(c)</sup> | $250 | $179503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 (Call 02/01/29)<sup>(a)(c)</sup> | 190 | 177306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28 (Call 05/01/28)<sup>(c)</sup> | 50 | 48474 |
|  Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57) | 115 | 77187 |
|  Trustees of Princeton University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/39 | 164 | 169601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.52%, 07/01/50 (Call 01/01/50) | 259 | 162093 |
|  University of Miami, 4.06%, 04/01/52 | 220 | 168104 |
|  University of Southern California, 3.03%, 10/01/39 | 289 | 218998 |
|  Washington University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/15/54 (Call 10/15/53)<sup>(a)</sup> | 255 | 184883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 (Call 10/15/2121) | 70 | 49776 |
|  Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 0.87%, 04/15/25 (Call 03/15/25) | 53 | 48239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.48%, 04/15/30 (Call 01/15/30) | 180 | 140522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 04/15/50 (Call 10/15/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | 77344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11023756 |
| **Computers — 4.2%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 (Call 07/20/25) | 125 | 111560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | 690 | 605137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | 827 | 757003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 (Call 12/08/27) | 413 | 344194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 420 | 322447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 780 | 646144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 583 | 466645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 940 | 737439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31) | 260 | 202054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 (Call 08/11/24) | 171 | 162363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 735 | 664991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29) | 577 | 487796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40) | 585 | 391318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | 355 | 209532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 835 | 768567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25<sup>(a)</sup> | 91 | 86812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60) | 280 | 161300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 862 | 541845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) | 822 | 511448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51) | 670 | 420224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24) | 592 | 568326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 515 | 305508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 573 | 557403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 585 | 351755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27) | 770 | 708115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49) | 435 | 293542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23)<sup>(a)</sup> | 703 | 688694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) | 636 | 593534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27) | 649 | 600494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 | 678 | 653165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27)<sup>(a)</sup> | 802 | 751450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25) | 1261 | 1202061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 340 | 309373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) | 778 | 737956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32) | 555 | 489571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 666 | 654045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45 | 584 | 442252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 410 | 320477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 497 | 389847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43<sup>(a)</sup> | 814 | 661937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 342 | 273080 |

---

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Computers (continued)** | **Computers (continued)** | **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | $| 530 | $| 420698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) |  | 450 |  | 350014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46) |  | 343 |  | 295103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45 |  | 445 |  | 387973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 |  | 369 |  | 329834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35)<sup>(a)</sup> |  | 398 |  | 380954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119961 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) |  | 530 |  | 455683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 (Call 02/15/30) |  | 375 |  | 295106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 (Call 01/09/27) |  | 260 |  | 230269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 (Call 11/09/31) |  | 200 |  | 160736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/40 (Call 11/15/39) |  | 243 |  | 163918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49) |  | 300 |  | 181602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24 |  | 948 |  | 920062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 |  | 1080 |  | 1013332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27 |  | 155 |  | 143676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 02/09/52 (Call 08/09/51) |  | 240 |  | 156790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26 |  | 513 |  | 486801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 |  | 1010 |  | 904627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 |  | 757 |  | 743995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25<sup>(a)</sup> |  | 290 |  | 282588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42 |  | 410 |  | 316664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27) |  | 105 |  | 100342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 |  | 450 |  | 366345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 |  | 710 |  | 550726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32)<sup>(a)</sup> |  | 130 |  | 119002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 |  | 380 |  | 315316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52) |  | 210 |  | 177093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/30/39<sup>(a)</sup> |  | 314 |  | 299088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 |  | 227 |  | 231896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25<sup>(a)</sup> |  | 204 |  | 214224 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32265822 |
| **Cosmetics & Personal Care — 1.2%** | **Cosmetics & Personal Care — 1.2%** | **Cosmetics & Personal Care — 1.2%** | **Cosmetics & Personal Care — 1.2%** | **Cosmetics & Personal Care — 1.2%** |
|  Colgate-Palmolive Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/25<sup>(a)</sup> |  | 255 |  | 245211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 (Call 07/15/27) |  | 250 |  | 233745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24<sup>(a)</sup> |  | 137 |  | 134682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/32 (Call 05/15/32) |  | 275 |  | 242423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/47 (Call 02/01/47)<sup>(a)</sup> |  | 158 |  | 124976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 |  | 152 |  | 126469 |
|  Estee Lauder Companies Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/31 (Call 12/15/30) |  | 135 |  | 105840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 (Call 11/01/24)<sup>(a)</sup> |  | 222 |  | 210187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/29 (Call 09/01/29) |  | 150 |  | 125394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/30 (Call 01/15/30) |  | 270 |  | 226290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/49 (Call 06/01/49)<sup>(a)</sup> |  | 329 |  | 224635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 (Call 12/15/26) |  | 158 |  | 146227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/47 (Call 09/15/46) |  | 225 |  | 181366 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25 |  | 505 |  | 446789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26 |  | 425 |  | 376125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 |  | 485 |  | 369866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27 |  | 495 |  | 444059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31 |  | 490 |  | 394847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32<sup>(a)</sup> |  | 425 |  | 349877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26 |  | 566 |  | 521597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26<sup>(a)</sup> |  | 484 |  | 455671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 |  | 227 |  | 209321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27 |  | 33 |  | 30358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | $| 493922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/25/40 |  | 10 |  | 8091 |
|  Unilever Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 (Call 12/01/22) |  | 10 |  | 9295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/30 (Call 06/14/30) |  | 270 |  | 204204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 (Call 05/12/31) |  | 260 |  | 198060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26 |  | 320 |  | 288186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 (Call 06/06/29) |  | 115 |  | 94863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24) |  | 370 |  | 357731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27) |  | 425 |  | 388242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25 |  | 275 |  | 262666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 (Call 12/22/27) |  | 530 |  | 488655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32 |  | 313 |  | 326578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)<sup>(a)</sup> |  | 275 |  | 166059 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212507 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
|  WW Grainger Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/25 (Call 01/15/25) |  | 184 |  | 171502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/45 (Call 12/15/44)<sup>(a)</sup> |  | 377 |  | 325223 |
|  |  |  |  | 496725 |
| **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26) |  | 295 |  | 254107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25) |  | 185 |  | 171830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 (Call 06/30/24) |  | 685 |  | 651182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) |  | 385 |  | 338303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24) |  | 674 |  | 644034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) |  | 305 |  | 282107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27) |  | 964 |  | 873577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 |  | 210 |  | 203692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) |  | 845 |  | 824230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) |  | 586 |  | 566492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) |  | 310 |  | 297665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29) |  | 560 |  | 507853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42 |  | 184 |  | 142571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25) |  | 330 |  | 320367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/33 (Call 08/03/32)<sup>(b)</sup> |  | 340 |  | 302229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/33 (Call 02/26/32)<sup>(b)</sup> |  | 370 |  | 336171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 |  | 190 |  | 189863 |
|  Ameriprise Financial Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 (Call 06/15/26) |  | 315 |  | 288420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 (Call 03/02/25) |  | 150 |  | 142201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24 |  | 405 |  | 393190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/13/32 (Call 02/13/32)<sup>(a)</sup> |  | 335 |  | 310974 |
|  Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) |  | 210 |  | 153063 |
|  Brookfield Finance Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 04/15/31 (Call 01/15/31) |  | 160 |  | 123835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 (Call 09/30/50) |  | 213 |  | 127819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27) |  | 351 |  | 314331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 (Call 02/01/24) |  | 125 |  | 122438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/02/26 (Call 03/02/26) |  | 181 |  | 171680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 (Call 01/15/30) |  | 136 |  | 119443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) |  | 317 |  | 236916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 (Call 12/29/28) |  | 370 |  | 342305 |
|  Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) |  | 264 |  | 155781 |
|  Cboe Global Markets Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/30 (Call 09/15/30) |  | 250 |  | 187010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/12/27 (Call 10/12/26) |  | 344 |  | 321974 |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 (Call 02/18/24) | $312 | $294391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26)<sup>(a)</sup> | 451 | 389574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 270 | 233952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30) | 260 | 193331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) | 315 | 236203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28)<sup>(a)</sup> | 336 | 286289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31) | 265 | 207792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 415 | 370670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 (Call 12/03/31) | 325 | 263945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 (Call 12/02/26) | 325 | 298971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 (Call 10/25/27) | 100 | 90509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 (Call 02/22/29) | 131 | 116069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 83 | 76487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | 449 | 440873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) | 121 | 117487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 (Call 11/01/28)<sup>(a)</sup> | 82 | 76060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 (Call 02/24/25) | 308 | 303417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 (Call 12/22/29)<sup>(a)</sup> | 256 | 243407 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 240 | 193322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/25 (Call 12/15/24) | 392 | 374301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 (Call 03/15/28) | 137 | 128284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47) | 290 | 237348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43) | 242 | 230941 |
|  Credit Suisse USA Inc., 7.13%, 07/15/32 | 156 | 153992 |
|  Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30) | 115 | 84568 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 (Call 06/15/32)<sup>(a)</sup> | 565 | 410173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | 404088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 (Call 03/15/40) | 375 | 246004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 175 | 109491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 (Call 03/15/60)<sup>(a)</sup> | 565 | 328237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27)<sup>(a)</sup> | 135 | 122502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 (Call 04/23/25)<sup>(a)</sup> | 365 | 353532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25)<sup>(a)</sup> | 645 | 619561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 (Call 06/21/28) | 160 | 146413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27) | 600 | 568446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 (Call 03/21/48) | 55 | 42772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 (Call 04/15/29) | 535 | 506709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32) | 690 | 633185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51) | 660 | 572180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 (Call 12/15/61) | 390 | 347755 |
|  Invesco Finance PLC, 3.75%, 01/15/26<sup>(a)</sup> | 237 | 224456 |
|  Legg Mason Inc., 5.63%, 01/15/44 | 228 | 207088 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 (Call 02/03/25) | 241 | 226494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 (Call 08/18/31) | 195 | 153291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26)<sup>(a)</sup> | 266 | 247481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 (Call 03/01/29) | 421 | 372795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/51 (Call 09/15/50) | 238 | 156990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 323 | 303068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 (Call 12/26/29)<sup>(a)</sup> | 342 | 307479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24 | 174 | 170736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/26/28 (Call 11/26/27) | 185 | 172241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 395 | 300121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46 (Call 05/21/46) | 311 | 243426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49) | 276 | 216939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/48 (Call 08/26/47) | 245 | 196306 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/09/31 | $160 | $121094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24 | 301 | 287816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27 | 260 | 238189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/32 | 185 | 157492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 | 125 | 120980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/32 | 135 | 125406 |
|  Raymond James Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 285 | 193401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/30 (Call 01/01/30) | 195 | 181576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46 | 310 | 261497 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 (Call 06/15/27)<sup>(a)</sup> | 267 | 222459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 (Call 11/15/30) | 385 | 287426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27) | 534 | 471463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50) | 678 | 374954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 (Call 01/15/30) | 271 | 223862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39) | 461 | 328324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27) | 307 | 279078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | 1114 | 1060172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 273 | 207693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35) | 377 | 341362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | 904800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31553126 |
| **Electric — 5.5%** |  |  |
|  AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 210 | 150826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/52 (Call 12/01/51) | 245 | 198376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.65%, 04/01/50 (Call 10/01/49) | 80 | 56199 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/52 (Call 09/15/51) | 130 | 82524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 40 | 33536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/51 (Call 01/15/51) | 130 | 84318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/49 (Call 04/01/49) | 295 | 199924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 (Call 08/01/27) | 255 | 239963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/45 (Call 09/01/44) | 255 | 184816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 135711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) | 230 | 173466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.30%, 07/15/48 (Call 01/15/48) | 252 | 198226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 12/01/47 (Call 06/01/47) | 244 | 174741 |
|  Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 281 | 204076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/32 (Call 06/01/32) | 190 | 169244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 150 | 123959 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/32 (Call 05/01/32) | 55 | 49235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/38 | 220 | 232485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 2.70%, 04/01/31 (Call 01/01/31) | 254 | 201371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/50 (Call 11/01/49) | 145 | 98325 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 186 | 115551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 180 | 132853 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/31 (Call 03/15/31) | 250 | 197122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 190 | 132772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 120 | 98381 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 (Call 02/15/31) | 145 | 108576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 510 | 305837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 (Call 01/15/28) | 169 | 152460 |

---

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 (Call 04/15/30) | $170 | $152497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | 220850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25) | 10 | 9790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50) | 335 | 259360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 247 | 199386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 274 | 221924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(c)</sup> | 180 | 148322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 295 | 260786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 140 | 138708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 576 | 584784 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 (Call 02/01/42) | 110 | 81628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/52 (Call 09/01/51) | 250 | 178230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 (Call 10/01/43) | 269 | 226614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AC, 4.25%, 02/01/49 (Call 08/01/48) | 143 | 114776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, 3.35%, 04/01/51 (Call 10/01/50) | 43 | 29476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ai., 4.45%, 10/01/32 (Call 07/01/32) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/52 (Call 04/01/52) | 100 | 88460 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/26 (Call 03/15/26) | 333 | 305411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 (Call 09/01/49) | 265 | 168757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/46 (Call 12/15/45) | 227 | 162405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 (Call 05/15/28) | 183 | 167851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 285 | 218740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/15/36 | 55 | 55136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 281 | 205476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 130, 3.13%, 03/15/51 (Call 09/15/50) | 121 | 78241 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | 300 | 232713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.20%, 03/15/27 (Call 12/15/26) | 20 | 18449 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/15/31) | 330 | 260479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/51 (Call 06/01/51) | 120 | 76752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60)<sup>(a)</sup> | 365 | 242090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/59 (Call 05/15/59) | 135 | 89714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/46 (Call 12/15/45) | 220 | 159834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/43 (Call 09/01/42) | 282 | 209952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 143 | 115185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 (Call 06/01/45) | 188 | 150720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 (Call 11/15/57) | 235 | 178793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54) | 218 | 172891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07-A, 6.30%, 08/15/37 | 177 | 179998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-B, 6.75%, 04/01/38 | 96 | 99924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09-C, 5.50%, 12/01/39 | 216 | 198152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 225 | 162189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/30 (Call 01/01/30) | 233 | 202104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 474 | 350798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/49 (Call 11/15/48) | 268 | 201046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/60 (Call 06/01/60) | 70 | 39813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/56 (Call 06/01/56) | 105 | 77074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 12/01/28 (Call 09/01/28)<sup>(a)</sup> | 200 | 186246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.65%, 12/01/48 (Call 06/01/48) | 152 | 123579 |
|  Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 (Call 11/01/59) | 113 | 59577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/50 (Call 02/15/50) | 175 | 113563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/51 (Call 02/01/51) | 167 | 116992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/32 (Call 02/15/32) | 75 | 65936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 (Call 11/15/47) | 200 | 154472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/52 (Call 03/01/52) | 40 | 31871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 (Call 10/15/48) | 213 | 173220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Dominion Energy South Carolina Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/65 (Call 12/01/64) | $134 | $115375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/38 | 60 | 59957 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/30 (Call 12/01/29) | 170 | 138552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 (Call 09/01/49) | 157 | 100182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 (Call 09/15/44) | 256 | 189601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 (Call 09/01/48) | 245 | 188003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.90%, 04/01/28 (Call 02/01/28) | 173 | 145657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 03/01/32 (Call 12/01/31) | 190 | 157719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 05/15/48 (Call 11/15/47) | 155 | 120939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.63%, 03/01/31 (Call 12/01/30) | 75 | 61520 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/30 (Call 11/01/29) | 270 | 223484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/15/31 (Call 01/15/31) | 29 | 23550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 180 | 147244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/26 (Call 09/01/26)<sup>(a)</sup> | 220 | 203493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 (Call 02/15/49) | 140 | 92229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 230 | 160630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 130 | 93289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 (Call 12/01/44) | 192 | 139532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/46 (Call 09/15/45) | 205 | 152774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 (Call 08/15/28) | 145 | 135094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 (Call 09/15/47) | 192 | 144730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/30/42 (Call 03/30/42) | 240 | 186317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/41 (Call 06/15/41) | 221 | 178303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 281 | 261881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38 | 102 | 101831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/38 | 220 | 218981 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30 (Call 03/15/30) | 200 | 154292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 (Call 09/15/31)<sup>(a)</sup> | 295 | 231678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | 260 | 216393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 (Call 06/15/51) | 45 | 28323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 (Call 10/15/26) | 217 | 201317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/46 (Call 04/01/46) | 245 | 165534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/28 (Call 04/15/28)<sup>(a)</sup> | 195 | 180775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37 | 10 | 10248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38 | 260 | 269350 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/50 (Call 10/01/49) | 225 | 131929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 180 | 127755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/15/38 | 186 | 187814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/01/49 (Call 04/01/49) | 190 | 121465 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 (Call 05/15/31) | 35 | 26715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 (Call 02/15/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | 133775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 215 | 205144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/32 (Call 01/01/32) | 200 | 171210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 170 | 152497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 115 | 81189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/28 (Call 06/01/28) | 174 | 160273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/42 (Call 11/15/41) | 220 | 172132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/43 (Call 09/15/42) | 176 | 137408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/44 (Call 06/01/44) | 175 | 135807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/45 (Call 02/15/45) | 195 | 153005 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/51 (Call 12/15/50) | 272 | 154656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/26 (Call 01/01/26) | 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/49 (Call 10/01/48) | 105 | 81650 |

---

S C H E D U L E O F I N V E S T M E N T S 55

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | $100 | $92270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/32 (Call 03/15/32) | 155 | 118797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/51 (Call 09/15/50) | 160 | 95845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/41 (Call 12/15/40) | 55 | 37864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 (Call 12/15/32) | 287 | 250623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 128 | 99105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 253 | 192363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/52 (Call 03/15/52) | 200 | 166446 |
|  Entergy Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 (Call 12/15/30) | 225 | 167814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/52 (Call 03/15/52) | 100 | 84875 |
|  Evergy Kansas Central Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 (Call 10/15/49) | 230 | 155278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/42 (Call 09/01/41) | 221 | 171852 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 (Call 11/03/31) | 410 | 330386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 (Call 03/01/25) | 243 | 230767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51) | 125 | 79449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25) | 411 | 388107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 279 | 187962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 (Call 12/01/23) | 76 | 74132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 261 | 193448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 273 | 211938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 (Call 09/01/48) | 220 | 170768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/42 (Call 12/01/41) | 238 | 191252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 (Call 04/01/44) | 180 | 142054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/42 (Call 08/01/41) | 237 | 192506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 (Call 12/01/47) | 187 | 148682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/40 | 200 | 195280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38 | 245 | 244993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 04/01/39 | 80 | 80098 |
|  John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42 | 83 | 77008 |
|  Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/50 (Call 12/01/49) | 200 | 131770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 (Call 04/01/45) | 202 | 160489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/40 (Call 05/01/40) | 189 | 168414 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/52 (Call 02/01/52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 (Call 10/15/49) | 240 | 156751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/24 (Call 07/15/24) | 25 | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 (Call 01/15/29) | 308 | 281364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 (Call 02/01/48) | 333 | 242144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) | 297 | 237460 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/08/24 | 5 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 48 | 41541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/25 | 325 | 303043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 140 | 113578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 (Call 01/15/32) | 105 | 84351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 (Call 10/27/24) | 104 | 98970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 (Call 11/07/27) | 248 | 226541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/32 (Call 05/01/32) | 223 | 197056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 (Call 09/15/32) | 165 | 147964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/49 (Call 09/15/48) | 137 | 107486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 150 | 150768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/33 | 150 | 152114 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/01/53 | $25 | $24710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 3.70%, 05/01/29 (Call 02/01/29) | 85 | 76628 |
|  Northern States Power Co./MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 (Call 12/01/50) | 225 | 133886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 (Call 09/01/49) | 243 | 154813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/42 (Call 02/15/42)<sup>(a)</sup> | 54 | 39621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 253 | 181629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 125 | 105326 |
|  NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27) | 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381742 |
|  Ohio Power Co., Series R, 2.90%, 10/01/51 (Call 04/01/51) | 245 | 146628 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 (Call 02/15/30) | 130 | 109568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 (Call 03/15/49) | 274 | 180128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/28 (Call 08/15/28) | 135 | 124218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/45 (Call 10/01/44) | 303 | 226047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 (Call 06/15/32)<sup>(c)</sup> | 125 | 118031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(c)</sup> | 125 | 112359 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/52 (Call 12/15/51) | 245 | 149465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/51 (Call 09/15/50) | 105 | 69475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/49 (Call 07/15/48) | 262 | 199961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 (Call 08/15/49) | 144 | 110251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/37 | 172 | 164222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/39 | 260 | 254730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | 145 | 145339 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 (Call 09/01/47) | 122 | 92415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/52 (Call 02/15/52) | 110 | 89965 |
|  Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/43 (Call 09/15/42) | 245 | 193089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/37 | 170 | 177341 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 (Call 12/15/30) | 155 | 119471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 129 | 95237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 205 | 136817 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 200 | 168180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 (Call 09/01/45) | 203 | 151442 |
|  Puget Sound Energy Inc., 4.22%, 06/15/48 (Call 12/15/47) | 195 | 151763 |
|  San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/26 (Call 02/15/26) | 387 | 353045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 200 | 144228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40<sup>(a)</sup> | 160 | 133766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 (Call 07/01/30) | 261 | 199628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51) | 240 | 151116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX, 3.00%, 03/15/32 (Call 12/15/31) | 135 | 110909 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 (Call 04/01/23) | 25 | 23530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30) | 215 | 169426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 (Call 11/01/31)<sup>(a)</sup> | 185 | 145806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 (Call 05/01/29) | 62 | 51905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 (Call 08/01/51) | 260 | 170045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49) | 142 | 95360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46) | 569 | 407643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 (Call 03/01/40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | 155142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43)<sup>(a)</sup> | 219 | 175334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 194 | 173422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/34 | 170 | 166297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/39 | 186 | 179012 |

---

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-A, 5.95%, 02/01/38 | $| 235 | $| 223201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50) |  | 280 |  | 164755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/29 (Call 12/01/28) |  | 74 |  | 68127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.88%, 03/01/49 (Call 09/01/48) |  | 215 |  | 173026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) |  | 430 |  | 313706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/27 (Call 05/01/27) |  | 85 |  | 82409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) |  | 197 |  | 189134 |
|  Southwestern Public Service Co., Series 8, 3.15%, 05/01/50 (Call 11/01/49) |  | 250 |  | 162040 |
|  Union Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 (Call 12/15/31) |  | 255 |  | 195011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/51 (Call 09/15/50) |  | 170 |  | 98836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/52 (Call 10/01/51) |  | 155 |  | 116837 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 (Call 08/15/31) |  | 215 |  | 168812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/30/32 (Call 12/30/31) |  | 220 |  | 173030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 (Call 06/15/50) |  | 303 |  | 170707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) |  | 100 |  | 61974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/49 (Call 06/01/49) |  | 217 |  | 145410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/43 (Call 07/15/42) |  | 250 |  | 190177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/44 (Call 08/15/43) |  | 111 |  | 89378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 (Call 06/01/48) |  | 174 |  | 143103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 |  | 236 |  | 294589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/15/29 (Call 04/15/29) |  | 210 |  | 180369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) |  | 430 |  | 402071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26) |  | 285 |  | 265671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.80%, 04/01/28 (Call 01/01/28)<sup>(a)</sup> |  | 315 |  | 293303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/15/37 |  | 232 |  | 228928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27) |  | 135 |  | 126700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/47 (Call 03/15/47) |  | 230 |  | 167525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 |  | 95 |  | 94545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/46 (Call 05/15/46) |  | 180 |  | 135378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/52 (Call 11/15/51) |  | 245 |  | 203568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.65%, 08/15/43 (Call 02/15/43) |  | 165 |  | 137044 |
|  Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32) |  | 50 |  | 47634 |
|  Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32) |  | 305 |  | 270416 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42317737 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26) |  | 162 |  | 138103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/27 (Call 08/15/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  | 108962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/30 (Call 07/15/30) |  | 120 |  | 94346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 (Call 10/21/28) |  | 315 |  | 262584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 (Call 09/21/31)<sup>(a)</sup> |  | 450 |  | 353786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/50 (Call 04/15/50) |  | 137 |  | 84118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) |  | 390 |  | 239991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 (Call 03/01/25) |  | 90 |  | 86019 |
|  |  |  |  | 1367909 |
| **Electronics — 0.5%** |  |  |  |  |
|  Honeywell International Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27) |  | 470 |  | 403721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 (Call 05/01/25) |  | 338 |  | 310226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 (Call 06/01/31)<sup>(a)</sup> |  | 540 |  | 418138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 (Call 03/01/30) |  | 241 |  | 195499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 (Call 07/15/24) |  | 494 |  | 473089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26) |  | 569 |  | 520595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> |  | 335 |  | 291979 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electronics (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49) | $| 279 | $| 187918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/24 |  | 300 |  | 299982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/28 |  | 300 |  | 299616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/33 |  | 300 |  | 297387 |
|  Tyco Electronics Group SA, 2.50%, 02/04/32 (Call 12/04/31) |  | 290 |  | 231249 |
|  |  |  |  | 3929399 |
| **Food — 0.2%** |  |  |  |  |
|  Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26) |  | 270 |  | 245430 |
|  Hormel Foods Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/03/24 (Call 12/01/22) |  | 345 |  | 322285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 (Call 04/03/28) |  | 375 |  | 315746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 (Call 03/11/30) |  | 331 |  | 263182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/03/51 (Call 12/03/50) |  | 300 |  | 195753 |
|  Walmart Inc., 3.90%, 09/09/25 |  | 150 |  | 147210 |
|  |  |  |  | 1489606 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  Georgia-Pacific LLC, 7.75%, 11/15/29 |  | 186 |  | 206307 |
| **Gas — 0.3%** |  |  |  |  |
|  Atmos Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/31 (Call 10/15/30) |  | 252 |  | 187795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/29 (Call 06/15/29) |  | 120 |  | 101186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/52 (Call 08/15/51)<sup>(a)</sup> |  | 225 |  | 135619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 (Call 03/15/27) |  | 222 |  | 202266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/49 (Call 03/15/49) |  | 208 |  | 140377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 (Call 04/15/44) |  | 104 |  | 80545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/43 (Call 07/15/42) |  | 230 |  | 181288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/48 (Call 04/01/48) |  | 235 |  | 185901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/52 (Call 04/15/52)<sup>(a)</sup> |  | 100 |  | 97368 |
|  CenterPoint Energy Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/30 (Call 07/01/30) |  | 130 |  | 99007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/32 (Call 04/01/32)<sup>(a)</sup> |  | 245 |  | 225991 |
|  Southern California Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 (Call 03/15/27) |  | 235 |  | 212464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/24 (Call 06/15/24) |  | 270 |  | 260480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 2.60%, 06/15/26 (Call 03/15/26) |  | 314 |  | 285963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, 4.30%, 01/15/49 (Call 07/15/48) |  | 114 |  | 86624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 2.55%, 02/01/30 (Call 11/01/29) |  | 226 |  | 186846 |
|  |  |  |  | 2669720 |
| **Hand & Machine Tools — 0.2%** | **Hand & Machine Tools — 0.2%** | **Hand & Machine Tools — 0.2%** | **Hand & Machine Tools — 0.2%** | **Hand & Machine Tools — 0.2%** |
|  Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |  | 72607 |
|  Stanley Black & Decker Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/24/25 (Call 02/24/23) |  | 270 |  | 253622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 (Call 12/15/29) |  | 242 |  | 194314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) |  | 257 |  | 147379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> |  | 195 |  | 158046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 (Call 01/01/26) |  | 261 |  | 245134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 (Call 08/15/28) |  | 30 |  | 28223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/48 (Call 05/15/48)<sup>(a)</sup> |  | 180 |  | 150496 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249821 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/30/28 (Call 11/30/27)<sup>(a)</sup> |  | 324 |  | 269169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/30/30 (Call 03/30/30) |  | 288 |  | 222682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 12/15/24)<sup>(a)</sup> |  | 593 |  | 568586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26) |  | 772 |  | 741892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36) |  | 447 |  | 427363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) |  | 213 |  | 192752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) |  | 911 |  | 849025 |

---

S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/27/40 | $252 | $247341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/39 | 255 | 264489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37<sup>(a)</sup> | 165 | 176675 |
|  Danaher Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 (Call 04/01/50) | 200 | 120048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51) | 400 | 249376 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 (Call 10/15/24) | 45 | 42475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39) | 300 | 223761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49) | 265 | 186237 |
|  Medtronic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35 | 597 | 547067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45 | 352 | 309316 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/24 (Call 12/01/22) | 915 | 851929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28 (Call 08/15/28) | 390 | 324913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 (Call 07/15/31) | 470 | 368781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 (Call 07/01/29) | 95 | 81412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41) | 385 | 265415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47) | 200 | 163060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693764 |
| **Health Care - Services — 2.6%** |  |  |
|  Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | 396814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.53%, 11/15/29 (Call 08/15/29) | 242 | 201700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.11%, 11/15/39 (Call 05/15/39) | 85 | 61087 |
|  BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 279 | 212392 |
|  Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50 (Call 11/15/49) | 270 | 161978 |
|  Children's Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) | 210 | 121664 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/01/30 (Call 04/01/30) | 200 | 155264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 (Call 04/01/29) | 200 | 167946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/01/49 (Call 04/01/49)<sup>(a)</sup> | 317 | 217269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 (Call 04/01/50) | 200 | 134196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 200 | 141426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 11/01/27 | 300 | 300321 |
|  Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)<sup>(a)</sup> | 310 | 204932 |
|  Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46) | 85 | 64144 |
|  Hackensack Meridian Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 09/01/41 (Call 03/01/41) | 205 | 131013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.88%, 09/01/50 (Call 03/01/50) | 155 | 91986 |
|  Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52) | 160 | 116973 |
|  Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 121 | 90883 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 02/01/27) | 37 | 33898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 (Call 11/01/46) | 402 | 316828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/42 | 215 | 193603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 240 | 158700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40) | 500 | 335095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50) | 405 | 249901 |
|  Mass General Brigham Inc., Series 2020, 3.34%, 07/01/60 (Call 01/01/60) | 254 | 156743 |
|  Mayo Clinic, Series 2021, 3.20%, 11/15/61 (Call 05/15/61) | 150 | 92064 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  Memorial Sloan-Kettering Cancer Center, Series 2015,<br>4.20%, 07/01/55 | $155 | $119087 |
|  Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) | 205 | 117408 |
|  Mount Sinai Hospitals Group Inc., Series 2019, 3.74%, 07/01/49 (Call 01/01/49) | 225 | 156337 |
|  New York and Presbyterian Hospital (The) 4.02%, 08/01/45 | 266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119) | 100 | 63661 |
|  Northwell Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/01/46 (Call 11/01/45) | 295 | 210485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/47 (Call 11/01/46) | 228 | 168875 |
|  Novant Health Inc., 3.17%, 11/01/51 (Call 05/01/51) | 326 | 207577 |
|  Providence St Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 19A, 2.53%, 10/01/29 (Call 07/01/29) | 46 | 37578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.70%, 10/01/51 (Call 04/01/51) | 130 | 69568 |
|  SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27) | 50 | 46684 |
|  Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | 260 | 194111 |
|  Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.29%, 08/15/30 (Call 02/15/30) | 195 | 153414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.36%, 08/15/50 (Call 02/15/50) | 59 | 37838 |
|  Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28) | 211 | 184946 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 208124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26)<sup>(a)</sup> | 225 | 198454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26<sup>(a)</sup> | 226 | 200880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 465 | 373255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31)<sup>(a)</sup> | 417 | 334217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 190 | 181752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 332 | 227762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 380 | 329585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49) | 460 | 294018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 | 271 | 245334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | 575 | 407307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 456 | 429050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59)<sup>(a)</sup> | 490 | 303555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 527 | 357585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 | 145 | 135340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 36 | 33812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24 | 230 | 226235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 385 | 296030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49) | 447 | 330467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 | 225 | 218468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 294 | 221020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28 | 432 | 402166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28 | 289 | 268839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59) | 295 | 215067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 (Call 04/15/42) | 243 | 191618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 335 | 311560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32) | 545 | 502539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 297 | 240956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 255 | 211155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/47 (Call 10/15/46) | 298 | 242950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47) | 480 | 389837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41) | 255 | 214649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48) | 408 | 340133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 247 | 226482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/41 (Call 05/15/41) | 149 | 129082 |

---

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | $705 | $617700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51)<sup>(a)</sup> | 735 | 643228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61) | 375 | 330604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | 100 | 100037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25 | 50 | 50107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 75 | 75181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30<sup>(a)</sup> | 100 | 100005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33<sup>(a)</sup> | 600 | 602220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36 | 315 | 318377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 440 | 449610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63<sup>(a)</sup> | 320 | 329248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/37 | 182 | 194906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37 | 164 | 177609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 | 370 | 405653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20318571 |
| **Household Products & Wares — 0.2%** |  |  |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 (Call 07/15/27)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 166986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/02/31 (Call 08/02/31)<sup>(a)</sup> | 90 | 70295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/50 (Call 08/07/49)<sup>(a)</sup> | 221 | 142125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/30 (Call 12/26/29) | 235 | 205759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/29 (Call 01/25/29) | 215 | 191939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/30/46 (Call 01/30/46) | 244 | 166196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/28 (Call 08/01/28)<sup>(a)</sup> | 280 | 263620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/37 | 246 | 269345 |
|  |  | 1476265 |
| **Insurance — 2.9%** |  |  |
|  Aflac Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/30 (Call 01/01/30) | 448 | 398053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/49 (Call 07/15/48) | 38 | 31430 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 (Call 11/15/25) | 151 | 131027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 12/15/30 (Call 09/15/30)<sup>(a)</sup> | 330 | 242510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/15/26 (Call 09/15/26) | 215 | 199984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 (Call 02/10/49) | 161 | 116894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 (Call 06/15/46) | 266 | 207991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43 | 155 | 127943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/09/35 | 225 | 220885 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 107 | 82039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 (Call 12/12/29) | 275 | 220151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 550 | 497046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) | 420 | 239299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50) | 687 | 422704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31) | 350 | 291225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 690 | 507247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48)<sup>(a)</sup> | 501 | 404031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48) | 622 | 507963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 | 163 | 134576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/42<sup>(a)</sup> | 295 | 252051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40<sup>(a)</sup> | 332 | 335038 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25) | 563 | 533583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43 | 372 | 324745 |
|  Chubb Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/11/37 | 318 | 325902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 6.50%, 05/15/38 | 75 | 79090 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 (Call 06/15/30)<sup>(a)</sup> | 490 | 364879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51 (Call 06/15/51) | $175 | $107210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61) | 430 | 255123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25 | 582 | 556142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/24 | 300 | 291720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 360 | 338969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45) | 530 | 431420 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/30 (Call 02/15/30) | 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 (Call 01/01/26) | 180 | 172937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/43 (Call 11/15/42) | 186 | 139480 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 (Call 03/19/27) | 59 | 52338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26 | 249 | 239615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46 | 222 | 201469 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 (Call 08/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | 212628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24) | 281 | 273174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 (Call 12/10/24) | 270 | 259343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 (Call 12/14/25) | 204 | 194218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | 283 | 277999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 (Call 09/01/47) | 195 | 149384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/30/47 (Call 07/30/46) | 148 | 115518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28) | 654 | 617716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 (Call 09/15/38) | 164 | 141120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48) | 403 | 343586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/52 | 100 | 102146 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25 | 370 | 353239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24 | 103 | 100730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 (Call 08/13/25) | 222 | 213020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45 | 219 | 168483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42 | 406 | 319579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 (Call 12/23/29)<sup>(a)</sup> | 490 | 466054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45) | 215 | 179095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 280 | 241228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 300 | 261876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35 | 376 | 371890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 130 | 124635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34 | 324 | 339426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/15/32 | 131 | 137456 |
|  PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29) | 60 | 52577 |
|  Principal Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/15/30 (Call 03/15/30) | 286 | 221802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/29 (Call 02/15/29) | 265 | 235100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/15/36 | 175 | 171148 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27<sup>(a)</sup> | 171 | 153685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27) | 160 | 142883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31) | 150 | 124065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/30 (Call 12/26/29) | 329 | 284565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 200 | 141806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 (Call 09/26/49) | 53 | 39330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 310 | 288173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/47 (Call 10/15/46) | 283 | 220876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 240 | 188294 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/26 (Call 02/10/26)<sup>(a)</sup> | 225 | 199501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/10/30 (Call 12/10/29) | 240 | 190279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/40 (Call 09/10/39)<sup>(a)</sup> | 141 | 96650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50) | 602 | 426914 |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47) | $248 | $182987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49) | 213 | 156491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49) | 393 | 310993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44<sup>(a)</sup> | 208 | 171825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36 | 290 | 283365 |
|  Prudential PLC, 3.13%, 04/14/30 | 140 | 114846 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/27/50 (Call 10/27/49) | 160 | 92166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50)<sup>(a)</sup> | 215 | 136817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 158 | 116493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/47 (Call 11/30/46) | 72 | 54739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/07/48 (Call 09/07/47) | 149 | 113829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/04/49 (Call 09/04/48) | 150 | 115335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/01/43 | 125 | 104703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40 | 415 | 390905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | 289 | 300543 |
|  Travelers Property Casualty Corp., 6.38%, 03/15/33 | 188 | 198913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22211598 |
| **Internet — 3.4%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 (Call 11/09/30) | 400 | 287960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/09/41 (Call 08/09/40)<sup>(a)</sup> | 320 | 166762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/09/51 (Call 08/09/50) | 425 | 207030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/09/61 (Call 08/09/60) | 370 | 171650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 (Call 09/06/27)<sup>(a)</sup> | 895 | 769082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 (Call 08/28/24) | 735 | 697155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/37 (Call 06/06/37) | 230 | 157734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/06/47 (Call 06/06/47)<sup>(a)</sup> | 630 | 385037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/06/57 (Call 06/06/57) | 355 | 211388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/28/34 (Call 05/28/34) | 200 | 154544 |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 (Call 07/15/25) | 510 | 455869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27)<sup>(a)</sup> | 430 | 362129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 (Call 05/15/30)<sup>(a)</sup> | 420 | 322787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 517 | 327835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26) | 760 | 691980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50) | 955 | 545802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60)<sup>(a)</sup> | 555 | 303468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24 | 294 | 289658 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24 | 562 | 526942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 (Call 05/03/25) | 480 | 434443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 890 | 779133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 267 | 227273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 (Call 03/03/30) | 511 | 399638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 (Call 03/12/28) | 837 | 707072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 1142 | 914331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49) | 876 | 521623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59) | 561 | 317874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24 | 50 | 48684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24) | 824 | 796750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40) | 717 | 508210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25 | 585 | 562448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50) | 855 | 572593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 1302 | 1205678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 455 | 292301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27) | 790 | 741289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 (Call 02/13/29)<sup>(a)</sup> | 555 | 509196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32) | 925 | 827727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24) | 116 | 114036 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | $544 | $462694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51) | 695 | 545269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47)<sup>(a)</sup> | 1017 | 826994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 460 | 352687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57) | 867 | 697545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34) | 479 | 466177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44) | 474 | 443820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25) | 456 | 462822 |
|  Baidu Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 04/09/26 (Call 03/09/26) | 220 | 191671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 04/07/25 (Call 03/07/25) | 200 | 186706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/06/27<sup>(a)</sup> | 215 | 192070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25 | 90 | 85711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/14/24 (Call 04/14/24)<sup>(a)</sup> | 60 | 58639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/29/28 (Call 12/29/27)<sup>(a)</sup> | 35 | 30844 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/28 (Call 12/15/27) | 225 | 204691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 447 | 422379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 (Call 12/15/24) | 352 | 339110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 (Call 01/13/30) | 163 | 153717 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(c)</sup> | 565 | 519065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(c)</sup> | 900 | 767376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(c)</sup> | 965 | 717690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(c)</sup> | 575 | 425442 |
|  Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30) | 95 | 64449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26132679 |
| **Machinery — 1.6%** |  |  |
|  ABB Finance USA Inc., 4.38%, 05/08/42 | 235 | 191539 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/17/24 | 40 | 37355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24 | 235 | 217175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25 | 95 | 84150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26<sup>(a)</sup> | 515 | 451506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27 | 244 | 203611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26 | 425 | 368063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25 | 142 | 130549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27 | 30 | 26313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 342 | 324192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 219 | 212450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 | 55 | 53268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25 | 195 | 188228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 | 125 | 117229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 | 255 | 247008 |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/12/31 (Call 12/12/30) | 120 | 94672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/19/29 (Call 06/19/29)<sup>(a)</sup> | 296 | 253112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 (Call 01/09/30) | 281 | 237616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 365 | 258756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49)<sup>(a)</sup> | 224 | 158834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | 570 | 557443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42 | 502 | 404758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/44 (Call 11/15/43) | 154 | 132081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/64 (Call 11/15/63) | 212 | 180980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 344 | 332920 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25 (Call 03/15/25) | 362 | 344523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/07/49 (Call 03/07/49)<sup>(a)</sup> | 150 | 100048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/30 (Call 01/15/30) | 218 | 191162 |

---

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | $174 | $136583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41) | 151 | 125455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/16/29 | 101 | 102575 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 335 | 312572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 265 | 245533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | 365 | 319039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26<sup>(a)</sup> | 420 | 366475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25 | 320 | 296656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/31<sup>(a)</sup> | 140 | 105731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/28 | 260 | 217043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27<sup>(a)</sup> | 115 | 100854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27 | 305 | 265356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31 | 230 | 180331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 | 290 | 273203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30 | 185 | 154754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24 | 396 | 384401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24 | 160 | 154390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26 | 275 | 254631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 | 243 | 219196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29 | 225 | 194758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24 | 100 | 97667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/29 | 200 | 180852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | 371563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25 | 77 | 74523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29 | 231 | 210053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/07/32<sup>(a)</sup> | 105 | 95212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/08/25 | 170 | 166075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 200 | 192426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/32 | 200 | 187898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24 | 230 | 228845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/11/29 | 300 | 294924 |
|  Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48) | 240 | 191885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12801000 |
| **Manufacturing — 0.5%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 01/14/25) | 356 | 332885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 (Call 06/19/26)<sup>(a)</sup> | 237 | 213767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29)<sup>(a)</sup> | 118 | 97419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25)<sup>(a)</sup> | 140 | 131965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 (Call 07/15/27) | 230 | 207179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25<sup>(a)</sup> | 166 | 157476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 230 | 196742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/46 (Call 03/19/46) | 187 | 121094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49)<sup>(a)</sup> | 205 | 136397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(a)</sup> | 298 | 267592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/14/28 (Call 06/14/28) | 169 | 155691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/47 (Call 04/15/47) | 225 | 157412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/50 (Call 10/15/49) | 180 | 128470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(a)</sup> | 433 | 327201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 285 | 278171 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26) | 440 | 404373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42) | 220 | 176253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/41 (Call 03/15/41) | 205 | 187624 |
|  |  | 3677711 |
| **Media — 3.7%** |  |  |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30) | 565 | 421106 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | $290 | $224704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26) | 264 | 235958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52) | 425 | 232135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 575 | 480436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62) | 395 | 206909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50) | 631 | 374877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 1450 | 871058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56)<sup>(a)</sup> | 1848 | 1070454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 1212 | 683192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 624 | 586410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27) | 550 | 496023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36) | 118 | 89778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 355 | 257553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) | 382 | 353789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 219 | 202214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 (Call 11/15/24) | 405 | 390489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25) | 540 | 516256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30) | 574 | 505200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46) | 332 | 226597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49) | 593 | 400506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 290 | 265260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 (Call 03/15/24) | 654 | 641862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39)<sup>(a)</sup> | 469 | 361857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 321 | 259580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25) | 968 | 936192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 697 | 518094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 341 | 255447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 264 | 197947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49) | 580 | 428539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52)<sup>(a)</sup> | 398 | 294811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | 958 | 898815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 343 | 299785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 589 | 541462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33<sup>(a)</sup> | 685 | 616932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 (Call 02/15/35)<sup>(a)</sup> | 313 | 274416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38) | 321 | 278342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 312 | 255288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/42 | 224 | 186944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 723 | 606235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58) | 353 | 297604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 260 | 259883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | 300 | 298104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | 381 | 375201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/15/37 | 120 | 124782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/35 | 275 | 289080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 170 | 184810 |
|  NBCUniversal Media LLC, 4.45%, 01/15/43 | 306 | 249433 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26 | 274 | 244038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(a)</sup> | 201 | 183987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26 | 260 | 243147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/46 | 154 | 101253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25 | 388 | 368604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/42 | 220 | 166390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44 | 377 | 304646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 03/01/32 | 170 | 186250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.13%, 12/01/41 | 186 | 150593 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 (Call 07/30/24) | 116 | 109619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26 | 466 | 422019 |

---

S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 (Call 06/01/29) | $733 | $598458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28<sup>(a)</sup> | 505 | 439471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | 596498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49) | 522 | 322951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25 | 391 | 375919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39) | 478 | 365484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50) | 656 | 475659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 279 | 272427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 (Call 07/15/25)<sup>(a)</sup> | 289 | 279105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27 | 120 | 113204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30<sup>(a)</sup> | 459 | 418553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 442 | 317480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 227 | 201213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49)<sup>(a)</sup> | 681 | 591360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 205 | 178858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/43 | 166 | 157363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/15/41 | 225 | 230609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34 | 527 | 551537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | 135 | 142899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37 | 493 | 533495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28665438 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Precision Castparts Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 (Call 03/15/25) | 429 | 411694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/43 (Call 07/15/42) | 170 | 133299 |
|  |  | 544993 |
| **Mining — 0.3%** |  |  |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42 | 370 | 303926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43<sup>(a)</sup> | 836 | 767431 |
|  Rio Tinto Alcan Inc., 6.13%, 12/15/33<sup>(a)</sup> | 240 | 249435 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 360 | 222008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40 | 217 | 206389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28 | 241 | 258829 |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/21/42 (Call 02/21/42) | 271 | 221014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 (Call 09/22/41) | 165 | 145858 |
|  |  | 2374890 |
| **Oil & Gas — 4.3%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30) | 420 | 325609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31) | 620 | 503310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50) | 510 | 307030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50)<sup>(a)</sup> | 612 | 377965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49) | 549 | 346995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51) | 470 | 292227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 299 | 273418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40)<sup>(a)</sup> | 500 | 350105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 105 | 98020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60) | 920 | 585635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25)<sup>(a)</sup> | 350 | 331608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27)<sup>(a)</sup> | 15 | 13970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) | 196 | 182911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30) | 237 | 212129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 (Call 07/21/25) | 375 | 364005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28) | 295 | 273875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 258 | 242879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | $289 | $264051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 (Call 08/28/28) | 364 | 332390 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 (Call 04/11/25) | 900 | 830574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27) | 470 | 415917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 (Call 02/11/30) | 444 | 368653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 (Call 01/03/24) | 487 | 475697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | 587595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49) | 292 | 199728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25)<sup>(a)</sup> | 351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338364 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 (Call 07/12/25)<sup>(a)</sup> | 348 | 311446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27) | 213 | 178971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50) | 227 | 134418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/28 (Call 10/15/27) | 285 | 270308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 230 | 225853 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/24 (Call 12/01/22) | 235 | 226300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23) | 145 | 136954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 459 | 358484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 215 | 160962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | 710 | 524370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 235 | 193779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/32 | 36 | 37342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 375 | 403583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29 | 55 | 59775 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 (Call 01/01/25) | 15 | 14403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/35 (Call 10/01/34) | 319 | 271941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 558 | 541578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 (Call 01/15/30) | 352 | 334059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49) | 135 | 122849 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 (Call 07/16/24) | 537 | 511761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26)<sup>(a)</sup> | 463 | 421603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 (Call 05/16/29)<sup>(a)</sup> | 614 | 525645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 737 | 624047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 (Call 12/06/24) | 728 | 694818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | 972 | 931079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 347 | 253248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 872 | 821005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49) | 255 | 173499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23) | 160 | 156710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27)<sup>(a)</sup> | 289 | 271331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50)<sup>(a)</sup> | 728 | 519166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29) | 531 | 482355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44) | 300 | 221865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | 844 | 677217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 733 | 628086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49) | 816 | 677753 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 (Call 10/07/24) | 600 | 569016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29) | 302 | 254574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26<sup>(a)</sup> | 314 | 286519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30) | 352 | 301407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 773 | 721078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/26/41 (Call 05/26/41) | 235 | 161382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51) | 375 | 241545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 422 | 280849 |

---

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25 | $931 | $894244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49)<sup>(a)</sup> | 668 | 459223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/42 | 298 | 225506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 448 | 335108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 (Call 08/13/28) | 509 | 476231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 586 | 460326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35 | 488 | 430348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 767 | 634010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 323 | 276197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40 | 320 | 311872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056429 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 (Call 10/10/24) | 460 | 435091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 (Call 10/10/29)<sup>(a)</sup> | 376 | 322954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40) | 262 | 183827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | 746 | 492942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 178 | 115672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/29 (Call 11/19/28)<sup>(a)</sup> | 590 | 536092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 221 | 155135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24 | 679 | 669256 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28 | 440 | 410604 |
|  |  | 33690660 |
| **Oil & Gas Services — 0.2%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 409 | 350914 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | 110 | 96283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 (Call 08/07/29) | 238 | 201948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 (Call 09/15/27) | 542 | 486022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 (Call 06/15/47) | 413 | 299668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/01/30 (Call 02/01/30) | 133 | 122754 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 15 | 13564 |
|  Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30) | 430 | 359996 |
|  |  | 1931149 |
| **Pharmaceuticals — 5.6%** |  |  |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 (Call 12/01/22) | 620 | 579210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26) | 850 | 741854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 (Call 03/28/28) | 540 | 451850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 (Call 02/28/31) | 310 | 249674 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26) | 435 | 374987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30) | 290 | 221844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 (Call 02/06/50) | 50 | 27546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 230 | 152842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | 185 | 170293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25 | 380 | 362159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 (Call 10/17/28) | 165 | 155283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42 | 365 | 299975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 320 | 271136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 195 | 164570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 780 | 837650 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 96 | 84911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27) | 440 | 365614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30) | 500 | 383030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40) | 141 | 91808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50) | 588 | 352647 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 (Call 06/26/24)<sup>(a)</sup> | $755 | $730561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 310 | 262871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 863 | 814853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/42 | 165 | 119104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29) | 658 | 597806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/27 (Call 08/15/27) | 280 | 260876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41) | 310 | 237091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 550 | 408309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 (Call 11/20/27) | 575 | 544991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 375 | 274253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 475 | 403840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | 868911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 480 | 398453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 514 | 439043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/44 (Call 11/15/43) | 350 | 304206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/45 (Call 02/15/45) | 65 | 59507 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49) | 339 | 203329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60) | 265 | 152595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/25 (Call 03/01/25) | 479 | 456554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 486 | 449599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48) | 215 | 179566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/59 (Call 09/15/58) | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150061 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 | 432 | 419191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28 | 520 | 487916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/18/43 | 169 | 137627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/34 | 161 | 160116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38 | 899 | 963108 |
|  GlaxoSmithKline Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 (Call 05/01/24) | 562 | 545618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/29 (Call 03/01/29) | 385 | 347278 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 (Call 08/01/25)<sup>(a)</sup> | 30 | 26803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27)<sup>(a)</sup> | 340 | 287909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30)<sup>(a)</sup> | 525 | 415469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40) | 270 | 176801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50) | 475 | 281570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25) | 910 | 850440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60) | 285 | 160854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24) | 145 | 138964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 (Call 10/15/27) | 612 | 562526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 378 | 352009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 427 | 348078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 334 | 256529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35) | 220 | 188001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36) | 323 | 275561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 538 | 426150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46) | 403 | 321751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33) | 377 | 358399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 | 157 | 142069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/05/43 (Call 06/05/43) | 255 | 225555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/33 | 228 | 229384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/38 | 271 | 284133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37<sup>(a)</sup> | 146 | 155928 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 08/15/25) | 394 | 380391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/44 (Call 12/01/43) | 215 | 179297 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26)<sup>(a)</sup> | 235 | 205980 |

---

S C H E D U L E O F I N V E S T M E N T S 63

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30) | $275 | $213543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27) | 490 | 426981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 (Call 10/10/28) | 285 | 238913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 445 | 353512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39) | 441 | 290668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49)<sup>(a)</sup> | 425 | 256726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 (Call 11/10/24) | 663 | 633609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51) | 781 | 496349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 565 | 343610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 (Call 12/07/28) | 493 | 450183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42)<sup>(a)</sup> | 229 | 176124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44) | 575 | 445728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38) | 290 | 241515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 536 | 432788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | 278897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 | 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106799 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 (Call 01/14/25) | 202 | 189104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 528 | 472074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 (Call 05/14/30) | 480 | 397440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50) | 426 | 279230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 600 | 569748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) | 450 | 419175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24 | 690 | 676655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/21/42 | 243 | 193912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45) | 305 | 250036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 | 480 | 420019 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 (Call 04/28/25) | 441 | 400494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30) | 445 | 354807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 (Call 05/18/31)<sup>(a)</sup> | 115 | 89491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39) | 299 | 207156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 370 | 316039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49) | 418 | 272227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(a)</sup> | 596 | 557039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 (Call 02/15/24) | 288 | 281310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26 | 727 | 680050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 | 433 | 424093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 291 | 266579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 (Call 06/15/28) | 425 | 397813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 173 | 145503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 210 | 184466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 394 | 324069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/38 (Call 03/15/38) | 252 | 218255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46 | 444 | 375153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48) | 315 | 266619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43 | 264 | 228136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 | 374 | 327370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 827 | 969649 |
|  Pharmacia LLC, 6.60%, 12/01/28 | 154 | 164708 |
|  Sanofi, 3.63%, 06/19/28 (Call 03/19/28) | 438 | 408396 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 611 | 637047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/36 | 141 | 145725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34<sup>(a)</sup> | 307 | 332791 |
|  |  | 43174990 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines — 0.1%** |  |  |
|  Columbia Pipeline Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 (Call 03/01/25) | $401 | $392202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/01/45 (Call 12/01/44) | 60 | 54098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446300 |
| **Real Estate — 0.0%** |  |  |
|  Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24) | 135 | 130895 |
| **Real Estate Investment Trusts — 1.5%** |  |  |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | 40 | 30456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29)<sup>(a)</sup> | 345 | 279395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/17/30) | 141 | 112964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 (Call 03/03/25) | 380 | 362976 |
|  Camden Property Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | 452 | 372236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/29 (Call 04/01/29) | 110 | 94255 |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31 (Call 05/01/31) | 210 | 156836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/30 (Call 11/15/29) | 250 | 201380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/26 (Call 08/01/26) | 55 | 49797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 (Call 04/01/29) | 141 | 119875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 166 | 148932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/44 (Call 01/01/44) | 172 | 137519 |
|  Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27) | 15 | 13750 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30) | 380 | 278624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/15/27 (Call 02/15/27) | 240 | 210718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/15/50 (Call 04/15/50) | 182 | 95215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30) | 378 | 304267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 215 | 135525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/33 (Call 10/15/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | 241163 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 285 | 246465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26) | 195 | 169859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/28 (Call 03/01/28) | 233 | 193313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 (Call 09/09/28) | 195 | 160506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 (Call 08/09/31) | 330 | 253209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 (Call 02/01/31) | 159 | 125012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 (Call 06/15/27) | 267 | 242140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 (Call 02/01/29) | 189 | 167063 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 (Call 09/15/32) | 175 | 136908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 (Call 10/15/26) | 168 | 151202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 (Call 09/15/29) | 331 | 278497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/29 (Call 03/15/29) | 35 | 30186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30) | 386 | 321272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 (Call 10/15/27) | 120 | 108944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/25 (Call 02/15/25) | 210 | 203345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27) | 95 | 88071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26) | 125 | 118175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25) | 55 | 53743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/47 (Call 09/15/46) | 201 | 165361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26) | 45 | 43786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 225 | 220322 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26) | 132 | 111904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 (Call 11/01/27) | 265 | 217024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 (Call 06/13/24) | 519 | 487803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/01/31 (Call 11/01/30) | 247 | 185865 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 (Call 10/15/31) | $285 | $208506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 (Call 06/13/29) | 280 | 224381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 (Call 04/15/30) | 282 | 223601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 (Call 12/01/31) | 280 | 212850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 44 | 40129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49) | 305 | 184717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 315 | 293999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24)<sup>(a)</sup> | 597 | 574613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | 350358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27)<sup>(a)</sup> | 300 | 269172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 06/01/25) | 600 | 569838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 265 | 260100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50)<sup>(a)</sup> | 248 | 167628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 (Call 05/30/46) | 200 | 146874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 (Call 09/15/41) | 131 | 104686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 (Call 11/01/39) | 201 | 199899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11857209 |
| **Retail — 2.7%** |  |  |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 115 | 99116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 (Call 01/20/30) | 337 | 268876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 (Call 01/20/32)<sup>(a)</sup> | 430 | 329767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 (Call 03/18/24) | 549 | 533260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27) | 488 | 454611 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 (Call 01/15/28) | 80 | 64966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 (Call 12/15/30) | 470 | 351668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28) | 452 | 373117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31) | 327 | 252637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26) | 428 | 386416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50) | 250 | 141645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(a)</sup> | 373 | 337401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | 40 | 38046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 207 | 175967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 452 | 276045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27)<sup>(a)</sup> | 460 | 418687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27) | 260 | 239028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 (Call 03/15/29) | 627 | 553077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26) | 47 | 44189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 397 | 263830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 95 | 81849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39) | 497 | 372467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 351 | 336932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 573 | 397324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 213 | 145264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 370 | 268479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 523 | 517273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28) | 383 | 361709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46) | 475 | 366700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25) | 65 | 63648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42) | 321 | 263685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 602 | 494441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44) | 417 | 345480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 500 | 473950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48) | 507 | 429399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43) | 432 | 384973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(a)</sup> | 305 | 274210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/40 (Call 03/15/40) | 125 | 120644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 639 | 657039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 295 | 300233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26) | $270 | $241958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 (Call 03/15/25) | 476 | 447802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 250 | 206780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 | 557 | 514852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 370 | 239797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 01/15/29) | 417 | 376726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24 | 413 | 404195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/46 | 241 | 179680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/47 (Call 05/15/47) | 241 | 187108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42<sup>(a)</sup> | 225 | 184795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 25 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/38 | 235 | 264211 |
|  TJX Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/28 (Call 03/15/28) | 182 | 147052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/15/31 (Call 02/15/31) | 140 | 104765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 660 | 596369 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41) | 480 | 330178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/24 (Call 10/15/24)<sup>(a)</sup> | 95 | 91218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51)<sup>(a)</sup> | 425 | 273636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 (Call 06/08/24) | 115 | 111597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/24/49 (Call 03/24/49) | 255 | 174162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26) | 25 | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 (Call 04/08/29) | 350 | 319638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24)<sup>(a)</sup> | 511 | 500657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 (Call 04/26/25) | 385 | 374717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 (Call 03/26/28) | 10 | 9479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/28/38 (Call 12/28/37) | 255 | 222610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47) | 496 | 414656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 (Call 06/09/32) | 100 | 94676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | 200 | 178020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 | 440 | 448417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/40 | 295 | 304499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/41 | 250 | 257833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38 | 140 | 151922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37 | 335 | 379900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21039274 |
| **Semiconductors — 3.3%** |  |  |
|  Advanced Micro Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/32 (Call 03/01/32)<sup>(a)</sup> | 290 | 258906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 225 | 181971 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 (Call 08/01/28) | 250 | 206683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31) | 410 | 321887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41)<sup>(a)</sup> | 310 | 213658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | 340 | 219079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26) | 55 | 51889 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 (Call 03/01/30) | 190 | 150075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49) | 277 | 176488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 175 | 164526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 167 | 162726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46)<sup>(a)</sup> | 474 | 400483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/01/35 (Call 04/01/35) | 182 | 176420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/41 | 215 | 218747 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 (Call 06/12/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | 305361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 (Call 05/12/31) | 270 | 206331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 783 | 649647 |

---

S C H E D U L E O F I N V E S T M E N T S 65

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26) | $544 | $503309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 305 | 196478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 694 | 673326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51) | 515 | 311297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59) | 244 | 138548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 525 | 484890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 150 | 86747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 737 | 462276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 (Call 02/25/25) | 765 | 739242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 630 | 611598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 704 | 490012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27) | 300 | 284688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 75 | 70580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 (Call 12/25/29) | 583 | 528093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29) | 290 | 267789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32<sup>(a)</sup> | 269 | 237285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45) | 435 | 327868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 325 | 242232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32)<sup>(a)</sup> | 295 | 263854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/42 | 300 | 235467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39) | 271 | 229003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49) | 665 | 540186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41 | 215 | 184603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45)<sup>(a)</sup> | 267 | 228451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 595 | 495135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(a)</sup> | 177 | 143108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167079 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 (Call 08/28/49) | 305 | 205436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 (Call 12/15/28) | 60 | 56452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 (Call 08/01/24) | 184 | 183122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 (Call 04/15/32) | 480 | 455568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 435 | 379498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | 120 | 105887 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 (Call 03/15/30) | 150 | 117728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49) | 236 | 147375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/60 (Call 12/15/59) | 227 | 136681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 135 | 129539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 220 | 214223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 12/15/28) | 365 | 338475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 262 | 231377 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 185 | 172598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 (Call 04/15/28) | 310 | 256212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 (Call 03/15/31) | 475 | 369711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 (Call 01/01/30) | 206 | 175487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26) | 344 | 324031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39) | 427 | 324140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49) | 487 | 345746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 (Call 10/01/59) | 225 | 153430 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 (Call 02/20/28) | 402 | 329065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32) | 445 | 334591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 (Call 02/20/30) | 391 | 320929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 (Call 03/20/24) | 276 | 267549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27) | 120 | 111469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49)<sup>(a)</sup> | 163 | 112247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 (Call 02/20/25) | 307 | 296144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/32 (Call 02/20/32) | 205 | 192501 |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46)<sup>(a)</sup> | $489 | $400471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51) | 240 | 198984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34) | 366 | 338356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44) | 617 | 545249 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 (Call 08/15/26) | 155 | 134895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 (Call 02/12/25) | 190 | 175824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 (Call 02/04/30) | 229 | 182277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 (Call 06/15/31) | 180 | 140805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 (Call 06/04/29) | 245 | 206283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51)<sup>(a)</sup> | 100 | 64147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/27 (Call 08/03/27) | 46 | 41950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 (Call 05/16/32) | 75 | 67229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 277 | 231035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/16/52 (Call 02/16/52) | 145 | 119176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 481 | 396825 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 (Call 09/25/26) | 355 | 306525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/25/31 (Call 07/25/31) | 530 | 411248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41 (Call 04/25/41) | 260 | 181415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 (Call 04/25/51)<sup>(a)</sup> | 440 | 286431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 (Call 03/22/27) | 255 | 238703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/22/29 (Call 02/22/29) | 15 | 13857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 (Call 01/22/32) | 245 | 218783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/52 (Call 10/22/51) | 225 | 184187 |
|  Xilinx Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/30 (Call 03/01/30) | 173 | 141057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/24 (Call 04/01/24) | 69 | 66803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25287747 |
| **Software — 1.8%** |  |  |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 (Call 01/01/25) | 153 | 143685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 319 | 286631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 (Call 11/01/29) | 270 | 224351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 125 | 120915 |
|  Intuit Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 (Call 06/15/25) | 23 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 (Call 05/15/27) | 55 | 46451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 (Call 04/15/30) | 390 | 301466 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26)<sup>(a)</sup> | 816 | 755020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | 1280010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59) | 993 | 599673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 (Call 11/12/24) | 868 | 833549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 (Call 12/06/23) | 502 | 491142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 2094 | 1417784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | 724 | 471672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25) | 852 | 819718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | 1210 | 1150734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 285 | 244322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34)<sup>(a)</sup> | 368 | 324863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 546 | 441026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/12/55 (Call 08/12/54) | 235 | 189546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36) | 305 | 278721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/35 (Call 05/03/35)<sup>(a)</sup> | 370 | 344918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46) | 235 | 206351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 (Call 05/03/45) | 200 | 180580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 220 | 194414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/39 | 175 | 176974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/08/41 | 330 | 334719 |

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66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 (Call 12/01/22) | $75 | $69856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 (Call 05/15/28)<sup>(a)</sup> | 345 | 288517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 510 | 398453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41) | 495 | 337694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51)<sup>(a)</sup> | 510 | 328205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61) | 390 | 238547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28)<sup>(a)</sup> | 543 | 512451 |
|  |  | 14053662 |
| **Telecommunications — 0.6%** |  |  |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30 (Call 02/07/30) | 295 | 243263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/29 (Call 01/22/29)<sup>(a)</sup> | 415 | 366652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/16/42 | 459 | 360072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/49 (Call 10/22/48)<sup>(a)</sup> | 350 | 273875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/32 (Call 04/21/32)<sup>(a)</sup> | 235 | 215916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/30/40 | 507 | 486558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/35 | 252 | 254066 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | 548406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 167 | 157650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 | 348 | 338051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24 | 301 | 296482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 626 | 614682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 618 | 631645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787318 |
| **Transportation — 2.4%** |  |  |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 (Call 12/15/51) | 90 | 56363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25)<sup>(a)</sup> | 5 | 4783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 (Call 08/15/50) | 270 | 175783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | 379 | 351333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 (Call 03/15/51) | 86 | 58766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 (Call 06/01/24) | 232 | 225112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | 311 | 223721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24)<sup>(a)</sup> | 485 | 476512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 178 | 136809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 313 | 245846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 310 | 247067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 312 | 249584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 240 | 191626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/42 (Call 03/01/42) | 147 | 122891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/42 (Call 09/15/41) | 242 | 203149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 247 | 208967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52) | 240 | 201509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 290 | 246306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 (Call 03/01/45) | 268 | 230011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 344 | 307742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/41 (Call 09/01/40) | 237 | 217241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/01/43 (Call 03/01/43) | 154 | 142447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 (Call 12/01/40) | 230 | 219116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 96 | 94952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 245 | 256030 |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/50 (Call 11/01/49) | 220 | 127224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 366 | 338202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/02/46 (Call 02/02/46)<sup>(a)</sup> | 181 | 123131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/03/48 (Call 08/03/47)<sup>(a)</sup> | 241 | 179147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/05/32 (Call 05/05/32) | 270 | 243856 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/05/52 (Call 02/05/52) | $145 | $120668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/20/49 (Call 07/20/48) | 246 | 206460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/34 | 170 | 178962 |
|  FedEx Corp. Class AA Pass Through Trust, Series<br>2020-1, Class AA, 1.88%, 08/20/35 | 406 | 323227 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26) | 40 | 35622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/31 (Call 02/20/31) | 370 | 299774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 (Call 11/05/29) | 215 | 178861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 210 | 195548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31)<sup>(a)</sup> | 440 | 364558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 04/06/36 (Call 01/06/36) | 290 | 220536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 270 | 170724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62) | 460 | 269146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27)<sup>(a)</sup> | 55 | 50450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 (Call 02/01/24) | 280 | 273484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40) | 20 | 14632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 15 | 14329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 625 | 427037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/14/42 (Call 08/14/41)<sup>(a)</sup> | 220 | 164105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52) | 390 | 272832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/39 (Call 02/15/39) | 295 | 229793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 (Call 11/20/60) | 205 | 136661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/37 (Call 03/15/37) | 135 | 108460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28)<sup>(a)</sup> | 395 | 363238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25) | 160 | 155139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69)<sup>(a)</sup> | 30 | 20010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51) | 390 | 292555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70) | 230 | 155968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 665 | 473812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 (Call 08/14/71) | 145 | 98931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 (Call 06/10/28) | 515 | 484811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/59 (Call 02/15/59) | 155 | 112840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/47 (Call 10/15/46) | 200 | 154012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/46 (Call 09/01/45) | 220 | 171246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/67 (Call 03/15/67) | 200 | 144894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 (Call 09/01/48) | 255 | 205127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 (Call 10/20/32) | 30 | 28288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/52 (Call 03/09/52)<sup>(a)</sup> | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180430 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 (Call 08/15/26) | 374 | 339715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24) | 50 | 47931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | 548 | 503705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28) | 378 | 344426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/46 (Call 05/15/46) | 200 | 143182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/49 (Call 03/01/49)<sup>(a)</sup> | 218 | 157387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47) | 413 | 320513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) | 92 | 90033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 138 | 114351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30) | 346 | 332506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/40 (Call 05/15/40) | 171 | 156839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/40 (Call 10/01/39) | 263 | 251488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 119 | 116436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 | 486 | 515189 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26) | 535 | 465926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 (Call 07/22/28) | 545 | 455326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 (Call 06/22/31)<sup>(a)</sup> | 910 | 720219 |

---

S C H E D U L E O F I N V E S T M E N T S 67

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Aaa - A Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) | $| 100 | $96827 |
|  |  |  | 18574395 |
|  **Total Long-Term Investments — 98.3%<br>(Cost: $929,936,439)** | **Total Long-Term Investments — 98.3%<br>(Cost: $929,936,439)** | **Total Long-Term Investments — 98.3%<br>(Cost: $929,936,439)** | 760582892 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 7.8%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58858 | 58846512 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup> |  | 1497 | 1497000 |
|  **Total Short-Term Securities — 7.8%<br>(Cost: $60,342,065)** | **Total Short-Term Securities — 7.8%<br>(Cost: $60,342,065)** | **Total Short-Term Securities — 7.8%<br>(Cost: $60,342,065)** | 60343512 |
|  **Total Investments — 106.1%<br>(Cost: $990,278,504)** | **Total Investments — 106.1%<br>(Cost: $990,278,504)** | **Total Investments — 106.1%<br>(Cost: $990,278,504)** | 820926404 |
|  **Liabilities in Excess of Other Assets — (6.1)%** | **Liabilities in Excess of Other Assets — (6.1)%** | **Liabilities in Excess of Other Assets — (6.1)%** | (47007857) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;773918547 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $80001921 | $— | $(21101619)<sup>(a)</sup> | $(40907) | $(12883) | $58846512 | 58858 | $191674 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 10637000 |  | (9140000)<sup>(a)</sup> |  |  | 1497000 | 1497 | 37406 |  |
|  |  |  |  | $(40907) | $(12883) | $60343512 |  | $229080 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $760582892 | $— | $760582892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 60343512 |  |  | 60343512 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;60343512 | $760582892 | $— | $820926404 |

---

*See notes to financial statements.* 

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.3%** |  |  |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/31 (Call 01/15/26) | $310 | $252650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 02/15/23) | 325 | 285220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 (Call 02/15/25)<sup>(a)</sup> | 310 | 263224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 (Call 01/15/24)<sup>(a)</sup> | 225 | 203558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004652 |
| **Aerospace & Defense — 1.2%** |  |  |
|  Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 (Call 11/15/26) | 200 | 182142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 (Call 05/15/25) | 175 | 167772 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28) | 350 | 291333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24) | 580 | 572750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27 | 354 | 347635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/37<sup>(a)</sup> | 372 | 340774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/28 | 175 | 174725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25) | 350 | 357773 |
|  Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 225 | 201344 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(b)</sup> | 575 | 505827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(b)</sup> | 540 | 488684 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 (Call 03/15/26) | 200 | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 175 | 168875 |
|  |  | 3979634 |
| **Agriculture — 0.4%** |  |  |
|  Darling Ingredients Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 242 | 232320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(b)</sup> | 560 | 539000 |
|  Turning Point Brands Inc., 5.63%, 02/15/26<br>(Call 02/15/23)<sup>(b)</sup>  | 125 | 109272 |
|  Vector Group Ltd., 5.75%, 02/01/29<br>(Call 02/01/24)<sup>(b)</sup> | 510 | 446250 |
|  |  | 1326842 |
| **Airlines — 2.4%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(b)</sup> | 655 | 579557 |
|  Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)<sup>(b)</sup> | 335 | 314915 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(b)</sup> | 2015 | 1918928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(b)</sup> | 1710 | 1556100 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24) | 455 | 429975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29) | 295 | 242956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(a)</sup> | 235 | 209618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25) | 390 | 398186 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)<sup>(b)</sup> | 229 | 232821 |
|  United Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(b)</sup> | 1160 | 1058683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(b)</sup> | 1150 | 983584 |
|  |  | 7925323 |
| **Apparel — 0.6%** |  |  |
|  Hanesbrands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 480 | 466800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup> | 475 | 435813 |
|  Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 250 | 200447 |
|  Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup> | 280 | 223987 |
|  Under Armour Inc., 3.25%, 06/15/26<br>(Call 03/15/26)<sup>(a)</sup> | 320 | 276000 |
|  William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)<sup>(b)</sup> | 275 | 261436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Apparel (continued)** |  |  |
|  Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | $320 | $252800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117283 |
| **Auto Manufacturers — 2.3%** |  |  |
|  Allison Transmission Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31 (Call 01/30/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | 454721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27 (Call 11/14/22)<sup>(b)</sup> | 175 | 161110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 310 | 289075 |
|  Ford Holdings LLC, 9.30%, 03/01/30 | 200 | 224000 |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 (Call 11/12/31) | 470 | 352885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(a)</sup> | 260 | 241810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/43 | 450 | 313407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/08/46 (Call 06/08/46) | 135 | 99945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 (Call 05/19/32) | 520 | 475959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/28 | 50 | 49322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 11/01/46 | 75 | 69058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 07/16/31<sup>(a)</sup> | 160 | 160565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/22/30 (Call 01/22/30) | 100 | 111630 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25) | 310 | 280395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26) | 300 | 259944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 (Call 12/16/27) | 125 | 101473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 (Call 12/10/28) | 250 | 195985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 250 | 241298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | 185 | 167834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 (Call 03/17/31) | 125 | 97209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 250 | 236976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 160 | 154500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27) | 200 | 171790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 (Call 08/13/30) | 225 | 181975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24) | 400 | 383500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 300 | 278940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 300 | 266415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 300 | 270867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26<sup>(a)</sup> | 100 | 92269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 200 | 189500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 225 | 205978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29) | 250 | 223500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 250 | 241200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 200 | 196977 |
|  |  | 7442012 |
| **Auto Parts & Equipment — 0.9%** |  |  |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 194470 |
|  Dana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26)<sup>(a)</sup> | 239 | 191429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 (Call 02/15/27) | 175 | 133802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22)<sup>(a)</sup> | 232 | 209960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23) | 250 | 226250 |
|  Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29<br>(Call 04/15/29)<sup>(a)</sup> | 479 | 415365 |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/26 (Call 11/11/22),<br>(5.50% PIK)<sup>(a)(b)(c)</sup> | 350 | 294741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/27 (Call 11/11/22),<br>(6.75% PIK)<sup>(a)(b)(c)</sup> | 365 | 313444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)<sup>(b)(c)</sup> | 175 | 149333 |
|  Tenneco Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 205 | 202650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 115 | 113609 |

---

S C H E D U L E O F I N V E S T M E N T S 69

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Auto Parts & Equipment (continued)** |  |  |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(b)</sup> | $525 | $490811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935864 |
| **Banks — 2.0%** |  |  |
|  Deutsche Bank AG, 4.50%, 04/01/25 | 485 | 451280 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 (Call 10/14/30),<br>(SOFR + 2.757%)<sup>(d)</sup> | 260 | 183149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30),<br>(SOFR + 5.438%)<sup>(d)</sup> | 210 | 172620 |
|  Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)<sup>(b)</sup> | 575 | 587219 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(b)(d)</sup> | 400 | 270773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/42 (Call 06/01/41)<sup>(b)(d)</sup> | 385 | 225315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(b)</sup> | 995 | 939270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | 870985 |
|  Pacific Western Bank, 3.25%, 05/01/31<br>(Call 05/01/26), (SOFR + 2.520%)<sup>(d)</sup> | 225 | 202513 |
|  Standard Chartered PLC, 7.01%, (Call 07/30/37),<br>(3 mo. LIBOR US + 1.460%)<sup>(b)(d)(e)</sup> | 425 | 403251 |
|  Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)<sup>(d)</sup> | 198 | 193807 |
|  Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)<sup>(d)</sup> | 250 | 216479 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35 (Call 06/30/30)<sup>(b)(d)</sup> | 770 | 573712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)(d)</sup> | 675 | 559259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(b)(d)</sup> | 695 | 589666 |
|  |  | 6439298 |
| **Building Materials — 1.5%** |  |  |
|  Boise Cascade Co., 4.88%, 07/01/30<br>(Call 07/01/25)<sup>(b)</sup> | 245 | 204950 |
|  Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(b)</sup> | 730 | 584146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 325 | 279121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(b)</sup> | 380 | 349486 |
|  James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 230 | 208004 |
|  Jeld-Wen Inc., 6.25%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 75 | 70125 |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 185 | 150441 |
|  Masonite International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/30 (Call 08/15/29)<sup>(a)(b)</sup> | 195 | 154967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 310 | 283793 |
|  Standard Industries Inc./NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 (Call 07/15/25)<sup>(b)</sup> | 625 | 467625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 900 | 727695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> | 600 | 525750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 445 | 402725 |
|  Summit Materials LLC/Summit Materials Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 07/15/23)<sup>(b)</sup> | 375 | 342454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/27 (Call 11/14/22)<sup>(b)</sup> | 175 | 167918 |
|  |  | 4919200 |
| **Chemicals — 2.5%** |  |  |
|  Ashland LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/31 (Call 06/01/31)<sup>(b)</sup> | 230 | 179947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/43 (Call 02/15/43) | 168 | 158122 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 385 | 376884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(b)</sup> | 390 | 372945 |
|  Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 375 | 292500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 (Call 02/15/27) | 254 | 227437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 (Call 11/15/23)<sup>(b)</sup> | 450 | 382275 |
|  Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 455 | 386750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 11/15/26) | $125 | $114375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/28 (Call 10/15/23) | 175 | 151375 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 400 | 338288 |
|  Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup> | 290 | 244794 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/24 (Call 09/01/24) | 125 | 120966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27) | 435 | 396720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 342304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/44 (Call 06/01/44) | 165 | 113438 |
|  Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 195 | 169406 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 366 | 298486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/24 (Call 03/03/24)<sup>(b)</sup> | 610 | 593225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 (Call 01/31/25)<sup>(b)</sup> | 230 | 219050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 03/03/27)<sup>(b)</sup> | 595 | 531085 |
|  Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)<sup>(b)</sup> | 175 | 148034 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 (Call 02/01/24)<sup>(a)</sup> | 225 | 203625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/27 (Call 12/01/22)<sup>(a)</sup> | 260 | 243750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/29 (Call 08/01/24) | 400 | 375920 |
|  SPCM SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 03/15/24)<sup>(b)</sup> | 275 | 241656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | 125 | 99688 |
|  Valvoline Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 275 | 216975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 275 | 264687 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(b)</sup> | 410 | 358750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24<sup>(b)</sup> | 160 | 156832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320289 |
| **Coal — 0.1%** |  |  |
|  SunCoke Energy Inc., 4.88%, 06/30/29<br>(Call 06/30/24)<sup>(b)</sup> | 285 | 233700 |
|  Warrior Met Coal Inc., 7.88%, 12/01/28<br>(Call 12/01/24)<sup>(b)</sup> | 175 | 172552 |
|  |  | 406252 |
| **Commercial Services — 3.7%** |  |  |
|  ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 (Call 08/01/28)<sup>(b)</sup> | 565 | 484493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(b)</sup> | 426 | 362454 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 335 | 286019 |
|  AMN Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 200 | 172096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 300 | 280677 |
|  ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)<sup>(b)</sup> | 285 | 253431 |
|  Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35<sup>(b)</sup> | 190 | 164426 |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 (Call 05/01/26) | 500 | 445920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31) | 555 | 446775 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 350 | 323620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 194585 |
|  CoreCivic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 07/15/27) | 30 | 24893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/26 (Call 04/15/24)<sup>(a)</sup> | 290 | 294241 |

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70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Gartner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | $340 | $289000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> | 425 | 356998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | 417028 |
|  Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)<sup>(b)</sup> | 200 | 195000 |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24 | 315 | 295313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28) | 250 | 223438 |
|  Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 220 | 200125 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(b)</sup> | 600 | 519295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(b)</sup> | 350 | 348341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(b)</sup> | 760 | 739746 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 175 | 172375 |
|  Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 (Call 08/15/25) | 450 | 363251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26) | 470 | 390070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22) | 300 | 277958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24) | 475 | 442444 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 275 | 253503 |
|  TriNet Group Inc., 3.50%, 03/01/29<br>(Call 03/01/24)<sup>(b)</sup> | 290 | 240338 |
|  United Rentals North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 07/15/26) | 435 | 352350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25)<sup>(a)</sup> | 645 | 534705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25)<sup>(a)</sup> | 440 | 374554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23) | 910 | 846300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25) | 405 | 375637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(a)</sup> | 320 | 312222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12253621 |
| **Computers — 1.0%** |  |  |
|  Booz Allen Hamilton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 295 | 259919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 329 | 287583 |
|  Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) | 450 | 379313 |
|  KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)<sup>(b)</sup> | 90 | 78715 |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/29 (Call 01/15/24) | 295 | 218132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26) | 305 | 217694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 285 | 228236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) | 260 | 195520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25 | 300 | 289509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | 290 | 282691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27) | 300 | 277413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/34 (Call 06/01/34)<sup>(a)</sup> | 273 | 222011 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25<br> (Call 11/14/22)<sup>(a)(b)</sup> | 75 | 73704 |
|  Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)<sup>(a)(b)</sup> | 275 | 230075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240515 |
| **Cosmetics & Personal Care — 0.4%** |  |  |
|  Coty Inc., 5.00%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 500 | 468907 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(b)</sup> | 250 | 217100 |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 320 | 273298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup> | 420 | 395022 |
|  |  | 1354327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Distribution & Wholesale — 0.3%** |  |  |
|  American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | $375 | $330896 |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 236783 |
|  Resideo Funding Inc., 4.00%, 09/01/29<br>(Call 09/01/24)<sup>(a)(b)</sup> | 150 | 123000 |
|  Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 215 | 198875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889554 |
| **Diversified Financial Services — 5.0%** |  |  |
|  AerCap Holdings NV, 5.88%, 10/10/79<br>(Call 10/10/24)<sup>(a)(d)</sup> | 435 | 391369 |
|  Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)<sup>(a)</sup> | 600 | 577247 |
|  Brightsphere Investment Group Inc., 4.80%, 07/27/26 | 155 | 138725 |
|  Coinbase Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup> | 565 | 369291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(b)</sup> | 580 | 343440 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/31/24 (Call 11/14/22)<sup>(b)</sup> | 195 | 181327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22)<sup>(a)</sup> | 220 | 208098 |
|  Enact Holdings Inc., 6.50%, 08/15/25<br>(Call 02/15/25)<sup>(b)</sup> | 385 | 379264 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 230 | 197225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 175 | 163326 |
|  Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 325 | 287255 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(b)</sup> | 575 | 451392 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)<sup>(b)</sup> | 160 | 133176 |
|  LPL Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 490 | 427667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(b)</sup> | 260 | 226451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(b)</sup> | 245 | 225638 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 250 | 192500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 550 | 467430 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/28 (Call 06/15/27) | 281 | 223412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 395 | 332928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 (Call 06/15/28) | 450 | 357020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/33 | 345 | 243085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 | 195 | 188579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 | 513 | 503491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 | 285 | 272811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 | 275 | 259531 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24) | 440 | 360630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) | 330 | 256971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25)<sup>(a)</sup> | 480 | 362400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29)<sup>(a)</sup> | 415 | 340300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | 745 | 727880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27) | 440 | 399709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | 670 | 649900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 | 868 | 835884 |
|  PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 350 | 265125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 400 | 362000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(b)</sup> | 275 | 207073 |
|  PRA Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 225 | 180338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 160 | 153047 |

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S C H E D U L E O F I N V E S T M E N T S 71

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup> | $700 | $584101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 450 | 348750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | 524167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(b)</sup> | 455 | 317804 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26)<sup>(a)</sup> | 325 | 285048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 265 | 246042 |
|  StoneX Group Inc., 8.63%, 06/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 235 | 232063 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 475 | 428908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 400 | 301772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 275 | 225363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16336953 |
| **Electric — 4.6%** |  |  |
|  Algonquin Power & Utilities Corp., 4.75%, 01/18/82 (Call 01/18/27)<sup>(d)</sup> | 450 | 362351 |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup> | 545 | 446505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 690 | 620098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 253 | 240067 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 490 | 409150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 01/15/27)<sup>(b)</sup> | 224 | 177464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup> | 530 | 489559 |
|  DPL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/25 (Call 04/01/25) | 225 | 212405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/29 (Call 01/15/29) | 213 | 182115 |
|  Drax Finco PLC, 6.63%, 11/01/25<br>(Call 11/11/22)<sup>(b)</sup> | 200 | 186000 |
|  Electricite de France SA, 5.63%,<br>(Call 01/22/24)<sup>(b)(d)(e)</sup> | 885 | 778242 |
|  Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)<sup>(d)</sup> | 700 | 652485 |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25) | 210 | 193043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29) | 360 | 291031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.60%, 01/15/26 (Call 12/15/25) | 175 | 152192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 (Call 06/01/30) | 265 | 203973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) | 860 | 807635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 (Call 09/01/49) | 440 | 273350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.35%, 07/15/47 (Call 01/15/47) | 359 | 296204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.38%, 11/15/31 | 443 | 492837 |
|  Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 210 | 170100 |
|  NextEra Energy Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(b)</sup> | 200 | 185390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)(b)</sup> | 385 | 373265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup> | 359 | 333870 |
|  NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 290 | 241562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 570 | 453589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32 (Call 02/15/27)<sup>(b)</sup> | 635 | 500666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 435 | 394763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23) | 505 | 481644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 11/16/22)<sup>(a)</sup> | 132 | 132059 |
|  Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup> | 405 | 364222 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/23)<sup>(a)</sup> | 550 | 495712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 (Call 07/01/25) | 615 | 544579 |
|  Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)<sup>(b)</sup> | 200 | 184082 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric (continued)** |  |  |
|  TransAlta Corp., 6.50%, 03/15/40 | $185 | $158894 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 710 | 607245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(b)</sup> | 780 | 719550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(b)</sup> | 575 | 552000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 720 | 686362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15046260 |
| **Electrical Components & Equipment — 0.5%** |  |  |
|  EnerSys, 4.38%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup> | 161 | 141278 |
|  WESCO Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 600 | 605820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 775 | 786206 |
|  |  | 1533304 |
| **Electronics — 1.0%** |  |  |
|  Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)<sup>(b)</sup> | 245 | 198450 |
|  Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 1160 | 1000152 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 530 | 446366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(b)</sup> | 385 | 373027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(b)</sup> | 215 | 213319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(b)</sup> | 400 | 380000 |
|  Sensata Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 425 | 338406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(b)</sup> | 200 | 172042 |
|  TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 240 | 200433 |
|  |  | 3322195 |
| **Energy - Alternate Sources — 0.3%** |  |  |
|  TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 425 | 381969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 (Call 07/31/27)<sup>(b)</sup> | 395 | 365910 |
|  Topaz Solar Farms LLC, 5.75%, 09/30/39<sup>(b)</sup> | 313 | 296880 |
|  |  | 1044759 |
| **Engineering & Construction — 0.7%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26)<sup>(a)</sup> | 600 | 568062 |
|  Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 220 | 189669 |
|  ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, 4.05%, 04/27/26 (Call 04/27/23)<sup>(b)</sup> | 230 | 184846 |
|  Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)<sup>(b)</sup> | 350 | 214235 |
|  Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 220 | 191869 |
|  Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/24 (Call 09/15/24) | 175 | 166388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/28 (Call 06/15/28)<sup>(a)</sup> | 310 | 270230 |
|  TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 240 | 190706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/32 (Call 10/15/26)<sup>(a)(b)</sup> | 285 | 223148 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 230 | 185255 |
|  |  | 2384408 |
| **Entertainment — 1.3%** |  |  |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 500 | 496245 |
|  Cinemark USA Inc., 8.75%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 175 | 175487 |
|  Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 110 | 90226 |
|  International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 475 | 440800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 425 | 394347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup> | 400 | 396304 |

---

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Entertainment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(b)</sup> | $355 | $355298 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 176500 |
|  Resorts World Las Vegas LLC, 4.63%, 04/06/31 (Call 01/06/31)<sup>(b)</sup> | 250 | 169461 |
|  Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)<sup>(a)(b)</sup> | 575 | 411728 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 126 | 127232 |
|  Vail Resorts Inc., 6.25%, 05/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 325 | 323375 |
|  WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 450 | 351175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 335 | 278888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 300 | 256376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443442 |
| **Environmental Control — 0.6%** |  |  |
|  Clean Harbors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 235 | 221145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 185 | 171525 |
|  GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 (Call 03/01/28)<sup>(b)</sup> | 415 | 351845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 375 | 354375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 190952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(b)</sup> | 350 | 333158 |
|  Stericycle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 11/15/23)<sup>(b)</sup> | 265 | 230176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/24 (Call 11/16/22)<sup>(b)</sup> | 300 | 295500 |
|  |  | 2148676 |
| **Food — 1.8%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 400 | 358968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 09/15/23)<sup>(b)</sup> | 795 | 657862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(b)</sup> | 750 | 695032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 585 | 519187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 (Call 12/01/22)<sup>(b)</sup> | 445 | 416075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 325 | 333125 |
|  Ingles Markets Inc., 4.00%, 06/15/31<br>(Call 06/15/26)<sup>(b)</sup> | 185 | 153632 |
|  Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 (Call 01/31/25)<sup>(b)</sup> | 525 | 458309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(b)</sup> | 400 | 343500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(b)</sup> | 266 | 247265 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 (Call 09/01/26)<sup>(b)</sup> | 505 | 386694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(b)</sup> | 565 | 470539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/27 (Call 12/01/22)<sup>(b)</sup> | 425 | 415412 |
|  U.S. Foods Inc., 6.25%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 550 | 547355 |
|  |  | 6002955 |
| **Forest Products & Paper — 0.3%** |  |  |
|  Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 190 | 165834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25<sup>(a)(b)</sup> | 153 | 148534 |
|  Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)<sup>(b)</sup> | 375 | 318647 |
|  Sylvamo Corp., 7.00%, 09/01/29<br>(Call 09/01/24)<sup>(a)(b)</sup> | 225 | 209083 |
|  |  | 842098 |
| **Health Care - Products — 0.7%** |  |  |
|  Avantor Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup> | 500 | 421901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 835 | 754598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
|  Hologic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 09/28/23)<sup>(b)</sup> | $515 | $437647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 255 | 238425 |
|  Teleflex Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 06/01/23)<sup>(b)</sup> | 320 | 289536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22) | 225 | 212029 |
|  |  | 2354136 |
| **Health Care - Services — 3.4%** |  |  |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 745 | 612762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 325 | 249438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 440 | 336701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 466 | 375130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 665 | 552482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 800 | 738000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 209 | 189145 |
|  Charles River Laboratories International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup> | 275 | 237875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(b)</sup> | 260 | 218719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup> | 290 | 263813 |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 625 | 595800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 550 | 524084 |
|  Molina Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 (Call 08/17/30)<sup>(a)(b)</sup> | 348 | 295729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(b)</sup> | 420 | 350280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 460 | 412556 |
|  Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 250 | 215000 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 795 | 669787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 (Call 12/01/24)<sup>(b)</sup> | 795 | 667005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22) | 400 | 390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> | 360 | 315898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(b)</sup> | 1175 | 1110375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 835 | 769244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 1176 | 1085613 |
|  |  | 11175436 |
| **Holding Companies - Diversified — 0.9%** |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 08/01/28) | 430 | 358994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 655 | 637400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 815 | 750933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 700 | 672350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 435 | 422276 |
|  |  | 2841953 |
| **Home Builders — 1.5%** |  |  |
|  Century Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(b)</sup> | 295 | 232324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 275 | 262515 |
|  Forestar Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup> | 195 | 165988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup> | 180 | 148552 |
|  KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/31 (Call 12/15/30) | 220 | 166650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/29 (Call 05/15/29) | 170 | 138767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/27 (Call 12/15/26)<sup>(a)</sup> | 135 | 130575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/30 (Call 07/15/25) | 204 | 188445 |
|  LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)<sup>(b)</sup> | 190 | 145694 |

---

S C H E D U L E O F I N V E S T M E N T S 73

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Home Builders (continued)** |  |  |
|  M/I Homes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/30 (Call 08/15/29) | $185 | $137378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/28 (Call 02/01/23) | 225 | 193048 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 320 | 249519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 300 | 256335 |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 (Call 10/15/28)<sup>(b)</sup> | 240 | 192888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/27 (Call 12/06/26) | 178 | 159382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 175 | 169915 |
|  Shea Homes LP/Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 250 | 210873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 175 | 142664 |
|  Taylor Morrison Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 (Call 02/01/30)<sup>(b)</sup> | 300 | 248906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(b)</sup> | 225 | 206229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(b)</sup> | 325 | 304769 |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24<br>(Call 12/01/23)<sup>(b)</sup> | 100 | 97840 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 200 | 196558 |
|  Tri Pointe Homes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 12/01/26) | 172 | 147922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/28 (Call 12/15/27) | 177 | 153349 |
|  Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 190 | 176805 |
|  |  | 4823890 |
| **Home Furnishings — 0.2%** |  |  |
|  Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 (Call 10/15/26)<sup>(b)</sup> | 420 | 315361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 480 | 386000 |
|  |  | 701361 |
| **Household Products & Wares — 0.2%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup> | 320 | 254240 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | 243838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31 (Call 04/30/26)<sup>(b)</sup> | 220 | 182600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 (Call 01/01/23)<sup>(a)</sup> | 144 | 131745 |
|  |  | 812423 |
| **Housewares — 0.7%** |  |  |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | 1110 | 1032910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | 225 | 217228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/36 (Call 10/01/35) | 235 | 195262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/46 (Call 10/01/45) | 370 | 284715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27) | 270 | 263858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29)<sup>(a)</sup> | 325 | 317687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311660 |
| **Insurance — 0.8%** |  |  |
|  Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),<br>(3 mo. LIBOR US + 4.135%)<sup>(d)</sup> | 210 | 199907 |
|  Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/42 (Call 01/15/27)<sup>(d)</sup> | 290 | 227865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/40 (Call 09/01/25)<sup>(d)</sup> | 225 | 199436 |
|  Genworth Holdings Inc., 6.50%, 06/15/34 | 175 | 145250 |
|  Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)<sup>(b)(d)</sup> | 440 | 324102 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51 (Call 09/15/26)<sup>(b)(d)</sup> | 275 | 206250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61 (Call 02/01/26)<sup>(b)</sup> | 420 | 247430 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/07/87<sup>(b)</sup> | $245 | $269697 |
|  MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23) | 325 | 294850 |
|  NMI Holdings Inc., 7.38%, 06/01/25<br>(Call 03/30/25)<sup>(b)</sup> | 185 | 184822 |
|  Ohio National Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/24/30 (Call 10/24/29)<sup>(b)</sup> | 200 | 180375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/31<sup>(a)(b)</sup> | 150 | 140897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620881 |
| **Internet — 1.3%** |  |  |
|  Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)<sup>(b)</sup> | 305 | 275263 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 460 | 381492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(b)</sup> | 310 | 290228 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup> | 275 | 209622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 (Call 05/01/25)<sup>(b)</sup> | 276 | 225493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup> | 315 | 279918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 250 | 223066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 185 | 163915 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(b)</sup> | 655 | 635628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)(b)</sup> | 535 | 527400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(b)</sup> | 310 | 304727 |
|  Twitter Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup> | 260 | 262275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 380 | 382084 |
|  Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 232436 |
|  |  | 4393547 |
| **Iron & Steel — 1.2%** |  |  |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)<sup>(b)</sup> | 410 | 385586 |
|  Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/23) | 252 | 232799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/30 (Call 03/15/25) | 190 | 185676 |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 215 | 185126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup> | 190 | 160474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22) | 305 | 283650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 475 | 471437 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 02/15/26)<sup>(a)</sup> | 185 | 149850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 (Call 01/15/25)<sup>(a)</sup> | 180 | 151236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/32 (Call 03/15/27) | 160 | 130459 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(b)</sup> | 360 | 354135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | 385 | 383075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(b)</sup> | 375 | 368758 |
|  U.S. Steel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 06/01/37 | 142 | 118311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/29 (Call 03/01/24)<sup>(a)</sup> | 261 | 239512 |
|  |  | 3800084 |
| **Leisure Time — 0.8%** |  |  |
|  Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)<sup>(b)</sup> | 1370 | 1103775 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 04/01/25)<sup>(b)</sup> | 575 | 573117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(a)(b)</sup> | 818 | 880961 |
|  Vista Outdoor Inc., 4.50%, 03/15/29<br>(Call 03/15/24)<sup>(b)</sup> | 300 | 234402 |
|  |  | 2792255 |

---

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging — 2.1%** |  |  |
|  Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)<sup>(b)</sup> | $200 | $175339 |
|  Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32 (Call 08/15/26)<sup>(b)</sup> | 825 | 656906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 455 | 387617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(b)</sup> | 610 | 509928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25) | 585 | 524306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(b)</sup> | 275 | 270875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(b)</sup> | 300 | 289500 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22) | 315 | 299250 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25) | 310 | 280755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 950 | 904572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 550 | 480385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29) | 400 | 323316 |
|  Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 137 | 135448 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29 (Call 09/01/29)<sup>(b)</sup> | 355 | 289325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 179 | 144491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/24 (Call 02/01/24) | 175 | 172132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 260 | 242763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 225 | 219949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(b)</sup> | 380 | 370010 |
|  Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | 250891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927758 |
| **Machinery — 0.4%** |  |  |
|  BWX Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 (Call 06/30/23)<sup>(a)(b)</sup> | 225 | 196875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 250 | 216150 |
|  GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)<sup>(a)(b)</sup> | 285 | 230850 |
|  Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 230 | 199437 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)<sup>(a)(b)</sup> | 200 | 200260 |
|  Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)<sup>(b)</sup> | 400 | 342248 |
|  |  | 1385820 |
| **Manufacturing — 0.4%** |  |  |
|  Amsted Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/30 (Call 05/15/25)<sup>(b)</sup> | 225 | 185625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/27 (Call 12/01/22)<sup>(b)</sup> | 225 | 208125 |
|  Hillenbrand Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26) | 190 | 152000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 07/15/26) | 241 | 226898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 12/01/22) | 225 | 223313 |
|  Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) | 267 | 253164 |
|  |  | 1249125 |
| **Media — 8.0%** |  |  |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24) | 595 | 459638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22) | 425 | 388412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 240 | 232985 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 (Call 07/01/25)<sup>(b)</sup> | 900 | 711000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(b)</sup> | 610 | 448350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 02/15/25)<sup>(b)</sup> | 800 | 649248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 (Call 05/01/26) | 870 | 687300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(b)</sup> | 535 | 405696 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(b)</sup> | $900 | $756360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(b)</sup> | 370 | 296018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 11/16/22)<sup>(b)</sup> | 700 | 633500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | 950 | 880156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 450 | 402021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 199 | 191538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(b)</sup> | 450 | 414668 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 525 | 380625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(b)</sup> | 600 | 472062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 825 | 641664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 525 | 484313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 800 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 1050 | 989625 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)<sup>(b)</sup> | 2070 | 1864242 |
|  Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)<sup>(a)(b)</sup> | 195 | 145861 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 425 | 358063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 750 | 699375 |
|  News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 575 | 494212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/32 (Call 02/15/27)<sup>(b)</sup> | 260 | 232050 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/28/57 (Call 02/28/27)<sup>(d)</sup> | 385 | 322346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(d)</sup> | 550 | 464980 |
|  Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 275 | 227106 |
|  Sinclair Television Group Inc., 4.13%, 12/01/30 (Call 12/01/25)<sup>(b)</sup> | 440 | 338835 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)(b)</sup> | 525 | 469140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(b)</sup> | 840 | 672000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(b)</sup> | 1120 | 962838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(b)</sup> | 850 | 695545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 800 | 736000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 740 | 682502 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23)<sup>(a)</sup> | 525 | 499732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 328 | 318625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24)<sup>(a)</sup> | 625 | 592561 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)<sup>(b)</sup> | 600 | 521760 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)<sup>(b)</sup> | 725 | 608804 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 250 | 210520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 400 | 377500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 300 | 298044 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 08/15/25)<sup>(b)</sup> | 450 | 371853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 900 | 817848 |
|  VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)<sup>(b)</sup>  | 825 | 657599 |
|  Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | 470039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26385159 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 (Call 11/16/22)<sup>(b)</sup> | 185 | 171539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 (Call 07/15/25)<sup>(b)</sup> | 300 | 289917 |
|  |  | 461456 |

---

S C H E D U L E O F I N V E S T M E N T S 75

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining — 1.5%** |  |  |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | $350 | $346566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 525 | 492124 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(b)</sup> | 865 | 687502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 300 | 268440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 385 | 375485 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(b)</sup> | 420 | 376866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 460 | 403696 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup> | 325 | 254963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(b)</sup> | 275 | 240570 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 380 | 332590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 (Call 08/15/26)<sup>(b)</sup> | 390 | 302137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 (Call 01/30/25)<sup>(b)</sup> | 950 | 807068 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 198449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086456 |
| **Office & Business Equipment — 0.3%** |  |  |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/24 | 200 | 190592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/35 | 125 | 77219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/39 | 200 | 146590 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(b)</sup> | 440 | 397245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(a)(b)</sup> | 435 | 343650 |
|  |  | 1155296 |
| **Office Furnishings — 0.1%** |  |  |
|  Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 235 | 205695 |
| **Oil & Gas — 7.1%** |  |  |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 275 | 254191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 225 | 229500 |
|  Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | 370 | 329194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28)<sup>(a)</sup> | 200 | 178728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 280 | 210000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 (Call 03/01/40)<sup>(a)</sup> | 740 | 599193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/42 (Call 08/01/41) | 225 | 180563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 (Call 01/01/49) | 225 | 173656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/37 | 195 | 175500 |
|  Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 (Call 02/05/23)<sup>(b)</sup> | 275 | 266544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/05/24)<sup>(b)</sup> | 200 | 188960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 585 | 572992 |
|  Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 200 | 184088 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 285 | 266045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/27 (Call 12/01/22)<sup>(b)</sup> | 176 | 174715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup> | 285 | 282911 |
|  CrownRock LP/CrownRock Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 200 | 181685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 625 | 604500 |
|  Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)<sup>(b)</sup> | 600 | 583178 |
|  Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 325 | 292809 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 340 | 311100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | $290 | $262596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 (Call 02/01/26)<sup>(b)</sup> | 325 | 294915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 325 | 305500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 (Call 05/15/27)<sup>(b)</sup> | 285 | 261411 |
|  Matador Resources Co., 5.88%, 09/15/26<br>(Call 11/16/22) | 450 | 442125 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 (Call 12/01/22) | 220 | 216896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22) | 310 | 301038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 (Call 06/01/42) | 185 | 145907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/24) | 260 | 254383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 05/01/29 | 150 | 147790 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 525 | 509928 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26<br>(Call 06/01/23)<sup>(b)</sup> | 225 | 219802 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24) | 200 | 192439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/29 (Call 05/15/29) | 100 | 90750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25)<sup>(a)</sup> | 480 | 481440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 335 | 340025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 250 | 251875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30)<sup>(a)</sup> | 415 | 416091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 400 | 384816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/28 (Call 03/01/28) | 260 | 263889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36 | 910 | 902702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 (Call 09/15/45) | 625 | 615178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 (Call 03/01/30) | 570 | 592831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 | 100 | 102461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 | 325 | 349375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31 | 200 | 217662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 06/15/39 | 260 | 280959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 175 | 184732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27) | 225 | 244631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 385 | 436975 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 450 | 378891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30 (Call 05/01/25)<sup>(b)</sup> | 455 | 378476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 275 | 258375 |
|  Patterson-UTI Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/01/28 (Call 11/01/27) | 300 | 264880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/29 (Call 08/15/29) | 175 | 154503 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23)<sup>(a)</sup> | 460 | 418025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/25 (Call 12/01/22) | 75 | 74204 |
|  PDC Energy Inc., 5.75%, 05/15/26 (Call 12/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440984 |
|  Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 350 | 259394 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 275 | 243103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25) | 400 | 385838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 01/15/24) | 375 | 389730 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27) | 650 | 561080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 (Call 02/01/24) | 400 | 373000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 (Call 03/15/25) | 680 | 629000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24) | 250 | 245689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22) | 240 | 246881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 09/15/28 (Call 09/15/23) | 170 | 175846 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 (Call 05/15/24) | 470 | 403683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 (Call 04/30/25) | 443 | 376732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 (Call 03/15/23) | 210 | 199915 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 (Call 12/01/22)<sup>(a)</sup> | $310 | $303738 |
|  Viper Energy Partners LP, 5.38%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 275 | 258658 |
|  |  | 23371799 |
| **Packaging & Containers — 2.4%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 (Call 05/15/24)<sup>(b)</sup> | 520 | 426351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 350 | 335849 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(b)</sup> | 615 | 528900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(b)</sup> | 250 | 235737 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(a)</sup> | 700 | 543620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31) | 520 | 398164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 300 | 293770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25) | 450 | 431788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 | 555 | 547791 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 170 | 158100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 225 | 213401 |
|  Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 260 | 222365 |
|  Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)<sup>(a)(b)</sup> | 295 | 269892 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)<sup>(a)</sup> | 207 | 191227 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22) | 450 | 430699 |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 225 | 227437 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(b)</sup> | 275 | 237775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 09/01/28)<sup>(b)</sup> | 180 | 152029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(a)(b)</sup> | 250 | 214940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/24 (Call 05/15/24) | 113 | 110103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 135 | 124263 |
|  OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)<sup>(b)</sup> | 225 | 189000 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(b)</sup> | 215 | 191496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup> | 285 | 259963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(b)</sup> | 225 | 221625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup> | 200 | 196000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/33<sup>(b)</sup> | 235 | 225081 |
|  Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/22) | 335 | 306525 |
|  TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | 193250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077141 |
| **Pharmaceuticals — 1.3%** |  |  |
|  180 Medical Inc., 3.88%, 10/15/29<br>(Call 10/07/24)<sup>(b)</sup> | 260 | 219700 |
|  Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28) | 400 | 357848 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 350 | 336875 |
|  Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)<sup>(b)</sup> | 940 | 834250 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)<sup>(b)</sup> | 1180 | 1039368 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 450 | 428675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25) | 475 | 445008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 400 | 334256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 (Call 06/15/44) | 125 | 82118 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)<sup>(a)(b)</sup> | $225 | $202779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280877 |
| **Pipelines — 8.0%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | 433342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 350 | 333305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 350 | 329749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 300 | 306000 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26) | 295 | 258774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(b)</sup> | 295 | 278040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 266 | 231058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/24 (Call 07/15/24) | 125 | 119029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27)<sup>(b)</sup> | 295 | 255913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 (Call 04/15/44) | 160 | 118400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 (Call 05/15/43) | 235 | 176326 |
|  Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23) | 757 | 698332 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 (Call 01/31/27) | 680 | 529156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 (Call 03/01/26) | 835 | 703976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24) | 865 | 763752 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 205 | 168613 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(b)</sup> | 300 | 282173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 275 | 268125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 625 | 584437 |
|  DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 635 | 548957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 570 | 480225 |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 03/01/29) | 301 | 277883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup> | 275 | 263574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30 (Call 03/01/30)<sup>(b)</sup> | 390 | 383175 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 266 | 250646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26) | 290 | 273345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 (Call 10/01/44) | 275 | 199683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 (Call 12/01/46) | 260 | 197545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 180 | 140323 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24) | 175 | 165743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26) | 300 | 265092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 07/15/28)<sup>(a)(b)</sup> | 450 | 382500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 (Call 07/15/30)<sup>(b)</sup> | 640 | 534848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 485 | 433168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(b)</sup> | 225 | 217916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(b)</sup> | 500 | 487500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/48 (Call 01/15/48) | 285 | 219450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(b)</sup> | 295 | 291313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(b)</sup> | 280 | 272300 |
|  Harvest Midstream I LP, 7.50%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 450 | 431424 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 395 | 337784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> | 324 | 298080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 (Call 10/15/25)<sup>(b)</sup> | 275 | 248105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 458 | 449193 |

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S C H E D U L E O F I N V E S T M E N T S 77

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | $275 | $248544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/27 (Call 04/15/24)<sup>(b)</sup> | 215 | 206930 |
|  Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)<sup>(b)</sup> | 570 | 534759 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(b)</sup> | 830 | 805100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(b)</sup> | 750 | 736280 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 285 | 269798 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 310 | 287620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25) | 325 | 313375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 305 | 295728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 (Call 04/01/30)<sup>(a)</sup> | 320 | 296573 |
|  Rattler Midstream LP, 5.63%, 07/15/25 (Call 11/01/22)<sup>(b)</sup> | 75 | 77110 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(b)</sup> | 150 | 139500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 200 | 169000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(b)</sup> | 310 | 271959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/40<sup>(b)</sup> | 300 | 244920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/38<sup>(b)</sup> | 145 | 126513 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 429 | 384659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(b)</sup> | 200 | 188734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 (Call 12/31/25)<sup>(b)</sup> | 385 | 348510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 (Call 09/01/26)<sup>(b)</sup> | 275 | 244789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 330 | 333283 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 (Call 05/01/33)<sup>(b)</sup> | 695 | 557737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(b)</sup> | 750 | 643125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 02/15/31)<sup>(b)</sup> | 710 | 605296 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 410 | 389693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 180 | 170690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29) | 655 | 576269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 225 | 206443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 225 | 213188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | 270 | 249075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 (Call 09/01/47) | 402 | 324615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 (Call 10/01/43) | 350 | 283839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 (Call 02/15/48) | 200 | 161310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 (Call 08/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | 447626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26240862 |
| **Real Estate — 0.7%** |  |  |
|  Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup> | 400 | 380380 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 227 | 219407 |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 355 | 277443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(b)</sup> | 375 | 281775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(b)</sup> | 440 | 376395 |
|  Kennedy-Wilson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24) | 315 | 255444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 350 | 274750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26) | 345 | 270480 |
|  Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) | 125 | 124593 |
|  |  | 2460667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts — 3.5%** |  |  |
|  American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)<sup>(b)</sup> | $285 | $208050 |
|  Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 235 | 185062 |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)<sup>(b)</sup> | 175 | 147984 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(b)</sup> | 465 | 395641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)(b)</sup> | 500 | 464095 |
|  CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)<sup>(b)</sup> | 260 | 219294 |
|  Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<br>(Call 09/15/27)<sup>(b)</sup> | 280 | 226268 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(b)</sup> | 560 | 455291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/30<sup>(b)</sup> | 235 | 162150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 175 | 166833 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 560 | 453597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(b)</sup> | 530 | 490129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 591 | 508112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 280 | 250488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(b)</sup> | 500 | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 740 | 638482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(b)</sup> | 400 | 342948 |
|  Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)<sup>(b)</sup> | 380 | 313386 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25) | 310 | 299940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24) | 430 | 424582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/26 (Call 12/01/22)<sup>(a)</sup> | 115 | 114669 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 375 | 314947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 390 | 310428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 11/16/22)<sup>(b)</sup> | 180 | 166001 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26) | 760 | 522243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24) | 520 | 411960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(a)</sup> | 785 | 671787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22) | 232 | 209245 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 (Call 07/01/23)<sup>(b)</sup> | 275 | 251125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 240 | 201096 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27) | 240 | 206976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 450 | 438750 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(b)</sup> | 215 | 187050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)(b)</sup> | 220 | 205663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(b)</sup> | 325 | 287063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 257633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/23 (Call 08/01/23)<sup>(b)</sup> | 75 | 74045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11643013 |
| **Retail — 4.8%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 395 | 330812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 845 | 742692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 275 | 273969 |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup> | $150 | $141757 |
|  Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)<sup>(b)</sup> | 200 | 187750 |
|  Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 03/01/23) | 235 | 203734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 450 | 370125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25) | 235 | 192521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(b)</sup> | 355 | 286219 |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/28 | 275 | 243237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> | 575 | 514404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/27 | 152 | 143260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/36 | 410 | 338762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35 | 565 | 474600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 (Call 06/15/24)<sup>(a)</sup> | 275 | 260638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/25<sup>(b)</sup> | 135 | 140063 |
|  Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 125 | 114076 |
|  FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 275 | 236676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 (Call 01/01/25)<sup>(b)</sup> | 240 | 211559 |
|  Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 200 | 152894 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 425 | 297812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup> | 410 | 282900 |
|  Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 435 | 357740 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)<sup>(b)</sup> | 410 | 391382 |
|  Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 425 | 342422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(a)(b)</sup> | 330 | 267937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 225 | 200228 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/43 (Call 08/15/42) | 220 | 128850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 (Call 06/15/34) | 165 | 112945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/42 (Call 07/15/41) | 110 | 69850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 275 | 237502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup> | 235 | 197295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | 199408 |
|  Marks & Spencer PLC, 7.13%, 12/01/37<sup>(b)</sup> | 180 | 155069 |
|  Murphy Oil USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/29 (Call 09/15/24) | 239 | 215100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 12/01/22) | 138 | 132429 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/08/24 (Call 11/16/22) | 125 | 117311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/27 (Call 12/15/26)<sup>(a)</sup> | 145 | 122934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31) | 231 | 167706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 300 | 230250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 (Call 07/15/43) | 560 | 354256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/28 | 200 | 185724 |
|  Penske Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 12/01/22) | 300 | 278874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 06/15/24) | 275 | 225761 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/28 (Call 06/01/28) | 245 | 177625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24) | 290 | 253640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26) | 310 | 245594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24 | 325 | 311252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/34 (Call 02/15/34)<sup>(a)</sup> | 355 | 223650 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Retail (continued)** | **Retail (continued)** | **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/43 | $| 100 | $| 61000 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) |  | 325 |  | 306312 |
|  Sonic Automotive Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> |  | 362 |  | 283417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> |  | 301 |  | 227081 |
|  Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup> |  | 310 |  | 262766 |
|  Vivo Energy Investments BV, 5.13%, 09/24/27 (Call 09/24/23)<sup>(a)(b)</sup> |  | 150 |  | 134250 |
|  Yum! Brands Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> |  | 615 |  | 493537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/23 (Call 08/01/23)<sup>(a)</sup> |  | 75 |  | 73688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26) |  | 625 |  | 534394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(b)</sup> |  | 425 |  | 379844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 (Call 05/01/43) |  | 190 |  | 151050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |  | 483014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/37 |  | 200 |  | 196000 |
|  |  |  |  | 15871192 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
|  New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)<sup>(d)</sup> |  | 200 |  | 195197 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> |  | 275 |  | 271472 |
|  ams-OSRAM AG, 7.00%, 07/31/25<br>(Call 12/01/22)<sup>(a)(b)</sup> |  | 245 |  | 218809 |
|  Entegris Escrow Corp., 5.95%, 06/15/30<br>(Call 06/15/25)<sup>(b)</sup> |  | 495 |  | 451687 |
|  Entegris Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> |  | 230 |  | 187646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(b)</sup> |  | 225 |  | 197899 |
|  ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup>  |  | 430 |  | 378873 |
|  Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> |  | 220 |  | 181724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888110 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
|  Fair Isaac Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(b)</sup> |  | 455 |  | 411702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(b)</sup> |  | 215 |  | 212786 |
|  MSCI Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 (Call 08/15/27)<sup>(b)</sup> |  | 390 |  | 301489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 (Call 03/01/25)<sup>(a)(b)</sup> |  | 540 |  | 451224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 (Call 11/01/26)<sup>(b)</sup> |  | 350 |  | 288062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 06/01/25)<sup>(a)(b)</sup> |  | 570 |  | 480288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> |  | 540 |  | 468893 |
|  Open Text Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> |  | 525 |  | 449368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> |  | 460 |  | 364550 |
|  Open Text Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> |  | 525 |  | 418031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(b)</sup> |  | 353 |  | 265633 |
|  PTC Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> |  | 270 |  | 257318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> |  | 210 |  | 190204 |
|  ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)<sup>(b)</sup> |  | 570 |  | 470250 |
|  Twilio Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24) |  | 275 |  | 227084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26) |  | 260 |  | 212043 |
|  |  |  |  | 5468925 |

---

S C H E D U L E O F I N V E S T M E N T S 79

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
|  **Telecommunications — 6.0%** | **Telecommunications — 6.0%** | **Telecommunications — 6.0%** |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81 (Call 11/23/26)<sup>(b)(d)</sup> | $285 | $237573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81 (Call 08/23/31)<sup>(b)(d)</sup> | 275 | 217676 |
|  Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)<sup>(b)</sup> | 250 | 211250 |
|  Hughes Satellite Systems Corp., 5.25%, 08/01/26 | 435 | 415247 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(b)</sup> | 425 | 365865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 455 | 346938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(b)</sup> | 475 | 360877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(b)</sup> | 387 | 318308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 685 | 565125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 550 | 477268 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 715 | 607893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 510 | 359526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup> | 450 | 385312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 280 | 205629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39 | 300 | 200988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42 | 275 | 182181 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/27/31 (Call 04/27/26)<sup>(b)</sup> | 485 | 363589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 248 | 211842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/25/29 (Call 03/25/24)<sup>(b)</sup> | 338 | 295313 |
|  Nokia OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/27 | 285 | 262095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/39 | 285 | 260006 |
|  Qwest Corp., 7.25%, 09/15/25<sup>(a)</sup> | 190 | 191873 |
|  Sable International Finance Ltd., 5.75%, 09/07/27 (Call 12/01/22)<sup>(b)</sup> | 255 | 226007 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | 1390 | 1434452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 1155 | 1355554 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 1095 | 1106991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24) | 865 | 888787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 830 | 866312 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 125 | 126250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 125 | 125063 |
|  Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 | 591 | 431270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 | 555 | 426462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 | 525 | 408849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | 600 | 477000 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(b)</sup> | 760 | 714985 |
|  U.S. Cellular Corp., 6.70%, 12/15/33 | 295 | 280967 |
|  ViaSat Inc., 5.63%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 310 | 286620 |
|  Viavi Solutions Inc., 3.75%, 10/01/29<br>(Call 10/01/24)<sup>(b)</sup> | 220 | 183676 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31 (Call 01/31/26)<sup>(b)</sup> | 725 | 576440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31 (Call 07/15/26)<sup>(b)</sup> | 820 | 662609 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(d)</sup> | 300 | 240531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 (Call 03/04/31)<sup>(d)</sup> | 535 | 379454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/81 (Call 12/04/50)<sup>(d)</sup> | 520 | 359341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(d)</sup> | 1110 | 1054500 |
|  |  | 19654494 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup> | $305 | $278195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 340 | 293404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 (Call 05/01/41) | 175 | 135992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 275 | 266855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40 | 160 | 136328 |
|  |  | 1110774 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
|  Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 300 | 267564 |
|  Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)<sup>(b)</sup> | 190 | 174774 |
|  First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)<sup>(b)</sup> | 460 | 373796 |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 | 45 | 44888 |
|  |  | 861022 |
| **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(b)(d)</sup> | 375 | 342188 |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 575 | 480778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup> | 380 | 364661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(b)</sup> | 225 | 229069 |
|  |  | 1416696 |
|  **Total Long-Term Investments — 97.5%<br>(Cost: $338,627,161)** | **Total Long-Term Investments — 97.5%<br>(Cost: $338,627,161)** | 321684876 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.4%** | **Money Market Funds — 10.4%** | **Money Market Funds — 10.4%** |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup> | 29802 | 29796195 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup> | 4350 | 4350000 |
|  **Total Short-Term Securities — 10.4%<br>(Cost: $34,149,569)** |  | 34146195 |
|  **Total Investments — 107.9%<br>(Cost: $372,776,730)** | **Total Investments — 107.9%<br>(Cost: $372,776,730)** | 355831071 |
|  **Liabilities in Excess of Other Assets — (7.9)%** |  | (26030302) |
|  **Net Assets — 100.0%** |  | $329800769 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **BB Rated Corporate Bond ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $7575790 | $22229366 <sup>(a)</sup> | $— | $(5586) | $(3375) | $29796195 | 29802 | $48347 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 970000 | 3380000 <sup>(a)</sup> |  |  |  | 4350000 | 4350 | 29459 |  |
|  |  |  |  | $(5586) | $(3375) | $34146195 |  | $77806 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $321684876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $321684876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 34146195 |  |  | 34146195 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;34146195 | $321684876 | $— | $355831071 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 81

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
|  **Airlines — 2.4%** | **Airlines — 2.4%** | **Airlines — 2.4%** |
|  American Airlines Group Inc., 6.50%, 07/01/25 | $8720 | $9829184 |
|  Copa Holdings SA, 4.50%, 04/15/25 | 3150 | 4968873 |
|  GOL Equity Finance SA, 3.75%, 07/15/24<sup>(a)</sup> | 3800 | 1678308 |
|  JetBlue Airways Corp., 0.50%, 04/01/26 | 6525 | 4878220 |
|  Southwest Airlines Co., 1.25%, 05/01/25 | 14830 | 18361764 |
|  Spirit Airlines Inc., 1.00%, 05/15/26 | 4350 | 3588359 |
|  |  | 43304708 |
| **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** |
|  Arrival SA, 3.50%, 12/01/26<sup>(a)</sup> | 2825 | 823064 |
|  Fisker Inc., 2.50%, 09/15/26<sup>(a)</sup> | 5950 | 3242988 |
|  Ford Motor Co., 0.00% 03/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21290 | 21504390 |
|  Li Auto Inc., 0.25%, 05/01/28 | 7625 | 6136143 |
|  Lucid Group Inc., 1.25%, 12/15/26<sup>(a)</sup> | 17775 | 11180119 |
|  NIO Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/26<sup>(b)</sup> | 6875 | 5534306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/01/27 | 6725 | 4799498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53220508 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
|  Luminar Technologies Inc., 1.25%, 12/15/26<sup>(a)</sup> | 5450 | 3619618 |
| **Banks — 0.7%** |  |  |
|  Barclays Bank PLC, Series VUN, 0.00% 02/18/25<sup>(b)</sup> | 2300 | 2447982 |
|  BofA Finance LLC, 0.25%, 05/01/23 | 2260 | 2399578 |
|  Deutsche Bank AG/London, 1.00%, 05/01/23 | 2870 | 3065102 |
|  JPMorgan Chase Bank NA, 0.13%, 01/01/23<sup>(a)</sup> | 5025 | 4992840 |
|  |  | 12905502 |
| **Biotechnology — 6.3%** | **Biotechnology — 6.3%** | **Biotechnology — 6.3%** |
|  Alnylam Pharmaceuticals Inc., 1.00%, 09/15/27<sup>(a)</sup> | 9275 | 9291695 |
|  BioMarin Pharmaceutical Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/01/24 | 4320 | 4315680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/27 | 5428 | 5416873 |
|  Bridgebio Pharma Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/29 | 6425 | 2724907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 | 5195 | 3043595 |
|  Cerevel Therapeutics Holdings Inc., 2.50%, 08/15/27<sup>(a)</sup> | 3100 | 2845583 |
|  Cytokinetics Inc., 3.50%, 07/01/27<sup>(a)</sup> | 4850 | 5452273 |
|  Esperion Therapeutics Inc., 4.00%, 11/15/25 | 2300 | 1228936 |
|  Global Blood Therapeutics Inc., 1.88%, 12/15/28<sup>(a)</sup> | 3350 | 7499611 |
|  Guardant Health Inc., 0.00% 11/15/27<sup>(b)</sup> | 9965 | 7069769 |
|  Halozyme Therapeutics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/27 | 7010 | 6255864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/28<sup>(a)</sup> | 6300 | 6649461 |
|  Illumina Inc., 0.00% 08/15/23<sup>(b)</sup> | 6540 | 6323003 |
|  Innoviva Inc., 2.13%, 03/15/28<sup>(a)</sup> | 2375 | 1929782 |
|  Insmed Inc., 0.75%, 06/01/28 | 5000 | 3945950 |
|  Ionis Pharmaceuticals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/26<sup>(b)</sup> | 5800 | 5737882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/24 | 4776 | 4395114 |
|  Livongo Health Inc., 0.88%, 06/01/25 | 4800 | 4171440 |
|  NeoGenomics Inc., 0.25%, 01/15/28 | 2650 | 1605291 |
|  Novavax Inc., 3.75%, 02/01/23 | 2675 | 2632334 |
|  PTC Therapeutics Inc., 1.50%, 09/15/26 | 2600 | 2599922 |
|  Sarepta Therapeutics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/27<sup>(a)</sup> | 7175 | 7667061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 | 5400 | 9149382 |
|  Travere Therapeutics Inc., 2.25%, 03/01/29 | 3000 | 2807400 |
|  |  | 114758808 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  Amyris Inc., 1.50%, 11/15/26<sup>(a)</sup> | $5875 | $2800848 |
| **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** |
|  Peabody Energy Corp., 3.25%, 03/01/28<sup>(a)</sup> | 2900 | 4172433 |
| **Commercial Services — 4.1%** |  |  |
|  2U Inc., 2.25%, 05/01/25 | 3539 | 2252043 |
|  Affirm Holdings Inc., 0.00% 11/15/26<sup>(a)(b)</sup> | 15250 | 9630985 |
|  Alarm.com Holdings Inc., 0.00% 01/15/26<sup>(b)</sup> | 4345 | 3528661 |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/01/25 | 8876 | 8256544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/15/23 | 4005 | 4214622 |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/01/26<sup>(b)</sup> | 4975 | 3984875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/01/27 | 5279 | 3935706 |
|  Chegg Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/01/26<sup>(b)</sup> | 5880 | 4579932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/15/25 | 6281 | 5459696 |
|  Euronet Worldwide Inc., 0.75%, 03/15/49 (Call 03/20/25) | 4739 | 4373291 |
|  FTI Consulting Inc., 2.00%, 08/15/23 | 2829 | 4391740 |
|  Marathon Digital Holdings Inc., 1.00%, 12/01/26<sup>(a)</sup> | 6300 | 2504250 |
|  Repay Holdings Corp., 0.00% 02/01/26<sup>(a)(b)</sup> | 3680 | 2526099 |
|  Sabre GLBL Inc., 4.00%, 04/15/25 | 3188 | 3244810 |
|  Shift4 Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(b)</sup> | 6285 | 5652352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/01/27 | 5325 | 4117237 |
|  Stride Inc., 1.13%, 09/01/27 | 3792 | 3410032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76062875 |
| **Computers — 4.4%** | **Computers — 4.4%** | **Computers — 4.4%** |
|  3D Systems Corp., 0.00% 11/15/26<sup>(a)(b)</sup> | 4000 | 2819600 |
|  CyberArk Software Ltd., 0.00% 11/15/24<sup>(b)</sup> | 5300 | 6207413 |
|  Insight Enterprises Inc., 0.75%, 02/15/25 | 3026 | 4337075 |
|  KBR Inc., 2.50%, 11/01/23 | 3040 | 6057443 |
|  Lumentum Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24 | 3860 | 5065092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/15/26 | 9364 | 9174660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/15/28<sup>(a)</sup> | 7500 | 6328500 |
|  PAR Technology Corp., 1.50%, 10/15/27 | 2300 | 1681921 |
|  Parsons Corp., 0.25%, 08/15/25 | 3490 | 4010045 |
|  Pure Storage Inc., 0.13%, 04/15/23 | 5145 | 6246133 |
|  Rapid7 Inc., 0.25%, 03/15/27 | 5400 | 4261572 |
|  Varonis Systems Inc., 1.25%, 08/15/25 | 2205 | 2459700 |
|  Western Digital Corp., 1.50%, 02/01/24 | 9915 | 9473782 |
|  Zscaler Inc., 0.13%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10307 | 12674827 |
|  |  | 80797763 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
|  Beauty Health Co. (The), 1.25%, 10/01/26<sup>(a)</sup> | 6750 | 5349645 |
| **Diversified Financial Services — 1.7%** |  |  |
|  Coinbase Global Inc., 0.50%, 06/01/26 | 13550 | 9087714 |
|  JPMorgan Chase Financial Co. LLC, 0.25%, 05/01/23<sup>(a)</sup> | 4925 | 5303683 |
|  LendingTree Inc., 0.50%, 07/15/25 | 4761 | 3389546 |
|  PRA Group Inc., 3.50%, 06/01/23 | 3025 | 2993147 |
|  SoFi Technologies Inc., 0.00% 10/15/26<sup>(a)(b)</sup> | 10893 | 7843723 |
|  Upstart Holdings Inc., 0.25%, 08/15/26 | 5950 | 3310401 |
|  |  | 31928214 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
|  NRG Energy Inc., 2.75%, 06/01/48 (Call 06/01/25) | 5137 | 6020204 |
|  Ormat Technologies Inc., 2.50%, 07/15/27<sup>(a)</sup> | 3950 | 4687702 |
|  |  | 10707906 |

---

82 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
|  Itron Inc., 0.00% 03/15/26<sup>(b)</sup> | $3875 | $3107673 |
|  Vishay Intertechnology Inc., 2.25%, 06/15/25 | 4084 | 3948207 |
|  |  | 7055880 |
| **Energy - Alternate Sources — 2.7%** | **Energy - Alternate Sources — 2.7%** | **Energy - Alternate Sources — 2.7%** |
|  Array Technologies Inc., 1.00%, 12/01/28<sup>(a)</sup> | 3250 | 2970792 |
|  Enphase Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/26<sup>(b)</sup> | 5868 | 7197395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/28<sup>(b)</sup> | 5015 | 6451848 |
|  NextEra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/15/24<sup>(a)(b)</sup> | 4325 | 4164413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/25<sup>(a)(b)</sup> | 5595 | 5803302 |
|  SolarEdge Technologies Inc., 0.00% 09/15/25<sup>(b)</sup> | 5510 | 6180181 |
|  Stem Inc., 0.50%, 12/01/28<sup>(a)</sup> | 4000 | 3014120 |
|  Sunnova Energy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/01/26 | 5000 | 3855050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/28<sup>(a)</sup> | 5500 | 4447025 |
|  SunPower Corp., 4.00%, 01/15/23 | 3975 | 4035301 |
|  Sunrun Inc., 0.00% 02/01/26<sup>(b)(c)</sup> | 3225 | 2154171 |
|  |  | 50273598 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
|  Cinemark Holdings Inc., 4.50%, 08/15/25 | 3990 | 4132962 |
|  DraftKings Inc., 0.00% 03/15/28<sup>(b)</sup> | 11175 | 6973424 |
|  Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 | 3688 | 3800336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/23 | 4765 | 5773274 |
|  Marriott Vacations Worldwide Corp., 0.00% 01/15/26<sup>(b)</sup> | 5205 | 5310453 |
|  Penn National Gaming Inc., 2.75%, 05/15/26 | 3114 | 4937808 |
|  Vail Resorts Inc., 0.00% 01/01/26<sup>(b)</sup> | 5200 | 4629040 |
|  |  | 35557297 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
|  Beyond Meat Inc., 0.00% 03/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675 | 2821189 |
|  Post Holdings Inc., 2.50%, 08/15/27<sup>(a)</sup> | 5175 | 5391522 |
|  |  | 8212711 |
| **Health Care - Products — 4.4%** | **Health Care - Products — 4.4%** | **Health Care - Products — 4.4%** |
|  Alphatec Holdings Inc., 0.75%, 08/01/26 | 2600 | 2202070 |
|  CONMED Corp., 2.25%, 06/15/27<sup>(a)</sup> | 7150 | 6245168 |
|  Envista Holdings Corp., 2.38%, 06/01/25 | 4751 | 7871172 |
|  Exact Sciences Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/15/27 | 6505 | 4586415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/01/28 | 10235 | 6597481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/15/25 | 2275 | 2081716 |
|  Glaukos Corp., 2.75%, 06/15/27 | 2498 | 3310924 |
|  Haemonetics Corp., 0.00% 03/01/26<sup>(b)</sup> | 4350 | 3585140 |
|  Insulet Corp., 0.38%, 09/01/26 | 6965 | 9010481 |
|  Integra LifeSciences Holdings Corp., 0.50%, 08/15/25 | 5013 | 4667755 |
|  LivaNova USA Inc., 3.00%, 12/15/25 | 2495 | 2695124 |
|  Natera Inc., 2.25%, 05/01/27 | 2614 | 3707018 |
|  Novocure Ltd., 0.00% 11/01/25<sup>(b)</sup> | 5010 | 4328840 |
|  NuVasive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/15/25 | 3916 | 3421840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/01/23 | 3886 | 3790055 |
|  Omnicell Inc., 0.25%, 09/15/25 | 5018 | 5012530 |
|  Repligen Corp., 0.38%, 07/15/24 | 2504 | 4250064 |
|  SmileDirectClub Inc., 0.00% 02/01/26<sup>(a)(b)</sup> | 5125 | 495895 |
|  Tandem Diabetes Care Inc., 1.50%, 05/01/25<sup>(a)</sup> | 2475 | 2326005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80185693 |
| **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** |
|  Accolade Inc., 0.50%, 04/01/26 | 2375 | 1764672 |
|  Invitae Corp., 2.00%, 09/01/24 | 3055 | 2450141 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
|  Oak Street Health Inc., 0.00% 03/15/26<sup>(b)</sup> | $| 8000 | $| 6093760 |
|  Teladoc Health Inc., 1.25%, 06/01/27 |  | 8865 |  | 6663466 |
|  |  |  |  | 16972039 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
|  Ares Capital Corp., 4.63%, 03/01/24 |  | 3685 |  | 3958059 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
|  LCI Industries, 1.13%, 05/15/26 |  | 4300 |  | 3767961 |
|  Winnebago Industries Inc., 1.50%, 04/01/25 |  | 2625 |  | 2938058 |
|  |  |  |  | 6706019 |
| **Internet — 21.6%** | **Internet — 21.6%** | **Internet — 21.6%** | **Internet — 21.6%** | **Internet — 21.6%** |
|  Airbnb Inc., 0.00% 03/15/26<sup>(b)</sup> |  | 17600 |  | 14727680 |
|  Booking Holdings Inc., 0.75%, 05/01/25 |  | 7706 |  | 9978731 |
|  Etsy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/01/26 |  | 5807 |  | 7481913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/01/27 |  | 5823 |  | 5031363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/28 |  | 8925 |  | 6913751 |
|  Expedia Group Inc., 0.00% 02/15/26<sup>(b)</sup> |  | 8920 |  | 7702598 |
|  Farfetch Ltd., 3.75%, 05/01/27 |  | 3575 |  | 3383988 |
|  Fiverr International Ltd., 0.00% 11/01/25<sup>(b)</sup> |  | 4014 |  | 3184306 |
|  fuboTV Inc., 3.25%, 02/15/26 |  | 3500 |  | 1772890 |
|  Hello Group Inc., 1.25%, 07/01/25 |  | 5003 |  | 4628075 |
|  iQIYI Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/25, (Put 04/01/23) |  | 9044 |  | 7335679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/23 |  | 950 |  | 887414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/26 |  | 8535 |  | 5388145 |
|  JOYY Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/15/25 |  | 4405 |  | 4108808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/15/26 |  | 4350 |  | 3663179 |
|  Lyft Inc., 1.50%, 05/15/25 |  | 6690 |  | 5923928 |
|  Magnite Inc., 0.25%, 03/15/26 |  | 3325 |  | 2418406 |
|  Match Group Financeco 2 Inc., 0.88%, 06/15/26<sup>(a)</sup> |  | 5275 |  | 4603334 |
|  Match Group Financeco 3 Inc., 2.00%, 01/15/30<sup>(a)</sup> |  | 4960 |  | 4253696 |
|  MercadoLibre Inc., 2.00%, 08/15/28 |  | 3800 |  | 8090884 |
|  Okta Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/01/25 |  | 9445 |  | 7948534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/15/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10252 |  | 8232048 |
|  Opendoor Technologies Inc., 0.25%, 08/15/26<sup>(a)</sup> |  | 8350 |  | 4297745 |
|  Palo Alto Networks Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/01/25 |  | 18313 |  | 32268239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/01/23 |  | 15000 |  | 29054550 |
|  Perficient Inc., 0.13%, 11/15/26<sup>(a)</sup> |  | 3275 |  | 2463062 |
|  Pinduoduo Inc., 0.00% 12/01/25<sup>(b)</sup> |  | 17540 |  | 15757936 |
|  Q2 Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/15/25 |  | 3050 |  | 2474618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/01/26 |  | 2830 |  | 2291253 |
|  RealReal Inc., 1.00%, 03/01/28 |  | 2450 |  | 1208365 |
|  Sea Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/15/26 |  | 26075 |  | 18062674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/25 |  | 10300 |  | 9732676 |
|  Shopify Inc., 0.13%, 11/01/25 |  | 8237 |  | 6959524 |
|  Snap Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/01/27<sup>(b)</sup> |  | 10025 |  | 6899506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/01/28<sup>(a)</sup> |  | 13625 |  | 9062669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/01/25 |  | 2273 |  | 2060656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/01/26 |  | 7590 |  | 6534231 |
|  Spotify USA Inc., 0.00% 03/15/26<sup>(b)</sup> |  | 13070 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10423456 |
|  TechTarget Inc., 0.00% 12/15/26<sup>(a)(b)</sup> |  | 3775 |  | 3011204 |
|  TripAdvisor Inc., 0.25%, 04/01/26 |  | 3125 |  | 2507438 |

---

S C H E D U L E O F I N V E S T M E N T S 83

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Internet (continued)** | **Internet (continued)** | **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
|  Twitter Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(b)</sup> | $| 12750 | $| 12689820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24 |  | 10455 |  | 11723923 |
|  Uber Technologies Inc., 0.00% 12/15/25<sup>(b)</sup> |  | 10270 |  | 8479425 |
|  Upwork Inc., 0.25%, 08/15/26 |  | 5275 |  | 3936047 |
|  Vnet Group Inc, 0.00% 02/01/26<sup>(b)</sup> |  | 5200 |  | 4323852 |
|  Wayfair Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/01/25 |  | 13260 |  | 8685167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/26 |  | 7920 |  | 4902955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/27<sup>(a)</sup> |  | 5350 |  | 4645458 |
|  Weibo Corp., 1.25%, 11/15/22 |  | 7666 |  | 7607892 |
|  Wix.com Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/01/23<sup>(b)</sup> |  | 3056 |  | 2992099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/25<sup>(b)</sup> |  | 4997 |  | 4158853 |
|  Zendesk Inc., 0.63%, 06/15/25 |  | 10248 |  | 10121232 |
|  Ziff Davis Inc., 1.75%, 11/01/26<sup>(a)</sup> |  | 4931 |  | 4793573 |
|  Zillow Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/24 |  | 5300 |  | 5484069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/01/26 |  | 4340 |  | 4347074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 |  | 5400 |  | 5062446 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396683037 |
| **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** |
|  Allegheny Technologies Inc., 3.50%, 06/15/25 |  | 2544 |  | 5130561 |
|  U.S. Steel Corp., 5.00%, 11/01/26 |  | 3230 |  | 5438642 |
|  |  |  |  | 10569203 |
| **Leisure Time — 2.8%** | **Leisure Time — 2.8%** | **Leisure Time — 2.8%** | **Leisure Time — 2.8%** | **Leisure Time — 2.8%** |
|  Callaway Golf Co., 2.75%, 05/01/26 |  | 2238 |  | 2814486 |
|  Carnival Corp., 5.75%, 10/01/24 |  | 3000 |  | 3486480 |
|  Liberty TripAdvisor Holdings Inc., 0.50%, 06/30/51 (Call 03/27/25)<sup>(a)</sup> |  | 2850 |  | 2011416 |
|  NCL Corp. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/27<sup>(a)</sup> |  | 10025 |  | 7627521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/27<sup>(a)</sup> |  | 4425 |  | 3423357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/25 |  | 4130 |  | 4938778 |
|  Peloton Interactive Inc., 0.00% 02/15/26<sup>(b)</sup> |  | 8960 |  | 6439731 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/23 |  | 5017 |  | 5093309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/25<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525 |  | 13748281 |
|  Virgin Galactic Holdings Inc, 2.50%, 02/01/27<sup>(a)</sup> |  | 4025 |  | 2129185 |
|  |  |  |  | 51712544 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
|  H World Group Ltd., 0.38%, 11/01/22 |  | 4140 |  | 4108536 |
|  Huazhu Group Ltd., 3.00%, 05/01/26, (Put 05/01/24) |  | 4754 |  | 4504415 |
|  |  |  |  | 8612951 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
|  Chart Industries Inc., 1.00%, 11/15/24<sup>(a)</sup> |  | 2245 |  | 8513758 |
|  Middleby Corp. (The), 1.00%, 09/01/25 |  | 6707 |  | 8120970 |
|  |  |  |  | 16634728 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
|  John Bean Technologies Corp., 0.25%, 05/15/26 |  | 3500 |  | 2982630 |
| **Media — 5.2%** | **Media — 5.2%** | **Media — 5.2%** | **Media — 5.2%** | **Media — 5.2%** |
|  Cable One Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(b)</sup> |  | 5250 |  | 4060875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/28 |  | 2741 |  | 2007837 |
|  DISH Network Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(b)</sup> |  | 18060 |  | 12232038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/24 |  | 9035 |  | 8236848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/26 |  | 27605 |  | 19110389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Liberty Broadband Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/50 (Call 10/05/23)<sup>(a)</sup> | $| 7175 | $| 6822062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/30/50 (Call 10/05/23)<sup>(a)</sup> |  | 5073 |  | 4901330 |
|  Liberty Interactive LLC, 1.75%, 09/30/46 (Call 10/05/23)<sup>(a)</sup> |  | 3150 |  | 3397496 |
|  Liberty Latin America Ltd., 2.00%, 07/15/24 |  | 3471 |  | 3082907 |
|  Liberty Media Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/01/50 (Call 09/01/24)<sup>(a)</sup> |  | 8000 |  | 8560400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/23 |  | 8720 |  | 11264845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/48 (Call 04/07/23)<sup>(a)</sup> |  | 3353 |  | 3182466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/49 (Call 12/01/24)<sup>(a)</sup> |  | 5262 |  | 4865877 |
|  Liberty Media Corp.-Liberty Formula One, 2.25%, 08/15/27<sup>(a)</sup> |  | 4200 |  | 3882480 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95607850 |
| **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** |
|  Xometry Inc., 1.00%, 02/01/27<sup>(a)</sup> |  | 2500 |  | 3060325 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
|  Lithium Americas Corp., 1.75%, 01/15/27<sup>(a)</sup> |  | 2525 |  | 2180009 |
|  MP Materials Corp., 0.25%, 04/01/26<sup>(a)</sup> |  | 6300 |  | 6029982 |
|  |  |  |  | 8209991 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
|  CNX Resources Corp., 2.25%, 05/01/26 |  | 3110 |  | 4555746 |
|  EQT Corp., 1.75%, 05/01/26 |  | 3615 |  | 10298484 |
|  Nabors Industries Inc., 0.75%, 01/15/24 |  | 2650 |  | 2473855 |
|  Northern Oil & Gas Inc., 3.63%, 04/15/29 |  | 4500 |  | 5051430 |
|  Pioneer Natural Resources Co., 0.25%, 05/15/25 |  | 9749 |  | 25054930 |
|  Transocean Inc., 4.00%, 12/15/25 |  | 2725 |  | 2892669 |
|  |  |  |  | 50327114 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
|  Aerie Pharmaceuticals Inc., 1.50%, 10/01/24 |  | 2725 |  | 2677749 |
|  Aphria Inc., 5.25%, 06/01/24<sup>(a)</sup> |  | 2300 |  | 2190474 |
|  Ascendis Pharma A/S, 2.25%, 04/01/28<sup>(a)</sup> |  | 5000 |  | 4890450 |
|  Clovis Oncology Inc., 1.25%, 05/01/25 |  | 2525 |  | 1529948 |
|  Dexcom Inc., 0.25%, 11/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520 |  | 11578838 |
|  DexCom Inc., 0.75%, 12/01/23 |  | 7254 |  | 21384212 |
|  Herbalife Nutrition Ltd., 2.63%, 03/15/24 |  | 4785 |  | 4405884 |
|  Jazz Investments I Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/24 |  | 4972 |  | 4770137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/26 |  | 9075 |  | 10187504 |
|  Pacira BioSciences Inc., 0.75%, 08/01/25 |  | 3670 |  | 3571717 |
|  Revance Therapeutics Inc., 1.75%, 02/15/27 |  | 2600 |  | 2565446 |
|  Supernus Pharmaceuticals Inc., 0.63%, 04/01/23 |  | 3505 |  | 3429432 |
|  |  |  |  | 73181791 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
|  Radius Global Infrastructure Inc., 2.50%, 09/15/26<sup>(a)</sup> |  | 2325 |  | 1820824 |
|  Realogy Group LLC/Realogy Co.-Issuer Corp., 0.25%, 06/15/26 |  | 3825 |  | 2575984 |
|  Redfin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/25<sup>(b)</sup> |  | 6108 |  | 3142322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/01/27 |  | 5125 |  | 2191757 |
|  |  |  |  | 9730887 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
|  Arbor Realty Trust Inc., 7.50%, 08/01/25<sup>(a)</sup> |  | 2600 |  | 2500550 |
|  Blackstone Mortgage Trust Inc., 5.50%, 03/15/27 |  | 2775 |  | 2426432 |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/26 |  | 6745 |  | 5955161 |
|  PennyMac Corp., 5.50%, 03/15/26 |  | 2860 |  | 2321405 |
|  Starwood Property Trust Inc., 4.38%, 04/01/23 (Call 01/01/23) |  | 2175 |  | 2154207 |
|  Summit Hotel Properties Inc., 1.50%, 02/15/26 |  | 2770 |  | 2529896 |

---

84 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
|  Two Harbors Investment Corp., 6.25%, 01/15/26 | $| 2500 | $| 2053650 |
|  Uniti Fiber Holdings Inc., 4.00%, 06/15/24<sup>(a)</sup> |  | 2904 |  | 2734087 |
|  |  |  |  | 22675388 |
| **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** |
|  Burlington Stores Inc., 2.25%, 04/15/25 |  | 4602 |  | 4678715 |
|  Cheesecake Factory Inc. (The), 0.38%, 06/15/26 |  | 2925 |  | 2402332 |
|  Cracker Barrel Old Country Store Inc., 0.63%, 06/15/26 |  | 2600 |  | 2342132 |
|  Guess? Inc., 2.00%, 04/15/24 |  | 2800 |  | 2737672 |
|  National Vision Holdings Inc., 2.50%, 05/15/25 |  | 3597 |  | 4813217 |
|  Patrick Industries Inc., 1.75%, 12/01/28<sup>(a)</sup> |  | 2200 |  | 1606132 |
|  Shake Shack Inc., 0.00% 03/01/28<sup>(b)</sup> |  | 1975 |  | 1344837 |
|  Vroom Inc., 0.75%, 07/01/26 |  | 4900 |  | 1381408 |
|  |  |  |  | 21306445 |
| **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
|  Impinj Inc., 1.13%, 05/15/27<sup>(a)</sup> |  | 3050 |  | 3769586 |
|  MACOM Technology Solutions Holdings Inc., 0.25%, 03/15/26 |  | 4125 |  | 3935704 |
|  Microchip Technology Inc., 0.13%, 11/15/24 |  | 5800 |  | 5858290 |
|  ON Semiconductor Corp., 0.00% 05/01/27<sup>(b)</sup> |  | 7200 |  | 9511056 |
|  Semtech Corp., 1.63%, 11/01/27 |  | 2000 |  | 1946600 |
|  Silicon Laboratories Inc., 0.63%, 06/15/25 |  | 4916 |  | 5570270 |
|  SMART Global Holdings Inc., 2.25%, 02/15/26 |  | 2075 |  | 1973761 |
|  Wolfspeed Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/28<sup>(a)</sup> |  | 7025 |  | 6457029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/01/26 |  | 5001 |  | 8870724 |
|  |  |  |  | 47893020 |
| **Software — 17.5%** | **Software — 17.5%** | **Software — 17.5%** | **Software — 17.5%** | **Software — 17.5%** |
|  1Life Healthcare Inc., 3.00%, 06/15/25 |  | 2600 |  | 2521246 |
|  8x8 Inc., 0.50%, 02/01/24 |  | 4371 |  | 3843114 |
|  Akamai Technologies Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/01/25 |  | 10287 |  | 11106668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/01/27 |  | 11026 |  | 10921143 |
|  Alteryx Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/01/24 |  | 3350 |  | 3030075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/01/26 |  | 3492 |  | 2795590 |
|  Avalara Inc., 0.25%, 08/01/26 |  | 8725 |  | 8668549 |
|  Bandwidth Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/26 |  | 3480 |  | 2229566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/01/28 |  | 2083 |  | 1222263 |
|  Bentley Systems Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/26 |  | 6250 |  | 5478625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/01/27 |  | 4975 |  | 3881346 |
|  BigCommerce Holdings Inc., 0.25%, 10/01/26 |  | 3000 |  | 2206920 |
|  Bilibili Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/01/26<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 |  | 7290342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/15/27 |  | 7159 |  | 6406231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/01/26 |  | 3715 |  | 2822508 |
|  Bill.com Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/25<sup>(b)</sup> |  | 10395 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11557473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/27<sup>(b)</sup> |  | 5000 |  | 3953000 |
|  Blackline Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(b)</sup> |  | 9990 |  | 8099892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 08/01/24 |  | 2188 |  | 2218348 |
|  Box Inc., 0.00% 01/15/26<sup>(b)</sup> |  | 2975 |  | 3690160 |
|  Ceridian HCM Holding Inc., 0.25%, 03/15/26 |  | 5050 |  | 4296894 |
|  Cloudflare Inc., 0.00% 08/15/26<sup>(b)</sup> |  | 11375 |  | 9196460 |
|  Confluent Inc., 0.00% 01/15/27<sup>(a)(b)</sup> |  | 9575 |  | 7136152 |
|  Coupa Software Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/15/25 |  | 7000 |  | 6015800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/15/26 | $| 12232 | $| 9755754 |
|  Datadog Inc., 0.13%, 06/15/25 |  | 6729 |  | 7676510 |
|  DigitalOcean Holdings Inc.,<br>0.00% 12/01/26<sup>(a)(b)</sup> |  | 13250 |  | 9707082 |
|  DocuSign Inc, 0.00% 01/15/24<sup>(b)</sup> |  | 6335 |  | 5956800 |
|  Dropbox Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/26<sup>(b)</sup> |  | 6015 |  | 5354733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/28<sup>(b)</sup> |  | 6320 |  | 5475458 |
|  Envestnet Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/25 |  | 4560 |  | 3915854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/23 |  | 3105 |  | 3083979 |
|  Everbridge Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(b)</sup> |  | 3275 |  | 2802057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/24 |  | 3845 |  | 3397750 |
|  Fastly Inc., 0.00% 03/15/26<sup>(b)</sup> |  | 6225 |  | 4423423 |
|  Five9 Inc., 0.50%, 06/01/25 |  | 6490 |  | 5760394 |
|  Guidewire Software Inc., 1.25%, 03/15/25 |  | 3649 |  | 3300046 |
|  HubSpot Inc., 0.38%, 06/01/25 |  | 4289 |  | 5371501 |
|  Jamf Holding Corp., 0.13%, 09/01/26 |  | 3250 |  | 2682030 |
|  LivePerson Inc., 0.00% 12/15/26<sup>(b)</sup> |  | 4585 |  | 3201751 |
|  MicroStrategy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/27<sup>(b)</sup> |  | 9325 |  | 4301343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 |  | 5750 |  | 4755883 |
|  MongoDB Inc., 0.25%, 01/15/26 |  | 10489 |  | 11857500 |
|  New Relic Inc., 0.50%, 05/01/23 |  | 4450 |  | 4360244 |
|  Nutanix Inc., 0.25%, 10/01/27 |  | 5000 |  | 4347400 |
|  PagerDuty Inc., 1.25%, 07/01/25 |  | 2700 |  | 2649456 |
|  Pegasystems Inc., 0.75%, 03/01/25 |  | 5502 |  | 4593070 |
|  Porch Group Inc., 0.75%, 09/15/26<sup>(a)</sup> |  | 4000 |  | 2060040 |
|  Progress Software Corp., 1.00%, 04/15/26 |  | 3425 |  | 3532579 |
|  RingCentral Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/25<sup>(b)</sup> |  | 8853 |  | 7363394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(b)</sup> |  | 5646 |  | 4321844 |
|  Splunk Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/23 |  | 6968 |  | 6723981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/25 |  | 7656 |  | 7130492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/27 |  | 11166 |  | 9512539 |
|  Tabula Rasa HealthCare Inc., 1.75%, 02/15/26 |  | 2828 |  | 2253068 |
|  Tyler Technologies Inc., 0.25%, 03/15/26 |  | 5415 |  | 5113926 |
|  Unity Software Inc., 0.00% 11/15/26<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15175 |  | 11051649 |
|  Verint Systems Inc., 0.25%, 04/15/26 |  | 2660 |  | 2266533 |
|  Workiva Inc., 1.13%, 08/15/26 |  | 3225 |  | 3780442 |
|  Zynga Inc., 0.25%, 06/01/24 |  | 6491 |  | 7106412 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321535282 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
|  GDS Holdings Ltd., 2.00%, 06/01/25, (Put 06/01/23) |  | 2745 |  | 2505142 |
|  Infinera Corp., 3.75%, 08/01/28<sup>(a)</sup> |  | 3000 |  | 3218820 |
|  InterDigital Inc., 3.50%, 06/01/27<sup>(a)</sup> |  | 4000 |  | 3747240 |
|  Nice Ltd., 0.00% 09/15/25<sup>(b)</sup> |  | 3879 |  | 3629270 |
|  |  |  |  | 13100472 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
|  Air Transport Services Group Inc., 1.13%, 10/15/24 |  | 2449 |  | 2647639 |
|  Atlas Air Worldwide Holdings Inc., 1.88%, 06/01/24 |  | 2625 |  | 4398581 |
|  CryoPort Inc., 0.75%, 12/01/26<sup>(a)</sup> |  | 3450 |  | 2598333 |
|  ZTO Express Cayman Inc., 1.50%, 09/01/27, (Put 09/02/25)<sup>(a)</sup> |  | 8700 |  | 7068924 |
|  |  |  |  | 16713477 |

---

S C H E D U L E O F I N V E S T M E N T S 85

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **Trucking & Leasing — 0.2%** |  |  |
|  Greenbrier Companies Inc., 2.88%, 04/15/28 | $3250 | $2918630 |
|  **Total Convertible Bonds — 99.2%<br>(Cost: $2,206,507,851)** |  | 1822005889 |
|  **Common Stocks** |  |  |
|  **Media — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett Co. Inc.<sup>(d)</sup> | 250 | 362500 |
|  **Total Common Stocks — 0.0%<br>(Cost $1,444,315)** |  | 362500 |
|  **Total Long-Term Investments — 99.2%<br>(Cost: $2,207,952,166)** |  | 1822368389 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.6%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup> | 310 | 310355 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup> | 10280 | 10280000 |
|  **Total Short-Term Securities — 0.6%<br>(Cost: $10,590,441)** |  | 10590355 |
|  **Total Investments — 99.8%<br>(Cost: $2,218,542,607)** |  | 1832958744 |
|  **Other Assets Less Liabilities — 0.2%** |  | 2886245 |
|  **Net Assets — 100.0%** |  | $1835844989 |

---

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

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $310579 <sup>(a)</sup> | $— | $(138) | $(86) | $310355 | 310 | $1045 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 4430000 | 5850000 <sup>(a)</sup> |  |  |  | 10280000 | 10280 | 75542 |  |
|  |  |  |  | $(138) | $(86) | $10590355 |  | $76587 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

86 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Convertible Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | $— | $1822005889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1822005889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 362500 |  |  | 362500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10590355 |  |  | 10590355 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;10952855 | $1822005889 | $— | $1832958744 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 87

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| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Auto Manufacturers — 5.0%** | **Auto Manufacturers — 5.0%** | **Auto Manufacturers — 5.0%** |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/22/23, (3 mo. LIBOR US +<br>0.150%)<sup>(a)</sup> | $4870 | $4861526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 05/10/23, (3 mo. LIBOR US +<br>0.370%)<sup>(a)(b)</sup> | 17192 | 17176527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 11/16/22, (3 mo. LIBOR US +<br>0.470%)<sup>(a)(b)</sup> | 4688 | 4687437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 09/08/23, (3 mo. LIBOR US +<br>0.420%)<sup>(a)(b)</sup> | 12782 | 12736113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/12/24, (3 mo. LIBOR US +<br>0.280%)<sup>(a)(b)</sup> | 18974 | 18861105 |
|  BMW U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/12/24, (SOFR + 0.380%)<sup>(a)(b)(c)</sup> | 25802 | 25521274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/01/24, (SOFR + 0.530%)<sup>(a)(b)(c)</sup> | 23875 | 23756580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 04/01/25, (SOFR + 0.840%)<sup>(a)(c)</sup> | 13367 | 13297893 |
|  Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/14/23, (SOFR + 0.500%)<sup>(a)(b)(c)</sup> | 12477 | 12436824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/14/23, (SOFR + 0.500%)<sup>(a)(c)</sup> | 12010 | 11952112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 12/13/24, (SOFR + 0.750%)<sup>(a)(b)(c)</sup> | 13925 | 13748013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 04/05/24, (SOFR + 0.750%)<sup>(a)(c)</sup> | 25445 | 25278590 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 03/08/24, (SOFR + 0.760%)<sup>(a)</sup> | 20140 | 19780299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 10/15/24, (SOFR + 0.620%)<sup>(a)</sup> | 14493 | 14056181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 02/26/27, (SOFR + 0.620%)<sup>(a)</sup> | 11285 | 10502611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/17/23, (SOFR + 1.200%)<sup>(a)</sup> | 30188 | 29936232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/07/25, (SOFR + 1.040%)<sup>(a)</sup> | 10515 | 10253807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 01/05/23, (3 mo. LIBOR US +<br>0.990%)<sup>(a)</sup> | 13967 | 13963368 |
|  Mercedes-Benz Finance North America LLC, 3.65%, 05/04/23, (3 mo. LIBOR US +<br>0.840%)<sup>(a)(b)(c)</sup> | 9814 | 9823618 |
|  Nissan Motor Acceptance Corp., 3.81%, 03/08/24, (3 mo. LIBOR US +<br>0.640%)<sup>(a)(c)</sup> | 14900 | 14653703 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/13/24, (SOFR + 0.290%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19160 | 18915902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 06/18/24, (SOFR + 0.260%)<sup>(a)</sup> | 27994 | 27664231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 04/06/23, (SOFR + 0.320%)<sup>(a)</sup> | 17229 | 17211771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 01/13/25, (SOFR + 0.290%)<sup>(a)</sup> | 27109 | 26641641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/11/24, (SOFR + 0.330%)<sup>(a)(b)</sup> | 26613 | 26448532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/22/24, (SOFR + 0.320%)<sup>(a)(b)</sup> | 8856 | 8824473 |
|  Volkswagen Group of America Finance LLC, 3.72%, 06/07/24<sup>(a)(c)</sup> | 27565 | 27469625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460459988 |
| **Banks — 48.6%** | **Banks — 48.6%** | **Banks — 48.6%** |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/26 (Call 04/25/25),<br>(3 mo. LIBOR US + 1.230%)<sup>(a)</sup> | 28905 | 28562476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/26/26 (Call 04/26/25), (SOFR + 1.180%)<sup>(a)</sup> | 17270 | 17023039 |
|  ANZ New Zealand Int'l Ltd./London,<br>3.25%, 02/18/25,<br> (SOFR + 0.600%)<sup>(a)(c)</sup> | 14029 | 13862476 |
|  ASB Bank Ltd., 4.24%, 06/14/23,<br>(3 mo. LIBOR US + 0.970%)<sup>(a)(b)(c)</sup> | 11197 | 11213348 |
|  Australia & New Zealand Banking Group Ltd., 3.47%, 11/21/22, (3 mo. LIBOR US +<br> 0.490%)<sup>(a)(c)</sup> | 16454 | 16447583 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/24/24, (SOFR + 1.240%)<sup>(a)</sup> | 25800 | 25749432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/23/23, (3 mo. LIBOR US +<br>1.090%)<sup>(a)</sup> | 17132 | 17126689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 04/12/23, (3 mo. LIBOR US +<br>1.120%)<sup>(a)</sup> | 18205 | 18193713 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/05/26 (Call 02/05/25),<br>(3 mo. LIBOR US + 0.770%)<sup>(a)(b)</sup> | 53670 | 52524145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 04/22/25 (Call 04/22/24),<br>(SOFR + 0.690%)<sup>(a)(b)</sup>  | 23237 | 22825705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 10/24/24 (Call 10/24/23),<br>(SOFR + 0.730%)<sup>(a)(b)</sup>  | 15582 | 15383641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/05/24 (Call 03/05/23),<br>(3 mo. LIBOR US + 0.790%)<sup>(a)</sup> | 54349 | 54134865 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/22/27 (Call 07/22/26), (SOFR + 0.970%)<sup>(a)(b)</sup>  | $15145 | $14560100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/26, (3 mo. LIBOR US + 0.760%)<sup>(a)(b)</sup> | 11050 | 10684908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 04/25/25<sup>(a)</sup> | 16690 | 16522266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)<sup>(a)</sup> | 17910 | 17697766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 07/23/24 (Call 07/23/23),<br>(3 mo. LIBOR US + 0.960%)<sup>(a)(b)</sup> | 22611 | 22542489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025, 3.28%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)<sup>(a)(b)</sup> | 25755 | 25309696 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 09/15/23, (SOFR + 0.265%)<sup>(a)</sup> | 19404 | 19301353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/08/23, (SOFR + 0.350%)<sup>(a)</sup> | 23130 | 22984050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/14/23, (SOFR + 0.270%)<sup>(a)</sup> | 11454 | 11427656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/09/24, (SOFR + 0.320%)<sup>(a)</sup> | 20385 | 20034174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 09/15/26, (SOFR + 0.620%)<sup>(a)(b)</sup> | 15476 | 14817187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/23, (SOFR + 0.680%)<sup>(a)</sup> | 48302 | 48282196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/10/25, (SOFR + 0.465%)<sup>(a)</sup> | 17231 | 16867943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/08/24, (SOFR + 0.710%)<sup>(a)</sup> | 18799 | 18666279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 06/07/25<sup>(a)(b)</sup> | 12320 | 12198155 |
|  Bank of New York Mellon Corp., 3.64%, 04/25/25 (Call 03/25/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18220 | 18002089 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 04/26/24 (Call 03/26/24),<br>(SOFR + 0.260%)<sup>(a)(b)</sup>  | 14494 | 14347756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.22%, 10/25/24 (Call 09/25/24),<br>(SOFR + 0.200%)<sup>(a)</sup> | 11161 | 10930191 |
|  Bank of New Zealand, 3.84%, 01/27/27,<br>(SOFR + 0.810%)<sup>(a)(c)</sup> | 13350 | 13087673 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/23, (SOFR + 0.260%)<sup>(a)(b)</sup> | 21503 | 21386239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/02/26, (SOFR + 0.545%)<sup>(a)</sup> | 9534 | 9200119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 09/15/23, (SOFR + 0.550%)<sup>(a)</sup> | 53438 | 53198063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 07/31/24, (SOFR + 0.380%)<sup>(a)(b)</sup> | 24236 | 23905906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 04/15/24, (SOFR + 0.445%)<sup>(a)(b)</sup> | 25077 | 24806168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 09/15/26, (SOFR + 0.610%)<sup>(a)(b)</sup> | 10780 | 10338882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/10/25, (SOFR + 0.460%)<sup>(a)(b)</sup> | 10295 | 10086012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/11/24, (SOFR + 0.960%)<sup>(a)</sup> | 9662 | 9631468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 04/11/25<sup>(a)</sup> | 12955 | 12771687 |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/04/25, (SOFR + 0.410%)<sup>(a)(c)</sup> | 25086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24422224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/20/23, (3 mo. LIBOR US + 0.960%)<sup>(a)(c)</sup> | 14305 | 14350204 |
|  Barclays PLC, 4.30%, 05/16/24 (Call 05/16/23),<br>(3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | 53802 | 53165522 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/14/25, (SOFR + 0.570%)<sup>(a)(c)</sup> | 13340 | 13069598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 09/12/23, (3 mo. LIBOR US +<br>1.240%)<sup>(a)(b)(c)</sup> | 18506 | 18525431 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 12/14/23, (SOFR + 0.400%)<sup>(a)(b)</sup> | 21691 | 21552611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 06/22/23, (SOFR + 0.340%)<sup>(a)</sup> | 28375 | 28299522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/18/24, (SOFR + 0.420%)<sup>(a)</sup> | 26465 | 25957137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/17/23, (SOFR + 0.800%)<sup>(a)(b)</sup> | 43870 | 43854207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 09/13/23, (3 mo. LIBOR US + 0.660%)<sup>(a)(b)</sup> | 17776 | 17758224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 04/07/25<sup>(a)(b)</sup> | 20035 | 19805800 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(a)(b)</sup> . | 16255 | 15420468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 01/25/26 (Call 01/25/25),<br>(SOFR + 1.528%)<sup>(a)</sup> | 19896 | 19284795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/01/25 (Call 05/01/24),<br>(SOFR + 0.669%)<sup>(a)</sup> | 21701 | 21224229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 05/24/25 (Call 05/24/24),<br>(SOFR + 1.372%)<sup>(a)</sup> | 20140 | 20118652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 05/17/24 (Call 05/17/23),<br>(3 mo. LIBOR US + 1.100%)<sup>(a)</sup> | 54510 | 54495827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/01/24 (Call 06/01/23),<br>(3 mo. LIBOR US + 1.023%)<sup>(a)</sup> | 36244 | 36137805 |

---

88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/17/26 (Call 03/17/25),<br>(SOFR + 1.280%)<sup>(a)</sup> | $16140 | $16040255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/01/26 (Call 07/01/25), (3 mo. LIBOR US + 1.250%)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23360184 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/15/26, (SOFR + 0.520%)<sup>(a)(c)</sup> | 17476 | 17087509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 07/07/25, (SOFR + 0.400%)<sup>(a)(b)(c)</sup> | 56111 | 55140841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/14/25, (SOFR + 0.400%)<sup>(a)(b)(c)</sup> | 26720 | 26550862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/14/27, (SOFR + 0.740%)<sup>(a)(b)(c)</sup> | 12935 | 12825829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 06/04/24, (3 mo. LIBOR US + 0.820%)<sup>(a)(b)(c)</sup> | 7800 | 7776288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/16/23, (3 mo. LIBOR US + 0.700%)<sup>(a)(b)(c)</sup> | 4754 | 4750387 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 01/12/24, (SOFR + 0.300%)<sup>(a)(b)</sup> | 31645 | 31406713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/10/25, (SOFR + 0.300%)<sup>(a)</sup> | 23515 | 23165802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/10/23, (3 mo. LIBOR US + 0.480%)<sup>(a)</sup> | 8840 | 8832840 |
|  Credit Agricole SA/London, 5.34%, 04/24/23, (3 mo. LIBOR US + 1.020%)<sup>(a)(c)</sup> | 21259 | 21263464 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/02/24, (SOFR + 0.390%)<sup>(a)</sup> | 26175 | 25053401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 08/09/23, (SOFR + 0.380%)<sup>(a)</sup> | 32990 | 32096961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 02/21/25, (SOFR + 0.380%)<sup>(a)</sup> | 4750 | 4462815 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 12/14/23 (Call 12/14/22), (3 mo. LIBOR US + 1.200%)<sup>(a)(b)(c)</sup> | 24435 | 23376476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 06/12/24 (Call 06/12/23), (3 mo. LIBOR US + 1.240%)<sup>(a)(c)</sup> | 34530 | 32546942 |
|  Danske Bank A/S, 4.30%, 09/12/23, (3 mo. LIBOR US + 1.060%)<sup>(a)(b)(c)</sup> | 15244 | 15228604 |
|  DBS Group Holdings Ltd., 2.93%, 11/22/24, (SOFR + 0.300%)<sup>(a)(c)</sup> | 5900 | 5848375 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 11/16/22, (3 mo. LIBOR US + 1.190%)<sup>(a)</sup> | 17201 | 17195840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 02/27/23, (3 mo. LIBOR US + 1.230%)<sup>(a)(b)</sup> | 14275 | 14263295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.10%, 11/08/23,<br>(SOFR + 0.500%)<sup>(a)(b)</sup> | 26890 | 26529674 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/02/22, (3 mo. LIBOR US + 0.620%)<sup>(a)(c)</sup> | 20620 | 20608659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 03/28/25 (Call 03/28/24), (3 mo. LIBOR US + 0.390%)<sup>(a)(c)</sup> | 15214 | 15069011 |
|  Federation des Caisses Desjardins du Quebec, 2.71%, 05/21/24,<br>(SOFR + 0.430%)<sup>(a)(c)</sup> | 12401 | 12237307 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/17/23 (Call 11/17/22),<br>(SOFR + 0.540%)<sup>(a)</sup> | 20022 | 19913881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 09/10/24 (Call 09/10/23),<br>(SOFR + 0.500%)<sup>(a)</sup> | 14269 | 13981908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 12/06/23 (Call 12/06/22),<br>(SOFR + 0.620%)<sup>(a)</sup> | 23140 | 22967838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/08/24 (Call 03/08/23),<br>(SOFR + 0.580%)<sup>(a)</sup> | 21901 | 21614097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 09/10/27 (Call 09/10/26)<sup>(a)</sup> | 10800 | 10163124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/21/24 (Call 10/21/23),<br>(SOFR + 0.490%)<sup>(a)</sup> | 21686 | 21210426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/09/26 (Call 12/09/25),<br>(SOFR + 0.540%)<sup>(a)</sup> | 10430 | 9991106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/09/27 (Call 03/09/26),<br>(SOFR + 0.810%)<sup>(a)(b)</sup>  | 14395 | 13646460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 02/23/23, (3 mo. LIBOR US + 0.750%)<sup>(a)(b)</sup> | 93118 | 93066785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 01/24/25 (Call 01/24/24),<br>(SOFR + 0.620%)<sup>(a)</sup> | 20220 | 19819846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 10/21/27 (Call 10/21/26),<br>(SOFR + 0.920%)<sup>(a)</sup> | 9000 | 8538930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 03/15/24, (SOFR + 1.390%)<sup>(a)(b)</sup> | 14300 | 14264107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 11/29/23, (3 mo. LIBOR US + 1.600%)<sup>(a)(b)</sup> | 65156 | 65352120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ., 4.08%, 05/15/26 (Call 05/15/25),<br>(3 mo. LIBOR US + 1.170%)<sup>(a)</sup> | 53685 | 52790608 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/24 (Call 11/22/23),<br>(SOFR + 0.580%)<sup>(a)</sup> | 20047 | 19525978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 05/18/24 (Call 05/18/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup> | 74830 | 73733740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 03/10/26 (Call 03/10/25),<br>(SOFR + 0.580%)<sup>(a)</sup> | 17875 | 17448681 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 03/11/25 (Call 03/11/24),<br>(3 mo. LIBOR US + 1.230%)<sup>(a)(b)</sup> | $19383 | $18985842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 09/12/26 (Call 09/12/25),<br>(3 mo. LIBOR US + 0.380%)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26064164 |
|  Huntington National Bank (The), 3.82%, 05/16/25 (Call 05/16/24), (SOFR + 1.190%)<sup>(a)(b)</sup> | 17150 | 16974898 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 04/01/27 (Call 04/01/26), (SOFR + 1.010%)<sup>(a)</sup> | 16200 | 15427098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/28/26 (Call 03/28/25), (SOFR + 1.010%)<sup>(a)(b)</sup>  | 18079 | 17768584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 10/02/23, (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup> | 21016 | 20979642 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 06/01/25 (Call 06/01/24), (SOFR + 0.535%)<sup>(a)</sup> | 19149 | 18702828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 12/10/25 (Call 12/10/24), (SOFR + 0.600%)<sup>(a)</sup> | 12300 | 11960520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)<sup>(a)(b)</sup>  | 43392 | 43129478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)<sup>(a)(b)</sup>  | 16529 | 16173957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.920%)<sup>(a)</sup> | 27051 | 26354166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 06/14/25 (Call 06/14/24)<sup>(a)(b)</sup> | 25530 | 25170027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)<sup>(a)(b)</sup>  | 17865 | 17224718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 01/10/25 (Call 01/10/24),<br>(3 mo. LIBOR US + 0.850%)<sup>(a)(b)</sup> | 18708 | 18581721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/23/24 (Call 04/23/23),<br>(3 mo. LIBOR US + 0.730%)<sup>(a)</sup> | 26747 | 26630383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 07/23/24 (Call 07/23/23),<br>(3 mo. LIBOR US + 0.890%)<sup>(a)</sup> | 35907 | 35828723 |
|  KeyBank NA/Cleveland OH, 3.18%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)<sup>(a)</sup> | 500 | 494055 |
|  Kreditanstalt fuer Wiederaufbau, 3.59%, 02/12/24,<br>(SOFR + 1.000%)<sup>(a)</sup> | 54450 | 55057662 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 04/06/23,<br>(SOFR + 0.300%)<sup>(a)(c)</sup> | 1965 | 1955627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/21/25,<br>(SOFR + 0.300%)<sup>(a)(b)(c)</sup> | 19465 | 19359889 |
|  Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/14/25 (Call 10/14/24), (SOFR + 0.710%)<sup>(a)(c)</sup>  | 21802 | 21188056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/23/27 (Call 09/23/26), (SOFR + 0.920%)<sup>(a)(c)</sup>  | 15000 | 14356650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/28/23 (Call 11/28/22), (3 mo. LIBOR US + 1.020%)<sup>(a)(c)</sup> | 24686 | 24678594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 03/27/24 (Call 03/27/23), (3 mo. LIBOR US + 1.350%)<sup>(a)(c)</sup> | 21447 | 21433274 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/02/23, (3 mo. LIBOR US + 0.740%)<sup>(a)(b)</sup> | 26565 | 26557030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 09/12/25 (Call 09/12/24)<sup>(a)</sup> | 19680 | 19605413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/18/25 (Call 07/18/24)<sup>(a)</sup> | 15000 | 15022650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 07/26/23, (3 mo. LIBOR US + 0.860%)<sup>(a)(b)</sup> | 66420 | 66425978 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 05/22/26 (Call 05/22/25), (SOFR + 0.960%)<sup>(a)(b)</sup>  | 27035 | 26282616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/25/24 (Call 05/25/23), (3 mo. LIBOR US + 0.630%)<sup>(a)</sup> | 40420 | 40049753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 09/08/24 (Call 09/08/23), (3 mo. LIBOR US + 0.610%)<sup>(a)</sup> | 12690 | 12514624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/05/23, (3 mo. LIBOR US + 0.790%)<sup>(a)</sup> | 30257 | 30245805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup> | 23265 | 23106565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/10/24 (Call 07/10/23), (3 mo. LIBOR US + 0.990%)<sup>(a)</sup> | 16630 | 16532715 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.950%)<sup>(a)(b)</sup>  | 27240 | 26596591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 01/24/25 (Call 01/24/24), (3 mo. LIBOR US + 0.140%)<sup>(a)(b)</sup> | 44631 | 43766051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 05/08/24 (Call 05/08/23), (3 mo. LIBOR US + 1.220%)<sup>(a)(b)</sup> | 69876 | 69927708 |

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S C H E D U L E O F I N V E S T M E N T S 89

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/25 (Call 04/17/24),<br>(SOFR + 0.950%)<sup>(a)(b)</sup>  | $17685 | $17531317 |
|  MUFG Union Bank NA, 3.55%, 12/09/22,<br>(SOFR + 0.710%)<sup>(a)</sup> | 4308 | 4305803 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/12/25, (3 mo. LIBOR US + 0.600%)<sup>(a)(b)(c)</sup> | 34210 | 33709850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 12/13/22, (3 mo. LIBOR US + 0.410%)<sup>(a)(b)(c)</sup> | 30908 | 30875856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/12/27, (SOFR + 0.380%)<sup>(a)(b)(c)</sup> | 18205 | 17811044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 04/12/23, (3 mo. LIBOR US + 0.600%)<sup>(a)(b)(c)</sup> | 12110 | 12100918 |
|  National Australia Bank Ltd/New York, 3.67%, 06/09/25<sup>(a)(c)</sup> | 22940 | 22828512 |
|  National Bank of Canada, 3.09%, 08/06/24,<br>(SOFR + 0.490%)<sup>(a)</sup> | 21090 | 20734001 |
|  Natwest Group PLC, 5.19%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33293304 |
|  NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/12/24, (SOFR + 0.530%)<sup>(a)(c)</sup> | 12150 | 11889018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 09/29/26, (SOFR + 0.760%)<sup>(a)(c)</sup> | 10924 | 10362179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 03/22/25, (SOFR + 0.760%)<sup>(a)(c)</sup> | 15500 | 15334305 |
|  Nordea Bank Abp, 3.71%, 06/06/25<sup>(a)(c)</sup> | 700 | 695233 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/02/26, (SOFR + 0.590%)<sup>(a)</sup> | 12245 | 11759486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 01/19/24, (SOFR + 0.300%)<sup>(a)</sup> | 24194 | 23941415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/07/24, (SOFR + 0.340%)<sup>(a)</sup> | 17822 | 17514927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 07/29/24, (SOFR + 0.360%)<sup>(a)</sup> | 22285 | 21938245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 01/21/25, (SOFR + 0.590%)<sup>(a)(b)</sup> | 14460 | 14218663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 10/26/23, (SOFR + 0.450%)<sup>(a)</sup> | 36108 | 35889186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/20/26, (SOFR + 0.525%)<sup>(a)</sup> | 10268 | 9927616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/27/26, (SOFR + 0.570%)<sup>(a)</sup> | 11768 | 11356238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/21/27, (SOFR + 0.440%)<sup>(a)</sup> | 10966 | 10595240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 10/05/23, (3 mo. LIBOR US + 0.660%)<sup>(a)(b)</sup> | 12600 | 12574422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/17/23, (3 mo. LIBOR US + 0.360%)<sup>(a)(b)</sup> | 28905 | 28868869 |
|  Shinhan Bank Co. Ltd., 6.02%, 04/24/25, (3 mo. LIBOR US + 1.700%)<sup>(a)(d)</sup> | 15645 | 15947887 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/23, (3 mo. LIBOR US + 0.320%)<sup>(a)(c)</sup> | 17679 | 17574517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/09/25<sup>(a)(c)</sup> | 19450 | 19259973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/12/22, (3 mo. LIBOR US + 0.645%)<sup>(a)(c)</sup> | 7313 | 7307735 |
|  Societe Generale SA, 4.08%, 01/21/26 (Call 01/21/25), (3 mo. LIBOR US + 0.320%)<sup>(a)(b)(c)</sup> | 29467 | 27887274 |
|  Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/23/25 (Call 11/23/24),<br>(SOFR + 0.930%)<sup>(a)(c)</sup>  | 17965 | 17282150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 03/30/26 (Call 03/30/25),<br>(SOFR + 0.930%)<sup>(a)(c)</sup>  | 16755 | 16455588 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 01/14/27, (3 mo. LIBOR US + 0.080%)<sup>(a)(b)</sup> | 17625 | 17169570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 01/17/23, (3 mo. LIBOR US + 0.740%)<sup>(a)(b)</sup> | 15631 | 15622872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/16/23, (3 mo. LIBOR US + 0.800%)<sup>(a)</sup> | 24985 | 24951770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 07/19/23, (3 mo. LIBOR US + 0.860%)<sup>(a)(b)</sup> | 20989 | 20985432 |
|  Sumitomo Mitsui Trust Bank Ltd., 3.29%, 09/16/24,<br>(SOFR + 0.440%)<sup>(a)(b)(c)</sup> | 23300 | 23063505 |
|  Svenska Handelsbanken AB, 3.72%, 06/10/25<sup>(a)(b)(c)</sup> | 19250 | 19088877 |
|  Swedbank AB, 3.94%, 04/04/25,<br>(SOFR + 0.440%)<sup>(a)(b)(c)</sup> | 13525 | 13438034 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/25, (SOFR + 0.590%)<sup>(a)</sup> | 14850 | 14528646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 03/08/24, (SOFR + 0.410%)<sup>(a)(b)</sup> | 14645 | 14599161 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 06/02/23, (SOFR + 0.220%)<sup>(a)</sup> | 14507 | 14459562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 03/04/24, (SOFR + 0.355%)<sup>(a)(b)</sup> | 32195 | 31864679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/10/24, (SOFR + 0.350%)<sup>(a)</sup> | 32385 | 31883032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 01/06/23, (SOFR + 0.240%)<sup>(a)</sup> | 16306 | 16293607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 09/10/26, (SOFR + 0.590%)<sup>(a)(b)</sup> | 9747 | 9392112 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 09/28/23, (SOFR + 0.450%)<sup>(a)(b)</sup> | $14681 | $14620221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/27/23, (SOFR + 0.480%)<sup>(a)(b)</sup> | 34253 | 34238614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 12/01/22, (3 mo. LIBOR US + 0.530%)<sup>(a)(b)</sup> | 8820 | 8815590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25<sup>(a)</sup> | 14615 | 14451312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 07/19/23, (3 mo. LIBOR US + 0.640%)<sup>(a)(b)</sup> | 13527 | 13517666 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 01/17/24 (Call 01/17/23),<br>(SOFR + 0.200%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39825128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 03/09/23, (SOFR + 0.730%)<sup>(a)(b)</sup> | 4107 | 4085397 |
|  Truist Financial Corp., 3.21%, 06/09/25 (Call 06/09/24), (SOFR + 0.400%)<sup>(a)</sup> | 40075 | 39061503 |
|  U.S. Bank NA/Cincinnati OH, 3.59%, 12/09/22, (3 mo. LIBOR US + 0.400%)<sup>(a)</sup> | 8952 | 8949404 |
|  UBS AG London, 3.51%, 01/13/25 (Call 12/13/24), (SOFR + 0.450%)<sup>(a)(c)</sup> | 9880 | 9736938 |
|  UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 02/09/24, (SOFR + 0.360%)<sup>(a)(c)</sup> | 40130 | 39802539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/09/24, (SOFR + 0.450%)<sup>(a)(c)</sup> | 30780 | 30494977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/01/23, (SOFR + 0.320%)<sup>(a)(b)(c)</sup> | 31769 | 31686083 |
|  UBS Group AG, 4.20%, 05/12/26 (Call 05/12/25), (SOFR + 1.580%)<sup>(a)(c)</sup> | 24750 | 24381967 |
|  United Overseas Bank Ltd,<br>3.73%, 04/07/25<sup>(a)(b)(c)</sup> | 705 | 703752 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/18/24, (SOFR + 0.300%)<sup>(a)(b)</sup> | 26265 | 25959275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 06/03/26, (SOFR + 0.520%)<sup>(a)(b)</sup> | 14545 | 14194756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/23, (3 mo. LIBOR US + 0.720%)<sup>(a)(b)</sup> | 25058 | 25054993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/26/25, (SOFR + 1.000%)<sup>(a)</sup> | 21150 | 21119544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/26/24, (3 mo. LIBOR US + 0.770%)<sup>(a)</sup> | 18124 | 18111132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 01/13/23, (3 mo. LIBOR US + 0.390%)<sup>(a)</sup> | 19668 | 19648332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/11/23, (3 mo. LIBOR US + 0.570%)<sup>(a)(b)</sup> | 13673 | 13664113 |
|  |  | 4457174729 |
| **Chemicals — 0.1%** |  |  |
|  DuPont de Nemours Inc., 4.02%, 11/15/23, (3 mo. LIBOR US + 1.110%)<sup>(a)</sup> | 11336 | 11333619 |
| **Diversified Financial Services — 3.4%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.71%, 09/29/23,<br>(SOFR + 0.680%)<sup>(a)</sup> | 20405 | 19973638 |
|  AIG Global Funding, 3.25%, 12/15/23,<br>(SOFR + 0.380%)<sup>(a)(b)(c)</sup> | 8200 | 8173842 |
|  Air Lease Corp., 3.64%, 12/15/22, (3 mo. LIBOR US + 0.350%)<sup>(a)(b)</sup> | 21300 | 21283386 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 11/03/23, (SOFR + 0.230%)<sup>(a)</sup> | 17633 | 17517857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 05/03/24<sup>(a)(b)</sup> | 27200 | 27056384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 11/04/26 (Call 10/04/26),<br>(SOFR + 0.650%)<sup>(a)(b)</sup>  | 17553 | 17037644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/03/23 (Call 07/03/23),<br>(3 mo. LIBOR US + 0.750%)<sup>(a)(b)</sup> | 17465 | 17442121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 03/04/25 (Call 02/01/25),<br>(SOFR + 0.930%)<sup>(a)(b)</sup>  | 9110 | 9066272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 02/27/23 (Call 01/27/23),<br>(3 mo. LIBOR US + 0.650%)<sup>(a)(b)</sup> | 15299 | 15276510 |
|  BOC Aviation Ltd., 4.77%, 09/26/23,<br>(3 mo. LIBOR US + 1.125%)<sup>(a)(b)(d)</sup> | 20515 | 20480330 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/06/24 (Call 12/06/23),<br>(SOFR + 0.690%)<sup>(a)</sup> | 30662 | 29838419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 05/09/25 (Call 05/09/24),<br>(SOFR + 1.350%)<sup>(a)(b)</sup>  | 15000 | 14683200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/30/23 (Call 12/30/22),<br>(3 mo. LIBOR US + 0.720%)<sup>(a)</sup> | 11274 | 11267687 |
|  Charles Schwab Corp., 3.92%, 03/03/27 (Call 02/03/27), (SOFR + 0.520%)<sup>(a)</sup> | 21890 | 21363545 |

---

90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/13/26 (Call 04/13/26),<br>(SOFR + 0.520%)<sup>(a)</sup> | $23482 | $22759459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/18/24 (Call 02/18/24),<br>(SOFR + 0.500%)<sup>(a)(b)</sup>  | 42879 | 42572415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315792709 |
| **Electric — 4.6%** |  |  |
|  American Electric Power Co. Inc., Series A, 4.92%, 11/01/23 (Call 12/01/22), (3 mo. LIBOR US + 0.480%)<sup>(a)(b)</sup> | 21400 | 21251484 |
|  CenterPoint Energy Inc., 3.28%, 05/13/24 (Call 11/16/22), (SOFR + 0.650%)<sup>(a)(b)</sup> | 25088 | 24591509 |
|  Dominion Energy Inc., Series D, 3.82%, 09/15/23 (Call 11/21/22), (3 mo. LIBOR US + 0.530%)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35888 | 35759880 |
|  Duke Energy Corp., 3.07%, 06/10/23,<br>(SOFR + 0.250%)<sup>(a)</sup> | 17651 | 17527090 |
|  Eversource Energy, 2.88%, 08/15/23,<br>(SOFR + 0.250%)<sup>(a)</sup> | 11777 | 11687848 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 05/10/23 (Call 11/14/22),<br>(SOFR + 0.250%)<sup>(a)(b)</sup>  | 34076 | 33970024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/12/24 (Call 11/14/22),<br>(SOFR + 0.250%)<sup>(a)(b)</sup>  | 36118 | 35704449 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/23, (SOFR + 0.330%)<sup>(a)</sup> | 7730 | 7685166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.36%, 10/18/24,<br>(SOFR + 0.330%)<sup>(a)</sup> | 12355 | 12181906 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 11/03/23 (Call 12/01/22),<br>(SOFR + 0.400%)<sup>(a)</sup> | 45629 | 45113849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/22/23 (Call 12/01/22), (3 mo. LIBOR US + 0.270%)<sup>(a)</sup> | 60811 | 60675391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 03/01/23, (SOFR + 0.540%)<sup>(a)</sup> | 17403 | 17363669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/21/24 (Call 12/01/22),<br>(SOFR + 0.400%)<sup>(a)</sup> | 15000 | 14904450 |
|  PPL Electric Utilities Corp., 3.35%, 06/24/24 (Call 11/14/22), (SOFR + 0.330%)<sup>(a)</sup> | 24184 | 23842280 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 04/03/23, (SOFR + 0.640%)<sup>(a)(b)</sup> | 2292 | 2287714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 04/01/24 (Call 04/01/23),<br>(SOFR + 0.830%)<sup>(a)(b)</sup>  | 18163 | 18006798 |
|  Southern Co. (The), Series 2021, 2.99%, 05/10/23 (Call 12/01/22),<br>(SOFR + 0.370%)<sup>(a)</sup> | 37875 | 37710244 |
|  |  | 420263751 |
| **Entertainment — 0.2%** |  |  |
|  Magallanes Inc., 4.65%, 03/15/24,<br>(SOFR + 1.310%)<sup>(a)(b)(c)</sup> | 18530 | 18455324 |
| **Food — 0.2%** |  |  |
|  General Mills Inc., 5.09%, 10/17/23, (3 mo. LIBOR US + 1.010%)<sup>(a)(b)</sup> | 13754 | 13788523 |
| **Gas — 0.7%** |  |  |
|  Atmos Energy Corp., 3.57%, 03/09/23 (Call 12/01/22), (3 mo. LIBOR US + 0.380%)<sup>(a)(b)</sup> | 3820 | 3808502 |
|  CenterPoint Energy Resources Corp., 3.60%, 03/02/23 (Call 12/01/22), (3 mo. LIBOR US + 0.500%)<sup>(a)</sup> | 23559 | 23490208 |
|  Southern California Gas Co., 3.62%, 09/14/23 (Call 12/01/22), (3 mo. LIBOR US + 0.350%)<sup>(a)(b)</sup> | 22432 | 22339131 |
|  Spire Missouri Inc., 3.24%, 12/02/24 (Call 12/01/22),<br>(SOFR + 0.370%)<sup>(a)</sup> | 11615 | 11458778 |
|  |  | 61096619 |
| **Health Care - Products — 0.6%** |  |  |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/23<sup>(a)(b)</sup> | 16760 | 16601618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/29/24<sup>(a)</sup> | 8415 | 8206224 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 10/18/23 (Call 12/01/22),<br>(SOFR + 0.390%)<sup>(a)</sup> | 18470 | 18345512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 10/18/24 (Call 12/01/22),<br>(SOFR + 0.530%)<sup>(a)</sup> | 14547 | 14394402 |
|  |  | 57547756 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services — 0.6%** |  |  |
|  Roche Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/05/24, (SOFR + 0.240%)<sup>(a)(c)</sup> | $11919 | $11846771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/11/23, (SOFR + 0.240%)<sup>(a)(b)(c)</sup> | 22425 | 22368265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/10/25, (SOFR + 0.330%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22630 | 22484036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56699072 |
| **Insurance — 5.8%** |  |  |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/19/24, (SOFR + 0.560%)<sup>(a)(c)</sup> | 15870 | 15416912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/24/24, (SOFR + 0.700%)<sup>(a)(c)</sup> | 62695 | 61362731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 01/07/25, (SOFR + 0.715%)<sup>(a)(c)</sup> | 14210 | 13783274 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 02/24/23, (SOFR + 0.310%)<sup>(a)(b)(c)</sup> | 5542 | 5508803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/12/24, (SOFR + 0.760%)<sup>(a)(c)</sup> | 16130 | 15927246 |
|  Equitable Financial Life Global Funding, 3.43%, 04/06/23, (SOFR + 0.390%)<sup>(a)(b)(c)</sup> | 5582 | 5553755 |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 09/13/24, (SOFR + 0.500%)<sup>(a)(b)(c)</sup> | 20270 | 19688251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/11/25, (SOFR + 0.500%)<sup>(a)(c)</sup> | 19590 | 19226997 |
|  Jackson National Life Global Funding, 3.64%, 01/06/23, (SOFR + 0.600%)<sup>(a)(b)(c)</sup> | 21765 | 21753900 |
|  MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 06/02/23, (SOFR + 0.220%)<sup>(a)(b)(c)</sup> | 2806 | 2791493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/21/24, (SOFR + 0.270%)<sup>(a)(c)</sup> | 18198 | 17939042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/12/24, (SOFR + 0.360%)<sup>(a)(b)(c)</sup> | 21662 | 21481339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/21/25, (SOFR + 0.270%)<sup>(a)(b)(c)</sup> | 3300 | 3283038 |
|  MET Tower Global Funding, 3.58%, 01/17/23, (SOFR + 0.550%)<sup>(a)(c)</sup> | 15837 | 15835258 |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 09/27/24, (SOFR + 0.300%)<sup>(a)(b)(c)</sup> | 11075 | 10900901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 01/07/24, (SOFR + 0.320%)<sup>(a)(c)</sup> | 19232 | 19102761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 01/13/23, (SOFR + 0.570%)<sup>(a)(b)(c)</sup> | 33777 | 33785782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/21/25, (SOFR + 0.910%)<sup>(a)(c)</sup> | 13084 | 13057570 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 06/06/24<sup>(a)(b)(c)</sup> | 21645 | 21505606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 06/30/23, (SOFR + 0.190%)<sup>(a)(c)</sup> | 4469 | 4452420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 02/02/23, (SOFR + 0.220%)<sup>(a)(b)(c)</sup> | 22494 | 22483878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/09/26, (SOFR + 0.480%)<sup>(a)(b)(c)</sup> | 13750 | 13316875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 04/26/24, (SOFR + 0.310%)<sup>(a)(c)</sup> | 11076 | 10990272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 01/14/25, (SOFR + 0.190%)<sup>(a)(c)</sup> | 14035 | 13782230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 10/21/23, (SOFR + 0.360%)<sup>(a)(c)</sup> | 6655 | 6641623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 04/21/25, (SOFR + 0.330%)<sup>(a)(c)</sup> | 19800 | 19550520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/10/23, (3 mo. LIBOR US + 0.280%)<sup>(a)(b)(c)</sup> | 18596 | 18574801 |
|  Northwestern Mutual Global Funding, 3.35%, 03/25/24, (SOFR + 0.330%)<sup>(a)(b)(c)</sup> | 12596 | 12477094 |
|  Pacific Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 06/04/26, (SOFR + 0.620%)<sup>(a)(b)(c)</sup> | 16550 | 15758248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/30/25, (SOFR+ 0.800%)<sup>(a)(c)</sup> | 15500 | 15262075 |
|  Pacific Life Global Funding II., 3.43%, 01/27/25, (SOFR + 0.620%)<sup>(a)(c)</sup> | 4355 | 4245515 |
|  Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/23/24, (SOFR + 0.380%)<sup>(a)(c)</sup> | 9271 | 9128041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 04/12/24, (SOFR + 0.450%)<sup>(a)(c)</sup> | 11443 | 11402606 |
|  Protective Life Global Funding, 4.01%, 03/28/25, (SOFR + 0.380%)<sup>(a)(b)(c)</sup> | 15475 | 15328452 |
|  |  | 531299309 |
| **Internet — 0.6%** |  |  |
|  eBay Inc., 5.28%, 01/30/23, (3 mo. LIBOR US + 0.870%)<sup>(a)</sup> | 14082 | 14076367 |

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S C H E D U L E O F I N V E S T M E N T S 91

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Internet (continued)** |  |  |
|  Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 04/11/24, (3 mo. LIBOR US + 0.910%)<sup>(a)(b)(d)</sup> | $26923 | $26816924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 01/19/23, (3 mo. LIBOR US + 0.605%)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17561 | 17534834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58428125 |
| **Machinery — 1.7%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 11/13/23, (SOFR + 0.450%)<sup>(a)(b)</sup> | 900 | 898956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/17/22, (SOFR + 0.150%)<sup>(a)(b)</sup> | 17929 | 17926490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 05/17/24, (SOFR + 0.245%)<sup>(a)(b)</sup> | 17630 | 17500772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/13/24, (SOFR + 0.270%)<sup>(a)</sup> | 27482 | 27165957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 01/10/24, (SOFR + 0.170%)<sup>(a)</sup> | 25527 | 25394770 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 07/10/23, (SOFR + 0.120%)<sup>(a)(b)</sup> | 19463 | 19366658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/11/24, (SOFR + 0.200%)<sup>(a)(b)</sup> | 19619 | 19360029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 03/07/25, (SOFR + 0.200%)<sup>(a)(b)</sup> | 12985 | 12859176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/07/23, (3 mo. LIBOR US + 0.550%)<sup>(a)(b)</sup> | 13009 | 13005097 |
|  |  | 153477905 |
| **Manufacturing — 0.4%** |  |  |
|  3M Co., 3.21%, 02/14/24,<br>(3 mo. LIBOR US + 0.300%)<sup>(a)(b)</sup> | 7477 | 7448662 |
|  General Electric Co., 3.21%, 05/05/26,<br>(3 mo. LIBOR US + 0.380%)<sup>(a)(b)</sup> | 32248 | 30559172 |
|  |  | 38007834 |
| **Media — 0.6%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 6.09%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)<sup>(a)</sup> | 32066 | 32249097 |
|  Comcast Corp., 4.71%, 04/15/24, (3 mo. LIBOR US + 0.630%)<sup>(a)</sup> | 19591 | 19564160 |
|  |  | 51813257 |
| **Oil & Gas — 0.6%** |  |  |
|  Chevron Corp., 3.82%, 05/11/23, (3 mo. LIBOR US + 0.900%)<sup>(a)</sup> | 18470 | 18518761 |
|  Chevron USA Inc., 3.12%, 08/11/23, (3 mo. LIBOR US + 0.200%)<sup>(a)</sup> | 18810 | 18763916 |
|  Shell International Finance BV, 3.31%, 11/13/23, (3 mo. LIBOR US + 0.400%)<sup>(a)(b)</sup> | 20310 | 20294767 |
|  |  | 57577444 |
| **Pharmaceuticals — 1.4%** |  |  |
|  AbbVie Inc., 3.63%, 11/21/22, (3 mo. LIBOR US + 0.650%)<sup>(a)</sup> | 26663 | 26645669 |
|  AstraZeneca PLC, 3.61%, 08/17/23, (3 mo. LIBOR US + 0.665%)<sup>(a)</sup> | 11913 | 11916455 |
|  Bayer U.S. Finance II LLC, 4.30%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US +<br>1.010%)<sup>(a)(c)</sup> | 44975 | 44917882 |
|  Cigna Corp., 4.97%, 07/15/23 (Call 06/15/23), (3 mo. LIBOR US + 0.890%)<sup>(a)(b)</sup> | 29323 | 29347631 |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.93%, 03/24/24<sup>(c)</sup> | 9905 | 9873715 |
|  Pfizer Inc., 3.62%, 09/15/23, (3 mo. LIBOR US + 0.330%)<sup>(a)(b)</sup> | 7558 | 7545378 |
|  |  | 130246730 |
| **Pipelines — 0.5%** |  |  |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/17/23, (SOFR + 0.400%)<sup>(a)</sup> | 21111 | 21036900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 02/16/24, (SOFR + 0.630%)<sup>(a)</sup> | 22790 | 22538171 |
|  |  | 43575071 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Real Estate Investment Trusts — 0.5%** |  |  |  |
|  Public Storage, 3.49%, 04/23/24 (Call 12/01/22),<br>(SOFR + 0.470%)<sup>(a)(b)</sup> | $| 25286 | $25087758 |
|  Simon Property Group LP, 3.47%, 01/11/24 (Call 01/11/23), (3 mo. LIBOR US + 0.170%)<sup>(a)</sup> |  | 20450 | 20200919 |
|  |  |  | 45288677 |
| **Retail — 0.1%** |  |  |  |
|  Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23),<br>(SOFR + 0.420%)<sup>(a)(b)</sup> |  | 7888 | 7853135 |
| **Semiconductors — 0.4%** |  |  |  |
|  Analog Devices Inc., 3.28%, 10/01/24, (SOFR + 0.250%)<sup>(a)(b)</sup> |  | 16208 | 15944296 |
|  QUALCOMM Inc., 5.14%, 01/30/23, (3 mo. LIBOR US + 0.730%)<sup>(a)(b)</sup> |  | 18616 | 18623260 |
|  |  |  | 34567556 |
| **Telecommunications — 2.3%** |  |  |  |
|  AT&T Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 03/25/24 (Call 12/01/22),<br>(SOFR + 0.640%)<sup>(a)</sup> |  | 27301 | 27114534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 06/12/24, (3 mo. LIBOR US + 1.180%)<sup>(a)</sup> |  | 57655 | 57750131 |
|  Verizon Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/22/24, (SOFR + 0.500%)<sup>(a)</sup> |  | 19989 | 19844679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 03/20/26, (SOFR + 0.790%)<sup>(a)</sup> |  | 28091 | 27324678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 05/15/25 (Call 03/15/25), (3 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup> |  | 64471 | 64329808 |
|  Vodafone Group PLC, 5.07%, 01/16/24, (3 mo. LIBOR US + 0.990%)<sup>(a)(b)</sup> |  | 17881 | 17845417 |
|  |  |  | 214209247 |
| **Transportation — 0.1%** |  |  |  |
|  United Parcel Service Inc., 4.19%, 04/01/23, (3 mo. LIBOR US + 0.450%)<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13352 | 13337847 |
|  **Total Corporate Bonds & Notes — 79.0%<br>(Cost: $7,330,847,113)** | **Total Corporate Bonds & Notes — 79.0%<br>(Cost: $7,330,847,113)** | **Total Corporate Bonds & Notes — 79.0%<br>(Cost: $7,330,847,113)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252294227 |
|  **Foreign Government Obligations<sup>(e)</sup>** | **Foreign Government Obligations<sup>(e)</sup>** | **Foreign Government Obligations<sup>(e)</sup>** |  |
| **Canada — 1.1%** |  |  |  |
|  CPPIB Capital Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/11/26, (SOFR + 1.250%)<sup>(a)(c)</sup> |  | 46220 | 47351003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/04/25, (SOFR + 1.250%)<sup>(a)(b)(c)</sup> |  | 47050 | 48010290 |
|  PSP Capital Inc., 2.95%, 03/03/25,<br>(SOFR + 0.240%)<sup>(a)(c)</sup>  |  | 3665 | 3654262 |
|  |  |  | 99015555 |
| **Norway — 1.2%** |  |  |  |
|  Kommunalbanken AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 10/27/23, (SOFR + 0.160%)<sup>(a)(c)</sup> |  | 44992 | 44995599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/17/26, (SOFR + 1.000%)<sup>(a)(c)</sup> |  | 66830 | 68161254 |
|  |  |  | 113156853 |
| **South Korea — 0.7%** |  |  |  |
|  Export-Import Bank of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 11/01/22, (3 mo. LIBOR US + 0.925%)<sup>(a)</sup> |  | 19740 | 19740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 06/01/23, (3 mo. LIBOR US + 0.775%)<sup>(a)(b)</sup> |  | 26785 | 26844463 |
|  Korea Development Bank (The), 3.15%, 03/09/24,<br>(SOFR + 0.250%)<sup>(a)</sup> |  | 16275 | 16229104 |
|  |  |  | 62813567 |
| **Supranational — 12.8%** |  |  |  |
|  Asian Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 08/27/26, (SOFR + 1.000%)<sup>(a)</sup> |  | 43325 | 44351802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 06/16/26, (SOFR + 1.000%)<sup>(a)(b)</sup> |  | 34945 | 35773196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 04/06/27, (SOFR + 1.000%)<sup>(a)</sup> |  | 45338 | 46528122 |

---

92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Supranational (continued)** |  |  |  |
|  Asian Infrastructure Investment Bank (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/16/27<sup>(a)(c)</sup> | $| 22000 | $21999560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 04/15/26, (SOFR + 0.220%)<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 991930 |
|  European Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 03/13/23, (SOFR + 0.260%)<sup>(a)</sup> |  | 25835 | 25849209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/14/26, (SOFR + 0.190%)<sup>(a)(b)</sup> |  | 58645 | 58354121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 10/15/24, (SOFR + 0.280%)<sup>(a)</sup> |  | 59250 | 59393977 |
|  European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/05/24, (SOFR + 0.280%)<sup>(a)(c)</sup> |  | 55128 | 55236051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 01/30/23, (SOFR + 0.250%)<sup>(a)(c)</sup> |  | 38020 | 38035588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/21/26, (SOFR + 1.000%)<sup>(a)(c)</sup> |  | 57615 | 58868702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 01/19/23, (3 mo. LIBOR US + 0.100%)<sup>(a)(b)(c)</sup> |  | 24982 | 24978503 |
|  Inter-American Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 02/04/25, (SOFR + 0.250%)<sup>(a)</sup> |  | 36610 | 36651003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 02/10/26, (SOFR + 0.200%)<sup>(a)</sup> |  | 81009 | 80779745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 09/16/26, (SOFR + 0.170%)<sup>(a)(b)</sup> |  | 43527 | 43294131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 04/12/27, (SOFR + 0.170%)<sup>(a)</sup> |  | 42600 | 42531414 |
|  Inter-American Investment Corp., 3.16%, 03/22/24, (SOFR + 0.270%)<sup>(a)</sup> |  | 1500 | 1499310 |
|  International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 08/06/24, (SOFR + 0.300%)<sup>(a)(b)</sup> |  | 66528 | 66732241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 06/15/26, (SOFR + 0.130%)<sup>(a)(b)</sup> |  | 46490 | 46264059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/19/27<sup>(a)</sup> |  | 71300 | 71575218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 09/18/25, (SOFR + 0.310%)<sup>(a)(b)</sup> |  | 62180 | 62313687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 01/13/23, (SOFR + 0.130%)<sup>(a)(b)</sup> |  | 77501 | 77504875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/23/26<sup>(a)</sup> |  | 500 | 500415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/17/24, (SOFR + 0.390%)<sup>(a)</sup> |  | 46970 | 47170562 |
|  International Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 06/30/23, (SOFR + 0.090%)<sup>(a)</sup> |  | 32750 | 32700548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 04/03/24, (SOFR + 0.090%)<sup>(a)</sup> |  | 18350 | 18339724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 12/15/22, (3 mo. LIBOR US + 0.070%)<sup>(a)(b)</sup> |  | 47737 | 47700243 |
|  Nordic Investment Bank, 3.59%, 05/12/26, (SOFR + 1.000%)<sup>(a)</sup> |  | 29705 | 30407523 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176325459 |
| **Sweden — 0.8%** |  |  |  |
|  Svensk Exportkredit AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/03/26<sup>(a)</sup> |  | 19220 | 19547509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 05/25/23, (SOFR + 1.000%)<sup>(a)(b)</sup> |  | 50935 | 51151474 |
|  |  |  | 70698983 |
|  **Total Foreign Government Obligations — 16.6%<br>(Cost: $1,525,532,898)** | **Total Foreign Government Obligations — 16.6%<br>(Cost: $1,525,532,898)** | **Total Foreign Government Obligations — 16.6%<br>(Cost: $1,525,532,898)** | 1522010417 |
|  **Total Long-Term Investments — 95.6%<br>(Cost: $8,856,380,011)** | **Total Long-Term Investments — 95.6%<br>(Cost: $8,856,380,011)** | **Total Long-Term Investments — 95.6%<br>(Cost: $8,856,380,011)** | 8774304644 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares*<br> *(000)* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 6.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222209 | $222164418 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup> | 398752 | 398752000 |
|  **Total Short-Term Securities — 6.8%<br>(Cost: $620,893,789)** | **Total Short-Term Securities — 6.8%<br>(Cost: $620,893,789)** | 620916418 |
|  **Total Investments — 102.4%<br>(Cost: $9,477,273,800)** | **Total Investments — 102.4%<br>(Cost: $9,477,273,800)** | 9395221062 |
|  **Liabilities in Excess of Other Assets — (2.4)%** | **Liabilities in Excess of Other Assets — (2.4)%** | (217705899) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;9177515163 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(b)</sup> All or a portion of this security is on loan.

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

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $239677496 | $— | $(17377453)<sup>(a)</sup> | $(89839) | $(45786) | $222164418 | 222209 | $946239 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 17502000 | 381250000 <sup>(a)</sup> |  |  |  | 398752000 | 398752 | 2042298 |  |
|  |  |  |  | $(89839) | $(45786) | $620916418 |  | $2988537 | $— |

---

S C H E D U L E O F I N V E S T M E N T S 93

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Floating Rate Bond ETF** |

---

**Affiliates (continued)** 

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $7252294227 | $— | $7252294227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 1522010417 |  | 1522010417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 620916418 |  |  | 620916418 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;620916418 | $8774304644 | $— | $9395221062 |

---

*See notes to financial statements.* 

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Australia — 1.0%** |  |  |
|  National Australia Bank Ltd./New York, 3.63%, 06/20/23 | $1275 | $1265119 |
|  Pingan Real Estate Capital Ltd., 3.45%, 07/29/26<sup>(a)</sup> | 200 | 130052 |
|  Principal Life Global Funding II, 1.25%, 08/16/26<sup>(b)</sup> | 1136 | 966031 |
|  WP Carey Inc., 2.45%, 02/01/32 (Call 11/01/31) | 600 | 439332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800534 |
| **Brazil — 0.7%** |  |  |
|  Fibria Overseas Finance Ltd., 5.50%, 01/17/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | 1212133 |
|  Suzano Austria GmbH, 5.75%, 07/14/26<sup>(a)</sup> | 700 | 688891 |
|  |  | 1901024 |
| **Canada — 2.6%** |  |  |
|  Alimentation Couche-Tard Inc., 3.63%, 05/13/51 (Call 11/13/50)<sup>(b)</sup> | 550 | 346324 |
|  Bank of Nova Scotia (The), 2.38%, 01/18/23<sup>(c)</sup> | 305 | 303579 |
|  Bank of the Philippine Islands, 2.50%, 09/10/24<sup>(a)</sup> | 200 | 188298 |
|  Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) | 275 | 200439 |
|  Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31) | 1585 | 1226742 |
|  Canadian Imperial Bank of Commerce, 0.95%, 10/23/25<sup>(c)</sup> | 1050 | 920661 |
|  China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25<sup>(a)</sup> | 200 | 178712 |
|  Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)<sup>(c)</sup> | 1115 | 951396 |
|  Royal Bank of Canada, 1.15%, 07/14/26 | 1300 | 1110343 |
|  Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25) | 600 | 519708 |
|  Toronto-Dominion Bank (The), 1.25%, 12/13/24 | 1400 | 1285354 |
|  |  | 7231556 |
| **Chile — 0.5%** |  |  |
|  Colbun SA, 3.15%, 01/19/32 (Call 10/19/31)<sup>(a)</sup> | 860 | 657590 |
|  Inversiones CMPC SA, 4.38%, 04/04/27<sup>(a)(c)</sup> | 850 | 784712 |
|  |  | 1442302 |
| **China — 8.5%** |  |  |
|  Agricultural Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/25<sup>(a)</sup> | 200 | 187066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/27<sup>(a)</sup> | 800 | 720376 |
|  Agricultural Bank of China Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/19/26<sup>(a)</sup> | 200 | 179430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/18/27<sup>(a)</sup> | 1000 | 894670 |
|  Amipeace Ltd., 1.75%, 11/09/26<sup>(a)</sup> | 700 | 621215 |
|  Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)<sup>(c)</sup> | 1100 | 781671 |
|  Bank of China Ltd./Luxembourg, 1.40%, 04/28/26<sup>(a)</sup> | 800 | 715064 |
|  Bank of China Ltd./Paris, 0.95%, 09/21/23<sup>(a)</sup> | 400 | 386680 |
|  Bank of China Ltd./Singapore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/28/24<sup>(a)</sup> | 2000 | 1884300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/25<sup>(a)</sup> | 700 | 673575 |
|  Bank of China Ltd./Sydney, 0.75%, 09/29/24<sup>(a)</sup> | 200 | 185098 |
|  Bank of China/Johannesburg, 1.88%, 02/16/25<sup>(a)</sup> | 200 | 186850 |
|  CGNPC International Ltd., 2.75%, 07/02/24<sup>(a)</sup> | 1400 | 1346268 |
|  China Construction Bank Corp./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/04/23<sup>(a)</sup> | 2000 | 1943920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/04/25<sup>(a)</sup> | 1200 | 1087524 |
|  China Construction Bank Corp./London, 3.13%, 05/17/25<sup>(a)</sup> | 1400 | 1341634 |
|  China Merchants Bank Co. Ltd./Luxembourg Branch, 1.25%, 09/01/26<sup>(a)</sup> | 2000 | 1749260 |
|  China Merchants Bank Co. Ltd./Sydney, 2.00%, 03/02/25<sup>(a)</sup> | 400 | 373916 |
|  Greentown China Holdings Ltd., 2.30%, 01/27/25 | 200 | 181976 |
|  Industrial & Commercial Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/28/26<sup>(a)</sup> | 1600 | 1420816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/25<sup>(a)</sup> | 1500 | 1430295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **China (continued)** |  |  |
|  Industrial & Commercial Bank of China Ltd./Singapore, 1.00%, 10/28/24<sup>(a)</sup> | $1200 | $1112664 |
|  Industrial Bank Co. Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/10/24<sup>(a)</sup> | 1000 | 937930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/18/25<sup>(a)</sup> | 1000 | 960170 |
|  Lenovo Group Ltd., 6.54%, 07/27/32 | 1000 | 851060 |
|  Wuhan Metro Group Co. Ltd., 2.96%, 09/24/24<sup>(a)</sup> | 800 | 762272 |
|  Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)<sup>(a)</sup> | 600 | 292722 |
|  Xingcheng Bvi Ltd., 2.38%, 10/08/26<sup>(a)</sup> | 600 | 527382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23735804 |
| **France — 1.2%** |  |  |
|  BNP Paribas SA, 1.68%, 06/30/27 (Call 06/30/26)<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 1408210 |
|  Electricite de France SA, 3.63%, 10/13/25 (Call 07/13/25)<sup>(b)</sup> | 2030 | 1917497 |
|  |  | 3325707 |
| **Germany — 3.9%** |  |  |
|  Deutsche Bank AG/New York NY, 1.69%, 03/19/26<sup>(c)</sup> | 1450 | 1247870 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/30/30 | 5450 | 4176171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26<sup>(c)</sup> | 2925 | 2563090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/14/29 | 2200 | 1873256 |
|  Landesbank Baden-Wuerttemberg, 2.00%, 02/24/25<sup>(a)</sup> | 1200 | 1119600 |
|  |  | 10979987 |
| **Hong Kong — 2.3%** |  |  |
|  CMB International Leasing Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/16/24 (Call 08/16/24)<sup>(a)</sup> | 200 | 183748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/16/26 (Call 08/16/26)<sup>(a)</sup> | 800 | 685272 |
|  Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.25%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 900 | 682767 |
|  ICBCIL Finance Co. Ltd., 2.25%, 11/02/26<sup>(a)</sup> | 1500 | 1327830 |
|  Link Finance Cayman 2009 Ltd. (The), 2.88%, 07/21/26<sup>(a)</sup> | 900 | 833436 |
|  MTR Corp. Ltd., 1.63%, 08/19/30<sup>(a)</sup> | 2350 | 1823812 |
|  Pingan Real Estate Capital Ltd., 2.75%, 07/29/24<sup>(a)</sup> | 250 | 212635 |
|  Swire Properties MTN Financing Ltd., 3.50%, 01/10/28<sup>(a)</sup> | 900 | 827181 |
|  |  | 6576681 |
| **India — 1.4%** |  |  |
|  Indian Railway Finance Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 01/21/32<sup>(a)</sup> | 800 | 624592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 12/13/27<sup>(a)</sup> | 600 | 535926 |
|  Power Finance Corp. Ltd., 3.75%, 12/06/27<sup>(a)</sup> | 500 | 437460 |
|  REC Ltd., 3.88%, 07/07/27<sup>(a)</sup> | 700 | 621103 |
|  State Bank of India/London, 4.50%, 09/28/23<sup>(a)</sup> | 1800 | 1783854 |
|  |  | 4002935 |
| **Indonesia — 0.5%** |  |  |
|  Star Energy Geothermal Darajat II/Star Energy Geothermal Salak |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/14/29 (Call 04/14/24)<sup>(a)</sup> | 458 | 409497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/14/38 (Call 10/14/29)<sup>(a)</sup> | 1200 | 892860 |
|  |  | 1302357 |
| **Ireland — 0.4%** |  |  |
|  Bank of Ireland Group PLC, 6.25%, 09/16/26 (Call 09/16/25)<sup>(b)(d)</sup> | 1300 | 1256307 |
| **Japan — 4.5%** |  |  |
|  Central Nippon Expressway Co. Ltd., 0.89%, 12/10/25<sup>(a)</sup> | 700 | 610505 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 03/10/25 (Call 02/10/25)<sup>(c)</sup> | 1100 | 1032559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27)<sup>(c)</sup> | 4050 | 3623008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 (Call 12/10/31)<sup>(c)</sup> | 430 | 356083 |

---

S C H E D U L E O F I N V E S T M E N T S 95

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Japan (continued)** |  |  |
|  Marubeni Corp., 1.58%, 09/17/26 (Call 08/17/26)<sup>(a)</sup> | $1100 | $939092 |
|  Mitsubishi UFJ Financial Group Inc., 2.53%, 09/13/23<sup>(c)</sup> | 1100 | 1073919 |
|  Mitsui Fudosan Co. Ltd., 2.57%, 01/21/32 (Call 10/21/31)<sup>(b)</sup> | 520 | 413410 |
|  Mizuho Financial Group Inc., 3.26%, 05/22/30 (Call 05/22/29)<sup>(d)</sup> | 835 | 692658 |
|  Norinchukin Bank (The), 4.87%, 09/14/27<sup>(b)</sup> | 800 | 776696 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%, 01/12/24 | 1000 | 942040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29 | 870 | 705257 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/25/26<sup>(b)</sup> | 900 | 789669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27<sup>(b)</sup> | 650 | 582472 |
|  |  | 12537368 |
| **Netherlands — 3.2%** |  |  |
|  ABN AMRO Bank NV, 2.47%, 12/13/29 (Call 12/13/28)<sup>(b)(d)</sup> | 1550 | 1204427 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/24/26 (Call 09/24/25)<sup>(b)(d)</sup> | 1350 | 1165388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 02/24/27 (Call 02/24/26)<sup>(b)(d)</sup> | 1825 | 1542672 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/01/26 (Call 07/01/25)<sup>(b)(c)(d)</sup> | 805 | 705180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/06/26<sup>(b)</sup> | 2800 | 2665264 |
|  Nederlandse Waterschapsbank NV, 2.38%, 03/24/26<sup>(b)(c)</sup> | 1900 | 1766829 |
|  |  | 9049760 |
| **Portugal — 0.5%** |  |  |
|  EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/24/28<sup>(b)</sup> | 1450 | 1147124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/11/27 | 200 | 198648 |
|  |  | 1345772 |
| **Qatar — 0.4%** |  |  |
|  QNB Finance Ltd., 1.63%, 09/22/25<sup>(a)</sup> | 1200 | 1073208 |
| **Saudi Arabia — 0.7%** |  |  |
|  Saudi Electricity Global Sukuk Co. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 09/17/25<sup>(a)</sup> | 1200 | 1080492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 09/17/30<sup>(a)</sup> | 1100 | 884763 |
|  |  | 1965255 |
| **Singapore — 0.3%** |  |  |
|  Vena Energy Capital Pte Ltd., 3.13%, 02/26/25<sup>(a)</sup> | 800 | 728848 |
| **South Korea — 4.5%** |  |  |
|  Hyundai Capital Services Inc., 1.25%, 02/08/26<sup>(a)</sup> | 1700 | 1467593 |
|  Hyundai Heavy Industries Co Ltd, 3.18%, 03/28/27<sup>(a)</sup> | 200 | 180608 |
|  Kia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/16/24<sup>(a)</sup> | 2200 | 2058100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/14/25<sup>(a)</sup> | 1050 | 969360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/14/27<sup>(a)</sup> | 500 | 432650 |
|  Korea Development Bank (The), 0.75%, 01/25/25 | 2300 | 2089757 |
|  Korea Electric Power Corp., 2.50%, 06/24/24<sup>(a)</sup> | 1375 | 1317195 |
|  Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23 | 325 | 322094 |
|  LG Chem Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/24<sup>(a)</sup> | 1100 | 1053987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/29<sup>(a)</sup> | 800 | 711808 |
|  Mirae Asset Securities Co. Ltd., 1.38%, 07/07/24<sup>(a)</sup> | 500 | 462305 |
|  Shinhan Bank Co. Ltd., 4.38%, 04/13/32<sup>(a)(c)</sup> | 700 | 600677 |
|  SK Battery America Inc., 2.13%, 01/26/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 982680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12648814 |
| **Sweden — 0.6%** |  |  |
|  Swedbank AB, 1.54%, 11/16/26<sup>(b)</sup> | 1800 | 1545822 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **United Arab Emirates — 1.4%** |  |  |
|  Abu Dhabi Commercial Bank PJSC, 4.50%, 09/14/27<sup>(a)</sup> | $700 | $666638 |
|  First Abu Dhabi Bank PJSC, 5.13%, 10/13/27 | 775 | 767010 |
|  MAF Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/28/30<sup>(a)</sup> | 400 | 351640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/14/29<sup>(a)</sup> | 1400 | 1274462 |
|  Sweihan PV Power Co. PJSC, 3.63%, 01/31/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | 905474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965224 |
| **United Kingdom — 0.5%** |  |  |
|  Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)<sup>(d)</sup> | 1300 | 1267643 |
| **United States — 38.1%** |  |  |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 (Call 12/15/25) | 1465 | 1268763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/15/30) | 1595 | 1204688 |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 (Call 02/18/32) | 690 | 498166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33) | 1735 | 1303610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 (Call 02/15/26) | 1145 | 1083949 |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/23/23 (Call 12/23/22) | 365 | 363230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) | 1810 | 1689146 |
|  Arizona Public Service Co., 2.65%, 09/15/50 (Call 03/15/50)<sup>(c)</sup> | 630 | 339028 |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 (Call 10/01/28)<sup>(c)</sup> | 1550 | 1263420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 (Call 10/15/31)<sup>(c)</sup> | 450 | 342635 |
|  Avangrid Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 (Call 10/01/24) | 2255 | 2144730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 (Call 03/15/25) | 760 | 717440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 (Call 03/01/29) | 1210 | 1059791 |
|  Bank of America Corp., 2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)<sup>(d)</sup> | 3475 | 3240542 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 (Call 07/01/33)<sup>(c)</sup> | 410 | 283089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 (Call 01/01/32) | 2185 | 1573659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 (Call 03/21/29) | 2565 | 2124589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | 370 | 333629 |
|  Citigroup Inc., 1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)<sup>(d)</sup> | 3350 | 3276434 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60) | 1175 | 779330 |
|  Series 20A, 3.35%, 04/01/30 (Call 01/01/30) | 1100 | 954140 |
|  Series 20B, 3.95%, 04/01/50 (Call 10/01/49)<sup>(c)</sup> | 1535 | 1136023 |
|  Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)<sup>(c)</sup> | 1760 | 1358914 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 (Call 09/01/48) | 770 | 590867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.90%, 04/01/28 (Call 02/01/28)<sup>(c)</sup> | 350 | 294683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 05/15/48 (Call 11/15/47)<sup>(c)</sup> | 1285 | 1002621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/51 (Call 10/01/50) | 375 | 250976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 (Call 09/01/51) | 1030 | 743042 |
|  Duke Energy Carolinas LLC, 3.95%, 11/15/28 (Call 08/15/28) | 760 | 708077 |
|  Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29) | 1705 | 1419037 |
|  Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)<sup>(c)</sup> | 775 | 695206 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 1775 | 1557900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 (Call 01/15/28) | 1060 | 847714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 (Call 02/15/31) | 1655 | 1261193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 (Call 01/15/32) | 1890 | 1592968 |

---

96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31 (Call 05/01/31)<sup>(c)</sup> | $1000 | $746840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 (Call 09/01/28) | 555 | 505699 |
|  Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26) | 588 | 534498 |
|  Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26) | 600 | 521418 |
|  Fifth Third Bancorp., 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)<sup>(d)</sup> | 930 | 791290 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 (Call 08/15/29) | 335 | 310505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32)<sup>(c)</sup> | 2850 | 2587629 |
|  Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26) | 1125 | 1048871 |
|  Healthpeak Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/01/27 (Call 01/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/28 (Call 10/01/28) | 420 | 340406 |
|  Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.38%, 12/15/29 (Call 09/15/29) | 455 | 365174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.50%, 09/15/30 (Call 06/15/30) | 2200 | 1731026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.90%, 12/15/31 (Call 09/15/31) | 295 | 213568 |
|  Hudson Pacific Properties LP, 5.95%, 02/15/28 (Call 01/15/28) | 445 | 416071 |
|  Industrial Bank Co. Ltd./Hong Kong, 1.13%, 11/06/23<sup>(a)</sup> | 200 | 192176 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/49 (Call 03/30/49) | 740 | 503215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/29 (Call 01/01/29) | 630 | 563182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 (Call 06/26/28) | 260 | 243664 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/16/24 (Call 09/16/23), (SOFR + 0.600%)<sup>(d)</sup> | 1880 | 1794817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)<sup>(d)</sup> | 2130 | 1939727 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 02/01/27) | 820 | 751243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41<br> (Call 12/01/40)<sup>(c)</sup> | 2060 | 1380591 |
|  Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 (Call 08/15/32) | 160 | 111162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/33 (Call 08/15/33) | 1050 | 711018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28 (Call 09/15/28) | 825 | 741518 |
|  Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)<sup>(c)</sup> | 860 | 677293 |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)<sup>(b)</sup> | 1165 | 859479 |
|  Massachusetts Institute of Technology, 3.96%, 07/01/38 | 606 | 529396 |
|  Metropolitan Life Global Funding I, 0.95%, 07/02/25<sup>(b)</sup> | 1650 | 1475017 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/52 (Call 02/01/52) | 50 | 29960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/27 (Call 02/01/27)<sup>(c)</sup> | 600 | 552876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 (Call 10/15/49) | 1135 | 741303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 (Call 01/15/29) | 1410 | 1288063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 (Call 02/01/48) | 1530 | 1112555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | 590 | 449521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) | 1395 | 1115344 |
|  NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28) | 2555 | 2112193 |
|  Niagara Mohawk Power Corp., 1.96%, 06/27/30 (Call 03/27/30)<sup>(b)</sup> | 950 | 722067 |
|  NiSource Inc., 5.00%, 06/15/52 (Call 12/15/51) | 545 | 457593 |
|  Norinchukin Bank (The), 2.08%, 09/22/31<sup>(b)</sup> | 1085 | 804332 |
|  Northern States Power Co./MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 (Call 12/01/50) | 1000 | 595050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 (Call 09/01/49) | 570 | 363141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/52 (Call 10/01/51) | 450 | 299570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 530 | 446583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | $590 | $377635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 (Call 02/15/29) | 1025 | 911573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 (Call 01/01/30) | 450 | 413235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 500 | 448030 |
|  Oncor Electric Delivery Co. LLC, 4.15%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 70 | 64331 |
|  Pacific Life Global Funding II, 1.38%, 04/14/26<sup>(b)</sup> | 1510 | 1314500 |
|  PacifiCorp, 2.90%, 06/15/52 (Call 12/15/51)<sup>(c)</sup> | 2000 | 1220120 |
|  Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30) | 540 | 407770 |
|  PNC Financial Services Group Inc. (The), 2.20%, 11/01/24 (Call 10/02/24)<sup>(c)</sup> | 1050 | 989982 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30) | 1230 | 901861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/31 | 255 | 192464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 | 200 | 151022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 | 440 | 367629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/33 (Call 10/15/32) | 885 | 820882 |
|  Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)<sup>(c)</sup> | 550 | 487669 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/28 (Call 12/15/27) | 1755 | 1625042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/48 (Call 12/15/47) | 1475 | 1148641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 400 | 266960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 36, 2.70%, 01/15/51 (Call 07/15/50) | 400 | 240144 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.20%, 08/15/31 (Call 05/15/31) | 625 | 483494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.15%, 08/15/51 (Call 02/15/51) | 295 | 181260 |
|  Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31) | 740 | 543241 |
|  Seattle Children's Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)<sup>(c)</sup> | 440 | 257356 |
|  SK Battery America Inc., 1.63%, 01/26/24<sup>(a)</sup> | 200 | 188492 |
|  Solar Star Funding LLC, 5.38%, 06/30/35<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215230 |
|  Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)<sup>(c)</sup> | 660 | 640906 |
|  Southwestern Electric Power Co., 3.25%, 11/01/51 (Call 05/01/51) | 1450 | 903640 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/49 (Call 12/15/48) | 75 | 53367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/50 (Call 11/01/49) | 2050 | 1328728 |
|  Toyota Motor Credit Corp., 2.15%, 02/13/30<sup>(c)</sup> | 1255 | 1026226 |
|  Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30) | 725 | 539603 |
|  UDR Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/33 (Call 12/15/32) | 515 | 347203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/01/34 (Call 08/01/34) | 500 | 366640 |
|  Union Electric Co., 2.63%, 03/15/51 (Call 09/15/50) | 875 | 508716 |
|  Union Pacific Corp., 4.95%, 09/09/52 (Call 03/09/52) | 920 | 829978 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) | 1980 | 1471160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41)<sup>(c)</sup> | 1600 | 1044032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28) | 1365 | 1240225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51) | 1605 | 1137014 |
|  Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 (Call 05/01/26) | 1560 | 1289558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/31 (Call 03/01/31) | 130 | 95995 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 (Call 12/15/26) | 820 | 725347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 (Call 03/15/32)<sup>(c)</sup> | 765 | 633198 |
|  Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32) | 450 | 428706 |

---

S C H E D U L E O F I N V E S T M E N T S 97

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |
|  Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/16/31 (Call 06/16/31) | $475 | $363066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/32 (Call 06/01/32) | 700 | 620627 |
|  Wisconsin Public Service Corp., 2.85%, 12/01/51 (Call 06/01/51) | 835 | 507029 |
|  Xylem Inc./NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/28 (Call 11/30/27) | 375 | 314704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/30/31 (Call 10/30/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | 856304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106732763 |
|  **Total Corporate Bonds & Notes — 77.7%<br>(Cost: $248,419,083)** |  | 217415671 |
|  **Foreign Government Obligations** | **Foreign Government Obligations** |  |
|  **Canada — 0.6%** |  |  |
|  CDP Financial Inc., 1.00%, 05/26/26<sup>(b)</sup> | 2000 | 1756540 |
|  **Chile — 1.6%** |  |  |
|  Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/32 (Call 10/27/31)<sup>(c)</sup> | 2245 | 1769172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/25/50 (Call 07/25/49)<sup>(c)</sup> | 3890 | 2568256 |
|  |  | 4337428 |
| **China — 0.7%** |  |  |
|  China Development Bank/Hong Kong, 0.63%, 09/09/24<sup>(a)</sup> | 2000 | 1854120 |
| **Hong Kong — 1.9%** |  |  |
|  Airport Authority, 1.75%, 01/12/27(Call 12/12/26)<sup>(b)(c)</sup> | 1500 | 1332165 |
|  Hong Kong Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/02/26<sup>(b)(c)</sup> | 400 | 354304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/02/31<sup>(b)</sup> | 1900 | 1493647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/24/31 | 1700 | 1354492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/02/51<sup>(b)</sup> | 800 | 472160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/24<sup>(b)</sup> | 200 | 193430 |
|  |  | 5200198 |
| **Indonesia — 2.3%** |  |  |
|  Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/09/51<sup>(a)</sup> | 1190 | 804797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/23<sup>(a)</sup> | 1130 | 1125988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/24<sup>(a)</sup> | 2280 | 2244136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/06/32<sup>(a)</sup> | 2460 | 2309079 |
|  |  | 6484000 |
| **Japan — 0.4%** |  |  |
|  Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/20/27<sup>(c)</sup> | 950 | 838347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/05/27 | 200 | 197160 |
|  |  | 1035507 |
| **Netherlands — 0.3%** |  |  |
|  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, 2.75%, 02/20/24<sup>(a)</sup> | 1000 | 975200 |
| **Norway — 0.2%** |  |  |
|  Kommunalbanken AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/21/24<sup>(b)</sup> | 300 | 276810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/11/25<sup>(b)</sup> | 400 | 378864 |
|  |  | 655674 |
| **Peru — 0.3%** |  |  |
|  Fondo MIVIVIENDA SA, 4.63%, 04/12/27(Call 03/12/27)<sup>(a)</sup> | 1050 | 968279 |
| **Senegal — 0.1%** |  |  |
|  European Investment Bank, 0.63%, 10/21/27 | 425 | 355083 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **South Korea — 1.9%** |  |  |  |
|  Export-Import Bank of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/19/28 (Call 08/19/28)<sup>(a)</sup> | $| 800 | $648184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/18/32 |  | 2200 | 1674354 |
|  Incheon International Airport Corp., 1.25%, 05/04/26<sup>(a)</sup> |  | 700 | 611597 |
|  Korea Development Bank (The), 0.40%, 06/19/24 |  | 450 | 417776 |
|  Korea International Bond, 2.00%, 06/19/24 |  | 2125 | 2032307 |
|  |  |  | 5384218 |
| **Supranational — 9.2%** |  |  |  |
|  Arab Petroleum Investments Corp., 1.48%, 10/06/26<sup>(b)</sup> |  | 1400 | 1229032 |
|  Asian Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/14/26 |  | 900 | 813861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/19/25 |  | 1248 | 1180683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/10/27 |  | 789 | 720444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/26/28 |  | 1710 | 1597585 |
|  European Bank for Reconstruction & Development, 1.50%, 02/13/25 |  | 2200 | 2055746 |
|  European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/23/30 |  | 1471 | 1129316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/09/29 |  | 1399 | 1178769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/13/31<sup>(c)</sup> |  | 4000 | 3283840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/13/26 |  | 4000 | 3701280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/27 |  | 832 | 764949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24<sup>(c)</sup> |  | 2020 | 1942856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/13/25<sup>(b)</sup> |  | 200 | 192028 |
|  International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/03/25 |  | 500 | 473825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/20/25 |  | 2680 | 2573175 |
|  International Finance Corp., 2.13%, 04/07/26<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | 2865175 |
|  |  |  | 25702564 |
| **Sweden — 1.0%** |  |  |  |
|  Kommuninvest I Sverige AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/19/24<sup>(b)(c)</sup> |  | 2000 | 1866100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/24/23<sup>(b)</sup> |  | 1000 | 986240 |
|  |  |  | 2852340 |
|  **Total Foreign Government Obligations — 20.5%<br>(Cost: $63,978,763)** | **Total Foreign Government Obligations — 20.5%<br>(Cost: $63,978,763)** | **Total Foreign Government Obligations — 20.5%<br>(Cost: $63,978,763)** | 57561151 |
|  **Municipal Debt Obligations** |  |  |  |
|  **United States — 0.4%** |  |  |  |
|  City of Los Angeles Department of Airports Customer Facility Charge Revenue RB,<br>4.24%, 05/15/48 (Call 05/15/32) (AGM) |  | 285 | 225616 |
|  District of Columbia Water & Sewer Authority RB, 4.81%, 10/01/2114 |  | 600 | 476395 |
|  University of Michigan RB, 3.50%, 04/01/52 (Call 10/01/51) |  | 500 | 357996 |
|  **Total Municipal Debt Obligations — 0.4%<br>(Cost: $1,389,103)** | **Total Municipal Debt Obligations — 0.4%<br>(Cost: $1,389,103)** | **Total Municipal Debt Obligations — 0.4%<br>(Cost: $1,389,103)** | 1060007 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $313,786,949)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276036829 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 8.5%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup> |  | 19206 | 19202604 |

---

98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Money Market Funds (continued)** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup> | 4610 | $4610000 |
|  **Total Short-Term Securities — 8.5%<br>(Cost: $23,811,694)** | **Total Short-Term Securities — 8.5%<br>(Cost: $23,811,694)** | 23812604 |
|  **Total Investments — 107.1%<br>(Cost: $337,598,643)** |  | 299849433 |
|  **Liabilities in Excess of Other Assets — (7.1)%** |  | (20003441) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;279845992 |

---

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $2357494 | $16843075 <sup>(a)</sup> | $— | $1451 | $584 | $19202604 | 19206 | $50977 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 430000 | 4180000 <sup>(a)</sup> |  |  |  | 4610000 | 4610 | 44540 |  |
|  |  |  |  | $1451 | $584 | $23812604 |  | $95517 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Categorized by Risk Exposure** 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(166409) | $— | $(166409) |
|  Forward foreign currency exchange contracts |  |  |  | 8284359 |  |  | 8284359 |
|  | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;8284359 | $(166409) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;8117950 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $221040 | $— | $— | $221040 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $54571334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $108581288 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

S C H E D U L E O F I N V E S T M E N T S 99

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **USD Green Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $217415671 | $— | $217415671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 57561151 |  | 57561151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1060007 |  | 1060007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23812604 |  |  | 23812604 |
|  | $23812604 | $276036829 | $— | $299849433 |

---

*See notes to financial statements.* 

100 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year<br> Investment Grade<br>Corporate Bond<br> ETF | iShares<br> Aaa - A<br> Rated<br> Corporate<br> Bond ETF | iShares<br> BB Rated<br>Corporate<br> Bond ETF | iShares<br>Convertible Bond<br>ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $2960324717 | $760582892 | $321684876 | $1822368389 |
|  Investments, at value — affiliated<sup>(c)</sup> | 237158166 | 60343512 | 34146195 | 10590355 |
|  Cash | 209463 |  | 998 | 7844 |
|  Foreign currency, at value<sup>(d)</sup> |  |  | 14 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3112140 | 12594068 | 3995155 | 14486225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 51771 | 17902 | 10728 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 202564 |  | 751940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 43299 | 6149 | 9653 | 24160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 23304515 | 7228413 | 4682054 | 5394353 |
|  Total assets | 3224406635 | 840772936 | 365281613 | 1852871423 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  | 9818 |  |  |
|  Collateral on securities loaned, at value | 222049977 | 58915772 | 29806049 | 310500 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 9399127 | 7824267 | 5641952 | 16408903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 151179 | 104532 | 32843 | 307031 |
|  Total liabilities | 231600283 | 66854389 | 35480844 | 17026434 |
|  NET ASSETS | $2992806352 | $773918547 | $329800769 | $1835844989 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $3194999174 | $952311572 | $347495704 | $2271354644 |
|  Accumulated loss | (202192822) | (178393025) | (17694935) | (435509655) |
|  NET ASSETS | $2992806352 | $773918547 | $329800769 | $1835844989 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 63350000 | 17300000 | 7500000 | 25950000 |
|  Net asset value | $47.24 | $44.74 | $43.97 | $70.75 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $3159623858 | $929936439 | $338627160 | $2207952166 |
|  <sup>(b) </sup>Securities loaned, at value | $213403897 | $57118919 | $28653329 | $307262 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $237157845 | $60342065 | $34149570 | $10590441 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $— | $14 | $— |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 101

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br> Floating Rate Bond<br> ETF | iShares<br> USD Green<br> Bond ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $8774304644 | $276036829 |
|  Investments, at value — affiliated<sup>(c)</sup> | 620916418 | 23812604 |
|  Cash | 94450898 | 5830 |
|  Foreign currency, at value<sup>(d)</sup> |  | 1724 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 42925182 | 1304321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 122104 | 9341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 13236806 | 630186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 607031 | 10430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 42882214 | 2044149 |
|  Total assets | 9589445297 | 303855414 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned, at value | 222136923 | 19199685 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 188553469 | 4790645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 67812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1171930 | 19063 |
|  Total liabilities | 411930134 | 24009422 |
|  NET ASSETS | $9177515163 | $279845992 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $9300462042 | $332996497 |
|  Accumulated loss | (122946879) | (53150505) |
|  NET ASSETS | $9177515163 | $279845992 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 182400000 | 6250000 |
|  Net asset value | $50.32 | $44.78 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $8856380011 | $313786949 |
|  <sup>(b)</sup> Securities loaned, at value | $212109505 | $18628347 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $620893789 | $23811694 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $1731 |

---

*See notes to financial statements.* 

102 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year<br>Investment<br>Grade<br> Corporate<br> Bond ETF | iShares<br> Aaa - A<br> Rated<br> Corporate<br> Bond ETF | iShares<br> BB Rated<br> Corporate<br> Bond ETF | iShares<br> Convertible<br> Bond ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $259047 | $42852 | $30166 | $75594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 46002920 | 26778731 | 7146813 | 28515378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 344297 | 186228 | 47640 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 97353 |  | 4555 |  |
|  Total investment income | 46703617 | 27007811 | 7229174 | 28591965 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1555139 | 1618454 | 356773 | 3474137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |  | 217 |
|  Total expenses | 1555356 | 1618671 | 356773 | 3474354 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  |  | (142709) |  |
|  Total expenses after fees waived | 1555356 | 1618671 | 214064 | 3474354 |
|  Net investment income | 45148261 | 25389140 | 7015110 | 25117611 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (5730343) | (10024915) | (1665380) | (52385282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (60761) | (40907) | (5586) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (5221529) | (72810599) | (1352490) | 58348822 |
|  | (11012633) | (82876421) | (3023456) | 5963402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (204180605) | (173886257) | (17947160) | (483804731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (38891) | (12883) | (3375) | (86) |
|  | (204219496) | (173899140) | (17950535) | (483804817) |
|  Net realized and unrealized loss | (215232129) | (256775561) | (20973991) | (477841415) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(170083868) | $(231386421) | $(13958881) | $(452723804) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 103

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br> Floating Rate<br> Bond ETF | iShares<br> USD Green<br> Bond ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2051492 | $44748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 137738023 | 5911089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 937045 | 50769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated |  | 2195 |
|  Total investment income | 140726560 | 6008801 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 13136354 | 549617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 |  |
|  Total expenses | 13136571 | 549617 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | (226751) |
|  Total expenses after fees waived | 13136571 | 322866 |
|  Net investment income | 127589989 | 5685935 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (5878280) | (21935997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (89839) | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 8284359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (2267163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (166409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (4458598) |  |
|  | (10426717) | (16083759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (97164429) | (36000943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (45786) | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 221040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (4276) |
|  | (97210215) | (35783595) |
|  Net realized and unrealized loss | (107636932) | (51867354) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $19953057 | $(46181419) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

104 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year Investment Grade Corporate Bond<br> ETF | iShares<br> 0-5 Year Investment Grade Corporate Bond<br> ETF | iShares<br> Aaa - A Rated Corporate Bond ETF | iShares<br> Aaa - A Rated Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $45148261 | $36355210 | $25389140 | $24954172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11012633) | 16889454 | (82876421) | 33193047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (204219496) | (45284155) | (173899140) | (56389478) |
|  Net increase (decrease) in net assets resulting from operations | (170083868) | 7960509 | (231386421) | 1757741 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (47021596) | (38988629) | (25462884) | (26862436) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 688016139 | 490785692 | (155576949) | (273973795) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 470910675 | 459757572 | (412426254) | (299078490) |
|  Beginning of year | 2521895677 | 2062138105 | 1186344801 | 1485423291 |
|  End of year | $2992806352 | $2521895677 | $773918547 | $1186344801 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 105

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> BB Rated Corporate Bond ETF | iShares<br> BB Rated Corporate Bond ETF | iShares<br> Convertible Bond ETF | iShares<br> Convertible Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7015110 | $4010886 | $25117611 | $11940775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3023456) | 2380664 | 5963402 | 306116739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (17950535) | 1509216 | (483804817) | (34834225) |
|  Net increase (decrease) in net assets resulting from operations | (13958881) | 7900766 | (452723804) | 283223289 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (6600508) | (4026444) | (132186015) | (48045347) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 256748898 | 17586117 | 513557075 | 820513033 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 236189509 | 21460439 | (71352744) | 1055690975 |
|  Beginning of year | 93611260 | 72150821 | 1907197733 | 851506758 |
|  End of year | $329800769 | $93611260 | $1835844989 | $1907197733 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

106 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Floating Rate Bond ETF | iShares<br> Floating Rate Bond ETF | iShares<br> USD Green Bond ETF | iShares<br> USD Green Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $127589989 | $26425057 | $5685935 | $1095655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10426717) | 4478942 | (16083759) | 3894405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (97210215) | 176023 | (35783595) | (9384301) |
|  Net increase (decrease) in net assets resulting from operations | 19953057 | 31080022 | (46181419) | (4394241) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (95055574) | (28120691) | (6645338) | (384864) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 2251071596 | 1406363044 | 95766234 | 108214385 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 2175969079 | 1409322375 | 42939477 | 103435280 |
|  Beginning of year | 7001546084 | 5592223709 | 236906515 | 133471235 |
|  End of year | $9177515163 | $7001546084 | $279845992 | $236906515 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 107

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares 0-5 Year Investment Grade Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $51.36 | $52.01 | $51.17 | $49.43 | $50.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.86 | 0.80 | 1.27 | 1.48 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (4.09) | (0.57) | 0.90 | 1.71 | (1.18) |
|  Net increase (decrease) from investment operations | (3.23) | 0.23 | 2.17 | 3.19 | 0.09 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.82) | (0.87) | (1.32) | (1.45) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.07) | (0.01) | (0.01) |  |  |
|  Total distributions | (0.89) | (0.88) | (1.33) | (1.45) | (1.15) |
|  **Net asset value, end of year** | $47.24 | $51.36 | $52.01 | $51.17 | $49.43 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (6.35)% | 0.44% | 4.31% | 6.55% | 0.18% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
|  Net investment income | 1.74% | 1.54% | 2.48% | 2.95% | 2.56% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2992806 | $2521896 | $2062138 | $1934285 | $1418761 |
|  Portfolio turnover rate<sup>(f)</sup> | 20% | 23% | 29% | 20% | 15% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

108 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Aaa - A Rated Corporate Bond ETF | iShares Aaa - A Rated Corporate Bond ETF | iShares Aaa - A Rated Corporate Bond ETF | iShares Aaa - A Rated Corporate Bond ETF | iShares Aaa - A Rated Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $56.49 | $57.46 | $54.85 | $49.57 | $52.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.20 | 1.10 | 1.35 | 1.68 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (11.75) | (0.91) | 2.68 | 5.25 | (3.23) |
|  Net increase (decrease) from investment operations | (10.55) | 0.19 | 4.03 | 6.93 | (1.70) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.20) | (1.13) | (1.42) | (1.65) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  |  |  |
|  Total distributions | (1.20) | (1.16) | (1.42) | (1.65) | (1.49) |
|  **Net asset value, end of year** | $44.74 | $56.49 | $57.46 | $54.85 | $49.57 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (18.93)% | 0.34% | 7.44% | 14.22% | (3.27)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Net investment income | 2.35% | 1.93% | 2.37% | 3.19% | 3.00% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $773919 | $1186345 | $1485423 | $419610 | $158621 |
|  Portfolio turnover rate<sup>(f)</sup> | 14% | 17% | 16% | 16% | 15% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 109

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares BB Rated Corporate Bond ETF | iShares BB Rated Corporate Bond ETF | iShares BB Rated Corporate Bond ETF |
|  | | | Period From |
|  | Year Ended | Year Ended | 10/06/20<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | to 10/31/20 |
|  **Net asset value, beginning of period** | $52.01 | $49.76 | $50.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.28 | 1.89 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (8.04) | 2.25 | (0.36) |
|  Net increase (decrease) from investment operations | (5.76) | 4.14 | (0.24) |
|  **Distributions<sup>(d)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.12) | (1.89) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.16) |  |  |
|  Total distributions | (2.28) | (1.89) |  |
|  **Net asset value, end of period** | $43.97 | $52.01 | $49.76 |
|  **Total Return<sup>(e)</sup>** |  |  |  |
|  Based on net asset value | (11.30)% | 8.39% | (0.48)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.15% | 0.15% | 0.15 %<sup>(h)</sup> |
|  Net investment income | 4.92% | 3.64% | 3.36 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $329801 | $93611 | $72151 |
|  Portfolio turnover rate<sup>(i)</sup> | 21% | 32% | 0 %<sup>(j)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

110 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Convertible Bond ETF | iShares Convertible Bond ETF | iShares Convertible Bond ETF | iShares Convertible Bond ETF | iShares Convertible Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $102.26 | $80.71 | $59.07 | $55.86 | $55.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.13 | 0.75 | 0.86 | 0.96 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (25.49) | 24.52 | 21.90 | 4.74 | 0.87 |
|  Net increase (decrease) from investment operations | (24.36) | 25.27 | 22.76 | 5.70 | 1.80 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.30) | (0.97) | (1.12) | (2.02) | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.85) | (2.75) |  | (0.47) | (0.19) |
|  Total distributions | (7.15) | (3.72) | (1.12) | (2.49) | (1.32) |
|  **Net asset value, end of year** | $70.75 | $102.26 | $80.71 | $59.07 | $55.86 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (25.08)% | 31.91% | 39.02% | 10.55% | 3.26 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.45% | 0.75% | 1.24% | 1.66% | 1.64% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1835845 | $1907198 | $851507 | $404627 | $259730 |
|  Portfolio turnover rate<sup>(g)</sup> | 17% | 46% | 33% | 24% | 29% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -1.94%. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 111

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Floating Rate Bond ETF | iShares Floating Rate Bond ETF | iShares Floating Rate Bond ETF | iShares Floating Rate Bond ETF | iShares Floating Rate Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.74 | $50.70 | $50.98 | $50.93 | $50.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.73 | 0.22 | 0.83 | 1.44 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.63) | 0.05 | (0.24) | 0.08 | (0.13) |
|  Net increase from investment operations | 0.10 | 0.27 | 0.59 | 1.52 | 1.06 |
|  Distributions from net investment income<sup>(c)</sup> | (0.52) | (0.23) | (0.87) | (1.47) | (1.06) |
|  **Net asset value, end of year** | $50.32 | $50.74 | $50.70 | $50.98 | $50.93 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.21% | 0.52% | 1.19% | 3.02% | 2.11% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.15% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.46% | 0.43% | 1.64% | 2.84% | 2.33% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $9177515 | $7001546 | $5592224 | $9940510 | $11832089 |
|  Portfolio turnover rate<sup>(f)</sup> | 39% | 38% | 29% | 23% | 17% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

112 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares USD Green Bond ETF | iShares USD Green Bond ETF | iShares USD Green Bond ETF | iShares USD Green Bond ETF |
|  | | | | Period From |
|  | Year Ended | Year Ended | Year Ended | 11/13/18<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | 10/31/20 | to 10/31/19 |
|  **Net asset value, beginning of period** | $54.46 | $55.61 | $55.00 | $50.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.06 | 0.30 | 0.49 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (9.49) | (1.29) | 2.10 | 5.19 |
|  Net increase (decrease) from investment operations | (8.43) | (0.99) | 2.59 | 5.96 |
|  **Distributions<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.25) | (0.16) | (1.64) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.34) |  |
|  Total distributions | (1.25) | (0.16) | (1.98) | (0.96) |
|  **Net asset value, end of period** | $44.78 | $54.46 | $55.61 | $55.00 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |
|  Based on net asset value | (15.69)% | (1.82)% | 4.89 %<sup>(f)</sup> | 11.99 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |
|  Total expenses | 0.21% | 0.25% | 0.25% | 0.25 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.12% | 0.20% | 0.20% | 0.20 %<sup>(i)</sup> |
|  Net investment income | 2.13% | 0.55% | 0.90% | 1.51 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $279846 | $236907 | $133471 | $33001 |
|  Portfolio turnover rate<sup>(j)</sup> | 94% | 24% | 16% | 21% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 113

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  0-5 Year Investment Grade Corporate Bond | Diversified |
|  Aaa - A Rated Corporate Bond | Diversified |
|  BB Rated Corporate Bond | Diversified |
|  Convertible Bond | Diversified |
|  Floating Rate Bond | Diversified |
|  USD Green Bond<sup>(a)</sup> | Diversified <sup>(b)</sup> |

---

<sup>(a)</sup> Formerly the iShares Global Green Bond ETF.

<sup>(b)</sup> The Fund's classification changed from non-diversified to diversified during the reporting period.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

114 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as
of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

N O T E S T O F I N A N C I A L S T A T E M E N T S 115

------

*Notes to Financial Statements* (continued) 

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  0-5 Year Investment Grade Corporate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $14087739 |  | $(14087739) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 5721517 |  | (5721517) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 33041685 |  | (33041685) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 16192904 |  | (16192904) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 3737071 |  | (3737071) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 1417960 |  | (1417960) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 9740944 |  | (9740944) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 38365120 |  | (38365120) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 3854327 |  | (3854327) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 44619397 |  | (44619397) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 1445295 |  | (1445295) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 25431373 |  | (25431373) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 1541897 |  | (1541897) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 2317029 |  | (2317029) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 1355277 |  | (1355277) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1753544 |  | (1753544) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 2002288 |  | (2002288) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 3234803 |  | (3234803) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 428293 |  | (428293) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 3115434 |  | (3115434) |  |  |  |  |
|  | $213403897 |  | $(213403897) | $— |  | $— |  |

---

116 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  Aaa - A Rated Corporate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $3513934 |  | $(3513934) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 1233668 |  | (1233668) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 1800466 |  | (1800466) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 9622852 |  | (9622852) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 4880721 |  | (4880721) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 365127 |  | (365127) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2292062 |  | (2292062) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 221979 |  | (221979) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 2418428 |  | (2418428) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 676018 |  | (676018) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 8973058 |  | (8973058) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 115479 |  | (115479) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 5797632 |  | (5797632) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 690893 |  | (690893) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 1087752 |  | (1087752) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 8272721 |  | (8272721) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 944876 |  | (944876) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 772209 |  | (772209) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 13337 |  | (13337) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 486 |  | (486) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 393143 |  | (393143) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 3032078 |  | (3032078) |  |  |  |  |
|  | $57118919 |  | $(57118919) | $— |  | $— |  |
|  BB Rated Corporate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2461347 |  | $(2461347) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 1625206 |  | (1625206) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 329574 |  | (329574) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 7644476 |  | (7644476) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 2548073 |  | (2548073) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 410545 |  | (410545) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 57151 |  | (57151) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 721185 |  | (721185) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 8673304 |  | (8673304) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 374183 |  | (374183) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 103614 |  | (103614) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 204125 |  | (204125) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 1626046 |  | (1626046) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1687753 |  | (1687753) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 161807 |  | (161807) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 24940 |  | (24940) |  |  |  |  |
|  | $28653329 |  | $(28653329) | $— |  | $— |  |
|  Convertible Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | $307262 |  | $(307262) | $— |  | $— |  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 117

------

*Notes to Financial Statements* (continued) 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  Floating Rate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $8550618 |  | $(8550618) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 5725385 |  | (5725385) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 3447132 |  | (3447132) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 197208 |  | (197208) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 7770798 |  | (7770798) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 995140 |  | (995140) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 11595967 |  | (11595967) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 8667653 |  | (8667653) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 1101990 |  | (1101990) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 49026563 |  | (49026563) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Securities Holdings Co., Ltd. | 20258355 |  | (20258355) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 37644349 |  | (37644349) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 20816302 |  | (20816302) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 2040408 |  | (2040408) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 28025442 |  | (28025442) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 499430 |  | (499430) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 496975 |  | (496975) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 5249790 |  | (5249790) |  |  |  |  |
|  | $212109505 |  | $(212109505) | $— |  | $— |  |
|  USD Green Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $6687537 |  | $(6687537) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 226139 |  | (226139) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 178914 |  | (178914) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1552302 |  | (1552302) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 804962 |  | (804962) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 4571884 |  | (4571884) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 862561 |  | (862561) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 208640 |  | (208640) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 239321 |  | (239321) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 654266 |  | (654266) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 280258 |  | (280258) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 2361563 |  | (2361563) |  |  |  |  |
|  | $18628347 |  | $(18628347) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations

118 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  0-5 Year Investment Grade Corporate Bond | 0.06% |
|  Aaa - A Rated Corporate Bond | 0.15 |
|  BB Rated Corporate Bond | 0.25 |
|  Convertible Bond | 0.20 |
|  Floating Rate Bond | 0.15 |
|  USD Green Bond | 0.20 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 119

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*Notes to Financial Statements* (continued) 

Effective December 15, 2021, for its investment advisory services to the iShares USD Green Bond ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 15, 2021, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**Expense Waivers**: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares USD Green Bond ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through March 1, 2022 in order to limit the Fund's total annual operating expenses after fee waiver to 0.20% of average daily net assets. The contractual waiver was discontinued on December 15, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  USD Green Bond | $15224 |

---

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares BB Rated Corporate Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.10% and currently intends to keep such voluntary fee waiver for the Fund through October 31, 2023. Effective March 8, 2022, for the iShares USD Green Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.12% and currently intends to keep such voluntary fee waiver for the Fund in place for a one-year period through March 8, 2023. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  BB Rated Corporate Bond | $142709 |
|  USD Green Bond | 211527 |

---

**Sub-Adviser:** BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together the "Sub-Advisers"), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the iShares USD Green Bond ETF. Effective March 4, 2022, the sub-advisory agreement between BFA and BlackRock (Singapore) Limited was terminated.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

120 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  0-5 Year Investment Grade Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;133851 |
|  Aaa - A Rated Corporate Bond | 70428 |
|  BB Rated Corporate Bond | 16854 |
|  Convertible Bond | 380 |
|  Floating Rate Bond | 288695 |
|  USD Green Bond | 15744 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  0-5 Year Investment Grade Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;23884649 | $&nbsp;&nbsp;&nbsp;&nbsp;3944405 | $(319362) |
|  Aaa - A Rated Corporate Bond | 144435 |  |  |
|  BB Rated Corporate Bond | 176689 | 4703726 | (216405) |
|  USD Green Bond | 196063 | 603361 | (547026) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  0-5 Year Investment Grade Corporate Bond | $592003846 | $550221559 |
|  Aaa - A Rated Corporate Bond | 176213102 | 164088218 |
|  BB Rated Corporate Bond | 33706689 | 34039675 |
|  Convertible Bond | 287088904 | 310274228 |
|  Floating Rate Bond | 3434128478 | 3207310032 |
|  USD Green Bond | 259738710 | 252883429 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind* <br> *Sales*  |
|  0-5 Year Investment Grade Corporate Bond | $1216886438 | $538818158 |
|  Aaa - A Rated Corporate Bond | 547407178 | 699687336 |
|  BB Rated Corporate Bond | 281861734 | 29873158 |
|  Convertible Bond | 1251175763 | 788284741 |
|  Floating Rate Bond | 2866587085 | 842023526 |
|  USD Green Bond | 94012826 |  |

---

***8.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 121

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*Notes to Financial Statements* (continued) 

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated*<br> *Earnings (Loss)* |
|  0-5 Year Investment Grade Corporate Bond | $(5225891) | $5225891 |
|  Aaa - A Rated Corporate Bond | (72849211) | 72849211 |
|  BB Rated Corporate Bond | (1351564) | 1351564 |
|  Convertible Bond | 56698706 | (56698706) |
|  Floating Rate Bond | (4458598) | 4458598 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *10/31/22* | *Year Ended*<br> *10/31/21* |
|  0-5 Year Investment Grade Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $43850920 | $38680174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 3170676 | 308455 |
|  | $47021596 | $38988629 |
|  Aaa - A Rated Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $25462884 | $26862436 |
|  BB Rated Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6590214 | $4026444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 10294 |  |
|  | $6600508 | $4026444 |
|  Convertible Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $57140640 | $26673704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 75045375 | 21371643 |
|  | $132186015 | $48045347 |
|  Floating Rate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $95055574 | $28120691 |
|  USD Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6645338 | $384864 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed*<br> *Ordinary Income* | <br>| *Non-expiring*<br> *Capital Loss*<br> *Carryforwards* | *Net Unrealized*<br> *Gains (Losses)* | *Total* |
|  0-5 Year Investment Grade Corporate Bond | $6321842 |  | $(6882478) | $(201632186) | $(202192822) |
|  Aaa - A Rated Corporate Bond | 2167026 |  | (10700298) | (169859753) | (178393025) |
|  BB Rated Corporate Bond | 1318373 |  | (1791917) | (17221391) | (17694935) |
|  Convertible Bond | 7325957 |  | (52953224) | (389882388) | (435509655) |
|  Floating Rate Bond | 36549602 |  | (75073119) | (84423362) | (122946879) |
|  USD Green Bond | 912376 |  | (16105976) | (37956905) | (53150505) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities and dividends deemed recognized for tax purposes.

122 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  0-5 Year Investment Grade Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;3399115069 | $2355412 | $(203987598) | $(201632186) |
|  Aaa - A Rated Corporate Bond | 990786157 | 469558 | (170329311) | (169859753) |
|  BB Rated Corporate Bond | 373052461 | 438999 | (17660389) | (17221390) |
|  Convertible Bond | 2222841132 | 40178214 | (430060602) | (389882388) |
|  Floating Rate Bond | 9479644424 | 1729510 | (86152872) | (84423362) |
|  USD Green Bond | 337805996 | 47334 | (38003897) | (37956563) |

---

***9.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and

N O T E S T O F I N A N C I A L S T A T E M E N T S 123

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*Notes to Financial Statements* (continued) 

receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

124 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year Ended*<br> *10/31/22* | *Year Ended*<br> *10/31/22* | *Year Ended*<br> *10/31/21* | *Year Ended*<br> *10/31/21* |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  0-5 Year Investment Grade Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25450000 | $1245637685 | 20500000 | $1062825693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11200000) | (557621546) | (11050000) | (572040001) |
|  | 14250000 | $688016139 | 9450000 | $490785692 |
|  Aaa - A Rated Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 11250000 | $559589549 | 6650000 | $378876822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14950000) | (715166498) | (11500000) | (652850617) |
|  | (3700000) | $(155576949) | (4850000) | $(273973795) |
|  BB Rated Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6350000 | $287526706 | 1500000 | $77463262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (650000) | (30777808) | (1150000) | (59877145) |
|  | 5700000 | $256748898 | 350000 | $17586117 |
|  Convertible Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 17350000 | $1320324630 | 14850000 | $1483986664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10050000) | (806767555) | (6750000) | (663473631) |
|  | 7300000 | $513557075 | 8100000 | $820513033 |
|  Floating Rate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 61800000 | $3125726196 | 39500000 | $2005059788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (17400000) | (874654600) | (11800000) | (598696744) |
|  | 44400000 | $2251071596 | 27700000 | $1406363044 |
|  USD Green Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1900000 | $95766234 | 1950000 | $108214385 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***11.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 125

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the six funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;iShares

&nbsp;&nbsp;&nbsp;&nbsp;iShares 0-5 Year Investment Grade Corporate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares Aaa - A Rated Corporate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares BB Rated Corporate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares Convertible Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares Floating Rate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares USD Green Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br> *Income*  |
|  Convertible Bond | $3452876 |

---

The Fund hereby designates the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br> *Capital Gain Dividends*  |
|  0-5 Year Investment Grade Corporate Bond | $3170676 |
|  BB Rated Corporate Bond | 10294 |
|  Convertible Bond | 75045375 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Foreign Source* <br> *Income Earned*  |
|  USD Green Bond | $3189715 |

---

The Funds hereby designates the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation* <br> *Interest*  |
|  0-5 Year Investment Grade Corporate Bond | $2016 |
|  Aaa - A Rated Corporate Bond | 612 |
|  BB Rated Corporate Bond | 504 |
|  Convertible Bond | 1694 |
|  Floating Rate Bond | 35671 |
|  USD Green Bond | 234 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received*<br> *Deduction* |
|  Convertible Bond | 11.84% |

---

The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  0-5 Year Investment Grade Corporate Bond | $44182049 |
|  Aaa - A Rated Corporate Bond | 24871669 |
|  BB Rated Corporate Bond | 6599315 |
|  Convertible Bond | 26635576 |
|  Floating Rate Bond | 114495776 |
|  USD Green Bond | 5262066 |

---

I M P O R T A N T T A X I N F O R M A T I O N 127

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Important Tax Information (unaudited) (continued)

The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related* <br> *Dividends*  |
|  0-5 Year Investment Grade Corporate Bond | $38485214 |
|  Aaa - A Rated Corporate Bond | 21491250 |
|  BB Rated Corporate Bond | 6477858 |
|  Convertible Bond | 26635576 |
|  Floating Rate Bond | 71403591 |
|  USD Green Bond | 2595716 |

---

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Board Review and Approval of Investment Advisory Contract

**iShares 0-5Year Investment Grade Corporate Bond ETF, iShares Aaa - A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Convertible Bond ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 129

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U. S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**iShares Floating Rate Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 131

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares USD Green Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 133

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* |
|  0-5 Year Investment Grade Corporate Bond | $0.818518 | $0.069093 | $— | $0.887611 | 92% | 8% | — % | 100% |
|  Aaa - A Rated Corporate Bond | 1.195701 |  |  | 1.195701 | 100 |  |  | 100 |
|  BB Rated Corporate Bond<sup>(a)</sup> | 2.119198 | 0.161986 | 0.000013 | 2.281197 | 93 | 7 | 0 <sup>(b)</sup> | 100 |
|  Convertible Bond | 1.298892 | 5.851040 |  | 7.149932 | 18 | 82 |  | 100 |
|  Floating Rate Bond | 0.524591 |  |  | 0.524591 | 100 |  |  | 100 |
|  USD Green Bond | 1.250009 |  |  | 1.250009 | 100 |  |  | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

S U P P L E M E N T A L I N F O R M A T I O N 135

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> <br> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup><br> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

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<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

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| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

---

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 137

------

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

138 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 139

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGM | Assured Guaranty Municipal Corp. |
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

140 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1004-1022

---

| | |
|:---|:---|
| ![LOGO](g393618g014a.jpg)  | ![LOGO](g393618g014b.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g394369g24u50.jpg)  | **OCTOBER 31, 2022** |

---

<br> **2022 Annual Report**<br>

**iShares Trust** 

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

· iShares CMBS ETF \| CMBS \| NYSE Arca

· iShares GNMA Bond ETF \| GNMA \| NASDAQ

· iShares TIPS Bond ETF \| TIP \| NYSE Arca

· iShares Treasury Floating Rate Bond ETF \| TFLO \| NYSE Arca

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

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g394369sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g394369photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | <br> *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities (MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br> (Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br> (Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx394369_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx394369_2) | 4 |
|  [Fund Summary](#tx394369_3) | 5 |
|  [About Fund Performance](#tx394369_4) | 17 |
|  [Disclosure of Expenses](#tx394369_5) | 17 |
|  [Schedules of Investments](#tx394369_6) | 18 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx394369_7) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx394369_8) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx394369_9) | 42 |
|  [Financial Highlights](#tx394369_10) | 45 |
|  [Notes to Financial Statements](#tx394369_11) | 51 |
|  [Report of Independent Registered Public Accounting Firm](#tx394369_12) | 60 |
|  [Important Tax Information](#tx394369_13) | 61 |
|  [Board Review and Approval of Investment Advisory Contract](#tx394369_14) | 62 |
|  [Supplemental Information](#tx394369_15) | 72 |
|  [Trustee and Officer Information](#tx394369_16) | 74 |
|  [General Information](#tx394369_17) | 77 |
|  [Glossary of Terms Used in this Report](#tx394369_18) | 78 |

---

------

Market Overview

**iShares Trust** 

**U.S. Bond Market Overview** 

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors' increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed's decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year TIPS Bond ETF** |

---

**Investment Objective** 

The **iShares 0-5 Year TIPS Bond ETF (the "Fund")** seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years, as represented by the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (2.51)% | 2.57% | 1.34% | (2.51)% | 13.50% | 14.28% |
|  Fund Market | (2.55) | 2.56 | 1.34 | (2.55) | 13.48 | 14.24 |
|  Index | (2.55) | 2.52 | 1.37 | (2.55) | 13.24 | 14.59 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g394369sp0051.jpg)

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

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |
| <br>| *Beginning* <br> *Account Value* <br> *(05/01/22)*  | <br>| *Ending*<br> *Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During<br>the Period* | <br> *<br><sup>(a)</sup>*  | <br> **<br>| *Beginning*<br> *Account Value<br>(05/01/22)* | *Ending*<br> *Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During<br>the Period* | *Annualized<br>Expense*<br> *Ratio* | ** <br>|
|  | $1000.00 |  | $973.70 | $0.15 |  |  | $1000.00 | $1025.10 | $0.15 | 0.03 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **0-5 Year TIPS Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market including U.S. Treasury inflation-protected securities ("TIPS") experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first ten months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.75% to 4.0%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Performance for TIPS is influenced both by the direction of interest rates and changes in inflation expectations. The five-year "breakeven" inflation rate for TIPS, which measures expectations for annualized inflation five years from the present, declined slightly during the reporting period, finishing at 2.67% (source: St. Louis Fed). The rise in Treasury yields pressured TIPS performance in absolute terms, most notably for longer-maturity TIPS which are more interest rate sensitive.

**Portfolio Information** 

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of* <br> *Total Investments*<sup>(a)</sup> |
|  0-1 Year | 17.8% |
|  1-2 Years | 21.5 |
|  2-3 Years | 22.6 |
|  3-4 Years | 20.7 |
|  4-5 Years | 17.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **FIVE LARGEST HOLDINGS** | **FIVE LARGEST HOLDINGS** | **FIVE LARGEST HOLDINGS** |  |
| *Security* | <br>| *Percent of* <br> *Total Investments<sup>(a)</sup>* | <br>|
|  U.S. Treasury Inflation-Indexed Bonds,<br>0.13%, 04/15/25 |  | 8.7% |  |
|  U.S. Treasury Inflation-Indexed Bonds,<br>0.13%, 01/15/23 |  | 8.2 |  |
|  U.S. Treasury Inflation-Indexed Bonds,<br>0.63%, 04/15/23 |  | 7.7 |  |
|  U.S. Treasury Inflation-Indexed Bonds,<br>0.13%, 04/15/26 |  | 7.2 |  |
|  U.S. Treasury Inflation-Indexed Bonds,<br>0.13%, 04/15/27 |  | 6.8 |  |

---

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF** |

---

**Investment Objective** 

The **iShares CMBS ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (13.75)% | (0.06)% | 1.05% | (13.75)% | (0.29)% | 10.99% |
|  Fund Market | (14.02) | (0.07) | 1.04 | (14.02) | (0.36) | 10.94 |
|  Index | (13.44) | 0.23 | 1.35 | (13.44) | 1.14 | 14.33 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g394369sp07.jpg)

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning <br>Account Value <br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $939.10 | $1.22 | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.90 | $1.28 | 0.25% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **CMBS ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market including commercial mortgage-backed securities ("CMBS") experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. In addition, the yield curve became inverted as the market anticipated recession driven by tighter financial conditions.

Against this backdrop of rising rates and recession fears, CMBS issuance declined dramatically relative to the historically high volumes seen in 2021 and early 2022. Performance across property types varied between the pandemic winners and losers. Pandemic losers, such as hotel and retail properties, continued to experience elevated delinquencies relative to the pandemic winners such as industrial and multifamily properties. That said, certain segments are seeing improvement mainly driven by leisure and corporate travel returning to more normalized levels. The office sector remains an area of concern as remote work policies are being implemented which is resulting in lower demand for office space.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |  |
| *Moody's Credit Rating<sup>\*</sup>* | <br>| *Percent of* <br> *Total Investments*<sup>(a)</sup> | <br>|
|  Aaa |  | 67.7% |  |
|  Aa |  | 4.1 |  |
|  A |  | 0.8 |  |
|  Baa |  | 0.5 |  |
|  Not Rated |  | 26.9 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |  |
| *Maturity* | <br>| *Percent of* <br> *Total Investments*<sup>(a)</sup> | <br>|
|  1-5 Years |  | 12.7% |  |
|  5-10 Years |  | 29.5 |  |
|  10-15 Years |  | 2.2 |  |
|  20-25 Years |  | 6.4 |  |
|  25-30 Years |  | 30.8 |  |
|  30-35 Years |  | 12.5 |  |
|  35-40 Years |  | 3.8 |  |
|  More than 40 Years |  | 2.1 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **GNMA Bond ETF** |

---

**Investment Objective** 

The **iShares GNMA Bond ETF (the "Fund")** seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (13.42)% | (1.22)% | 0.07% | (13.42)% | (5.95)% | 0.72% |
|  Fund Market | (13.31) | (1.24) | 0.03 | (13.31) | (6.06) | 0.32 |
|  Index | (13.44) | (1.07) | 0.31 | (13.44) | (5.23) | 3.09 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g394369sp9.jpg)

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning <br>Account Value <br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $934.30 | $0.44 | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.80 | $0.46 | 0.09% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **GNMA Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market including GNMAs experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

While GNMA payments of principal and interest are guaranteed by the U.S. government, mortgage-backed securities including GNMAs typically perform best in a relatively stable interest rate environment. The upward shift in Treasury yields brought prepayments on underlying mortgages to a virtual halt, leading to extended durations and greater interest rate sensitivity for existing GNMAs. In addition, performance for lower-coupon GNMAs was negatively impacted by concerns that the Fed was prepared to begin selling its holdings of these issues in conjunction with an overall tightening of policy.

**Portfolio Information** 

---

| | | | |
|:---|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |  |
| *Maturity* | <br>| *Percent of* <br> *Total Investments*<sup>(a)</sup> | <br>|
|  5-10 Years |  | 1.7% |  |
|  10-15 Years |  | 0.4 |  |
|  15-20 Years |  | 1.1 |  |
|  20-25 Years |  | 14.8 |  |
|  25-30 Years |  | 72.5 |  |
|  30-35 Years |  | 9.5 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **FIVE LARGEST HOLDINGS** | **FIVE LARGEST HOLDINGS** | **FIVE LARGEST HOLDINGS** |  |
| *Security* | <br>| *Percent of* <br> *Total Investments*<sup>(a)</sup> | <br>|
|  Government National Mortgage Association,<br>2.00%, 12/20/51 |  | 15.1% |  |
|  Government National Mortgage Association,<br>2.50%, 08/20/51 |  | 5.6 |  |
|  Government National Mortgage Association,<br>2.50%, 07/20/51 |  | 5.3 |  |
|  Government National Mortgage Association,<br>2.00%, 02/20/51 |  | 4.0 |  |
|  Government National Mortgage Association,<br>2.50%, 08/20/50 |  | 3.2 |  |

---

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **TIPS Bond ETF** |

---

The **iShares TIPS Bond ETF (the "Fund")** seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (11.62)% | 1.98% | 0.87% | (11.62)% | 10.30% | 9.10% |
|  Fund Market | (11.56) | 1.99 | 0.90 | (11.56) | 10.38 | 9.34 |
|  Index | (11.47) | 2.16 | 1.02 | (11.47) | 11.28 | 10.66 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g394369gra0011.jpg)

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

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |  |
| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920.70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |  | 0.19 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **TIPS Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market including U.S. Treasury inflation-protected securities ("TIPS") experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first ten months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.75% to 4.0%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Performance for TIPS is influenced both by the direction of interest rates and changes in inflation expectations. The five-year "breakeven" inflation rate for TIPS, which measures expectations for annualized inflation five years from the present, declined slightly during the reporting period, finishing at 2.67% (source: St. Louis Fed). The rise in Treasury yields pressured TIPS performance in absolute terms, most notably for longer-maturity TIPS which are more interest rate sensitive.

**Portfolio Information** 

**MATURITY ALLOCATION** 

---

| | |
|:---|:---|
| *Maturity* | *Percent of* <br> *Total Investments*<sup>(a)</sup> |
|  1-5 Years | 51.8% |
|  5-10 Years | 34.6 |
|  15-20 Years | 2.8 |
|  20-25 Years | 7.1 |
|  25-30 Years | 3.7 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of <br>Total Investments<sup>(a)</sup>* |
|  U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26 | 5.9% |
|  U.S. Treasury Inflation-Indexed Bonds, 0.50%, 04/15/24 | 5.3 |
|  U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25 | 5.0 |
|  U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/30 | 4.2 |
|  U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/31 | 3.8 |

---

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Treasury Floating Rate Bond ETF** |

---

**Investment Objective** 

The **iShares Treasury Floating Rate Bond ETF(the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since* <br> *Inception*  | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | 1.22% | 1.15% | 0.81% | 1.22% | 5.88% | 7.29% |
|  Fund Market | 1.27 | 1.15 | 0.81 | 1.27 | 5.91 | 7.35 |
|  Index | 1.37 | 1.29 | 0.92 | 1.37 | 6.61 | 8.32 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g394369gra0013.jpg)

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

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

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |  |
| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $1000.00 |  |  | $1009.80 | $0.76 |  |  | $1000.00 |  | $1024.40 | $0.77 |  | 0.15 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Treasury Floating Rate Bond ETF** |

---

**Portfolio Management Commentary** 

While most major segments of the fixed-income market experienced steeply negative returns over the 12-month period against the backdrop of hawkish monetary policy and rising Treasury yields, returns for Treasury Floating Rate Notes ("FRNs") were positive for the period.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first ten months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.75% to 4.0%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Treasury FRNs are issued with maturities of two years and coupons that reset periodically based on the three-month Treasury bill rate. As a result, prices for FRNs are relatively unimpacted by the direction of market interest rates. Moreover, FRN performance benefits from increases in short-term Treasury yields.

**Portfolio Information** 

**MATURITY ALLOCATION** 

---

| | |
|:---|:---|
| *Maturity* | *Percent of* <br> *Total Investments*<sup>(a)</sup> |
|  0-1 Year | 47.1% |
|  1-2 Years | 52.9 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of* <br> *Total Investments<sup>(a)</sup>* |
|  U.S. Treasury Floating Rate Note, 4.07%, 07/31/23 | 21.3% |
|  U.S. Treasury Floating Rate Note, 3.95%, 10/31/24 | 19.9 |
|  U.S. Treasury Floating Rate Note, 4.09%, 01/31/23 | 16.6 |
|  U.S. Treasury Floating Rate Note, 4.08%, 07/31/24 | 14.9 |
|  U.S. Treasury Floating Rate Note, 3.97%, 04/30/24 | 10.0 |

---

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **U.S. Treasury Bond ETF** |

---

**Investment Objective** 

The **iShares U.S. Treasury Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core Bond Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (14.21)% | (0.60)% | 0.27% | (14.21)% | (2.98)% | 2.73% |
|  Fund Market | (14.21) | (0.58) | 0.28 | (14.21) | (2.87) | 2.88 |
|  Index | (14.07) | (0.48) | 0.38 | (14.07) | (2.37) | 3.85 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g394369gra0015.jpg)

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

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

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |  |
| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $1000.00 |  |  | $935.90 | $0.24 |  |  | $1000.00 |  | $1025.00 | $0.26 |  | 0.05 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **U.S. Treasury Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market including U.S. Treasuries experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first ten months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.75% to 4.0%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

**Portfolio Information** 

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of* <br> *Total Investments*<sup>(a)</sup> |
|  1-5 Years | 50.2% |
|  5-10 Years | 31.9 |
|  10-15 Years | 0.4 |
|  15-20 Years | 1.8 |
|  More than 20 Years | 15.7 |

---

---

| | |
|:---|:---|
| **FIVE LARGEST HOLDINGS** | **FIVE LARGEST HOLDINGS** |
| *Security* | *Percent of <br>Total Investments<sup>(a)</sup>* |
|  U.S. Treasury Note/Bond, 0.25%, 05/15/24 | 6.7% |
|  U.S. Treasury Note/Bond, 3.13%, 11/15/28 | 5.3 |
|  U.S. Treasury Note/Bond, 1.38%, 11/15/31 | 5.0 |
|  U.S. Treasury Note/Bond, 2.63%, 02/15/29 | 4.2 |
|  U.S. Treasury Note/Bond, 1.88%, 02/15/51 | 3.7 |

---

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 17

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year TIPS Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 99.5%** | **U.S. Government Obligations — 99.5%** | **U.S. Government Obligations — 99.5%** |
|  U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/23 | $996405 | $994251045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/24 | 770678 | 750998622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/24 | 703144 | 682422728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/25 | 1090016 | 1045713148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/25 | 652321 | 623907068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/26 | 918871 | 867200733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/26 | 733783 | 693850537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/26 | 800972 | 754147469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/27 | 882620 | 823855086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/25 | 697687 | 674030955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/23 | 218140 | 216377488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/25 | 374507 | 361938506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/27 | 594386 | 562064934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/27 | 449907 | 425023833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/24 | 403882 | 395417503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/15/23 | 938105 | 932204711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/24 | 791308 | 778544071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/26 | 173132 | 166979333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/15/27 | 269734 | 270345182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/26 | 13499 | 13576802 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 | $| &nbsp;&nbsp;&nbsp;&nbsp;20895 | $21122958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/27 |  | 13061 | 13392079 |
|  |  |  | 12067364791 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $12,913,482,122)** |  |  | 12067364791 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> |  | 29880 | 29880000 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $29,880,000)** |  |  | 29880000 |
|  **Total Investments — 99.8%<br>(Cost: $12,943,362,122)** |  |  | 12097244791 |
|  **Other Assets Less Liabilities — 0.2%** |  |  | 26573132 |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;12123817923 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $558699039 | $– $| (528819039)<sup>(a)</sup> | $– $– $| 29880000 | 29880 | $1316788 <sup>(b)</sup> | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $12067364791 | $— | $12067364791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 29880000 |  |  | 29880000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29880000 | $12067364791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12097244791 |

---

*See notes to financial statements.* 

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** |
| **Mortgage-Backed Securities — 58.4%** | **Mortgage-Backed Securities — 58.4%** | **Mortgage-Backed Securities — 58.4%** |
|  Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 12/15/52 (Call 12/15/29) | $1000 | $836457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/64 (Call 05/15/31) | 500 | 352098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 04/15/65<sup>(a)</sup> | 1500 | 1301930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27) | 220 | 198151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27) | 500 | 447053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27) | 260 | 247410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)<sup>(a)</sup> | 485 | 415506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 07/15/27) | 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27) | 550 | 478537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 11/15/27) | 683 | 607429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27) | 1000 | 887243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)<sup>(a)</sup> | 800 | 672577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 09/15/28) | 600 | 547491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)<sup>(a)</sup> | 500 | 450220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class B, 4.58%, 09/15/60 (Call 09/15/28)<sup>(a)</sup> | 750 | 660773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28) | 500 | 459204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 02/15/29) | 262 | 231101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/29) | 830 | 797496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 07/15/29) | 2000 | 1709148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29) | 497 | 425258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29) | 425 | 355069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3, 3.01%, 09/15/62 (Call 10/15/29) | 1000 | 844247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)<sup>(a)</sup> | 1000 | 811287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 10/15/29) | 2000 | 1665941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29) | 500 | 417882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class B, 3.21%, 10/17/52 (Call 10/15/29)<sup>(a)</sup> | 1000 | 793707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 11/15/29) | 1000 | 825498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 11/15/29) | 820 | 689696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 12/15/29) | 1000 | 889190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 02/15/29) | 2100 | 1904135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30) | 1000 | 818247 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30) | $1000 | $873512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)<sup>(a)</sup> | 250 | 190965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 04/15/30) | 1000 | 766484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30) | 500 | 378080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)<sup>(a)</sup> | 520 | 381160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ABS, 1.67%, 12/15/53 | 240 | 197853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31) | 2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31) | 244 | 190152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31) | 500 | 377354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31) | 1000 | 714192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4, 3.39%, 03/15/64 (Call 03/15/32)<sup>(a)</sup> | 1000 | 841147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class AS, 3.39%, 03/15/64 (Call 03/15/32)<sup>(a)</sup> | 1000 | 803916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27) | 1000 | 914553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)<sup>(a)</sup> | 500 | 379961 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31) | 800 | 732773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31) | 250 | 224202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 02/15/27) | 1351 | 1222388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 02/15/27) | 1000 | 915680 |
|  Barclays Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 05/15/29) | 1746 | 1543235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29) | 1000 | 844121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29) | 1000 | 834342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29) | 678 | 644873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 11/15/29) | 1000 | 848373 |
|  BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/55 (Call 02/15/32)<sup>(a)</sup> | 1500 | 1211062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27) | 1000 | 917595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C2, Class A5, 4.31%, 12/15/51 (Call 12/15/28) | 1250 | 1156733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)<sup>(a)</sup> | 250 | 212212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30) | 1500 | 1229722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class AS, 2.44%, 04/15/53 (Call 04/15/30) | 300 | 231269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30) | 1000 | 769533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A5, 2.32%, 09/15/54 | 2500 | 1924723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4, 2.42%, 11/15/54 | 2000 | 1573459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class C, 3.21%, 11/15/54<sup>(a)</sup> | 1500 | 1066199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)<sup>(a)</sup> | 250 | 202279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)<sup>(a)</sup> | 2640 | 2263394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32) | 2000 | 1786492 |

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S C H E D U L E O F I N V E S T M E N T S 19

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
|  BBCMS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31) | $1750 | $1383991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 07/15/31) | 1000 | 757440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 07/15/31) | 1000 | 713002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31) | 500 | 346445 |
|  Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/55 (Call 03/15/32) | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/55 (Call 05/15/32)<sup>(a)</sup> | 1750 | 1599539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)<sup>(a)</sup> | 1000 | 905417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)<sup>(a)</sup> | 500 | 446033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28) | 1350 | 1217931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 02/15/28)<sup>(a)</sup> | 1000 | 888538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class C, 4.24%, 02/15/51 (Call 02/15/28)<sup>(a)</sup> | 500 | 425704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28) | 1700 | 1543768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28) | 1000 | 918778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)<sup>(a)</sup> | 1023 | 940520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)<sup>(a)</sup> | 464 | 438640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B4, Class C, 4.55%, 07/15/51 (Call 07/15/28)<sup>(a)</sup> | 400 | 333941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28) | 500 | 444170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)<sup>(a)</sup>  | 400 | 360497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28) | 2000 | 1840589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28) | 1000 | 919428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)<sup>(a)</sup> | 1563 | 1428551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29) | 600 | 524039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29) | 500 | 428846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)<sup>(a)</sup> | 500 | 415786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)<sup>(a)</sup> | 500 | 394181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29) | 500 | 421356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29) | 1000 | 906574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)<sup>(a)</sup> | 250 | 212931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30) | 1990 | 1634679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 02/15/30)<sup>(a)</sup> | 1000 | 799485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)<sup>(a)</sup> | 250 | 190908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30) | 430 | 326495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30) | 450 | 320567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30) | 500 | 370419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30) | 500 | 380709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31) | 1000 | 757148 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30) | $1750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31) | 500 | 375840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 03/15/31) | 2000 | 1578691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31) | 2000 | 1582886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 04/15/31) | 650 | 537145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31) | 1500 | 1188286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31) | 500 | 384695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31) | 1000 | 872581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31) | 1000 | 773403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31) | 500 | 374964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29, Class A2, 2.02%, 09/15/54 (Call 10/15/31) | 1740 | 1515071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31) | 830 | 638958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B32, Class A5, 3.00%, 01/15/55<sup>(a)</sup> | 1000 | 807114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)<sup>(a)</sup> | 1500 | 1293129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30) | 1000 | 914938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 03/15/30) | 1000 | 793406 |
|  CCUBS Commercial Mortgage Trust,<br>Series 2017-C1, Class A4, 3.54%, 11/15/50<br>(Call 12/15/27)<sup>(a)</sup> | 1510 | 1351840 |
|  CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 02/10/27) | 230 | 209505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 02/10/27) | 750 | 668044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 02/10/27)<sup>(a)</sup> | 300 | 250637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 05/10/27)<sup>(a)</sup> | 1000 | 906243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27) | 750 | 674464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class C, 4.23%, 11/13/50 (Call 11/13/27)<sup>(a)</sup> | 500 | 430129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 08/15/28) | 550 | 522036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29) | 1000 | 835988 |
|  CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26) | 500 | 469079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26) | 1650 | 1506058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27) | 901 | 856642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)<sup>(a)</sup> | 750 | 666461 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4, 4.02%, 03/10/47 (Call 03/10/24) | 500 | 488389 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 05/10/24) | $1145 | $1110118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24) | 750 | 721269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24) | 250 | 238866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)<sup>(a)</sup> | 250 | 235260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class A4, 3.64%, 10/10/47 (Call 10/10/24) | 1000 | 956183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24) | 953 | 905653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)<sup>(a)</sup> | 100 | 94792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 01/10/25) | 2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)<sup>(a)</sup> | 250 | 229709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25) | 750 | 708976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 05/10/26) | 1500 | 1415979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 05/10/26) | 850 | 797750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 11/10/25) | 328 | 318179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26) | 356 | 335073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26) | 874 | 797469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, 2.83%, 08/10/49 (Call 08/10/26) | 1000 | 889410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 11/15/26) | 872 | 831133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26) | 1000 | 934406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 04/15/26) | 1500 | 1413671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 04/15/26) | 75 | 69084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 01/10/27)<sup>(a)</sup> | 1000 | 912231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27) | 1000 | 901953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 09/15/27) | 885 | 788188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)<sup>(a)</sup> | 750 | 667375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28) | 600 | 550716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 06/10/28)<sup>(a)</sup> | 1000 | 924954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28) | 1199 | 1111493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29) | 2000 | 1684621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29) | 750 | 613208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29) | 863 | 812989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29) | 750 | 632174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30) | 1000 | 821870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)<sup>(a)</sup> | 500 | 396206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)<sup>(a)</sup> | 234 | 182927 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
|  Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class AM, 4.72%, 08/10/50 (Call 10/10/23)<sup>(a)</sup> | $250 | $246773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 03/10/23) | 17 | 17214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 02/10/23) | 430 | 428373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR14, Class C, 4.59%, 02/10/47 (Call 01/10/24)<sup>(a)</sup> | 200 | 190446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 04/10/24) | 500 | 485602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 04/10/24) | 49 | 48193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 05/10/24) | 500 | 484728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24) | 292 | 275659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24) | 300 | 286717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24) | 438 | 422717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)<sup>(a)</sup> | 850 | 811016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29) | 250 | 234509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 12/10/24) | 675 | 650184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24) | 1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 03/10/24) | 425 | 411319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 06/10/24)<sup>(a)</sup> | 150 | 141292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29) | 250 | 240511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29) | 500 | 480078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29) | 500 | 475495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29) | 250 | 234441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24) | 730 | 701789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/28) | 834 | 794659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28) | 500 | 477419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25) | 500 | 471655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)<sup>(a)</sup> | 200 | 186206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class C, 4.07%, 03/10/48 (Call 03/10/25)<sup>(a)</sup> | 300 | 275370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25) | 500 | 471153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26) | 954 | 896232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class B, 4.43%, 08/10/48 (Call 06/10/26)<sup>(a)</sup> | 750 | 700323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)<sup>(a)</sup> | 200 | 162976 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25) | $750 | $706616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class ASB, 3.54%, 08/10/48 (Call 08/10/25) | 571 | 552534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class B, 4.52%, 08/10/48 (Call 08/10/25)<sup>(a)</sup> | 300 | 277732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25) | 750 | 708716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class B, 4.04%, 02/10/48 (Call 02/10/25)<sup>(a)</sup> | 1000 | 919712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)<sup>(a)</sup> | 250 | 228171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/27) | 1000 | 944554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26) | 500 | 472384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25) | 1000 | 941859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 06/10/25) | 96 | 93889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class C, 4.60%, 02/10/49 (Call 01/10/26)<sup>(a)</sup> | 604 | 545746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26) | 367 | 345132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26) | 750 | 686790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 02/10/26) | 650 | 627808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class C, 4.66%, 02/10/49 (Call 02/10/26)<sup>(a)</sup> | 250 | 225075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 09/10/27)<sup>(a)</sup> | 750 | 649701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 05/10/28) | 750 | 688887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 05/10/28)<sup>(a)</sup> | 500 | 438989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 05/10/28)<sup>(a)</sup> | 500 | 415783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29) | 1000 | 829501 |
|  CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25) | 500 | 474105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)<sup>(a)</sup> | 435 | 408136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25) | 500 | 471163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 08/15/25) | 650 | 612941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class A3, 3.54%, 11/15/48 (Call 11/15/25) | 1489 | 1397666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25) | 1464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class D, 3.56%, 11/15/48 (Call 11/15/25)<sup>(a)</sup> | 250 | 213442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class C, 4.64%, 11/15/48 (Call 11/15/25)<sup>(a)</sup> | 750 | 688912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 05/15/26)<sup>(a)</sup> | 350 | 311849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 11/15/26) | 193 | 179604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 11/15/26)<sup>(a)</sup> | 1000 | 907720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27) | 1000 | 901132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)<sup>(a)</sup> | 1000 | 917222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29) | $1045 | $1011610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29) | 1400 | 1262843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29) | 1000 | 861907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29) | 2000 | 1673871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29) | 500 | 441796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30) | 500 | 403915 |
|  DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28) | 1400 | 1298431 |
|  DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26) | 1000 | 918553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26) | 385 | 366454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 04/10/26)<sup>(a)</sup> | 1160 | 1026422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 3.32%, 05/10/49 (Call 04/10/26)<sup>(a)</sup> | 468 | 396375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27) | 561 | 540393 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/25/31<sup>(a)</sup> | 983 | 828286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 12/25/31<sup>(a)</sup> | 1000 | 779471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/25/31 | 1000 | 844370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M1, Class A2, 2.94%, 01/25/26<sup>(a)</sup> | 807 | 761875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M10, Class AV2, 3.00%, 11/25/45 | 500 | 386536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M12, Class AV2, 2.31%, 10/25/23 | 260 | 257224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M5, Class A2, 2.47%, 04/25/26 | 1000 | 924043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M1, Class A2, 2.41%, 10/25/26<sup>(a)</sup> | 786 | 719737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M14, Class A2, 2.87%, 11/25/27<sup>(a)</sup> | 1811 | 1662352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.16%, 11/25/27<sup>(a)</sup> | 457 | 442177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M14, Class A2, 3.58%, 08/25/28<sup>(a)</sup> | 409 | 383766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M12, Class A2, 2.89%, 06/25/29<sup>(a)</sup> | 1175 | 1042615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M25, Class A2, 2.33%, 11/25/29<sup>(a)</sup> | 1690 | 1440559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M1, Class A1, 2.15%, 10/25/29 | 1568 | 1445419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M1, Class A2, 2.44%, 10/25/29 | 4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M14, Class A2, 1.78%, 05/25/30 | 1000 | 803840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M20, Class A2, 1.44%, 10/25/29 | 250 | 198270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M5, Class A3, 2.19%, 01/25/30 | 1000 | 832859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M8, Class A2, 1.82%, 02/25/30 | 100 | 81315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M19, Class A2, 1.74%, 10/25/31<sup>(a)</sup> | 2000 | 1539230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M4, Class A2, 1.46%, 02/25/31<sup>(a)</sup> | 2500 | 1911110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M3, Class A2, 1.71%, 11/25/31<sup>(a)</sup> | 2000 | 1523904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4, Class A2, 2.29%, 05/25/30<sup>(a)</sup> | 1800 | 1508043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series2019-M6, Class A2, 3.45%, 01/01/29 | 577 | 538636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise 2015-M15, Class A2, 2.92%, 10/25/25<sup>(a)</sup> | 653 | 619868 |
|  GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GCJ9, Class AS, 3.12%, 11/10/45 | 32 | 31542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23) | 150 | 148079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)<sup>(a)</sup> | 100 | 97003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24) | 650 | 626958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 04/10/24) | 400 | 389899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)<sup>(a)</sup> | 250 | 236222 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC22, Class A5, 3.86%, 06/10/47 (Call 06/10/24) | $1640 | $1585705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 06/10/24) | 250 | 239221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 09/10/24) | 216 | 211697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24) | 1485 | 1408914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25) | 215 | 208773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)<sup>(a)</sup> | 500 | 467727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 07/10/25) | 545 | 512717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class C, 4.41%, 07/10/48 (Call 07/10/25)<sup>(a)</sup> | 804 | 722439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 10/10/25) | 1500 | 1398906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25) | 1500 | 1397738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 05/10/26) | 1170 | 1063867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 10/10/26) | 1291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 10/10/26) | 780 | 697204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)<sup>(a)</sup> | 39 | 35559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27) | 1000 | 870145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27) | 1000 | 892073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 08/10/27) | 500 | 442235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)<sup>(a)</sup> | 1000 | 915437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29) | 750 | 677162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 07/10/29) | 1131 | 966742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class C, 3.80%, 11/10/52 (Call 11/10/29)<sup>(a)</sup> | 500 | 386873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30) | 775 | 632576 |
|  JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25) | 1000 | 938825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)<sup>(a)</sup> | 750 | 693946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26) | 1000 | 875542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)<sup>(a)</sup> | 108 | 94643 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class AS, 4.41%, 08/15/46 (Call 08/15/23)<sup>(a)</sup> | 150 | 148073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 08/15/23)<sup>(a)</sup> | 500 | 488782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C15, Class B, 4.93%, 11/15/45 (Call 10/15/23)<sup>(a)</sup> | 200 | 196054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C15, Class C, 5.18%, 11/15/45 (Call 10/15/23)<sup>(a)</sup> | 110 | 107556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 01/15/24) | $490 | $480081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C17, Class C, 4.88%, 01/15/47 (Call 01/15/24)<sup>(a)</sup> | 100 | 95929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29) | 1400 | 1362789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 01/15/29)<sup>(a)</sup> | 1200 | 1160852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class B, 4.79%, 02/15/47 (Call 01/15/29)<sup>(a)</sup> | 225 | 215418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 01/15/25)<sup>(a)</sup> | 200 | 188748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 07/15/24) | 510 | 492386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24) | 500 | 481950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24) | 119 | 116554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26) | 1006 | 968098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 03/15/26)<sup>(a)</sup> | 200 | 178484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26) | 1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 02/15/26) | 140 | 136958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 11/15/24) | 232 | 220028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)<sup>(a)</sup> | 185 | 173821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26) | 500 | 463229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25) | 803 | 755806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 04/15/25) | 215 | 208152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 06/15/28) | 251 | 243266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 06/15/28)<sup>(a)</sup> | 250 | 229553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)<sup>(a)</sup> | 635 | 595916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25) | 946 | 897460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25) | 1000 | 941845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26) | 822 | 764215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class B, 4.74%, 03/17/49 (Call 02/15/26)<sup>(a)</sup> | 450 | 415546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 4.74%, 03/17/49 (Call 02/15/26)<sup>(a)</sup> | 400 | 360750 |
|  JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)<sup>(a)</sup> | 650 | 584001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27) | 112 | 105764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27) | 300 | 272596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27) | 400 | 354144 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27) | $1000 | $902491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29) | 324 | 312440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 06/13/29) | 1200 | 1042893 |
|  JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26) | 1000 | 913124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)<sup>(a)</sup> | 750 | 651715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27) | 1100 | 1011537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 11/15/27) | 1196 | 1140931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27) | 1050 | 943608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28) | 561 | 519143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 11/13/29) | 955 | 803290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30) | 539 | 417570 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)<sup>(a)</sup> | 205 | 202580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 07/15/23) | 7 | 6943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24) | 500 | 483462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)<sup>(a)</sup> | 100 | 93914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25) | 1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26) | 1023 | 917072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26) | 700 | 613688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)<sup>(a)</sup> | 1090 | 999992 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 06/15/28)<sup>(a)</sup> | 14 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 08/15/23) | 312 | 308038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/28)<sup>(a)</sup> | 230 | 217475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/15/23) | 200 | 197236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C8, Class B, 3.64%, 12/15/48 (Call 02/15/23)<sup>(a)</sup> | 200 | 198044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 02/15/24) | 733 | 716776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 02/15/24)<sup>(a)</sup> | 200 | 195592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class B, 4.87%, 02/15/47 (Call 02/15/24)<sup>(a)</sup> | 200 | 194198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24) | 60 | 59116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 06/15/26) | 500 | 484590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24) | 2220 | 2141537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26) | 329 | 314014 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26) | $1150 | $1108347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 10/15/26) | 1275 | 1216192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26) | 500 | 466836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31) | 901 | 845596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25) | 1000 | 937726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class C, 4.20%, 04/15/48 (Call 04/15/25)<sup>(a)</sup> | 250 | 217146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25) | 730 | 686279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25) | 1000 | 941577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25) | 336 | 316903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25) | 950 | 888304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25) | 318 | 306195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25) | 1373 | 1288493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28) | 1000 | 927686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26) | 500 | 446889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26) | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27) | 1000 | 918613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27) | 261 | 247266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 05/15/27) | 1100 | 1001902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27) | 1000 | 901924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27) | 500 | 444933 |
|  Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27) | 2010 | 1806350 |
|  Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)<sup>(a)</sup> | 500 | 472906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25) | 250 | 228945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 11/15/26) | 1250 | 1120903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26) | 1000 | 891264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26) | 983 | 898133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26) | 1500 | 1371645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27) | 1000 | 905732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28) | 500 | 457597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29) | 1000 | 855918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30) | 1120 | 863823 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30) | $1500 | $1225372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31) | 145 | 120540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)<sup>(a)</sup> | 1500 | 1311572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331827 |
|  SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26) | 1000 | 897568 |
|  UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 08/15/27) | 1000 | 903483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)<sup>(a)</sup> | 500 | 443495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33) | 1000 | 900147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28) | 1325 | 1212024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)<sup>(a)</sup> | 750 | 660900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 04/15/29) | 1592 | 1377825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 10/15/29) | 1000 | 831011 |
|  Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/51 (Call 08/15/28) | 1623 | 1488322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC12, Class AS, 4.30%, 07/15/46 (Call 07/15/23)<sup>(a)</sup> | 473 | 458599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25) | 820 | 764699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25) | 1000 | 942417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)<sup>(a)</sup> | 330 | 300593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 05/15/25) | 500 | 470853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)<sup>(a)</sup> | 250 | 232902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25) | 817 | 769282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25) | 269 | 260958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 11/15/25) | 500 | 469799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)<sup>(a)</sup> | 1000 | 926813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)<sup>(a)</sup> | 450 | 404994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20, Class A3, 3.09%, 04/15/50 | 600 | 584087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25) | 750 | 687657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25) | 1000 | 943086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 07/15/25)<sup>(a)</sup> | 750 | 708028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26) | 718 | 692013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26) | 1000 | 924196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26) | 1000 | 911159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 07/15/26) | 1000 | 899686 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26) | $500 | $439505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26) | 1680 | 1508062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class B, 4.34%, 12/15/59 (Call 11/15/26)<sup>(a)</sup> | 198 | 176642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25) | 1920 | 1803792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26) | 500 | 435106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27) | 487 | 437582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27) | 1000 | 902220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27) | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27) | 950 | 896712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27) | 500 | 420356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27) | 1250 | 1123593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)<sup>(a)</sup> | 500 | 439160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28) | 1250 | 1138857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 05/15/28) | 1000 | 923499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)<sup>(a)</sup> | 350 | 314861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28) | 500 | 447681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28) | 1250 | 1161411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C47, Class ASB, 4.37%, 09/15/61 (Call 10/15/28) | 1625 | 1546688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28) | 1010 | 929943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29) | 1625 | 1468159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)<sup>(a)</sup> | 665 | 563235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 05/15/29) | 750 | 663009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29) | 1000 | 866306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29) | 492 | 415762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29) | 1400 | 1178154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 02/15/30) | 1000 | 817196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30) | 500 | 430259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class B, 3.74%, 06/15/53 (Call 04/15/30)<sup>(a)</sup> | 345 | 280421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class C, 3.74%, 06/15/53 (Call 04/15/30)<sup>(a)</sup> | 800 | 617892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30) | 1919 | 1489809 |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30) | $| 1000 | $| 763207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31) |  | 1000 |  | 791176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31) |  | 459 |  | 389414 |
|  WFRBS Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C10, Class AS, 3.24%, 12/15/45 |  | 250 |  | 243846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)<sup>(a)</sup> |  | 110 |  | 107237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 06/15/23)<sup>(a)</sup> |  | 500 |  | 470811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 01/15/24) |  | 419 |  | 406986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 03/15/24)<sup>(a)</sup> |  | 712 |  | 698375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class A4, 3.83%, 03/15/47 (Call 03/15/24) |  | 285 |  | 278965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)<sup>(a)</sup> |  | 300 |  | 284853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24) |  | 972 |  | 929659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24) |  | 400 |  | 383318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)<sup>(a)</sup> |  | 480 |  | 456856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 11/15/24) |  | 100 |  | 95348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24) |  | 1050 |  | 1001844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24) |  | 950 |  | 928021 |
|  |  |  |  | 342368885 |
|  **Total Collaterized Mortgage Obligations — 58.4%<br>(Cost: $400,031,772)** | **Total Collaterized Mortgage Obligations — 58.4%<br>(Cost: $400,031,772)** | **Total Collaterized Mortgage Obligations — 58.4%<br>(Cost: $400,031,772)** |  | &nbsp;&nbsp;&nbsp;&nbsp;342368885 |
|  **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 41.0%** | **Mortgage-Backed Securities — 41.0%** | **Mortgage-Backed Securities — 41.0%** | **Mortgage-Backed Securities — 41.0%** | **Mortgage-Backed Securities — 41.0%** |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-M6, Class 1A2, 3.35%, 02/25/43<sup>(a)</sup> |  | 296 |  | 277438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M11, Class 1A, 3.12%, 08/25/24<sup>(a)</sup> |  | 604 |  | 588711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M11, Class 2A, 3.29%, 08/25/26<sup>(a)</sup> |  | 560 |  | 531140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M13, Class A2, 3.02%, 08/25/24<sup>(a)</sup> |  | 102 |  | 98843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M3, Class A2, 3.50%, 01/25/24<sup>(a)</sup> |  | 280 |  | 276850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M4, Class A2, 3.35%, 03/25/24<sup>(a)</sup> |  | 375 |  | 368570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M1, Class A2, 2.53%, 09/25/24 |  | 506 |  | 487977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M11, Class A2, 2.85%, 04/25/25<sup>(a)</sup> |  | 725 |  | 692329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M13, Class A2, 2.70%, 06/25/25<sup>(a)</sup> |  | 696 |  | 659689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M2, Class A, 2.62%, 12/25/24 |  | 324 |  | 309561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M8, Class A2, 2.90%, 01/25/25<sup>(a)</sup> |  | 1125 |  | 1077977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M6, Class A2, 2.49%, 05/25/26 |  | 274 |  | 253265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M9, Class A2, 2.29%, 06/25/26 |  | 2000 |  | 1836966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Class A2, 2.96%, 09/25/27<sup>(a)</sup> |  | 935 |  | 866555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M11, Class A2, 2.98%, 08/25/29 |  | 1000 |  | 894102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M15, Class AV2, 2.57%, 11/25/24<sup>(a)</sup> |  | 629 |  | 607586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M2, Class A2, 2.76%, 02/25/27<sup>(a)</sup> |  | 2248 |  | 2080509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M3, Class A2, 2.47%, 12/25/26<sup>(a)</sup> |  | 645 |  | 590093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M4, Class A2, 2.55%, 12/25/26<sup>(a)</sup> |  | 723 |  | 662676 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M7, Class A2, 2.96%, 02/25/27<sup>(a)</sup> | $948 | $882017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M8, Class A2, 3.06%, 05/25/27<sup>(a)</sup> | 2181 | 2031817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M1, Class A2, 2.99%, 12/25/27<sup>(a)</sup> | 755 | 697823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A2, 3.36%, 07/25/28<sup>(a)</sup> | 2382 | 2216769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M13, Class A2, 3.74%, 09/25/30<sup>(a)</sup> | 84 | 77786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M7, Class A2, 3.04%, 03/25/28<sup>(a)</sup> | 760 | 699231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M1, Class A2, 3.55%, 09/25/28<sup>(a)</sup> | 2701 | 2531853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M2, Class A2, 3.63%, 11/25/28<sup>(a)</sup> | 1852 | 1740059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M5, Class A2, 3.27%, 02/25/29 | 2450 | 2257931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M7, Class A2, 3.14%, 04/25/29 | 2584 | 2339054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M9, Class A2, 2.94%, 06/25/29 | 1792 | 1609234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M5, Class A2, 2.21%, 01/25/30 | 2496 | 2107893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | 2000 | 1544780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1, Class A2, 1.67%, 10/25/31<sup>(a)</sup> | 3000 | 2284412 |
|  Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 05/25/30 (Call 06/25/30) | 1000 | 772536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 09/25/28 (Call 10/25/28) | 1150 | 983602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 04/25/55 (Call 09/25/29)<sup>(a)</sup> | 3000 | 2560868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/25/54 (Call 02/25/32) | 165 | 132243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/25/32 (Call 05/25/32) | 1000 | 811873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 06/25/54 (Call 07/25/32) | 3500 | 2953981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/25/32 (Call 06/25/32)<sup>(a)</sup> | 2500 | 2122397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/25/32 (Call 08/25/32)<sup>(a)</sup> | 2000 | 1770820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A1, 2.55%, 05/25/31 (Call 02/25/32) | 2248 | 1965105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A2, 2.25%, 02/25/32 (Call 02/25/32) | 2500 | 2004014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24) | 750 | 738634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K038, Class A2, 3.39%, 03/25/24 (Call 05/25/24) | 500 | 490062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24) | 263 | 256253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24) | 1120 | 1087094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24) | 1250 | 1210887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25) | 1000 | 961783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25) | 2346 | 2243913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25) | 1785 | 1714637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25) | 173 | 168978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25) | 1800 | 1714906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)<sup>(a)</sup> | 2000 | 1918614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25) | 2630 | 2518356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26) | 800 | 761278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26) | 2200 | 2081590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26) | 700 | 656146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26) | 1500 | 1398456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26) | 174 | 168300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class A2, 2.53%, 05/25/26 (Call 06/25/26) | 1725 | 1596437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26) | 1725 | 1595300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26) | 1527 | 1410287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)<sup>(a)</sup> | 1780 | 1671434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26) | 1046 | 987533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)<sup>(a)</sup> | 1300 | 1229307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27) | 1000 | 946345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)<sup>(a)</sup> | 1345 | 1273214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27) | 659 | 633632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27) | 325 | 304787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27) | 2570 | 2408373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27) | 755 | 724233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27) | 1600 | 1491778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27) | 1000 | 933467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)<sup>(a)</sup> | 1000 | 930454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class A1, 3.03%, 04/25/27 (Call 12/25/27) | 1537 | 1475845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)<sup>(a)</sup> | 1541 | 1438734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28) | 1500 | 1397832 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27) | $1000 | $937938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28) | 2397 | 2235786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28) | 871 | 842044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28) | 1000 | 942974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)<sup>(a)</sup> | 1000 | 944700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28) | 979 | 947176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28) | 2025 | 1934254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)<sup>(a)</sup> | 1000 | 952357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28) | 1140 | 1085169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28) | 2100 | 2004029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)<sup>(a)</sup> | 1700 | 1620798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)<sup>(a)</sup> | 1500 | 1426967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)<sup>(a)</sup> | 2310 | 2198236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)<sup>(a)</sup> | 1195 | 1144096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)<sup>(a)</sup> | 1000 | 940627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)<sup>(a)</sup> | 1000 | 954702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)<sup>(a)</sup> | 1725 | 1632790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29) | 1571 | 1479524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29) | 330 | 315094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29) | 2010 | 1883306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29) | 2275 | 2158725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29) | 1400 | 1302032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29) | 2017 | 1867211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29) | 2010 | 1836139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29) | 2420 | 2154080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30) | 2675 | 2363204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29) | 1215 | 1053078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29) | 964 | 868733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class A2, 2.51%, 07/25/29 (Call 12/25/29) | 2250 | 1946801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29) | 500 | 430144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29) | 1000 | 871736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30) | 250 | 215485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30) | 944 | 849945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class A2, 2.54%, 10/25/29 (Call 04/25/30) | 2000 | 1725275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30) | 1220 | 1058102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30) | 3005 | 2529651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30) | 1485 | 1213411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30) | 2428 | 2095933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30) | 2250 | 1862542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30) | 3250 | 2611208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30) | 2153 | 1707244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30) | 977 | 809057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30) | 1640 | 1291525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30) | 1500 | 1164952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30) | 760 | 587714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30) | 1000 | 774759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30) | 2000 | 1546358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30) | 1500 | 1159496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30) | 1909 | 1586869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30) | 2500 | 1942344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30) | 3000 | 2342849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30) | 3200 | 2478703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31) | 1500 | 1165264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31) | 600 | 467974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31) | 2300 | 1796387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31) | 3000 | 2377002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31) | 3866 | 3121757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31) | 3000 | 2426220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31) | 1000 | 801952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31) | $2500 | $1941489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31) | 3000 | 2352856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31) | 1000 | 791803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31) | 1000 | 795980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31) | 1215 | 1016100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)<sup>(a)</sup>  | 2800 | 2237115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31) | 2000 | 1591297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)<sup>(a)</sup> | 2000 | 1653514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32) | 3000 | 2433043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K150, 3.71%, 09/25/32 | 2000 | 1806437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34) | 250 | 230628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34) | 500 | 451160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34) | 1000 | 902547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34) | 730 | 634533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34) | 450 | 373918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34) | 1015 | 815450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34) | 1000 | 803754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35) | 1825 | 1278016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35) | 500 | 351582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35) | 2500 | 1767618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31) | 1137 | 1041716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31) | 250 | 220157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36) | 2000 | 1486794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36) | 1000 | 717106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)<sup>(a)</sup> | 500 | 435220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32) | 1345 | 1184553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33) | 468 | 447842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)<sup>(a)</sup> | 500 | 448609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)<sup>(a)</sup> | 1076 | 1013760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33) | 1497 | 1444175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)<sup>(a)</sup> | 833 | 783000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)<sup>(a)</sup> | 2000 | 1837859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K725, Class A2, 3.00%, 01/25/24 (Call 05/25/24) | 989 | 967384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24) | 866 | 840879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)<sup>(a)</sup> | 1955 | 1902636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24) | 112 | 111947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)<sup>(a)</sup> | 1998 | 1940172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)<sup>(a)</sup> | 991 | 962373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26) | 1000 | 968365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26) | 1000 | 949299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26) | 1993 | 1863454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26) | 300 | 269537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27) | 2150 | 1834690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27) | 2000 | 1704951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27) | 1120 | 955164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28) | 1000 | 854896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28) | 1400 | 1161676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28) | 3000 | 2514367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)<sup>(a)</sup> | 1000 | 962041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240211150 |
|  **Total U.S. Government Agency Obligations — 41.0%<br>(Cost: $279,621,872)** |  | 240211150 |
|  **Total Long-Term Investments — 99.4%<br>(Cost: $679,653,644)** |  | 582580035 |

---

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **CMBS ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares*<br> *(000)* | *Value* |
|  **Short-Term Securities** | **Short-Term Securities** |  |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)</sup> | 1600 | $1600000 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $1,600,000)** | **Total Short-Term Securities — 0.3%<br>(Cost: $1,600,000)** | 1600000 |
|  **Total Investments — 99.7%<br>(Cost: $681,253,644)** | **Total Investments — 99.7%<br>(Cost: $681,253,644)** | 584180035 |
|  **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 1649233 |
|  **Net Assets — 100.0%** |  | $585829268 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $6210000 | $– $| (4610000)<sup>(a)</sup> | $– $– $| 1600000 | 1600 | $25789 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collaterized Mortgage Obligations | $— | $342368885 | $— | $342368885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 240211150 |  | 240211150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1600000 |  |  | 1600000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | $582580035 | $— | $584180035 |

---

*See notes to financial statements.* 

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **GNMA Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
|  **Mortgage-Backed Securities — 100.8%** | **Mortgage-Backed Securities — 100.8%** | **Mortgage-Backed Securities — 100.8%** |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/51 | $460 | $354916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/50 | 42 | 34631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 | 848 | 701306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/50 | 7797 | 6451625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/51 | 15893 | 13126781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 | 2140 | 1761941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/51 | 60152 | 49497896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/52 | 346 | 284781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/52 | 485 | 398700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/52 | 497 | 407259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/21/52<sup>(a)</sup> | 2855 | 2344669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/28 | 4 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/28 | 6 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/31 | 95 | 88057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/35 | 1418 | 1283688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/43 | 14 | 12037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 | 1298 | 1122295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/47 | 124 | 107551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/50 | 3470 | 2964973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/50 | 14432 | 12331436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/50 | 4127 | 3527598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/51 | 3589 | 3066600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/51 | 4100 | 3492960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/51 | 5994 | 5101581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 | 20527 | 17457373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/51 | 21702 | 18449794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | 9791 | 8314547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/51 | 550 | 467474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/52 | 1942 | 1647566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/52 | 497 | 420637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/21/52<sup>(a)</sup> | 3275 | 2774562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/27 | 3 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/27 | 6 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/31 | 122 | 112982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/31 | 194 | 179874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/32 | 152 | 140352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/42 | 5 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/42 | 37 | 32646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/43 | 341 | 303115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/43 | 60 | 53699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/43 | 708 | 630173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/44 | 1905 | 1695602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/44 | 394 | 350371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/45 | 280 | 248588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/45 | 77 | 68485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/45 | 125 | 110361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/45 | 1545 | 1370182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/46 | 503 | 445547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/46 | 521 | 461562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/46 | 1937 | 1716855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/46 | 1276 | 1131003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/46 | 1627 | 1441540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/46 | 575 | 511522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/46 | 581 | 514610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/46 | 3737 | 3312151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/46 | 2467 | 2185994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/46 | 141 | 123830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/46 | $431 | $381956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 171 | 150635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/47 | 486 | 430674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/47 | 57 | 50763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/47 | 983 | 870942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/47 | 323 | 286128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/48 | 45 | 40181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/49 | 1995 | 1767794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/49 | 410 | 362251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/49 | 32 | 28050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/49 | 855 | 749805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/49 | 1225 | 1079491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/50 | 3124 | 2752121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/50 | 8657 | 7613215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/50 | 11173 | 9821001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/50 | 1325 | 1164148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/51 | 1168 | 1021455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/51 | 6776 | 5919452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/51 | 1037 | 905931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/51 | 1924 | 1680143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/52 | 1195 | 1038135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/52 | 3322 | 2890148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/52<sup>(a)</sup> | 5381 | 4683572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/26 | 2 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/26 | 1 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/27 | 5 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/31 | 41 | 38374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/32 | 108 | 101520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/41 | 4 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/42 | 2848 | 2559074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/42 | 11 | 10022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/42 | 120 | 109989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/42 | 4 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/42 | 280 | 257843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 24 | 22071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/42 | 926 | 851276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/42 | 98 | 90296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/43 | 755 | 693728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/43 | 36 | 32781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/43 | 32 | 29244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/43 | 125 | 115462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/45 | 272 | 248907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/45 | 3001 | 2744364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/45 | 11 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/45 | 75 | 68671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/46 | 382 | 349148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/46 | 60 | 54774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/46 | 581 | 528787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/46 | 3429 | 3122805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/46 | 10 | 9408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/46 | 144 | 131087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/47 | 52 | 46999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/47 | 127 | 115828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/47 | 259 | 236085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/47 | 1110 | 1009502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/47 | 513 | 467238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/47 | 978 | 890076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/47 | 7430 | 6763963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/47 | 482 | 437294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | 578 | 526067 |

---

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **GNMA Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/48 | 110 | 99303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/48 | 697 | 633496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/49 | 218 | 197450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/49 | 265 | 240040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/49 | 734 | 665604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/50 | 1674 | 1518131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/50 | 1435 | 1301110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/50 | 9668 | 8762815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/50 | 399 | 361449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/50 | 619 | 560872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/50 | 2760 | 2499862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/52 | 1547 | 1382784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/52 | 3991 | 3567720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52<sup>(a)</sup> | 7726 | 6914086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/26 | 1 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/26 | 1 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 6 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/41 | 5 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/41 | 25 | 23747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/41 | 7 | 6483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/41 | 8 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/42 | 5 | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/42 | 16 | 15743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/42 | 40 | 37738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/42 | 9 | 8025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/42 | 8 | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/42 | 216 | 205589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/44 | 29 | 27079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/44 | 40 | 37731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/44 | 25 | 23563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/44 | 271 | 255287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/45 | 1092 | 1027868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 | 2998 | 2814645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/45 | 427 | 400922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/45 | 589 | 552307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/45 | 5 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/46 | 9 | 8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/46 | 104 | 97734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/46 | 10 | 9383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/46 | 302 | 283231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/46 | 116 | 108893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/46 | 20 | 19216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/47 | 1716 | 1607249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/47 | 350 | 327832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/47 | 7 | 6156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 | 103 | 96182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/48 | 66 | 61882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/48 | 453 | 425269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/48 | 3533 | 3311842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/48 | 1252 | 1171583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/48 | 373 | 348516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/48 | 1270 | 1187981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/48 | 4132 | 3865438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/49 | 193 | 180686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/50 | 501 | 466315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/20/50 | 11 | 10133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/50 | 362 | 336607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/52 | 236 | 217716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/52 | 3621 | 3333064 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares<br>(000)* | *Par/*<br> *Shares<br>(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/21/52<sup>(a)</sup> | $| 6987 | $6437756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/24 |  | 1 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 |  | 83 | 80631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/40 |  | 20 | 19653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40 |  | 31 | 30669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/45 |  | 194 | 188075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/46 |  | 328 | 318282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/46 |  | 54 | 53166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/46 |  | 54 | 52235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/46 |  | 56 | 54656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/20/47 |  | 6 | 5324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/47 |  | 7 | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/47 |  | 2337 | 2251310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/20/48 |  | 328 | 315892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/48 |  | 21 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/48 |  | 134 | 128471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/48 |  | 116 | 111455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/48 |  | 3304 | 3177708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/48 |  | 110 | 105479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/48 |  | 993 | 954365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/49 |  | 654 | 628740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/49 |  | 16 | 15692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/49 |  | 643 | 618459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/49 |  | 195 | 187933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/49 |  | 141 | 135982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/50 |  | 772 | 742958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/52 |  | 3402 | 3222745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52<sup>(a)</sup> |  | 6888 | 6527456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/39 |  | 19 | 19592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/42 |  | 110 | 110719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/46 |  | 44 | 43685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 |  | 46 | 45575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/48 |  | 243 | 239722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/48 |  | 56 | 55464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 |  | 54 | 52803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/20/49 |  | 155 | 153004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/49 |  | 10 | 9664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/50 |  | 229 | 227888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/52 |  | 2128 | 2069065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/52<sup>(a)</sup> |  | 5954 | 5793037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/38 |  | 14 | 14557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/20/40 |  | 185 | 190255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/21/52<sup>(a)</sup> |  | 950 | 945171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/38 |  | 18 | 18343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/21/52<sup>(a)</sup> |  | 200 | 203740 |
|  |  |  | 333012157 |
|  **Total Long-Term Investments — 100.8%<br>(Cost: $384,767,988)** | **Total Long-Term Investments — 100.8%<br>(Cost: $384,767,988)** | **Total Long-Term Investments — 100.8%<br>(Cost: $384,767,988)** | &nbsp;&nbsp;&nbsp;&nbsp;333012157 |
| **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 11.8%** | **Money Market Funds — 11.8%** | **Money Market Funds — 11.8%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38794 | 38794000 |
|  **Total Short-Term Securities — 11.8%<br>(Cost: $38,794,000)** | **Total Short-Term Securities — 11.8%<br>(Cost: $38,794,000)** | **Total Short-Term Securities — 11.8%<br>(Cost: $38,794,000)** | 38794000 |
|  **Total Investments Before TBA Sales Commitments — 112.6%<br>(Cost: $423,561,988)** | **Total Investments Before TBA Sales Commitments — 112.6%<br>(Cost: $423,561,988)** | **Total Investments Before TBA Sales Commitments — 112.6%<br>(Cost: $423,561,988)** | 371806157 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **GNMA Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **TBA Sales Commitments<sup>(a)</sup>** |  |  |
| **Mortgage-Backed Securities — (1.5)%** |  |  |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52 | (4550) | $(4071847) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52 | (950) | (900274) |
|  **Total TBA Sales Commitments — (1.5)%<br>(Proceeds: $(4979156))** | **Total TBA Sales Commitments — (1.5)%<br>(Proceeds: $(4979156))** | (4972121) |
|  **Total Investments, Net of TBA Sales Commitments — 111.1%<br>(Cost: $418,582,832)** | **Total Investments, Net of TBA Sales Commitments — 111.1%<br>(Cost: $418,582,832)** | 366834036 |
|  **Liabilities in Excess of Other Assets — (11.1)%** | **Liabilities in Excess of Other Assets — (11.1)%** | (36556397) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330277639 |

---

<sup>(a)</sup> Represents or includes a TBA transaction.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $96704000 | $– $| (57910000)<sup>(a)</sup> | $– $– $| 38794000 | 38794 | $275035 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | $— | $333012157 | $— | $333012157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 38794000 |  |  | 38794000 |
|  | 38794000 | 333012157 |  | 371806157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments |  | (4972121) |  | (4972121) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;38794000 | $328040036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $366834036 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **TIPS Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |
| **U.S. Government Obligations — 99.3%** |  |  |
|  U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/24 | $760668 | $741244785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/24 | 972874 | 944203485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/25 | 1303373 | 1250398952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/25 | 332512 | 318028294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/26 | 827257 | 780738127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/26 | 815238 | 770872715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/26 | 870102 | 819236401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/27 | 998550 | 932066426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/30 | 1150209 | 1030268661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/30 | 970398 | 866451785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/31 | 1069142 | 947089715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/31 | 726861 | 640959095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/32 | 1062655 | 928482294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/51 | 584750 | 374582341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/52 | 324832 | 208573382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/25 | 724388 | 699827229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/29 | 229446 | 209483152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/50 | 117465 | 78308365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/23 | 0 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/25 | 143467 | 138652306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/27 | 935150 | 884298171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/27 | 807113 | 762473754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/24 | 1350587 | 1322282387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/28 | 694034 | 653551678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/24 | 331838 | 326485465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/26 | 1510272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456598190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/32 | 756837 | 693855939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/43 | 147567 | 116549539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/28 | 451874 | 430298571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/42 | 435703 | 358482017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/45 | 741012 | 589844154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/29 | 628276 | 598581179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/47 | 204499 | 164420882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;410939 | $343171884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/48 | 192145 | 158236126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/49 | 123138 | 101605881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/44 | 613871 | 560158460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/15/27 | 388987 | 389868585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/28 | 568565 | 570232389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/26 | 268455 | 270011148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/40 | 204516 | 214068138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/41 | 122993 | 128507676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 | 23233 | 23485496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/27 | 14482 | 14848550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/29 | 378256 | 395844006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/32 | 5837 | 6692066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/28 | 212604 | 233015777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 | 325260 | 366696906 |
|  |  | 24813632537 |
|  **Total Long-Term Investments — 99.3%<br>(Cost: $29,229,491,604)** |  | 24813632537 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> | 36490 | 36490000 |
|  **Total Short-Term Securities — 0.2% (Cost: $36,490,000)** |  | 36490000 |
|  **Total Investments — 99.5% (Cost: $29,265,981,604)** |  | 24850122537 |
|  **Other Assets Less Liabilities — 0.5%** |  | 131743588 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;24981866125 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $1004366960 | $– $| (967876960)<sup>(a)</sup> | $– $– $| 36490000 | 36490 | $1971067 <sup>(b)</sup> | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **TIPS Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $24813632537 | $— | $24813632537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 36490000 |  |  | 36490000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36490000 | $24813632537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24850122537 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Treasury Floating Rate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** |  |
| **U.S. Government Obligations — 98.3%** | **U.S. Government Obligations — 98.3%** |  |
|  U.S. Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/31/24 | $737881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737819674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 04/30/24, (3 mo.Treasury money market yield - 0.075%)<sup>(a)</sup> | 372041 | 371362139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/31/24, (3 mo.Treasury money market yield - 0.015%)<sup>(a)</sup> | 301482 | 301352208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 04/30/23, (3 mo.Treasury money market yield + 0.034%)<sup>(a)</sup> | 341624 | 341932346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 07/31/23, (3 mo.Treasury money market yield + 0.029%)<sup>(a)</sup> | 789672 | 790340026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 10/31/23, (3 mo.Treasury money market yield + 0.035%)<sup>(a)</sup> | 1651 | 1652596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 07/31/24, (3 mo.Treasury money market yield + 0.037%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;555596 | $554928612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 01/31/23, (3 mo.Treasury money market yield + 0.049%)<sup>(a)</sup> | 617477 | 617900913 |
|  |  | 3717288514 |
|  **Total Investments — 98.3%<br>(Cost: $3,717,947,343)** |  | 3717288514 |
|  **Other Assets Less Liabilities — 1.7%** |  | 65534003 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;3782822517 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $200000 | $– $| (200000)<sup>(b)</sup> | $– $– $– – $| 1257425 <sup>(c)</sup> | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3717288514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3717288514 |

---

*See notes to financial statements.* 

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |
| **U.S. Government Obligations — 99.2%** |  |  |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/23 | $172550 | $164131448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24 | 1508861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411138682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25 | 100120 | 89920275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25 | 14767 | 13186648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25 | 316755 | 281751099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25 | 308589 | 272703475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24 | 467988 | 439963564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24 | 5 | 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24 | 438349 | 406791296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 | 514354 | 454781183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/25 | 585 | 533264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 | 361749 | 318155420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | 116191 | 98036156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 212788 | 185383234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27 | 222187 | 185048456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 | 3506 | 2708111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/31/23 | 115927 | 110814438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26 | 128569 | 113763476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26 | 67840 | 59855550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | 67986 | 59830336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | 428666 | 374279001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28 | 10935 | 9143967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | 126942 | 111951935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24 | 38108 | 35455326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28 | 142815 | 119256103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25 | 5000 | 4648242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25 | 115748 | 107238714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 79049 | 69736040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | 14438 | 12113820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | 200909 | 171745803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 | 76670 | 65133561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | 218657 | 184508925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31 | 1986 | 1578641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 145422 | 123415562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 1323282 | 1055834056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | 30347 | 18747571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | 56023 | 32122693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25 | 341769 | 319567365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | 389452 | 332509857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | 25 | 20525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 173226 | 158447657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26 | 570580 | 519138647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 74439 | 42569803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 | 200043 | 166348257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 | 62618 | 42330746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51 | 1282875 | 785410148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 94451 | 57533941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24 | 4000 | 3846719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24 | 4746 | 4556160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 | 506636 | 479344942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25 | 252227 | 236039056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 4117 | 3759979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50 | 3471 | 2207763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 118677 | 74761874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24 | 21946 | 21034727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25 | 308827 | 291455859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25 | 24005 | 22515096 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 | $512534 | $471050871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 99660 | 90955048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 298299 | 271067746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 | 89397 | 64460126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 | 1715 | 1166002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52 | 89609 | 60094036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24 | 517294 | 502320765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 799436 | 768770323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/30/26 | 13701 | 12813298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | 71754 | 66072356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 | 24531 | 23055378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 | 242193 | 216801025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24 | 5000 | 4845703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26 | 22054 | 20746267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | 4999 | 3575352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46 | 495175 | 353315097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/23 | 240467 | 235103458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 | 970057 | 883509909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/29 | 197625 | 179421884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24 | 413333 | 403467903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 | 344355 | 330231066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25 | 154166 | 147686210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25 | 22054 | 21058124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 | 16511 | 15472800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27 | 2133 | 1993855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 | 573715 | 532456825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | 116805 | 104522224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | 561472 | 432575007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47 | 13978 | 10483500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 48257 | 36207830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25 | 2896 | 2787032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 22054 | 21159779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25 | 37997 | 36299009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28 | 352597 | 328204263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 | 6062 | 5629855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | 121922 | 110472762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43 | 43003 | 33708719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 | 99701 | 76793292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 270772 | 208272323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 12263 | 9549811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52 | 6078 | 4717098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 | 16309 | 15873881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25 | 20091 | 19350144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25 | 32438 | 31131610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 10365 | 8195638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 3063 | 2409002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48 | 142886 | 112829707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48 | 38651 | 30688290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52 | 114528 | 94114219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 83392 | 80518885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 1189053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117524030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | 154824 | 145074926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43 | 98586 | 80805615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24<sup>(a)</sup> | 24494 | 23935231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | 2640 | 2492738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/44 | 60601 | 51243776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 | 35 | 31042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | 759540 | 685751513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/29 | 52705 | 51766192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/39 | 11578 | 11525989 |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/38 | $45496 | $46244196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 184480 | 185957281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/38 | 3048 | 3138488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/37 | 37200 | 40418672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 | 2500 | 2651465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/27 | 287825 | 311098351 |
|  U.S. Treasury STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/29<sup>(b)</sup> | 39465 | 30114290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/35<sup>(b)</sup> | 15080 | 8616391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/36<sup>(b)</sup> | 60316 | 32920059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/43<sup>(b)</sup> | 28562 | 11166338 |
|  |  | 21069291739 |
|  **Total Long-Term Investments — 99.2%<br>(Cost: $23,924,479,938)** |  | 21069291739 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)(e)</sup> | 39685 | 39685406 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $39,685,406)** |  | 39685406 |
|  **Total Investments — 99.4%<br>(Cost: $23,964,165,344)** |  | 21108977145 |
|  **Other Assets Less Liabilities — 0.6%** |  | 132937066 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;21241914211 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | $426474749 | $– $| (386789343)<sup>(a)</sup> | $– $– $| 39685406 | 39685 | $722151 <sup>(b)</sup> | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $21069291739 | $— | $21069291739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 39685406 |  |  | 39685406 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39685406 | $21069291739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21108977145 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Treasury Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 37

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year TIPS Bond<br>ETF | iShares<br> CMBS ETF | iShares<br> GNMA Bond<br>ETF | iShares<br> TIPS Bond ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $12067364791 | $582580035 | $333012157 | $24813632537 |
|  Investments, at value — affiliated<sup>(b)</sup> | 29880000 | 1600000 | 38794000 | 36490000 |
|  Cash | 5379 | 16449 | 6129 | 334 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 230944718 | 1468658 | 471187 | 336520275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 183168 |  |  | 218854 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitments |  |  | 4979156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from custodian |  | 2114006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 179 |  | 2145848 | 73356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 121764 | 5897 | 83340 | 345196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 6233316 | 1692963 | 867098 | 30736241 |
|  Total assets | 12334733315 | 589478008 | 380358915 | 25218016793 |
|  **LIABILITIES** |  |  |  |  |
|  TBA sales commitments, at value |  |  | 4972121 |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 210584147 | 3519940 | 45084362 | 230639780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 25574 |  |  | 1345209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 305671 | 128800 | 24793 | 4165679 |
|  Total liabilities | 210915392 | 3648740 | 50081276 | 236150668 |
|  NET ASSETS | $12123817923 | $585829268 | $330277639 | $24981866125 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $13048973694 | $700181025 | $394049832 | $29797529044 |
|  Accumulated loss | (925155771) | (114351757) | (63772193) | (4815662919) |
|  NET ASSETS | $12123817923 | $585829268 | $330277639 | $24981866125 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 124750000 | 13000000 | 7750000 | 235100000 |
|  Net asset value | $97.18 | $45.06 | $42.62 | $106.26 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $12913482122 | $679653644 | $384767988 | $29229491604 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $29880000 | $1600000 | $38794000 | $36490000 |

---

*See notes to financial statements.* 

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br> Treasury<br> Floating Rate<br>Bond ETF | iShares<br> U.S. Treasury<br>Bond ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3717288514 | $21069291739 |
|  Investments, at value — affiliated<sup>(c)</sup> |  | 39685406 |
|  Cash | 63374894 | 3302 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 157154624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 3477 | 11936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 6725998 | 1285648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 711983 | 47473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1553163 | 154965000 |
|  Total assets | 3789658029 | 21422445128 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned, at value |  | 24350406 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6377612 | 146680551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 8526942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 457900 | 973018 |
|  Total liabilities | 6835512 | 180530917 |
|  NET ASSETS | $3782822517 | $21241914211 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $3773134222 | $24601714576 |
|  Accumulated earnings (loss) | 9688295 | (3359800365) |
|  NET ASSETS | $3782822517 | $21241914211 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 74900000 | 948500000 |
|  Net asset value | $50.50 | $22.40 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $3717947343 | $23924479938 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $23676530 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $— | $39685406 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 39

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year TIPS<br>Bond ETF | iShares<br> CMBS ETF | iShares<br> GNMA Bond<br>ETF | iShares<br> TIPS Bond ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $1044075 | $25789 | $275035 | $1369175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated<sup>(a)(b)</sup> | 676483761 | 19364018 | 5427089 | 2137369836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 272713 |  |  | 601892 |
|  Total investment income | 677800549 | 19389807 | 5702124 | 2139340903 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3586349 | 1838368 | 380008 | 60866353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 | 217 | 217 |
|  Total expenses | 3586566 | 1838585 | 380225 | 60866570 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  |  | (26169) |  |
|  Total expenses after fees waived | 3586566 | 1838585 | 354056 | 60866570 |
|  Net investment income | 674213983 | 17551222 | 5348068 | 2078474333 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (78919423) | (18661019) | (8776553) | (375993770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(c)</sup> | (182553) |  |  | (66793568) |
|  | (79101976) | (18661019) | (8776553) | (442787338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (946415284) | (105496354) | (49977400) | (5520153272) |
|  | (946415284) | (105496354) | (49977400) | (5520153272) |
|  Net realized and unrealized loss | (1025517260) | (124157373) | (58753953) | (5962940610) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(351303277) | $(106606151) | $(53405885) | $(3884466277) |

---

<sup>(a)</sup> Includes net inflationary and deflationary adjustments. See Note 4 of the Notes to Financial Statements.

<sup>(b)</sup> Includes net deflationary adjustments for U.S. Treasury Inflation Index Bonds which exceeded the aggregate of interest accrued to income for the period.

<sup>(c)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br>Treasury<br>Floating Rate<br>Bond ETF | iShares<br> U.S. Treasury<br>Bond ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $1247220 | $401935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 27569764 | 297432197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 10205 | 320216 |
|  Total investment income | 28827189 | 298154348 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1935965 | 9210386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |
|  Total expenses | 1936182 | 9210603 |
|  Net investment income | 26891007 | 288943745 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 16812 | (419482712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 209402 | (78214266) |
|  | 226214 | (497696978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (670939) | (2755101547) |
|  | (670939) | (2755101547) |
|  Net realized and unrealized loss | (444725) | (3252798525) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $26446282 | $(2963854780) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 41

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year TIPS Bond ETF | iShares<br> 0-5 Year TIPS Bond ETF | iShares<br> CMBS ETF | iShares<br> CMBS ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $674213983 | $205532661 | $17551222 | $14414419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (79101976) | 39866814 | (18661019) | 2035608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (946415284) | 46409311 | (105496354) | (16946499) |
|  Net increase (decrease) in net assets resulting from operations | (351303277) | 291808786 | (106606151) | (496472) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (708599128) | (209931933) | (19482690) | (15800694) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 5688028105 | 4572586705 | (108467807) | 345487641 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 4628125700 | 4654463558 | (234556648) | 329190475 |
|  Beginning of year | 7495692223 | 2841228665 | 820385916 | 491195441 |
|  End of year | $12123817923 | $7495692223 | $585829268 | $820385916 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> GNMA Bond ETF | iShares<br> GNMA Bond ETF | iShares<br> TIPS Bond ETF | iShares<br> TIPS Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5348068 | $385759 | $2078474333 | $1099103928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8776553) | (1301515) | (442787338) | 824140987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (49977400) | (4933632) | (5520153272) | (129747390) |
|  Net increase (decrease) in net assets resulting from operations | (53405885) | (5849388) | (3884466277) | 1793497525 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4647702) | (590997) | (2167278308) | (1131771551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (4165344) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (4647702) | (4756341) | (2167278308) | (1131771551) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (95516056) | 13169725 | (4835024590) | 11250572331 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (153569643) | 2563996 | (10886769175) | 11912298305 |
|  Beginning of year | 483847282 | 481283286 | 35868635300 | 23956336995 |
|  End of year | $330277639 | $483847282 | $24981866125 | $35868635300 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 43

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Treasury Floating Rate Bond ETF | iShares<br> Treasury Floating Rate Bond ETF | iShares<br> U.S. Treasury Bond ETF | iShares<br> U.S. Treasury Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $26891007 | $(54932) | $288943745 | $146145828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 226214 | 191601 | (497696978) | 57544516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (670939) | (231479) | (2755101547) | (549141099) |
|  Net increase (decrease) in net assets resulting from operations | 26446282 | (94810) | (2963854780) | (345450755) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (16475106) | (77549) | (256285822) | (270729481) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 3511487208 | (145814606) | 8796873416 | 1243723778 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 3521458384 | (145986965) | 5576732814 | 627543542 |
|  Beginning of year | 261364133 | 407351098 | 15665181397 | 15037637855 |
|  End of year | $3782822517 | $261364133 | $21241914211 | $15665181397 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $105.95 | $103.32 | $100.17 | $98.21 | $100.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 6.31 | 4.52 | 1.62 | 2.05 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (8.83) | 2.17 | 2.85 | 2.02 | (2.22) |
|  Net increase (decrease) from investment operations | (2.52) | 6.69 | 4.47 | 4.07 | 0.39 |
|  Distributions from net investment income<sup>(c)</sup> | (6.25) | (4.06) | (1.32) | (2.11) | (2.70) |
|  **Net asset value, end of year** | $97.18 | $105.95 | $103.32 | $100.17 | $98.21 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (2.51)% | 6.55% | 4.49% | 4.17% | 0.39% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.03% | 0.05% | 0.06% | 0.06% | 0.06% |
|  Net investment income | 6.15% | 4.28% | 1.59% | 2.07% | 2.62% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $12123818 | $7495692 | $2841229 | $2343861 | $2199887 |
|  Portfolio turnover rate<sup>(f)</sup> | 27% | 36% | 72% | 58% | 40% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 45

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares CMBS ETF | iShares CMBS ETF | iShares CMBS ETF | iShares CMBS ETF | iShares CMBS ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $53.62 | $54.88 | $53.42 | $49.36 | $51.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.19 | 1.23 | 1.39 | 1.45 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (8.45) | (1.06) | 1.47 | 4.04 | (2.26) |
|  Net increase (decrease) from investment operations | (7.26) | 0.17 | 2.86 | 5.49 | (0.89) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.18) | (1.22) | (1.40) | (1.43) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.12) | (0.21) |  |  |  |
|  Total distributions | (1.30) | (1.43) | (1.40) | (1.43) | (1.35) |
|  **Net asset value, end of year** | $45.06 | $53.62 | $54.88 | $53.42 | $49.36 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (13.75)% | 0.29% | 5.42% | 11.27% | (1.74)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 2.39% | 2.26% | 2.58% | 2.81% | 2.72% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $585829 | $820386 | $491195 | $422024 | $310990 |
|  Portfolio turnover rate<sup>(f)</sup> | 21% | 13% | 26% | 21% | 13% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares GNMA Bond ETF | iShares GNMA Bond ETF | iShares GNMA Bond ETF | iShares GNMA Bond ETF | iShares GNMA Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $49.88 | $50.93 | $50.35 | $47.67 | $49.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.66 | 0.04 | 0.77 | 1.34 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (7.31) | (0.61) | 0.82 | 2.69 | (2.05) |
|  Net increase (decrease) from investment operations | (6.65) | (0.57) | 1.59 | 4.03 | (0.93) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.61) | (0.06) | (0.82) | (1.35) | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.42) | (0.19) |  | (0.00)<sup>(d)</sup> |
|  Total distributions | (0.61) | (0.48) | (1.01) | (1.35) | (1.14) |
|  **Net asset value, end of year** | $42.62 | $49.88 | $50.93 | $50.35 | $47.67 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | (13.42)% | (1.14)% | 3.18% | 8.55% | (1.90)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Total expenses after fees waived | 0.09% | 0.13% | 0.12% | 0.13% | 0.12% |
|  Net investment income | 1.41% | 0.08% | 1.51% | 2.71% | 2.31% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $330278 | $483847 | $481283 | $178753 | $102483 |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 313% | 498% | 699% | 529% | 834% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Rounds to less than $0.01. 

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs").

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares TIPS Bond ETF | iShares TIPS Bond ETF | iShares TIPS Bond ETF | iShares TIPS Bond ETF | iShares TIPS Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $128.61 | $125.29 | $116.11 | $108.83 | $113.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 7.63 | 4.90 | 1.56 | 2.11 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (21.96) | 3.33 | 8.87 | 7.41 | (4.63) |
|  Net increase (decrease) from investment operations | (14.33) | 8.23 | 10.43 | 9.52 | (1.49) |
|  Distributions from net investment income<sup>(c)</sup> | (8.02) | (4.91) | (1.25) | (2.24) | (3.41) |
|  **Net asset value, end of year** | $106.26 | $128.61 | $125.29 | $116.11 | $108.83 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (11.62)% | 6.67% | 9.02% | 8.80% | (1.36)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
|  Net investment income | 6.36% | 3.84% | 1.29% | 1.87% | 2.80% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $24981866 | $35868635 | $23956337 | $20436063 | $22223190 |
|  Portfolio turnover rate<sup>(f)</sup> | 20% | 34% | 53% | 17% | 21% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.26 | $50.29 | $50.28 | $50.31 | $50.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 1.05 | (0.01) | 0.31 | 1.08 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.44) | (0.01) | 0.08 | (0.04) | (0.07) |
|  Net increase (decrease) from investment operations | 0.61 | (0.02) | 0.39 | 1.04 | 0.85 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.37) | (0.01) | (0.38) | (1.07) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(d)</sup> | (0.00)<sup>(d)</sup> |  |  |  |
|  Total distributions | (0.37) | (0.01) | (0.38) | (1.07) | (0.78) |
|  **Net asset value, end of year** | $50.50 | $50.26 | $50.29 | $50.28 | $50.31 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 1.22% | (0.04)% | 0.78% | 2.09% | 1.70% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Net investment income (loss) | 2.08% | (0.02)% | 0.62% | 2.15% | 1.83% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $3782823 | $261364 | $407351 | $507830 | $306913 |
|  Portfolio turnover rate<sup>(g)</sup> | 6% | 74% | 44% | 20% | 17% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Rounds to less than $0.01. 

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Treasury Bond ETF | iShares U.S. Treasury Bond ETF | iShares U.S. Treasury Bond ETF | iShares U.S. Treasury Bond ETF | iShares U.S. Treasury Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $26.46 | $27.66 | $26.28 | $24.17 | $25.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.38 | 0.25 | 0.39 | 0.53 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (4.11) | (0.96) | 1.40 | 2.10 | (1.00) |
|  Net increase (decrease) from investment operations | (3.73) | (0.71) | 1.79 | 2.63 | (0.52) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.33) | (0.25) | (0.41) | (0.52) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.24) |  |  |  |
|  Total distributions | (0.33) | (0.49) | (0.41) | (0.52) | (0.47) |
|  **Net asset value, end of year** | $22.40 | $26.46 | $27.66 | $26.28 | $24.17 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (14.21)% | (2.58)% | 6.84% | 10.99% | (2.10)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.05% | 0.09% | 0.15% | 0.15% | 0.15% |
|  Net investment income | 1.57% | 0.95% | 1.43% | 2.09% | 1.95% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $21241914 | $15665181 | $15037638 | $15219211 | $6747196 |
|  Portfolio turnover rate<sup>(f)</sup> | 50% | 128% | 91% | 22% | 27% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* | |
|  0-5 Year TIPS Bond | Diversified |  |
|  CMBS | Diversified |  |
|  GNMA Bond | Diversified |  |
|  TIPS Bond | Diversified |  |
|  Treasury Floating Rate Bond | Diversified |  |
|  U.S. Treasury Bond | Diversified |  |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid
price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g.,

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

------

*Notes to Financial Statements* (continued) 

recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Inflation-Indexed Bonds:** Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.

**Stripped Bonds:** A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

**Mortgage Dollar Roll Transactions:** Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  U.S. Treasury Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $23676530 |  | $(23676530) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

------

*Notes to Financial Statements* (continued) 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

Effective January 5, 2022, for its investment advisory services to the iShares 0-5 Year TIPS Bond ETF, BFA is entitled to an annual investment advisory fee of 0.03%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to January 5, 2022, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.05%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  CMBS | 0.25% |
|  GNMA Bond | 0.10 |
|  Treasury Floating Rate Bond | 0.15 |
|  U.S. Treasury Bond | 0.05 |

---

For its investment advisory services to the iShares TIPS Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment*<br> *Advisory Fees* |
|  First $121 billion | 0.2000% |
|  Over $121 billion, up to and including $181 billion | 0.1900 |
|  Over $181 billion, up to and including $231 billion | 0.1805 |
|  Over $231 billion, up to and including $281 billion | 0.1715 |
|  Over $281 billion | 0.1630 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares GNMABond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  GNMA Bond | $26169 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  0-5 Year TIPS Bond | $89682 |
|  TIPS Bond | 204639 |
|  Treasury Floating Rate Bond | 3707 |
|  U.S. Treasury Bond | 129376 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  U.S. Treasury Bond | $3205738871 | $3262967250 | $(88655707) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other Securities*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other Securities*  |
| *iShares ETF* | *Purchases* | *Sales* | *Purchases* | *Sales* |
|  0-5 Year TIPS Bond | $3085283222 | $2782775485 | $— | $— |
|  CMBS | 88014748 | 136841826 | 64181923 | 139166586 |
|  GNMA Bond | 1194571620 | 1284639985 |  |  |
|  TIPS Bond | 6468075181 | 8738818481 |  |  |
|  Treasury Floating Rate Bond | 1616467752 | 40465953 |  |  |
|  U.S. Treasury Bond | 9537559461 | 9183793121 |  |  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

------

*Notes to Financial Statements* (continued) 

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind* <br> *Sales*  |
|  0-5 Year TIPS Bond | $7598439296 | $1993722447 |
|  CMBS | 18599063 |  |
|  TIPS Bond | 11151603656 | 15935770230 |
|  Treasury Floating Rate Bond | 3660962429 | 280143689 |
|  U.S. Treasury Bond | 14260009001 | 5511344941 |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated <br>Earnings (Loss)* |
|  0-5 Year TIPS Bond | $(30445638) | $30445638 |
|  CMBS | (22) | 22 |
|  TIPS Bond | (131754083) | 131754083 |
|  Treasury Floating Rate Bond | 209402 | (209402) |
|  U.S. Treasury Bond | (78242046) | 78242046 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  0-5 Year TIPS Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $708599128 | $209931933 |
|  CMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $17571757 | $14025497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 1910933 | 1775197 |
|  | $19482690 | $15800694 |
|  GNMA Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $4647702 | $590997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | 4165344 |
|  | $4647702 | $4756341 |
|  TIPS Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2167278308 | $1131771551 |
|  Treasury Floating Rate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $16475106 | $70173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 7376 |
|  | $16475106 | $77549 |
|  U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $256285822 | $248085194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 22644287 |
|  | $256285822 | $270729481 |

---

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* |
|  0-5 Year TIPS Bond | $— | $(79005302) | $(846150469) | $(925155771) |
|  CMBS | 1392592 | (18311730) | (97432619) | (114351757) |
|  GNMA Bond | 495128 | (12309603) | (51957718) | (63772193) |
|  TIPS Bond |  | (396779209) | (4418883710) | (4815662919) |
|  Treasury Floating Rate Bond | 10347124 |  | (658829) | 9688295 |
|  U.S. Treasury Bond | 45562180 | (538370420) | (2866992125) | (3359800365) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and TBA transactions.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  0-5 Year TIPS Bond | $12943395260 | $449226 | $(846599695) | $(846150469) |
|  CMBS | 681612654 | 2002 | (97434621) | (97432619) |
|  GNMA Bond | 423730920 | 83760 | (52001488) | (51917728) |
|  TIPS Bond | 29269006247 | 958826 | (4419842536) | (4418883710) |
|  Treasury Floating Rate Bond | 3717947343 | 146565 | (805394) | (658829) |
|  U.S. Treasury Bond | 23975969270 | 199162211 | (3066154336) | (2866992125) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

N O T E S T O F I N A N C I A L S T A T E M E N T S 57

------

*Notes to Financial Statements* (continued) 

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  0-5 Year TIPS Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 73950000 | $7703184734 | 50850000 | $5376211278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19950000) | (2015156629) | (7600000) | (803624573) |
|  | 54000000 | $5688028105 | 43250000 | $4572586705 |
|  CMBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1600000 | $82403093 | 6950000 | $378337893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3900000) | (190870900) | (600000) | (32850252) |
|  | (2300000) | $(108467807) | 6350000 | $345487641 |
|  GNMA Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1150000 | $53550684 | 1550000 | $78612344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3100000) | (149066740) | (1300000) | (65442619) |
|  | (1950000) | $(95516056) | 250000 | $13169725 |
|  TIPS Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 92200000 | $11219666328 | 154000000 | $19686505282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (136000000) | (16054690918) | (66300000) | (8435932951) |
|  | (43800000) | $(4835024590) | 87700000 | $11250572331 |
|  Treasury Floating Rate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 75600000 | $3808560987 | 3200000 | $160881792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5900000) | (297073779) | (6100000) | (306696398) |
|  | 69700000 | $3511487208 | (2900000) | $(145814606) |
|  U.S. Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 611000000 | $14659250742 | 220600000 | $5882272810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (254600000) | (5862377326) | (172200000) | (4638549032) |
|  | 356400000 | $8796873416 | 48400000 | $1243723778 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 59

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the six funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares 0-5 Year TIPS Bond ETF

iShares CMBS ETF

iShares GNMA Bond ETF

iShares TIPS Bond ETF

iShares Treasury Floating Rate Bond ETF

iShares U.S. Treasury Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation<br>Interest* |
|  0-5 Year TIPS Bond | $674086765 |
|  CMBS | 2545 |
|  GNMA Bond | 150447 |
|  TIPS Bond | 2078500802 |
|  Treasury Floating Rate Bond | 26891007 |
|  U.S. Treasury Bond | 288946107 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  0-5 Year TIPS Bond | $674086765 |
|  CMBS | 17552260 |
|  GNMA Bond | 5348068 |
|  TIPS Bond | 2078500802 |
|  Treasury Floating Rate Bond | 26891007 |
|  U.S. Treasury Bond | 288946107 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* | *Qualified Short-Term<br>Capital Gain* |
|  0-5 Year TIPS Bond | $674086765 | $— |
|  CMBS | 17552260 | 8111 |
|  GNMA Bond | 5348068 |  |
|  TIPS Bond | 2078500802 |  |
|  Treasury Floating Rate Bond | 26891007 | 16812 |
|  U.S. Treasury Bond | 288946107 |  |

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The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term<br>Capital Gain Dividends* |
|  CMBS | $1910933 |

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I M P O R T A N T T A X I N F O R M A T I O N 61

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Board Review and Approval of Investment Advisory Contract

**iShares 0-5 Year TIPS Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares CMBS ETF, iShares GNMA Bond ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 63

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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares TIPS Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 65

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Board Review and Approval of Investment Advisory Contract (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Treasury Floating Rate Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares U.S. Treasury Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 71

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year |  | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* | <br>| *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* |
|  0-5 Year TIPS Bond | $6.250623 | $— | $— | $6.250623 |  | 100% | —% | —% | 100% |
|  CMBS | 1.178910 | 0.123809 |  | 1.302719 |  | 90 | 10 |  | 100 |
|  GNMA Bond | 0.609388 |  |  | 0.609388 |  | 100 |  |  | 100 |
|  TIPS Bond | 8.022071 |  |  | 8.022071 |  | 100 |  |  | 100 |
|  Treasury Floating Rate Bond<sup>(a)</sup> | 0.365772 |  | 0.002178 | 0.367950 |  | 99 |  | 1 | 100 |
|  U.S. Treasury Bond | 0.333890 |  |  | 0.333890 |  | 100 |  |  | 100 |

---

<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive** 

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the "Guidelines on sound remuneration policies under the AIFMD" issued by the European Securities and Markets Authority (together the "Regulations") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares 0-5 Year TIPS Bond ETF (the "Fund") to be marketed to United Kingdom.

**Report on Remuneration** 

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Supplemental Information (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual's portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company's financial year ending December 31, 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Total*<br> *Remuneration* | *Fixed*<br> *Remuneration* | *Variable<br>Remuneration* | *No. of*<br> *Beneficiaries* | *Senior Management<br>Remuneration* | *Risk Taker*<br> *Remuneration* |
|  0-5 Year TIPS Bond | $796058 | $372209 | $423849 | 661 | $97439 | $10070 |

---

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares 0-5 Year TIPS Bond ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L I N F O R M A T I O N 73

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

---

| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

---

<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

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| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 75

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 77

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| STRIPS | Separate Trading of Registered Interest & Principal of Securities |
| TBA | To-Be-Announced |

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78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1005-1022

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| | |
|:---|:---|
| ![LOGO](g394369g24u50.jpg)  | ![LOGO](g394369sp80a.jpg) |

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| | |
|:---|:---|
| ![LOGO](g395041sp1.jpg)  | **OCTOBER 31, 2022** |

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<br> **2022 Annual Report**<br>

**iShares Trust** 

· iShares Core 1-5 Year USD Bond ETF \| ISTB \| NASDAQ

· iShares Core International Aggregate Bond ETF \| IAGG \| Cboe BZX

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g395041sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g395041photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

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| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | <br> *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [The Markets in Review](#tx395041_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx395041_2) | 4 |
|  [Fund Summary](#tx395041_3) | 5 |
|  [About Fund Performance](#tx395041_4) | 9 |
|  [Disclosure of Expenses](#tx395041_5) | 9 |
|  [Schedules of Investments](#tx395041_6) | 10 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx395041_7) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx395041_8) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx395041_9) | 129 |
|  [Financial Highlights](#tx395041_10) | 130 |
|  [Notes to Financial Statements](#tx395041_11) | 132 |
|  [Report of Independent Registered Public Accounting Firm](#tx395041_12) | 142 |
|  [Important Tax Information](#tx395041_13) | 143 |
|  [Board Review and Approval of Investment Advisory Contract](#tx395041_14) | 144 |
|  [Supplemental Information](#tx395041_15) | 148 |
|  [Trustee and Officer Information](#tx395041_16) | 149 |
|  [General Information](#tx395041_17) | 152 |
|  [Glossary of Terms Used in this Report](#tx395041_18) | 153 |

---

------

Market Overview

**iShares Trust** 

**Global Bond Market Overview** 

Global investment-grade bonds experienced a sizable decline the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia's invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation's economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader "risk-off" environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation's stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF** |

---

**Investment Objective** 

The **iShares Core 1-5 Year USD Bond ETF(the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining maturities between one and five years, as represented by the Bloomberg U.S. Universal 1-5 Year Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (7.86)% | 0.48% | 0.93% | (7.86)% | 2.41% | 9.65% |
|  Fund Market | (7.84) | 0.45 | 0.92 | (7.84) | 2.25 | 9.62 |
|  Index | (7.91) | 0.53 | 1.01 | (7.91) | 2.69 | 10.61 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(AT NET ASSET VALUE)**![LOGO](g395041sp5.jpg)

Index Performance through June 2, 2014 reflects the performance of the Bloomberg U.S. Government/Credit 1-5 Year Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg U.S. Universal 1-5 Year Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $970.50 | $0.30 | $1000.00 | $1024.90 | $0.31 | 0.06% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF** |

---

**Portfolio Management Commentary** 

All major segments of the fixed-income market, including high quality corporate bonds, experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia's late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

U.S. Treasuries carry the most weight within the Index by market value and contributed the most to the negative return for the Index despite holding up somewhat better than other sectors. Corporate bonds are the second largest constituent within the Index and were impacted negatively by both rising Treasury yields and widening credit spreads. In terms of credit quality within the Index's corporate bond exposure, lower quality issues in the Moody's A and Baa rating categories weighed most heavily on return.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of* <br> *Total Investments<sup>(a)</sup>* |
|  Aaa | 55.8% |
|  Aa | 4.9 |
|  A | 14.9 |
|  Baa | 12.9 |
|  Ba | 3.4 |
|  B | 2.9 |
|  Caa | 0.7 |
|  Ca | 0.1 |
|  Not Rated | 4.4 |

---

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of <br>Total Investments<sup>(a)</sup>* |
|  U.S. Government & Agency Obligations | 55.6% |
|  Corporate Bonds & Notes | 36.2 |
|  Foreign Government Obligations | 6.1 |
|  Collaterized Mortgage Obligations | 1.3 |
|  Asset-Backed Securities | 0.8 |
|  Municipal Debt Obligations | —<sup>(b)</sup> |
|  Common Stocks | —<sup>(b)</sup> |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

<sup>(b)</sup> Rounds to less than 0.1% 

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Investment Objective** 

The **iShares Core International Aggregate Bond ETF(the "Fund")** seeks to track the investment results of an index composed of global non-U.S. dollar-denominated investment-grade bonds that mitigates exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (10.05)% | 0.55% | 1.48% | (10.05)% | 2.77% | 10.76% |
|  Fund Market | (10.11) | 0.51 | 1.47 | (10.11) | 2.57 | 10.76 |
|  Index | (10.00) | 0.65 | 1.56 | (10.00) | 3.30 | 11.37 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395041sp7.jpg)

The inception date of the Fund was November 10, 2015. The first day of secondary market trading was November 12, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $956.30 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Portfolio Management Commentary** 

Returns for international bonds were deeply into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia's invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russian oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up nearly half of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better. In particular, weak bond performance in France, Germany and Italy contributed to the negative return for the Index as those markets, combined, carry the greatest weight within the Index.

In terms of credit quality, while performance was weak across all ratings categories bonds in the AA category experienced the greatest losses. In terms of bond maturity, bonds with maturities greater than 10 years, which are more sensitive to changes in interest rates, detracted the most from the Index's return. All maturity segments experienced notably negative performance.

Local currencies represented in the Index generally declined against the U.S. dollar. As a result, hedging activity was additive to the Index's return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of <br>Total Investments<sup>(a)</sup>* |
|  Foreign Government Obligations | 80.8% |
|  Corporate Bonds & Notes | 19.2 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of <br>Total Investments<sup>(a)</sup>* |
|  China | 18.5% |
|  Japan | 11.3 |
|  France | 9.9 |
|  Germany | 8.7 |
|  United Kingdom | 7.9 |
|  Canada | 6.3 |
|  Italy | 5.8 |
|  Spain | 4.5 |
|  Australia | 3.1 |
|  Supranational | 2.7 |

---

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 9

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |
|  American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 10/15/27 | $1000 | $999950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 0.90%, 11/15/26 | 5000 | 4595683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 3.01%, 10/15/25 | 3000 | 2979185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, 3.39%, 05/15/27 | 3000 | 2880914 |
|  BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26 | 3510 | 3280987 |
|  BMW Vehicle Lease Trust Series 2022-1,<br>Class A3, 1.10%, 03/25/25 (Call 03/25/24) | 3350 | 3213666 |
|  Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1, 0.55%, 07/15/26 | 2000 | 1853552 |
|  CarMax Auto Owner Trust Series 2021-4,<br>Class A3, 0.56%, 09/15/26 (Call 11/15/24) | 2250 | 2126386 |
|  Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 07/15/27 | 2000 | 1923526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A1, Class A1, 1.96%, 02/15/27 | 2300 | 2137542 |
|  GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3, 1.49%, 12/16/24 (Call 08/16/23) | 663 | 654310 |
|  Honda Auto Receivables Owner Trust Series 2020-2, Class A4, 1.09%, 10/15/26 (Call 09/15/23) | 2750 | 2640664 |
|  Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 10/15/23) | 1370 | 1311933 |
|  Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/15/26 (Call 01/15/25) | 5000 | 4805794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 05/15/25) | 750 | 674695 |
|  Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | 2667046 |
|  World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 07/15/25 (Call 04/15/23) | 178 | 175756 |
|  **Total Asset-Backed Securities — 0.8%<br>(Cost: $40,998,161)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38921589 |
|  **Collaterized Mortgage Obligations** |  |  |
| **Mortgage-Backed Securities — 1.3%** |  |  |
|  Benchmark Mortgage Trust, Series 2018-B21, Class A2, 1.74%, 12/17/53 (Call 12/15/30) | 1000 | 879550 |
|  CD Mortgage Trust, Series 2016-CD2, Class A3, 3.25%, 11/10/49 (Call 11/10/26) | 946 | 867893 |
|  COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class A3, 3.33%, 11/10/47 (Call 01/10/29) | 3305 | 3141679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 06/10/25) | 4000 | 3810396 |
|  Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class-A4, 3.09%, 10/10/49 (Call 10/10/26) | 5440 | 4895861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR12, Class A4, 4.05%, 10/10/46 (Call 11/10/23) | 2000 | 1958738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class A4, 3.59%, 11/10/47 (Call 01/10/29) | 4200 | 4014732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25) | 2650 | 2496708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class A4, 3.61%, 10/10/48 (Call 10/10/25) | 1335 | 1252436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26) | 1560 | 1473839 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC20, Class AAB, 3.66%, 04/10/47 (Call 04/10/24) | $| 615 | $605098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24) |  | 1944 | 1883853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24) |  | 4000 | 3828736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 08/10/27) |  | 3810 | 3594648 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.17%, 12/15/46 (Call 11/15/23) |  | 2831 | 2778698 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29) |  | 225 | 219020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26) |  | 3000 | 2886971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS, 3.02%, 02/15/48 (Call 09/15/26) |  | 1017 | 980529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 06/15/28) |  | 2000 | 1889806 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24) |  | 150 | 145039 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class AS, 4.07%, 07/15/46 (Call 06/15/28)<sup>(a)</sup> |  | 1000 | 951917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C17, Class A4, 3.44%, 08/15/47 (Call 07/15/24) |  | 1511 | 1460582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class ASB, 3.62%, 10/15/47 (Call 07/15/26) |  | 560 | 549448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25) |  | 250 | 234431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762894 |
|  Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29) |  | 970 | 806856 |
|  SG Commercial Mortgage Securities Trust, Series 2016-C5, Class C5, 2.90%, 10/10/48 (Call 07/10/26) |  | 843 | 803211 |
|  UBS Commercial Mortgage Trust,<br>Series 2018-C14, Class ASB, 4.39%, 12/15/51 (Call 12/15/28) |  | 3890 | 3701379 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class ASB, 3.24%, 12/15/47 (Call 01/15/25) |  | 627 | 609817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 07/15/26) |  | 1000 | 899687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5, Class A6, 3.64%, 01/15/59 (Call 02/15/26) |  | 5000 | 4630745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27) |  | 5000 | 4501301 |
|  WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45 |  | 302 | 300776 |
|  |  |  | 65817274 |
|  **Total Collaterized Mortgage Obligations — 1.3%<br>(Cost: $74,037,363)** | **Total Collaterized Mortgage Obligations — 1.3%<br>(Cost: $74,037,363)** | **Total Collaterized Mortgage Obligations — 1.3%<br>(Cost: $74,037,363)** | 65817274 |

---

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.1%** |  |  |
|  Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)<sup>(b)</sup> | $160 | $152490 |
|  Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/22)<sup>(b)</sup> | 540 | 485946 |
|  National CineMedia LLC, 5.75%, 08/15/26 (Call 12/01/22) | 50 | 4085 |
|  Omnicom Group Inc./Omnicom Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 (Call 01/15/26) | 470 | 441180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 (Call 08/01/24) | 850 | 820131 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(b)</sup> | 300 | 270243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 170 | 168271 |
|  Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)<sup>(b)</sup> | 200 | 160104 |
|  WPP Finance 2010, 3.75%, 09/19/24 | 576 | 553380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055830 |
| **Aerospace & Defense — 0.6%** |  |  |
|  Airbus SE, 3.15%, 04/10/27 (Call 01/10/27)<sup>(b)</sup> | 200 | 182914 |
|  BAE Systems Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/07/24<sup>(b)</sup> | 346 | 334700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 (Call 09/15/25)<sup>(b)</sup> | 610 | 578323 |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 (Call 11/14/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | 1118317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24 | 644 | 614196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) | 2505 | 2227221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 (Call 03/15/26) | 315 | 275877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 (Call 07/30/25) | 35 | 31932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26) | 500 | 434500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) | 810 | 730774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 (Call 02/01/24) | 410 | 394121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 (Call 12/01/26) | 80 | 69445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 (Call 07/30/24) | 153 | 144403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 (Call 04/01/25) | 1678 | 1639037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27) | 1000 | 965120 |
|  Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(b)</sup> | 530 | 503738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 280 | 279294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(b)</sup> | 577 | 567312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 830 | 788633 |
|  Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/15/25 | 550 | 520927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/27 | 200 | 183156 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)<sup>(b)</sup> | 235 | 186007 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | 105 | 91713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 (Call 09/15/24) | 220 | 208586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 675 | 648979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 504 | 488265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27) | 5 | 4701 |
|  Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 (Call 11/15/26) | 213 | 193698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 (Call 05/15/25) | 140 | 135873 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24) | 553 | 546076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27 | 275 | 272781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25) | 265 | 270923 |
|  L3Harris Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 (Call 01/27/25) | 259 | 248705 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 (Call 09/15/26) | $5 | $4683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/28/24 (Call 02/28/24) | 312 | 304999 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25) | 680 | 654588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/25 | 365 | 365339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 | 700 | 701505 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 (Call 11/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | 1063849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26) | 5 | 4607 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 (Call 08/01/26) | 150 | 136459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | 100 | 91385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 (Call 01/15/24) | 889 | 865477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26) | 666 | 621298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 (Call 06/16/25) | 960 | 931267 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(b)</sup> | 450 | 397197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(b)</sup> | 450 | 407430 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 (Call 03/15/26) | 145 | 129666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 220 | 213176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 520 | 506428 |
|  ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)<sup>(c)</sup> | 600 | 549576 |
|  Teledyne Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 04/01/24 (Call 12/01/22) | 339 | 317362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 (Call 03/01/26) | 170 | 147502 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 1920 | 1893312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22) | 415 | 399769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22)<sup>(d)</sup> | 245 | 241602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(b)</sup> | 480 | 488419 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) | 220 | 214931 |
|  Triumph Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(b)</sup> | 245 | 227294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(d)</sup> | 220 | 166881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(b)</sup> | 240 | 242532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28168780 |
| **Agriculture — 0.3%** |  |  |
|  Adecoagro SA, 6.00%, 09/21/27 | 200 | 180730 |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 (Call 04/06/25) | 833 | 768959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(d)</sup> | 395 | 379563 |
|  Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26) | 312 | 285252 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 (Call 08/06/24) | 861 | 814187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 (Call 06/15/24) | 1194 | 1140533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26) | 427 | 380850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 1372 | 1200857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27) | 157 | 146151 |
|  BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 (Call 02/25/26) | 1082 | 929633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25<sup>(b)</sup> | 759 | 721627 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 (Call 07/17/25) | 707 | 634002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/26 (Call 05/15/26) | 20 | 18255 |
|  Cargill Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/02/24 (Call 01/02/24)<sup>(b)(d)</sup> | 390 | 367626 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/02/26 (Call 01/02/26)<sup>(b)</sup> | $295 | $255951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/22/25 (Call 04/22/23)<sup>(b)</sup> | 230 | 221628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/27 (Call 03/22/27)<sup>(b)</sup> | 425 | 400422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/10/25 | 840 | 833440 |
|  Darling Ingredients Inc., 5.25%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 230 | 221357 |
|  Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/26/24 (Call 06/26/24)<sup>(b)</sup> | 475 | 449939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/26/26 (Call 05/26/26)<sup>(b)</sup> | 445 | 399904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/21/25 (Call 04/21/25)<sup>(b)</sup> | 550 | 522549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/27/27 (Call 06/27/27)<sup>(b)</sup> | 350 | 340609 |
|  MHP Lux SA, 6.95%, 04/03/26<sup>(c)</sup> | 200 | 93000 |
|  MHP SE, 7.75%, 05/10/24<sup>(c)</sup> | 200 | 95287 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 497 | 425278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25) | 502 | 457452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25) | 640 | 587354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 (Call 04/01/24) | 607 | 586186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 572 | 550739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 383 | 363555 |
|  Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | 1217155 |
|  Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 120 | 104698 |
|  Vector Group Ltd., 10.50%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 240 | 236854 |
|  Viterra Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/21/26 (Call 03/21/26)<sup>(b)</sup> | 390 | 329230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/21/27 (Call 03/21/27)<sup>(b)</sup> | 225 | 205274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16866086 |
| **Airlines — 0.3%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(b)</sup> | 521 | 460804 |
|  Air Canada Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 3.60%, 09/15/28<sup>(b)</sup> | 23 | 20785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C, 10.50%, 07/15/26<sup>(b)</sup> | 155 | 158413 |
|  Alaska Airlines Pass Through Trust, Series 2020-1, 4.80%, 02/15/29<sup>(b)</sup> | 63 | 58808 |
|  Allegiant Travel Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/27 (Call 08/15/24)<sup>(b)</sup> | 255 | 240307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/05/24 (Call 08/05/23)<sup>(b)</sup> | 75 | 74342 |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(b)(d)</sup> | 235 | 207028 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(b)</sup> | 1075 | 1176566 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26<sup>(b)</sup> | 1525 | 1453386 |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.00%, 01/15/27 | 96 | 81161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 3.70%, 04/01/28 | 230 | 191843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 3.38%, 11/01/28 | 156 | 126064 |
|  Azul Investments LLP, 7.25%, 06/15/26<sup>(c)</sup> | 200 | 126942 |
|  Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24 | 155 | 144575 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24) | 440 | 415659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/25<sup>(b)(d)</sup> | 1089 | 1103320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25) | 375 | 383426 |
|  Delta Air Lines Inc./SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(b)</sup> | 1072 | 1044235 |
|  Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25 | 155 | 148704 |
|  Gol Finance SA, 7.00%, 01/31/25<sup>(c)</sup> | 650 | 282744 |
|  Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)<sup>(c)</sup> | 200 | 164302 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Airlines (continued)** |  |  |
|  Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27<sup>(d)</sup> | $93 | $75699 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(b)</sup> | 520 | 479747 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 06/30/23)<sup>(b)</sup> | 600 | 593790 |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 (Call 04/15/27) | 1030 | 1004281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 (Call 04/04/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | 1007476 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)<sup>(b)</sup> | 228 | 231466 |
|  U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27<sup>(d)</sup> | 131 | 116375 |
|  United Airlines Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/25<sup>(d)</sup> | 160 | 152861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24<sup>(d)</sup> | 130 | 127985 |
|  United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)<sup>(b)</sup> | 870 | 796006 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-1 A, Class A, 4.15%, 10/11/25 | 171 | 162576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.30%, 02/15/27 | 356 | 326356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 4.00%, 10/11/27 | 415 | 373886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, 03/03/28<sup>(d)</sup> | 201 | 178522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class B, 3.65%, 07/07/27<sup>(d)</sup> | 86 | 75101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/27 | 395 | 380451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 4.88%, 07/15/27 | 191 | 176978 |
|  Unity 1 Sukuk Ltd., 2.39%, 11/03/25<sup>(c)</sup> | 400 | 367856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14690826 |
| **Apparel — 0.1%** |  |  |
|  Hanesbrands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 435 | 422881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(b)</sup> | 405 | 371721 |
|  Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)<sup>(b)</sup>  | 457 | 431787 |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26) | 200 | 182008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 (Call 02/27/25) | 623 | 588922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 228 | 209135 |
|  PVH Corp., 4.63%, 07/10/25 (Call 06/10/25) | 440 | 418480 |
|  Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25) | 93 | 89990 |
|  Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26) | 265 | 227783 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 (Call 03/23/25) | 478 | 442819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 (Call 02/23/27) | 5 | 4433 |
|  William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)<sup>(b)</sup> | 255 | 245155 |
|  |  | 3635114 |
| **Auto Manufacturers — 1.2%** |  |  |
|  Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/14/22)<sup>(b)</sup> | 175 | 161410 |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 | 208 | 192997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25 | 740 | 659666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25 | 371 | 334694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26 | 445 | 386060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25 | 930 | 862677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 | 515 | 488534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27 | 200 | 177810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 | 379 | 362779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 | 147 | 142938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24 | 667 | 654974 |

---

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(b)</sup> | $500 | $482350 |
|  Baic Finance Investment Co. Ltd., 2.00%, 03/16/24<sup>(c)</sup> | 200 | 190004 |
|  BMW Finance NV, 2.40%, 08/14/24<br>(Call 07/14/24)<sup>(b)</sup> | 435 | 413646 |
|  BMW U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/12/24<sup>(b)</sup> | 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/01/24<sup>(b)</sup> | 580 | 546029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/12/26 (Call 07/12/26)<sup>(b)(d)</sup> | 430 | 367327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/11/26 (Call 01/11/26)<sup>(b)</sup> | 65 | 59615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/18/24 (Call 03/18/24)<sup>(b)(d)</sup> | 590 | 574064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/06/27 (Call 01/06/27)<sup>(b)</sup> | 100 | 91302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/01/27 (Call 03/01/27)<sup>(b)</sup> | 700 | 646128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/09/25 (Call 03/09/25)<sup>(b)</sup> | 864 | 835030 |
|  Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25) | 245 | 218170 |
|  Daimler Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/01/24<sup>(b)</sup> | 225 | 211932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/02/26<sup>(b)</sup> | 260 | 227869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/25<sup>(b)</sup> | 675 | 624240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24<sup>(b)</sup> | 304 | 291545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/19/25<sup>(b)</sup> | 310 | 293427 |
|  Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/13/24<sup>(b)</sup> | 300 | 275847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/14/26<sup>(b)</sup> | 500 | 426130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/07/25<sup>(b)</sup> | 500 | 472855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/07/27<sup>(b)</sup> | 425 | 382555 |
|  Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)<sup>(d)</sup> | 700 | 651595 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25) | 525 | 475267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26) | 615 | 532682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23<sup>(d)</sup> | 495 | 479615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | 935961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 315 | 298755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 500 | 483470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24) | 730 | 698946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 600 | 557700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 400 | 355076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 480 | 433810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 | 625 | 578675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 380 | 350660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 300 | 284244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 500 | 458070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 895 | 863720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 690 | 681623 |
|  Geely Automobile Holdings Ltd., 4.00%, (Call 12/09/24)<sup>(a)(c)(e)</sup> | 200 | 172312 |
|  Geely Finance Hong Kong Ltd., 3.00%, 03/05/25<sup>(c)</sup> | 200 | 182284 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 (Call 09/01/25) | 691 | 688298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27) | 500 | 506820 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24 | 390 | 365828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 640 | 584723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25) | 689 | 589102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 980 | 825493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27) | 710 | 602300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27) | 25 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 (Call 05/20/25) | 925 | 851028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 (Call 01/26/25) | 786 | 733495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 (Call 09/07/24) | 587 | 559892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 (Call 02/13/24) | 613 | 596333 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 (Call 10/15/24) | $605 | $581841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26) | 351 | 322113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 (Call 04/13/25) | 185 | 176237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 (Call 02/09/25) | 321 | 307980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26) | 80 | 73747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27) | 784 | 741421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 (Call 12/17/23) | 924 | 915795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25) | 405 | 392376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 992270 |
|  Harley-Davidson Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/14/27 (Call 01/14/27)<sup>(b)</sup> | 100 | 85333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/25 (Call 05/08/25)<sup>(b)</sup> | 752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698931 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 03/10/25 (Call 02/10/25) | 350 | 328541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27) | 560 | 500959 |
|  Hyundai Assan Otomotiv Sanayi ve Ticaret AS, 1.63%, 07/12/26<sup>(c)</sup> | 200 | 166786 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/08/24<sup>(b)</sup> | 552 | 519967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/14/24<sup>(b)</sup> | 610 | 560230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/24<sup>(b)</sup> | 365 | 330730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/08/26 (Call 12/08/25)<sup>(b)</sup> | 575 | 489348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/15/26 (Call 05/15/26)<sup>(b)</sup> | 580 | 483790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/17/26 (Call 08/17/26)<sup>(b)</sup> | 545 | 452236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/25 (Call 09/15/25)<sup>(b)</sup> | 515 | 453365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/10/25 (Call 01/10/25)<sup>(b)</sup> | 450 | 416484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/27/26<sup>(c)</sup> | 200 | 172756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/20/24<sup>(c)</sup> | 425 | 407507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/02/26 (Call 09/02/26)<sup>(b)</sup> | 245 | 217572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/24<sup>(c)</sup> | 225 | 220275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/07/25 (Call 03/07/25)<sup>(b)</sup> | 359 | 356401 |
|  Hyundai Capital Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/08/26<sup>(c)</sup> | 200 | 172658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/24/25<sup>(c)</sup> | 200 | 181642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/24/27<sup>(c)</sup> | 200 | 173476 |
|  Hyundai Motor Manufacturing Indonesia PT, 1.75%, 05/06/26<sup>(c)</sup> | 200 | 169186 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(b)</sup> | 200 | 141580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 310 | 286087 |
|  JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 250 | 238290 |
|  Kia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/16/24<sup>(c)</sup> | 200 | 187100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/16/26<sup>(c)</sup> | 200 | 169786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/14/25<sup>(c)</sup> | 200 | 184640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/14/27<sup>(c)</sup> | 200 | 173060 |
|  Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/03/25<sup>(b)</sup> | 135 | 127672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/22/24<sup>(b)</sup> | 310 | 303964 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/16/24<sup>(b)</sup> | 355 | 317022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/16/26 (Call 08/16/26)<sup>(b)</sup> | 600 | 470904 |
|  Nissan Motor Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24<sup>(b)</sup> | 245 | 225498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/09/26 (Call 02/09/26)<sup>(b)</sup> | 165 | 134579 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 09/17/25 (Call 08/17/25)<sup>(b)</sup> | 825 | 732542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/17/27 (Call 07/17/27)<sup>(b)</sup> | 1000 | 843170 |

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S C H E D U L E O F I N V E S T M E N T S 13

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/02/24 | $9 | $8515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/09/24 | 290 | 268085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 11/08/24 | 175 | 161458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/11/26 | 215 | 188884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25 | 206 | 192214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/27 | 375 | 332351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24 | 300 | 284877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/07/25 | 25 | 23799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | 495 | 481600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25 | 195 | 188672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/03/25 | 340 | 339915 |
|  Stellantis Finance U.S. Inc., 1.71%, 01/29/27 (Call 12/29/26)<sup>(b)</sup> | 480 | 397138 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 (Call 02/25/24) | 955 | 899390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 (Call 02/25/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | 916034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24 | 336 | 322261 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 575 | 534882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24 | 675 | 623180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 15 | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26 | 780 | 677329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 | 970 | 899180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25 | 403 | 375834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 | 735 | 644154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 | 435 | 411018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24 | 238 | 231008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 | 315 | 300368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 595 | 544693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 | 25 | 23123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24 | 181 | 177930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25 | 38 | 36577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 | 805 | 775086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25 | 380 | 370337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 | 900 | 891207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | 840 | 817110 |
|  Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/25 (Call 10/24/25)<sup>(b)</sup> | 680 | 594742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/26/24<sup>(b)</sup> | 220 | 209128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/13/25<sup>(b)</sup> | 695 | 655142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/06/25<sup>(b)(d)</sup> | 500 | 478565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/08/27 (Call 05/08/27)<sup>(b)</sup> | 600 | 556506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61111186 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 360 | 321631 |
|  American Axle & Manufacturing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 11/14/22)<sup>(d)</sup> | 90 | 85500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22) | 225 | 207675 |
|  BorgWarner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 (Call 05/01/27) | 255 | 222648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/25 (Call 12/15/24) | 199 | 190111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(b)</sup> | 170 | 165556 |
|  Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 202 | 202248 |
|  Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 405 | 395013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 865 | 850632 |
|  Cooper-Standard Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/26 (Call 11/16/22)<sup>(b)</sup> | 185 | 69577 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Parts & Equipment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 06/01/24 (Call 12/01/22)<sup>(b)(d)</sup> | $125 | $128325 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 195428 |
|  Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(d)</sup> | 305 | 277568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22) | 425 | 408170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) | 385 | 401513 |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/26 (Call 11/11/22), (5.50% PIK)<sup>(b)(f)</sup> | 270 | 230051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/27 (Call 11/11/22), (6.75% PIK)<sup>(b)(f)</sup> | 200 | 171842 |
|  Magna International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 (Call 03/15/24) | 201 | 196132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 (Call 07/01/25) | 115 | 111755 |
|  Tenneco Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | 246039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/15/24 (Call 11/07/22)<sup>(d)</sup> | 135 | 133466 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(b)</sup> | 470 | 441123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652003 |
| **Banks — 10.9%** |  |  |
|  ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 06/16/27 (Call 06/16/26)<sup>(a)(b)</sup> | 650 | 543667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/28/25<sup>(b)</sup> | 555 | 525502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/18/26<sup>(b)</sup> | 330 | 308623 |
|  ABQ Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/08/25<sup>(c)</sup> | 400 | 356232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/24/24<sup>(c)</sup> | 400 | 380404 |
|  Abu Dhabi Commercial Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/31/27<sup>(c)</sup> | 200 | 183544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/14/27<sup>(c)</sup> | 200 | 190468 |
|  Access Bank PLC, 6.13%, 09/21/26<sup>(c)</sup> | 200 | 145128 |
|  Agricultural Bank of China Ltd., 0.75%, 03/02/24<sup>(c)</sup> | 200 | 189468 |
|  Agricultural Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/17/24<sup>(c)</sup> | 200 | 186962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/17/26<sup>(c)</sup> | 400 | 353760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/27<sup>(c)</sup> | 200 | 180094 |
|  Agricultural Bank of China Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/19/24<sup>(c)</sup> | 200 | 190718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/19/26<sup>(c)</sup> | 800 | 717720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/18/25<sup>(c)</sup> | 200 | 185796 |
|  Ahli United Sukuk Ltd., 3.88%, (Call 06/17/26)<sup>(a)(c)(e)</sup> | 200 | 182362 |
|  AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 04/10/25 (Call 04/10/24)<sup>(a)(b)</sup> | 550 | 524227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.58%, 10/14/26 | 500 | 497135 |
|  Akbank TAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/31/25<sup>(c)</sup> | 200 | 178876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 02/06/26<sup>(c)</sup> | 200 | 180962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/22/31 (Call 06/22/26)<sup>(a)(c)</sup> | 200 | 164708 |
|  ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27)<sup>(a)(b)</sup> | 285 | 271274 |
|  ANZ New Zealand Int'l Ltd./London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26<sup>(b)</sup> | 275 | 237053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 02/18/25<sup>(b)</sup> | 380 | 353145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/19/24<sup>(b)</sup> | 685 | 667642 |
|  Aozora Bank Ltd., 1.05%, 09/09/24<sup>(c)</sup> | 200 | 183328 |
|  Arab National Bank, 3.33%, 10/28/30<br>(Call 10/28/25)<sup>(a)(c)</sup> | 400 | 371848 |
|  ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/26<sup>(b)</sup> | 200 | 171960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/23/24<sup>(b)</sup> | 425 | 410427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 06/17/32 (Call 06/17/27)<sup>(a)(b)</sup> | 380 | 350558 |
|  AUB Sukuk Ltd., 2.62%, 09/09/26<sup>(c)</sup> | 200 | 177160 |

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14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/22/30 (Call 07/22/25)<sup>(a)(b)</sup> | $1145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/19/26<sup>(b)</sup> | 200 | 187046 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | 965129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/14/26 (Call 09/14/25)<sup>(a)</sup> | 400 | 386480 |
|  Banco Bradesco SA/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/27/25<sup>(c)</sup> | 400 | 377112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/18/27<sup>(c)(d)</sup> | 200 | 186344 |
|  Banco de Bogota SA, 6.25%, 05/12/26<sup>(c)</sup> | 400 | 366804 |
|  Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)<sup>(c)(d)</sup> | 400 | 371820 |
|  Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/30 (Call 07/01/25)<sup>(a)(c)</sup> | 500 | 438605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/31 (Call 09/30/26)<sup>(a)(c)</sup> | 200 | 168084 |
|  Banco de Credito e Inversiones SA, 3.50%, 10/12/27<sup>(c)</sup> | 200 | 178684 |
|  Banco del Estado de Chile, 2.70%, 01/09/25 (Call 12/09/24)<sup>(c)</sup> | 400 | 372276 |
|  Banco do Brasil SA/Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/26<sup>(c)</sup> | 200 | 178100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/25<sup>(c)</sup> | 600 | 582126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/20/24<sup>(c)</sup> | 400 | 393888 |
|  Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)<sup>(c)</sup> | 200 | 182074 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/06/24<sup>(c)</sup> | 650 | 628108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/11/27 (Call 01/11/27)<sup>(c)</sup> | 150 | 136416 |
|  Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)<sup>(c)</sup> | 200 | 179444 |
|  Banco Nacional de Comercio Exterior SNC/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 08/11/31 (Call 08/11/26)<sup>(a)(c)</sup> | 400 | 338460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/14/25<sup>(c)</sup> | 400 | 380640 |
|  Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)<sup>(c)(d)</sup> | 350 | 328594 |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25<sup>(c)</sup> | 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675913 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(a)</sup> | 800 | 652808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 900 | 768240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24 | 990 | 940391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 | 925 | 839863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25 | 800 | 759680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 800 | 775336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(a)</sup> | 825 | 726602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25 | 300 | 288567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25 | 287 | 272773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 925 | 854006 |
|  Banco Votorantim SA, 4.38%, 07/29/25<sup>(c)</sup> | 200 | 189086 |
|  Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24) | 325 | 291327 |
|  Bangkok Bank PCL/Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/19/24<sup>(c)</sup> | 400 | 393620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27)<sup>(c)</sup> | 200 | 188116 |
|  Bank Mandiri Persero Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/19/26<sup>(c)</sup> | 200 | 173472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/11/24<sup>(c)</sup> | 247 | 239027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/13/25<sup>(c)</sup> | 200 | 192226 |
|  Bank Muscat SAOG, 4.75%, 03/17/26<sup>(c)</sup> | 200 | 189044 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Bank Negara Indonesia Persero Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/30/26<sup>(c)</sup> | $400 | $329624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, (Call 03/24/27)<sup>(a)(c)(e)</sup> | 200 | 143546 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)<sup>(a)</sup> | 1117 | 1034577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)<sup>(a)</sup> | 390 | 354385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)<sup>(a)</sup> | 2320 | 2012809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)<sup>(a)</sup> | 2359 | 2083658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 (Call 12/06/24), (SOFR + 0.650%)<sup>(a)</sup> | 1690 | 1540756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)<sup>(a)</sup> | 3500 | 2991765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)<sup>(a)</sup> | 643 | 609178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)<sup>(a)</sup> | 2565 | 2347078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)<sup>(a)</sup> | 1280 | 1193638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)<sup>(a)</sup> | 1045 | 903800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)<sup>(a)</sup> | 395 | 373935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 | 979060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)<sup>(a)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)<sup>(a)</sup> | 1432 | 1380548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 655 | 612307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)<sup>(a)</sup> | 100 | 92029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)<sup>(a)</sup> | 500 | 448205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)<sup>(a)</sup> | 200 | 180992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)<sup>(a)</sup> | 240 | 219422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 (Call 04/25/24), (SOFR + 1.110%)<sup>(a)</sup> | 1410 | 1364189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25 | 390 | 376861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 | 1046 | 1031199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25 | 252 | 243016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24 | 991 | 979534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24 | 1295 | 1266523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 200 | 189192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27),<br>(SOFR + 1.580%)<sup>(a)</sup> | 1255 | 1167250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 669 | 641310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(a)</sup> | 1145 | 1113169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 1090 | 1039773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/25 | 460 | 440510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)<sup>(a)</sup> | 2240 | 1934419 |
|  Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/27<sup>(c)</sup> | 200 | 189348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/13/24<sup>(c)</sup> | 1800 | 1778796 |
|  Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/04/24<sup>(c)</sup> | 400 | 378976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/24/25<sup>(c)</sup> | 600 | 545784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/16/25<sup>(c)</sup> | 600 | 567690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/17/24<sup>(c)</sup> | 200 | 195110 |
|  Bank of China Ltd./London, 1.00%, 11/02/24<sup>(c)</sup> | 200 | 185218 |
|  Bank of China Ltd./Luxembourg, 1.40%, 04/28/26<sup>(c)</sup> | 400 | 357532 |
|  Bank of China/Johannesburg, 1.88%, 02/16/25<sup>(c)</sup> | 200 | 186850 |
|  Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)<sup>(a)(c)(e)</sup> | 1500 | 1387170 |

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S C H E D U L E O F I N V E S T M E N T S 15

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Bank of Communications Co. Ltd./Hong Kong, 1.20%, 09/10/25<sup>(c)</sup> | $400 | $359936 |
|  Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26)<sup>(a)(c)</sup> | 400 | 349424 |
|  Bank of East Asia Ltd. (The), 4.00%, 05/29/30 (Call 05/29/25)<sup>(a)(c)</sup> | 500 | 456115 |
|  Bank of Ireland Group PLC, 6.25%, 09/16/26 (Call 09/16/25)<sup>(a)(b)</sup> | 655 | 632985 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 565 | 522246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(a)</sup> | 160 | 138042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 815 | 693345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 | 665 | 610596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25 | 339 | 311283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24 | 850 | 814368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24 | 692 | 660846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27 | 780 | 691197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24 | 906 | 883975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 100 | 95792 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 (Call 03/26/24) | 711 | 664998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 150 | 131120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26) | 930 | 790909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) | 936 | 857105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26) | 1080 | 949039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 | 794 | 749314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26) | 105 | 97228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | 507 | 491379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25) | 532 | 511582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24) | 202 | 196940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 (Call 06/13/24)<sup>(a)</sup> | 428 | 414809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)<sup>(a)</sup> | 205 | 187591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 (Call 10/18/25) | 20 | 19340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/13/28 (Call 06/13/27)<sup>(a)</sup> | 190 | 176976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | 110 | 106792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28 | 400 | 402796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) | 271 | 258648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 870 | 800304 |
|  Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 01/27/27<sup>(b)</sup> | 445 | 389909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/24<sup>(b)</sup> | 310 | 303143 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | 975 | 897312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 855 | 798339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 875 | 758485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25 | 246 | 220940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 | 495 | 422002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 750 | 648533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 935 | 856666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27 | 600 | 518376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 | 534 | 497117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 03/11/24 | 800 | 770112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 | 580 | 519506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | 961 | 938983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 | 628 | 597680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25 | 115 | 110231 |
|  Bank of the Philippine Islands, 2.50%, 09/10/24<sup>(c)</sup> | 200 | 188298 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (SOFR + 2.090%)<sup>(a)</sup> | $165 | $139965 |
|  Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24<sup>(c)</sup> | 200 | 194014 |
|  BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25) | 205 | 197690 |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/04/25<sup>(b)</sup> | 395 | 355413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26<sup>(b)</sup> | 560 | 473682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/21/24<sup>(b)</sup> | 415 | 388618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 07/13/25<sup>(b)</sup> | 485 | 469912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/13/27<sup>(b)</sup> | 500 | 472260 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%, 12/10/24 (Call 12/10/23)<sup>(a)</sup> | 125 | 117124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(a)</sup> | 972 | 804145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 (Call 05/07/25),<br>(SOFR + 2.714%)<sup>(a)</sup> | 917 | 826281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 1100 | 1046914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24 | 400 | 380160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 945 | 870751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 (Call 08/09/25)<sup>(a)</sup> | 685 | 651791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 (Call 08/09/27)<sup>(a)</sup> | 900 | 831096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 | 1000 | 998340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 | 1000 | 995060 |
|  BBK BSC, 5.50%, 07/09/24<sup>(c)</sup> | 200 | 194180 |
|  BBVA Bancomer SA/Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/10/24<sup>(c)</sup> | 200 | 196236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/22<sup>(c)</sup> | 400 | 357516 |
|  BDO Unibank Inc., 2.13%, 01/13/26<sup>(c)</sup> | 400 | 355616 |
|  BNG Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/16/24<sup>(b)(d)</sup> | 925 | 870860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/16/26<sup>(b)</sup> | 22 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/27/24<sup>(b)</sup> | 930 | 905606 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 01/13/27 (Call 01/13/26)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | 1327126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 06/30/27 (Call 06/30/26)<sup>(a)(b)</sup> | 1010 | 846602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/30/28 (Call 09/30/27),<br>(SOFR + 1.609%)<sup>(a)(b)</sup>  | 200 | 157818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 06/09/26 (Call 06/09/25)<sup>(a)(b)</sup> | 1395 | 1247493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 01/20/28 (Call 01/20/27)<sup>(a)(b)</sup> | 950 | 801648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 11/19/25 (Call 11/19/24)<sup>(a)(b)</sup> | 1420 | 1318442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/09/25<sup>(b)</sup> | 815 | 770664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/10/25 (Call 01/10/24)<sup>(a)(b)</sup> | 650 | 638807 |
|  BOS Funding Ltd., 4.00%, 09/18/24<sup>(c)</sup> | 200 | 190066 |
|  Boubyan Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 02/18/25<sup>(c)</sup> | 400 | 377648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/29/27<sup>(c)</sup> | 200 | 187118 |
|  Boubyan Tier 1 Sukuk Ltd.,<br>3.95%, (Call 10/01/26)<sup>(a)(c)(e)</sup> | 200 | 182156 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/14/25<sup>(b)</sup> | 705 | 644899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/06/26 (Call 10/06/25)<sup>(a)(b)</sup> | 840 | 721627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/19/27 (Call 10/19/26)<sup>(a)(b)</sup> | 1050 | 873064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/14/25<sup>(b)</sup> | 845 | 775296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24 | 865 | 841965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25<sup>(b)</sup> | 605 | 568567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/11/24<sup>(b)</sup> | 565 | 541801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/26<sup>(b)</sup> | 280 | 260529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/21/24<sup>(b)</sup> | 405 | 390339 |
|  Burgan Bank SAK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/31 (Call 09/15/26)<sup>(a)(c)</sup> | 200 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, (Call 07/09/24)<sup>(a)(c)(e)</sup> | 200 | 169192 |

---

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)<sup>(a)</sup> | $115 | $108889 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/14/23 | 560 | 531356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25 | 60 | 52609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/18/24 | 820 | 752842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 844 | 722025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 | 448 | 417706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24 | 653 | 632979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 | 1000 | 960270 |
|  CBQ Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/15/25<sup>(c)</sup> | 400 | 358668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/12/26<sup>(c)</sup> | 200 | 175360 |
|  China CITIC Bank International Ltd., 4.63%, 02/28/29 (Call 02/28/24)<sup>(a)(c)</sup> | 250 | 245343 |
|  China Construction Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/30 (Call 06/24/25)<sup>(a)(c)</sup> | 1200 | 1108812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/21/32 (Call 01/21/27)<sup>(a)(c)</sup> | 600 | 544458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/27/29 (Call 02/27/24)<sup>(a)(c)</sup> | 1310 | 1287691 |
|  China Construction Bank Corp./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 04/22/24<sup>(c)</sup> | 200 | 188714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/04/25<sup>(c)</sup> | 600 | 543762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 04/22/26<sup>(c)</sup> | 600 | 537786 |
|  China Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26<sup>(c)</sup> | 600 | 568896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/24/27<sup>(c)</sup> | 200 | 190724 |
|  China Everbright Bank Co. Ltd., 0.84%, 06/15/24<sup>(c)</sup> | 200 | 187252 |
|  China Everbright Bank Co. Ltd./Hong Kong, 0.93%, 03/11/24<sup>(c)</sup> | 200 | 189244 |
|  China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24<sup>(c)</sup> | 200 | 185334 |
|  China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25<sup>(c)</sup> | 600 | 536136 |
|  China Merchants Bank Co. Ltd./Luxembourg Branch, 1.25%, 09/01/26<sup>(c)</sup> | 200 | 174926 |
|  CIMB Bank Bhd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/20/27<sup>(c)</sup> | 200 | 171702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 10/09/24,<br>(3 mo. LIBOR US + 0.780%)<sup>(a)(c)</sup> | 400 | 399876 |
|  Citibank NA, 3.65%, 01/23/24 (Call 12/23/23) | 835 | 822358 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24),<br>(SOFR + 0.669%)<sup>(a)</sup> | 885 | 816386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26),<br>(SOFR + 0.765%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 (Call 11/03/24),<br>(SOFR + 0.528%)<sup>(a)</sup> | 802 | 726893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(a)</sup> | 1605 | 1363496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 (Call 01/25/25),<br>(SOFR + 0.694%)<sup>(a)</sup> | 1570 | 1434760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.280%)<sup>(a)</sup> | 1265 | 1116805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)<sup>(a)</sup> | 2012 | 1877779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 1530 | 1394641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 (Call 03/17/25),<br>(SOFR + 1.528%)<sup>(a)</sup> | 1000 | 937300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25 | 120 | 113906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24),<br>(3 mo. LIBOR US + 0.897%)<sup>(a)</sup> | 1666 | 1599793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | 205 | 190336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27),<br>(3 mo. LIBOR US + 1.151%)<sup>(a)</sup> | 600 | 531168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27),<br>(3 mo. LIBOR US + 1.390%)<sup>(a)</sup> | 1000 | 896510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 915 | 860256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24 | 586 | 573266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25 | 310 | 296624 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27),<br>(3 mo. LIBOR US + 1.563%)<sup>(a)</sup> | $840 | $769255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24 | 431 | 420247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 (Call 05/24/24),<br>(SOFR + 1.372%)<sup>(a)</sup> | 627 | 609055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25 | 1463 | 1416945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26 | 290 | 278359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)<sup>(a)</sup> | 685 | 645386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25 | 1081 | 1071693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 (Call 09/29/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499495 |
|  Citizens Bank NA/Providence RI, 2.25%, 04/28/25 (Call 03/28/25) | 170 | 156436 |
|  Citizens Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/27/26 (Call 04/27/26) | 567 | 513946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/25 (Call 11/03/25) | 300 | 284817 |
|  Comerica Bank, 2.50%, 07/23/24 | 370 | 352270 |
|  Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)<sup>(a)(c)(e)</sup> | 200 | 187112 |
|  Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)<sup>(a)(c)(e)</sup> | 400 | 356068 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/26<sup>(b)</sup> | 985 | 851651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/14/25<sup>(b)(d)</sup> | 965 | 903993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/14/27<sup>(b)</sup> | 965 | 867496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/26<sup>(b)</sup> | 45 | 40895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/18/26<sup>(b)</sup> | 300 | 277494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/09/25<sup>(b)</sup> | 200 | 192842 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/24/26 (Call 09/24/25)<sup>(a)(b)</sup> | 600 | 517950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 02/24/27 (Call 02/24/26)<sup>(a)(b)</sup> | 1085 | 917150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 06/24/26 (Call 06/24/25)<sup>(a)(b)</sup> | 1000 | 879030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 12/15/27 (Call 12/15/26)<sup>(a)(b)</sup> | 650 | 545838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/22/24<sup>(b)(d)</sup> | 745 | 709173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/10/29 (Call 04/10/24)<sup>(a)(c)</sup> | 200 | 187948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25 | 410 | 387897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 08/22/28 (Call 08/22/27)<sup>(a)(b)</sup> | 1000 | 925670 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25 | 945 | 867841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25 | 295 | 281787 |
|  Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25<sup>(c)</sup> | 200 | 189624 |
|  Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)<sup>(c)</sup> | 200 | 183622 |
|  Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/22) | 100 | 92570 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/26/27 (Call 01/26/26)<sup>(a)(b)</sup> | 1025 | 863060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 01/11/27<sup>(b)(d)</sup> | 730 | 628837 |
|  Credit Agricole SA/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 06/16/26 (Call 06/16/25)<sup>(a)(b)</sup> | 1190 | 1054388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/22/25<sup>(b)</sup> | 250 | 232358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/04/24<sup>(b)</sup> | 1355 | 1287724 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 420 | 383498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | 937 | 748110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25 | 720 | 644321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 540 | 494078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24 | 750 | 712073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 750 | 674610 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 02/02/27 (Call 02/02/26)<sup>(a)(b)</sup> | 1045 | 827400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 06/05/26 (Call 06/05/25)<sup>(a)(b)</sup> | 820 | 691875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 09/11/25 (Call 09/11/24)<sup>(a)(b)</sup> | 950 | 845500 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25 | $730 | $654562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 07/15/26 (Call 07/15/25)<sup>(a)(b)</sup> | 750 | 699548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/11/28 (Call 08/11/27)<sup>(a)(b)</sup> | 500 | 455640 |
|  Dah Sing Bank Ltd., 3.00%, 11/02/31 (Call 11/02/26)<sup>(a)(c)</sup> | 250 | 217750 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 06/22/24 (Call 06/22/23)<sup>(b)</sup> | 677 | 618338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 09/10/27 (Call 09/10/26)<sup>(a)(b)</sup> | 600 | 494148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 09/11/26 (Call 09/11/25)<sup>(a)(b)</sup> | 200 | 170770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 12/20/25 (Call 12/20/24)<sup>(a)(b)</sup> | 520 | 480137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/28/25 (Call 03/28/24)<sup>(a)(b)</sup> | 525 | 499590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/28 (Call 04/01/27)<sup>(a)(b)</sup> | 800 | 705816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/12/24<sup>(b)</sup> | 535 | 527328 |
|  DBS Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 03/10/31 (Call 03/10/26)<sup>(a)(c)</sup> | 400 | 345036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, (Call 02/27/25)<sup>(a)(c)(e)</sup> | 400 | 350080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 12/11/28 (Call 12/11/23)<sup>(a)(b)(d)</sup> | 365 | 360678 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26 | 75 | 70683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 | 700 | 650629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/14/26 (Call 07/14/25)<sup>(a)</sup> | 520 | 497099 |
|  Deutsche Bank AG/London, 3.70%, 05/30/24 | 549 | 530548 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24 | 577 | 529617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 (Call 04/01/24),<br>(SOFR + 1.131%)<sup>(a)</sup> | 432 | 393396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26 | 485 | 417391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25),<br>(SOFR + 1.870%)<sup>(a)</sup> | 995 | 837412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26),<br>(SOFR + 1.219%)<sup>(a)</sup> | 925 | 737382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27),<br>(SOFR + 1.318%)<sup>(a)</sup> | 875 | 700061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 (Call 11/26/24),<br>(SOFR + 2.581%)<sup>(a)</sup> | 830 | 764571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26 | 417 | 388231 |
|  Development Bank of Kazakhstan JSC, 5.75%, 05/12/25<sup>(c)</sup> | 200 | 198000 |
|  Dexia Credit Local SA, 1.63%, 10/16/24<sup>(b)</sup> | 1705 | 1604797 |
|  DIB Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 06/22/26<sup>(c)</sup> | 400 | 351740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 02/16/27<sup>(c)</sup> | 400 | 359184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/20/25<sup>(c)</sup> | 300 | 283149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/16/26<sup>(c)</sup> | 600 | 554400 |
|  DIB Tier 1 Sukuk 3 Ltd., 6.25%,<br>(Call 01/22/25)<sup>(a)(c)(e)</sup> | 600 | 593508 |
|  DIB Tier 1 Sukuk 4 Ltd., 4.63%,<br>(Call 05/19/26)<sup>(a)(c)(e)</sup> | 200 | 187164 |
|  DIB Tier 1 Sukuk 5 Ltd., 3.38%,<br>(Call 10/19/26)<sup>(a)(c)(e)</sup> | 200 | 179874 |
|  Discover Bank, 2.45%, 09/12/24<br>(Call 08/12/24) | 735 | 690202 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 05/25/27 (Call 05/25/26)<sup>(a)(b)</sup> | 720 | 612173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/28/25 (Call 03/28/24)<sup>(a)(b)</sup> | 975 | 932763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/09/26 | 1000 | 985420 |
|  Doha Finance Ltd., 2.38%, 03/31/26<sup>(c)</sup> | 200 | 175616 |
|  Ecobank Transnational Inc., 9.50%, 04/18/24<sup>(c)</sup> | 200 | 188500 |
|  EI Sukuk Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 09/23/25<sup>(c)</sup> | 200 | 181170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 11/02/26<sup>(c)</sup> | 200 | 176064 |
|  Emirates Development Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/15/26<sup>(c)</sup> | 200 | 176868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 03/06/24<sup>(c)</sup> | 400 | 390120 |
|  Emirates NBD Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 01/13/26<sup>(c)</sup> | 400 | 353172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/25<sup>(c)</sup> | 200 | 187196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 02/27/27)<sup>(a)(c)(e)</sup> | 200 | 171168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, (Call 03/20/25)<sup>(a)(c)(e)</sup> | 400 | 378776 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, (Call 04/09/26)<sup>(a)(c)(e)</sup> | $400 | $376972 |
|  Fab Sukuk Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 01/14/26<sup>(c)</sup> | 400 | 352524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/22/24<sup>(c)</sup> | 600 | 588270 |
|  Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/21/24<sup>(b)</sup> | 460 | 426314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/10/25<sup>(b)</sup> | 445 | 409080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/23/25<sup>(b)</sup> | 600 | 576108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/23/27<sup>(b)</sup> | 600 | 560994 |
|  Fifth Third Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)<sup>(a)</sup> | 885 | 753002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 (Call 12/28/24) | 407 | 379035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 (Call 12/25/23) | 540 | 528892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 04/25/28 (Call 04/25/27)<sup>(a)</sup> | 800 | 733400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 (Call 12/16/23) | 184 | 181312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 | 1000 | 1005980 |
|  Fifth Third Bank NA, 5.85%, 10/27/25 | 1000 | 1001000 |
|  First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26)<sup>(a)(c)(e)</sup>  | 600 | 548514 |
|  First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25) | 412 | 394494 |
|  First-Citizens Bank & Trust Co., 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)<sup>(a)</sup> | 300 | 281028 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(b)</sup> | 230 | 171502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 255 | 201335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(b)</sup> | 180 | 158623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 238 | 204885 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25),<br>(SOFR + 0.609%)<sup>(a)</sup> | 320 | 283654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25),<br>(SOFR + 0.789%)<sup>(a)</sup> | 1130 | 972410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26),<br>(SOFR + 0.798%)<sup>(a)</sup> | 1139 | 974688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26),<br>(SOFR + 0.818%)<sup>(a)</sup> | 1474 | 1237909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 (Call 01/24/24),<br>(SOFR + 0.730%)<sup>(a)</sup> | 1140 | 1077061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26),<br>(SOFR + 0.913%)<sup>(a)</sup> | 1945 | 1652803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.114%)<sup>(a)</sup> | 1138 | 984029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 | 591 | 571491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24),<br>(3 mo. LIBOR US + 1.201%)<sup>(a)</sup> | 902 | 854988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 1212 | 1160078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 1638 | 1551628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 1064 | 977795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27),<br>(SOFR + 1.846%)<sup>(a)</sup> | 1750 | 1577187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24) | 837 | 818360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27),<br>(3 mo. LIBOR US + 1.510%)<sup>(a)</sup> | 1300 | 1168310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 961 | 915410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 890 | 836244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24) | 908 | 887488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 774 | 718272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/31/24<sup>(g)</sup> | 36 | 35180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 1045 | 1000264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 (Call 06/15/26)<sup>(a)</sup> | 520 | 488779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(a)</sup> | 1210 | 1124526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24 | 430 | 429948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27 | 63 | 63580 |
|  Gulf International Bank BSC, 2.38%, 09/23/25<sup>(c)</sup> | 200 | 180368 |
|  Hana Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/16/26<sup>(c)</sup> | 200 | 168530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27<sup>(c)</sup> | 200 | 179770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/30/24<sup>(c)</sup> | 200 | 196138 |

---

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/14/24<sup>(c)</sup> | $200 | $193820 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 (Call 05/24/24),<br>(SOFR + 0.708%)<sup>(a)</sup> | 895 | 813886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/22/24 (Call 11/22/23),<br>(SOFR + 0.580%)<sup>(a)</sup> | 795 | 745988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26),<br>(SOFR + 1.290%)<sup>(a)</sup> | 1201 | 987330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 (Call 04/18/25),<br>(SOFR + 1.538%)<sup>(a)</sup> | 1465 | 1280088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 (Call 06/04/25),<br>(SOFR + 1.929%)<sup>(a)</sup> | 1110 | 976178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26),<br>(SOFR + 1.100%)<sup>(a)</sup> | 1250 | 1028487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 (Call 11/07/24),<br>(SOFR + 1.401%)<sup>(a)</sup> | 1245 | 1137855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25),<br>(SOFR + 1.430%)<sup>(a)</sup> | 1485 | 1348825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 (Call 03/11/24),<br>(3 mo. LIBOR US + 1.211%)<sup>(a)</sup> | 1260 | 1203111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 370 | 337914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27),<br>(3 mo. LIBOR US + 1.546%)<sup>(a)</sup> | 1000 | 876180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 (Call 12/09/24)<sup>(a)</sup> | 430 | 406023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24 | 1070 | 1035193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25 | 795 | 740479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 (Call 09/12/25),<br>(3 mo. LIBOR US + 1.348%)<sup>(a)</sup> | 345 | 318245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26 | 1545 | 1454695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26 | 510 | 464202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(a)</sup> | 1000 | 900520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(a)</sup> | 1100 | 1008700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 (Call 11/03/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/03/28 (Call 11/03/27) | 705 | 705000 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24 | 470 | 452972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24 | 600 | 582768 |
|  Huntington Bancshares Inc., 4.44%, 08/04/28 (Call 08/04/27)<sup>(a)</sup> | 160 | 148840 |
|  Huntington Bancshares Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 (Call 07/06/24) | 1012 | 966703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 04/15/25) | 376 | 362265 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 05/16/25 (Call 05/16/24)<sup>(a)</sup> | 285 | 277724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/28 (Call 05/17/27)<sup>(a)</sup> | 280 | 267193 |
|  ICICI Bank Ltd./Dubai, 4.00%, 03/18/26<sup>(c)</sup> | 200 | 188134 |
|  Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, (Call 09/24/26)<sup>(a)(c)(e)</sup> | 3000 | 2674290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/21/25<sup>(c)</sup> | 600 | 589620 |
|  Industrial & Commercial Bank of China Ltd./Dubai DIFC, 4.85%, 10/17/24,<br>(3 mo. LIBOR US + 0.770%)<sup>(a)(c)</sup> | 600 | 599478 |
|  Industrial & Commercial Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/20/25<sup>(c)</sup> | 800 | 724096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/16/24,<br>(3 mo. LIBOR US + 0.780%)<sup>(a)(c)</sup> | 800 | 800296 |
|  Industrial & Commercial Bank of China Ltd./Singapore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/09/25<sup>(c)</sup> | 600 | 540456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 04/25/24,<br>(3 mo. LIBOR US + 0.830%)<sup>(a)(c)</sup> | 400 | 400628 |
|  Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)<sup>(a)(c)</sup> | 600 | 569070 |
|  Industrial Bank Co. Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/10/24<sup>(c)</sup> | 700 | 656551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/06/23<sup>(c)</sup> | 200 | 192176 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/01/26 (Call 07/01/25)<sup>(a)(b)</sup> | 475 | 416100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26),<br>(SOFR + 1.005%)<sup>(a)</sup> | 625 | 531750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24 | 545 | 529162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 (Call 03/28/25),<br>(SOFR + 1.640%)<sup>(a)</sup> | 975 | 915915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27 | 460 | 418066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27),<br>(SOFR + 1.830%)<sup>(a)</sup> | $505 | $453929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/06/26<sup>(b)</sup> | 500 | 475940 |
|  International Bank of Azerbaijan OJSC, 3.50%, 09/01/24<sup>(c)</sup> | 330 | 310200 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(b)</sup> | 880 | 840180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(b)</sup> | 650 | 591260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 3.25%, 09/23/24<sup>(b)</sup> | 425 | 396695 |
|  Itau Unibanco Holding SA/Cayman Island, 3.25%, 01/24/25<sup>(c)(d)</sup> | 200 | 191000 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 (Call 02/16/24),<br>(SOFR + 0.420%)<sup>(a)</sup> | 610 | 567794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24),<br>(SOFR + 0.490%)<sup>(a)</sup> | 1045 | 951650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 (Call 06/01/24),<br>(SOFR + 0.540%)<sup>(a)</sup> | 930 | 856688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 (Call 06/23/24),<br>(SOFR + 0.580%)<sup>(a)</sup> | 1130 | 1039193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(a)</sup> | 475 | 404083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25),<br>(SOFR + 0.800%)<sup>(a)</sup> | 1330 | 1145848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26),<br>(SOFR + 0.765%)<sup>(a)</sup> | 1644 | 1381733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24),<br>(SOFR + 0.605%)<sup>(a)</sup> | 1525 | 1391517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26),<br>(SOFR + 0.885%)<sup>(a)</sup> | 1988 | 1708030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25),<br>(SOFR + 1.585%)<sup>(a)</sup> | 1600 | 1459184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25),<br>(SOFR + 1.850%)<sup>(a)</sup> | 2054 | 1870352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27),<br>(SOFR + 1.890%)<sup>(a)</sup> | 335 | 283464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 (Call 10/15/24),<br>(SOFR + 1.160%)<sup>(a)</sup> | 1405 | 1310120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25),<br>(SOFR + 0.915%)<sup>(a)</sup> | 1000 | 926680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | 910 | 831431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.170%)<sup>(a)</sup> | 965 | 849673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 (Call 10/23/24) | 719 | 687975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24),<br>(3 mo. LIBOR US + 1.155%)<sup>(a)</sup> | 945 | 912681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 226 | 211066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27),<br>(3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | 242 | 217669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24 | 865 | 847812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27),<br>(3 mo. LIBOR US + 1.337%)<sup>(a)</sup> | 645 | 587782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24 | 220 | 217272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 1832 | 1784698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25) | 198 | 191343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26),<br>(3 mo. LIBOR US + 1.245%)<sup>(a)</sup> | 1178 | 1103939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(a)</sup> | 1009 | 990848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25),<br>(SOFR + 1.320%)<sup>(a)</sup> | 1765 | 1692088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26 | 300 | 284379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27),<br>(SOFR + 1.560%)<sup>(a)</sup> | 1631 | 1518249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 1815 | 1725738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26 | 505 | 544198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/25 | 25 | 26638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 | 150 | 164603 |
|  Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)<sup>(a)(c)</sup> | 400 | 337100 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 | 250 | 237698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 650 | 628264 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27 | 130 | 111701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/25 (Call 05/23/24)<sup>(a)</sup> | 170 | 165019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25 | 145 | 139919 |

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S C H E D U L E O F I N V E S T M E N T S 19

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Kookmin Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/06/26<sup>(c)</sup> | $400 | $349444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/25<sup>(c)</sup> | 400 | 365196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/25<sup>(c)</sup> | 200 | 185776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, (Call 07/02/24)<sup>(a)(c)(e)</sup> | 200 | 182274 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/09/24 | 200 | 188054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/19/26 | 200 | 172054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/09/26 | 600 | 517074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/01/24 | 200 | 189592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/13/26 | 800 | 753536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/19/24 | 250 | 244583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/16/25 | 600 | 570660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/22/24 | 200 | 197136 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/08/24 | 1540 | 1452343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/25 | 4310 | 3855424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | 1315 | 1218610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/22/26 | 5164 | 4566525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26 | 132 | 115668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/25 | 2120 | 1972512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/05/24 | 2067 | 1955279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/02/25 | 1931 | 1816221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | 2742381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/24 | 2820 | 2747808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/27 | 5 | 4721 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/08/25<sup>(c)</sup> | 10 | 8814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/24<sup>(c)</sup> | 1440 | 1376611 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/30/26 | 162 | 143313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/27/26 | 25 | 22636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/14/27<sup>(c)</sup> | 5 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/25 | 1867 | 1768254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/23/24<sup>(c)</sup> | 1084 | 1054526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/10/25 | 645 | 610267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40, 0.50%, 05/27/25 | 1335 | 1204504 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 (Call 05/11/26)<sup>(a)</sup> | 850 | 712547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 (Call 02/05/25)<sup>(a)</sup> | 875 | 795078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 (Call 03/18/25)<sup>(a)</sup> | 950 | 880032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(a)</sup> | 930 | 821050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 (Call 07/09/24)<sup>(a)</sup> | 340 | 323962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24 | 495 | 482100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 | 365 | 349984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24 | 300 | 289026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092712 |
|  M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27)<sup>(a)</sup> | 850 | 800590 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/22/25<sup>(b)</sup> | 680 | 636684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/21/25<sup>(b)</sup> | 485 | 463015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/26<sup>(b)</sup> | 410 | 390447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/29/25<sup>(b)</sup> | 310 | 298431 |
|  Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/14/25 (Call 10/14/24)<sup>(a)(b)</sup> | 537 | 487150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 01/12/27 (Call 01/12/26)<sup>(a)(b)</sup> | 685 | 581962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/23/27 (Call 09/23/26)<sup>(a)(b)</sup> | 465 | 385350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 04/14/28 (Call 04/14/27),<br>(SOFR + 0.995%)<sup>(a)(b)</sup>  | 380 | 312242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/21/28 (Call 06/21/27)<sup>(a)(b)</sup> | 65 | 58921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/09/26 (Call 08/09/25)<sup>(a)(b)</sup> | 565 | 549773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Malayan Banking Bhd, 3.72%, 08/16/24,<br>(3 mo. LIBOR US + 0.800%)<sup>(a)(c)</sup> | $600 | $600174 |
|  MAR Sukuk Ltd., 2.21%, 09/02/25<sup>(c)</sup> | 600 | 548334 |
|  Mashreqbank PSC, 4.25%, 02/26/24<sup>(c)</sup> | 200 | 195822 |
|  Metropolitan Bank & Trust Co., 2.13%, 01/15/26<sup>(c)</sup> | 400 | 354736 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 (Call 07/19/24)<sup>(a)</sup> | 1175 | 1078438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 (Call 10/11/24)<sup>(a)</sup> | 620 | 563735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 | 1020 | 910544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(a)</sup> | 1290 | 1090360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)</sup> | 825 | 694980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 1165 | 1074922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(a)</sup> | 740 | 632663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24 | 305 | 290561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 1199 | 1165992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 65 | 62386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/17/26 (Call 04/17/25)<sup>(a)</sup> | 375 | 356456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(a)</sup> | 805 | 739256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(a)</sup> | 945 | 927225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(a)</sup> | 800 | 760968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(a)</sup> | 410 | 403920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(a)</sup> | 390 | 376011 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(a)</sup> | 400 | 336228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(a)</sup> | 675 | 571543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 (Call 05/25/25),<br>(3 mo. LIBOR US + 0.830%)<sup>(a)</sup> | 620 | 560740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 (Call 09/13/24),<br>(SOFR + 1.362%)<sup>(a)</sup> | 695 | 650652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 (Call 05/22/25)<sup>(a)</sup> | 545 | 499018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24),<br>(SOFR + 1.242%)<sup>(a)</sup> | 332 | 314201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26 | 200 | 177596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 04/12/26<sup>(b)</sup> | 1000 | 919210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27 | 200 | 181164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(d)</sup> | 800 | 772672 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 (Call 01/22/24),<br>(SOFR + 0.509%)<sup>(a)</sup> | 315 | 294090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 (Call 05/30/24),<br>(SOFR + 0.525%)<sup>(a)</sup> | 1627 | 1490055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25),<br>(SOFR + 0.720%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 (Call 10/21/24),<br>(SOFR + 0.560%)<sup>(a)</sup> | 1225 | 1109323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26),<br>(SOFR + 0.858%)<sup>(a)</sup> | 1270 | 1076998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26),<br>(SOFR + 0.879%)<sup>(a)</sup> | 1540 | 1318964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25),<br>(SOFR + 1.990%)<sup>(a)</sup> | 1836 | 1675332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27),<br>(SOFR + 1.000%)<sup>(a)</sup> | 1305 | 1128903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 (Call 02/18/25),<br>(SOFR + 0.940%)<sup>(a)</sup> | 935 | 866277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 (Call 07/22/24),<br>(SOFR + 1.152%)<sup>(a)</sup> | 977 | 922014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 1492 | 1361480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27),<br>(3 mo. LIBOR US + 1.340%)<sup>(a)</sup> | 1000 | 896730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24),<br>(SOFR + 1.160%)<sup>(a)</sup> | 570 | 550603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 1340 | 1236110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 | 1423 | 1379741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 740 | 700824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27 | 1410 | 1305533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 | 332 | 319729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)<sup>(a)</sup> | 885 | 819156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 | 495 | 471740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(a)</sup> | 845 | 820191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25 | 960 | 944592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 | 225 | 229154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 | 1342 | 1314878 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)<sup>(a)</sup> | $377 | $340205 |
|  MUFG Bank Ltd., 3.25%, 09/08/24<sup>(b)</sup> | 300 | 287715 |
|  Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24)<sup>(a)(c)</sup> | 250 | 233728 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.39%, 01/12/25<sup>(b)</sup> | 965 | 893088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 01/12/27<sup>(b)</sup> | 605 | 528861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/04/23<sup>(b)</sup> | 250 | 245958 |
|  National Australia Bank Ltd./New York, 2.50%, 07/12/26 | 215 | 195349 |
|  National Bank of Canada, 0.75%, 08/06/24 | 400 | 367572 |
|  National Securities Clearing Corp., 1.50%, 04/23/25 (Call 03/23/25)<sup>(b)</sup> | 935 | 857077 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(a)</sup> | 825 | 685814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/29 (Call 11/01/24)<sup>(a)</sup> | 720 | 656662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 (Call 03/22/24),<br>(3 mo. LIBOR US + 1.762%)<sup>(a)</sup> | 615 | 592952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26 | 205 | 193434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 (Call 09/30/27)<sup>(a)</sup> | 500 | 466600 |
|  NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/12/24<sup>(b)</sup> | 495 | 452217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/29/26<sup>(b)</sup> | 1240 | 1041674 |
|  NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (SOFR + 1.050%)<sup>(a)(c)</sup> | 400 | 340528 |
|  NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)<sup>(a)(c)(e)</sup>  | 400 | 352600 |
|  NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)<sup>(a)(c)(e)</sup> | 200 | 166634 |
|  NBK Tier 2 Ltd., 2.50%, 11/24/30<br>(Call 11/24/25)<sup>(a)(c)</sup> | 200 | 174670 |
|  NCB Tier 1 Sukuk Ltd., 3.50%,<br>(Call 07/26/26)<sup>(a)(c)(e)</sup> | 600 | 535656 |
|  Nederlandse Waterschapsbank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/25<sup>(b)(d)</sup> | 1380 | 1298000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/24/26<sup>(b)</sup> | 200 | 185982 |
|  NongHyup Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/28/24<sup>(c)</sup> | 200 | 185604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/20/25<sup>(c)</sup> | 400 | 356012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/06/27<sup>(c)</sup> | 200 | 189568 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/24/24<sup>(b)</sup> | 220 | 204343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/26<sup>(b)</sup> | 380 | 319268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/06/25<sup>(b)</sup> | 340 | 324156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/25<sup>(b)</sup> | 1000 | 980080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/27<sup>(b)</sup> | 645 | 621064 |
|  Norinchukin Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 09/22/26<sup>(b)</sup> | 475 | 405280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 09/14/27<sup>(b)</sup> | 600 | 582522 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/08/32 (Call 05/08/27),<br>(3 mo. LIBOR US + 1.131%)<sup>(a)</sup> | 265 | 236391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25 | 147 | 142103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27) | 775 | 740892 |
|  NRW Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/10/25<sup>(c)</sup> | 600 | 545850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/19/25<sup>(c)</sup> | 83 | 75104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/25/24<sup>(c)</sup> | 145 | 134421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/09/26<sup>(c)</sup> | 395 | 349283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373108 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/25 | 645 | 572463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/16/24 | 155 | 143587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/26 | 80 | 70170 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/25<sup>(d)</sup> | $1187 | $1108622 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 09/10/30 (Call 09/10/25)<sup>(a)(b)</sup> | 755 | 665638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/19/24<sup>(b)</sup> | 515 | 506178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/32 (Call 06/15/27)<sup>(a)(c)</sup> | 400 | 370800 |
|  Philippine National Bank, 3.28%, 09/27/24<sup>(c)</sup> | 400 | 375192 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | 230 | 221274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24) | 250 | 238243 |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26) | 675 | 579535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 (Call 10/02/24) | 755 | 711844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26) | 170 | 153570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27) | 35 | 31555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 (Call 12/23/23) | 1002 | 984034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 924 | 904236 |
|  QIB Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/27/25<sup>(c)</sup> | 200 | 180092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/26/24<sup>(c)</sup> | 600 | 588468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 02/07/25,<br>(3 mo. LIBOR US + 1.350%)<sup>(a)(c)</sup> | 400 | 398512 |
|  QIIB Senior Sukuk Ltd., 4.26%, 03/05/24<sup>(c)</sup> | 280 | 276133 |
|  QNB Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/26/26<sup>(c)</sup> | 400 | 350008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/22/25<sup>(c)</sup> | 400 | 357736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/12/25<sup>(c)</sup> | 600 | 557460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/12/27<sup>(c)</sup> | 200 | 179082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/28/24<sup>(c)</sup> | 600 | 582234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/12/24<sup>(a)(c)</sup> | 400 | 400464 |
|  QNB Finansbank AS, 6.88%, 09/07/24<sup>(c)</sup> | 200 | 200174 |
|  Rakfunding Cayman Ltd., 4.13%, 04/09/24<sup>(c)</sup> | 200 | 196224 |
|  Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25) | 632 | 583077 |
|  RHB Bank Bhd, 3.77%, 02/19/24<sup>(c)</sup> | 200 | 195934 |
|  Riyad Sukuk Ltd., 3.17%, 02/25/30<br>(Call 02/25/25)<sup>(a)(c)</sup> | 800 | 749616 |
|  Rizal Commercial Banking Corp., 3.00%, 09/11/24<sup>(c)</sup> | 200 | 188042 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24 | 233 | 219845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 640 | 590752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 690 | 631502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 560 | 484232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25 | 434 | 389710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 530 | 452678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 968 | 835510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 665 | 566381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 220 | 202829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 535 | 467103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | 839 | 789155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24 | 775 | 739397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25 | 207 | 197697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 | 750 | 690855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24 | 750 | 732878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | 425 | 399441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 662 | 639221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24 | 1000 | 1002700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006270 |
|  Samba Funding Ltd., 2.75%, 10/02/24<sup>(c)</sup> | 600 | 567204 |
|  Santander Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 (Call 01/06/27),<br>(SOFR + 1.249%)<sup>(a)</sup> | 221 | 182584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26) | 165 | 145642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 (Call 05/02/25) | 626 | 585698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 (Call 05/07/24) | 387 | 371044 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/25 (Call 06/09/24)<sup>(a)</sup> | $390 | $373507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 550 | 497426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 (Call 04/17/25) | 545 | 521636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 (Call 09/09/25)<sup>(a)</sup> | 800 | 774168 |
|  Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)<sup>(a)</sup> | 225 | 206489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 (Call 08/21/25)<sup>(a)</sup> | 460 | 391851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)<sup>(a)</sup> | 962 | 786185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)<sup>(a)</sup> | 650 | 534196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)<sup>(a)</sup> | 510 | 498908 |
|  Santander UK PLC, 4.00%, 03/13/24 | 834 | 816895 |
|  Shanghai Pudong Development Bank Co. Ltd., 1.00%, 01/19/24<sup>(c)</sup> | 200 | 190902 |
|  Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24<sup>(c)</sup> | 400 | 374144 |
|  Shinhan Bank Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/21/26<sup>(c)(d)</sup> | 200 | 171244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/24/26<sup>(c)(d)</sup> | 200 | 185220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 04/24/25,<br>(3 mo. LIBOR US + 1.700%)<sup>(a)(c)</sup> | 600 | 611616 |
|  Shinhan Financial Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 01/10/26<sup>(c)</sup> | 200 | 176416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, (Call 05/12/26)<sup>(a)(c)(e)</sup> | 400 | 300708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 02/05/30 (Call 02/05/25)<sup>(a)(c)</sup> | 200 | 184852 |
|  Siam Commercial Bank PCL/Cayman Islands, 3.90%, 02/11/24<sup>(c)</sup> | 200 | 196692 |
|  SIB Sukuk Co. III Ltd., 2.85%, 06/23/25<sup>(c)</sup> | 400 | 377324 |
|  SIB Tier 1 Sukuk Co., 5.00%,<br>(Call 07/02/25)<sup>(a)(c)(e)</sup> | 200 | 194118 |
|  Signature Bank/New York NY, 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | 125 | 113906 |
|  Skandinaviska Enskilda Banken AB, 3.70%, 06/09/25<sup>(b)</sup> | 485 | 462894 |
|  SNB Sukuk Ltd., 2.34%, 01/19/27<sup>(c)</sup> | 400 | 353204 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/08/25<sup>(b)</sup> | 500 | 445075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 12/14/26 (Call 12/14/25)<sup>(a)(b)</sup> | 690 | 575936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 06/09/27 (Call 06/09/26)<sup>(a)(b)</sup> | 895 | 733658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 01/21/26 (Call 01/21/25)<sup>(a)(b)</sup> | 935 | 837751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/16/24<sup>(b)</sup> | 660 | 615542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/22/25<sup>(b)</sup> | 990 | 908226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/19/28 (Call 01/19/27)<sup>(a)(b)</sup> | 550 | 455620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/28/24<sup>(b)</sup> | 525 | 505512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/12/27<sup>(b)</sup> | 300 | 269418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/14/25<sup>(b)</sup> | 865 | 804831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/19/26<sup>(b)</sup> | 200 | 179244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 06/15/27<sup>(b)</sup> | 200 | 188464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/24/25<sup>(b)</sup> | 125 | 115583 |
|  Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 01/12/25 (Call 01/12/24)<sup>(a)(b)</sup> | 200 | 185886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 03/23/25 (Call 03/23/24)<sup>(a)(b)</sup> | 350 | 324006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 01/14/27 (Call 01/14/26)<sup>(a)(b)</sup> | 720 | 596822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 11/23/25 (Call 11/23/24)<sup>(a)(b)</sup> | 690 | 617281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 01/12/28 (Call 01/12/27)<sup>(a)(b)</sup> | 930 | 765827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 01/30/26 (Call 01/30/25)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 02/12/30 (Call 02/12/25)<sup>(a)(c)</sup> | 500 | 450280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/21/25 (Call 05/21/24)<sup>(a)(b)</sup> | 620 | 587934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/30/26 (Call 03/30/25)<sup>(a)(b)</sup> | 770 | 708154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/12/26<sup>(b)</sup> | 200 | 186292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/26/24<sup>(b)</sup> | 200 | 196238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  State Bank of India/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/13/26<sup>(c)</sup> | $400 | $346832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/24/24<sup>(c)</sup> | 400 | 393028 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 (Call 11/18/26),<br>(SOFR + 0.560%)<sup>(a)</sup> | 555 | 480125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/06/26 (Call 02/06/25), (SOFR + 0.441%)<sup>(a)(d)</sup>  | 285 | 262807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/07/28 (Call 02/07/27), (SOFR + 0.730%)<sup>(a)</sup> | 735 | 637642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 (Call 11/01/24),<br>(SOFR + 0.940%)<sup>(a)</sup> | 610 | 573077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26 | 125 | 115781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/26 (Call 03/30/25),<br>(SOFR + 2.600%)<sup>(a)</sup> | 155 | 145671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24 | 386 | 371930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25 | 474 | 455704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/03/24 (Call 12/03/23), (3 mo. LIBOR US + 0.770%)<sup>(a)</sup> | 92 | 90496 |
|  Sumitomo Mitsui Banking Corp., 3.40%, 07/11/24<sup>(d)</sup> | 260 | 252252 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 | 1120 | 964835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25 | 915 | 816985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27 | 355 | 306489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 | 455 | 423755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24 | 325 | 306046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26 | 1665 | 1493222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24 | 452 | 430363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27 | 1000 | 897940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27 | 215 | 195504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26 | 525 | 494450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 04/02/24<sup>(b)</sup> | 325 | 318416 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/16/24<sup>(b)</sup> | 425 | 389436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 03/25/24<sup>(b)</sup> | 200 | 187256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/12/25<sup>(b)</sup> | 305 | 268949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/16/26<sup>(b)</sup> | 485 | 414602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/25/26<sup>(b)</sup> | 200 | 175482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/10/25<sup>(b)</sup> | 300 | 280011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27<sup>(b)</sup> | 485 | 434613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/25<sup>(b)(d)</sup> | 310 | 303394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/27<sup>(b)</sup> | 700 | 680757 |
|  Suncorp-Metway Ltd., 3.30%, 04/15/24<sup>(b)(d)</sup> | 352 | 340905 |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/28/26 (Call 09/28/26) | 470 | 397061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/25<sup>(d)</sup> | 37 | 35156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/29/28 (Call 04/29/27)<sup>(a)</sup> | 252 | 229083 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 06/11/24<sup>(b)</sup> | 460 | 426797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%, 06/11/27 (Call 06/11/26)<sup>(a)(b)</sup> | 590 | 505353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/10/25<sup>(b)(d)</sup> | 500 | 477455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/10/27<sup>(b)(d)</sup> | 500 | 468980 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 11/16/26<sup>(b)</sup> | 980 | 841614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 04/04/25<sup>(b)</sup> | 875 | 831197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 09/20/27<sup>(b)</sup> | 340 | 323789 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/22/25 (Call 07/22/25) | 500 | 483085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/23/27 (Call 07/23/27) | 500 | 471365 |
|  Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/11/25 (Call 07/11/25) | 607 | 590921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/07/29 (Call 02/07/24)<sup>(a)</sup> | 155 | 150728 |
|  TC Ziraat Bankasi AS, 5.38%, 03/02/26<sup>(c)</sup> | 400 | 339060 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)<sup>(a)</sup> | $170 | $147060 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24 | 565 | 529755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25 | 515 | 451794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 | 810 | 699305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 | 672 | 602045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 805 | 693306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 450 | 413150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 855 | 729247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25<sup>(d)</sup> | 600 | 552198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 | 695 | 602259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 785 | 754723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24 | 915 | 877403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 784 | 699179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 688 | 669513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 525 | 504173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 900 | 843300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 905 | 886773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 820 | 785683 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 (Call 02/10/25) | 640 | 585018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 (Call 11/05/24) | 307 | 287380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/17/29 (Call 09/17/24)<sup>(a)</sup> | 300 | 277761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 579 | 562145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) | 325 | 307590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) | 115 | 110822 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 (Call 07/03/25) | 139 | 124064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)<sup>(a)</sup> | 1360 | 1174306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 (Call 07/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 728 | 694556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25) | 500 | 479745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/06/23 (Call 11/06/23) | 691 | 681492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25) | 611 | 591961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)</sup> | 320 | 295830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 (Call 07/28/25)<sup>(a)</sup> | 975 | 939939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/26 | 1000 | 999040 |
|  Turkiye Is Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/25/24<sup>(c)</sup> | 400 | 381316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/22/30 (Call 01/22/25)<sup>(a)(c)</sup> | 400 | 351832 |
|  Turkiye Vakiflar Bankasi TAO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/05/25<sup>(c)</sup> | 400 | 358000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/08/26<sup>(c)</sup> | 400 | 351860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/28/24<sup>(c)</sup> | 200 | 196966 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 (Call 04/11/25) | 384 | 350926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)<sup>(a)</sup> | 645 | 562634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 (Call 06/28/24) | 923 | 882166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26) | 573 | 531543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 1169 | 1145187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24) | 873 | 849604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) | 525 | 507019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 790 | 750579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 | 225 | 225774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) | 50 | 45312 |
|  U.S. Bank NA/Cincinnati OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 (Call 12/20/24) | 620 | 579378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(d)</sup> | 655 | 623180 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 02/09/24<sup>(b)</sup> | $200 | $187818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 08/09/24<sup>(b)</sup> | 645 | 591813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/26<sup>(b)</sup> | 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/13/25 (Call 12/13/24),<br>(SOFR + 0.300%)<sup>(b)</sup> | 735 | 672047 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%, 01/30/27 (Call 01/30/26)<sup>(a)(b)</sup> | 380 | 319508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 08/10/27 (Call 08/10/26)<sup>(a)(b)</sup> | 565 | 465730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/24/25<sup>(b)</sup> | 505 | 476296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26<sup>(b)</sup> | 600 | 559356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 08/05/25 (Call 08/05/24)<sup>(a)(b)</sup> | 905 | 875904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/12/26 (Call 05/12/25)<sup>(a)(b)</sup> | 460 | 436342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/05/27 (Call 08/05/26)<sup>(a)(b)</sup> | 640 | 594509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/28 (Call 05/12/27)<sup>(a)(b)</sup> | 930 | 852419 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 06/03/27 (Call 06/03/26)<sup>(a)(b)</sup> | 680 | 552867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 09/22/26 (Call 09/22/25)<sup>(a)(b)</sup> | 680 | 583494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)</sup> | 435 | 361150 |
|  Union Bank of the Philippines, 2.13%, 10/22/25<sup>(c)</sup> | 200 | 180750 |
|  United Overseas Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/14/26<sup>(b)</sup> | 200 | 176808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/16/31 (Call 03/16/26)<sup>(a)(c)</sup> | 400 | 343568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/14/31 (Call 10/14/26)<sup>(a)(b)</sup> | 200 | 169616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 630 | 611371 |
|  Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)<sup>(a)</sup> | 230 | 204951 |
|  Wachovia Corp., 7.57%, 08/01/26<sup>(g)</sup> | 175 | 184588 |
|  Warba Sukuk Ltd., 2.98%, 09/24/24<sup>(c)</sup> | 200 | 193068 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 (Call 05/19/24),<br>(SOFR + 0.510%)<sup>(a)</sup> | 540 | 499657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25), (3 mo. LIBOR US + 0.750%)<sup>(a)</sup> | 1770 | 1623709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 (Call 04/30/25),<br>(SOFR + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | 1255800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27),<br>(SOFR + 2.100%)<sup>(a)</sup> | 300 | 256311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 (Call 10/30/24),<br>(SOFR + 1.087%)<sup>(a)</sup> | 1853 | 1725421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25 | 1450 | 1370351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 | 1655 | 1514805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 | 1400 | 1267896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)<sup>(a)</sup> | 1055 | 955819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24 | 940 | 908350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27),<br>(SOFR + 1.510%)<sup>(a)</sup> | 2595 | 2339470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25 | 705 | 668107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)<sup>(a)</sup> | 1460 | 1314803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 (Call 12/22/23) | 1455 | 1430818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25),<br>(SOFR + 1.320%)<sup>(a)</sup> | 1305 | 1241707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26 | 1757 | 1660945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24 | 672 | 665750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(a)</sup> | 1640 | 1577680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 1430 | 1356126 |
|  Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)<sup>(a)</sup> | 10 | 8488 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 | 640 | 590298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 | 990 | 860260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25<sup>(d)</sup> | 75 | 70536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26 | 100 | 91414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26 | 755 | 698647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/04/30 (Call 02/04/25)<sup>(a)</sup> | 787 | 718846 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24<sup>(d)</sup> | $866 | $849468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27 | 530 | 491077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27 | 100 | 95006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 11/23/31 (Call 11/23/26)<sup>(a)</sup> | 700 | 628068 |
|  Woori Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/01/26<sup>(c)</sup> | 600 | 515376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/27<sup>(c)</sup> | 200 | 172700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 10/04/24)<sup>(a)(c)(e)</sup> | 200 | 173114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/24<sup>(c)</sup> | 200 | 195974 |
|  Yapi ve Kredi Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/21/24<sup>(c)</sup> | 200 | 190594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/22/31 (Call 01/22/26)<sup>(a)(c)</sup> | 200 | 175892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/15/24<sup>(c)</sup> | 200 | 197984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551474349 |
| **Beverages — 0.3%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | 1744688 |
|  Bacardi Ltd., 4.45%, 05/15/25<br>(Call 03/15/25)<sup>(c)</sup> | 517 | 496470 |
|  Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25) | 38 | 36676 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 390 | 338629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24 | 910 | 866511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 | 40 | 36966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27 | 240 | 228079 |
|  Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25) | 142 | 136143 |
|  Coca-Cola Europacific Partners PLC, 0.80%, 05/03/24<sup>(b)</sup> | 487 | 453889 |
|  Coca-Cola European Partners PLC, 1.50%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 200 | 170076 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 (Call 02/09/27) | 380 | 349623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/09/24 | 250 | 244815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 (Call 09/06/26) | 15 | 14041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27) | 379 | 362191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 (Call 09/15/25) | 315 | 307150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24 | 481 | 476791 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 (Call 08/29/25) | 730 | 658548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/24/24 (Call 09/24/24) | 405 | 382466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 | 1000 | 1003430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | 1000 | 1004290 |
|  JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/24/24 (Call 12/01/22)<sup>(b)</sup> | 150 | 136458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 540 | 443794 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 (Call 12/01/22) | 965 | 909165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/15/26 (Call 06/15/26) | 110 | 98707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/23 (Call 10/15/23) | 319 | 312553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 (Call 03/25/25) | 111 | 109436 |
|  Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26) | 796 | 725904 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 (Call 02/19/25) | 1185 | 1116211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 70 | 64025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) | 301 | 285941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 597 | 562529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) | 150 | 138531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) | 92 | 88933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 (Call 12/01/23) | 1249 | 1233150 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
|  Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 09/16/24)<sup>(b)</sup> | $405 | $375751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15912560 |
| **Biotechnology — 0.2%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 (Call 01/21/25) | 509 | 475167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | 914465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26) | 592 | 541336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 (Call 02/01/25) | 324 | 309906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 (Call 02/22/24) | 367 | 359660 |
|  Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) | 190 | 184186 |
|  Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25) | 1086 | 1045992 |
|  Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27) | 160 | 144144 |
|  CSL Finance PLC, 3.85%, 04/27/27<br>(Call 03/27/27)<sup>(b)</sup> | 240 | 226476 |
|  Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26) | 300 | 273006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 663 | 640120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25) | 1653 | 1566697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 (Call 01/01/24) | 1056 | 1036981 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 (Call 08/02/25) | 635 | 560521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 (Call 07/02/27) | 107 | 88209 |
|  |  | 8366866 |
| **Building Materials — 0.1%** |  |  |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 (Call 01/15/25) | 138 | 128513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 (Call 12/15/26) | 505 | 444723 |
|  Cemex SAB de CV, 7.38%, 06/05/27 (Call 06/05/23)<sup>(c)</sup> | 200 | 197830 |
|  Cemex SAB De CV, 5.13%, (Call 06/08/26)<sup>(a)(c)(e)</sup> | 600 | 495156 |
|  CRH America Inc., 3.88%, 05/18/25<br>(Call 02/15/25)<sup>(b)</sup> | 705 | 672598 |
|  Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)<sup>(b)</sup> | 240 | 224546 |
|  Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25) | 60 | 57490 |
|  InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 12/01/22)<sup>(b)</sup> | 200 | 139302 |
|  Jeld-Wen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 180 | 149699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 125 | 117714 |
|  Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)<sup>(g)</sup> | 74 | 71926 |
|  Koppers Inc., 6.00%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | 210 | 190422 |
|  Lennox International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/25 (Call 07/01/25) | 390 | 346281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/01/27 (Call 06/01/27) | 30 | 25039 |
|  Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)<sup>(d)</sup> | 144 | 141788 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 (Call 05/15/26) | 310 | 283777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/24 (Call 09/01/24) | 312 | 304128 |
|  Standard Industries Inc./NJ, 5.00%, 02/15/27 (Call 12/01/22)<sup>(b)</sup> | 385 | 351882 |
|  Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27 (Call 11/14/22)<sup>(b)</sup> | 130 | 124965 |
|  Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/27 (Call 01/01/27) | 35 | 32696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25) | 11 | 10810 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |
|  West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)<sup>(c)</sup> | $400 | $228096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739381 |
| **Chemicals — 0.5%** |  |  |
|  Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)<sup>(b)</sup>  | 275 | 223009 |
|  Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25) | 551 | 499702 |
|  Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27) | 100 | 94748 |
|  Avient Corp., 5.75%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 335 | 328404 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(b)(d)</sup> | 220 | 201401 |
|  Bluestar Finance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, (Call 07/12/24)<sup>(a)(c)(e)</sup> | 200 | 185032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/16/24<sup>(c)</sup> | 400 | 384856 |
|  Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25)<sup>(a)(c)</sup> | 200 | 190366 |
|  Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 (Call 07/05/26) | 340 | 274611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 (Call 04/08/24) | 444 | 425427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 | 900 | 884448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25 | 800 | 778176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 (Call 06/15/27) | 897 | 847477 |
|  CF Industries Inc., 4.50%, 12/01/26<sup>(b)</sup> | 50 | 47320 |
|  Cheever Escrow Issuer LLC, 7.13%, 10/01/27 (Call 10/01/24)<sup>(b)</sup> | 140 | 128318 |
|  Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27) | 230 | 205871 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 264 | 245713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 175 | 174260 |
|  CNAC HK Finbridge Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/22/25<sup>(c)</sup> | 600 | 526140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/19/24<sup>(c)</sup> | 200 | 190682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/19/27<sup>(c)</sup> | 200 | 174430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/14/25<sup>(c)</sup> | 800 | 767304 |
|  Consolidated Energy Finance SA, 6.50%, 05/15/26 (Call 11/11/22)<sup>(b)</sup> | 100 | 91118 |
|  Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)<sup>(b)(d)</sup> | 195 | 146505 |
|  DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | 994710 |
|  Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24) | 470 | 450575 |
|  Ecolab Inc., 1.65%, 02/01/27 (Call 01/01/27)<sup>(d)</sup> | 485 | 422838 |
|  EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25) | 710 | 650353 |
|  Equate Petrochemical BV, 4.25%, 11/03/26<sup>(c)</sup> | 200 | 186992 |
|  Equate Sukuk Spc Ltd., 3.94%, 02/21/24<sup>(c)</sup> | 200 | 196462 |
|  Formosa Group Cayman Ltd., 3.38%, 04/22/25<sup>(c)</sup> | 400 | 378556 |
|  GPD Companies Inc., 10.13%, 04/01/26 (Call 12/01/22)<sup>(b)</sup>  | 225 | 201922 |
|  Hanwha Total Petrochemical Co. Ltd., 3.88%, 01/23/24<sup>(c)</sup> | 200 | 195644 |
|  HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)<sup>(d)</sup> | 150 | 137348 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 230 | 194007 |
|  International Flavors & Fragrances Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 10/01/25 (Call 09/01/25)<sup>(b)</sup> | 628 | 544507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 10/15/27 (Call 08/15/27)<sup>(b)</sup> | 500 | 408060 |
|  Iris Holdings Inc., 8.75%, 02/15/26 (Call 02/15/23), (9.50% PIK)<sup>(b)(f)</sup> | 85 | 74266 |
|  Kobe U.S. Midco 2 Inc., 9.25%, 11/01/26 (Call 12/01/22), (10.00% PIK)<sup>(b)(f)</sup> | 60 | 46208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  LG Chem Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/07/26<sup>(c)</sup> | $400 | $343220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/24<sup>(c)</sup> | 200 | 191634 |
|  Linde Inc./CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 (Call 11/05/24) | 80 | 76001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 (Call 10/30/25) | 260 | 246524 |
|  LYB Finance Co. BV, 8.10%, 03/15/27<sup>(b)(d)</sup> | 116 | 125485 |
|  LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25) | 560 | 490650 |
|  LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24) | 255 | 255660 |
|  Mativ Holdings Inc., 6.88%, 10/01/26 (Call 12/01/22)<sup>(b)</sup> | 150 | 137543 |
|  MEGlobal Canada ULC, 5.00%, 05/18/25<sup>(c)</sup> | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774216 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/24 (Call 09/01/24) | 135 | 130642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 273489 |
|  Nutrien Ltd., 3.00%, 04/01/25 (Call 01/01/25) | 101 | 95560 |
|  OCI NV, 4.63%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 164 | 152802 |
|  OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/22/25<sup>(c)</sup> | 200 | 190718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/25/24<sup>(c)</sup> | 309 | 306064 |
|  Olin Corp., 5.13%, 09/15/27 (Call 12/01/22) | 250 | 234388 |
|  Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/11/26 (Call 04/11/26)<sup>(c)</sup> | 200 | 168110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/04/27 (Call 07/04/27)<sup>(c)</sup> | 200 | 174758 |
|  Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)<sup>(b)(d)</sup> | 130 | 64858 |
|  PPG Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/26 (Call 02/15/26) | 530 | 459044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/24 (Call 07/15/24) | 465 | 442629 |
|  Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/01/22)<sup>(b)</sup> | 260 | 223041 |
|  Rayonier AM Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 (Call 12/01/22)<sup>(b)(d)</sup> | 245 | 240984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/26 (Call 01/15/24)<sup>(b)</sup> | 202 | 175548 |
|  RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26) | 60 | 55046 |
|  Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/26 (Call 08/18/26)<sup>(d)</sup> | 200 | 175124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/27/24 (Call 02/27/24) | 699 | 679994 |
|  SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 350 | 279461 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 (Call 04/01/24) | 421 | 407717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/25 (Call 05/01/25) | 275 | 262144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) | 885 | 812793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 (Call 10/15/25) | 50 | 48030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/08/24 | 265 | 260076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25 | 150 | 145931 |
|  SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)<sup>(b)</sup> | 200 | 174770 |
|  Syngenta Finance NV, 4.89%, 04/24/25 (Call 02/24/25)<sup>(b)</sup> | 480 | 462960 |
|  TPC Group Inc., 10.88%, 08/01/24<sup>(b)</sup> | 50 | 48033 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 220 | 170172 |
|  Unigel Luxembourg SA, 8.75%, 10/01/26<br>(Call 11/30/22)<sup>(c)</sup> | 200 | 193044 |
|  Venator Finance Sarl/Venator Materials LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 160 | 52765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/01/25 (Call 12/01/22)<sup>(b)</sup> | 90 | 58497 |
|  Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26) | 540 | 497308 |

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S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(b)</sup> | $320 | $279952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24<sup>(b)</sup> | 150 | 146997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24282148 |
| **Coal — 0.0%** |  |  |
|  Adaro Indonesia PT, 4.25%, 10/31/24 (Call 11/30/22)<sup>(c)</sup> | 300 | 281946 |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 210 | 205922 |
|  China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25<sup>(c)</sup> | 400 | 384868 |
|  Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 146 | 152694 |
|  Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/22)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 237297 |
|  |  | 1262727 |
| **Commercial Services — 0.5%** |  |  |
|  Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/24/24<sup>(c)</sup> | 400 | 370808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/30/27 (Call 06/30/27)<sup>(c)</sup> | 200 | 160158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/04/27 (Call 02/04/27)<sup>(c)</sup> | 200 | 161440 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 255 | 217984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(b)</sup> | 200 | 171686 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 850 | 813662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 460 | 399975 |
|  Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 155 | 133807 |
|  AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 225 | 210483 |
|  Aptim Corp., 7.75%, 06/15/25 (Call 11/16/22)<sup>(b)(d)</sup> | 255 | 175188 |
|  APX Group Inc., 6.75%, 02/15/27<br>(Call 02/15/23)<sup>(b)</sup> | 265 | 259008 |
|  Ashtead Capital Inc., 1.50%, 08/12/26 (Call 07/12/26)<sup>(b)</sup> | 430 | 357450 |
|  Atento Luxco 1 SA, 8.00%, 02/10/26<sup>(c)</sup> | 300 | 118902 |
|  Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25) | 422 | 406306 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 335 | 306139 |
|  Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)<sup>(c)</sup> | 400 | 338980 |
|  Block Inc., 2.75%, 06/01/26 (Call 05/01/26)<sup>(d)</sup> | 440 | 393760 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 275 | 253039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 190 | 185052 |
|  China Merchants Finance Co. Ltd., 4.75%, 08/03/25<sup>(c)</sup> | 200 | 195382 |
|  Cimpress PLC, 7.00%, 06/15/26 (Call 12/01/22)<sup>(b)</sup> | 260 | 155420 |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/25 (Call 04/01/25) | 150 | 144762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 (Call 01/01/27) | 200 | 188656 |
|  CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24) | 295 | 300112 |
|  CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 144 | 135531 |
|  DP World Salaam, 6.00%, (Call 10/01/25)<sup>(a)(c)(e)</sup> | 600 | 581490 |
|  Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/06/24 (Call 03/06/24)<sup>(b)</sup> | 55 | 51671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/25 (Call 05/15/25)<sup>(b)</sup> | 61 | 57548 |
|  Equifax Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 (Call 11/01/24) | 582 | 549460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/15/25 (Call 11/15/25) | 357 | 325031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) | $680 | $655561 |
|  ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 210 | 191228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/25 (Call 08/01/25)<sup>(b)</sup> | 320 | 301878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/24 (Call 08/15/24)<sup>(b)</sup> | 525 | 506006 |
|  Garda World Security Corp., 4.63%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 265 | 235792 |
|  GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26<br>(Call 11/30/22)<sup>(c)</sup> | 400 | 378208 |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) | 570 | 486649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 (Call 10/15/24) | 9 | 8244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26) | 315 | 268988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 (Call 01/15/25) | 630 | 584987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26) | 440 | 422695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 (Call 07/15/27) | 299 | 284319 |
|  Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)<sup>(b)</sup> | 175 | 170676 |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24 | 220 | 206098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/26 | 80 | 72881 |
|  GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26) | 265 | 220313 |
|  Herc Holdings Inc., 5.50%, 07/15/27<br>(Call 12/01/22)<sup>(b)</sup> | 550 | 520421 |
|  Hertz Corp. (The), 4.63%, 12/01/26<br>(Call 12/01/23)<sup>(b)</sup> | 225 | 191718 |
|  HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)<sup>(c)</sup> | 800 | 713528 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 205 | 179119 |
|  Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/30/22)<sup>(c)</sup> | 200 | 184704 |
|  MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 220 | 219545 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 (Call 02/24/25) | 126 | 121944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 (Call 11/15/23)<sup>(d)</sup> | 116 | 115455 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 (Call 05/01/25) | 833 | 764577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 (Call 09/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 5 | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/27 (Call 05/01/27)<sup>(d)</sup> | 395 | 375372 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)<sup>(b)</sup> | 274 | 273414 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(b)</sup> | 250 | 217125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(b)</sup> | 370 | 367332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(b)</sup> | 770 | 752760 |
|  PSA Treasury Pte Ltd., 2.50%, 04/12/26 (Call 10/12/25)<sup>(c)</sup> | 200 | 185024 |
|  Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/22) | 411 | 373554 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 230 | 226697 |
|  RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 128 | 103657 |
|  S&P Global Inc., 2.45%, 03/01/27<br>(Call 02/01/27)<sup>(b)</sup> | 495 | 443386 |
|  Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 375 | 352511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(b)</sup> | 340 | 331483 |
|  Service Corp. International/U.S., 7.50%, 04/01/27 | 65 | 66355 |
|  Shanghai Port Group BVI Development Co. Ltd., 2.40%, 09/11/24<sup>(c)</sup> | 400 | 380432 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 205 | 188996 |
|  Sodexo Inc., 1.63%, 04/16/26 (Call 03/16/26)<sup>(b)</sup> | 380 | 329232 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Sotheby's, 7.38%, 10/15/27 (Call 11/14/22)<sup>(b)</sup> | $350 | $338646 |
|  Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/07/24 (Call 05/07/24)<sup>(b)</sup> | 477 | 437051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 327 | 276227 |
|  United Rentals North America Inc., 5.50%, 05/15/27 (Call 12/01/22) | 230 | 224494 |
|  Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25) | 235 | 226615 |
|  Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 490 | 491372 |
|  WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 380 | 354802 |
|  Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25) | 786 | 715394 |
|  Zhejiang Seaport International Co. Ltd., 1.98%, 03/17/26<sup>(c)</sup> | 400 | 359632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25591931 |
| **Computers — 0.7%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 (Call 07/20/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | 1881348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | 1527 | 1339194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | 1598 | 1462745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 (Call 08/11/24) | 796 | 755794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 565 | 511184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 1400 | 1288616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25 | 591 | 563802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24) | 846 | 812168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 1288 | 1252941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27) | 5 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23) | 967 | 947322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) | 205 | 191312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 | 834 | 803451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27) | 235 | 220188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25) | 222 | 211624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) | 1305 | 1237832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 1108 | 1088111 |
|  CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)<sup>(c)</sup> | 400 | 336192 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 06/15/24) | 1023 | 998366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) | 1010 | 969883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 (Call 06/15/25) | 937 | 938874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26) | 1567 | 1564602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 (Call 05/15/27) | 55 | 55045 |
|  Diebold Nixdorf Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24 (Call 12/01/22)<sup>(d)</sup> | 180 | 90020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(b)(d)</sup> | 300 | 223773 |
|  DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)<sup>(d)</sup> | 260 | 222867 |
|  Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 279 | 79013 |
|  Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26) | 465 | 399375 |
|  Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24) | 215 | 204738 |
|  HCL America Inc., 1.38%, 03/10/26<br>(Call 02/10/26)<sup>(c)</sup> | 200 | 173790 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 (Call 03/01/24) | 882 | 834875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 (Call 03/01/26) | 7 | 6198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 (Call 07/15/25) | 1187 | 1167343 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26) | 440 | 376411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 (Call 05/17/25) | 731 | 671899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27) | 20 | 17634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Computers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27) | $450 | $420529 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 (Call 01/09/27) | 855 | 757231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24 | 1465 | 1421826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 | 1055 | 989875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26<sup>(d)</sup> | 1055 | 1001121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 | 708 | 695837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27) | 900 | 860076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25 | 197 | 206874 |
|  Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26) | 365 | 286189 |
|  Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25) | 341 | 324646 |
|  Lenovo Group Ltd., 5.88%, 04/24/25<sup>(c)</sup> | 600 | 576036 |
|  NCR Corp., 5.75%, 09/01/27 (Call 11/14/22)<sup>(b)</sup> | 225 | 217051 |
|  NetApp Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 (Call 05/22/25) | 744 | 675202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/22/27 (Call 04/22/27) | 45 | 39717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/29/24 (Call 07/29/24) | 265 | 255804 |
|  Presidio Holdings Inc., 4.88%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 235 | 216870 |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25 | 218 | 210544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | 234 | 229341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27) | 225 | 208102 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25<br>(Call 11/14/22)<sup>(b)</sup> | 160 | 157869 |
|  Vericast Corp., 11.00%, 09/15/26<br>(Call 09/15/23)<sup>(b)</sup> | 536 | 527773 |
|  Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | 1055105 |
|  Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)<sup>(c)</sup>  | 400 | 344804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35581550 |
| **Cosmetics & Personal Care — 0.2%** |  |  |
|  Colgate-Palmolive Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/25 | 140 | 134625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 (Call 07/15/27) | 110 | 102848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24 | 177 | 174005 |
|  Coty Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 395 | 372126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 255 | 242898 |
|  Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24) | 1046 | 990342 |
|  GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25 | 985 | 927639 |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27 | 925 | 836576 |
|  Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)<sup>(b)</sup> | 255 | 147658 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25 | 884 | 782101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26 | 167 | 147795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27<sup>(d)</sup> | 240 | 215302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26 | 40 | 36862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26 | 120 | 112976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 | 265 | 244362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27 | 40 | 36797 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 (Call 12/01/22) | 325 | 302087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26 | 200 | 180116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24) | 807 | 780240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27) | 200 | 182702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25<sup>(d)</sup> | 465 | 444145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 (Call 02/07/24) | 570 | 558400 |

---

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Cosmetics & Personal Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/25 (Call 01/22/25) | $102 | $98457 |
|  |  | 8051059 |
| **Distribution & Wholesale — 0.1%** |  |  |
|  BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)<sup>(b)</sup> | 290 | 264126 |
|  Chongqing Nan'an Urban Construction & Development Group Co. Ltd., 4.66%, 06/04/24<sup>(c)</sup> | 600 | 561216 |
|  Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd., 3.50%, 06/10/24<sup>(c)</sup> | 400 | 356628 |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> | 185 | 175303 |
|  IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)<sup>(b)</sup> | 205 | 192198 |
|  KAR Auction Services Inc., 5.13%, 06/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 165 | 159243 |
|  Marubeni Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 09/18/25 (Call 08/18/25)<sup>(c)</sup> | 700 | 616196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/26/24 (Call 03/26/24)<sup>(c)</sup> | 200 | 193388 |
|  Mitsubishi Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/15/26 (Call 06/15/26)<sup>(b)</sup> | 400 | 343416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/09/24<sup>(c)</sup> | 250 | 238325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/23/24<sup>(c)</sup> | 200 | 192854 |
|  Sumitomo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/06/26<sup>(c)</sup> | 400 | 345728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/09/24 (Call 06/09/24)<sup>(c)</sup> | 500 | 475285 |
|  Toyota Tsusho Corp., 2.60%, 09/19/24<sup>(c)</sup> | 400 | 379352 |
|  Wesco Aircraft Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/24 (Call 12/01/22)<sup>(b)</sup> | 325 | 169003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 470 | 298290 |
|  WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25) | 510 | 475361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435912 |
| **Diversified Financial Services — 2.2%** |  |  |
|  Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 150 | 149783 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 (Call 09/29/24) | 977 | 888073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) | 675 | 576545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | 1065481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 (Call 07/14/24)<sup>(d)</sup> | 380 | 355574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 (Call 01/15/24) | 490 | 469753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) | 1000 | 873060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 (Call 08/01/25) | 200 | 188226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 (Call 12/16/23) | 540 | 530015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 (Call 06/15/25) | 820 | 809053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22) | 832 | 754133 |
|  Affiliated Managers Group Inc., 3.50%, 08/01/25 | 284 | 269757 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)<sup>(b)</sup> | 195 | 195755 |
|  AIG Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/17/24<sup>(b)</sup> | 435 | 404193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/22/25<sup>(b)</sup> | 540 | 474563 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 (Call 01/15/24) | 256 | 238881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26) | 372 | 312071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26) | 407 | 340647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 (Call 01/01/25) | 525 | 480774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 704 | 626004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 01/01/25) | 382 | 355887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 (Call 06/01/25) | 772 | 715505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) | 160 | 145102 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 (Call 01/01/24) | $555 | $542579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 06/15/24) | 583 | 567317 |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 (Call 02/01/24) | 232 | 221193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 (Call 04/15/26) | 120 | 105847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/25 (Call 07/11/25)<sup>(b)</sup> | 620 | 580146 |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 (Call 04/21/24) | 726 | 700692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25 | 200 | 195094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27) | 195 | 178339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24 | 1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/25 (Call 10/21/25)<sup>(d)</sup> | 480 | 463258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 (Call 04/01/25) | 319 | 318866 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26) | 968 | 833816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25) | 412 | 382670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 (Call 06/30/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | 1255782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) | 885 | 777658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24) | 284 | 271373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) | 260 | 240484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27) | 550 | 498410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 220 | 213391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) | 991 | 966641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) | 166 | 160474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) | 900 | 864189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25) | 659 | 639764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 | 235 | 234831 |
|  American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27) | 195 | 178211 |
|  Ameriprise Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 (Call 03/02/25) | 149 | 141254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24 | 179 | 173780 |
|  Antares Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 300 | 237378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/26 (Call 06/15/26)<sup>(b)</sup> | 250 | 212810 |
|  Apollo Management Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/24<sup>(b)</sup> | 207 | 201024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/14/50 (Call 12/17/24)<sup>(a)(b)</sup> | 287 | 241080 |
|  Ares Finance Co. III LLC, 4.13%, 06/30/51 (Call 06/30/26)<sup>(a)(b)</sup> | 264 | 201047 |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24 (Call 12/01/22)<sup>(b)</sup> | 200 | 190396 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/26 (Call 12/30/25)<sup>(b)</sup> | 187 | 155646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/26 (Call 08/20/26)<sup>(b)</sup> | 787 | 633181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/25 (Call 06/01/25)<sup>(b)</sup> | 450 | 408254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/30/24 (Call 12/30/23)<sup>(b)</sup> | 307 | 296037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/25 (Call 07/01/25)<sup>(b)</sup> | 95 | 87145 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/21/26 (Call 01/21/26)<sup>(b)</sup> | 370 | 304096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/27 (Call 10/18/27)<sup>(b)</sup> | 364 | 279228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/25 (Call 01/15/25)<sup>(b)</sup> | 635 | 568592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/27 (Call 12/15/26)<sup>(b)</sup> | 157 | 128523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/24 (Call 06/01/24)<sup>(b)</sup> | 553 | 518493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 502 | 440776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/26 (Call 03/01/26)<sup>(b)</sup> | 465 | 409512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/24 (Call 04/15/24)<sup>(b)</sup> | 318 | 308183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25)<sup>(b)</sup> | 277 | 254785 |
|  Banco BTG Pactual SA/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/11/26 (Call 12/11/25)<sup>(c)</sup> | 200 | 175140 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/10/25 (Call 12/10/24)<sup>(c)(d)</sup> | $400 | $380884 |
|  BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24) | 433 | 410822 |
|  Blue Bright Ltd., 2.38%, 02/09/26<sup>(c)</sup> | 400 | 356372 |
|  BOC Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/21/26 (Call 12/21/25)<sup>(c)</sup> | 600 | 526788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/17/25 (Call 12/17/24)<sup>(c)</sup> | 600 | 557808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/02/23<sup>(c)</sup> | 400 | 387444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/29/25 (Call 03/29/25)<sup>(b)</sup> | 700 | 655536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/10/24 (Call 09/10/24)<sup>(c)</sup> | 200 | 191068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/25/24 (Call 12/25/23)<sup>(c)</sup> | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195534 |
|  BOCOM International Blossom Ltd., 1.75%, 06/28/26<sup>(c)</sup> | 200 | 176582 |
|  Bocom Leasing Management Hong Kong Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/24<sup>(c)</sup> | 200 | 186212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/24<sup>(c)</sup> | 400 | 393912 |
|  Brightsphere Investment Group Inc., 4.80%, 07/27/26 | 140 | 125068 |
|  Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24) | 792 | 775764 |
|  Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/14/27 (Call 01/14/27)<sup>(b)</sup> | 367 | 337490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/24 (Call 04/01/24)<sup>(b)</sup> | 542 | 529079 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 12/06/24 (Call 12/06/23),<br>(SOFR + 0.690%)<sup>(a)</sup> | 1020 | 964920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 (Call 11/02/26),<br>(SOFR + 0.855%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | 846317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 (Call 03/03/25),<br>(SOFR + 1.290%)<sup>(a)</sup> | 932 | 854849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 (Call 01/05/25) | 517 | 488157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 974 | 928349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 (Call 03/24/24) | 432 | 420444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26) | 525 | 480186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23) | 907 | 889177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 390 | 370254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 (Call 03/31/25) | 300 | 288945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/10/28 (Call 05/10/27),<br>(SOFR + 2.057%)<sup>(a)</sup> | 742 | 689377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | 950 | 915088 |
|  Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (SOFR + 0.911%)<sup>(a)</sup> | 725 | 665673 |
|  Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)<sup>(b)(d)</sup> | 180 | 152962 |
|  CCBL Cayman 1 Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/15/26 (Call 08/15/26)<sup>(c)</sup> | 200 | 173518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/22/26<sup>(c)</sup> | 400 | 350912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/21/25<sup>(c)</sup> | 200 | 181662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/16/24<sup>(c)</sup> | 400 | 387920 |
|  CDBL Funding 1, 4.25%, 12/02/24<sup>(c)</sup> | 400 | 388524 |
|  CDBL Funding 2, 2.00%, 03/04/26<sup>(c)</sup> | 1000 | 895020 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 (Call 02/18/24) | 760 | 717106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26) | 1093 | 944133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 864 | 748647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 380 | 339408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 (Call 12/10/24)<sup>(d)</sup> | 258 | 245634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 220 | 202737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 (Call 11/13/25) | 300 | 286155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | 340 | 333846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 (Call 01/01/25) | 15 | 14532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 03/02/24) | 141 | 138590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) | 184 | 178659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 (Call 02/24/25) | 485 | 477783 |
|  China Cinda 2020 I Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/20/24 (Call 10/20/23)<sup>(c)</sup> | 200 | 187652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/20/26 (Call 10/20/25)<sup>(c)</sup> | 400 | 335020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/18/25 (Call 02/18/25)<sup>(c)</sup> | 400 | 360172 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  China Cinda 2020 I Mngmn Co., 3.25%, 01/28/27 (Call 10/28/26)<sup>(c)</sup> | $400 | $332940 |
|  China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25<sup>(c)</sup> | 800 | 746968 |
|  China Cinda Finance 2017 I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/09/24<sup>(c)</sup> | 400 | 386832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/09/27<sup>(c)</sup> | 400 | 347604 |
|  China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25)<sup>(a)(c)</sup> | 600 | 547998 |
|  China Great Wall International Holdings IV Ltd., 3.95%, (Call 07/31/24)<sup>(a)(c)(e)</sup> | 200 | 167922 |
|  China Great Wall International Holdings VI Ltd., 4.25%, 04/28/25<sup>(c)</sup> | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339720 |
|  CICC Hong Kong Finance 2016 MTN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/26/24<sup>(c)</sup> | 600 | 572946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/26/26<sup>(c)</sup> | 400 | 359808 |
|  Citadel LP, 4.88%, 01/15/27 (Call 11/15/26)<sup>(b)</sup> | 50 | 46244 |
|  CITIC Securities Finance MTN Co. Ltd., 2.00%, 06/03/25<sup>(c)</sup> | 400 | 366940 |
|  Citigroup Global Markets Holdings Inc./U.S, 4.10%, 06/12/24<sup>(c)(g)</sup> | 102 | 99469 |
|  Clifford Capital Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 03/23/26 (Call 02/23/26)<sup>(c)</sup> | 200 | 177654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 09/10/24<sup>(c)</sup> | 200 | 188566 |
|  CMB International Leasing Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/12/25<sup>(c)</sup> | 600 | 535584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/26<sup>(c)</sup> | 600 | 530538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/03/24<sup>(c)</sup> | 400 | 381600 |
|  CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24) | 438 | 418224 |
|  CMS International Gemstone Ltd., 1.30%, 09/16/24<sup>(c)</sup> | 400 | 367536 |
|  CNG Holdings Inc., 12.50%, 06/15/24<br>(Call 12/01/22)<sup>(b)</sup> | 150 | 126000 |
|  Coastal Emerald Ltd., 4.30%, (Call 08/01/24)<sup>(a)(c)(e)</sup> | 600 | 541188 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/31/24 (Call 11/14/22)<sup>(b)</sup> | 175 | 164533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22) | 180 | 170357 |
|  CSCIF Asia Ltd., 1.13%, 06/10/24<sup>(c)</sup> | 600 | 561264 |
|  CSI MTN Ltd., 3.38%, 04/21/25 (Call 03/21/25)<sup>(c)</sup> | 200 | 189736 |
|  DAE Sukuk Difc Ltd., 3.75%, 02/15/26<sup>(c)</sup> | 400 | 363096 |
|  Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/25 (Call 12/04/24) | 405 | 382527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 (Call 08/06/24) | 287 | 276691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 (Call 11/09/26) | 125 | 113841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/26 (Call 11/30/25)<sup>(d)</sup> | 327 | 306612 |
|  Dongxing Voyage Co. Ltd., 3.25%, 08/15/24<sup>(c)</sup> | 200 | 189610 |
|  Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27) | 250 | 228338 |
|  Enact Holdings Inc., 6.50%, 08/15/25<br>(Call 02/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | 354776 |
|  Enova International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/01/24 (Call 12/01/22)<sup>(b)</sup> | 103 | 96707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 180 | 163420 |
|  Far East Horizon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/03/24<sup>(c)</sup> | 400 | 343484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/18/25<sup>(c)</sup> | 200 | 165994 |
|  Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 160 | 96874 |
|  Franklin Resources Inc., 2.85%, 03/30/25 | 86 | 81415 |
|  GFH Sukuk Ltd., 7.50%, 01/28/25<sup>(c)</sup> | 400 | 383288 |
|  Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 12/01/22), (7.25% PIK)<sup>(b)(f)</sup> | 855 | 685738 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 155 | 134371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 245 | 230327 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Guangxi Financial Investment Group Co. Ltd., 3.60%, 11/18/23<sup>(c)</sup> | $200 | $178056 |
|  Guotai Junan Holdings Ltd., 2.00%, 04/21/26<sup>(c)</sup> | 200 | 180204 |
|  Guotai Junan International Holdings Ltd., 2.00%, 03/03/26<sup>(c)</sup> | 200 | 179666 |
|  Haitong International Finance Holdings 2015 Ltd., 2.11%, 03/12/25<sup>(c)</sup> | 400 | 369548 |
|  Haitong International Securities Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/18/25<sup>(c)</sup> | 200 | 182528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/19/24<sup>(c)</sup> | 400 | 379900 |
|  Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 225 | 133074 |
|  Horse Gallop Finance Ltd., 1.70%, 07/28/25<sup>(c)</sup> | 600 | 542382 |
|  ICBCIL Finance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/02/24<sup>(c)</sup> | 200 | 185752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/02/24<sup>(c)</sup> | 400 | 370576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/25/25<sup>(c)</sup> | 800 | 720184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/02/26<sup>(c)</sup> | 200 | 174594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/02/26<sup>(c)</sup> | 200 | 177044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/27/27<sup>(c)</sup> | 400 | 357592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/19/26<sup>(c)</sup> | 200 | 188260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/05/24<sup>(c)</sup> | 400 | 391048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 11/20/24,<br>(3 mo. LIBOR US + 1.050%)<sup>(a)(c)</sup> | 200 | 199434 |
|  ICD Sukuk Co. Ltd., 5.00%, 02/01/27<sup>(c)</sup> | 400 | 385300 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 (Call 04/23/25) | 930 | 900779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25) | 815 | 782856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098996 |
|  Inventive Global Investments Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/01/26<sup>(c)</sup> | 200 | 173886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/03/25<sup>(c)</sup> | 800 | 718608 |
|  Invesco Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26 | 199 | 188467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24 | 410 | 402595 |
|  Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25) | 64 | 62653 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27 | 100 | 93912 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)<sup>(b)</sup> | 145 | 120885 |
|  JIC Zhixin Ltd., 1.50%, 08/27/25<sup>(c)</sup> | 400 | 360376 |
|  Joy Treasure Assets Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/17/25 (Call 10/17/25)<sup>(c)</sup> | 200 | 170006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/24/24<sup>(c)</sup> | 600 | 557184 |
|  KB Kookmin Card Co. Ltd., 1.50%, 05/13/26<sup>(c)</sup> | 200 | 171280 |
|  KB Securities Co. Ltd., 2.13%, 11/01/26<sup>(c)</sup> | 200 | 171514 |
|  Korea Investment & Securities Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/19/24<sup>(c)</sup> | 200 | 185194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/19/26<sup>(c)</sup> | 200 | 173522 |
|  Kuwait Projects Co. SPC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 10/29/26<sup>(c)</sup> | 400 | 330144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/27<sup>(c)</sup> | 200 | 160212 |
|  Lazard Group LLC, 3.75%, 02/13/25 | 134 | 128574 |
|  LD Holdings Group LLC, 6.50%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 225 | 152928 |
|  LeasePlan Corp. NV, 2.88%, 10/24/24<sup>(b)</sup> | 600 | 557634 |
|  Legend Fortune Ltd., 1.38%, 06/02/24<sup>(c)</sup> | 400 | 375312 |
|  Legg Mason Inc., 4.75%, 03/15/26 | 202 | 198877 |
|  LFS Topco LLC, 5.88%, 10/15/26<br>(Call 10/15/23)<sup>(b)(d)</sup> | 140 | 110723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  LSEGA Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 04/06/24 (Call 03/06/24)<sup>(b)</sup> | $575 | $535710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/06/26 (Call 03/06/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218978 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 (Call 02/03/25)<sup>(d)</sup> | 732 | 687941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26) | 10 | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 200 | 187658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24 | 813 | 797748 |
|  Mirae Asset Securities Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/30/25<sup>(c)</sup> | 400 | 362264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/07/24<sup>(c)</sup> | 200 | 192456 |
|  Mitsubishi HC Capital Inc., 3.56%, 02/28/24 (Call 01/28/24)<sup>(b)</sup> | 200 | 194360 |
|  Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27) | 20 | 18278 |
|  Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26) | 135 | 128590 |
|  Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)<sup>(b)</sup> | 260 | 233098 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 300 | 252945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 | 230 | 223680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 | 385 | 378594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 | 230 | 219786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 | 225 | 212294 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.50%, 03/15/27<br>(Call 12/15/26)<sup>(b)</sup> | 210 | 196722 |
|  NH Investment & Securities Co. Ltd., 1.88%, 10/07/26<sup>(c)</sup> | 200 | 172534 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26 | 635 | 539445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/25 | 690 | 620517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27 | 770 | 655786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25 | 875 | 819035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25 | 585 | 573078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/27 | 350 | 336126 |
|  Nuveen Finance LLC, 4.13%, 11/01/24<sup>(b)</sup> | 735 | 711892 |
|  Ocean Laurel Co. Ltd., 2.38%, 10/20/25<sup>(c)</sup> | 200 | 176850 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24) | 310 | 255304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | 576 | 562873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | 560 | 543155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 | 695 | 669090 |
|  Ontario Teachers' Finance Trust, 1.63%, 09/12/24<sup>(b)</sup> | 500 | 472500 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24 | 321 | 306940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24 | 845 | 832443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 | 210 | 203246 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | 190 | 176187 |
|  Park Aerospace Holdings Ltd., 5.50%, 02/15/24<sup>(b)</sup> | 388 | 379348 |
|  PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 285 | 257985 |
|  PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 185 | 153476 |
|  Pingan Real Estate Capital Ltd., 3.45%, 07/29/26<sup>(c)</sup> | 400 | 260104 |
|  Pioneer Reward Ltd., 2.00%, 04/09/26<sup>(c)</sup> | 800 | 720064 |
|  Power Finance Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/16/24<sup>(c)</sup> | 200 | 189968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/18/24<sup>(c)</sup> | 200 | 192838 |
|  Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24<sup>(c)</sup> | 600 | 618618 |
|  PRA Group Inc., 7.38%, 09/01/25<br>(Call 12/01/22)<sup>(b)</sup> | 140 | 134434 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | $140 | $123746 |
|  Radian Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 (Call 07/01/24) | 235 | 223729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 09/15/26) | 291 | 257506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 (Call 09/15/24) | 415 | 409804 |
|  REC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/26<sup>(c)</sup> | 200 | 170732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/27<sup>(c)</sup> | 200 | 171238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/25/24<sup>(c)</sup> | 400 | 382044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/12/24<sup>(c)</sup> | 400 | 379060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/13/23<sup>(c)</sup> | 200 | 198592 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26<br>(Call 10/15/23)<sup>(b)</sup> | 520 | 435744 |
|  Sarana Multi Infrastruktur Persero PT, 2.05%, 05/11/26<sup>(c)</sup> | 200 | 171670 |
|  Shenwan Hongyuan International Finance Ltd., 1.80%, 07/14/26<sup>(c)</sup> | 200 | 177576 |
|  Shinhan Card Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/19/25<sup>(c)</sup> | 200 | 175118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/23/26<sup>(c)</sup> | 200 | 169790 |
|  Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24<sup>(c)</sup> | 400 | 371168 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26) | 220 | 192933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 230 | 213983 |
|  State Elite Global Ltd., 5.09%, 10/24/24, (3 mo. LIBOR US + 0.770%)<sup>(a)(c)</sup> | 400 | 399312 |
|  Stifel Financial Corp., 4.25%, 07/18/24 | 100 | 97730 |
|  StoneX Group Inc., 8.63%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 195 | 192553 |
|  Sumitomo Mitsui Finance & Leasing Co. Ltd., 2.51%, 01/22/25 (Call 12/22/24)<sup>(c)</sup> | 200 | 185986 |
|  Sunrise Cayman Ltd., 5.25%, 03/11/24<sup>(c)</sup> | 200 | 196118 |
|  SURA Asset Management SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/11/27<sup>(c)</sup> | 150 | 131504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/17/24<sup>(c)</sup> | 206 | 200312 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 (Call 05/15/24) | 744 | 718347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 (Call 02/19/24) | 405 | 395960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/25 (Call 04/23/25) | 488 | 462287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 (Call 05/13/25) | 575 | 552426 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 345 | 311849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 210 | 172061 |
|  USAA Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/01/24<sup>(b)</sup> | 540 | 504484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/25<sup>(b)(d)</sup> | 845 | 809476 |
|  Vertex Capital Investment Ltd., 4.75%, 04/03/24<sup>(c)</sup> | 400 | 379956 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27) | 1485 | 1311092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | 1262879 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27 (Call 05/01/24)<sup>(b)</sup> | 225 | 204496 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 (Call 02/15/26) | 365 | 312637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 (Call 12/10/24) | 449 | 421593 |
|  World Acceptance Corp., 7.00%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 140 | 87697 |
|  Xingsheng BVI Co. Ltd., 1.38%, 08/25/24 (Call 07/25/24)<sup>(c)</sup> | 200 | 185468 |
|  XP Inc., 3.25%, 07/01/26 (Call 06/01/26)<sup>(c)</sup> | 400 | 349172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111778762 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric — 1.8%** |  |  |
|  Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/24<sup>(c)</sup> | $400 | $390824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/23/25<sup>(c)</sup> | 300 | 293826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/22/26<sup>(c)</sup> | 400 | 390928 |
|  Adani Green Energy Ltd., 4.38%, 09/08/24<sup>(c)</sup> | 400 | 299164 |
|  Adani Transmission Ltd., 4.00%, 08/03/26<sup>(c)</sup> | 200 | 171142 |
|  AES Andes SA., 7.13%, 03/26/79<br>(Call 04/07/24)<sup>(a)(c)</sup> | 400 | 328252 |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 (Call 12/15/25) | 567 | 491050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 580 | 534702 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 (Call 08/01/27) | 800 | 752824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.55%, 12/01/23 | 125 | 122755 |
|  Algonquin Power & Utilities Corp., 4.75%, 01/18/82 (Call 01/18/27)<sup>(a)</sup> | 335 | 269926 |
|  Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/27 (Call 02/15/27) | 635 | 545287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/24 (Call 08/15/24) | 514 | 486815 |
|  Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24) | 92 | 88419 |
|  American Electric Power Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/24 | 464 | 442832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/62 (Call 11/15/26)<sup>(a)</sup> | 454 | 350765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 | 600 | 598410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.00%, 11/01/25 (Call 10/01/25) | 95 | 83410 |
|  Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25) | 92 | 87856 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/27 (Call 06/15/27) | 25 | 22107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/15/25 (Call 02/15/25)<sup>(d)</sup> | 132 | 124510 |
|  Avangrid Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 (Call 10/01/24) | 149 | 141714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 (Call 03/15/25) | 499 | 471056 |
|  Berkshire Hathaway Energy Co., 4.05%, 04/15/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203216 |
|  Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/24 (Call 11/16/22) | 5 | 4624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/27 (Call 07/15/26) | 95 | 85769 |
|  Calpine Corp., 5.25%, 06/01/26 (Call 12/01/22)<sup>(b)</sup> | 220 | 209895 |
|  Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)<sup>(c)</sup> | 400 | 410880 |
|  CenterPoint Energy Houston Electric LLC, Series Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/01/26 (Call 06/01/26) | 135 | 121821 |
|  CenterPoint Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/26 (Call 05/01/26) | 235 | 204344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 139 | 131607 |
|  Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25<sup>(c)</sup> | 300 | 282174 |
|  CGNPC International Ltd., 2.75%, 07/02/24<sup>(c)</sup> | 600 | 576972 |
|  China Clean Energy Development Ltd., 4.00%, 11/05/25<sup>(c)</sup> | 400 | 383968 |
|  China Huadian Overseas Development 2018 Ltd., 3.38%, (Call 06/23/25)<sup>(a)(c)(e)</sup> | 400 | 372132 |
|  China Huadian Overseas Development Management Co. Ltd.,<br>4.00%, (Call 05/29/24)<sup>(a)(c)(e)</sup> | 200 | 192800 |
|  China Huaneng Group Hong Kong Treasury Management Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/20/26<sup>(c)</sup> | 400 | 360556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/10/24<sup>(c)</sup> | 200 | 189844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, (Call 12/09/23)<sup>(a)(c)(e)</sup> | 200 | 192754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, (Call 12/09/25)<sup>(a)(c)(e)</sup> | 200 | 180824 |
|  Chugoku Electric Power Co. Inc. (The), 2.40%, 08/27/24<sup>(c)</sup> | 500 | 472235 |
|  Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 11/30/22)<sup>(c)</sup> | 200 | 174056 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25)<sup>(a)(c)(e)</sup>  | $200 | $188446 |
|  CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27) | 260 | 234699 |
|  Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/23/27<sup>(c)(d)</sup> | 400 | 363272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/24<sup>(c)</sup> | 400 | 393960 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.75%, 12/01/25 (Call 11/01/25) | 32 | 28055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.20%, 03/15/27 (Call 12/15/26) | 200 | 184486 |
|  Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22) | 100 | 95454 |
|  Constellation Energy Generation LLC, 3.25%, 06/01/25 (Call 05/01/25) | 406 | 385087 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24<sup>(g)</sup> | 427 | 407375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 200 | 191990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 (Call 03/15/26)<sup>(d)</sup> | 820 | 715967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.30%, 03/15/25 (Call 02/15/25) | 450 | 430969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 (Call 05/15/26) | 135 | 122102 |
|  DPL Inc., 4.13%, 07/01/25 (Call 04/01/25) | 200 | 189250 |
|  Drax Finco PLC, 6.63%, 11/01/25<br>(Call 11/11/22)<sup>(b)</sup> | 230 | 213962 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 01/11/24<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.53%, 10/01/24<sup>(g)</sup> | 385 | 364630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 1.05%, 06/01/25 (Call 05/01/25) | 821 | 734434 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | 701 | 618310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26) | 380 | 343581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/82 (Call 01/15/27)<sup>(a)</sup> | 284 | 200001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 (Call 01/15/24) | 679 | 666228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28) | 890 | 836725 |
|  Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26) | 400 | 371092 |
|  Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25) | 315 | 300560 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 (Call 10/15/24) | 536 | 514056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/25 | 430 | 415066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/25 (Call 03/15/25) | 393 | 383961 |
|  EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/24<sup>(b)</sup> | 812 | 778002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/11/27 | 775 | 769761 |
|  Electricite de France SA, 3.63%, 10/13/25 (Call 07/13/25)<sup>(b)</sup> | 840 | 793447 |
|  Emera U.S. Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 06/15/24 | 180 | 165780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 (Call 03/15/26) | 225 | 207549 |
|  Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26) | 469 | 433576 |
|  Enel Finance America LLC, 7.10%, 10/14/27 | 500 | 499840 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/12/26 (Call 06/12/26)<sup>(b)</sup> | 690 | 572293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/10/24<sup>(b)</sup> | 625 | 589919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/25<sup>(b)</sup> | 385 | 363536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/27 (Call 05/15/27)<sup>(b)</sup> | 550 | 498360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/14/25 | 500 | 502185 |
|  Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24) | 250 | 243365 |
|  Enerflex Ltd., 9.00%, 10/15/27 | 195 | 189680 |
|  Engie Energia Chile SA, 4.50%, 01/29/25<sup>(c)</sup> | 200 | 188298 |
|  Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24) | 195 | 191336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | $448 | $392327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 175 | 159381 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/26 (Call 07/01/26) | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/01/27 (Call 06/01/27) | 105 | 94723 |
|  Eskom Holdings SOC Ltd., 7.13%, 02/11/25<sup>(c)</sup> | 800 | 749600 |
|  Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | 723571 |
|  Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26) | 30 | 27270 |
|  Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25) | 67 | 64469 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 260 | 233223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/24 | 960 | 942365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 (Call 06/01/27) | 905 | 869035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.15%, 01/15/25 (Call 10/15/24) | 139 | 132310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 2.90%, 10/01/24 (Call 08/01/24) | 432 | 412638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.80%, 12/01/23 (Call 11/01/23) | 260 | 255746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 0.80%, 08/15/25 (Call 07/15/25) | 410 | 360956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 (Call 07/15/26) | 150 | 129242 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 365 | 327208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 726 | 678164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 513 | 494158 |
|  Fells Point Funding Trust, 3.05%, 01/31/27 (Call 12/31/26)<sup>(b)</sup> | 102 | 90753 |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25)<sup>(d)</sup> | 146 | 133955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.60%, 01/15/26 (Call 12/15/25) | 145 | 126238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) | 667 | 624806 |
|  FirstEnergy Transmission LLC, 4.35%, 01/15/25 (Call 10/15/24)<sup>(b)</sup> | 50 | 48314 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 (Call 03/01/25) | 920 | 873687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25) | 60 | 56658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 (Call 12/01/23) | 90 | 87788 |
|  Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) | 315 | 284013 |
|  Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24) | 403 | 379751 |
|  Guangzhou Development District Holding Group Co. Ltd., 2.60%, 12/15/23<sup>(c)</sup> | 400 | 387588 |
|  Hengjian International Investment Ltd., 1.88%, 06/23/25<sup>(c)</sup>  | 200 | 180760 |
|  Hongkong Electric Finance Ltd., 2.88%, 05/03/26<sup>(c)</sup> | 600 | 556242 |
|  Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24) | 590 | 565816 |
|  IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24) | 176 | 167895 |
|  Israel Electric Corp. Ltd., Series 6, 5.00%, 11/12/24<sup>(b)</sup> | 400 | 392172 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 (Call 03/30/26) | 50 | 45888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 03/15/24) | 107 | 103770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/22/27 (Call 08/22/27)<sup>(b)</sup> | 660 | 640299 |
|  Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25)<sup>(b)</sup> | 50 | 47725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/24 (Call 01/01/24)<sup>(b)</sup> | 415 | 407406 |
|  Kallpa Generacion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/16/27 (Call 05/16/27)<sup>(c)</sup> | 200 | 175884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/24/26 (Call 02/24/26)<sup>(c)</sup> | 200 | 186058 |
|  Kansai Electric Power Co. Inc. (The), 2.55%, 09/17/24<sup>(c)</sup> | 200 | 188940 |
|  Korea East-West Power Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/06/25<sup>(c)</sup> | 200 | 182668 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/06/25 | $200 | $191028 |
|  Korea Electric Power Corp., 1.13%, 06/15/25<sup>(c)</sup> | 600 | 536676 |
|  Korea Midland Power Co. Ltd., 1.25%, 08/09/26<sup>(c)</sup> | 400 | 343448 |
|  Korea Southern Power Co. Ltd., 0.75%, 01/27/26<sup>(c)</sup> | 200 | 173710 |
|  Lamar Funding Ltd., 3.96%, 05/07/25<sup>(c)</sup> | 514 | 474586 |
|  Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)<sup>(c)</sup> | 400 | 324428 |
|  MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24) | 352 | 341711 |
|  Midland Cogeneration Venture LP, 6.00%, 03/15/25<sup>(b)(d)</sup> | 87 | 88478 |
|  Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 100 | 92265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/24 (Call 01/15/24)<sup>(b)</sup> | 363 | 355279 |
|  National Central Cooling Co. PJSC, 2.50%, 10/21/27<sup>(c)</sup> | 200 | 167614 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 285 | 246648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/25 | 555 | 517504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 (Call 10/27/24) | 100 | 95163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 (Call 12/07/23) | 449 | 437537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/25 | 470 | 450457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 600 | 603072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 1.00%, 10/18/24 | 545 | 501580 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) | 893 | 772775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) | 100 | 92264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24 | 870 | 855984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 965 | 945613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/20/25 | 987 | 967349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27) | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000771 |
|  NextEra Energy Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(b)</sup> | 245 | 227083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(b)</sup> | 305 | 295865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 250 | 232885 |
|  Niagara Mohawk Power Corp., 3.51%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 191 | 182476 |
|  NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/25 (Call 11/02/25)<sup>(b)</sup> | 395 | 348204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 (Call 05/15/24)<sup>(b)</sup> | 390 | 373398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 11/16/22) | 210 | 210103 |
|  NTPC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/03/24<sup>(c)</sup> | 400 | 388548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/26/26<sup>(c)</sup> | 200 | 189974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/26/24<sup>(c)</sup> | 200 | 193874 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/01/25 (Call 09/01/25) | 993 | 870285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/24 (Call 05/01/24) | 237 | 228459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 01/01/25) | 69 | 65773 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 (Call 12/01/25) | 642 | 570212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | 956851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/24 (Call 05/15/24) | 215 | 203553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25 | 504 | 468503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 (Call 03/15/25) | 502 | 466559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 214 | 207582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/08/25 | 500 | 484640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 (Call 05/15/27) | 105 | 99161 |
|  PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24) | 100 | 98091 |
|  Pampa Energia SA, 7.50%, 01/24/27 (Call 11/30/22)<sup>(c)</sup> | 300 | 250047 |
|  Perusahaan Listrik Negara PT, 4.13%, 05/15/27<sup>(c)(d)</sup> | 600 | 550320 |
|  Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) | 465 | 414524 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23) | $365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357769 |
|  PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26) | 42 | 38398 |
|  Public Service Electric & Gas Co., 0.95%, 03/15/26 (Call 02/15/26) | 62 | 54117 |
|  Public Service Enterprise Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 (Call 07/15/25) | 245 | 215017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 (Call 05/15/24) | 497 | 477597 |
|  Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25) | 287 | 270411 |
|  Rochester Gas and Electric Corp., 3.10%, 06/01/27 (Call 03/01/27)<sup>(b)</sup> | 80 | 72270 |
|  Saudi Electricity Global Sukuk Co. 3, 4.00%, 04/08/24<sup>(c)</sup> | 600 | 586056 |
|  Saudi Electricity Global Sukuk Co. 4, 4.22%, 01/27/24<sup>(c)</sup> | 200 | 196360 |
|  Saudi Electricity Global Sukuk Co. 5, 1.74%, 09/17/25<sup>(c)</sup> | 450 | 405185 |
|  Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/25 (Call 03/01/25) | 327 | 310169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/52 (Call 01/01/27)<sup>(a)</sup> | 454 | 346284 |
|  SMC Global Power Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, (Call 01/21/26)<sup>(a)(c)(e)</sup> | 400 | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, (Call 05/05/25)<sup>(a)(c)(e)</sup> | 400 | 264396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, (Call 04/25/24)<sup>(a)(c)(e)</sup> | 400 | 273360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, (Call 10/21/25)<sup>(a)(c)(e)</sup> | 400 | 268000 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26) | 345 | 301616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20%, 06/01/25 | 482 | 470340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/27 (Call 05/01/27) | 410 | 397503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) | 434 | 416670 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 (Call 04/01/26) | 680 | 629102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 995950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) | 417 | 392781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, 09/15/51 (Call 06/15/26)<sup>(a)</sup> | 594 | 468785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/51 (Call 10/15/25)<sup>(a)</sup> | 601 | 523152 |
|  Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/15/26 (Call 12/15/25) | 320 | 277178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/25 (Call 09/01/25) | 430 | 417560 |
|  Southwestern Electric Power Co., Series N, 1.65%, 03/15/26 (Call 02/15/26) | 407 | 357969 |
|  Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23) | 25 | 24304 |
|  SP PowerAssets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/26/27<sup>(b)</sup> | 200 | 183304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/24/25<sup>(b)</sup> | 200 | 189792 |
|  SPIC MTN Co. Ltd., 1.63%, 07/27/25<sup>(c)</sup> | 800 | 724608 |
|  State Grid Europe Development 2014 PLC, 3.13%, 04/07/25 (Call 03/07/25)<sup>(c)</sup> | 400 | 382536 |
|  State Grid Europe Development PLC, 3.25%, 04/07/27 (Call 03/07/27)<sup>(c)</sup> | 600 | 559752 |
|  State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24<sup>(c)</sup> | 600 | 592644 |
|  State Grid Overseas Investment 2016 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/05/25 (Call 07/05/25)<sup>(c)</sup> | 200 | 179254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/04/27<sup>(c)</sup> | 400 | 376368 |
|  State Grid Overseas Investment BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/08/26 (Call 08/08/26)<sup>(c)</sup> | 200 | 173554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/18/26<sup>(c)</sup> | 600 | 561246 |
|  Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25<sup>(c)</sup> | 200 | 199690 |
|  Tampa Electric Co., 3.88%, 07/12/24 | 560 | 545524 |
|  Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)<sup>(b)</sup> | 175 | 161060 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Three Gorges Finance I Cayman Islands Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/22/25<sup>(c)</sup> | $600 | $541002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/16/24 (Call 09/16/24)<sup>(c)</sup> | 600 | 569856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/02/26<sup>(c)</sup> | 400 | 377368 |
|  TNB Global Ventures Capital Bhd, 3.24%, 10/19/26<sup>(c)</sup> | 200 | 182936 |
|  Transelec SA, 4.25%, 01/14/25<br>(Call 10/14/24)<sup>(c)</sup> | 200 | 191408 |
|  Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)<sup>(d)</sup> | 125 | 119169 |
|  UHI Capital Ltd., 3.00%, 06/12/24<sup>(c)</sup> | 200 | 192238 |
|  Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24) | 50 | 48717 |
|  Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/15/24 (Call 11/15/23)<sup>(d)</sup> | 43 | 42046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.10%, 05/15/25 (Call 02/15/25) | 192 | 182655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) | 420 | 392721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27) | 490 | 459875 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/24 (Call 06/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | 1371946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/27 (Call 11/30/26)<sup>(b)</sup> | 387 | 346911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(b)</sup> | 555 | 511999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/13/25<sup>(b)</sup> | 100 | 96816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(b)</sup> | 440 | 422066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(b)</sup> | 590 | 562294 |
|  WEC Energy Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 (Call 02/15/24) | 537 | 504866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/25 (Call 08/27/25) | 265 | 263455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/27 (Call 09/01/27) | 500 | 491890 |
|  Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24) | 339 | 319101 |
|  Xcel Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 (Call 02/15/27) | 765 | 656378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 (Call 12/01/24) | 393 | 372926 |
|  Zhejiang Energy International Ltd., 1.74%, 07/20/26<sup>(c)</sup> | 200 | 175786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88822317 |
| **Electrical Components & Equipment — 0.0%** |  |  |
|  Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26) | 5 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 (Call 03/01/25) | 168 | 160569 |
|  Johnson Electric Holding, 4.13%, 07/30/24<sup>(c)</sup> | 200 | 193928 |
|  Molex Electronic Technologies LLC, 3.90%, 04/15/25 (Call 01/15/25)<sup>(b)</sup> | 259 | 245066 |
|  WESCO Distribution Inc., 7.13%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 645 | 651457 |
|  |  | 1255282 |
| **Electronics — 0.2%** |  |  |
|  Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24) | 325 | 310057 |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25) | 298 | 277697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 02/01/24) | 234 | 227502 |
|  Arrow Electronics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/08/24 (Call 07/08/24) | 480 | 458285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 (Call 01/01/25) | 73 | 70018 |
|  Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26) | 152 | 143701 |
|  Competition Team Technologies Ltd., 3.75%, 03/12/24<sup>(c)</sup> | 200 | 195212 |
|  Flex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 (Call 01/01/26) | 160 | 148214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 (Call 03/15/25) | 142 | 137632 |
|  Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26) | 10 | 9192 |
|  Foxconn Far East Ltd., 1.63%, 10/28/25<sup>(c)</sup> | 800 | 707664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electronics (continued)** |  |  |
|  Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27) | $500 | $429490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 (Call 05/01/25) | 636 | 583740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 (Call 07/15/24) | 910 | 871480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26) | 5 | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/24 | 100 | 99994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 998720 |
|  Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)<sup>(d)</sup> | 60 | 56587 |
|  Jabil Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 (Call 03/15/26) | 285 | 247078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 (Call 04/15/27) | 337 | 312284 |
|  Keysight Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 (Call 07/30/24) | 126 | 123388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 (Call 01/06/27) | 5 | 4787 |
|  Legrand France SA, 8.50%, 02/15/25 | 358 | 384059 |
|  Likewize Corp., 9.75%, 10/15/25 (Call 11/14/22)<sup>(b)</sup> | 185 | 167775 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(b)</sup> | 325 | 316209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(b)</sup> | 210 | 208757 |
|  TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 (Call 11/14/22) | 504 | 463433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 (Call 07/09/26) | 510 | 430741 |
|  Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24) | 395 | 388178 |
|  Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/27 (Call 05/15/27) | 105 | 95634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 65 | 63125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 50 | 47742 |
|  Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26) | 455 | 376726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9359676 |
| **Energy - Alternate Sources — 0.1%** |  |  |
|  Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24<sup>(c)</sup> | 200 | 181896 |
|  Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)<sup>(c)</sup> | 200 | 149036 |
|  Contemporary Ruiding Development Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/09/26<sup>(c)</sup> | 200 | 168090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/17/25 (Call 08/17/25)<sup>(c)</sup> | 600 | 532716 |
|  Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)<sup>(b)</sup> | 194 | 154068 |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 325 | 311750 |
|  Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)<sup>(c)</sup> | 382 | 298923 |
|  Greenko Solar Mauritius Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/29/25<sup>(c)</sup> | 200 | 174326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/29/26 (Call 11/30/22)<sup>(c)</sup> | 400 | 321796 |
|  Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)<sup>(c)</sup> | 200 | 170500 |
|  Hanwha Energy USA Holdings Corp., 4.13%, 07/05/25<sup>(c)</sup> | 200 | 191320 |
|  MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 11/30/22)<sup>(c)(d)</sup> | 250 | 158410 |
|  SK Battery America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/26/24<sup>(c)</sup> | 200 | 188492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/26/26<sup>(c)</sup> | 200 | 163780 |
|  Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)<sup>(b)</sup> | 185 | 163148 |
|  Vena Energy Capital Pte Ltd., 3.13%, 02/26/25<sup>(c)</sup> | 300 | 273318 |
|  |  | 3601569 |
| **Engineering & Construction — 0.2%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 475 | 449497 |
|  Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/23)<sup>(b)</sup> | 435 | 364099 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Engineering & Construction (continued)** |  |  |
|  BCEG Hongkong Co. Ltd., 2.22%, 07/02/26 (Call 06/02/26)<sup>(c)</sup> | $400 | $355236 |
|  Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 440 | 316818 |
|  Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 180 | 164034 |
|  CCCI Treasure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, (Call 11/21/24)<sup>(a)(c)(e)</sup> | 600 | 557604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, (Call 11/21/26)<sup>(a)(c)(e)</sup> | 200 | 174936 |
|  China Railway Xunjie Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/28/26<sup>(c)</sup> | 400 | 375084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/06/27<sup>(c)</sup> | 200 | 190944 |
|  China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26)<sup>(a)(c)(e)</sup> | 400 | 360712 |
|  China State Construction Finance Cayman III Ltd., 4.00%, (Call 12/03/24)<sup>(a)(c)(e)</sup> | 200 | 189008 |
|  Chongqing International Logistics Hub Park Construction Co. Ltd., 4.30%, 09/26/24<sup>(c)</sup> | 200 | 178402 |
|  Chouzhou International Investment Ltd., 4.00%, 02/18/25<sup>(c)</sup> | 600 | 570684 |
|  CRCC Hean Ltd., 1.88%, 05/20/26 (Call 04/20/26)<sup>(c)</sup> | 400 | 358144 |
|  Delhi International Airport Ltd., 6.13%, 10/31/26<sup>(c)</sup> | 200 | 180012 |
|  Dianjian Haiyu Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, (Call 09/29/25)<sup>(a)(c)(e)</sup> | 600 | 551406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, (Call 06/20/24)<sup>(a)(c)(e)</sup> | 200 | 192840 |
|  Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) | 201 | 190717 |
|  Fujian Zhanglong Group Co. Ltd., 3.45%, 12/19/23<sup>(c)</sup> | 400 | 388352 |
|  Henan Water Conservancy Investment Group Co. Ltd., 2.80%, 09/18/25<sup>(c)</sup> | 400 | 363060 |
|  Hongkong International Qingdao Co. Ltd., 4.00%, 10/08/24<sup>(c)</sup> | 200 | 186514 |
|  IHS Holding Ltd., 5.63%, 11/29/26<br>(Call 11/29/23)<sup>(c)</sup> | 400 | 300088 |
|  INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 140 | 103587 |
|  Lendlease U.S. Capital Inc., 4.50%, 05/26/26<sup>(c)</sup> | 250 | 229073 |
|  Mexico City Airport Trust, 4.25%, 10/31/26 (Call 07/31/26)<sup>(c)</sup> | 400 | 357616 |
|  Powerchina Roadbridge Group British Virgin Islands Ltd., 3.08%, (Call 04/01/26)<sup>(a)(c)(e)</sup> | 200 | 179546 |
|  Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)<sup>(b)</sup> | 185 | 168359 |
|  Sepco Virgin Ltd., 3.55%, (Call 10/25/24)<sup>(a)(c)(e)</sup> | 200 | 188888 |
|  Sydney Airport Finance Co. Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/30/25 (Call 01/30/25)<sup>(b)</sup> | 23 | 21478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/28/26 (Call 01/28/26)<sup>(b)</sup> | 350 | 319372 |
|  Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/22)<sup>(b)(d)</sup> | 230 | 184423 |
|  Wuhan Metro Group Co. Ltd., 2.96%, 09/24/24<sup>(c)</sup> | 400 | 381136 |
|  Xingcheng Bvi Ltd., 2.38%, 10/08/26<sup>(c)</sup> | 200 | 175794 |
|  Yongda Investment Ltd., 2.25%, 06/16/25<sup>(c)</sup> | 400 | 365948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9633411 |
| **Entertainment — 0.3%** |  |  |
|  AMC Entertainment Holdings Inc., 10.00%, 06/15/26 (Call 06/15/23), (12.00% PIK)<sup>(b)(f)</sup> | 625 | 332175 |
|  Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 185464 |
|  Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | 1444880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(b)(d)</sup> | 790 | 768496 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(b)</sup> | 440 | 430197 |
|  CCM Merger Inc., 6.38%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | 120 | 110140 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Entertainment (continued)** |  |  |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22) | $250 | $235062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 440 | 437008 |
|  Churchill Downs Inc., 5.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 275 | 263054 |
|  Cinemark USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 175 | 147567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 112 | 112811 |
|  Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 140 | 115079 |
|  Golden Entertainment Inc., 7.63%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 161 | 159242 |
|  International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 275 | 255131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(b)</sup> | 335 | 331938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(b)</sup> | 375 | 375109 |
|  Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 425 | 378407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(b)</sup> | 305 | 296262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 140 | 134175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(b)</sup> | 520 | 517254 |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24<sup>(b)</sup> | 590 | 569326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25<sup>(b)</sup> | 867 | 817685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | 1663373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/25 (Call 03/15/23)<sup>(b)</sup> | 227 | 213909 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)<sup>(b)</sup> | 180 | 167404 |
|  Mohegan Gaming & Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/24 (Call 11/16/22)<sup>(b)(d)</sup> | 220 | 221170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 519 | 437596 |
|  Odeon Finco PLC, 12.75%, 11/01/27 | 200 | 179626 |
|  Penn Entertainment Inc., 5.63%, 01/15/27 (Call 12/01/22)<sup>(b)</sup> | 175 | 159407 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)<sup>(b)(d)</sup> | 165 | 146169 |
|  Scientific Games International Inc., 8.63%, 07/01/25 (Call 12/01/22)<sup>(b)</sup> | 285 | 293729 |
|  SeaWorld Parks & Entertainment Inc., 8.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 120 | 123091 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(b)</sup> | 423 | 409477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 225 | 202394 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 167 | 168717 |
|  Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)<sup>(b)</sup> | 350 | 319658 |
|  Vail Resorts Inc., 6.25%, 05/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 280 | 278606 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 257 | 250500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651288 |
| **Environmental Control — 0.1%** |  |  |
|  Clean Harbors Inc., 4.88%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 250 | 235445 |
|  FS Luxembourg Sarl, 10.00%, 12/15/25<sup>(c)</sup> | 200 | 203620 |
|  GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 320 | 302397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(b)</sup> | 255 | 244349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(b)</sup> | 230 | 219356 |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 (Call 10/15/25) | 305 | 267454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 (Call 07/15/24) | 1090 | 1038127 |

---

S C H E D U L E O F I N V E S T M E N T S 35

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Environmental Control (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/26 (Call 04/01/26) | $10 | $9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 (Call 12/15/24) | 222 | 211151 |
|  Stericycle Inc., 5.38%, 07/15/24 (Call 11/16/22)<sup>(b)</sup> | 275 | 270996 |
|  Tervita Corp., 11.00%, 12/01/25 (Call 12/01/23)<sup>(b)</sup> | 125 | 135689 |
|  Waste Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 (Call 10/15/25) | 500 | 441645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/01/25 (Call 12/01/24) | 405 | 389594 |
|  Waste Pro USA Inc., 5.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 240 | 221985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190962 |
| **Food — 0.5%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 320 | 288093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(b)</sup> | 605 | 561113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 276 | 282906 |
|  Almarai Sukuk Ltd., 4.31%, 03/05/24<sup>(c)</sup> | 200 | 195950 |
|  Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)<sup>(c)</sup> | 200 | 190150 |
|  Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)<sup>(c)</sup> | 250 | 175040 |
|  B&G Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22) | 400 | 363364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22) | 230 | 192843 |
|  Bestfoods, Series E, 7.25%, 12/15/26 | 50 | 54238 |
|  Blossom Joy Ltd., 3.10%, (Call 07/21/25)<sup>(a)(c)(e)</sup> | 600 | 548532 |
|  Campbell Soup Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/19/25 (Call 12/19/24) | 232 | 220890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 (Call 01/15/25) | 547 | 530486 |
|  Cencosud SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/17/27 (Call 04/17/27)<sup>(c)</sup> | 400 | 361400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/12/25 (Call 11/12/24)<sup>(c)</sup> | 200 | 196044 |
|  China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)<sup>(c)</sup> | 600 | 542508 |
|  China Modern Dairy Holdings Ltd., 2.13%, 07/14/26 (Call 06/14/26)<sup>(c)</sup> | 400 | 334188 |
|  Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 225 | 213752 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 04/01/24) | 808 | 794506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25) | 619 | 601594 |
|  Danone SA, 2.95%, 11/02/26 (Call 08/02/26)<sup>(b)</sup> | 800 | 728928 |
|  FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 20 | 17729 |
|  General Mills Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26) | 100 | 92791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 223 | 219869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 (Call 02/17/25) | 515 | 501280 |
|  Grupo Bimbo SAB de CV, 3.88%, 06/27/24<sup>(c)</sup> | 400 | 392020 |
|  Hershey Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/25 (Call 05/01/25) | 392 | 353909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/15/24 (Call 10/15/24) | 500 | 473345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 (Call 05/15/26) | 25 | 22725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/21/25 (Call 05/21/25) | 30 | 28715 |
|  H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/14/22)<sup>(b)(d)</sup> | 155 | 90442 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 455 | 388065 |
|  JM Smucker Co. (The), 3.50%, 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | 997017 |
|  KeHE Distributors LLC/KeHE Finance Corp., 8.63%, 10/15/26 (Call 12/01/22)<sup>(b)</sup> | 70 | 69166 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Food (continued)** |  |  |
|  Kellogg Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/23 | $311 | $304668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 | 235 | 220211 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | 1053343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27) | 502 | 470585 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) | 335 | 299668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 (Call 11/01/25) | 425 | 398284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 (Call 11/01/23) | 382 | 376339 |
|  Mars Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/16/26 (Call 06/16/26)<sup>(b)</sup> | 110 | 94684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 339 | 321145 |
|  McCormick & Co. Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 (Call 01/15/26) | 445 | 384142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24) | 334 | 321472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 (Call 05/15/27) | 139 | 126562 |
|  Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/24/24<sup>(b)</sup> | 525 | 480522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/24/26 (Call 08/24/26)<sup>(b)</sup> | 490 | 419386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/24 (Call 08/19/24)<sup>(b)</sup> | 290 | 273305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/25<sup>(b)</sup> | 300 | 291783 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 (Call 04/04/25) | 566 | 517862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 (Call 02/17/27) | 7 | 6236 |
|  NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 11/30/22)<sup>(c)</sup> | 400 | 387764 |
|  Nestle Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/24<sup>(b)</sup> | 300 | 283941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/26 (Call 12/15/25)<sup>(b)(d)</sup> | 400 | 348976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/14/27 (Call 12/14/26)<sup>(b)</sup> | 385 | 329529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/24/25 (Call 07/24/25)<sup>(b)</sup> | 525 | 505606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/12/25<sup>(b)(d)</sup> | 920 | 903523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/27 (Call 09/01/27)<sup>(b)</sup> | 500 | 481485 |
|  Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 475 | 452143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 150 | 149521 |
|  Pilgrim's Pride Corp., 5.88%, 09/30/27 (Call 12/01/22)<sup>(b)</sup> | 7 | 6848 |
|  Post Holdings Inc., 5.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 220 | 213125 |
|  Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)<sup>(c)</sup> | 400 | 365760 |
|  Sigma Holdco BV, 7.88%, 05/15/26 (Call 11/11/22)<sup>(b)</sup> | 215 | 132001 |
|  Smithfield Foods Inc., 4.25%, 02/01/27 (Call 11/01/26)<sup>(b)</sup> | 482 | 436571 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27) | 107 | 96839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26) | 597 | 552488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 75 | 71710 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 (Call 03/02/27) | 230 | 211731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 (Call 05/15/24) | 146 | 142514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26) | 882 | 842398 |
|  U.S. Foods Inc., 6.25%, 04/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 469 | 469084 |
|  Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25<sup>(c)</sup> | 200 | 140414 |
|  Walmart Inc., 3.90%, 09/09/25 | 220 | 215908 |
|  Yili Holding Investment Co., 1.63%, 11/19/25 (Call 10/19/25)<sup>(c)</sup> | 200 | 176944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25300618 |

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36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Food Service — 0.0%** |  |  |
|  Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(b)</sup> | $290 | $281726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 685 | 678150 |
|  |  | 959876 |
| **Forest Products & Paper — 0.1%** |  |  |
|  Clearwater Paper Corp., 5.38%, 02/01/25<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | 151502 |
|  Fibria Overseas Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/25 (Call 11/14/24) | 252 | 241313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/27 | 313 | 301109 |
|  Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/24<sup>(b)</sup> | 778 | 724847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 05/15/26 (Call 04/15/26)<sup>(b)</sup> | 40 | 34523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/30/25 (Call 08/30/25)<sup>(b)</sup> | 454 | 410720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/30/27 (Call 02/28/27)<sup>(b)</sup> | 160 | 140586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/25 (Call 12/01/24)<sup>(b)</sup> | 637 | 612934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/24 | 404 | 417247 |
|  Inversiones CMPC SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/04/27<sup>(c)</sup> | 200 | 184638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24)<sup>(c)</sup> | 200 | 195508 |
|  Mercer International Inc., 5.50%, 01/15/26 (Call 12/01/22) | 146 | 137404 |
|  Resolute Forest Products Inc., 4.88%, 03/01/26 (Call 03/01/23)<sup>(b)</sup> | 135 | 133400 |
|  Suzano Austria GmbH, 5.75%, 07/14/26<sup>(c)</sup> | 200 | 196826 |
|  West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)<sup>(b)</sup> | 70 | 67888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950445 |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/25 (Call 02/20/25) | 315 | 301294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24) | 299 | 292598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 220 | 203080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | 300 | 281904 |
|  APA Infrastructure Ltd., 4.20%, 03/23/25 (Call 12/23/24)<sup>(b)</sup>  | 770 | 735635 |
|  Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27) | 5 | 4556 |
|  Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25<sup>(c)</sup> | 200 | 184938 |
|  Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/10/26 (Call 12/10/25)<sup>(b)</sup> | 360 | 332255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/05/27 (Call 07/05/27)<sup>(b)</sup> | 425 | 398374 |
|  East Ohio Gas Co. (The), 1.30%, 06/15/25 (Call 05/15/25)<sup>(b)</sup> | 908 | 811516 |
|  Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 (Call 09/15/24) | 279 | 269414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 11/15/24 (Call 10/15/24) | 405 | 383138 |
|  ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)<sup>(c)(d)</sup> | 400 | 310924 |
|  ENN Energy Holdings Ltd., 4.63%, 05/17/27 (Call 04/17/27)<sup>(c)</sup> | 400 | 376240 |
|  KeySpan Gas East Corp., 2.74%, 08/15/26 (Call 05/15/26)<sup>(b)</sup> | 380 | 335232 |
|  Korea Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/13/26<sup>(c)</sup> | 600 | 514956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/21/25<sup>(c)</sup> | 200 | 190174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/02/26<sup>(c)</sup> | 600 | 563640 |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/25 (Call 04/15/25) | 360 | 352073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25) | 140 | 137119 |
|  NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25) | 982 | 869806 |
|  ONE Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/11/24 (Call 11/16/22) | 110 | 104078 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/01/24 (Call 11/01/23) | $35 | $34296 |
|  Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24<sup>(c)</sup> | 600 | 587574 |
|  Shaoxing City Investment Group Ltd., 2.50%, 08/19/26 (Call 05/19/26)<sup>(c)</sup> | 400 | 352372 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 (Call 03/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | 967387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/24 (Call 06/15/24) | 335 | 323188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 03/15/25) | 50 | 47509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 2.60%, 06/15/26 (Call 03/15/26) | 162 | 147535 |
|  Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26) | 335 | 308243 |
|  Talent Yield International Ltd., 2.00%, 05/06/26 (Call 04/26/26)<sup>(c)</sup> | 200 | 179314 |
|  Towngas Finance Ltd., 4.75%,<br>(Call 02/12/24)<sup>(a)(c)(e)</sup> | 200 | 194026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11094388 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/24/25 (Call 02/24/23) | 165 | 154991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/60 (Call 03/15/25)<sup>(a)</sup> | 510 | 423035 |
|  Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 11/14/22)<sup>(b)(d)</sup> | 108 | 92584 |
|  |  | 670610 |
| **Health Care - Products — 0.2%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 12/15/24) | 898 | 861029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26) | 65 | 62465 |
|  Alcon Finance Corp., 2.75%, 09/23/26 (Call 07/23/26)<sup>(b)</sup> | 230 | 204868 |
|  Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27) | 1287 | 1106575 |
|  Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/25 (Call 05/01/25) | 394 | 363725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 (Call 02/01/24) | 439 | 429544 |
|  Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25) | 20 | 19109 |
|  DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24) | 799 | 754168 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 (Call 05/15/25) | 689 | 620493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 02/15/24) | 416 | 405093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25) | 676 | 644025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25) | 227 | 215044 |
|  Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 12/01/22) | 1395 | 1298843 |
|  Varex Imaging Corp., 7.88%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 100 | 98021 |
|  Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/22/24 (Call 12/01/22) | 105 | 96856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 (Call 12/15/25) | 507 | 470445 |
|  |  | 7650303 |
| **Health Care - Services — 0.7%** |  |  |
|  Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24) | 770 | 744120 |
|  Air Methods Corp., 8.00%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 225 | 115067 |
|  Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 215 | 174382 |
|  Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 220 | 206932 |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(b)</sup> | 820 | 653819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 920 | 793233 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/01/25 (Call 07/01/25) | 282 | 250656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 (Call 07/01/24) | 638 | 606151 |

---

S C H E D U L E O F I N V E S T M E N T S 37

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 (Call 02/15/26) | $967 | $854567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 (Call 12/15/24) | 933 | 877001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 (Call 10/01/24) | 433 | 416879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 (Call 05/15/24) | 757 | 735600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/25 | 370 | 370189 |
|  Encompass Health Corp., 5.75%, 09/15/25 (Call 12/01/22) | 213 | 211899 |
|  Envision Healthcare Corp., 8.75%, 10/15/26 (Call 12/01/22)<sup>(b)</sup> | 450 | 137277 |
|  Fresenius Medical Care U.S. Finance II Inc., 4.75%, 10/15/24 (Call 07/17/24)<sup>(b)</sup> | 30 | 29311 |
|  Fresenius Medical Care U.S. Finance III Inc., 1.88%, 12/01/26 (Call 11/01/26)<sup>(b)</sup> | 50 | 40887 |
|  Global Medical Response Inc., 6.50%, 10/01/25 (Call 11/03/22)<sup>(b)</sup> | 265 | 204962 |
|  Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | 145 | 131846 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 482 | 426874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 205 | 191999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | 1096566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25 | 676 | 664846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25) | 770 | 746823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26) | 543 | 526998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25) | 702 | 696026 |
|  Health Care Service Corp. A Mutual Legal Reserve Co., 1.50%, 06/01/25<br>(Call 05/01/25)<sup>(b)</sup> | 272 | 245749 |
|  Highmark Inc., 1.45%, 05/10/26 (Call 04/10/26)<sup>(b)</sup> | 686 | 594357 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) | 697 | 584232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 (Call 07/01/24) | 218 | 212474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 (Call 12/15/26) | 5 | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 03/01/25) | 719 | 704598 |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(b)</sup> | 550 | 525783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 425 | 404749 |
|  Laboratory Corp. of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/01/26 (Call 05/01/26) | 467 | 405281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/24 (Call 11/01/24) | 180 | 168955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 (Call 07/01/24) | 356 | 342753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 (Call 11/01/24) | 636 | 609867 |
|  Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 (Call 12/01/22)<sup>(b)</sup> | 280 | 221074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 280 | 247960 |
|  ModivCare Inc., 5.88%, 11/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 230 | 219733 |
|  PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25) | 395 | 348465 |
|  Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 395 | 344507 |
|  Quest Diagnostics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26) | 230 | 215814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 (Call 12/30/24) | 365 | 349933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 65 | 64106 |
|  Quorum Health Corp., 11.63%, 04/15/23<sup>(h)(i)</sup> | 100 |  |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(b)</sup> | 610 | 487207 |
|  Roche Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 03/05/26 (Call 02/05/26)<sup>(b)</sup> | 200 | 175834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/08/24<sup>(b)</sup> | 1000 | 961360 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/25 (Call 02/10/25)<sup>(b)</sup> | $920 | $864478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 03/10/27 (Call 02/10/27)<sup>(b)</sup> | 780 | 696634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/26 (Call 02/15/26)<sup>(b)</sup> | 200 | 185024 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)<sup>(b)</sup>  | 365 | 274615 |
|  Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 535 | 510427 |
|  Surgery Center Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 155 | 146128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 245 | 237939 |
|  Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25) | 222 | 199534 |
|  Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)<sup>(b)(d)</sup> | 320 | 242710 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22) | 370 | 360643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(b)</sup> | 282 | 274631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(b)</sup> | 935 | 883781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(b)</sup> | 650 | 624494 |
|  U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)<sup>(b)</sup> | 325 | 294271 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27) | 470 | 444629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/24 (Call 11/14/22) | 270 | 252658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | 932295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26 | 223 | 198214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 625 | 597869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 107 | 100676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 | 40 | 37335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 45 | 42264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24 | 657 | 646245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 | 1216 | 1180700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | 1000 | 1000370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25 | 475 | 476012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 370 | 370892 |
|  Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)<sup>(b)</sup> | 455 | 382377 |
|  UPMC, Series D-1, 3.60%, 04/03/25 | 75 | 72065 |
|  US Renal Care Inc., 10.63%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 220 | 87789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34201784 |
| **Holding Companies - Diversified — 0.6%** |  |  |
|  Alfa SAB de CV, 5.25%, 03/25/24<br>(Call 12/25/23)<sup>(c)</sup> | 200 | 198414 |
|  Amipeace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/22/25<sup>(c)</sup> | 200 | 179736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/09/26<sup>(c)</sup> | 200 | 177490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/05/24<sup>(c)</sup> | 800 | 761000 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | 392 | 324074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 (Call 05/15/27) | 35 | 28814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 (Call 06/15/25) | 661 | 596414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 630 | 565488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 (Call 05/10/24) | 572 | 550092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 (Call 01/01/25) | 479 | 448986 |
|  Bain Capital Specialty Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/13/26 (Call 09/13/26) | 220 | 178347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 (Call 02/10/26) | 317 | 268255 |
|  Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)<sup>(b)</sup> | 210 | 173628 |
|  Beijing State-Owned Assets Management Hong Kong Co. Ltd., 4.13%, 05/26/25<sup>(c)</sup> | 600 | 577224 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/24 | 425 | 388293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 717 | 592694 |

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38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 (Call 11/15/24) | $482 | $442650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27) | 554 | 459676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25<sup>(d)</sup> | 457 | 439209 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 (Call 01/15/27) | 390 | 313751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 (Call 08/19/26) | 460 | 394809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 (Call 12/15/25) | 550 | 496045 |
|  Bright Galaxy International Ltd., 3.25%, 07/15/26<sup>(c)</sup> | 200 | 146122 |
|  Ccthk 2021 Ltd., 2.75%, 01/19/27<sup>(c)</sup> | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177930 |
|  CITIC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/25/25<sup>(c)</sup> | 400 | 374012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/17/27 (Call 01/17/27)<sup>(c)</sup> | 200 | 180584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/14/26<sup>(c)</sup> | 200 | 189638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/28/27<sup>(c)</sup> | 400 | 376412 |
|  CK Hutchison International 19 Ltd., 3.25%, 04/11/24 (Call 03/11/24)<sup>(b)</sup> | 770 | 749002 |
|  CK Hutchison International 21 Ltd., 1.50%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 210 | 185671 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/12/24 | 450 | 408042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 06/15/27) | 450 | 368937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 572 | 503520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/25 (Call 01/01/25) | 70 | 65490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/14/25 (Call 01/14/25)<sup>(b)</sup> | 140 | 130260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 06/15/24) | 416 | 400059 |
|  Fund of National Welfare Samruk-Kazyna JSC, 2.00%, 10/28/26 (Call 07/28/26)<sup>(c)</sup> | 200 | 166344 |
|  Goldman Sachs BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 380 | 343691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/10/25 (Call 01/10/25) | 201 | 192759 |
|  Golub Capital BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/27 (Call 01/15/27) | 270 | 215992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 (Call 07/24/26) | 325 | 270384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 (Call 03/15/24) | 65 | 61849 |
|  Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26<sup>(c)</sup> | 200 | 182756 |
|  Guohui International Bvi Co. Ltd., 3.15%, 08/27/25<sup>(c)</sup> | 600 | 547020 |
|  Huarong Finance 2017 Co. Ltd., 4.75%, 04/27/27<sup>(c)</sup> | 400 | 288476 |
|  Huarong Finance 2019 Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/13/24 (Call 10/13/24)<sup>(c)</sup> | 400 | 336308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/29/24<sup>(c)</sup> | 400 | 351568 |
|  Huarong Finance II Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/03/26<sup>(c)</sup> | 200 | 150710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/25<sup>(c)</sup> | 400 | 320072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/16/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 848890 |
|  Huatong International Investment Holdings Co. Ltd., 2.98%, 03/04/24<sup>(c)</sup> | 400 | 371288 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 500 | 482933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 638 | 587295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 545 | 523402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 335 | 325215 |
|  ICD Funding Ltd., 3.22%, 04/28/26<br>(Call 03/28/26)<sup>(c)</sup> | 200 | 180344 |
|  KOC Holding AS, 6.50%, 03/11/25<br>(Call 12/11/24)<sup>(c)</sup> | 400 | 380184 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/14/26 (Call 06/14/26) | 472 | 399378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/01/24 | 245 | 238532 |
|  MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/07/24 (Call 10/07/24)<sup>(c)</sup> | 600 | 568626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/26 (Call 04/21/26)<sup>(c)</sup> | 200 | 182804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/19/24<sup>(c)</sup> | $400 | $387200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/28/27 (Call 02/28/27)<sup>(c)</sup> | 200 | 183984 |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27) | 75 | 67287 |
|  Mumtalakat Sukuk Holding Co., 5.63%, 02/27/24<sup>(c)</sup> | 400 | 397608 |
|  Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25) | 365 | 339786 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) | 60 | 47999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26) | 260 | 221499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 (Call 06/22/25) | 417 | 381055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 (Call 02/28/25) | 342 | 317260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 (Call 12/15/25) | 518 | 469168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24 (Call 03/15/24) | 149 | 146272 |
|  OWL Rock Core Income Corp., 7.75%, 09/16/27 (Call 08/16/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 195068 |
|  Owl Rock Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 (Call 12/15/26) | 370 | 296751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/17/26 (Call 05/17/26)<sup>(b)</sup> | 35 | 30133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/25 (Call 11/15/25)<sup>(b)</sup> | 163 | 145665 |
|  Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 (Call 10/15/26) | 40 | 32454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 (Call 12/22/25) | 130 | 111740 |
|  Rongshi International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/05/25 (Call 10/05/25)<sup>(c)</sup> | 400 | 357968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/21/24<sup>(c)</sup> | 200 | 194324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(c)</sup> | 200 | 188132 |
|  Senaat Sukuk Ltd., 4.76%, 12/05/25<sup>(c)</sup> | 200 | 195106 |
|  SFG International Holdings Co. Ltd., 2.40%, 06/03/26<sup>(c)</sup> | 400 | 359048 |
|  Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24) | 320 | 303738 |
|  Stena AB, 7.00%, 02/01/24<sup>(b)</sup> | 200 | 188582 |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/24<sup>(b)</sup> | 160 | 149866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 11/11/22)<sup>(b)</sup> | 160 | 150197 |
|  Swire Pacific MTN Financing Ltd., 3.88%, 09/21/25<sup>(c)</sup> | 200 | 191848 |
|  Xi Yang Overseas Ltd., 4.30%, 06/05/24<sup>(c)</sup> | 400 | 388332 |
|  Yieldking Investment Ltd., 2.80%, 08/18/26<sup>(c)</sup> | 200 | 178744 |
|  Zhongyuan Sincere Investment Co. Ltd., 4.25%, 06/28/24<sup>(c)</sup> | 600 | 572316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28516718 |
| **Home Builders — 0.1%** |  |  |
|  Adams Homes Inc., 7.50%, 02/15/25 (Call 11/16/22)<sup>(b)</sup> | 100 | 80860 |
|  Beazer Homes USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 11/16/22) | 150 | 125944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/25 (Call 11/16/22)<sup>(d)</sup> | 120 | 111592 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 260 | 226980 |
|  Century Communities Inc., 6.75%, 06/01/27 (Call 12/01/22) | 220 | 210166 |
|  DR Horton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26 (Call 09/15/26) | 550 | 459690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 (Call 09/15/24) | 477 | 449687 |
|  Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)<sup>(b)</sup> | 205 | 177690 |
|  Forestar Group Inc., 3.85%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 190 | 163263 |
|  K Hovnanian Enterprises Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 (Call 11/14/22)<sup>(b)(d)</sup> | 124 | 119235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 135 | 130526 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Home Builders (continued)** |  |  |
|  KB Home, 6.88%, 06/15/27 (Call 12/15/26)<sup>(d)</sup> | $130 | $125778 |
|  Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 (Call 01/31/24) | 333 | 327642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 (Call 02/28/25) | 485 | 471076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/23 (Call 09/15/23) | 202 | 200430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/25) | 90 | 87477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 (Call 05/15/24) | 425 | 425497 |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/27 (Call 12/06/26) | 130 | 117096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 214942 |
|  New Home Co. Inc. (The), 7.25%, 10/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 120 | 93994 |
|  PulteGroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 (Call 10/15/26) | 50 | 48090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 (Call 12/01/25) | 55 | 53874 |
|  STL Holding Co. LLC, 7.50%, 02/15/26 (Call 02/15/23)<sup>(b)(d)</sup> | 105 | 91446 |
|  Taylor Morrison Communities Inc., 5.88%, 06/15/27 (Call 03/15/27)<sup>(b)</sup> | 225 | 211581 |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24<br>(Call 12/01/23)<sup>(b)</sup> | 166 | 163933 |
|  Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/25 (Call 08/15/25)<sup>(d)</sup> | 186 | 176713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26) | 324 | 298712 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 260 | 256321 |
|  Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26) | 130 | 112696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732931 |
| **Home Furnishings — 0.0%** |  |  |
|  Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25) | 57 | 55279 |
|  Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24) | 24 | 23173 |
|  Panasonic Holdings Corp., 2.68%, 07/19/24 (Call 06/19/24)<sup>(b)</sup> | 360 | 342857 |
|  TCL Technology Investment, 1.88%, 07/14/25<sup>(c)</sup> | 212 | 189984 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/25 | 127 | 122315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24 | 147 | 144448 |
|  |  | 878056 |
| **Household Products & Wares — 0.0%** |  |  |
|  Avery Dennison Corp., 0.85%, 08/15/24 (Call 12/01/22) | 50 | 46265 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 (Call 07/15/27) | 80 | 66794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/15/25 | 32 | 30499 |
|  Kronos Acquisition Holdings Inc./KIK Custom Products Inc., 5.00%, 12/31/26 (Call 06/30/23)<sup>(b)</sup> | 205 | 185816 |
|  Reckitt Benckiser Treasury Services PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/26/24 (Call 04/26/24)<sup>(b)</sup> | 434 | 415685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/26/27 (Call 03/26/27)<sup>(b)</sup> | 900 | 816579 |
|  Spectrum Brands Inc., 5.75%, 07/15/25 (Call 12/01/22) | 202 | 199255 |
|  |  | 1760893 |
| **Housewares — 0.0%** |  |  |
|  American Greetings Corp., 8.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 100 | 95690 |
|  CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 325 | 308734 |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/24 (Call 09/01/24) | 100 | 97032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | 930 | 864946 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Housewares (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | $260 | $250851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27) | 190 | 186044 |
|  Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26 (Call 11/16/22)<sup>(d)</sup> | 105 | 97658 |
|  Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)<sup>(c)</sup> | 400 | 370516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271471 |
| **Insurance — 1.4%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 410 | 388688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(b)</sup> | 180 | 179683 |
|  Aflac Inc., 1.13%, 03/15/26 (Call 02/15/26) | 80 | 70036 |
|  AIA Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, (Call 04/07/26)<sup>(a)(c)(e)</sup> | 400 | 310260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/11/25 (Call 12/11/24)<sup>(b)</sup> | 200 | 190010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 985440 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 325 | 293673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 482 | 440543 |
|  Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25) | 310 | 294977 |
|  Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25) | 320 | 277674 |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27) | 41 | 38396 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 (Call 05/30/25) | 971 | 901583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 (Call 01/01/26) | 390 | 371487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/24 | 574 | 566234 |
|  Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27) | 365 | 324051 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 (Call 03/14/24) | 737 | 716946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 (Call 09/15/25) | 660 | 628195 |
|  Argentum Netherlands BV for Swiss Re Ltd., 5.75%, 08/15/50 (Call 08/15/25), (3 mo. LIBOR US + 3.593%)<sup>(a)(c)</sup> | 400 | 365956 |
|  Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24 | 415 | 412771 |
|  AssuredPartners Inc., 7.00%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> | 230 | 221842 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%, 08/19/24<sup>(b)</sup> | 565 | 513839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/16/24<sup>(b)</sup> | 545 | 507302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/26<sup>(b)</sup> | 295 | 255140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 06/29/26<sup>(b)</sup> | 570 | 484141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 01/07/25<sup>(b)</sup> | 500 | 458370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 10/02/26<sup>(b)</sup> | 485 | 409476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/14/25<sup>(b)</sup> | 590 | 548134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/29/25<sup>(b)</sup> | 200 | 181298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/25/24<sup>(b)</sup> | 483 | 457155 |
|  Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)<sup>(d)</sup> | 2650 | 2394858 |
|  Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25) | 1089 | 1032100 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/15/23<sup>(b)</sup> | 250 | 238088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/24/26<sup>(b)</sup> | 344 | 294306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/25<sup>(b)</sup> | 355 | 323299 |
|  Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24) | 336 | 327607 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25 | 90 | 86001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 310 | 291890 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/44 (Call 09/11/24)<sup>(a)(c)</sup> | $450 | $413055 |
|  Cloverie PLC for Zurich Insurance Co. Ltd., 5.63%, 06/24/46 (Call 06/24/26), (3 mo. LIBOR US + 4.918%)<sup>(a)(c)</sup> | 200 | 186382 |
|  CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24) | 467 | 455997 |
|  CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25) | 362 | 355010 |
|  CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/06/25<sup>(b)</sup> | 350 | 320639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/07/26<sup>(b)</sup> | 435 | 373086 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 (Call 03/04/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 558428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(b)</sup> | 905 | 820744 |
|  Dai-Ichi Life Insurance Co. Ltd. (The), 4.00%, (Call 07/24/26)<sup>(a)(b)(e)</sup> | 200 | 178238 |
|  Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/42 (Call 01/15/27)<sup>(a)</sup> | 225 | 174335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/40 (Call 09/01/25)<sup>(a)</sup> | 156 | 138807 |
|  Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/12/24<sup>(b)</sup> | 615 | 566649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/09/26<sup>(b)</sup> | 20 | 17290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 11/12/24<sup>(b)</sup> | 620 | 568608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/12/26<sup>(b)</sup> | 485 | 414132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/07/25<sup>(b)</sup> | 615 | 549189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/12/26<sup>(b)</sup> | 520 | 448458 |
|  F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/20/24<sup>(b)</sup> | 595 | 540076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/26<sup>(b)</sup> | 565 | 488329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/11/27<sup>(b)</sup> | 400 | 342940 |
|  Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)<sup>(b)</sup> | 260 | 254290 |
|  First American Financial Corp., 4.60%, 11/15/24 | 30 | 29093 |
|  FWD Ltd., 5.00%, 09/24/24<sup>(c)</sup> | 200 | 193278 |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/08/24<sup>(b)</sup> | 890 | 826445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/08/23<sup>(b)</sup> | 435 | 413920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/26<sup>(b)</sup> | 500 | 436200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/06/27<sup>(b)</sup> | 505 | 433239 |
|  Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)<sup>(a)(b)</sup> | 325 | 240227 |
|  Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)<sup>(b)</sup> | 541 | 474836 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/22)<sup>(b)</sup>  | 205 | 195509 |
|  Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/10/25<sup>(b)</sup> | 370 | 322340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 06/23/25<sup>(b)</sup> | 427 | 382161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/06/24<sup>(b)</sup> | 405 | 391542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/29/27<sup>(b)</sup> | 400 | 369824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/28/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001040 |
|  Guoren Property & Casualty Insurance Co Ltd., 3.35%, 06/01/26 (Call 03/01/26)<sup>(c)</sup> | 200 | 172968 |
|  Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32 (Call 02/04/27)<sup>(a)(c)</sup> | 400 | 331552 |
|  Hub International Ltd., 7.00%, 05/01/26 (Call 11/14/22)<sup>(b)</sup> | 725 | 715531 |
|  Jackson Financial Inc., 5.17%, 06/08/27 (Call 05/08/27) | 50 | 47778 |
|  Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/21/24<sup>(b)</sup> | 767 | 730353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/24<sup>(b)</sup> | 182 | 176540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/11/25<sup>(b)</sup> | 535 | 510256 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Liberty Mutual Group Inc., 4.13%, 12/15/51 (Call 09/15/26)<sup>(a)(b)</sup> | $215 | $162592 |
|  Lincoln National Corp., 3.35%, 03/09/25 | 146 | 139640 |
|  Loews Corp., 3.75%, 04/01/26 (Call 01/01/26) | 214 | 205603 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/24/32 (Call 02/24/27)<sup>(a)</sup> | 92 | 81308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26 | 913 | 878589 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24) | 529 | 514267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 (Call 12/10/24) | 428 | 411107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | 927 | 910620 |
|  MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 04/12/24<sup>(b)</sup> | 539 | 503825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/16/26<sup>(b)</sup> | 60 | 52148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/22/24<sup>(b)</sup> | 350 | 336126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/21/25<sup>(b)</sup> | 450 | 426177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/11/25<sup>(b)</sup> | 500 | 476880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/26/25<sup>(b)</sup> | 228 | 220451 |
|  Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26) | 20 | 18213 |
|  Met Tower Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/14/26<sup>(b)</sup> | 985 | 842805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/13/25<sup>(b)</sup> | 905 | 868728 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25 | 410 | 391427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24 | 393 | 384338 |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/27/24<sup>(b)</sup> | 490 | 449080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/02/25<sup>(b)(d)</sup> | 520 | 464854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/21/25<sup>(b)</sup> | 330 | 312051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/11/24<sup>(b)</sup> | 515 | 505230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/25/25<sup>(b)</sup> | 150 | 145008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/30/27<sup>(b)</sup> | 705 | 675256 |
|  Muang Thai Life Assurance PCL, 3.55%, 01/27/37 (Call 10/27/26)<sup>(a)(c)</sup> | 200 | 161546 |
|  Mutual of Omaha Insurance Co., 4.30%, 07/15/54 (Call 07/15/24)<sup>(a)(b)</sup> | 200 | 189392 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/27/24<sup>(b)</sup> | 535 | 493297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/15/26<sup>(b)</sup> | 80 | 70145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/24/25<sup>(b)</sup> | 248 | 221640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/09/26<sup>(b)</sup> | 505 | 439764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/14/25<sup>(b)(d)</sup> | 500 | 461090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25<sup>(b)</sup> | 680 | 633474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/10/24<sup>(b)</sup> | 589 | 570776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/17/24<sup>(b)</sup> | 324 | 315991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/06/24<sup>(b)</sup> | 590 | 572501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/07/27<sup>(b)</sup> | 450 | 416331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/05/25<sup>(b)</sup> | 777 | 743659 |
|  Nippon Life Insurance Co., 5.10%, 10/16/44 (Call 10/16/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367416 |
|  NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)<sup>(b)</sup> | 191 | 191521 |
|  Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/14/26<sup>(b)</sup> | 40 | 34755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/11/27<sup>(b)</sup> | 870 | 752628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25<sup>(b)</sup> | 935 | 906660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/27<sup>(b)</sup> | 45 | 43217 |
|  Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26) | 80 | 75012 |
|  Pacific Life Global Funding II, 1.38%, 04/14/26<sup>(b)</sup> | 845 | 735598 |

---

S C H E D U L E O F I N V E S T M E N T S 41

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Phoenix Group Holdings PLC, 4.75%, 09/04/31 (Call 06/04/26)<sup>(a)(c)</sup> | $200 | $170126 |
|  Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/01/25<sup>(b)</sup> | 500 | 440670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 12/06/24<sup>(b)(d)</sup> | 395 | 361950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | 872408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/23/24<sup>(b)</sup> | 750 | 711052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/28/25<sup>(b)</sup> | 670 | 646456 |
|  Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25) | 45 | 42937 |
|  Principal Life Global Funding, 1.38%, 01/10/25<sup>(b)</sup> | 520 | 476346 |
|  Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/12/24<sup>(b)</sup> | 472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/23/24<sup>(b)</sup> | 45 | 41450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/12/26<sup>(b)</sup> | 380 | 328495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/23/25<sup>(b)</sup> | 360 | 322852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/16/26<sup>(b)</sup> | 395 | 335900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/26<sup>(b)</sup> | 500 | 427640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/21/24<sup>(b)</sup> | 530 | 496371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/18/26<sup>(b)</sup> | 450 | 412259 |
|  Progressive Corp. (The), 2.50%, 03/15/27 (Call 02/15/27) | 255 | 227720 |
|  Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 07/05/24<sup>(b)</sup> | 400 | 369192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 07/15/25<sup>(b)</sup> | 450 | 398538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/20/26<sup>(b)(d)</sup> | 380 | 325303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 04/15/26<sup>(b)(d)</sup> | 385 | 337918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/24<sup>(b)</sup> | 230 | 221709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/28/25<sup>(b)</sup> | 350 | 330978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 07/06/27<sup>(b)</sup> | 335 | 320742 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 03/15/24),<br>(3 mo. LIBOR US + 3.040%)<sup>(a)</sup> | 220 | 205293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/45 (Call 05/15/25),<br>(3 mo. LIBOR US + 3.031%)<sup>(a)</sup> | 290 | 271631 |
|  Prudential Insurance Co. of America (The), 8.30%, 07/01/25<sup>(b)</sup> | 250 | 265268 |
|  QBE Insurance Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, (Call 05/16/25)<sup>(a)(c)(e)</sup> | 400 | 348952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, (Call 05/12/25)<sup>(a)(b)(d)(e)</sup> | 200 | 182106 |
|  Reliance Standard Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 09/28/26<sup>(b)</sup> | 550 | 468660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/30/24<sup>(b)</sup> | 130 | 121984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/07/25<sup>(b)</sup> | 25 | 23189 |
|  Sammons Financial Group Inc., 4.45%, 05/12/27 (Call 02/12/27)<sup>(b)</sup> | 50 | 45767 |
|  SBL Holdings Inc., 5.13%, 11/13/26<br>(Call 09/13/26)<sup>(b)</sup> | 427 | 365525 |
|  Security Benefit Global Funding, 1.25%, 05/17/24<sup>(b)</sup> | 45 | 41849 |
|  Sirius International Group Ltd., 4.60%, 11/01/26 (Call 08/01/26)<sup>(b)</sup> | 20 | 18070 |
|  Swiss Re America Holding Corp., 7.00%, 02/15/26 | 100 | 104776 |
|  Swiss Re Finance Luxembourg SA, 4.25%, (Call 09/04/24)<sup>(a)(c)(e)</sup> | 400 | 336000 |
|  Teachers Insurance & Annuity Association of America, 4.38%, 09/15/54 (Call 09/15/24)<sup>(a)(b)</sup> | 505 | 484123 |
|  Tongyang Life Insurance Co. Ltd., 5.25%, (Call 09/22/25)<sup>(a)(c)(e)</sup> | 200 | 165526 |
|  Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) | 150 | 142859 |
|  USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 292 | 284814 |
|  Vigorous Champion International Ltd., 2.75%, 06/02/25<sup>(c)</sup> | 600 | 541206 |
|  Voya Financial Inc., 3.65%, 06/15/26 | 100 | 92841 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 (Call 03/15/24) | $635 | $614451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 (Call 05/15/27) | 807 | 760299 |
|  Willow No. 2 Ireland PLC for Zurich Insurance Co. Ltd., 4.25%, 10/01/45 (Call 10/01/25), (3 mo. LIBOR US + 3.177%)<sup>(a)(c)</sup> | 400 | 347824 |
|  ZhongAn Online P&C Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/16/25 (Call 04/16/25)<sup>(c)</sup> | 200 | 157506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/08/26 (Call 12/08/25)<sup>(c)</sup> | 400 | 303552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68867199 |
| **Internet — 0.5%** |  |  |
|  Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24) | 955 | 905827 |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 (Call 07/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | 899223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27) | 55 | 46319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26) | 90 | 81945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24 | 453 | 446309 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24 | 1243 | 1165462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 (Call 05/03/25) | 651 | 589214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 1830 | 1602037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 35 | 29792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24<sup>(d)</sup> | 1000 | 973670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24) | 1306 | 1262811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25 | 945 | 908570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 360 | 333367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27) | 1275 | 1196383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24) | 445 | 437466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25) | 420 | 426283 |
|  Baidu Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/23/27 (Call 01/23/27) | 200 | 165364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 04/09/26 (Call 03/09/26) | 50 | 43562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 04/07/25 (Call 03/07/25)<sup>(d)</sup> | 510 | 476100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25 | 485 | 461885 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 10 | 9449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 (Call 12/15/24) | 435 | 419070 |
|  Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 09/15/23)<sup>(b)</sup> | 200 | 171156 |
|  Cogent Communications Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/26 (Call 02/01/26)<sup>(b)</sup> | 245 | 221838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 195 | 186379 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 647 | 563071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 (Call 02/11/25) | 950 | 877952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 276 | 268369 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 84 | 78652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25) | 165 | 159453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/25 (Call 02/01/25)<sup>(b)</sup> | 661 | 660610 |
|  Getty Images Inc., 9.75%, 03/01/27 (Call 11/16/22)<sup>(b)(d)</sup> | 155 | 153483 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 11/14/22)<sup>(b)</sup>  | 220 | 147679 |
|  JD.com Inc., 3.88%, 04/29/26 | 250 | 231780 |
|  Meituan, 2.13%, 10/28/25 (Call 09/28/25)<sup>(c)</sup> | 400 | 331356 |
|  Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)<sup>(b)</sup> | 1595 | 1465326 |
|  Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 350 | 252053 |
|  NAVER Corp., 1.50%, 03/29/26<sup>(c)</sup> | 400 | 349484 |

---

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/25 (Call 03/15/25)<sup>(b)</sup> | $260 | $247450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26 | 430 | 410143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/24<sup>(d)</sup> | 195 | 196541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/25 | 380 | 382234 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)<sup>(b)(d)</sup> | 170 | 153019 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(b)</sup> | 490 | 476402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(b)</sup> | 370 | 365001 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)<sup>(b)</sup> | 345 | 227586 |
|  Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 01/19/27 (Call 12/19/26)<sup>(c)</sup> | 600 | 496728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/06/27 (Call 04/06/27)<sup>(c)</sup> | 200 | 174520 |
|  Rakuten Group Inc., 5.13%,<br>(Call 04/22/26)<sup>(a)(b)(d)(e)</sup> | 330 | 243867 |
|  Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/26/26 (Call 12/26/25)<sup>(c)</sup> | 600 | 528360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 04/11/24 (Call 03/11/24)<sup>(c)(d)</sup> | 600 | 580662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/11/26 (Call 02/11/26)<sup>(c)(d)</sup> | 200 | 185214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/11/25<sup>(c)(d)</sup> | 400 | 383140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 04/11/24,<br>(3 mo. LIBOR US + 0.910%)<sup>(a)(c)</sup> | 400 | 398424 |
|  Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25) | 260 | 227380 |
|  TripAdvisor Inc., 7.00%, 07/15/25<br>(Call 11/14/22)<sup>(b)</sup> | 230 | 228070 |
|  Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 439 | 439048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 525 | 523000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 650 | 652125 |
|  VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 12/01/22) | 5 | 4810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 01/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | 411016 |
|  Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24) | 572 | 538704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27472193 |
| **Iron & Steel — 0.1%** |  |  |
|  ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24<sup>(c)</sup> | 400 | 392300 |
|  Allegheny Ludlum LLC, 6.95%, 12/15/25 | 60 | 58540 |
|  ArcelorMittal SA, 4.55%, 03/11/26 | 387 | 369682 |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 285 | 260501 |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(d)</sup> | 250 | 232542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 380 | 377291 |
|  Gerdau Trade Inc., 4.88%, 10/24/27<sup>(c)</sup> | 200 | 191682 |
|  Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 12/01/22)<sup>(b)</sup> | 139 | 129770 |
|  JSW Steel Ltd., 5.95%, 04/18/24<sup>(c)</sup> | 200 | 187682 |
|  Mineral Resources Ltd., 8.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | 320 | 318458 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 (Call 05/01/25) | 346 | 318144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 460 | 445556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/23/27 (Call 04/23/27) | 425 | 405110 |
|  Periama Holdings LLC/DE, 5.95%, 04/19/26<sup>(c)</sup> | 600 | 485202 |
|  POSCO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/17/25<sup>(c)</sup> | 200 | 185758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/15/24<sup>(c)</sup> | 400 | 382204 |
|  Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25) | 277 | 246344 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Iron & Steel (continued)** |  |  |
|  Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 11/05/23<sup>(c)</sup> | $200 | $196666 |
|  Shougang Group Co. Ltd., 4.00%, 05/23/24<sup>(c)</sup> | 400 | 389876 |
|  Steel Dynamics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 (Call 05/15/25) | 430 | 397780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/15/24 (Call 11/15/24) | 455 | 431490 |
|  Tacora Resources Inc., 8.25%, 05/15/26 (Call 05/15/23)<sup>(b)</sup>  | 95 | 79758 |
|  Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)<sup>(c)</sup> | 400 | 373208 |
|  Vale Overseas Ltd., 6.25%, 08/10/26 | 421 | 427888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283432 |
| **Leisure Time — 0.2%** |  |  |
|  Brunswick Corp., 0.85%, 08/18/24 (Call 12/01/22) | 612 | 560225 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 12/01/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | 1051440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 03/01/24)<sup>(b)</sup> | 645 | 485530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 (Call 02/01/24)<sup>(b)</sup> | 400 | 372940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 (Call 08/01/23)<sup>(b)</sup> | 345 | 338069 |
|  Carnival PLC, 7.88%, 06/01/27 | 85 | 81497 |
|  Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 178308 |
|  King Power Capital Ltd., 5.63%, 11/03/24<sup>(c)</sup> | 200 | 200552 |
|  Life Time Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 412 | 383168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(b)(d)</sup> | 207 | 181785 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)<sup>(b)(d)</sup> | 170 | 152284 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/24 (Call 11/14/22)<sup>(b)</sup> | 250 | 218288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 622 | 509356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(b)</sup> | 435 | 388725 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 (Call 01/01/26)<sup>(b)</sup> | 300 | 238935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 (Call 10/15/26)<sup>(b)</sup> | 430 | 337417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(b)</sup> | 485 | 396080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(b)</sup> | 616 | 663192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(b)</sup> | 545 | 529620 |
|  Sunny Express Enterprises Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/23/25<sup>(c)</sup> | 400 | 374364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27<sup>(c)</sup> | 400 | 364908 |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 505 | 403616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 113 | 98535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(b)</sup> | 280 | 300924 |
|  |  | 8809758 |
| **Lodging — 0.3%** |  |  |
|  Arrow Bidco LLC, 9.50%, 03/15/24<br>(Call 12/01/22)<sup>(b)</sup> | 180 | 180920 |
|  Fortune Star BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/26 (Call 05/18/24)<sup>(c)</sup> | 400 | 132884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/19/25 (Call 10/19/23)<sup>(c)</sup> | 400 | 144436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/24 (Call 07/02/23)<sup>(c)</sup> | 200 | 91922 |
|  Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)<sup>(b)</sup> | 245 | 215166 |
|  Gohl Capital Ltd., 4.25%, 01/24/27<sup>(c)</sup> | 800 | 610152 |
|  Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 11/14/22)<sup>(b)</sup> | 230 | 226486 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22) | 265 | 251591 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/24 (Call 12/01/22) | 150 | 140030 |

---

S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26 (Call 12/15/25) | $262 | $251234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/23/25 (Call 03/23/25) | 429 | 422286 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25)<sup>(d)</sup> | 232 | 209788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 760 | 722745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 400 | 348556 |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 (Call 03/15/24) | 627 | 612654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 12/15/24) | 116 | 111235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 92 | 87552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 210 | 202198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.75%, 05/01/25 (Call 04/01/25) | 531 | 536209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 50 | 45680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 4.15%, 12/01/23 (Call 11/01/23) | 86 | 84982 |
|  Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 128 | 126624 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25 (Call 11/30/22)<sup>(c)</sup> | 400 | 280412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26 (Call 11/30/22)<sup>(c)</sup> | 200 | 126104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27 (Call 11/30/22)<sup>(c)</sup> | 280 | 170442 |
|  MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | 325 | 235024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/25 (Call 11/11/22)<sup>(b)</sup> | 225 | 178893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/24 (Call 11/11/22)<sup>(b)</sup> | 310 | 266563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/26 (Call 11/11/22)<sup>(b)</sup> | 335 | 256627 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 (Call 06/01/26) | 185 | 167900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27) | 295 | 271966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25) | 305 | 295871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22) | 340 | 335515 |
|  Minor International PCL, 2.70%,<br>(Call 04/19/26)<sup>(a)(c)(e)</sup> | 200 | 177522 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/08/27 (Call 02/08/27) | 300 | 218760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 315 | 255607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/08/25 (Call 06/08/25) | 801 | 708517 |
|  Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)<sup>(b)</sup> | 150 | 119997 |
|  Studio City Finance Ltd., 6.00%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 225 | 108637 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 145 | 135810 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/24 (Call 02/01/24) | 140 | 137750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 170 | 158692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 183 | 179009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(b)</sup> | 280 | 273213 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 02/15/27)<sup>(b)(d)</sup> | 398 | 346638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(b)</sup> | 772 | 731346 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 11/11/22)<sup>(b)(d)</sup> | 280 | 214141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 445 | 308999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 325 | 196436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12611721 |
| **Machinery — 0.4%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | 872235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25 | 714 | 632454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 355 | 339053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26 | 510 | 441675 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25 | $232 | $213292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27<sup>(d)</sup> | 550 | 482405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 737 | 698624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 358 | 347292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 | 100 | 96851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24 | 565 | 551061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25 | 25 | 24132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 | 780 | 731507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/07/23 | 336 | 332086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 | 1035 | 1002563 |
|  Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24) | 892 | 872349 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 (Call 06/15/26) | 380 | 324953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 (Call 12/15/25) | 90 | 79340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 272 | 260636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/25 | 1000 | 989500 |
|  Deere & Co., 2.75%, 04/15/25 (Call 03/15/25) | 217 | 206523 |
|  Dover Corp., 3.15%, 11/15/25 (Call 08/15/25) | 55 | 51629 |
|  Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 11/14/22), (13.75% PIK)<sup>(b)(d)(f)</sup> | 215 | 202423 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/17/24<sup>(d)</sup> | 195 | 185225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 469 | 437600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 220 | 203839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | 944880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/10/24 | 225 | 214940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26 | 705 | 615155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25<sup>(d)</sup> | 812 | 752765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/13/26 | 315 | 273773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 | 518 | 487997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/25 | 225 | 211273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27 | 420 | 376433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24 | 502 | 487296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24 | 302 | 291412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24<sup>(d)</sup> | 190 | 185567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | 190 | 183369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25 | 242 | 234215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/08/25 | 275 | 268650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 320 | 307882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24 | 155 | 154222 |
|  JPW Industries Holding Corp., 9.00%, 10/01/24 (Call 12/01/22)<sup>(b)</sup> | 105 | 91037 |
|  Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 11/16/22)<sup>(b)</sup> | 135 | 122931 |
|  Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)<sup>(b)</sup> | 154 | 148265 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 (Call 03/05/25) | 969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 (Call 02/05/27) | 5 | 4390 |
|  Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24) | 97 | 92487 |
|  Shanghai Electric Group Global Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/21/25 (Call 11/21/24)<sup>(c)</sup> | 400 | 364152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/21/24 (Call 08/21/24)<sup>(c)</sup> | 200 | 185854 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)<sup>(b)</sup> | 190 | 190460 |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 285 | 237773 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(b)</sup> | 700 | 627641 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
|  Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)<sup>(b)</sup>  | $335 | $287025 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 05/15/25) | 661 | 613937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26) | 241 | 217351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 (Call 02/15/24) | 450 | 441306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21090601 |
| **Manufacturing — 0.2%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 01/14/25) | 313 | 292677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 (Call 06/19/26) | 37 | 33373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25) | 353 | 332741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25 | 112 | 106249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 (Call 01/14/24) | 758 | 741688 |
|  Amsted Industries Inc., 5.63%, 07/01/27 (Call 12/01/22)<sup>(b)</sup>  | 200 | 185764 |
|  Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24) | 239 | 228986 |
|  EnPro Industries Inc., 5.75%, 10/15/26 (Call 12/01/22) | 175 | 169262 |
|  FXI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/24 (Call 12/01/22)<sup>(b)</sup> | 212 | 182171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 330 | 286331 |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 260 | 249886 |
|  GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25 | 335 | 318528 |
|  Hillenbrand Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 07/15/26) | 180 | 170096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 12/01/22) | 220 | 219129 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26) | 5 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 (Call 12/01/23) | 111 | 109102 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 (Call 05/14/24) | 724 | 693737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) | 5 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/21/24 (Call 08/21/24) | 171 | 164962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 | 860 | 836771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 200 | 189674 |
|  Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 03/11/24<sup>(b)</sup> | 462 | 435306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/11/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | 1117005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 10/15/26<sup>(b)</sup> | 500 | 447250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/16/24<sup>(b)</sup> | 250 | 243600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/27/25<sup>(b)</sup> | 865 | 823757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/16/27<sup>(b)</sup> | 500 | 461170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/17/26<sup>(b)</sup> | 900 | 918324 |
|  Textron Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 12/15/26) | 50 | 45583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 (Call 12/01/24) | 208 | 200911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/24 (Call 12/01/23) | 268 | 264543 |
|  Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24) | 428 | 413110 |
|  Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) | 200 | 190000 |
|  |  | 11080849 |
| **Media — 0.7%** |  |  |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22) | 350 | 321195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 184 | 178835 |
|  Audacy Capital Corp., 6.50%, 05/01/27 (Call 11/16/22)<sup>(b)</sup> | 210 | 61158 |
|  Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)<sup>(b)(d)</sup> | 135 | 98356 |
|  Belo Corp., 7.75%, 06/01/27 | 58 | 57160 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | $1440 | $1334275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | 263 | 252851 |
|  Cengage Learning Inc., 9.50%, 06/15/24 (Call 12/01/22)<sup>(b)(d)</sup> | 275 | 260574 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 (Call 01/01/24) | 893 | 879230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 (Call 04/23/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069980 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26) | 499 | 445996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 1050 | 986748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) | 1125 | 1041919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 225 | 207754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 (Call 11/15/24) | 678 | 653707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25) | 830 | 793505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 (Call 03/15/24) | 1336 | 1311204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25) | 1392 | 1346259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/25 | 175 | 174953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 865 | 864611 |
|  Cox Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24)<sup>(b)</sup> | 583 | 557704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/26 (Call 06/15/26)<sup>(b)</sup> | 625 | 573481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 05/15/27)<sup>(b)</sup> | 52 | 47195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24)<sup>(b)</sup> | 174 | 167198 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(d)</sup> | 343 | 332755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 575 | 541569 |
|  Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)<sup>(b)(d)</sup> | 180 | 156260 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26 (Call 11/16/22)<sup>(b)</sup> | 795 | 158634 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)<sup>(b)</sup> | 1610 | 1449032 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/25 (Call 12/15/24) | 299 | 280576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 487 | 467004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 297 | 280677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 (Call 12/11/25) | 180 | 170899 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 (Call 06/01/26)<sup>(b)</sup> | 1215 | 1054948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 | 895 | 825458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 860 | 726511 |
|  FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)<sup>(d)</sup> | 350 | 312830 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 (Call 03/07/25) | 281 | 265514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 (Call 12/25/23) | 409 | 401982 |
|  Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)<sup>(b)(d)</sup> | 166 | 124264 |
|  Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 320 | 302070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(b)(d)</sup> | 335 | 319118 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | 325 | 296208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 355 | 337474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(d)</sup> | 590 | 530428 |
|  LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 525 | 489793 |

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S C H E D U L E O F I N V E S T M E N T S 45

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | $125 | $113763 |
|  Nexstar Media Inc., 5.63%, 07/15/27 (Call 11/14/22)<sup>(b)</sup> | 800 | 753088 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 (Call 10/15/26) | 12 | 10571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25) | 495 | 464582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25) | 468 | 457091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/28/57 (Call 02/28/27)<sup>(a)</sup> | 275 | 233010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(a)</sup> | 445 | 379176 |
|  Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)<sup>(b)</sup> | 410 | 350078 |
|  Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 205 | 185683 |
|  Sinclair Television Group Inc., 5.13%, 02/15/27 (Call 11/16/22)<sup>(b)</sup> | 125 | 104976 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(b)</sup> | 433 | 386521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 675 | 621000 |
|  Sky Ltd., 3.75%, 09/16/24<sup>(b)</sup> | 305 | 296567 |
|  Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)<sup>(b)</sup> | 130 | 80075 |
|  TEGNA Inc., 4.75%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 305 | 301044 |
|  Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 255 | 240720 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26 | 445 | 396339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(d)</sup> | 95 | 86959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26 | 100 | 93518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25 | 102 | 96901 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(b)</sup> | 680 | 656832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(b)</sup> | 660 | 651354 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 280 | 263662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 275 | 272717 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 (Call 07/30/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | 1408980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26 | 752 | 681026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25 | 1448 | 1392151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 414 | 404246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27 | 300 | 283011 |
|  Ziggo Bond Co. BV, 6.00%, 01/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 250 | 226190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36401683 |
| **Metal Fabricate & Hardware — 0.0%** |  |  |
|  Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 11/16/22)<sup>(b)</sup> | 15 | 13901 |
|  Huayi Finance I Ltd., 3.00%, 10/30/24<sup>(c)</sup> | 400 | 374356 |
|  Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/22) | 25 | 17513 |
|  Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25) | 333 | 319567 |
|  Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24) | 25 | 24296 |
|  |  | 749633 |
| **Mining — 0.3%** |  |  |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/11/24<sup>(b)</sup> | 115 | 110617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/10/27<sup>(b)</sup> | 200 | 187272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/14/25<sup>(b)</sup> | 535 | 519758 |
|  Arconic Corp., 6.00%, 05/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 333 | 329514 |
|  BHP Billiton Finance USA Ltd., 6.42%, 03/01/26 | 15 | 15496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
|  Chalco Hong Kong Investment Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/28/24 (Call 06/28/24)<sup>(c)</sup> | $300 | $280530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/28/26 (Call 06/28/26)<sup>(c)</sup> | 300 | 265932 |
|  China Hongqiao Group Ltd., 6.25%, 06/08/24<sup>(c)</sup> | 400 | 339204 |
|  Chinalco Capital Holding Co., 2.95%, 02/24/27 (Call 01/24/27)<sup>(c)</sup> | 200 | 180370 |
|  Chinalco Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/03/26 (Call 05/03/26)<sup>(c)</sup> | 600 | 534960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, (Call 09/11/24)<sup>(a)(c)(e)</sup> | 400 | 379080 |
|  Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)<sup>(c)</sup> | 200 | 166312 |
|  Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)<sup>(b)</sup> | 125 | 118521 |
|  Constellium SE, 5.88%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 150 | 139544 |
|  Corp. Nacional del Cobre de Chile, 3.63%, 08/01/27 (Call 05/01/27)<sup>(c)</sup> | 600 | 547428 |
|  Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)<sup>(c)</sup> | 200 | 157006 |
|  Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 12/31/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 202482 |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/24 (Call 11/10/22)<sup>(c)</sup> | 300 | 294195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/26 (Call 11/10/22)<sup>(c)</sup> | 400 | 376108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/27 (Call 10/15/23)<sup>(c)</sup> | 600 | 558504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/25 (Call 11/10/22)<sup>(c)</sup> | 650 | 630396 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 260 | 233360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 355 | 348060 |
|  Freeport Indonesia PT, 4.76%, 04/14/27 (Call 03/14/27)<sup>(c)</sup>  | 200 | 179768 |
|  Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)<sup>(d)</sup> | 650 | 638690 |
|  Fresnillo PLC, 5.50%, 11/13/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200092 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/01/25 (Call 08/01/25)<sup>(b)</sup> | 705 | 627203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/27/26 (Call 03/27/26)<sup>(b)</sup> | 140 | 120477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/16/25<sup>(b)(d)</sup> | 23 | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/27/27 (Call 12/27/26)<sup>(b)</sup> | 530 | 488172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/12/24 (Call 02/12/24)<sup>(b)</sup> | 801 | 784531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/24<sup>(b)</sup> | 798 | 785344 |
|  Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24 (Call 04/15/24)<sup>(c)</sup> | 200 | 196042 |
|  Hudbay Minerals Inc., 4.50%, 04/01/26<br>(Call 04/01/23)<sup>(c)</sup> | 400 | 351496 |
|  Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25)<sup>(c)</sup> | 400 | 382252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 11/15/23<sup>(c)</sup> | 200 | 198066 |
|  JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/22)<sup>(b)</sup> | 170 | 173014 |
|  Kinross Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 (Call 04/15/27) | 50 | 46347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 (Call 12/15/23) | 193 | 192996 |
|  Minera y Metalurgica del Boleo SAPI de CV, 3.25%, 04/17/24<sup>(c)</sup> | 200 | 193746 |
|  Minmetals Bounteous Finance BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, (Call 09/03/24)<sup>(a)(c)(e)</sup> | 500 | 470570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/30/25<sup>(c)</sup> | 600 | 585984 |
|  New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)<sup>(b)</sup> | 184 | 159143 |
|  Nexa Resources SA, 5.38%, 05/04/27<br>(Call 02/04/27)<sup>(c)</sup> | 400 | 362112 |
|  Novelis Corp., 3.25%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 350 | 308179 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)<sup>(b)(d)</sup> | 200 | 183890 |

---

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
|  SDG Finance Ltd., 2.80%, 08/25/26 (Call 05/25/26)<sup>(c)</sup> | $400 | $343808 |
|  Southern Copper Corp., 3.88%, 04/23/25 | 500 | 479765 |
|  Stillwater Mining Co., 4.00%, 11/16/26 (Call 11/16/23)<sup>(c)</sup> | 200 | 164486 |
|  Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 180 | 148864 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/11/25 (Call 09/11/24)<sup>(c)</sup> | 800 | 500680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.88%, 01/21/24 (Call 12/21/22)<sup>(c)</sup> | 400 | 334692 |
|  Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 11/30/22)<sup>(c)</sup> | 600 | 358548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895653 |
| **Multi-National — 0.0%** |  |  |
|  Asian Infrastructure Investment Bank, 3.75%, 09/14/27 | 5 | 4814 |
|  Black Sea Trade & Development Bank, 3.50%, 06/25/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 178384 |
|  Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/23/25 | 12 | 10845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/08/27<sup>(d)</sup> | 505 | 448829 |
|  European Investment Bank, 2.75%, 08/15/25 | 5 | 4772 |
|  Inter-American Investment Corp., 2.63%, 04/22/25 | 10 | 9525 |
|  International Bank for Reconstruction & Development, 2.75%, 02/08/25 | 10 | 9557 |
|  International Development Association, 0.88%, 04/28/26<sup>(b)</sup> | 15 | 13204 |
|  International Finance Corp., 3.63%, 09/15/25 | 7 | 6831 |
|  New Development Bank, 0.63%, 09/29/25 | 500 | 435645 |
|  New Development Bank Brics, 1.13%, 04/27/26<sup>(c)</sup> | 200 | 170772 |
|  |  | 1293178 |
| **Office & Business Equipment — 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 490 | 422855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 (Call 12/01/22) | 377 | 358429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 (Call 06/01/24) | 602 | 595565 |
|  Pitney Bowes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/24 (Call 12/15/23)<sup>(d)</sup> | 145 | 133630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/27 (Call 03/15/24)<sup>(b)</sup> | 170 | 109028 |
|  Xerox Corp., 3.80%, 05/15/24 | 165 | 157098 |
|  Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)<sup>(b)</sup> | 345 | 311977 |
|  |  | 2088582 |
| **Oil & Gas — 1.5%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 345 | 352035 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26<br>(Call 12/01/22)<sup>(b)</sup> | 290 | 285708 |
|  Athabasca Oil Corp., 9.75%, 11/01/26 (Call 11/01/24)<sup>(b)</sup> | 113 | 121304 |
|  Baytex Energy Corp., 8.75%, 04/01/27 (Call 04/01/23)<sup>(b)</sup> | 230 | 237105 |
|  Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 170 | 154656 |
|  Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25<sup>(c)</sup> | 200 | 190430 |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 365 | 333771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 167 | 155898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25) | 457 | 432985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27) | 290 | 270094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) | 200 | 186644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 (Call 07/21/25) | 357 | 346533 |
|  BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27) | 345 | 315216 |
|  BPRL International Singapore Pte Ltd., 4.38%, 01/18/27<sup>(c)</sup>  | 200 | 183424 |
|  California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)<sup>(b)(d)</sup> | 280 | 276279 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 (Call 12/01/22)<sup>(d)</sup> | $140 | $134768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/25 (Call 12/01/22) | 80 | 79976 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/15/27 (Call 01/15/24)<sup>(b)(d)</sup> | 150 | 142852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/15/24 (Call 11/16/22)<sup>(b)</sup> | 116 | 118760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 250 | 260202 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 (Call 06/15/25) | 651 | 596212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 (Call 01/15/24) | 274 | 267484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27) | 162 | 149516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 (Call 11/01/24) | 142 | 136942 |
|  Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)<sup>(d)</sup> | 447 | 445342 |
|  Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 170 | 164903 |
|  Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)<sup>(b)</sup> | 230 | 222631 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 (Call 04/11/25) | 1589 | 1466425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27) | 245 | 216808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 (Call 01/03/24) | 701 | 684730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 180 | 168957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25) | 295 | 284380 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 (Call 07/12/25) | 754 | 674800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27) | 40 | 33610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 333 | 326996 |
|  Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)<sup>(b)</sup>  | 192 | 176995 |
|  CNOOC Finance 2014 ULC, 4.25%, 04/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 986760 |
|  CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25 | 800 | 767224 |
|  CNX Resources Corp., 7.25%, 03/14/27 (Call 12/01/22)<sup>(b)</sup>  | 160 | 158738 |
|  Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 02/15/24)<sup>(b)</sup> | 140 | 139527 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23) | 537 | 507202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/24 (Call 08/15/24) | 216 | 210153 |
|  Continental Resources Inc./OK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 352 | 299228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 (Call 03/01/24) | 665 | 641998 |
|  Cosan Luxembourg SA, 7.00%, 01/20/27<sup>(c)</sup> | 200 | 196508 |
|  Coterra Energy Inc., 3.90%, 05/15/27<br>(Call 02/15/27)<sup>(b)</sup> | 12 | 11064 |
|  CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 525 | 507659 |
|  CVR Energy Inc., 5.25%, 02/15/25 (Call 11/16/22)<sup>(b)</sup> | 275 | 265248 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 (Call 06/15/24) | 376 | 375707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 (Call 09/15/25) | 265 | 267565 |
|  Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26) | 336 | 307978 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)<sup>(b)</sup> | 240 | 227009 |
|  Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/16/25<sup>(d)</sup> | 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/26/26 (Call 03/26/26) | 700 | 635859 |
|  Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/26 (Call 05/05/26)<sup>(c)</sup> | 400 | 355784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/30/24<sup>(c)</sup> | 284 | 274327 |
|  Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/24 (Call 12/30/23)<sup>(b)</sup> | 300 | 286044 |

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S C H E D U L E O F I N V E S T M E N T S 47

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/26 (Call 12/30/25)<sup>(b)</sup> | $300 | $269415 |
|  Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 136 | 139813 |
|  Ensign Drilling Inc., 9.25%, 04/15/24 (Call 12/01/22)<sup>(b)</sup> | 190 | 172070 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 (Call 01/01/25) | 216 | 207408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 10 | 9706 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26 (Call 05/15/23)<sup>(b)(d)</sup> | 325 | 295678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 500 | 449380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 560 | 560493 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25) | 402 | 362588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/24 | 655 | 637479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/06/25 (Call 03/06/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/27 (Call 02/06/27) | 50 | 45813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 330 | 319258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/24 | 739 | 726762 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 (Call 07/16/24) | 1052 | 1002556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26) | 217 | 197598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 (Call 12/06/24) | 725 | 691954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | 1120 | 1072848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 1452 | 1367087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23) | 464 | 454460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27) | 366 | 343623 |
|  Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)<sup>(c)</sup> | 200 | 162336 |
|  GS Caltex Corp., 3.00%, 06/04/24<sup>(c)</sup> | 400 | 383944 |
|  Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) | 270 | 269201 |
|  Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 225 | 202790 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/24 (Call 04/15/24) | 590 | 568966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 (Call 01/01/27) | 252 | 236101 |
|  Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 310 | 287482 |
|  Indian Oil Corp. Ltd., 4.75%, 01/16/24<sup>(c)</sup> | 200 | 197634 |
|  Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)<sup>(b)</sup> | 265 | 262019 |
|  KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/24/25<sup>(c)</sup> | 400 | 374028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/19/27<sup>(c)</sup> | 400 | 347224 |
|  Korea National Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/14/26<sup>(c)</sup> | 400 | 364504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/23/24<sup>(c)</sup> | 310 | 305341 |
|  Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/30/22)<sup>(c)</sup> | 200 | 167254 |
|  Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 12/01/22) | 255 | 255339 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/30/25 (Call 03/30/25)<sup>(b)</sup> | 275 | 261464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/27 (Call 12/30/26)<sup>(b)</sup> | 300 | 278865 |
|  Lundin Energy Finance BV, 2.00%, 07/15/26 (Call 06/15/26)<sup>(b)</sup> | 300 | 258438 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/14/22)<sup>(b)</sup> | 220 | 214839 |
|  Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27) | 562 | 524177 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 (Call 06/15/24) | 533 | 515001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 (Call 04/01/25) | 921 | 901954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 09/15/26) | 45 | 44239 |
|  Matador Resources Co., 5.88%, 09/15/26 (Call 11/16/22)<sup>(d)</sup> | 385 | 378262 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)<sup>(c)</sup> | $200 | $160506 |
|  Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)<sup>(c)</sup> | 400 | 356684 |
|  Medco Platinum Road Pte Ltd., 6.75%, 01/30/25<sup>(c)</sup> | 200 | 191274 |
|  MEG Energy Corp., 7.13%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 515 | 524085 |
|  Moss Creek Resources Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 300 | 275946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 205 | 197618 |
|  Murphy Oil Corp., 5.75%, 08/15/25 (Call 12/01/22) | 250 | 247505 |
|  Nabors Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(d)</sup> | 255 | 245420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(b)</sup> | 300 | 295590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/25 (Call 12/01/22)<sup>(b)</sup> | 88 | 89249 |
|  Nabors Industries Ltd., 7.25%, 01/15/26 (Call 12/01/22)<sup>(b)</sup>  | 240 | 231437 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/26<sup>(c)(i)(j)</sup> | 200 | 28287 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 375 | 366412 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)<sup>(b)</sup> | 185 | 181039 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24) | 150 | 144586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/27 (Call 11/15/26) | 100 | 90500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 10 | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25) | 300 | 301035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25) | 535 | 542618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 430 | 433861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 | 278 | 284889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 310 | 328966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27) | 250 | 273750 |
|  Oil and Gas Holding Co. BSCC (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/25/27<sup>(c)</sup> | 400 | 387500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/07/24<sup>(c)</sup> | 415 | 411991 |
|  Oil India International Pte Ltd., 4.00%, 04/21/27<sup>(c)</sup> | 200 | 181812 |
|  Oil India Ltd., 5.38%, 04/17/24<sup>(c)</sup> | 200 | 198284 |
|  ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26<sup>(c)</sup> | 400 | 367976 |
|  Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25) | 390 | 381588 |
|  Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 12/01/22)<sup>(b)</sup> | 130 | 124388 |
|  Parkland Corp., 5.88%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 250 | 236572 |
|  PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 (Call 12/01/22) | 305 | 301755 |
|  PDC Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 12/01/22) | 330 | 316701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/24 (Call 12/01/22) | 113 | 112429 |
|  Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)<sup>(b)</sup> | 185 | 182564 |
|  Permian Resources Operating LLC, 5.38%, 01/15/26 (Call 12/01/22)<sup>(b)(d)</sup> | 130 | 120165 |
|  Pertamina Persero PT, 1.40%, 02/09/26 (Call 01/09/26)<sup>(c)</sup> | 400 | 343628 |
|  Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/27/25 | 300 | 296286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/17/27 | 500 | 509695 |
|  Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 300 | 221997 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/25 | 200 | 185688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/23/26 | 500 | 441900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/18/24 | 400 | 388900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/27 (Call 11/23/26) | 650 | 568951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/25 (Call 09/16/25) | 350 | 334005 |

---

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/26 | $1150 | $1064187 |
|  Petron Corp., 5.95%, (Call 04/19/26)<sup>(a)(c)(e)</sup> | 200 | 163000 |
|  Petronas Capital Ltd., 3.50%, 03/18/25<sup>(c)</sup> | 900 | 869904 |
|  Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)<sup>(c)</sup> | 200 | 181814 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 (Call 12/01/22) | 130 | 123089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 (Call 01/15/26) | 235 | 205277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 (Call 03/09/25) | 668 | 646951 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/26 (Call 07/01/26)<sup>(b)</sup> | 125 | 115589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/25 (Call 11/15/24)<sup>(b)</sup> | 357 | 341592 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25) | 245 | 213760 |
|  Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/16/22)<sup>(b)</sup>  | 175 | 172419 |
|  PTTEP Treasury Center Co. Ltd., 2.59%, 06/10/27 (Call 04/10/27)<sup>(c)</sup> | 200 | 171500 |
|  Puma International Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/24/26 (Call 11/11/22)<sup>(b)</sup> | 400 | 357452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/06/24 (Call 11/11/22)<sup>(b)</sup> | 200 | 186766 |
|  Qatar Energy, 1.38%, 09/12/26 (Call 08/12/26)<sup>(c)</sup> | 600 | 527448 |
|  Raizen Fuels Finance SA, 5.30%, 01/20/27<sup>(c)</sup> | 200 | 190164 |
|  Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25) | 345 | 333129 |
|  Ras Laffan Liquefied Natural Gas Co. Ltd. 3, 5.84%, 09/30/27<sup>(b)</sup> | 407 | 407981 |
|  Reliance Industries Ltd., 4.13%, 01/28/25<sup>(c)</sup> | 550 | 529661 |
|  SA Global Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/17/24 (Call 05/17/24)<sup>(c)</sup> | 600 | 558144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/17/26 (Call 05/17/26)<sup>(c)</sup> | 600 | 525342 |
|  Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/23 (Call 10/24/23)<sup>(c)</sup> | 200 | 192046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/24/25 (Call 10/24/25)<sup>(c)</sup> | 600 | 536916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/16/24<sup>(c)</sup> | 800 | 771768 |
|  SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)<sup>(c)</sup> | 400 | 313004 |
|  Shelf Drilling Holdings Ltd., 8.25%, 02/15/25<sup>(c)</sup> | 375 | 315416 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 (Call 10/07/24) | 744 | 705580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26 | 490 | 447115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 152 | 141790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535871 |
|  Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24<sup>(c)</sup> | 600 | 594144 |
|  Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25<sup>(c)</sup> | 676 | 646290 |
|  Sinopec Group Overseas Development 2016 Ltd., 2.75%, 09/29/26<sup>(c)</sup> | 800 | 736352 |
|  Sinopec Group Overseas Development 2018 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/26<sup>(c)</sup> | 800 | 718064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/13/25 (Call 04/13/25)<sup>(c)</sup> | 800 | 743896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/08/24<sup>(c)</sup> | 400 | 383084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/12/24<sup>(c)</sup> | 400 | 380888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/12/25<sup>(c)</sup> | 200 | 194558 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 (Call 12/01/22) | 175 | 170389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22) | 180 | 176281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22) | 195 | 193259 |
|  Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24)<sup>(d)</sup> | 210 | 206947 |
|  Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 220 | 186226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 12/01/22) | $255 | $249839 |
|  Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) | 295 | 312871 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)<sup>(b)</sup> | 220 | 206373 |
|  Tengizchevroil Finance Co. International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/25 (Call 05/15/25)<sup>(c)</sup> | 600 | 466506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/26<sup>(c)</sup> | 200 | 162608 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 (Call 10/10/24) | 698 | 660203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24 | 589 | 579653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24<sup>(d)</sup> | 761 | 750080 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)<sup>(b)</sup> | 158 | 153206 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25 (Call 11/11/22)<sup>(b)</sup> | 150 | 130627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 11/11/22)<sup>(b)</sup> | 256 | 220242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 270 | 221516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(b)</sup> | 295 | 296348 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 162 | 155833 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)<sup>(b)</sup> | 214 | 205148 |
|  Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/25 (Call 11/30/22)<sup>(c)</sup> | 400 | 260464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/15/26 (Call 05/15/23)<sup>(c)</sup> | 625 | 532531 |
|  Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)<sup>(c)</sup> | 400 | 367984 |
|  Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)<sup>(b)</sup> | 180 | 177161 |
|  Vermilion Energy Inc., 5.63%, 03/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 140 | 135821 |
|  W&T Offshore Inc., 9.75%, 11/01/23<br>(Call 12/01/22)<sup>(b)</sup> | 265 | 263932 |
|  Woodside Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/05/25 (Call 12/05/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | 535948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/26 (Call 06/15/26)<sup>(b)</sup> | 355 | 325872 |
|  YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/21/27<sup>(c)</sup> | 250 | 148922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/28/25<sup>(c)</sup> | 775 | 557659 |
|  YPF Sociedad Anonima, 4.00%, 02/12/26<sup>(c)(g)</sup> | 275 | 238227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77284475 |
| **Oil & Gas Services — 0.1%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 220 | 210527 |
|  Baker Hughes Holdings LLC/Baker Hughes<br>Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 12/15/23 | 425 | 407192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | 385 | 336991 |
|  CGG SA, 8.75%, 04/01/27 (Call 04/01/24)<sup>(b)(d)</sup> | 200 | 174044 |
|  COSL Singapore Capital Ltd., 1.88%, 06/24/25 (Call 05/24/25)<sup>(c)</sup> | 800 | 732672 |
|  CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)<sup>(b)</sup> | 170 | 153435 |
|  Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25) | 222 | 213915 |
|  HF Sinclair Corp., 5.88%, 04/01/26 | 423 | 411816 |
|  KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 186000 |
|  KLX Energy Services Holdings Inc., 11.50%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 115 | 94532 |

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S C H E D U L E O F I N V E S T M E N T S 49

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas Services (continued)** |  |  |
|  Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24) | $185 | $177058 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 342 | 309254 |
|  Schlumberger Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 04/01/24)<sup>(b)</sup> | 548 | 536021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/21/25 (Call 09/21/25)<sup>(b)</sup> | 580 | 558070 |
|  Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23) | 624 | 615220 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 12/01/22)<sup>(b)</sup> | 111 | 110548 |
|  Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 124 | 120860 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | 325 | 311971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22) | 355 | 338684 |
|  Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 187 | 192073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190883 |
| **Packaging & Containers — 0.3%** |  |  |
|  Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | 110689 |
|  Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25) | 317 | 304742 |
|  ARD Finance SA, 6.50%, 06/30/27 (Call 12/01/22), (7.25% PIK)<sup>(b)(f)</sup> | 380 | 272612 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 275 | 263860 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(b)</sup> | 525 | 451631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(b)</sup> | 300 | 283524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(b)</sup> | 795 | 564809 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 480 | 470434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25) | 339 | 325270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 | 442 | 436033 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 (Call 01/15/24) | 907 | 853886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 (Call 12/15/25) | 733 | 635592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/27 (Call 12/15/26) | 481 | 396690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 150 | 140357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 197 | 185347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 235 | 223121 |
|  Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)<sup>(b)</sup> | 195 | 185186 |
|  Cascades Inc./Cascades USA Inc., 5.13%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 105 | 94267 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) | 175 | 162290 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22) | 400 | 383324 |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 165 | 168140 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 437 | 371210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/24 (Call 05/15/24) | 150 | 145589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 10 | 9227 |
|  LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(b)</sup> | 310 | 295619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(b)</sup> | 300 | 274854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Packaging & Containers (continued)** |  |  |
|  Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | $131 | $120310 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup> | 650 | 636941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 580 | 521994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24<sup>(b)</sup> | 75 | 72080 |
|  Owens-Brockway Glass Container Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/25<sup>(b)</sup> | 134 | 125650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25<sup>(b)</sup> | 155 | 146800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/13/27 (Call 05/15/23)<sup>(b)</sup> | 260 | 248635 |
|  Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24) | 142 | 137492 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 450 | 398254 |
|  Pactiv LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 12/15/25 | 125 | 115873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/15/27 | 85 | 76731 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 10/15/26 (Call 09/15/26)<sup>(b)</sup> | 127 | 106439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(b)</sup> | 199 | 196694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(b)(d)</sup> | 205 | 201374 |
|  Silgan Holdings Inc., 1.40%, 04/01/26 (Call 03/01/26)<sup>(b)</sup> | 257 | 218835 |
|  Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/01/25 (Call 02/01/23) | 461 | 425521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 350 | 305984 |
|  Trident TPI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/01/25 (Call 11/14/22)<sup>(b)</sup> | 135 | 116100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 08/01/24 (Call 11/14/22)<sup>(b)</sup> | 160 | 149592 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 450 | 413739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(b)</sup> | 300 | 284622 |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 (Call 07/15/24) | 401 | 381275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 01/15/25) | 365 | 348674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26) | 599 | 580395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14338307 |
| **Pharmaceuticals — 1.0%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 (Call 10/21/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | 1604697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26) | 1832 | 1672781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 1057 | 985113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 (Call 02/14/25) | 1739 | 1669423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 1400 | 1352372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 (Call 03/15/24) | 570 | 558338 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 270 | 258425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | 414 | 402789 |
|  Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26) | 304 | 265322 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26) | 882 | 760319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | 40 | 36820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25 | 1083 | 1032153 |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 780 | 626106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | 225 | 143003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | 450 | 296690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 828 | 646486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30 | 142 | 81322 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/24 (Call 04/15/24)<sup>(b)</sup> | $742 | $716557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/23 (Call 11/15/23)<sup>(b)</sup> | 820 | 805470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/25 (Call 10/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042411 |
|  Bayer U.S. Finance LLC, 3.38%, 10/08/24<sup>(b)</sup> | 860 | 826666 |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 (Call 04/06/24) | 677 | 657177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27) | 907 | 842612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 (Call 09/15/24) | 387 | 375932 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 578 | 511235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 (Call 06/26/24) | 1459 | 1411772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 1033 | 975369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 (Call 02/15/24) | 170 | 166797 |
|  Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 (Call 04/15/24) | 649 | 624695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 (Call 03/15/27) | 7 | 6412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 399 | 384093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 06/15/25) | 493 | 471811 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 (Call 12/01/22) | 605 | 569565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26) | 434 | 379160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 735 | 701646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 145 | 133493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 (Call 03/17/24) | 565 | 550338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 664 | 641258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25) | 745 | 727358 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) | 147 | 121879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 (Call 07/15/24) | 726 | 695363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26) | 899 | 827449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 292 | 267673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 (Call 05/12/24) | 524 | 508856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27) | 852 | 793365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 (Call 04/20/25) | 1576 | 1521533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 (Call 01/25/25) | 470 | 458762 |
|  EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)<sup>(b)</sup> | 1106 | 1053930 |
|  GlaxoSmithKline Capital Inc., 3.63%, 05/15/25 | 208 | 201833 |
|  GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24) | 1194 | 1159195 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 280 | 261727 |
|  Hikma Finance USA LLC, 3.25%, 07/09/25<sup>(c)</sup> | 200 | 184150 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 300 | 288564 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 (Call 08/01/25) | 525 | 469045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27) | 45 | 38106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25) | 250 | 233638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24) | 431 | 413057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 140 | 130374 |
|  Lannett Co. Inc., 7.75%, 04/15/26<br>(Call 04/15/23)<sup>(b)</sup> | 180 | 49702 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25 (Call 11/14/22)<sup>(b)(d)</sup> | 140 | 94634 |
|  McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 (Call 11/03/25) | 95 | 82999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/26 (Call 07/15/26) | 582 | 500398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 (Call 12/15/23) | 542 | 532591 |
|  Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | 760 | 733750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26) | $220 | $192832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27) | 240 | 209134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 (Call 11/10/24) | 580 | 554289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 (Call 02/07/24) | 854 | 832436 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 (Call 01/14/25) | 465 | 435314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 70 | 62586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 995 | 944832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) | 90 | 83835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24 | 1338 | 1312123 |
|  Owens & Minor Inc., 4.38%, 12/15/24 (Call 09/15/24) | 120 | 114991 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 215 | 166309 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 300 | 285603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25) | 300 | 281193 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 (Call 04/28/25) | 696 | 632072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(d)</sup> | 57 | 53274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 (Call 02/15/24) | 619 | 604621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26<sup>(d)</sup> | 365 | 341428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 | 577 | 565131 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)<sup>(b)</sup> | 235 | 213674 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26) | 1292 | 1188149 |
|  Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) | 290 | 287132 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 | 1550 | 1308556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 (Call 02/09/27) | 500 | 441010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/24 (Call 01/15/24) | 600 | 594102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 (Call 10/31/24) | 350 | 346461 |
|  Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | 985312 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 (Call 05/22/25) | 539 | 480804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27) | 40 | 32716 |
|  Wyeth LLC, 6.45%, 02/01/24 | 289 | 294003 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27) | 7 | 6284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25) | 60 | 58768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51445533 |
| **Pipelines — 0.9%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 280 | 266588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 255 | 259970 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 130 | 124015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 12/15/25 (Call 12/15/22)<sup>(b)</sup> | 285 | 282087 |
|  Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 (Call 04/15/27) | 135 | 124835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 (Call 09/15/24) | 544 | 535247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 (Call 03/01/26) | 50 | 50114 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26) | 260 | 227952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(b)</sup> | 230 | 216609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/24 (Call 07/15/24) | 130 | 124327 |

---

S C H E D U L E O F I N V E S T M E N T S 51

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27) | $582 | $568300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 (Call 10/02/24) | 986 | 986986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/24 (Call 01/01/24) | 572 | 579207 |
|  CNPC Global Capital Ltd., 1.35%, 06/23/25<br>(Call 05/23/25)<sup>(c)</sup> | 400 | 362204 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 08/15/26 (Call 05/15/26)<sup>(b)</sup> | 200 | 188216 |
|  Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25) | 231 | 225932 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(b)(d)</sup> | 275 | 258679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 235 | 229210 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25) | 507 | 495547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 04/15/27) | 287 | 278496 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 05/15/25<br>(Call 12/01/22)<sup>(d)</sup> | 120 | 116030 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 (Call 09/04/26) | 602 | 517142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/24 | 50 | 48061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/25 (Call 12/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/14/25 | 92 | 86008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 (Call 03/10/24) | 701 | 679591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/27 (Call 04/15/27) | 60 | 55098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 30 | 28370 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 (Call 04/15/25) | 653 | 606252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 (Call 02/15/24) | 475 | 461192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 (Call 04/15/26) | 180 | 166219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 (Call 12/15/24) | 558 | 534268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 (Call 01/15/27) | 512 | 471183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 435 | 424508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 (Call 12/15/26) | 2 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 (Call 03/15/24) | 403 | 395911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 293 | 281043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 (Call 11/01/23) | 290 | 286958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27) | 89 | 86625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 (Call 10/15/23) | 476 | 476852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 (Call 09/01/25) | 440 | 437395 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 189 | 177860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26) | 215 | 202306 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 92 | 87342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 (Call 11/15/24) | 920 | 885942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 (Call 11/15/23) | 197 | 193342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 (Call 11/15/26) | 20 | 18866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 08/16/77 (Call 08/16/27),<br>(3 mo. LIBOR US + 3.033%)<sup>(a)</sup> | 500 | 390295 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24) | 145 | 137260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26) | 215 | 190520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(b)</sup> | 175 | 169624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(b)</sup> | 400 | 389944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(b)</sup> | 225 | 222579 |
|  Florida Gas Transmission Co. LLC,<br>4.35%, 07/15/25 (Call 04/15/25)<sup>(b)</sup> | 445 | 429407 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27<br>(Call 06/01/25)<sup>(b)</sup> | $220 | $216218 |
|  Galaxy Pipeline Assets Bidco Ltd., 1.75%, 09/30/27<sup>(c)</sup> | 325 | 295119 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/24 (Call 12/01/22) | 139 | 135879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 145 | 135794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22) | 239 | 229583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24) | 437 | 424261 |
|  Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 11/16/22) | 185 | 177428 |
|  Gray Oak Pipeline LLC, 2.60%, 10/15/25<br>(Call 09/15/25)<sup>(b)</sup> | 345 | 309727 |
|  Gulfstream Natural Gas System LLC, 4.60%, 09/15/25 (Call 06/15/25)<sup>(b)</sup> | 290 | 278261 |
|  Hess Midstream Operations LP, 5.63%, 02/15/26<br>(Call 12/01/22)<sup>(b)</sup> | 368 | 360806 |
|  Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)<sup>(b)</sup> | 200 | 193160 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)<sup>(b)</sup> | 185 | 167867 |
|  KazTransGas JSC, 4.38%, 09/26/27<sup>(c)</sup> | 200 | 164568 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 (Call 11/01/23) | 102 | 100280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 (Call 06/01/24) | 546 | 533568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24) | 460 | 451674 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 (Call 10/15/26) | 275 | 237177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 (Call 03/01/25) | 925 | 899720 |
|  Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25) | 125 | 122365 |
|  Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25<br>(Call 12/01/22)<sup>(b)(d)</sup> | 135 | 130386 |
|  Midwest Connector Capital Co. LLC, 3.90%, 04/01/24 (Call 03/01/24)<sup>(b)</sup> | 611 | 587916 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 (Call 11/15/24) | 164 | 157668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 32 | 29736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 (Call 09/01/24) | 731 | 719180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 03/01/25) | 768 | 750313 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(b)</sup> | 650 | 630637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(b)</sup> | 563 | 553427 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 895 | 810297 |
|  NGL Energy Partners LP/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/25 (Call 12/01/22)<sup>(d)</sup> | 146 | 113892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/01/23 (Call 12/01/22)<sup>(d)</sup> | 190 | 185299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(d)</sup> | 169 | 123394 |
|  NGPL PipeCo LLC, 4.88%, 08/15/27 (Call 02/15/27)<sup>(b)</sup> | 102 | 94870 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 240 | 227232 |
|  Northwest Pipeline LLC, 4.00%, 04/01/27<br>(Call 01/01/27) | 120 | 111262 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 240 | 222898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25) | 257 | 249239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 220 | 213200 |
|  Oleoducto Central SA, 4.00%, 07/14/27<br>(Call 05/14/27)<sup>(c)</sup> | 200 | 163754 |
|  ONEOK Inc.<br>2.75%, 09/01/24 (Call 08/01/24) | 272 | 258201 |

---

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 (Call 04/13/27) | $50 | $45331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 (Call 12/15/25) | 500 | 497765 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/24 (Call 08/01/24) | 609 | 583154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26) | 10 | 9394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 (Call 07/15/25) | 597 | 576780 |
|  Rattler Midstream LP, 5.63%, 07/15/25<br>(Call 11/01/22)<sup>(b)</sup> | 260 | 267314 |
|  Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)<sup>(b)</sup> | 185 | 171632 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 677 | 652384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 (Call 12/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | 1417535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 (Call 02/15/24) | 875 | 874143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 421 | 419480 |
|  Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 150 | 135084 |
|  Southern Gas Corridor CJSC, 6.88%, 03/24/26<sup>(c)</sup> | 1000 | 985730 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 130 | 119148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 (Call 12/15/24) | 261 | 248929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 (Call 12/15/23) | 654 | 648284 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22) | 120 | 100813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 305 | 292876 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(b)</sup> | 190 | 180420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(b)(d)</sup> | 275 | 278542 |
|  Targa Resources Corp., 5.20%, 07/01/27 (Call 06/01/27) | 637 | 613992 |
|  TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24) | 287 | 278453 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 (Call 09/12/24) | 1097 | 1007452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25) | 25 | 24480 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) | 665 | 700977 |
|  TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 11/16/22) | 150 | 128396 |
|  Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 11/30/22)<sup>(c)</sup> | 300 | 261423 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 323 | 307021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 200 | 190032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 225 | 212708 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27) | 507 | 465598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 (Call 10/15/24) | 591 | 570285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 06/15/25) | 440 | 422514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 (Call 12/04/23) | 505 | 497263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 (Call 03/24/24) | 676 | 664968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44570083 |
| **Private Equity — 0.0%** |  |  |
|  Apollo Management Holdings LP, 4.40%, 05/27/26 (Call 02/27/26)<sup>(b)</sup> | 130 | 122123 |
| **Real Estate — 0.3%** |  |  |
|  Agile Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/02/25 (Call 01/02/23)<sup>(c)</sup> | 200 | 48662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, (Call 07/31/24)<sup>(a)(c)(e)</sup> | 300 | 46245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, (Call 12/04/23)<sup>(a)(c)(e)</sup> | 200 | 33904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate (continued)** |  |  |
|  Aldar Sukuk Ltd., 4.75%, 09/29/25<sup>(c)</sup> | $200 | $193378 |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(c)</sup> | 400 | 341568 |
|  Arabian Centres Sukuk Ltd., 5.38%, 11/26/24<sup>(c)</sup> | 200 | 184824 |
|  CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25) | 210 | 205754 |
|  Central Plaza Development Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/14/25<sup>(c)</sup> | 200 | 120004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/19/26 (Call 10/19/25)<sup>(c)</sup> | 400 | 232664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, (Call 11/14/24)<sup>(a)(c)(e)</sup> | 200 | 114374 |
|  China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24<sup>(c)</sup> | 200 | 199036 |
|  China Overseas Finance Cayman VIII Ltd., 2.38%, 03/02/25<sup>(c)</sup> | 200 | 181576 |
|  China Overseas Grand Oceans Finance IV Cayman Ltd., 2.45%, 02/09/26 (Call 11/09/25)<sup>(c)</sup> | 200 | 164756 |
|  China Resources Land Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/26/24<sup>(c)</sup> | 600 | 574308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, (Call 12/09/24)<sup>(a)(c)(e)</sup> | 600 | 515652 |
|  China SCE Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/02/25 (Call 05/02/23)<sup>(c)</sup> | 200 | 15960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/09/24 (Call 11/30/22)<sup>(c)</sup> | 200 | 27730 |
|  CIFI Holdings Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/20/25 (Call 07/20/23)<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 42498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/16/25 (Call 01/16/23)<sup>(c)(i)(j)</sup> | 400 | 28560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/07/24 (Call 11/30/22)<sup>(c)(i)(j)</sup> | 200 | 15848 |
|  Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/22/25 (Call 09/22/25)<sup>(c)</sup> | 200 | 18008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/06/26 (Call 02/06/24)<sup>(c)</sup> | 400 | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/17/25 (Call 11/30/22)<sup>(c)</sup> | 400 | 41284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/27/25 (Call 05/27/23)<sup>(c)</sup> | 400 | 41488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/17/25 (Call 09/17/23)<sup>(c)</sup> | 400 | 40356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/08/24 (Call 11/30/22)<sup>(c)</sup> | 400 | 59812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/08/26 (Call 04/08/23)<sup>(c)</sup> | 600 | 58050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/27/24 (Call 11/30/22)<sup>(c)</sup> | 500 | 84210 |
|  Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25<sup>(c)</sup> | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382164 |
|  DIFC Sukuk Ltd., 4.33%, 11/12/24<sup>(c)</sup> | 400 | 390088 |
|  Ease Trade Global Ltd., 4.00%, 11/10/25<sup>(c)</sup> | 200 | 188990 |
|  Elect Global Investments Ltd., 4.10%,<br>(Call 06/03/25)<sup>(a)(c)(e)</sup> | 400 | 297080 |
|  Emaar Sukuk Ltd., 3.64%, 09/15/26<sup>(c)</sup> | 400 | 368292 |
|  EMG Sukuk Ltd., 4.56%, 06/18/24<sup>(c)</sup> | 400 | 390288 |
|  Esic Sukuk Ltd., 3.94%, 07/30/24<sup>(c)</sup> | 200 | 188744 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 280 | 233626 |
|  Franshion Brilliant Ltd., 3.20%, 04/09/26<sup>(c)</sup> | 400 | 191844 |
|  Fuqing Investment management Co., 3.25%, 06/23/25<sup>(c)</sup> | 400 | 276800 |
|  GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/26 (Call 06/30/26)<sup>(b)(d)</sup> | 422 | 385214 |
|  GLP Pte Ltd., 3.88%, 06/04/25<sup>(c)</sup> | 400 | 268152 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 265 | 256814 |
|  Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 10/07/25<sup>(c)</sup> | 200 | 194818 |
|  Huafa 2019 I Co. Ltd., 4.25%, 07/03/24<sup>(c)</sup> | 400 | 356684 |
|  Huafa 2021 I Co. Ltd., 4.25%, (Call 07/18/24)<sup>(a)(c)(e)</sup> | 200 | 157358 |
|  Hysan MTN Ltd., 2.88%, 06/02/27 (Call 03/02/27)<sup>(c)</sup> | 200 | 179466 |
|  KWG Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/10/24 (Call 11/15/22)<sup>(c)</sup> | 250 | 30238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 08/30/24 | 200 | 31032 |
|  MAF Global Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/07/24<sup>(c)</sup> | 400 | 392176 |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, (Call 06/30/27)<sup>(a)(c)(e)</sup> | $200 | $192580 |
|  MAF Sukuk Ltd., 4.50%, 11/03/25<sup>(c)</sup> | 200 | 191834 |
|  Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) | 260 | 259072 |
|  Ontario Teachers' Cadillac Fairview Properties Trust, 3.88%, 03/20/27 (Call 12/20/26)<sup>(b)</sup> | 305 | 276848 |
|  Poly Real Estate Finance Ltd., 3.88%, 03/25/24<sup>(c)</sup> | 200 | 191892 |
|  RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26<br>(Call 01/12/24)<sup>(c)</sup> | 400 | 121544 |
|  Shui On Development Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/12/23 (Call 11/30/22)<sup>(c)</sup> | 200 | 140906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 08/24/24 (Call 11/30/22)<sup>(c)</sup> | 400 | 236444 |
|  Sinochem Offshore Capital Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/23/24 (Call 08/23/24)<sup>(c)</sup> | 403 | 368797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/24/24 (Call 10/24/24)<sup>(c)</sup> | 200 | 183550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/24/26 (Call 10/24/26)<sup>(c)</sup> | 400 | 344812 |
|  Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24<sup>(c)</sup> | 400 | 68000 |
|  Swire Properties MTN Financing Ltd., 3.63%, 01/13/26<sup>(c)</sup> | 600 | 572262 |
|  Times China Holdings Ltd., 6.75%, 07/08/25<br>(Call 07/08/23)<sup>(c)</sup> | 400 | 28208 |
|  Vanke Real Estate Hong Kong Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/12/25<sup>(c)</sup> | 200 | 104400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/07/24<sup>(c)</sup> | 200 | 120002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/11/24<sup>(c)</sup> | 600 | 450192 |
|  Wanda Properties International Co. Ltd., 7.25%, 01/29/24<sup>(c)</sup> | 200 | 85398 |
|  Westwood Group Holdings Ltd., 2.80%, 01/20/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 393594 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(b)</sup> | 305 | 166634 |
|  WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)<sup>(b)</sup> | 220 | 110000 |
|  Wharf REIC Finance BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/07/25<sup>(c)</sup> | 200 | 185406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/16/24<sup>(c)</sup> | 400 | 380268 |
|  Wuhan Urban Construction Group Co. Ltd., 2.25%, 07/09/24<sup>(c)</sup> | 200 | 187716 |
|  Yanlord Land HK Co. Ltd., 5.13%, 05/20/26<br>(Call 05/20/24)<sup>(c)</sup> | 200 | 100500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14289836 |
| **Real Estate Investment Trusts — 1.0%** |  |  |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/30/25 (Call 02/28/25) | 527 | 503738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 (Call 02/15/26) | 44 | 41654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25) | 110 | 105829 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24 | 130 | 122890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 (Call 08/15/25) | 350 | 308630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) | 557 | 469189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 (Call 03/15/26) | 764 | 659852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 (Call 02/15/25) | 570 | 527119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26) | 59 | 51685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 (Call 12/15/24) | 382 | 360081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 (Call 10/15/26) | 320 | 285162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) | 536 | 519443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 167 | 151239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27) | 29 | 25949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27)<sup>(d)</sup> | 352 | 318553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 139 | 132930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 (Call 11/15/25) | 135 | 128794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 | 611 | 607872 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/11/26 (Call 02/11/26) | $115 | $105009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 (Call 02/15/27) | 100 | 91090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 (Call 03/03/25) | 401 | 383035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 307 | 296645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/25 (Call 08/15/25) | 110 | 103756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/23 (Call 09/16/23) | 119 | 117892 |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27<br>(Call 10/15/26)<sup>(b)</sup> | 195 | 165904 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26) | 460 | 407450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 (Call 10/15/24) | 840 | 796286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 340 | 316781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/24 (Call 11/01/23) | 461 | 449268 |
|  Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)<sup>(d)</sup> | 360 | 344200 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 04/15/24) | 205 | 197653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24) | 350 | 333683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/27 (Call 12/15/26) | 50 | 44826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 (Call 03/15/26) | 25 | 23035 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(b)</sup> | 335 | 285748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(b)(d)</sup> | 415 | 386016 |
|  Corporate Office Properties LP, 2.25%, 03/15/26<br>(Call 02/15/26) | 495 | 428056 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 (Call 07/01/24) | 495 | 476928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27) | 7 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 657 | 610655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 197 | 188856 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 (Call 06/15/25) | 407 | 363638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27) | 192 | 169695 |
|  CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25) | 82 | 77993 |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27) | 10 | 9104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 (Call 12/15/27) | 800 | 777648 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 (Call 11/01/23) | 115 | 99553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/25 (Call 12/01/22) | 222 | 209706 |
|  EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25) | 360 | 334966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/27 (Call 03/01/27) | 52 | 43200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/26 (Call 09/15/26) | 275 | 237416 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 545 | 478341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 (Call 06/15/25) | 350 | 311664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 (Call 04/15/26) | 615 | 529035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 (Call 10/18/24) | 557 | 524583 |
|  ERP Operating LP, 2.85%, 11/01/26<br>(Call 08/01/26) | 100 | 90540 |
|  Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/26 (Call 01/15/26) | 50 | 46097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 01/01/25) | 160 | 152810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/27 (Call 02/01/27) | 5 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/24 (Call 02/01/24) | 25 | 24374 |

---

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/15/26 (Call 01/15/26) | $35 | $30416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/24 (Call 10/15/23) | 80 | 78493 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/24 (Call 08/01/24) | 360 | 337363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 (Call 03/01/25) | 480 | 464770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26) | 490 | 467617 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(b)</sup> | 443 | 361231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(b)(d)</sup> | 190 | 181137 |
|  Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 (Call 05/01/26) | 10 | 9143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/27 (Call 04/01/27) | 5 | 4548 |
|  Healthpeak Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 (Call 05/15/26) | 55 | 50541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/25 (Call 11/01/24) | 52 | 49607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428709 |
|  Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/24 (Call 02/01/24) | 287 | 278209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 06/15/25 (Call 03/15/25) | 135 | 127147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.50%, 02/01/26 (Call 11/01/25)<sup>(d)</sup> | 405 | 378351 |
|  Iron Mountain Inc., 4.88%, 09/15/27<br>(Call 11/14/22)<sup>(b)</sup> | 435 | 401344 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25) | 250 | 242125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24) | 358 | 355061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/26 (Call 12/01/22) | 160 | 159734 |
|  Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24) | 360 | 340193 |
|  Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/24 (Call 01/01/24) | 438 | 421755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/25 (Call 12/01/24) | 137 | 130199 |
|  Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26) | 50 | 45221 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 300 | 253587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 11/16/22)<sup>(b)</sup> | 155 | 142952 |
|  LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26) | 50 | 46370 |
|  Link Finance Cayman 2009 Ltd. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/26<sup>(c)</sup> | 200 | 185208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/03/24<sup>(c)</sup> | 200 | 194598 |
|  Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/15/26 (Call 08/15/26) | 280 | 236709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/27 (Call 03/01/27) | 205 | 187921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 (Call 03/15/24) | 70 | 68146 |
|  MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26 (Call 12/01/22) | 230 | 207679 |
|  National Retail Properties Inc., 3.90%, 06/15/24<br>(Call 03/15/24) | 346 | 337066 |
|  New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 245 | 214948 |
|  Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/27 (Call 01/01/27) | 113 | 77764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/26 (Call 05/15/26) | 310 | 226635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/24 (Call 02/15/24) | 30 | 27378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/25 (Call 11/01/24) | 385 | 321375 |
|  Omega Healthcare Investors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/25 (Call 10/15/24) | 63 | 60724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/01/24 (Call 01/01/24)<sup>(d)</sup> | 105 | 103357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 (Call 10/15/25) | 420 | 401864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25 (Call 12/01/22)<sup>(b)</sup> | $280 | $280736 |
|  Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23) | 2 | 1961 |
|  Prologis LP, 2.13%, 04/15/27 (Call 02/15/27) | 20 | 17560 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 265 | 229169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26) | 915 | 797029 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 (Call 02/15/26) | 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/24 (Call 04/15/24) | 114 | 111477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/25 (Call 02/15/25) | 63 | 61004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27) | 45 | 41718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26) | 500 | 472700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 (Call 11/06/23) | 490 | 486521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25) | 320 | 312688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26) | 55 | 53517 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 12/01/22) | 190 | 175419 |
|  RLJ Lodging Trust LP, 3.75%, 07/01/26<br>(Call 07/01/23)<sup>(b)</sup> | 245 | 224155 |
|  Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26) | 442 | 400063 |
|  SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23) | 650 | 587450 |
|  Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/28/25 (Call 07/30/25)<sup>(b)</sup> | 395 | 362203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/25 (Call 11/14/24)<sup>(b)</sup> | 617 | 583373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/28/26 (Call 12/28/25)<sup>(b)</sup> | 360 | 332132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/23/27 (Call 12/23/26)<sup>(b)</sup> | 500 | 450600 |
|  Scentre Group Trust 2, 4.75%, 09/24/80<br>(Call 06/24/26)<sup>(a)(b)</sup> | 450 | 381694 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | 365 | 335205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 (Call 09/15/24) | 160 | 141370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) | 140 | 133286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 185 | 150897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26) | 180 | 145886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25) | 160 | 138382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 345 | 336299 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26) | 500 | 423880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 (Call 06/13/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | 858120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 695 | 648664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24) | 404 | 388850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 50 | 45501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 06/01/25) | 457 | 434027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 263 | 258137 |
|  SITE Centers Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/25 (Call 11/01/24) | 364 | 338706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/26 (Call 11/01/25) | 297 | 277062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/27 (Call 03/01/27) | 50 | 46115 |
|  Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26) | 10 | 8670 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(b)</sup> | 180 | 156992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(b)</sup> | 180 | 168397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(b)</sup> | 210 | 185623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 230 | 216987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/23 (Call 08/01/23)<sup>(b)</sup> | 145 | 143228 |
|  Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27) | 25 | 21938 |

---

S C H E D U L E O F I N V E S T M E N T S 55

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/24 (Call 09/15/24)<sup>(c)</sup> | $200 | $189558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/26 (Call 10/30/25)<sup>(c)(d)</sup> | 400 | 359832 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 1013 | 1003731 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/25 (Call 12/15/24) | 310 | 289803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 (Call 07/15/26) | 30 | 27149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 (Call 03/15/24) | 481 | 466772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 286 | 271594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 02/01/24) | 387 | 376094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/27 (Call 01/01/27) | 5 | 4619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 (Call 10/15/25) | 180 | 170712 |
|  VICI Properties LP, 4.38%, 05/15/25 | 175 | 166861 |
|  VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | 445 | 414179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 595 | 522142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 12/01/22)<sup>(b)(d)</sup> | 772 | 702921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 (Call 06/01/26)<sup>(b)</sup> | 343 | 313649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 (Call 03/15/25)<sup>(b)</sup> | 310 | 291682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 (Call 02/01/24)<sup>(b)</sup> | 555 | 548690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/27 (Call 11/01/26)<sup>(b)</sup> | 50 | 47234 |
|  Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 (Call 05/01/26)<sup>(d)</sup> | 260 | 214926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) | 190 | 176677 |
|  WEA Finance LLC, 2.88%, 01/15/27 (Call 11/15/26)<sup>(b)</sup> | 260 | 217092 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.75%, 09/17/24 (Call 06/17/24)<sup>(b)</sup> | 610 | 573992 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 (Call 12/15/26) | 45 | 39806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 (Call 02/15/24) | 875 | 850447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 966 | 923998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 (Call 01/01/26) | 263 | 249419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 (Call 10/15/23) | 128 | 126444 |
|  WP Carey Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/25 (Call 11/01/24) | 35 | 33708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/24 (Call 01/01/24) | 168 | 165383 |
|  XHR LP, 6.38%, 08/15/25 (Call 11/14/22)<sup>(b)</sup> | 235 | 231193 |
|  Yuexiu REIT MTN Co. Ltd., 2.65%, 02/02/26<sup>(c)</sup> | 200 | 150048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48636962 |
| **Retail — 0.6%** |  |  |
|  1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 255 | 254969 |
|  1375209 BC Ltd., 9.00%, 01/30/28<sup>(d)</sup> | 464 | 451620 |
|  7-Eleven Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 02/10/24 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | 1390468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/10/26 (Call 01/10/26)<sup>(b)</sup> | 775 | 667004 |
|  99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 160 | 91682 |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)<sup>(b)</sup> | 165 | 156326 |
|  Alimentation Couche-Tard Inc., 3.55%, 07/26/27 (Call 04/26/27)<sup>(b)</sup> | 5 | 4473 |
|  AutoNation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 09/15/24) | 383 | 367933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/25 (Call 07/01/25) | 94 | 90304 |
|  AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/18/24 (Call 03/18/24) | 567 | 549151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/21/26 (Call 01/21/26) | 185 | 172346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 153 | 145359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 (Call 03/15/25) | 495 | 475730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/27 | $120 | $113100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/25<sup>(b)</sup> | 155 | 161496 |
|  BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27<br>(Call 04/01/23), (8.50% PIK)<sup>(b)(f)</sup> | 165 | 109218 |
|  Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 150 | 137955 |
|  Bed Bath & Beyond Inc., 3.75%, 08/01/24 (Call 05/01/24) | 135 | 28705 |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 170 | 164341 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(b)(d)</sup> | 275 | 133045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(b)(d)</sup> | 210 | 137550 |
|  CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 295 | 277008 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 10 | 8619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 (Call 03/18/24) | 483 | 469152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27) | 150 | 139737 |
|  Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27) | 10 | 9326 |
|  Dave & Buster's Inc., 7.63%, 11/01/25<br>(Call 12/01/22)<sup>(b)</sup> | 232 | 232000 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 (Call 01/15/27) | 105 | 98592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24 | 110 | 108093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 (Call 10/01/27) | 200 | 193108 |
|  Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25) | 330 | 320050 |
|  eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(b)</sup> | 330 | 299191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(b)</sup> | 300 | 276105 |
|  El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26<sup>(c)</sup> | 200 | 186854 |
|  Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 305 | 276800 |
|  Future Retail Ltd., 5.60%, 01/22/25<br>(Call 01/22/23)<sup>(c)(i)(j)</sup> | 200 | 3472 |
|  Guitar Center Inc., 8.50%, 01/15/26<br>(Call 01/15/23)<sup>(b)</sup> | 250 | 218473 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26) | 205 | 185082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(d)</sup> | 205 | 185435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | 315 | 299612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27) | 205 | 186589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27) | 220 | 202255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26) | 295 | 277359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 509 | 488599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 611 | 604310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25) | 152 | 148838 |
|  IRB Holding Corp., 7.00%, 06/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 345 | 345138 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)<sup>(b)</sup> | 325 | 310892 |
|  Kohl's Corp., 4.25%, 07/17/25 (Call 04/17/25) | 205 | 189689 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26) | 10 | 9164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 955 | 872087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 (Call 06/15/24) | 450 | 434443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27) | 287 | 265469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 316 | 300070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 (Call 03/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 | 490 | 480675 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 375 | 341220 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/01/25 (Call 08/01/25) | 580 | 527545 |

---

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/10/24 | $157 | $152880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25 (Call 06/01/25) | 819 | 787739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 (Call 02/26/25) | 623 | 598454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 240 | 225070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27) | 60 | 55864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | 75 | 72007 |
|  Murphy Oil USA Inc., 5.63%, 05/01/27 (Call 12/01/22) | 130 | 124801 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 490 | 466024 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/08/24 (Call 11/16/22) | 125 | 117305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/27 (Call 12/15/26)<sup>(d)</sup> | 165 | 140903 |
|  O'Reilly Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 (Call 12/15/25) | 32 | 30350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27) | 5 | 4614 |
|  Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)<sup>(b)</sup> | 335 | 211961 |
|  Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 12/01/22) | 270 | 251918 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24) | 262 | 229067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26) | 270 | 214024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24 | 259 | 248852 |
|  Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(b)</sup> | 218 | 153601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/15/27 | 53 | 28442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(b)</sup> | 400 | 259820 |
|  Ross Stores Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 (Call 03/15/26) | 20 | 17174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 (Call 03/15/25) | 748 | 734828 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) | 275 | 260546 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 12/01/22)<sup>(b)(d)</sup> | 155 | 136326 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/22)<sup>(b)</sup> | 325 | 263240 |
|  Staples Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 870 | 756656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27 (Call 12/01/22)<sup>(b)(d)</sup> | 445 | 323092 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 (Call 01/12/27) | 20 | 17437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/26 (Call 03/15/26) | 140 | 127715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 (Call 06/15/25) | 596 | 577435 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 (Call 12/01/22) | 175 | 166149 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26) | 895 | 802045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 (Call 03/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 | 80 | 73946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24 | 767 | 750648 |
|  TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26) | 205 | 185236 |
|  TPro Acquisition Corp., 11.00%, 10/15/24 (Call 12/01/22)<sup>(b)</sup> | 155 | 151934 |
|  Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26) | 530 | 495905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/18/24 (Call 08/18/24) | 182 | 176789 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24) | 665 | 651540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/05/27 | 515 | 540034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  White Cap Parent LLC, 8.25%, 03/15/26 (Call 12/01/22), (9.00% PIK)<sup>(b)(f)</sup> | $130 | $111952 |
|  Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)<sup>(d)</sup> | 150 | 147872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29253956 |
| **Savings & Loans — 0.0%** |  |  |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 01/22/24<sup>(b)</sup> | 265 | 248740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/28/25<sup>(b)</sup> | 435 | 377049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/13/26<sup>(b)</sup> | 740 | 622066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/16/28 (Call 02/16/27)<sup>(a)(b)</sup> | 480 | 406608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/21/25<sup>(b)</sup> | 300 | 283986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/26<sup>(b)</sup> | 280 | 249545 |
|  New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)<sup>(a)</sup> | 57 | 56003 |
|  |  | 2243997 |
| **Semiconductors — 0.5%** |  |  |
|  Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)<sup>(b)</sup>  | 250 | 246772 |
|  ams-OSRAM AG, 7.00%, 07/31/25 (Call 12/01/22)<sup>(b)(d)</sup> | 200 | 179282 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 03/01/25) | 196 | 187519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26) | 115 | 108494 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 205 | 192731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 375 | 365404 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/25 (Call 11/15/24) | 439 | 418736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 (Call 11/15/23) | 654 | 640626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 1035 | 951858 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25) | 807 | 752536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26) | 259 | 237809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 (Call 09/15/24) | 899 | 869351 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26) | 280 | 259056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 859 | 833410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 250 | 230900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 (Call 02/25/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | 1166360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 423 | 410644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27) | 569 | 539958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 385 | 362312 |
|  KLA Corp., 4.65%, 11/01/24 (Call 08/01/24) | 348 | 346340 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 322 | 308975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 36 | 35055 |
|  Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)<sup>(d)</sup> | 500 | 431170 |
|  Microchip Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/24 | 132 | 124223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24 | 985 | 903994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 (Call 12/01/22) | 730 | 696099 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26) | 495 | 459662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 (Call 12/06/25) | 100 | 97499 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 863 | 805144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26) | 15 | 14129 |
|  NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 02/01/24) | 666 | 658467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 (Call 01/01/26) | 344 | 337275 |

---

S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 (Call 04/01/25) | $573 | $529710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26) | 400 | 372072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 (Call 05/01/27) | 274 | 256963 |
|  Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)<sup>(b)</sup> | 484 | 443634 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 (Call 03/20/24) | 870 | 843361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27)<sup>(d)</sup> | 350 | 325118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 (Call 02/20/25) | 656 | 632804 |
|  Renesas Electronics Corp., 2.17%, 11/25/26 (Call 10/25/26)<sup>(b)</sup> | 450 | 376533 |
|  SK Hynix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/19/24<sup>(c)</sup> | 200 | 188248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/19/26<sup>(c)</sup> | 400 | 344552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/17/24<sup>(c)</sup> | 400 | 378176 |
|  Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26) | 490 | 418367 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 (Call 08/15/26) | 180 | 156652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 (Call 02/12/25) | 661 | 611683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/24 (Call 03/15/24) | 182 | 176023 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 (Call 09/25/26) | 200 | 172690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 (Call 03/22/27) | 400 | 374436 |
|  TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/28/25 (Call 08/28/25)<sup>(c)</sup> | 800 | 699488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/23/26 (Call 03/23/26)<sup>(c)</sup> | 200 | 173800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/22/27 (Call 06/22/27)<sup>(c)</sup> | 400 | 381764 |
|  Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24) | 541 | 523775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22551639 |
| **Shipbuilding — 0.0%** |  |  |
|  CSSC Capital Ltd. Co., 2.50%, 02/13/25<sup>(c)</sup> | 400 | 370860 |
|  Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25) | 351 | 334268 |
|  |  | 705128 |
| **Software — 0.6%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 210 | 201222 |
|  Activision Blizzard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 158 | 148528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/27 (Call 03/15/27) | 50 | 46279 |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 (Call 01/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | 759748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 5 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 420 | 406274 |
|  Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27) | 60 | 55140 |
|  Boxer Parent Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25 (Call 12/01/22)<sup>(b)(d)</sup> | 285 | 280543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26 (Call 11/14/22)<sup>(b)</sup> | 155 | 148290 |
|  Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26) | 180 | 166496 |
|  Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24) | 58 | 57072 |
|  Camelot Finance SA, 4.50%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 305 | 284806 |
|  Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 10/15/23)<sup>(b)(d)</sup> | 145 | 130497 |
|  CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)<sup>(b)(d)</sup> | 275 | 236440 |
|  Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25) | 95 | 94177 |
|  Fair Isaac Corp., 5.25%, 05/15/26<br>(Call 02/15/26)<sup>(b)</sup> | 215 | 212104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24 | $489 | $459557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 (Call 02/01/26) | 687 | 593087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/25 | 122 | 118730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/27 (Call 06/15/27) | 350 | 334894 |
|  Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 (Call 04/01/27) | 527 | 455839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 (Call 06/01/24) | 1232 | 1178408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 495 | 454489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 (Call 03/01/25) | 663 | 636096 |
|  Infor Inc., 1.75%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 558 | 500325 |
|  Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25) | 763 | 686837 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26) | 718 | 664344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 (Call 11/12/24) | 502 | 482076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 (Call 12/06/23) | 828 | 810090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25) | 1802 | 1733722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | 1954346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/23 (Call 09/15/23) | 964 | 954842 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26) | 1437 | 1263267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 (Call 03/01/25) | 1782 | 1665832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26) | 1453 | 1306901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27) | 275 | 243161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 (Call 09/15/24) | 1023 | 976535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 (Call 02/15/25)<sup>(d)</sup> | 1399 | 1315494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24)<sup>(d)</sup> | 1413 | 1370709 |
|  PTC Inc., 3.63%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | 235 | 224181 |
|  Roper Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 511 | 452286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 (Call 07/15/27) | 500 | 411090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 (Call 08/15/24) | 364 | 345582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 (Call 09/15/26) | 5 | 4676 |
|  salesforce.com Inc., 0.63%, 07/15/24 (Call 12/01/22) | 62 | 57747 |
|  Skillz Inc., 10.25%, 12/15/26<br>(Call 12/15/23)<sup>(b)(d)</sup> | 130 | 88124 |
|  SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)<sup>(b)</sup> | 900 | 836433 |
|  Take-Two Interactive Software Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24 | 106 | 102913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25 | 312 | 297614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 (Call 03/14/27) | 492 | 455041 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 800 | 672680 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 (Call 12/01/22) | 412 | 380103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 (Call 07/15/26) | 955 | 815914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27) | 500 | 458160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 (Call 04/15/25) | 137 | 133698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 (Call 03/15/27) | 105 | 99349 |
|  Workday Inc., 3.50%, 04/01/27 (Call 03/01/27) | 265 | 244531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29471812 |
| **Sovereign Debt Securities — 0.0%** |  |  |
|  AVI Funding Co.Ltd., 3.80%, 09/16/25<sup>(c)</sup> | 200 | 192514 |
| **Storage & Warehousing — 0.0%** |  |  |
|  GLP China Holdings Ltd., 4.97%, 02/26/24<sup>(c)</sup> | 600 | 396054 |
| **Telecommunications — 0.9%** |  |  |
|  Altice France Holding SA, 10.50%, 05/15/27 (Call 11/14/22)<sup>(b)</sup> | 670 | 521696 |

---

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Altice France SA/France, 8.13%, 02/01/27 (Call 11/14/22)<sup>(b)</sup> | $750 | $686993 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 (Call 11/14/22) | 240 | 226714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 1077 | 939930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 (Call 04/15/26) | 90 | 82281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 50 | 46800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 10/15/25) | 155 | 148764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26) | 522 | 499236 |
|  Axiata SPV2 Bhd, 4.36%, 03/24/26<sup>(c)</sup> | 200 | 193370 |
|  Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24 | 398 | 374856 |
|  Bharti Airtel International Netherlands BV, 5.35%, 05/20/24<sup>(c)</sup> | 450 | 445608 |
|  Bharti Airtel Ltd., 4.38%, 06/10/25<sup>(c)</sup> | 400 | 381332 |
|  British Telecommunications PLC, 4.25%, 11/23/81 (Call 11/23/26)<sup>(a)(b)</sup> | 220 | 184386 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/11/22)<sup>(b)</sup> | 550 | 476388 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26) | 5 | 4624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 230 | 217122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25<sup>(d)</sup> | 45 | 43713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24 | 625 | 615619 |
|  CommScope Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(b)</sup> | 675 | 652752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(b)</sup> | 435 | 387041 |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(b)(d)</sup> | 325 | 263556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(b)</sup> | 563 | 529946 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)<sup>(b)</sup> | 905 | 850356 |
|  Deutsche Telekom International Finance BV, 3.60%, 01/19/27 (Call 10/19/26)<sup>(b)</sup> | 300 | 277866 |
|  Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/22)<sup>(c)</sup> | 600 | 512554 |
|  Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24<sup>(c)</sup> | 200 | 194544 |
|  Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)<sup>(c)</sup> | 400 | 374848 |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/27<br>(Call 10/15/23)<sup>(b)</sup> | 500 | 463785 |
|  Globe Telecom Inc., 4.20%,<br>(Call 08/02/26)<sup>(a)(c)(e)</sup> | 400 | 338068 |
|  HKT Capital No. 2 Ltd., 3.63%, 04/02/25<sup>(c)</sup> | 500 | 478315 |
|  HKT Capital No. 4 Ltd., 3.00%, 07/14/26<sup>(c)</sup> | 200 | 182870 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 | 330 | 314962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26 | 325 | 306179 |
|  Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 535 | 495892 |
|  Intrado Corp., 8.50%, 10/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 310 | 271055 |
|  Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25) | 500 | 436485 |
|  KT Corp., 1.00%, 09/01/25<sup>(c)</sup> | 400 | 353200 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(b)</sup> | 347 | 299131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 420 | 365438 |
|  Ligado Networks LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.50%, 11/01/23, (15.50% PIK)<sup>(b)(f)</sup> | 1826 | 618335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.50%, 05/01/24, (17.50% PIK)<sup>(b)(d)(f)</sup> | 473 | 111434 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)<sup>(c)</sup> | $400 | $279876 |
|  LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)<sup>(b)</sup> | 425 | 247652 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 579 | 492816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(b)(d)</sup> | 550 | 470916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/25 (Call 01/01/25) | 225 | 216331 |
|  Maxar Technologies Inc., 7.75%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 225 | 221522 |
|  Motorola Solutions Inc., 4.00%, 09/01/24 | 59 | 57537 |
|  MTN Mauritius Investments Ltd., 6.50%, 10/13/26<sup>(c)</sup> | 200 | 190750 |
|  NBN Co. Ltd., 1.45%, 05/05/26 (Call 04/05/26)<sup>(b)</sup> | 865 | 753008 |
|  Network i2i Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, <sup>(c)(e)</sup> | 200 | 158398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, <sup>(a)(c)(e)</sup> | 400 | 357824 |
|  Nokia OYJ, 4.38%, 06/12/27 | 250 | 230040 |
|  NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 03/01/24<sup>(b)</sup> | 655 | 616296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 04/03/26 (Call 03/03/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 07/26/24<sup>(b)</sup> | 200 | 196384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 07/25/25<sup>(b)</sup> | 385 | 374982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 07/27/27 (Call 06/27/27)<sup>(b)</sup> | 230 | 221143 |
|  Ooredoo International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/22/26<sup>(c)</sup> | 200 | 188448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/19/25<sup>(b)</sup> | 400 | 396632 |
|  Qwest Corp., 7.25%, 09/15/25 | 110 | 111145 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 (Call 08/15/26) | 50 | 44812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 03/15/23)<sup>(b)</sup> | 640 | 604640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 705 | 639837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 (Call 09/15/25) | 510 | 477171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/82 (Call 03/15/27)<sup>(a)(b)</sup> | 375 | 327206 |
|  SingTel Group Treasury Pte Ltd., 3.25%, 06/30/25<sup>(c)</sup> | 400 | 381012 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 1096 | 1113130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24) | 651 | 672190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 650 | 677248 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/25 (Call 03/20/24)<sup>(b)</sup> | 250 | 246215 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(b)</sup> | 680 | 640376 |
|  Telefonica Celular del Paraguay SA, 5.88%, 04/15/27<sup>(c)</sup> | 200 | 180934 |
|  Telefonica Emisiones SA, 4.10%, 03/08/27 | 705 | 645836 |
|  Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup> | 175 | 81027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/26 (Call 12/06/23)<sup>(b)(d)</sup> | 230 | 109222 |
|  Telstra Corp. Ltd., 3.13%, 04/07/25<br>(Call 01/07/25)<sup>(b)</sup> | 305 | 291281 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 (Call 11/16/26) | 15 | 13515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 (Call 06/15/27) | 5 | 4632 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | 447 | 392631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23) | 857 | 769852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 579 | 522808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 03/15/25) | 1688 | 1609964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | 1709 | 1577458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 11/14/22) | 249 | 246784 |
|  Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25<sup>(c)</sup> | 200 | 170024 |

---

S C H E D U L E O F I N V E S T M E N T S 59

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Tower Bersama Infrastructure, 2.80%, 05/02/27 (Call 11/02/26)<sup>(c)</sup> | $200 | $162122 |
|  Tower Bersama Infrastructure Tbk PT, 2.75%, 01/20/26 (Call 12/20/25)<sup>(c)</sup> | 200 | 169546 |
|  Turk Telekomunikasyon AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/24<sup>(c)</sup> | 300 | 264318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/28/25<sup>(c)</sup> | 200 | 174306 |
|  Turkcell Iletisim Hizmetleri AS, 5.75%, 10/15/25<sup>(c)</sup> | 200 | 177088 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24 | 939 | 886716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 (Call 10/20/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | 1985031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26) | 1342 | 1182557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26 | 357 | 324738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27) | 45 | 40830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 | 1074 | 1036936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 (Call 08/01/24) | 682 | 662270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27 | 305 | 290330 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(b)</sup> | 300 | 276504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 275 | 254185 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(a)</sup> | 230 | 182864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25 | 455 | 443220 |
|  Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)<sup>(b)</sup> | 650 | 502028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45360428 |
| **Textiles — 0.0%** |  |  |
|  Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC, 7.50%, 05/01/25 (Call 11/10/22)<sup>(c)</sup> | 350 | 272433 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 (Call 10/19/24) | 597 | 567454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 (Call 09/19/26) | 110 | 100835 |
|  Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 290 | 265605 |
|  |  | 933894 |
| **Transportation — 0.3%** |  |  |
|  AP Moller - Maersk A/S, 3.88%, 09/28/25 (Call 06/28/25)<sup>(b)</sup> | 250 | 239965 |
|  BNSF Funding Trust I, 6.61%, 12/15/55 (Call 01/15/26),<br>(3 mo. LIBOR US + 2.350%)<sup>(a)</sup> | 50 | 46251 |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25) | 570 | 545216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | 80 | 74160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 (Call 06/01/24) | 405 | 392976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/25 (Call 06/01/25) | 345 | 331980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24) | 595 | 584587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25 | 445 | 470085 |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 100 | 92405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/24 (Call 08/21/24) | 40 | 38235 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/24 (Call 12/02/22) | 772 | 712842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 (Call 11/02/26) | 346 | 300954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 (Call 11/01/24) | 526 | 500084 |
|  CRCC Chengan Ltd., 3.97%,<br>(Call 06/27/24)<sup>(a)(c)(e)</sup> | 400 | 382956 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 (Call 08/01/26) | 100 | 90740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 (Call 03/01/27) | 175 | 160457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 (Call 08/01/25) | 125 | 118548 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 (Call 05/01/24) | $558 | $542354 |
|  Eastern Creation Ii Investment Co., 1.35%, 10/20/24<sup>(c)</sup> | 200 | 185284 |
|  FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26) | 230 | 216683 |
|  Guangzhou Metro Investment Finance BVI Ltd., 1.51%, 09/17/25<sup>(c)</sup> | 200 | 178138 |
|  Henan Railway Construction & Investment Group Co. Ltd., 2.20%, 01/26/25<sup>(c)</sup> | 200 | 184216 |
|  Indian Railway Finance Corp. Ltd., 3.73%, 03/29/24<sup>(c)</sup> | 200 | 194330 |
|  JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26) | 225 | 215701 |
|  Misc Capital Two Labuan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/25<sup>(c)</sup> | 200 | 189510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/06/27 (Call 03/06/27)<sup>(c)</sup> | 200 | 178884 |
|  Navios South American Logistics Inc./Navios Logistics Finance U.S. Inc., 10.75%, 07/01/25<br>(Call 11/30/22)<sup>(c)</sup> | 200 | 185068 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 (Call 03/15/26) | 105 | 96989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/25 (Call 06/01/25) | 200 | 191746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/24 (Call 10/15/23) | 154 | 151716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 05/15/27 | 50 | 54572 |
|  Pelabuhan Indonesia Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/05/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24<sup>(c)</sup> | 200 | 194316 |
|  Ryder System Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 (Call 08/01/26) | 315 | 273946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 391 | 369601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 (Call 02/01/27) | 170 | 151011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 (Call 10/01/26) | 75 | 67035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/25 (Call 08/01/25) | 17 | 15952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 (Call 02/18/24)<sup>(d)</sup> | 518 | 505708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) | 268 | 263795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27) | 385 | 359274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/25 (Call 05/01/25) | 314 | 304712 |
|  Seaspan Corp., 6.50%, 04/29/26 (Call 04/29/25)<sup>(b)</sup> | 200 | 193344 |
|  SF Holding Investment Ltd., 2.38%, 11/17/26<sup>(c)</sup> | 200 | 176866 |
|  Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/24<sup>(c)</sup> | 400 | 72000 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26) | 50 | 44527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27) | 10 | 9173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 (Call 02/01/24) | 530 | 517667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/25 (Call 10/15/24) | 273 | 263319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 313 | 298996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 517 | 508304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/24 (Call 12/15/23) | 446 | 438632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25) | 357 | 346154 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/01/24 (Call 08/01/24) | 430 | 410095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 (Call 08/15/26) | 20 | 18167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24) | 110 | 105448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) | 685 | 670355 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26) | 565 | 492053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) | 220 | 213019 |
|  Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)<sup>(b)</sup> | 260 | 245240 |
|  Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)<sup>(b)(d)</sup> | 185 | 155707 |
|  XPO Logistics Inc., 6.25%, 05/01/25<br>(Call 12/01/22)<sup>(b)</sup> | 290 | 293222 |

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60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
|  Yunda Holding Investment Co., 2.25%, 08/19/25<sup>(c)</sup> | $400 | $351088 |
|  |  | 16748266 |
| **Trucking & Leasing — 0.1%** |  |  |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(b)</sup> | 220 | 200897 |
|  DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 08/01/24 (Call 07/01/24)<sup>(c)</sup> | 400 | 363492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/20/25 (Call 02/20/25)<sup>(c)</sup> | 200 | 181596 |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup> | 297 | 285684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(b)</sup> | 175 | 178217 |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/25 (Call 12/30/24) | 130 | 122658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 (Call 06/15/26) | 92 | 83136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/24 (Call 01/15/24) | 264 | 259937 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/25 (Call 10/15/25)<sup>(b)</sup> | 400 | 345488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/26 (Call 05/15/26)<sup>(b)</sup> | 357 | 305596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/24 (Call 10/01/24)<sup>(b)</sup> | 379 | 355047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/26 (Call 08/15/26)<sup>(b)</sup> | 160 | 144654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/24 (Call 06/01/24)<sup>(b)</sup> | 269 | 258135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/24 (Call 01/01/24)<sup>(b)</sup> | 440 | 429299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/10/25 (Call 01/10/25)<sup>(b)</sup> | 470 | 448841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 47 | 44651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/27 (Call 01/01/27)<sup>(b)</sup> | 100 | 92681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/27 (Call 06/01/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | 444607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/29/26 (Call 11/29/25)<sup>(b)</sup> | 354 | 335935 |
|  SMBC Aviation Capital Finance DAC, 1.90%, 10/15/26 (Call 09/15/26)<sup>(b)</sup> | 555 | 460694 |
|  |  | 5341245 |
| **Venture Capital — 0.0%** |  |  |
|  Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26) | 435 | 360846 |
| **Water — 0.0%** |  |  |
|  American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/25 (Call 12/01/24) | 858 | 824006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/24 (Call 12/01/23) | 329 | 322756 |
|  Aquarion Co., 4.00%, 08/15/24<br>(Call 05/15/24)<sup>(b)(d)</sup> | 360 | 349308 |
|  Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 180 | 172215 |
|  |  | 1668285 |
|  **Total Corporate Bonds & Notes — 35.7%<br>(Cost: $1,981,020,751)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806182849 |
|  **Foreign Government Obligations<sup>(k)</sup>** | **Foreign Government Obligations<sup>(k)</sup>** |  |
| **Angola — 0.0%** |  |  |
|  Angolan Government International Bond, 9.50%, 11/12/25<sup>(c)</sup> | 300 | 292611 |
| **Argentina — 0.0%** |  |  |
|  Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, 06/01/27<sup>(c)</sup> | 200 | 169990 |
|  Provincia de Cordoba |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/10/25<sup>(c)(d)(g)</sup> | 300 | 230001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 06/01/27<sup>(c)(g)</sup> | 200 | 123022 |
|  |  | 523013 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Azerbaijan — 0.0%** |  |  |
|  Republic of Azerbaijan International Bond, 4.75%, 03/18/24<sup>(c)</sup> | $600 | $588000 |
| **Bahrain — 0.1%** |  |  |
|  Bahrain Government International Bond, 7.00%, 01/26/26<sup>(c)</sup> | 800 | 798352 |
|  CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24<sup>(c)</sup> | 600 | 599046 |
|  CBB International Sukuk Co. 6 SPC, 5.25%, 03/20/25<sup>(c)</sup> | 200 | 197000 |
|  CBB International Sukuk Programme Co. WLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/16/27<sup>(c)</sup> | 200 | 185544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/27<sup>(c)</sup> | 200 | 189054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/14/24<sup>(c)</sup> | 1000 | 1005790 |
|  |  | 2974786 |
| **Belarus — 0.0%** |  |  |
|  Development Bank of the Republic of Belarus JSC, 6.75%, 05/02/24<sup>(c)</sup> | 400 | 64000 |
|  Republic of Belarus International Bond, 5.88%, 02/24/26<sup>(c)</sup> | 200 | 39000 |
|  |  | 103000 |
| **Brazil — 0.1%** |  |  |
|  Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/06/25 | 800 | 750704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/07/25 | 2000 | 1948400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/07/26 | 1225 | 1254816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/04/25 | 300 | 320616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/15/24 | 400 | 423532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 05/15/27 | 150 | 174567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872635 |
| **Canada — 0.8%** |  |  |
|  Canada Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/19/26 | 855 | 750733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | 2142037 |
|  CDP Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/10/25<sup>(b)(d)</sup> | 1290 | 1169604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/26/26<sup>(b)(d)</sup> | 200 | 175654 |
|  CPPIB Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/09/26<sup>(b)</sup> | 980 | 847396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/04/25<sup>(b)</sup> | 930 | 860120 |
|  Export Development Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/21/24 | 1355 | 1320678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/25/27 | 5 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/26/25 | 10 | 9683 |
|  Hydro-Quebec, Series IO, 8.05%, 07/07/24<sup>(d)</sup> | 700 | 734447 |
|  OMERS Finance Trust, 2.50%, 05/02/24<sup>(b)</sup> | 475 | 459249 |
|  Ontario Teachers' Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/21/26<sup>(b)</sup> | 1000 | 861080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/15/25<sup>(b)</sup> | 480 | 442598 |
|  Province of Alberta Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/20/25 | 3732 | 3405823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/13/24 | 1137 | 1075011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/23/24 | 915 | 895684 |
|  Province of British Columbia Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 07/20/26<sup>(d)</sup> | 2370 | 2067161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/02/26 | 910 | 838165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/26<sup>(d)</sup> | 315 | 329206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10, 1.75%, 09/27/24 | 985 | 933199 |
|  Province of Manitoba Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/22/26 | 775 | 705940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/14/24 | 884 | 862077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GX, 2.60%, 04/16/24 | 550 | 533901 |

---

S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |
|  Province of Ontario Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/21/26 | $2021 | $1773953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 04/14/26 | 632 | 558353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 05/21/27 | 5 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/26<sup>(d)</sup> | 1087 | 998453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/27/26 | 1112 | 1032570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/29/24 | 1482 | 1451575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/19/27<sup>(d)</sup> | 1605 | 1503821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/16/24 | 1483 | 1449084 |
|  Province of Quebec Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 07/23/25 | 2542 | 2279869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/26 | 1017 | 945230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/12/27 | 150 | 138994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 7.13%, 02/09/24 | 40 | 41090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QO, 2.88%, 10/16/24 | 1095 | 1058777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QW, 2.50%, 04/09/24 | 1085 | 1052103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QX, 1.50%, 02/11/25 | 1583 | 1477192 |
|  Province of Saskatchewan Canada, 3.25%, 06/08/27 | 5 | 4718 |
|  PSP Capital Inc., 1.00%, 06/29/26<sup>(b)</sup> | 250 | 218012 |
|  |  | 37412214 |
| **Chile — 0.0%** |  |  |
|  Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/27 (Call 12/31/26)<sup>(d)</sup> | 600 | 540816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/27/25<sup>(d)</sup> | 200 | 191942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/21/26 | 400 | 373364 |
|  |  | 1106122 |
| **China — 0.1%** |  |  |
|  China Development Bank, 1.00%, 10/27/25<sup>(c)</sup> | 1000 | 894610 |
|  China Development Bank/Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/12/24<sup>(c)</sup> | 200 | 190548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/09/24<sup>(c)</sup> | 200 | 185412 |
|  China Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/21/25<sup>(c)</sup> | 2000 | 1778940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/24<sup>(c)</sup> | 400 | 371288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/26/26 | 400 | 355976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/03/24<sup>(c)</sup> | 750 | 711262 |
|  Export-Import Bank of China (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/26/26<sup>(c)</sup> | 800 | 756528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/14/27<sup>(c)</sup> | 200 | 189916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/31/24<sup>(c)</sup> | 600 | 588042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022522 |
| **Colombia — 0.1%** |  |  |
|  Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/27 (Call 01/25/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 836820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/26/24 (Call 11/26/23) | 800 | 767640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/26 (Call 10/28/25) | 600 | 539922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/21/24 | 375 | 376988 |
|  |  | 2521370 |
| **Costa Rica — 0.0%** |  |  |
|  Costa Rica Government International Bond, 4.38%, 04/30/25<sup>(c)</sup> | 200 | 192760 |
| **Croatia — 0.0%** |  |  |
|  Croatia Government International Bond, 6.00%, 01/26/24<sup>(c)</sup> | 800 | 805928 |
| **Denmark — 0.0%** |  |  |
|  Kommunekredit, 0.63%, 06/10/25<sup>(c)</sup> | 1000 | 902980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Dominican Republic — 0.1%** |  |  |
|  Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/27/25<sup>(c)</sup> | $575 | $564857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(c)</sup> | 800 | 753456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/29/26<sup>(c)</sup> | 800 | 787152 |
|  |  | 2105465 |
| **Egypt — 0.1%** |  |  |
|  Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/16/26<sup>(c)</sup> | 1200 | 903420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/20/23<sup>(c)</sup> | 200 | 193738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/06/25<sup>(c)</sup> | 400 | 332588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/29/24<sup>(c)</sup> | 650 | 612657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/11/25<sup>(c)</sup> | 600 | 516174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/24<sup>(c)</sup> | 200 | 191492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/31/27<sup>(c)</sup> | 600 | 482004 |
|  |  | 3232073 |
| **El Salvador — 0.0%** |  |  |
|  El Salvador Government International Bond, 6.38%, 01/18/27<sup>(c)</sup> | 300 | 117387 |
| **Finland — 0.0%** |  |  |
|  Finland Government International Bond, 6.95%, 02/15/26<sup>(d)</sup> | 230 | 244327 |
|  Finnvera OYJ, 1.63%, 10/23/24<sup>(b)</sup> | 890 | 839555 |
|  Kuntarahoitus OYJ, 0.63%, 03/20/26<sup>(b)</sup> | 200 | 175168 |
|  |  | 1259050 |
| **France — 0.1%** |  |  |
|  Caisse d'Amortissement de la Dette Sociale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/23/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | 1522131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/20/24<sup>(b)</sup> | 3855 | 3786728 |
|  SFIL SA, 0.63%, 02/09/26<sup>(c)</sup> | 1000 | 876230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185089 |
| **Gabon — 0.0%** |  |  |
|  Gabon Government International Bond, 6.95%, 06/16/25<sup>(c)</sup> | 400 | 360128 |
| **Georgia — 0.0%** |  |  |
|  Georgia Government International Bond, 2.75%, 04/22/26<sup>(c)</sup> | 300 | 255066 |
| **Germany — 0.1%** |  |  |
|  FMS Wertmanagement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/06/24<sup>(c)</sup> | 400 | 375044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/30/24 | 1245 | 1215817 |
|  Land Nordrhein Westfalen, 2.25%, 04/16/25<sup>(c)</sup> | 1700 | 1607316 |
|  |  | 3198177 |
| **Ghana — 0.0%** |  |  |
|  Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/07/25<sup>(c)(l)</sup> | 200 | 56764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/11/27<sup>(c)</sup> | 800 | 240448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/26/27<sup>(c)</sup> | 200 | 61082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/18/26<sup>(c)</sup> | 400 | 146064 |
|  |  | 504358 |
| **Guatemala — 0.0%** |  |  |
|  Guatemala Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/05/27<sup>(c)</sup> | 200 | 185194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/03/26<sup>(c)</sup> | 400 | 379360 |
|  |  | 564554 |

---

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Honduras — 0.0%** |  |  |
|  Honduras Government International Bond, 6.25%, 01/19/27<sup>(c)</sup> | $200 | $158032 |
| **Hong Kong — 0.1%** |  |  |
|  Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/12/27 (Call 12/12/26)<sup>(b)(d)</sup> | 600 | 532866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/31/99 (Call 03/08/26)<sup>(a)(c)</sup> | 400 | 346020 |
|  Hong Kong Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/02/26<sup>(b)(d)</sup> | 800 | 708608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/24<sup>(b)</sup> | 400 | 386860 |
|  Hong Kong Sukuk 2017 Ltd., 3.13%, 02/28/27<sup>(c)</sup> | 200 | 188084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162438 |
| **Hungary — 0.0%** |  |  |
|  Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 | 600 | 594222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/22/23 | 700 | 698670 |
|  |  | 1292892 |
| **India — 0.0%** |  |  |
|  Export-Import Bank of India |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/05/26<sup>(c)(d)</sup> | 600 | 545052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/12/24<sup>(c)</sup> | 200 | 195516 |
|  |  | 740568 |
| **Indonesia — 0.2%** |  |  |
|  Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/18/27<sup>(c)</sup> | 400 | 373620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/25<sup>(c)</sup> | 800 | 781568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/20/27 (Call 06/20/27) | 300 | 283980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/08/27<sup>(c)</sup> | 600 | 575466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/11/24 | 200 | 198546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/08/26<sup>(c)</sup> | 1000 | 980900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24<sup>(c)</sup> | 800 | 807224 |
|  Lembaga Pembiayaan Ekspor Indonesia, 3.88%, 04/06/24<sup>(c)</sup> | 200 | 194354 |
|  Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/09/26<sup>(c)</sup> | 800 | 703400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/23/25<sup>(c)</sup> | 650 | 604467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/24<sup>(c)</sup> | 200 | 196854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/29/27<sup>(c)</sup> | 800 | 761072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 05/28/25<sup>(c)</sup> | 900 | 884610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/10/24<sup>(c)(d)</sup> | 400 | 396172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/06/27<sup>(c)</sup> | 800 | 764160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/29/26<sup>(c)</sup> | 600 | 586818 |
|  |  | 9093211 |
| **Israel — 0.0%** |  |  |
|  Israel Government AID Bond, 5.50%, 09/18/23 | 380 | 381961 |
|  Israel Government International Bond, 2.88%, 03/16/26 | 400 | 374284 |
|  |  | 756245 |
| **Italy — 0.1%** |  |  |
|  Republic of Italy Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/06/24 | 1250 | 1157750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/17/26 | 1310 | 1116657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/17/24 | 1280 | 1194278 |
|  |  | 3468685 |
| **Japan — 0.2%** |  |  |
|  Development Bank of Japan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/28/24<sup>(b)</sup> | 200 | 189428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/02/24<sup>(c)</sup> | 500 | 473185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/27<sup>(b)(d)</sup> | 1220 | 1145336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Japan (continued)** |  |  |
|  Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25 | $1002 | $894836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/17/24 | 630 | 593825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/04/26 | 500 | 451850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/20/26 | 960 | 883142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/23/24 | 1675 | 1616157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/25 | 2220 | 2093616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | 1254656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/14/25 | 400 | 381776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/27 | 200 | 184458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/29/24 | 465 | 451399 |
|  Japan International Cooperation Agency, 3.25%, 05/25/27 | 955 | 893135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506799 |
| **Jersey — 0.0%** |  |  |
|  IDB Trust Services Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 02/26/25<sup>(c)</sup> | 800 | 744408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 10/02/24<sup>(c)</sup> | 500 | 472135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 04/25/24<sup>(c)</sup> | 500 | 485525 |
|  |  | 1702068 |
| **Jordan — 0.0%** |  |  |
|  Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/07/25<sup>(c)</sup> | 200 | 187078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/31/27<sup>(c)</sup> | 400 | 367724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/29/26<sup>(c)</sup> | 600 | 574140 |
|  |  | 1128942 |
| **Kazakhstan — 0.0%** |  |  |
|  Kazakhstan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/14/24<sup>(c)</sup> | 645 | 641078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/21/25<sup>(c)</sup> | 1000 | 1023000 |
|  |  | 1664078 |
| **Kenya — 0.0%** |  |  |
|  Kenya Government International Bond, 7.00%, 05/22/27<sup>(c)</sup> | 400 | 318176 |
|  Republic of Kenya Government International Bond, 6.88%, 06/24/24<sup>(c)</sup> | 900 | 785025 |
|  |  | 1103201 |
| **Kuwait — 0.0%** |  |  |
|  Kuwait International Government Bond, 3.50%, 03/20/27<sup>(c)</sup> | 2000 | 1909520 |
| **Lebanon — 0.0%** |  |  |
|  Lebanon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/22/24<sup>(c)(i)(j)(l)</sup> | 350 | 20913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/26/25<sup>(c)(i)(j)</sup> | 200 | 11928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/04/24<sup>(c)(i)(j)</sup> | 200 | 12030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/12/25<sup>(c)(i)(j)</sup> | 200 | 12028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/31/99<sup>(c)(i)(j)</sup> | 400 | 23612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 12/31/99<sup>(c)(i)(j)</sup> | 200 | 11888 |
|  |  | 92399 |
| **Malaysia — 0.0%** |  |  |
|  Export-Import Bank of Malaysia Bhd, 1.83%, 11/26/26 (Call 10/26/26)<sup>(c)</sup> | 200 | 174310 |
|  Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25<sup>(c)</sup> | 352 | 338670 |
|  Malaysia Sukuk Global Bhd, 3.18%, 04/27/26<sup>(c)</sup> | 600 | 573912 |
|  |  | 1086892 |
| **Mexico — 0.1%** |  |  |
|  Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/27/25 (Call 03/27/25)<sup>(d)</sup> | 300 | 294387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/26 | 1200 | 1157484 |

---

S C H E D U L E O F I N V E S T M E N T S 63

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mexico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/28/27<sup>(d)</sup> | $1000 | $955630 |
|  |  | 2407501 |
| **Mongolia — 0.0%** |  |  |
|  Mongolia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/07/27<sup>(c)</sup> | 200 | 136240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/07/26<sup>(c)</sup> | 400 | 306724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/09/24<sup>(c)</sup> | 200 | 187184 |
|  |  | 630148 |
| **Namibia — 0.0%** |  |  |
|  Namibia International Bonds, 5.25%, 10/29/25<sup>(c)</sup> | 400 | 357724 |
| **Nigeria — 0.0%** |  |  |
|  Nigeria Government International Bond, 7.63%, 11/21/25<sup>(c)</sup> | 600 | 516294 |
| **Norway — 0.1%** |  |  |
|  Kommunalbanken AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/11/25<sup>(b)</sup> | 800 | 709704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/12/25<sup>(b)</sup> | 640 | 587424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/19/24<sup>(b)</sup> | 1050 | 1006121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/05/24<sup>(b)</sup> | 460 | 449195 |
|  |  | 4038521 |
| **Oman — 0.1%** |  |  |
|  Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/26<sup>(c)</sup> | 1200 | 1135836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/25<sup>(c)</sup> | 400 | 388748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/08/27<sup>(c)</sup> | 1000 | 954490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/28/27<sup>(c)</sup> | 600 | 602172 |
|  Oman Sovereign Sukuk Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/24<sup>(c)</sup> | 1100 | 1075646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/31/25<sup>(c)</sup> | 400 | 403428 |
|  |  | 4560320 |
| **Pakistan — 0.0%** |  |  |
|  Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/08/26<sup>(c)</sup> | 600 | 195060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/24<sup>(c)</sup> | 400 | 168092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/30/25<sup>(c)</sup> | 200 | 69438 |
|  |  | 432590 |
| **Panama — 0.1%** |  |  |
|  Banco Latinoamericano de Comercio Exterior SA, 2.38%, 09/14/25 (Call 08/14/25)<sup>(c)</sup> | 200 | 180560 |
|  Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/16/25 (Call 12/16/24) | 705 | 675468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/17/26<sup>(c)</sup> | 700 | 655543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/22/24 (Call 06/22/24) | 500 | 485105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/26 | 500 | 523845 |
|  |  | 2520521 |
| **Paraguay — 0.0%** |  |  |
|  Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/27/27<sup>(c)</sup> | 400 | 382432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26<sup>(c)</sup> | 200 | 195306 |
|  |  | 577738 |
| **Peru — 0.0%** |  |  |
|  Corp. Financiera de Desarrollo SA, 2.40%, 09/28/27 (Call 07/28/27)<sup>(c)</sup> | 200 | 161956 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Peru (continued)** |  |  |
|  Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/26 (Call 12/23/25) | $325 | $293615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/21/25 | 1200 | 1249296 |
|  |  | 1704867 |
| **Philippines — 0.1%** |  |  |
|  Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/29/27 | 200 | 184380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/21/24 | 850 | 835346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/21/24 | 200 | 215162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%, 03/16/25 | 700 | 782271 |
|  |  | 2017159 |
| **Poland — 0.0%** |  |  |
|  Republic of Poland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/26 | 829 | 778473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/24 | 886 | 873020 |
|  |  | 1651493 |
| **Qatar — 0.1%** |  |  |
|  Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/02/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 1514240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/14/24<sup>(c)</sup> | 800 | 785184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/16/25<sup>(c)</sup> | 800 | 772384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071808 |
| **Romania — 0.0%** |  |  |
|  Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/27/27<sup>(c)</sup> | 600 | 514722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/22/24<sup>(c)(d)</sup> | 455 | 451465 |
|  |  | 966187 |
| **Saudi Arabia — 0.2%** |  |  |
|  KSA Sukuk Ltd., 3.63%, 04/20/27<sup>(c)</sup> | 2200 | 2075304 |
|  Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/03/27<sup>(c)</sup> | 600 | 543042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/22/25<sup>(c)</sup> | 1000 | 943480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/26/26<sup>(c)</sup> | 2400 | 2255520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25<sup>(c)</sup> | 2000 | 1951640 |
|  |  | 7768986 |
| **Slovenia — 0.0%** |  |  |
|  Slovenia Government International Bond, 5.25%, 02/18/24<sup>(b)</sup> | 400 | 398884 |
| **South Africa — 0.1%** |  |  |
|  Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 01/17/24<sup>(d)</sup> | 800 | 787200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/27/27<sup>(d)</sup> | 200 | 181496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/14/26<sup>(d)</sup> | 600 | 564654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/16/25 | 800 | 793048 |
|  |  | 2326398 |
| **South Korea — 0.3%** |  |  |
|  Export-Import Bank Korea, 1.13%, 03/24/26<sup>(c)</sup> | 200 | 175840 |
|  Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/09/24 | 200 | 188778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/29/24 | 200 | 186130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/09/26 | 610 | 529748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/21/25 | 600 | 529734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/29/26 | 400 | 341704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/18/25 | 200 | 183948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/27 | 600 | 518904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/12/25 | 800 | 744512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/25/24 | 200 | 191752 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **South Korea (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/21/27 | $400 | $354096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/26/26 | 400 | 369788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/21/25 | 1300 | 1238419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/25 | 200 | 189364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/27/23 | 200 | 197312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/24 | 200 | 197616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 | 200 | 189170 |
|  Incheon International Airport Corp., 1.25%, 05/04/26<sup>(c)</sup> | 200 | 174742 |
|  Industrial Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/17/24<sup>(c)</sup> | 200 | 184140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 06/22/25<sup>(c)</sup> | 200 | 178972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/23/24<sup>(c)</sup> | 200 | 188646 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/19/24 | 400 | 371356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/03/25<sup>(c)</sup> | 800 | 725120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/25/27 | 200 | 170070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/18/25 | 500 | 463650 |
|  Korea Electric Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/14/25<sup>(c)</sup> | 200 | 190968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/27<sup>(c)</sup> | 200 | 186920 |
|  Korea Expressway Corp., 1.13%, 05/17/26<sup>(c)</sup> | 400 | 344688 |
|  Korea Hydro & Nuclear Power Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/27/26<sup>(c)</sup> | 600 | 520686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25<sup>(c)</sup> | 200 | 189338 |
|  Korea International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/19/24 | 200 | 191276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/27 | 200 | 185516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/03/25 | 200 | 203144 |
|  Korea Land & Housing Corp., 0.63%, 11/03/23<sup>(c)</sup> | 200 | 191770 |
|  Korea Mine Rehabilitation & Mineral Resources Corp., 1.75%, 04/15/26<sup>(c)</sup> | 600 | 525936 |
|  Korea National Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/05/25<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 874190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/07/26<sup>(c)</sup> | 600 | 521634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/18/25<sup>(c)</sup> | 200 | 182788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/27<sup>(c)</sup> | 200 | 183422 |
|  Korea SMEs and Startups Agency, 2.13%, 08/30/26<sup>(c)</sup> | 200 | 177298 |
|  Korea South-East Power Co. Ltd., 1.00%, 02/03/26<sup>(c)</sup> | 200 | 173758 |
|  Korea Water Resources Corp, 3.50%, 04/27/25<sup>(c)</sup> | 200 | 191390 |
|  Suhyup Bank, 3.63%, 01/29/24<sup>(c)</sup> | 200 | 195756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14013989 |
| **Sri Lanka — 0.0%** |  |  |
|  Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/03/25<sup>(c)(i)(j)</sup> | 600 | 145866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 05/11/27<sup>(c)(i)(j)</sup> | 200 | 44620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/28/24<sup>(c)(i)(j)</sup> | 400 | 90548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 07/18/26<sup>(c)(i)(j)</sup> | 400 | 90976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/14/24<sup>(c)(i)(j)</sup> | 400 | 90304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/03/25<sup>(c)(i)(j)</sup> | 810 | 184056 |
|  |  | 646370 |
| **Supranational — 2.1%** |  |  |
|  Africa Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/16/25<sup>(c)</sup> | 200 | 178688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/13/24<sup>(c)</sup> | 200 | 189368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/17/26<sup>(c)</sup> | 400 | 355384 |
|  African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/23/26 | 1432 | 1266203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/22/26 | 1472 | 1287544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GDIF, 3.38%, 07/07/25 | 42 | 40738 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Supranational (continued)** |  |  |
|  African Export-Import Bank (The), 4.13%, 06/20/24<sup>(c)</sup> | $650 | $616148 |
|  Arab Petroleum Investments Corp., 1.26%, 02/10/26<sup>(c)</sup> | 1000 | 885220 |
|  Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/11/24 | 1158 | 1082533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/03/25 | 2297 | 2043710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/04/26 | 2005 | 1761633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/08/24 | 207 | 191926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/29/25 | 3082 | 2798887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/26 | 4780 | 4246265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/18/24 | 2045 | 1927044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27 | 2215 | 1968493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/24 | 100 | 96048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/14/26 | 5 | 4521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25 | 336 | 317984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/24/26 | 550 | 505544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/19/25 | 2 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/10/27 | 5 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/30/24 | 2123 | 2070817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/12/27 | 40 | 37282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/06/25 | 12 | 11524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/20/27 | 40 | 37810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/27/24 | 12 | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/27 | 45 | 47926 |
|  Asian Infrastructure Investment Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/30/24 | 1677 | 1544131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/28/25 | 1591 | 1429402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/27/26 | 447 | 390294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/29/25 | 62 | 59882 |
|  Central American Bank for Economic Integration, 2.00%, 05/06/25<sup>(b)</sup> | 665 | 614766 |
|  Corp. Andina de Fomento, 1.25%, 10/26/24 | 2 | 1847 |
|  Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/10/24 | 252 | 235635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/22/26 | 581 | 505981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/27/25 | 170 | 158180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/27/24 | 412 | 400880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/16/25 | 12 | 11538 |
|  European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/19/25 | 1927 | 1740967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/25 | 57 | 50432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/28/26 | 272 | 238949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/13/25 | 1057 | 987693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/27/24 | 2943 | 2784461 |
|  European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/15/25 | 1667 | 1468294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/26/26 | 2372 | 2066795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/25/25 | 2202 | 1983628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/26 | 1915 | 1658256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/27 | 45 | 39736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/14/25 | 2299 | 2151036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/10/25 | 1894 | 1786516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/13/26 | 5 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/24/24 | 1783 | 1717582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/27 | 25 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24<sup>(d)</sup> | 2 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/24 | 2503 | 2437071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/23 | 854 | 839781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/29/24 | 2859 | 2811026 |
|  European Stability Mechanism, 1.38%, 09/11/24<sup>(b)(d)</sup> | 940 | 885847 |

---

S C H E D U L E O F I N V E S T M E N T S 65

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Supranational (continued)** |  |  |
|  Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/23/24 | $207 | $191705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25 | 2419 | 2178914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/16/27 | 60 | 50147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/03/25 | 2970 | 2720579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/26 | 3500 | 3092530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/14/25 | 2197 | 2059358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/02/26 | 646 | 592078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/26 | 200 | 182814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/25 | 1493 | 1417469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/07/27 | 25 | 22876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/16/24 | 1579 | 1542178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/21/24 | 2121 | 2077095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/24 | 42 | 41071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 | 7 | 7393 |
|  Inter-American Investment Corp., 1.75%, 10/02/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087371 |
|  International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/28/25 | 8623 | 7704909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/28/25 | 2950 | 2620485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25 | 4940 | 4491695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/11/25 | 2156 | 1974702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 02/10/27 (Call 11/10/22) | 10 | 8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/15/26 | 5 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/28/24 | 984 | 931179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/25 | 1561 | 1466388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/27/26 | 323 | 291927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/03/25 | 257 | 243546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/19/24 | 2944 | 2861068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/25/24 | 1844 | 1769226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/29/25 | 2339 | 2216600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/20/25 | 667 | 640413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/27 | 125 | 118565 |
|  International Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/16/25 | 1638 | 1466288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/26 | 20 | 17327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/16/24 | 1241 | 1167098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/07/26 | 32 | 29576 |
|  ISDB Trust Services No. 2 SARL, 1.26%, 03/31/26<sup>(c)</sup> | 1475 | 1312794 |
|  Nordic Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/11/25 | 1170 | 1039814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/21/24 | 1035 | 998661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107894691 |
| **Sweden — 0.1%** |  |  |
|  Kommuninvest I Sverige AB, 0.38%, 02/16/24<sup>(b)</sup> | 600 | 567978 |
|  Svensk Exportkredit AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/30/24 | 200 | 185696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/26/25 | 1302 | 1158715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/07/24 | 200 | 184982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/14/25 | 1425 | 1288513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/12/23 | 405 | 392166 |
|  |  | 3778050 |
| **Thailand — 0.0%** |  |  |
|  Export Import Bank of Thailand, 1.46%, 10/15/25<sup>(c)</sup> | 200 | 177538 |
| **Trinidad and Tobago — 0.0%** |  |  |
|  Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/16/24<sup>(c)</sup> | 200 | 196520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/04/26<sup>(c)(d)</sup> | 400 | 387416 |
|  |  | 583936 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Tunisia — 0.0%** |  |  |
|  Tunisian Republic, 5.75%, 01/30/25<sup>(c)</sup> | $428 | $268686 |
| **Turkey — 0.3%** |  |  |
|  Hazine Mustesarligi Varlik Kiralama AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/25/24<sup>(c)</sup> | 400 | 369692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/22/26<sup>(c)</sup> | 1700 | 1504245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/24/27<sup>(c)</sup> | 1000 | 926630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76%, 11/13/25 | 800 | 808920 |
|  Istanbul Metropolitan Municipality, 6.38%, 12/09/25<sup>(c)</sup> | 400 | 327716 |
|  Turkey Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/13/25<sup>(d)</sup> | 800 | 724656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/14/26 | 1000 | 853120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/26/26<sup>(d)</sup> | 800 | 700520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/09/26 | 1400 | 1192450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/14/24 | 1000 | 955580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/22/24 | 1200 | 1180968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/25/27<sup>(d)</sup> | 1200 | 1045296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/10/24<sup>(d)</sup> | 900 | 879993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 1113588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/23/23 | 600 | 605370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/05/25 | 1544 | 1516810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.60%, 09/24/27 | 600 | 576378 |
|  Turkiye Ihracat Kredi Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/06/26<sup>(c)</sup> | 400 | 334884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/03/24<sup>(c)</sup> | 200 | 187960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/24/24<sup>(c)</sup> | 200 | 196306 |
|  Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26<sup>(c)</sup> | 200 | 167762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16168844 |
| **Ukraine — 0.0%** |  |  |
|  Ukraine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/25<sup>(c)(i)(j)</sup> | 804 | 168488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/26<sup>(c)(i)(j)</sup> | 700 | 115413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27<sup>(c)(i)(j)</sup> | 400 | 66450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99%, 02/01/26<sup>(c)(i)(j)</sup> | 600 | 110175 |
|  |  | 460526 |
| **United Arab Emirates — 0.1%** |  |  |
|  Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24<sup>(c)</sup> | 1400 | 1333892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/16/25<sup>(c)</sup> | 1400 | 1332870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/03/26<sup>(c)</sup> | 1200 | 1136700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/11/27<sup>(c)</sup> | 1400 | 1306788 |
|  RAK Capital, 3.09%, 03/31/25<sup>(c)</sup> | 500 | 477085 |
|  Sharjah Sukuk Ltd., 3.76%, 09/17/24<sup>(c)</sup> | 200 | 191080 |
|  Sharjah Sukuk Program Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/10/27<sup>(c)</sup> | 200 | 171012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/03/26<sup>(c)</sup> | 800 | 726120 |
|  |  | 6675547 |
| **Uruguay — 0.0%** |  |  |
|  Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | 100 | 99023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/14/24 | 320 | 319325 |
|  |  | 418348 |
| **Vietnam — 0.0%** |  |  |
|  Vietnam Government International Bond, 4.80%, 11/19/24<sup>(c)</sup> | 454 | 437134 |

---

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Zambia — 0.0%** |  |  |  |
|  Zambia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/14/24<sup>(c)(i)(j)</sup> | $| 400 | $160012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.97%, 07/30/27<sup>(c)(i)(j)</sup> |  | 600 | 238032 |
|  |  |  | 398044 |
|  **Total Foreign Government Obligations — 6.0%<br>(Cost: $333,429,500)** | **Total Foreign Government Obligations — 6.0%<br>(Cost: $333,429,500)** | **Total Foreign Government Obligations — 6.0%<br>(Cost: $333,429,500)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301834100 |
|  **Municipal Debt Obligations** |  |  |  |
| **California — 0.0%** |  |  |  |
|  California Earthquake Authority, 5.60%, 07/01/27 |  | 200 | 198374 |
|  University of California RB, Series BG, 0.88%, 05/15/25 (Call 04/15/25) |  | 70 | 62935 |
|  |  |  | 261309 |
| **Florida — 0.0%** |  |  |  |
|  State Board of Administration Finance Corp. RB, 1.26%, 07/01/25 |  | 650 | 583151 |
| **New York — 0.0%** |  |  |  |
|  Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23 |  | 500 | 487316 |
|  **Total Municipal Debt Obligations — 0.0%<br>(Cost: $1,423,444)** | **Total Municipal Debt Obligations — 0.0%<br>(Cost: $1,423,444)** | **Total Municipal Debt Obligations — 0.0%<br>(Cost: $1,423,444)** | 1331776 |
|  **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |  |
| **Mortgage-Backed Securities — 7.7%** |  |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/04/23 |  | 2470 | 2353737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 02/01/45, (12 mo. LIBOR US + 1.622%)<sup>(a)</sup> |  | 10 | 9805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/30 |  | 319 | 299209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/31 |  | 285 | 264497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 |  | 649 | 601963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 |  | 357 | 331199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 |  | 429 | 397729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 |  | 1136 | 1048936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/19/23 |  | 4195 | 4141346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11073899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 |  | 287 | 269302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 |  | 26 | 25139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 |  | 221 | 208378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 |  | 320 | 300113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/31 |  | 114 | 107122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 |  | 77 | 72811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 |  | 64 | 60733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 |  | 52 | 49031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/33 |  | 119 | 113112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/34 |  | 548 | 522419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 |  | 111 | 107378 |
|  Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/10/23 |  | 15000 | 14537550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/17/25 |  | 13000 | 11714690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/24 |  | 6850 | 6539489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/23 |  | 2610 | 2598438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 04/01/44, (12 mo. LIBOR US + 1.590%)<sup>(a)</sup> |  | 41 | 40303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/05/24 |  | 705 | 686501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/24 |  | 2550 | 2460189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/44, (12 mo. LIBOR US + 1.576%)<sup>(a)</sup> |  | 9 | 9373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M13, Class A2, 3.02%, 08/25/24<sup>(a)</sup> |  | 51 | 49421 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M3, Class A2, 2.70%, 02/25/26 | $6283 | $5877549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M25, Class A1, 2.14%, 11/25/29 | 361 | 348222 |
|  Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K027, Class A2, 2.64%, 01/25/23 (Call 01/25/23) | 1399 | 1393461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K036, Class A2, 3.53%, 10/25/23 (Call 11/25/23)<sup>(a)</sup> | 500 | 494202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24) | 5000 | 4924227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K042, Class A2, 2.67%, 12/25/24 (Call 12/25/24) | 5000 | 4776257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)<sup>(a)</sup> | 1347 | 1293608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25) | 1129 | 1075627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25) | 1622 | 1553146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26) | 1000 | 946177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27) | 3021 | 2896932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34) | 460 | 399843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34) | 450 | 373918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K722, Class A2, 2.41%, 03/25/23 (Call 05/25/23) | 1048 | 1041622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K724, Class A2, 3.06%, 11/25/23 (Call 12/25/23)<sup>(a)</sup> | 1393 | 1372269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24) | 336 | 335841 |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/36 | 2524 | 2150407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/36 | 2506 | 2135628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/36 | 2124 | 1811263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37<sup>(m)</sup> | 17785 | 15149108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 | 4012 | 3417234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 | 22959 | 19543713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/37 | 3477 | 2959361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/37 | 1740 | 1481933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/37<sup>(n)</sup> | 766 | 651402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/35 | 10832 | 9526749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/35 | 3643 | 3203883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 | 6940 | 6102963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/36 | 22052 | 19390616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/36 | 7658 | 6727575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/36 | 13086 | 11480176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 | 13438 | 11796911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/36 | 1088 | 954729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/36<sup>(m)</sup> | 13926 | 12217443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/36 | 7841 | 6878353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/36 | 832 | 729818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/36 | 1822 | 1598119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/36 | 12536 | 11002228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/36 | 11400 | 10004568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/37 | 19710 | 17296935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/37 | 5117 | 4489063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/37 | 1801 | 1578626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/37 | 2288 | 2005786 |

---

S C H E D U L E O F I N V E S T M E N T S 67

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/28 | $411 | $390390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 | 100 | 95705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/30 | 52 | 48938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/30 | 66 | 61405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/30 | 189 | 175988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/30 | 32 | 29726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/31 | 27 | 25026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/31 | 544 | 504408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/31 | 793 | 734751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 | 575 | 533474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 | 2878 | 2689278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 | 895 | 829955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/32 | 4018 | 3724317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 | 735 | 681247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/32 | 687 | 637194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/32 | 4941 | 4580760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/32 | 5565 | 5159360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/32 | 105 | 97284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 | 844 | 782593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/35 | 7203 | 6534092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/35 | 15108 | 13703627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/36 | 1624 | 1467114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9551466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/36 | 524 | 473842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/36 | 640 | 578602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/36 | 3210 | 2900558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/37 | 9293 | 8384116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/37 | 2795 | 2520684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/37 | 551 | 496835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/27 | 33 | 31687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/28 | 153 | 147078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/28 | 159 | 153621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/30 | 5096 | 4904866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/30 | 71 | 67003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 | 47 | 43883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/30 | 167 | 156245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/30 | 258 | 242009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/30 | 139 | 130008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/30 | 28 | 26669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 | 113 | 105531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/31 | 1608 | 1506952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 | 821 | 769806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/31 | 176 | 164446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/31 | 84 | 77701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 | 507 | 474625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/31 | 550 | 515546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/31 | 163 | 152681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/31 | 30 | 28183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/32 | 549 | 514419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/32 | 1796 | 1683449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 | 159 | 149156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/32 | 521 | 488615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/32 | 322 | 301778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/32 | 529 | 495376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/32 | 861 | 806544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/33 | 593 | 555928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/33 | 614 | 572911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/34 | 276 | 255938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 | 4143 | 3845893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/34 | 440 | 408745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/34 | $| 3620 | $| 3360603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/35 |  | 555 |  | 514481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/37 |  | 947 |  | 871727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/37<sup>(n)</sup> |  | 653 |  | 600460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/27 |  | 6 |  | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 |  | 13 |  | 12196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/30 |  | 139 |  | 132101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 |  | 61 |  | 58778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/30 |  | 7 |  | 6574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/31 |  | 84 |  | 79909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 |  | 145 |  | 138090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/32 |  | 78 |  | 74188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 |  | 123 |  | 117359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/32 |  | 150 |  | 143369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/32 |  | 41 |  | 38927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/32 |  | 38 |  | 36182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 |  | 252 |  | 240175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/32 |  | 38 |  | 35354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/32 |  | 27 |  | 25116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/33 |  | 407 |  | 388268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/33 |  | 530 |  | 498068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/33 |  | 320 |  | 304560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/33 |  | 570 |  | 543038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/34 |  | 4287 |  | 4085848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/34 |  | 873 |  | 852800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/34 |  | 561 |  | 533405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/35 |  | 439 |  | 417644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/37<sup>(n)</sup> |  | 3174 |  | 2982072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 |  | 60 |  | 58302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/32 |  | 202 |  | 195459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 |  | 245 |  | 236752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/33 |  | 117 |  | 113346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/33 |  | 76 |  | 73268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/33 |  | 552 |  | 535212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/37<sup>(n)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/37<sup>(n)</sup> |  | 112 |  | 108859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37<sup>(n)</sup> |  | 178 |  | 176874 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388089703 |
| **U.S. Government Agency Obligations — 0.3%** | **U.S. Government Agency Obligations — 0.3%** | **U.S. Government Agency Obligations — 0.3%** | **U.S. Government Agency Obligations — 0.3%** | **U.S. Government Agency Obligations — 0.3%** |
|  Federal Farm Credit Banks Funding Corp., 1.85%, 07/26/24 |  | 35 |  | 33339 |
|  Federal Home Loan Banks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/24 |  | 260 |  | 246246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/09/23 |  | 300 |  | 295278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/09/22 |  | 3724 |  | 3718749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/08/23 |  | 1105 |  | 1091143 |
|  Federal Home Loan Mortgage Corp., 0.25%, 08/24/23 |  | 10000 |  | 9639800 |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25 |  | 200 |  | 181516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/12/23 |  | 800 |  | 787152 |
|  |  |  |  | 15993223 |
| **U.S. Government Obligations — 46.8%** |  |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/23 |  | 21800 |  | 20732141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24 |  | 19100 |  | 18085312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/24 |  | 30000 |  | 28313672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 |  | 4250 |  | 4061572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24 |  | 10000 |  | 9417969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24 |  | 4000 |  | 3740000 |

---

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24 | $20000 | $18639063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25 | 20000 | 17962500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25 | 16460 | 14696980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25 | 6000 | 5336250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25 | 22400 | 19887000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25 | 5700 | 5037820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24 | 21500 | 20210000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24 | 15400 | 14340047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24 | 25500 | 23661211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24 | 56800 | 52584375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25 | 13100 | 11863687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/25 | 22200 | 19584562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/26 | 3050 | 2679711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | 17100 | 14178305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/25 | 16800 | 15312938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 | 38000 | 33425156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 | 18000 | 15235312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | 14000 | 11813594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27 | 9570 | 8053753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 | 6200 | 5189594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27 | 23100 | 19212703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/15/24 | 32900 | 30531457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 29850 | 26006812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/31/23 | 28200 | 26951930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24 | 56920 | 52762172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26 | 20000 | 17700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26 | 21620 | 19079650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | 54100 | 47616453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | 47500 | 41477149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/24 | 15620 | 14899405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | 48800 | 43039313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180740523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24 | 54200 | 50414469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25 | 29400 | 27330516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25 | 18000 | 16675312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 22800 | 20119219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27 | 5400 | 4727531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/31/24 | 3200 | 3013625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26 | 62780 | 55579919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26 | 16950 | 14976914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/31/25 | 9000 | 8411484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26 | 5000 | 4475391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/24 | 10600 | 10173930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/24 | 11500 | 10866602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/24 | 15000 | 14141602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24 | 19230 | 18083712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25 | 47300 | 44225500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26 | 43700 | 39323172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27 | 35700 | 31817625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 25000 | 22869141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26 | 9410 | 8563100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/26 | 30000 | 27016406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/24 | 6500 | 6202422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/24 | 15000 | 14173828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25 | 23900 | 22452930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/31/24 | 17260 | 16441499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27 | 24000 | 21716250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24 | 10000 | 9615625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24 | 4390 | 4213543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/24 | 14000 | 13411016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 | $22500 | $21285352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25 | 11600 | 10856875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 35000 | 31956641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/23 | 700 | 681406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/24 | 22650 | 21912106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/24 | 23000 | 22210273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24 | 13900 | 13321195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24 | 10800 | 10325812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/24 | 7800 | 7427672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25 | 9000 | 8492344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/23 | 18350 | 17853260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/31/24 | 21000 | 20388047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/24 | 22000 | 21275547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24 | 17600 | 16988813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/31/24 | 7200 | 6891469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24 | 19600 | 18744031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/24 | 4000 | 3815000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25 | 10000 | 9381250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/26 | 4000 | 3729688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 | 32100 | 29494383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 20350 | 18567785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24 | 9000 | 8738437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 23400 | 22500562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | 33450 | 30797520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/24 | 26500 | 25802305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24 | 5000 | 4845312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/24 | 20700 | 20036953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24 | 2000 | 1935156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/25 | 9300 | 8901844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26 | 4000 | 3763438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28764610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/23 | 2000 | 1955391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/25 | 5250 | 5033437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/25 | 7000 | 6701953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/31/26 | 13000 | 12296172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24 | 30650 | 29910090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/25 | 12450 | 11977289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 | 22390 | 21475159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25 | 8000 | 7665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25 | 10000 | 9549219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 | 32800 | 30739750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27 | 18440 | 17239959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/23 | 9900 | 9715535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25 | 11100 | 10683750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25 | 7000 | 6726016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25 | 26000 | 24994531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 6000 | 5757187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25 | 4900 | 4682945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24 | 32000 | 31165000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 | 7600 | 7397531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25 | 18000 | 17337656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25 | 8000 | 7678750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 17300 | 16708016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 | 25000 | 23796875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/27 | 25000 | 23923828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25 | 18200 | 17745000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/27<sup>(d)</sup> | 30000 | 29835937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/25 | 30000 | 29850000 |

---

S C H E D U L E O F I N V E S T M E N T S 69

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/24 | 500 | $527930 |
|  |  | 2369847366 |
|  **Total U.S. Government & Agency Obligations — 54.8%<br>(Cost: $2,993,242,430)** | **Total U.S. Government & Agency Obligations — 54.8%<br>(Cost: $2,993,242,430)** | 2773930292 |
|  **Common Stocks** | **Common Stocks** |  |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HoldCo.<sup>(h)</sup> | 16 |  |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy Inc. | 0 <sup>(o)</sup> | 5401 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quincy Health LLC<sup>(h)(i)</sup> | 1 | 1408 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Energy LLC<sup>(h)</sup> | 0 <sup>(o)</sup> |  |
|  **Total Common Stocks — 0.0%<br>(Cost $249,425)** | **Total Common Stocks — 0.0%<br>(Cost $249,425)** | 6809 |
|  **Preferred Stocks** | **Preferred Stocks** |  |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HoldCo. Preference Shares<sup>(h)</sup> | 0 <sup>(o)</sup> |  |
|  **Total Preferred Stocks — 0.0%<br>(Cost $98)** | **Total Preferred Stocks — 0.0%<br>(Cost $98)** |  |
|  **Warrants** |  |  |
| **Advertising — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinion Group Inc. (Expires 11/20/22) | 0 <sup>(o)</sup> |  |
|  **Total Warrants — 0.0%<br>(Cost $0)** |  |  |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $5,424,401,172)** | **Total Long-Term Investments — 98.6%<br>(Cost: $5,424,401,172)** | 4988024689 |
|  **Short-Term Securities** | **Short-Term Securities** |  |
| **Money Market Funds — 2.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(p)(q)</sup> | 53211 | 53200266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
| **Money Market Funds (continued)** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(p)(q)(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88715 | $88715321 |
|  **Total Short-Term Securities — 2.8%<br>(Cost: $141,927,016)** |  | 141915587 |
|  **Total Investments — 101.4%<br>(Cost: $5,566,328,188)** |  | 5129940276 |
|  **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (69206406) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;5060733870 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

<sup>(c)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

<sup>(h)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(i)</sup> Non-income producing security.

<sup>(j)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(k)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(l)</sup> Zero-coupon bond.

<sup>(m)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

<sup>(n)</sup> Represents or includes a TBA transaction.

<sup>(o)</sup> Rounds to less than 1,000.

<sup>(p)</sup> Affiliate of the Fund.

<sup>(q)</sup> Annualized 7-day yield as of period end.

<sup>(r)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $209694244 | $— | $(156379716)<sup>(a)</sup> | $(62083) | $(52179) | $53200266 | 53211 | $668522 | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 436729815 |  | (348014494)<sup>(a)</sup> |  |  | 88715321 | 88715 | 498827 <sup>(b)</sup> |  |
|  |  |  |  | $(62083) | $(52179) | $141915587 |  | $1167349 | $— |

---

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core 1-5 Year USD Bond ETF** |

---

**Affiliates (continued)** 

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $38921589 | $— | $38921589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collaterized Mortgage Obligations |  | 65817274 |  | 65817274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 1806182849 |  | 1806182849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 301834100 |  | 301834100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1331776 |  | 1331776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations |  | 2773930292 |  | 2773930292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 5401 |  | 1408 | 6809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 141915587 |  |  | 141915587 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141920988 | $4988017880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | $5129940276 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 71

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |  |
| **Australia — 0.4%** |  |  |  |
|  AGI Finance Pty Ltd., 2.12%, 06/24/27 (Call 03/24/27) | AUD | 200 | $109050 |
|  APA Infrastructure Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/22/27<sup>(a)</sup> | EUR | 300 | 266522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/30<sup>(a)</sup> | GBP | 300 | 283196 |
|  APT Pipelines Ltd., 0.75%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | EUR | 100 | 77385 |
|  Aurizon Finance Pty Ltd., 3.00%, 03/09/28 (Call 12/09/27) | AUD | 100 | 52524 |
|  Aurizon Network Pty Ltd., 2.00%, 09/18/24<sup>(a)</sup> | EUR | 200 | 189663 |
|  Ausgrid Finance Pty Ltd., 3.75%, 10/30/24 (Call 08/01/24)<sup>(a)</sup> | AUD | 200 | 124957 |
|  AusNet Services Holdings Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/25/30<sup>(a)</sup> | EUR | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/31/29 | AUD | 300 | 151530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/24<sup>(a)</sup> | EUR | 200 | 196185 |
|  Australia & New Zealand Banking Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/29/22 | EUR | 300 | 296247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 11/22/23<sup>(a)</sup> | EUR | 200 | 193236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%, 05/05/31 (Call 05/05/26)<sup>(a)(b)</sup> | EUR | 200 | 165888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/29/26<sup>(a)</sup> | EUR | 700 | 625012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/08/24<sup>(a)</sup> | AUD | 300 | 188556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 08/12/32 (Call 08/12/27)<sup>(b)</sup> | AUD | 500 | 309610 |
|  Australia Pacific Airports Melbourne Pty Ltd., 3.76%, 11/25/31 (Call 08/25/31) | AUD | 300 | 154631 |
|  BHP Billiton Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11, 3.25%, 09/25/24<sup>(a)</sup> | GBP | 150 | 167365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 4.30%, 09/25/42 | GBP | 200 | 195422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 17, 1.50%, 04/29/30 (Call 01/29/30)<sup>(a)</sup> | EUR | 345 | 282358 |
|  Brisbane Airport Corp. Pty Ltd., 4.50%, 12/30/30 (Call 10/01/30) | AUD | 300 | 168066 |
|  Charter Hall Ltd., 2.09%, 03/03/28 (Call 12/03/27)<sup>(a)</sup> | AUD | 100 | 51281 |
|  Commonwealth Bank Australia, 4.95%, 04/14/32 (Call 04/14/27)<sup>(b)</sup> | AUD | 600 | 359212 |
|  Commonwealth Bank of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/27/26<sup>(a)</sup> | EUR | 100 | 89925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/19/29<sup>(a)</sup> | EUR | 400 | 343199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/18/28<sup>(a)</sup> | EUR | 100 | 87875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 10/03/29 (Call 10/03/24)<sup>(a)(b)</sup> | EUR | 100 | 92792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/11/24<sup>(a)</sup> | AUD | 200 | 125753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/04/26<sup>(a)</sup> | GBP | 100 | 107937 |
|  Computershare U.S. Inc., 1.13%, 10/07/31 (Call 07/07/31)<sup>(a)</sup> | EUR | 100 | 72141 |
|  Lendlease Finance Ltd., 3.70%, 03/31/31 (Call 12/31/30)<sup>(a)</sup> | AUD | 100 | 49666 |
|  Lonsdale Finance Pty Ltd., 2.45%, 11/20/26 (Call 08/20/26)<sup>(a)</sup> | AUD | 200 | 113338 |
|  Macquarie Bank Ltd., 1.75%, 08/07/24<sup>(a)</sup> | AUD | 400 | 242532 |
|  Macquarie Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 03/03/28<sup>(a)</sup> | EUR | 300 | 235686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/03/27<sup>(a)</sup> | EUR | 100 | 84073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 05/21/31<sup>(a)</sup> | EUR | 300 | 213930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/01/31<sup>(a)</sup> | GBP | 300 | 247870 |
|  National Australia Bank Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/06/29 | EUR | 300 | 243889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/20/24<sup>(a)</sup> | EUR | 340 | 320828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 10/31/25<sup>(a)</sup> | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 142139 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Australia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/30/23<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | $446553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/30/26<sup>(a)</sup> | EUR | 200 | 183801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/16/22<sup>(a)</sup> | EUR | 200 | 197603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/20/31<sup>(a)</sup> | EUR | 236 | 189907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/31 (Call 09/15/26)<sup>(a)(b)</sup> | GBP | 200 | 185834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/06/25<sup>(a)</sup> | EUR | 200 | 193926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 08/30/29<sup>(a)</sup> | EUR | 200 | 186789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/24<sup>(a)</sup> | AUD | 200 | 125319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/25/27 | AUD | 500 | 293011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32%, 08/03/32 (Call 08/03/27)<sup>(b)</sup> | AUD | 300 | 189375 |
|  NSW Electricity Networks Finance Pty Ltd., 2.54%, 09/23/30 (Call 06/25/30)<sup>(a)</sup> | AUD | 150 | 72400 |
|  Optus Finance Pty Ltd., 1.00%, 06/20/29 (Call 03/20/29)<sup>(a)</sup> | EUR | 400 | 324019 |
|  Origin Energy Finance Ltd., 1.00%, 09/17/29 (Call 06/17/29)<sup>(a)</sup> | EUR | 130 | 95806 |
|  Pacific National Finance Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/08/31 (Call 06/10/31)<sup>(a)</sup> | AUD | 150 | 74857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/19/25 | AUD | 50 | 31557 |
|  Qantas Airways Ltd., 2.95%, 11/27/29 (Call 08/27/29)<sup>(a)</sup> | AUD | 250 | 123448 |
|  Scentre Group Trust 1/Scentre Group Trust 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/22/23 (Call 12/22/22)<sup>(a)</sup> | EUR | 150 | 147001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/28/29 (Call 12/28/28)<sup>(a)</sup> | EUR | 100 | 78038 |
|  Telstra Corp. Ltd., 1.38%, 03/26/29 (Call 12/26/28)<sup>(a)</sup> | EUR | 300 | 260809 |
|  Toyota Finance Australia Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/09/24<sup>(a)</sup> | EUR | 200 | 190465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%, 01/13/28<sup>(a)</sup> | EUR | 400 | 335602 |
|  Transurban Finance Co. Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/28/25 (Call 05/28/25)<sup>(a)</sup> | EUR | 100 | 93957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/08/30 (Call 01/08/30)<sup>(a)</sup> | EUR | 200 | 175980 |
|  WestConnex Finance Co. Pty Ltd., 3.15%, 03/31/31 (Call 12/31/30)<sup>(a)</sup> | AUD | 150 | 74437 |
|  Westfield America Management Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/30/25 (Call 01/30/25)<sup>(a)</sup> | GBP | 200 | 201055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/30/29 (Call 12/30/28)<sup>(a)</sup> | GBP | 100 | 84915 |
|  Westpac Banking Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/05/23<sup>(a)</sup> | EUR | 200 | 196527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/02/26<sup>(a)</sup> | EUR | 300 | 271049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/22/36<sup>(a)</sup> | EUR | 300 | 196640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/17/24<sup>(a)</sup> | EUR | 200 | 190744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/16/25<sup>(a)</sup> | EUR | 200 | 187402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 05/13/31 (Call 05/13/26)<sup>(a)(b)</sup> | EUR | 150 | 125181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/05/27<sup>(a)</sup> | EUR | 320 | 282500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/17/32<sup>(a)</sup> | EUR | 300 | 249706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/25/27 | AUD | 200 | 114798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/23 | AUD | 100 | 63197 |
|  Woolworths Group Ltd., 2.80%, 05/20/30<sup>(a)</sup> | AUD | 300 | 154523 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14234169 |
| **Austria — 0.3%** |  |  |  |
|  Autobahnen- und Schnellstrassen-Finanzierungs-AG, 0.25%, 10/18/24<sup>(a)</sup> | EUR | 400 | 376911 |
|  BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/23/30<sup>(a)</sup> | EUR | 100 | 77567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 05/12/31<sup>(a)</sup> | EUR | 200 | 153218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/19/34<sup>(a)</sup> | EUR | 200 | 147526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/31/28<sup>(a)</sup> | EUR | 300 | 266928 |

---

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Austria (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/08/30<sup>(a)</sup> | EUR | 200 | $180364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/25/32<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 266226 |
|  Erste Group Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/11/29<sup>(a)</sup> | EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/27/31<sup>(a)</sup> | EUR | 400 | 285106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/12/37<sup>(a)</sup> | EUR | 200 | 134855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/17/26<sup>(a)</sup> | EUR | 200 | 182700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/13/27<sup>(a)</sup> | EUR | 400 | 345366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/10/30 (Call 06/10/25)<sup>(a)(b)</sup> | EUR | 200 | 169843 |
|  HYPO NOE Landesbank fuer Niederoesterreich und Wien AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/04/23<sup>(a)</sup> | EUR | 200 | 196278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/14/25<sup>(a)</sup> | EUR | 300 | 280035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/29 | EUR | 300 | 271372 |
|  Hypo Vorarlberg Bank AG, 0.63%, 07/17/26<sup>(a)</sup> | EUR | 300 | 272072 |
|  JAB Holdings BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/20/27<sup>(a)</sup> | EUR | 200 | 164826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/25/23<sup>(a)</sup> | EUR | 300 | 294471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/25/26<sup>(a)</sup> | EUR | 300 | 270533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/19/39<sup>(a)</sup> | EUR | 100 | 59335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, 2.50%, 06/25/29<sup>(a)</sup> | EUR | 200 | 168133 |
|  OeBB-Infrastruktur AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/18/24<sup>(a)</sup> | EUR | 750 | 715305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/04/23<sup>(a)</sup> | EUR | 200 | 197587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/24/33 | EUR | 250 | 245353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/18/32<sup>(a)</sup> | EUR | 50 | 50886 |
|  Oesterreichische Kontrollbank AG, 0.25%, 09/26/24<sup>(a)</sup> | EUR | 200 | 188661 |
|  OMV AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/04/28<sup>(a)</sup> | EUR | 200 | 180288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/09/28<sup>(a)</sup> | EUR | 530 | 487381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, <sup>(a)(b)(c)</sup> | EUR | 300 | 282351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, (Call 06/01/29)<sup>(a)(b)(c)</sup> | EUR | 100 | 78058 |
|  Raiffeisen Bank International AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 09/01/27<sup>(a)</sup> | EUR | 400 | 307634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/12/30 (Call 03/12/25)<sup>(a)(b)</sup> | EUR | 300 | 234698 |
|  Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen, 0.38%, 11/13/34 | EUR | 200 | 141745 |
|  Raiffeisenlandesbank Niederoesterreich-Wien AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/16/24<sup>(a)</sup> | EUR | 200 | 187939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/13/24<sup>(a)</sup> | EUR | 300 | 283249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/22/35<sup>(a)</sup> | EUR | 200 | 142440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/28/26 | EUR | 100 | 90492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/31/32<sup>(a)</sup> | EUR | 300 | 274731 |
|  Raiffeisen-Landesbank Steiermark AG, 1.38%, 05/11/33<sup>(a)</sup> | EUR | 100 | 82603 |
|  Telekom Finanzmanagement GmbH, 1.50%, 12/07/26 (Call 09/07/26)<sup>(a)</sup> | EUR | 200 | 184148 |
|  UniCredit Bank Austria AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/21/30<sup>(a)</sup> | EUR | 100 | 79848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/20/29<sup>(a)</sup> | EUR | 200 | 169945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/25/25<sup>(a)</sup> | EUR | 300 | 282309 |
|  UNIQA Insurance Group AG, 6.00%, 07/27/46 (Call 07/27/26)<sup>(a)(b)</sup> | EUR | 100 | 98331 |
|  Verbund AG, 1.50%, 11/20/24<sup>(a)</sup> | EUR | 200 | 192416 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/26/36 (Call 12/26/35)<sup>(a)</sup> | EUR | 100 | 62882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/42 (Call 06/15/32)<sup>(a)(b)</sup> | EUR | 100 | 85867 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Austria (continued)** |  |  |  |
|  Volksbank Wien AG, 0.13%, 11/19/29 | EUR | 200 | $160935 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10212519 |
| **Belgium — 0.2%** |  |  |  |
|  Ageas SA/NV, 1.88%, 11/24/51<br>(Call 05/24/31)<sup>(a)(b)</sup>  | EUR | 100 | 69846 |
|  Aliaxis Finance SA, 0.88%, 11/08/28<br>(Call 08/08/28)<sup>(a)</sup> | EUR | 200 | 141741 |
|  Anheuser-Busch InBev Finance Inc., Series MPLE, 4.32%, 05/15/47 (Call 11/15/46) | CAD | 100 | 59219 |
|  Anheuser-Busch InBev SA/NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/22/27 (Call 10/22/26)<sup>(a)</sup> | EUR | 600 | 542798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/18/30<sup>(a)</sup> | EUR | 340 | 290543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/02/27 (Call 09/02/27)<sup>(a)</sup> | EUR | 400 | 372313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/24/29<sup>(a)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 143492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/31/26<sup>(a)</sup> | EUR | 100 | 96482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/17/36<sup>(a)</sup> | EUR | 470 | 400319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/25/37<sup>(a)</sup> | GBP | 260 | 221628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/02/32 (Call 01/02/32)<sup>(a)</sup> | EUR | 350 | 320368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/02/40<sup>(a)</sup> | EUR | 250 | 228809 |
|  Argenta Spaarbank Covered, 0.75%, 03/03/29<sup>(a)</sup> | EUR | 400 | 342393 |
|  Argenta Spaarbank NV, 1.00%, 01/29/27<sup>(a)</sup> | EUR | 200 | 168228 |
|  Belfius Bank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/28/26<sup>(a)(d)</sup> | EUR | 500 | 432942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/14/26<sup>(a)</sup> | EUR | 200 | 177571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/24/23<sup>(a)</sup> | EUR | 200 | 193547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/13/26<sup>(a)</sup> | EUR | 200 | 175964 |
|  BNP Paribas Fortis SA, 0.63%, 10/04/25<sup>(a)</sup> | EUR | 100 | 92562 |
|  Elia Group SA/NV, 1.50%, 09/05/28 (Call 06/05/28)<sup>(a)</sup> | EUR | 200 | 175569 |
|  Elia Transmission Belgium SA, 0.88%, 04/28/30 (Call 01/28/30)<sup>(a)</sup> | EUR | 200 | 158913 |
|  Euroclear Bank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/07/25<sup>(a)</sup> | EUR | 200 | 182047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/10/23<sup>(a)</sup> | EUR | 185 | 180162 |
|  Euroclear Investments SA, 1.50%, 04/11/30<sup>(a)</sup> | EUR | 200 | 165955 |
|  Flemish Community (The), 0.38%, 10/13/26<sup>(a)</sup> | EUR | 100 | 91056 |
|  FLUVIUS System Operator CVBA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/04/26<sup>(a)</sup> | EUR | 400 | 367131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/29<sup>(a)</sup> | EUR | 200 | 187615 |
|  Groupe Bruxelles Lambert SA, 1.88%, 06/19/25 (Call 03/19/25)<sup>(a)</sup> | EUR | 200 | 189497 |
|  ING Belgium SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 02/20/30<sup>(a)</sup> | EUR | 200 | 158420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/28/26<sup>(a)</sup> | EUR | 400 | 363881 |
|  KBC Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/16/27 (Call 06/16/26)<sup>(a)(b)</sup> | EUR | 400 | 346200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/07/31 (Call 09/07/26)<sup>(a)(b)</sup> | EUR | 300 | 240551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/18/23<sup>(a)</sup> | EUR | 400 | 385959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/21/28 (Call 01/21/27)<sup>(a)(b)</sup> | EUR | 400 | 338725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/24/30<sup>(a)</sup> | EUR | 100 | 76456 |
|  Solvay SA, 2.75%, 12/02/27 (Call 09/02/27)<sup>(a)</sup> | EUR | 200 | 184787 |
|  VGP NV, 2.25%, 01/17/30 (Call 10/17/29)<sup>(a)</sup> | EUR | 300 | 167636 |
|  |  |  | 8431325 |
| **Canada — 1.5%** |  |  |  |
|  407 International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 05/22/25 (Call 04/22/25)<sup>(e)</sup> | CAD | 200 | 136416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 05/04/27 (Call 02/04/27) | CAD | 200 | 134297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 03/07/50 (Call 09/07/49) | CAD | 400 | 196695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/08/44 (Call 03/08/44)<sup>(a)</sup> | CAD | 100 | 59052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 03/08/49 (Call 09/08/48) | CAD | 200 | 116471 |

---

S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 05/11/46 (Call 11/11/45) | CAD | 200 | $120816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/11/52 (Call 06/11/52) | CAD | 25 | 15171 |
|  Aeroports de Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 04/21/50 (Call 10/21/49) | CAD | 150 | 76866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.47%, 04/16/40 | CAD | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113848 |
|  AIMCo Realty Investors LP, Series 4, 2.71%, 06/01/29 (Call 03/01/29) | CAD | 200 | 128971 |
|  Alberta Powerline LP, 4.07%, 12/01/53 | CAD | 197 | 119417 |
|  Alectra Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/11/31 (Call 11/11/30) | CAD | 200 | 117537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.49%, 05/17/27 (Call 02/17/27) | CAD | 150 | 100884 |
|  Algonquin Power Co., 4.60%, 01/29/29 (Call 10/29/28) | CAD | 100 | 70791 |
|  Alimentation Couche-Tard Inc., 3.06%, 07/26/24 (Call 05/26/24) | CAD | 150 | 106309 |
|  Allied Properties Real Estate Investment Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/06/32 (Call 11/06/31) | CAD | 300 | 170764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/28 (Call 03/15/28) | CAD | 200 | 126797 |
|  AltaGas Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 06/10/25 (Call 05/10/25) | CAD | 200 | 135279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 03/16/27 (Call 01/16/27) | CAD | 400 | 256871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 10/04/27 (Call 07/04/27) | CAD | 150 | 103183 |
|  AltaLink LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 11/06/23 | CAD | 200 | 144941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/03/46 (Call 06/03/46) | CAD | 50 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/30/42 | CAD | 200 | 127016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/30/45 (Call 12/30/44)<sup>(a)</sup> | CAD | 100 | 63808 |
|  Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 06/08/29<sup>(a)</sup> | EUR | 400 | 322944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/26/27<sup>(a)</sup> | EUR | 400 | 349765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/10/24<sup>(a)</sup> | EUR | 100 | 96032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/28/26 (Call 04/28/26) | CAD | 150 | 97280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 03/10/26 (Call 02/10/26) | CAD | 300 | 197531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/22/31 (Call 07/22/26)<sup>(b)</sup> | CAD | 300 | 191226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 06/17/30 (Call 06/17/25)<sup>(b)</sup> | CAD | 200 | 133578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 07/29/24 | CAD | 200 | 139907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/11/24 | CAD | 200 | 141143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/09/26 | CAD | 50 | 33815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/06/24 | CAD | 500 | 356146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/20/23 | CAD | 400 | 290046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 03/01/28 | CAD | 500 | 339659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/27 (Call 03/01/27) | CAD | 500 | 344746 |
|  Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 12/15/27<sup>(a)</sup> | EUR | 300 | 253101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 11/02/26 | CAD | 300 | 193838 |
|  Bank of Nova Scotia (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/14/27<sup>(a)</sup> | EUR | 300 | 261040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/14/29<sup>(a)</sup> | EUR | 300 | 238846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/11/24<sup>(a)</sup> | EUR | 150 | 143983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/10/23<sup>(a)</sup> | EUR | 150 | 147452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/23/23<sup>(a)</sup> | EUR | 300 | 290293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/24<sup>(a)</sup> | EUR | 351 | 331624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/01/27 | CAD | 200 | 122647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/03/25 | CAD | 200 | 137426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 06/28/24 | CAD | 350 | 246376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/01/23 | CAD | 200 | 144901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/03/29 (Call 07/03/24)<sup>(b)</sup> | CAD | 800 | 560320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/03/27<sup>(a)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 302611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/08/27 | CAD | 300 | 201006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 04/17/23 | CAD | 300 | 218433 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/02/28 | CAD | 400 | $270982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/03/32 (Call 05/03/27)<sup>(b)</sup> | CAD | 400 | 270277 |
|  BCI QuadReal Realty |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%, 02/04/26 (Call 01/04/26) | CAD | 100 | 64767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/24/30 (Call 04/24/30) | CAD | 200 | 116770 |
|  bcIMC Realty Corp., 3.00%, 03/31/27 (Call 12/31/26) | CAD | 100 | 67945 |
|  Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/31 (Call 12/17/30) | CAD | 100 | 61794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/17/51 (Call 09/17/50) | CAD | 200 | 110496 |
|  Bell Canada Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/14/30 (Call 02/14/30) | CAD | 200 | 121402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/29/25 (Call 12/29/24) | CAD | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/10/29 (Call 06/10/29) | CAD | 200 | 127299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/50 (Call 03/30/50) | CAD | 200 | 99698 |
|  Bell Telephone Co of Canada or Bell Canada (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/27/24 (Call 12/27/23) | CAD | 200 | 142241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/02/26 (Call 12/02/25) | CAD | 100 | 69740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/29/27 (Call 06/29/27) | CAD | 200 | 136886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/21/28 (Call 05/21/28) | CAD | 100 | 68303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/18/45 (Call 06/18/45)<sup>(a)</sup> | CAD | 200 | 119383 |
|  Bell Telephone Co. of Canada or Bell Canada, 3.35%, 03/12/25 (Call 01/12/25) | CAD | 50 | 35226 |
|  British Columbia Ferry Services Inc., Series 19-1, 2.79%, 10/15/49 (Call 04/15/49) | CAD | 100 | 49406 |
|  Brookfield Asset Management Inc., 4.82%, 01/28/26 (Call 10/28/25) | CAD | 200 | 144299 |
|  Brookfield Infrastructure Finance ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 10/09/29 (Call 07/09/29) | CAD | 200 | 129629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 09/11/28 (Call 06/11/28) | CAD | 100 | 69060 |
|  Brookfield Renewable Partners ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 08/13/50 (Call 02/13/50) | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 99579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/02/25 (Call 03/02/25) | CAD | 200 | 141550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 10/15/28) | CAD | 200 | 139751 |
|  Bruce Power LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 06/23/26 (Call 03/23/26) | CAD | 200 | 141646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 06/21/29 (Call 03/21/29) | CAD | 100 | 68957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/21/33 (Call 03/21/33) | CAD | 100 | 66040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/21/49 (Call 12/21/48)<sup>(a)</sup> | CAD | 100 | 64561 |
|  Calgary Airport Authority (The), 3.55%, 10/07/53 (Call 04/07/53) | CAD | 200 | 112357 |
|  Canadian Imperial Bank of Commerce |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/30/29<sup>(a)</sup> | EUR | 200 | 161614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.04%, 07/09/27<sup>(a)</sup> | EUR | 200 | 171659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/03/24<sup>(a)</sup> | EUR | 300 | 282698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/10/26<sup>(a)</sup> | EUR | 400 | 362249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 04/21/31 (Call 04/21/26)<sup>(b)</sup> | CAD | 200 | 128637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/17/25 | CAD | 200 | 136016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 07/21/30 (Call 07/21/25)<sup>(a)(b)</sup> | CAD | 300 | 198989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/07/27 | CAD | 300 | 195591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 08/28/24 | CAD | 700 | 488970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/19/29 (Call 06/19/24)<sup>(b)</sup> | CAD | 200 | 140316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/11/23 | CAD | 200 | 144922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/26/25 | CAD | 200 | 141412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/07/32 (Call 04/07/27)<sup>(b)</sup> | CAD | 300 | 204846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/29/27 (Call 05/29/27) | CAD | 400 | 290248 |
|  Canadian National Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/08/50 (Call 08/08/49) | CAD | 200 | 102941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/31/28 (Call 04/30/28) | CAD | 500 | 340918 |

---

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
|  Canadian Natural Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/17/28 (Call 11/17/27) | CAD | 200 | $131744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/01/26 (Call 09/01/26) | CAD | 100 | 69808 |
|  Canadian Pacific Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/28/28 (Call 12/28/27) | CAD | 400 | &nbsp;&nbsp;&nbsp;&nbsp;260664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/50 (Call 09/09/49) | CAD | 100 | 49189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/13/29 (Call 12/13/28) | CAD | 100 | 65985 |
|  Canadian Tire Corp. Ltd., 3.17%, 07/06/23 (Call 06/06/23) | CAD | 200 | 144991 |
|  Canadian Western Bank, 2.60%, 09/06/24 (Call 08/06/24) | CAD | 400 | 279121 |
|  Capital Power Corp., 4.42%, 02/08/30 (Call 11/08/29) | CAD | 100 | 68479 |
|  Cenovus Energy Inc., 3.60%, 03/10/27 (Call 12/10/26) | CAD | 200 | 139556 |
|  Central 1 Credit Union, 1.32%, 01/29/26 | CAD | 200 | 128566 |
|  Choice Properties Real Estate Investment Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 06/11/29 (Call 03/11/29) | CAD | 400 | 259196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/24/32 (Call 03/24/32) | CAD | 200 | 147423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.55%, 01/10/25 (Call 11/10/24) | CAD | 300 | 210897 |
|  CI Financial Corp., 3.22%, 07/22/24 (Call 06/22/24) | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 70464 |
|  CPPIB Capital Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/20/24<sup>(a)</sup> | EUR | 750 | 713259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/04/33<sup>(a)</sup> | EUR | 500 | 417437 |
|  CU Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 09/07/49 (Call 03/07/49) | CAD | 200 | 100860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/05/51 (Call 03/05/51) | CAD | 200 | 104496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/22/47 (Call 05/22/47) | CAD | 200 | 113668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 07/27/45 (Call 01/27/45) | CAD | 25 | 15369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/02/44 (Call 03/02/44) | CAD | 300 | 188441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 10/24/41 | CAD | 200 | 135212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 09/09/43 (Call 03/09/43) | CAD | 100 | 68935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/21/35 | CAD | 100 | 73252 |
|  Daimler Trucks Finance Canada Inc., 2.46%, 12/15/26 | CAD | 200 | 129749 |
|  Enbridge Gas Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/30 (Call 01/01/30) | CAD | 400 | 259616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/51 (Call 03/15/51) | CAD | 200 | 103718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 11/29/47 (Call 05/29/47) | CAD | 200 | 112128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/22/44 (Call 02/22/44)<sup>(a)</sup> | CAD | 50 | 30802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/02/44 (Call 12/02/43) | CAD | 200 | 126793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/21/41 (Call 12/21/40) | CAD | 150 | 105307 |
|  Enbridge Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/03/29 (Call 07/03/29) | CAD | 400 | 252185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/19/24 (Call 08/19/24) | CAD | 400 | 285959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/21/51 (Call 03/21/51) | CAD | 300 | 160047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/27/42 | CAD | 100 | 57092 |
|  Enbridge Pipelines Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/29/25 (Call 06/29/25) | CAD | 150 | 105018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 02/22/29 (Call 11/22/28) | CAD | 400 | 267088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/12/51 (Call 11/12/50) | CAD | 100 | 55192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 02/22/49 (Call 08/22/48) | CAD | 100 | 56717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 04/06/40 | CAD | 50 | 33724 |
|  Energir LP, 3.04%, 02/09/32 (Call 11/09/31) | CAD | 200 | 127340 |
|  EPCOR Utilities Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 07/08/49 (Call 01/08/49) | CAD | 100 | 52131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/28/51 (Call 12/28/50) | CAD | 200 | 107464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/27/47 (Call 05/27/47) | CAD | 100 | 57037 |
|  Fairfax Financial Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/29/28 (Call 12/29/27)<sup>(a)</sup> | EUR | 100 | 86184 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/03/31 (Call 12/03/30) | CAD | 100 | $62253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 06/14/29 (Call 03/14/29) | CAD | 100 | 66158 |
|  Federation des Caisses Desjardins du Quebec |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/08/26<sup>(a)</sup> | EUR | 100 | 89242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 11/26/27<sup>(a)</sup> | EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;169781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/30/23<sup>(a)</sup> | EUR | 300 | 293377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 09/10/26 | CAD | 200 | 128629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 05/28/31 (Call 05/28/26)<sup>(b)</sup> | CAD | 150 | 96034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.42%, 10/04/24 | CAD | 300 | 209248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 05/26/30 (Call 05/26/25)<sup>(b)</sup> | CAD | 200 | 136234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 08/23/32 (Call 08/23/27)<sup>(b)</sup> | CAD | 100 | 70345 |
|  Finning International Inc., 2.63%, 08/14/26 (Call 06/14/26) | CAD | 200 | 133754 |
|  First Capital REIT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 4.79%, 08/30/24 | CAD | 200 | 142856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 3.46%, 01/22/27 (Call 11/22/26) | CAD | 100 | 65327 |
|  FortisAlberta Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/08/51 (Call 12/08/50) | CAD | 200 | 92553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/18/48 (Call 03/18/48) | CAD | 100 | 58805 |
|  FortisBC Energy Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 08/09/49 (Call 02/09/49) | CAD | 100 | 49476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 04/09/46 (Call 10/08/45) | CAD | 200 | 118303 |
|  Granite REIT Holdings LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 08/30/28 (Call 06/30/28) | CAD | 200 | 122137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 3.87%, 11/30/23 (Call 09/30/23) | CAD | 50 | 36077 |
|  Greater Toronto Airports Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/17/39 (Call 04/17/39) | CAD | 200 | 107889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 06/01/37 (Call 12/01/36) | CAD | 350 | 208677 |
|  Great-West Lifeco Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/18/23<sup>(a)</sup> | EUR | 100 | 98482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 07/08/50 (Call 01/08/50) | CAD | 200 | 96887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 02/28/28 (Call 11/28/27) | CAD | 200 | 135346 |
|  H&R Real Estate Investment Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 06/02/26 (Call 05/02/26) | CAD | 200 | 132255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 06/16/25 (Call 05/16/25) | CAD | 100 | 69942 |
|  Holding d'Infrastructures de Transport SASU, 1.63%, 09/18/29 (Call 06/18/29)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 239389 |
|  Honda Canada Finance Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/25/28 | CAD | 200 | 123076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/28/23 | CAD | 200 | 144568 |
|  HSBC Bank Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/14/26<sup>(a)</sup> | EUR | 400 | 352319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 01/31/23 | CAD | 200 | 146083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/23 | CAD | 300 | 216614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/24/25 | CAD | 500 | 352237 |
|  Hydro One Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 02/24/26 (Call 11/26/25) | CAD | 150 | 103839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 06/26/25 (Call 04/26/25) | CAD | 150 | 105421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 04/05/50 (Call 10/05/49) | CAD | 300 | 175173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/18/47 (Call 05/18/47) | CAD | 50 | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 02/23/46 (Call 08/23/45) | CAD | 200 | 122177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 10/09/43 (Call 04/09/43) | CAD | 200 | 136398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 03/03/39 | CAD | 300 | 240841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93%, 06/01/32 | CAD | 130 | 109231 |
|  Hydro One Ltd., 1.41%, 10/15/27 (Call 08/15/27) | CAD | 600 | 377432 |
|  iA Financial Corp. Inc., 2.40%, 02/21/30 (Call 02/21/25)<sup>(b)</sup> | CAD | 200 | 136284 |
|  IGM Financial Inc., 4.12%, 12/09/47 (Call 06/09/47) | CAD | 200 | 119021 |
|  Intact Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 05/18/28 (Call 03/18/28) | CAD | 100 | 63305 |

---

S C H E D U L E O F I N V E S T M E N T S 75

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/07/27 (Call 03/07/27)<sup>(a)</sup> | CAD | 200 | $133549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/16/50 (Call 06/16/50) | CAD | 100 | 47867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/20/53 | CAD | 100 | 55807 |
|  Inter Pipeline Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 03/24/25 (Call 12/24/24) | CAD | 200 | 139001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 12/16/26 (Call 09/16/26) | CAD | 100 | 67406 |
|  Inter Pipeline Ltd./AB, 5.09%, 11/27/51 (Call 05/27/51) | CAD | 150 | 86680 |
|  Keyera Corp., 3.93%, 06/21/28 (Call 03/21/28) | CAD | 200 | 135075 |
|  Laurentian Bank of Canada, 3.45%, 06/27/23 | CAD | 200 | 144992 |
|  Liberty Utilities Canada LP, 3.32%, 02/14/50 (Call 08/14/49) | CAD | 100 | 50552 |
|  Loblaw Companies Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 05/07/30 (Call 02/07/30) | CAD | 200 | 121056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 12/11/28 (Call 09/11/28) | CAD | 150 | 107101 |
|  Lower Mattagami Energy LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 05/14/31 (Call 02/14/31) | CAD | 300 | 186247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 06/20/24 | CAD | 300 | 215520 |
|  Magna International Inc., 1.90%, 11/24/23 (Call 08/24/23) | EUR | 300 | 292944 |
|  Manulife Bank of Canada, 1.54%, 09/14/26 | CAD | 300 | 192444 |
|  Manulife Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/13/35 (Call 05/13/30)<sup>(b)</sup> | CAD | 200 | 120765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/20/29 (Call 08/20/24)<sup>(b)</sup> | CAD | 200 | 140093 |
|  Metro Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 12/06/27 (Call 09/06/27) | CAD | 150 | 102300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/28/50 (Call 08/28/49) | CAD | 200 | 101877 |
|  Metro Inc./CN, 4.27%, 12/04/47 (Call 06/04/47) | CAD | 100 | 60139 |
|  National Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/29/23<sup>(a)(d)</sup> | EUR | 100 | 96580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/24<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 288346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 06/15/26 | CAD | 100 | 64753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 08/18/26 (Call 08/18/25)<sup>(b)</sup> | CAD | 200 | 132771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/12/24 | CAD | 300 | 210878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43%, 08/16/32 (Call 08/16/27)<sup>(b)</sup> | CAD | 400 | 286111 |
|  NAV Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 05/29/30 | CAD | 200 | 123780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 09/29/50 (Call 03/29/50) | CAD | 100 | 54737 |
|  Nissan Canada Inc., 2.10%, 09/22/25 | CAD | 200 | 130359 |
|  North West Redwater Partnership/NWR Financing Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | CAD | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/51 (Call 12/01/50)<sup>(a)</sup> | CAD | 200 | 111289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/22/44 (Call 01/24/44)<sup>(a)</sup> | CAD | 150 | 90089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.75%, 06/01/37 (Call 12/01/36)<sup>(a)</sup> | CAD | 50 | 34118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.80%, 06/01/27 (Call 03/01/27) | CAD | 200 | 134007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.65%, 06/01/35 (Call 12/01/34) | CAD | 200 | 124570 |
|  Nouvelle Autoroute 30 Financement Inc., Series C, 3.75%, 03/31/33 | CAD | 145 | 96337 |
|  Nova Scotia Power Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/25/50 (Call 10/25/49) | CAD | 150 | 77356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/43 (Call 01/20/43)<sup>(a)</sup> | CAD | 100 | 64875 |
|  OMERS Realty Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/22/23 | CAD | 200 | 142078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/05/30 (Call 03/05/30) | CAD | 200 | 134550 |
|  Ontario Power Generation Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 09/13/29 (Call 06/13/29) | CAD | 300 | 196886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/13/50 (Call 03/13/50) | CAD | 100 | 56245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/18/49 (Call 07/18/48) | CAD | 100 | 62921 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
|  Pembina Pipeline Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 02/01/30 (Call 11/01/29) | CAD | 400 | $254968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/03/29 (Call 01/03/29)<sup>(a)</sup> | CAD | 250 | 165464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/27/28 (Call 12/27/27)<sup>(a)</sup> | CAD | 200 | 136933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 12/10/51 (Call 06/10/51) | CAD | 100 | 55685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/43 (Call 10/30/42) | CAD | 100 | 60229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/25/44 (Call 09/25/43)<sup>(a)</sup> | CAD | 25 | 15107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11, 4.75%, 03/26/48 (Call 09/26/47) | CAD | 150 | 88261 |
|  Power Corp. of Canada, 4.46%, 07/27/48 (Call 01/27/48) | CAD | 100 | 62842 |
|  Primaris Real Estate Investment Trust, 4.73%, 03/30/27 (Call 02/28/27) | CAD | 200 | 138036 |
|  Reliance LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 08/01/28 (Call 06/01/28) | CAD | 100 | 62637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | CAD | 200 | 138017 |
|  RioCan Real Estate Investment Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 02/12/25 (Call 01/12/25) | CAD | 400 | 273295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/29 (Call 03/01/29) | CAD | 200 | 135253 |
|  Rogers Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/29 (Call 02/01/29) | CAD | 300 | 193389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 (Call 02/15/29) | CAD | 200 | 134736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/32 (Call 01/15/32) | CAD | 200 | 132456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/52 (Call 10/15/51) | CAD | 200 | 128154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 08/25/40 (Call 02/25/40) | CAD | 25 | 17938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.56%, 03/22/41 (Call 09/22/40) | CAD | 200 | 150908 |
|  Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/21/27 | EUR | 500 | 435023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/05/28<sup>(a)</sup> | EUR | 300 | 246839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 06/19/26<sup>(a)</sup> | EUR | 200 | 177612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/25/25<sup>(a)</sup> | EUR | 200 | 184909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/26/27<sup>(a)</sup> | EUR | 500 | 433683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/29/24<sup>(a)</sup> | EUR | 500 | 479459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/02/24<sup>(a)</sup> | EUR | 600 | 565739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/25<sup>(a)</sup> | EUR | 200 | 185099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/15/25<sup>(a)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 405651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 01/28/33 (Call 01/28/28)<sup>(b)</sup> | CAD | 200 | 118839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 07/31/28 | CAD | 200 | 122860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 05/01/25 | CAD | 150 | 101860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/30/30 (Call 06/30/25)<sup>(b)</sup> | CAD | 200 | 133557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 11/03/31 (Call 11/03/26)<sup>(b)</sup> | CAD | 300 | 191154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 12/05/23 | CAD | 150 | 107171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/28/27 | CAD | 200 | 131096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 07/02/24 | CAD | 50 | 35092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 11/01/24 | CAD | 600 | 419262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/23/29 (Call 12/23/24)<sup>(a)(b)</sup> | CAD | 100 | 69201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 05/03/32 (Call 05/03/27)<sup>(b)</sup> | CAD | 300 | 194917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/01/23 | CAD | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/26/23 | CAD | 300 | 216605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 09/29/25 | CAD | 500 | 349389 |
|  Sagen MI Canada Inc., 3.26%, 03/05/31 | CAD | 200 | 120120 |
|  Saputo Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%, 06/19/26 (Call 05/19/26) | CAD | 200 | 128198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 06/16/27 | CAD | 200 | 128860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/28 (Call 04/22/28) | CAD | 200 | 125749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/21/23 (Call 09/21/23) | CAD | 100 | 71646 |
|  Shaw Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/09/30 (Call 09/09/30) | CAD | 200 | 120518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/09/49 | CAD | 100 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/02/28 (Call 08/02/28) | CAD | 350 | 242234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/09/39 | CAD | 150 | 114203 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
|  Sienna Senior Living Inc., Series A, 3.11%, 11/04/24 (Call 10/04/24) | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $138998 |
|  SmartCentres Real Estate Investment Trust, 3.53%, 12/20/29 (Call 09/20/29) | CAD | 200 | 125188 |
|  Stantec Inc., 2.05%, 10/08/27 (Call 08/08/27) | CAD | 200 | 126757 |
|  Sun Life Financial Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/13/29 (Call 08/13/24)<sup>(a)(b)</sup> | CAD | 400 | 277265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/21/33 (Call 11/21/28)<sup>(b)</sup> | CAD | 300 | 188020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/18/36 (Call 11/18/31)<sup>(b)</sup> | CAD | 300 | 179590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/29/42 (Call 05/29/37)<sup>(b)</sup> | CAD | 100 | 69602 |
|  Suncor Energy Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/04/51 (Call 09/04/50) | CAD | 100 | 53909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/30 (Call 01/09/30) | CAD | 188 | 136947 |
|  TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/19/30 (Call 11/19/29) | CAD | 100 | 63734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/02/29 (Call 02/02/29) | CAD | 300 | 196269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/24 (Call 01/02/24) | CAD | 200 | 143366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/17/25 (Call 10/17/24) | CAD | 200 | 142332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/10/26 (Call 12/10/25) | CAD | 150 | 105219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/16/50 (Call 08/16/49) | CAD | 300 | 160177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/05/51 (Call 10/05/50) | CAD | 200 | 109242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/17/45 (Call 07/17/44) | CAD | 100 | 61663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/05/44 (Call 10/05/43) | CAD | 100 | 62694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/26/43 (Call 05/26/43) | CAD | 100 | 65461 |
|  Teranet Holdings LP, 6.10%, 06/17/41 | CAD | 100 | 71198 |
|  Thomson Reuters Corp., 2.24%, 05/14/25 (Call 04/14/25) | CAD | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137082 |
|  Toronto Hydro Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 12/11/29 (Call 09/11/29) | CAD | 200 | 128930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 08/25/26 (Call 05/25/26) | CAD | 200 | 136454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/28/45 (Call 01/28/45) | CAD | 200 | 118015 |
|  Toronto-Dominion Bank (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/09/24<sup>(a)(d)</sup> | EUR | 200 | 191044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/26/24<sup>(a)</sup> | EUR | 300 | 286451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/20/23<sup>(a)</sup> | EUR | 503 | 489658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/06/25<sup>(a)</sup> | EUR | 200 | 186168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/09/25<sup>(a)</sup> | CAD | 600 | 389957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 07/28/25<sup>(a)</sup> | EUR | 600 | 573092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 03/08/28 | CAD | 200 | 124710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/11/28<sup>(a)</sup> | CAD | 400 | 245731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 07/18/23 | CAD | 250 | 179748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 03/13/25 | CAD | 50 | 34089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/08/30<sup>(a)</sup> | EUR | 400 | 336958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/02/24 | CAD | 200 | 139180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 09/09/25 | CAD | 400 | 274200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 05/30/23 | CAD | 200 | 145295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/26/32 (Call 01/26/27)<sup>(a)(b)</sup> | CAD | 200 | 131577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/30 (Call 04/22/25)<sup>(a)(b)</sup> | CAD | 500 | 344328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/24/24 | CAD | 650 | 463948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 06/01/27 | CAD | 400 | 282130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 03/04/31 (Call 03/04/26)<sup>(b)</sup> | CAD | 200 | 142593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28, 0.10%, 07/19/27<sup>(a)</sup> | EUR | 400 | 344290 |
|  Toyota Credit Canada Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/23/24<sup>(a)</sup> | CAD | 200 | 139115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/12/23 | CAD | 200 | 144863 |
|  TransCanada PipeLines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 06/09/31 (Call 03/09/31) | CAD | 200 | 122105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/18/29 (Call 06/18/29)<sup>(a)</sup> | CAD | 400 | 254355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/17/25 (Call 04/17/25)<sup>(a)</sup> | CAD | 300 | 209664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/15/28 (Call 12/15/27) | CAD | 150 | 100210 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/05/27 (Call 02/05/27) | CAD | 400 | $276502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 07/03/48 (Call 01/03/48)<sup>(a)</sup> | CAD | 200 | 110439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 10/15/49 (Call 04/15/49) | CAD | 200 | 112915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/06/46 (Call 12/06/45) | CAD | 250 | 143695 |
|  Vancouver Airport Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 09/20/30 (Call 06/20/30) | CAD | 200 | 120001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/21/50 (Call 03/21/50) | CAD | 150 | 74645 |
|  Westcoast Energy Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 12/05/22 | CAD | 100 | 73307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 12/08/25 (Call 09/08/25) | CAD | 100 | 70202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 10/28/41 | CAD | 200 | 125565 |
|  WSP Global Inc., 2.41%, 04/19/28 (Call 02/19/28) | CAD | 200 | 127277 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54238180 |
| **China — 0.1%** |  |  |  |
|  Bright Food Singapore Holdings Pte Ltd., 1.75%, 07/22/25<sup>(a)</sup> | EUR | 500 | 443724 |
|  CGNPC International Ltd., 2.00%, 09/11/25<sup>(a)</sup> | EUR | 200 | 187639 |
|  Prosus NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 08/03/28 (Call 05/03/28)<sup>(a)</sup> | EUR | 400 | 294807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/13/33 (Call 04/13/33)<sup>(a)</sup> | EUR | 300 | 178246 |
|  State Grid Overseas Investment 2016 Ltd., 1.38%, 05/02/25<sup>(a)</sup> | EUR | 505 | 470380 |
|  Three Gorges Finance II Cayman Islands Ltd., 1.30%, 06/21/24<sup>(a)</sup> | EUR | 255 | 243713 |
|  |  |  | 1818509 |
| **Czech Republic — 0.0%** |  |  |  |
|  CEZ AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/02/26 (Call 09/02/26)<sup>(a)</sup> | EUR | 400 | 339749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/05/28<sup>(a)</sup> | EUR | 275 | 243143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/16/25<sup>(a)</sup> | EUR | 401 | 406100 |
|  CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/23/27 (Call 01/23/27)<sup>(a)</sup> | EUR | 200 | 133481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/28 (Call 10/22/27)<sup>(a)</sup> | GBP | 100 | 77396 |
|  EP Infrastructure AS, 1.66%, 04/26/24 (Call 01/26/24)<sup>(a)</sup> | EUR | 430 | 364737 |
|  |  |  | 1564606 |
| **Denmark — 0.3%** |  |  |  |
|  AP Moller - Maersk A/S, 1.75%, 03/16/26 (Call 12/16/25)<sup>(a)</sup> | EUR | 200 | 185949 |
|  Carlsberg Breweries AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/06/23 (Call 06/06/23)<sup>(a)</sup> | EUR | 380 | 368077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/01/29 (Call 04/01/29)<sup>(a)</sup> | EUR | 104 | 85300 |
|  Danfoss Finance II BV, 0.75%, 04/28/31 (Call 01/28/31)<sup>(a)</sup> | EUR | 300 | 222558 |
|  Danmarks Skibskredit AS, 0.13%, 03/20/25<sup>(a)</sup> | EUR | 300 | 275739 |
|  Danske Bank A/S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/27/25 (Call 08/27/24)<sup>(a)(b)</sup> | EUR | 550 | 505963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/22/27<sup>(a)</sup> | EUR | 200 | 177128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/22/23<sup>(a)</sup> | EUR | 400 | 389959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/12/30 (Call 02/12/25)<sup>(a)(b)</sup> | EUR | 400 | 355588 |
|  Danske Hypotek AB, Series 2512, 1.00%, 12/17/25<sup>(a)</sup> | SEK | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 503266 |
|  Danske Mortgage Bank PLC, 0.01%, 01/14/28<sup>(a)</sup> | EUR | 200 | 169864 |
|  DSV Finance BV Co., 1.38%, 03/16/30 (Call 12/16/29)<sup>(a)</sup> | EUR | 300 | 246637 |
|  DSV Panalpina Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/05/33 (Call 04/05/33)<sup>(a)</sup> | EUR | 100 | 69681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/17/36 (Call 06/17/36)<sup>(a)</sup> | EUR | 100 | 62710 |

---

S C H E D U L E O F I N V E S T M E N T S 77

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Denmark (continued)** |  |  |  |
|  ISS Global AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/31/27 (Call 05/31/27)<sup>(a)</sup> | EUR | 200 | $171252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/02/24 (Call 09/02/24)<sup>(a)</sup> | EUR | 300 | 289033 |
|  Jyske Realkredit A/S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/01/23<sup>(a)</sup> | EUR | 300 | 292487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/01/25<sup>(a)</sup> | EUR | 300 | 279262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/01/26<sup>(a)</sup> | EUR | 300 | 269810 |
|  Nordea Kredit Realkreditaktieselskab |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/01/26 | DKK | 4000 | 493912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26 | DKK | 2500 | 304524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/01/27 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 192336 |
|  Nykredit Realkredit AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/17/28<sup>(a)</sup> | EUR | 300 | 235745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/17/25<sup>(a)</sup> | EUR | 100 | 91932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/20/27 | EUR | 400 | 338448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/01/28<sup>(a)</sup> | DKK | 3000 | 352663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/12/27<sup>(a)</sup> | EUR | 300 | 263415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/26<sup>(a)</sup> | DKK | 2000 | 256451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13H, 1.00%, 07/01/26<sup>(a)</sup> | DKK | 5000 | 613123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13H, 1.00%, 01/01/27 | DKK | 2000 | 241989 |
|  Orsted AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/26/29 (Call 08/26/29)<sup>(a)</sup> | EUR | 480 | 413827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/17/27 (Call 02/17/27)<sup>(a)</sup> | GBP | 450 | 453080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/14/33 (Call 03/14/33)<sup>(a)</sup> | EUR | 200 | 181706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/13/34 | GBP | 100 | 113417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/09/40<sup>(a)</sup> | GBP | 50 | 58703 |
|  Vestas Wind Systems Finance BV, 2.00%, 06/15/34 (Call 03/15/34)<sup>(a)</sup> | EUR | 300 | 240062 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9765596 |
| **Finland — 0.2%** |  |  |  |
|  Citycon Treasury BV, 2.38%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | EUR | 227 | 178744 |
|  CRH Finland Services OYJ, 0.88%, 11/05/23 (Call 10/05/23)<sup>(a)</sup> | EUR | 350 | 337631 |
|  Fortum OYJ, 1.63%, 02/27/26<br>(Call 11/27/25)<sup>(a)</sup> | EUR | 500 | 449733 |
|  Kojamo Oyj, 2.00%, 03/31/26<br>(Call 12/31/25)<sup>(a)</sup> | EUR | 200 | 170194 |
|  Nordea Bank Abp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/28/26<sup>(a)</sup> | EUR | 540 | 483987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/14/27<sup>(a)</sup> | EUR | 200 | 173422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/02/28<sup>(a)</sup> | EUR | 500 | 400389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/26/23<sup>(a)</sup> | EUR | 250 | 244201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/22/23<sup>(a)</sup> | EUR | 221 | 217654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/09/32 (Call 09/09/27)<sup>(a)(b)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 176768 |
|  Nordea Kiinnitysluottopankki OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/18/27<sup>(a)</sup> | EUR | 350 | 304049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/23<sup>(a)</sup> | EUR | 200 | 192948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/18/26<sup>(a)</sup> | EUR | 500 | 452727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/30/29<sup>(a)</sup> | EUR | 500 | 436836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/28/33<sup>(a)</sup> | EUR | 100 | 83799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FI43, 1.00%, 11/05/24<sup>(a)</sup> | EUR | 150 | 143116 |
|  OP Corporate Bank PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/01/24<sup>(a)</sup> | EUR | 400 | 374313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/29/23<sup>(a)</sup> | EUR | 200 | 193448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/12/25<sup>(a)</sup> | EUR | 835 | 759520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/27/27<sup>(a)</sup> | EUR | 400 | 331732 |
|  OP Mortgage Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/13/24<sup>(a)</sup> | EUR | 100 | 95630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/01/25<sup>(a)</sup> | EUR | 490 | 455314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/29<sup>(a)</sup> | EUR | 700 | 598883 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Finland (continued)** |  |  |  |
|  Sampo OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/27/30 (Call 06/27/30)<sup>(a)</sup> | EUR | 100 | $89995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/03/52 (Call 06/03/32)<sup>(a)(b)</sup> | EUR | 100 | 71661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/23/49 (Call 05/23/29)<sup>(a)(b)</sup> | EUR | 110 | 92667 |
|  SATO OYJ, 1.38%, 02/24/28 (Call 11/24/27)<sup>(a)</sup> | EUR | 100 | 71725 |
|  Stora Enso OYJ, 2.50%, 03/21/28 (Call 12/21/27)<sup>(a)</sup>  | EUR | 100 | 92102 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673188 |
| **France — 2.9%** |  |  |  |
|  Aeroports de Paris |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/11/38 (Call 07/11/38)<sup>(a)</sup> | EUR | 100 | 70907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/05/28<sup>(a)</sup> | EUR | 500 | 468055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/02/30 (Call 01/02/30)<sup>(a)</sup> | EUR | 600 | 543527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/11/24<sup>(a)</sup> | EUR | 400 | 396434 |
|  Air Liquide Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/20/30 (Call 03/20/30)<sup>(a)</sup> | EUR | 300 | 242167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/05/24<sup>(a)</sup> | EUR | 200 | 193987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/16/32 | EUR | 200 | 189283 |
|  Airbus Finance BV, 0.88%, 05/13/26 (Call 02/13/26)<sup>(a)</sup> | EUR | 200 | 183050 |
|  Airbus SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/13/31 (Call 02/13/31)<sup>(a)</sup> | EUR | 200 | 163375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/09/30 (Call 03/09/30)<sup>(a)</sup> | EUR | 300 | 257927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/07/28 (Call 01/07/28)<sup>(a)</sup> | EUR | 200 | 184700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/07/32 (Call 01/07/32)<sup>(a)</sup> | EUR | 380 | 336479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/09/40 (Call 03/09/40)<sup>(a)</sup> | EUR | 100 | 75102 |
|  Alstom SA, 0.00%, 01/11/29 (Call 10/11/28)<sup>(a)(d)</sup> | EUR | 200 | 152451 |
|  Altarea SCA, 1.88%, 01/17/28 (Call 10/17/27)<sup>(a)</sup> | EUR | 100 | 73210 |
|  APRR SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/06/27 (Call 10/06/26)<sup>(a)</sup> | EUR | 200 | 181346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/14/27 (Call 10/14/26)<sup>(a)</sup> | EUR | 100 | 90495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/13/32 (Call 10/13/31)<sup>(a)</sup> | EUR | 100 | 82909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/25 (Call 10/15/24)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 479548 |
|  Arkea Home Loans SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/05/27<sup>(a)</sup> | EUR | 200 | 177624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/11/23<sup>(a)</sup> | EUR | 100 | 98865 |
|  Arkea Public Sector SCF SA, 0.13%, 01/15/30<sup>(a)</sup> | EUR | 400 | 321383 |
|  Arkema SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/03/29 (Call 09/03/29)<sup>(a)</sup> | EUR | 100 | 77061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/20/27 (Call 01/20/27)<sup>(a)</sup> | EUR | 200 | 178116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, (Call 10/21/25)<sup>(a)(b)(c)</sup> | EUR | 100 | 83175 |
|  Arval Service Lease SA, 0.88%, 02/17/25 (Call 11/17/24)<sup>(a)</sup> | EUR | 400 | 367135 |
|  Assura Financing PLC, 3.00%, 07/19/28 (Call 04/19/28)<sup>(a)</sup> | GBP | 200 | 194772 |
|  Autoroutes du Sud de la France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/20/26 (Call 01/20/26)<sup>(a)</sup> | EUR | 500 | 460287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/27/28 (Call 03/27/28)<sup>(a)</sup> | EUR | 200 | 178033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/21/31 (Call 11/21/30)<sup>(a)</sup> | EUR | 300 | 255846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/02/32 (Call 06/02/32)<sup>(a)</sup> | EUR | 400 | 371934 |
|  AXA Bank Europe SCF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/18/25<sup>(a)</sup> | EUR | 400 | 372950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/18/33<sup>(a)</sup> | EUR | 300 | 248579 |
|  AXA Home Loan SFH SA, 0.01%, 10/16/29<sup>(a)</sup> | EUR | 300 | 240210 |
|  AXA SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/07/41 (Call 04/07/31)<sup>(a)(b)</sup> | EUR | 200 | 140559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/28/49 (Call 05/28/29)<sup>(a)(b)</sup> | EUR | 550 | 472296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, (Call 11/07/24)<sup>(a)(b)(c)</sup> | EUR | 468 | 449875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/10/43 (Call 09/10/32)<sup>(a)(b)</sup> | EUR | 300 | 259075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, (Call 03/04/26)<sup>(a)(b)(c)</sup> | GBP | 200 | 216011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, (Call 07/06/26)<sup>(b)(c)</sup> | GBP | 50 | 55575 |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
|  Banque Fed Cred Mutuel, 2.63%, 11/06/29<sup>(a)</sup> | EUR | 500 | $438155 |
|  Banque Federative du Credit Mutuel SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/07/25<sup>(a)</sup> | EUR | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/11/26<sup>(a)</sup> | EUR | 500 | 433955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 10/08/27<sup>(a)</sup> | EUR | 400 | 333024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/29/28<sup>(a)</sup> | EUR | 300 | 245268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/03/28<sup>(a)</sup> | EUR | 500 | 395196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/21/31<sup>(a)</sup> | EUR | 200 | 145370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/08/26<sup>(a)</sup> | EUR | 500 | 445137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/17/30<sup>(a)</sup> | EUR | 500 | 380822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/14/25<sup>(a)</sup> | EUR | 400 | 375693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/05/25<sup>(a)</sup> | GBP | 300 | 307303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/19/26<sup>(a)</sup> | EUR | 100 | 92603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/27<sup>(a)</sup> | EUR | 200 | 171722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/29<sup>(a)</sup> | EUR | 300 | 251998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/04/26<sup>(a)</sup> | EUR | 100 | 89618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/18/29<sup>(a)</sup> | EUR | 300 | 244989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/18/23<sup>(a)</sup> | GBP | 100 | 111334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/24/26<sup>(a)</sup> | EUR | 500 | 465831 |
|  BNP Paribas Cardif SA, 4.03%,<br>(Call 11/25/25)<sup>(a)(b)(c)</sup> | EUR | 200 | 187099 |
|  BNP Paribas Home Loan SFH SA, 0.38%, 07/22/24<sup>(a)</sup> | EUR | 200 | 189764 |
|  BNP Paribas SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/19/28 (Call 02/19/27)<sup>(a)(b)</sup> | EUR | 500 | 415618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/19/30 (Call 01/19/29)<sup>(a)(b)</sup> | EUR | 300 | 229531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/03/32<sup>(a)</sup> | EUR | 300 | 200601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/31/33 (Call 08/31/28)<sup>(a)(b)</sup> | EUR | 300 | 225481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/10/23<sup>(a)</sup> | EUR | 350 | 339454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/22/23<sup>(a)</sup> | EUR | 200 | 193312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/17/29 (Call 04/17/28)<sup>(a)(b)</sup> | EUR | 600 | 491846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/32 (Call 01/15/27)<sup>(a)(b)</sup> | EUR | 300 | 245831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/28/29<sup>(a)</sup> | EUR | 600 | 484280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/25<sup>(a)</sup> | EUR | 200 | 184299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/14/27<sup>(a)</sup> | GBP | 100 | 93500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/36<sup>(a)</sup> | GBP | 200 | 145052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/23/27 (Call 01/23/26)<sup>(a)(b)</sup> | EUR | 800 | 735036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/24<sup>(a)</sup> | EUR | 550 | 537216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 07/13/29 (Call 07/13/28)<sup>(b)</sup> | CAD | 200 | 121519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/27/26<sup>(a)</sup> | EUR | 200 | 187993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/01/26<sup>(a)</sup> | EUR | 480 | 449224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/23/26<sup>(a)</sup> | GBP | 350 | 371907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/29<sup>(a)</sup> | EUR | 200 | 185593 |
|  Bouygues SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/07/27 (Call 03/07/27)<sup>(a)</sup> | EUR | 100 | 89908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/29/29 (Call 03/29/29)<sup>(a)</sup> | EUR | 200 | 178138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/37 (Call 03/30/37)<sup>(a)</sup> | EUR | 500 | 413914 |
|  BPCE SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/26<sup>(a)</sup> | EUR | 200 | 178432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/14/31<sup>(a)</sup> | EUR | 200 | 145061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/24/27<sup>(a)</sup> | EUR | 400 | 338566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/26/23<sup>(a)</sup> | EUR | 300 | 290204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/26/24<sup>(a)</sup> | EUR | 200 | 186220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/28/25<sup>(a)</sup> | EUR | 500 | 460351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/15/24<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 950914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/14/32<sup>(a)</sup> | EUR | 300 | 217767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/14/22<sup>(a)</sup> | EUR | 200 | 197642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/18/23<sup>(a)</sup> | EUR | 200 | 197399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/02/29 (Call 03/02/28)<sup>(a)(b)</sup> | EUR | 300 | 255778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/02/34 (Call 02/02/29)<sup>(a)(b)</sup> | EUR | 300 | 236451 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/19/24<sup>(a)</sup> | EUR | 100 | $98376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/16/29<sup>(a)</sup> | GBP | 300 | 311318 |
|  BPCE SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/10/27<sup>(a)</sup> | EUR | 200 | 170416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/23/28<sup>(a)</sup> | EUR | 100 | 84264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/27/30<sup>(a)</sup> | EUR | 300 | 235523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/18/31<sup>(a)</sup> | EUR | 300 | 229258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/03/30<sup>(a)</sup> | EUR | 500 | 390146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/21/24<sup>(a)</sup> | EUR | 400 | 383809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/18/41<sup>(a)</sup> | EUR | 200 | 120228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/23/35<sup>(a)</sup> | EUR | 300 | 214105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/22/27<sup>(a)</sup> | EUR | 200 | 176602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/29/31<sup>(a)</sup> | EUR | 200 | 160699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/02/25<sup>(a)</sup> | EUR | 400 | 372574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/23/29<sup>(a)</sup> | EUR | 500 | 429493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/13/28<sup>(a)</sup> | EUR | 300 | 264960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/08/29<sup>(a)</sup> | EUR | 200 | 173566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/27/24<sup>(a)</sup> | EUR | 200 | 194486 |
|  Caisse d'Amortissement de la Dette Sociale, 2.75%, 11/25/32<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1700 | 1635185 |
|  Caisse de Refinancement de l'Habitat SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 02/07/28<sup>(a)</sup> | EUR | 400 | 338258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/08/29<sup>(a)</sup> | EUR | 500 | 401462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/30/27<sup>(a)</sup> | EUR | 300 | 261541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/08/24 | EUR | 400 | 400091 |
|  Caisse Nationale de Reassurance Mutuelle Agricole Groupama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/24/28<sup>(a)</sup> | EUR | 200 | 176244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/23/27 | EUR | 400 | 405902 |
|  Capgemini SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/23/25 (Call 03/23/25)<sup>(a)</sup> | EUR | 200 | 184652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/23/30 (Call 03/23/30)<sup>(a)</sup> | EUR | 200 | 164326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/15/29 (Call 01/15/29)<sup>(a)</sup> | EUR | 200 | 180213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | EUR | 100 | 86562 |
|  Carmila SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/01/29 (Call 01/01/29)<sup>(a)</sup> | EUR | 100 | 65172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/18/23 (Call 06/18/23)<sup>(a)</sup> | EUR | 200 | 194225 |
|  Carrefour SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/17/27 (Call 02/17/27)<sup>(a)</sup> | EUR | 100 | 87275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/03/25 (Call 03/03/25)<sup>(a)</sup> | EUR | 400 | 371361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/26 (Call 02/04/26)<sup>(a)</sup> | EUR | 100 | 92297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/30/29 (Call 07/30/29)<sup>(a)</sup> | EUR | 100 | 87043 |
|  Cie de Saint-Gobain, 2.13%, 06/10/28 (Call 03/10/28)<sup>(a)</sup> | EUR | 300 | 271808 |
|  Cie. de Financement Foncier SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/16/29<sup>(a)</sup> | EUR | 500 | 406867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/25/30<sup>(a)</sup> | EUR | 200 | 155301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/29/35<sup>(a)</sup> | EUR | 200 | 129996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.23%, 09/14/26<sup>(a)</sup> | EUR | 400 | 356474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/11/23<sup>(a)</sup> | EUR | 300 | 294296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/11/24<sup>(a)</sup> | EUR | 300 | 281728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/29/26<sup>(a)</sup> | EUR | 600 | 549694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/11/28<sup>(a)</sup> | EUR | 200 | 176395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/11/28<sup>(a)</sup> | EUR | 400 | 349777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/15/32<sup>(a)</sup> | EUR | 400 | 329811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/07/24<sup>(a)</sup> | EUR | 500 | 488793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/24/25<sup>(a)</sup> | EUR | 400 | 407495 |
|  Cie. de Saint-Gobain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/15/24<sup>(a)</sup> | EUR | 700 | 667978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/15/31<sup>(a)</sup> | EUR | 200 | 167617 |

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S C H E D U L E O F I N V E S T M E N T S 79

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/09/29<sup>(a)</sup> | GBP | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105304 |
|  Cie. Generale des Etablissements Michelin SCA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/27 (Call 02/28/27)<sup>(a)</sup> | EUR | 100 | 93234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/03/30 (Call 06/03/30)<sup>(a)</sup> | EUR | 100 | 89048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/03/38 (Call 06/03/38)<sup>(a)</sup> | EUR | 200 | 167813 |
|  CNP Assurances |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/51 (Call 12/30/30)<sup>(a)(b)</sup> | EUR | 200 | 156055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/05/29 | EUR | 600 | 515771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, (Call 11/18/24)<sup>(a)(b)(c)</sup> | EUR | 200 | 192529 |
|  Coentreprise de Transport d'Electricite SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/29/24 (Call 06/29/24)<sup>(a)</sup> | EUR | 300 | 281639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/29/28 (Call 04/29/28)<sup>(a)</sup> | EUR | 400 | 344500 |
|  Covivio, 1.50%, 06/21/27 (Call 03/21/27)<sup>(a)</sup> | EUR | 300 | 261494 |
|  Cred Mutuel Home Loan, 0.01%, 05/06/31<sup>(a)</sup> | EUR | 300 | 228217 |
|  Credit Agricole Assurances SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/17/30<sup>(a)</sup> | EUR | 300 | 228526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 01/13/25)<sup>(a)(b)(c)</sup> | EUR | 100 | 96077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/27/48 (Call 09/27/28)<sup>(a)(b)</sup> | EUR | 200 | 185095 |
|  Credit Agricole Home Loan SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/12/28<sup>(a)</sup> | EUR | 500 | 420728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/03/31<sup>(a)</sup> | EUR | 300 | 224725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/24<sup>(a)</sup> | EUR | 300 | 283433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/03/25<sup>(a)</sup> | EUR | 400 | 373665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/05/27<sup>(a)</sup> | EUR | 100 | 89696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/06/34 | EUR | 200 | 153137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/16/29 | EUR | 400 | 350168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/03/32<sup>(a)</sup> | EUR | 200 | 169655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/03/37<sup>(a)</sup> | EUR | 400 | 314204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/28/38<sup>(a)</sup> | EUR | 100 | 76880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/31/30 | EUR | 600 | 534669 |
|  Credit Agricole Public Sector SCF SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/13/28 | EUR | 200 | 165939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/29/29 | EUR | 200 | 170034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/07/23<sup>(a)</sup> | EUR | 200 | 197207 |
|  Credit Agricole SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/12/28 (Call 01/12/27)<sup>(a)(b)</sup> | EUR | 500 | 422531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/32<sup>(a)</sup> | EUR | 100 | 72213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/18/25<sup>(a)</sup> | EUR | 400 | 370115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/22/26 (Call 04/22/25)<sup>(a)(b)</sup> | EUR | 700 | 642825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/03/29<sup>(a)</sup> | EUR | 100 | 83058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/24/29<sup>(a)</sup> | EUR | 400 | 337918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/12/32<sup>(a)</sup> | EUR | 300 | 220269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/25/29<sup>(a)</sup> | EUR | 400 | 334507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/22/34<sup>(a)</sup> | EUR | 200 | 162215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27<sup>(a)</sup> | EUR | 200 | 183467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 0.84%, 06/09/27<sup>(a)</sup> | JPY | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 660352 |
|  Credit Agricole SA/London |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/03/27<sup>(a)</sup> | EUR | 600 | 537717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/24<sup>(a)</sup> | EUR | 400 | 389584 |
|  Credit Mutuel Arkea SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/18/30<sup>(a)</sup> | EUR | 200 | 154398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/23/29<sup>(a)</sup> | EUR | 200 | 164049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/11/29 (Call 06/11/28)<sup>(a)(b)</sup> | EUR | 200 | 166336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/17/25<sup>(a)</sup> | EUR | 200 | 188730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/25/29 (Call 10/25/24)<sup>(a)(b)</sup> | EUR | 200 | 184704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/19/27 | EUR | 400 | 385481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/11/31<sup>(a)</sup> | EUR | 100 | 86597 |
|  Credit Mutuel Home Loan SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 07/20/28 | EUR | 300 | 250166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/28/30<sup>(a)</sup> | EUR | 100 | 80039 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/15/27<sup>(a)</sup> | EUR | 400 | $355272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/30/28<sup>(a)</sup> | EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/30/29<sup>(a)</sup> | EUR | 400 | 349583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/19/24<sup>(a)</sup> | EUR | 600 | 583326 |
|  Danone SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/25 (Call 11/01/25)<sup>(a)(d)</sup> | EUR | 300 | 270178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%, 11/03/24 (Call 08/03/24)<sup>(a)</sup> | EUR | 700 | 663101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/30/24 (Call 02/29/24)<sup>(a)</sup> | EUR | 300 | 288853 |
|  Dassault Systemes SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/16/24 (Call 06/16/24)<sup>(a)(d)</sup> | EUR | 100 | 93576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/16/26 (Call 06/16/26)<sup>(a)</sup> | EUR | 300 | 264687 |
|  Dexia Credit Local SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/21/28<sup>(a)(d)</sup> | EUR | 300 | 254788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/03/24<sup>(a)</sup> | EUR | 600 | 578565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/17/26<sup>(a)</sup> | EUR | 400 | 368574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/26/24<sup>(a)</sup> | EUR | 700 | 671077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/08/23<sup>(a)</sup> | GBP | 100 | 111797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/12/25<sup>(a)</sup> | GBP | 400 | 437137 |
|  Edenred, 1.38%, 03/10/25 (Call 12/10/24)<sup>(a)</sup> | EUR | 600 | 565212 |
|  Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/09/49 (Call 06/09/49)<sup>(a)</sup> | EUR | 300 | 160440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/12/25<sup>(a)</sup> | EUR | 450 | 448804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/12/29 | EUR | 200 | 193693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/12/40<sup>(a)</sup> | EUR | 350 | 321195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/26/30<sup>(a)</sup> | EUR | 450 | 445811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/12/34 | EUR | 100 | 96430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/22/50<sup>(a)</sup> | GBP | 400 | 402641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/27/37<sup>(a)</sup> | GBP | 200 | 212413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/17/41<sup>(a)</sup> | GBP | 200 | 210167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/18/31 | GBP | 324 | 365878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/02/34<sup>(a)</sup> | GBP | 300 | 342096 |
|  ELO SACA, 2.38%, 04/25/25 (Call 01/25/25)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 562199 |
|  Engie SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/19/25 (Call 06/19/25)<sup>(a)</sup> | EUR | 700 | 646256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/24/41 (Call 07/24/41)<sup>(a)</sup> | EUR | 200 | 111589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/22/28 (Call 03/22/28)<sup>(a)</sup> | EUR | 400 | 348362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/28/29 (Call 11/28/28)<sup>(a)</sup> | EUR | 400 | 341243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/21/39 (Call 03/21/39)<sup>(a)</sup> | EUR | 200 | 121748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/13/35 (Call 12/13/34)<sup>(a)</sup> | EUR | 200 | 141812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, (Call 05/30/28)<sup>(a)(b)(c)</sup> | EUR | 300 | 233560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, (Call 04/08/25)<sup>(a)(b)(c)</sup> | EUR | 200 | 179417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/27/29 (Call 06/27/29)<sup>(a)</sup> | EUR | 400 | 387188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/60<sup>(a)</sup> | GBP | 150 | 157457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/28 | GBP | 100 | 121224 |
|  EssilorLuxottica SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/05/26 (Call 10/01/25)<sup>(a)</sup> | EUR | 200 | 182470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/27/27 (Call 08/27/27)<sup>(a)</sup> | EUR | 500 | 431139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/27/31 (Call 08/27/31)<sup>(a)</sup> | EUR | 100 | 78539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/09/24 (Call 01/09/24)<sup>(a)</sup> | EUR | 100 | 98428 |
|  Eutelsat SA, 2.25%, 07/13/27 (Call 04/13/27)<sup>(a)</sup> | EUR | 100 | 82014 |
|  Gecina SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/30/29 (Call 10/30/28)<sup>(a)</sup> | EUR | 100 | 81237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/26/28 (Call 10/26/27)<sup>(a)</sup> | EUR | 300 | 260290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/29/34<sup>(a)</sup> | EUR | 100 | 72845 |
|  GELF Bond Issuer I SA, 1.13%, 07/18/29 (Call 04/18/29)<sup>(a)</sup> | EUR | 200 | 149064 |
|  Groupe des Assurances du Credit Mutuel SADIR, 1.85%, 04/21/42 (Call 10/21/31)<sup>(a)(b)</sup> | EUR | 300 | 209044 |
|  Holding d'Infrastructures de Transport SASU, 0.63%, 03/27/23 (Call 12/27/22)<sup>(a)</sup> | EUR | 300 | 293442 |

---

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
|  HSBC Continental Europe SA, 0.25%, 05/17/24<sup>(a)</sup> | EUR | 500 | $472028 |
|  HSBC SFH France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/17/25<sup>(a)</sup> | EUR | 200 | 186599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/28<sup>(a)</sup> | EUR | 300 | 287302 |
|  ICADE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/19/30 (Call 10/19/29)<sup>(a)</sup> | EUR | 200 | 137805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/17/25 (Call 08/17/25)<sup>(a)</sup> | EUR | 300 | 263359 |
|  Icade Sante SAS, 0.88%, 11/04/29 (Call 08/04/29)<sup>(a)</sup> | EUR | 300 | 212768 |
|  Ile-de-France Mobilites, 0.68%, 11/24/36<sup>(a)</sup> | EUR | 200 | 139470 |
|  Ile-De-France Mobilites, 1.00%, 05/25/34<sup>(a)</sup> | EUR | 200 | 156333 |
|  Imerys SA, 1.50%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | EUR | 200 | 172001 |
|  Indigo Group SAS, 1.63%, 04/19/28 (Call 01/19/28)<sup>(a)</sup> | EUR | 200 | 170032 |
|  In'li SA, 1.13%, 07/02/29 (Call 04/02/29)<sup>(a)</sup> | EUR | 100 | 76349 |
|  JCDecaux SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/07/30 (Call 11/07/29)<sup>(a)</sup> | EUR | 200 | 151319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/24/24 (Call 07/24/24)<sup>(a)</sup> | EUR | 100 | 95193 |
|  Kering SA, 0.75%, 05/13/28 (Call 02/13/28)<sup>(a)</sup> | EUR | 200 | 172533 |
|  Klepierre SA, 0.63%, 07/01/30<br>(Call 04/01/30)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333925 |
|  La Banque Postale Home Loan SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/22/29<sup>(a)</sup> | EUR | 300 | 240444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/23/27<sup>(a)</sup> | EUR | 250 | 222361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/04/28<sup>(a)</sup> | EUR | 200 | 176395 |
|  La Banque Postale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/23/31<sup>(a)</sup> | EUR | 200 | 142784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/13/28<sup>(a)</sup> | EUR | 400 | 348318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/21/28 (Call 09/21/27)<sup>(a)(b)</sup> | GBP | 100 | 111016 |
|  La Mondiale SAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/20/26 (Call 01/20/26)<sup>(a)</sup> | EUR | 100 | 85774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/23/31 (Call 03/23/31)<sup>(a)</sup> | EUR | 100 | 73262 |
|  La Poste SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/27<sup>(a)</sup> | EUR | 600 | 512564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/34<sup>(a)</sup> | EUR | 400 | 286790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/04/25<sup>(a)</sup> | EUR | 200 | 188299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/21/32<sup>(a)</sup> | EUR | 600 | 486112 |
|  Legrand SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/24/28 (Call 03/24/28)<sup>(a)</sup> | EUR | 300 | 252428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/06/26 (Call 12/06/25)<sup>(a)</sup> | EUR | 200 | 182192 |
|  LVMH Moet Hennessy Louis Vuitton SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/11/28 (Call 11/11/27)<sup>(a)</sup> | EUR | 500 | 427695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/26/24 (Call 02/26/24)<sup>(a)</sup> | EUR | 945 | 910894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/11/27 (Call 11/11/26)<sup>(a)</sup> | GBP | 200 | 196419 |
|  MMB SCF SACA, 0.01%, 09/20/31 | EUR | 400 | 299546 |
|  Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, 2.13%, 06/21/52 (Call 03/21/32)<sup>(a)(b)</sup> | EUR | 200 | 131313 |
|  Nerval SAS Co., 2.88%, 04/14/32 (Call 01/15/32)<sup>(a)</sup>  | EUR | 200 | 154916 |
|  Orange SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/03/27 (Call 11/03/26)<sup>(a)</sup> | EUR | 600 | 537379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/20/28 (Call 12/20/27)<sup>(a)</sup> | EUR | 700 | 626879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/09/27 (Call 06/09/27)<sup>(a)</sup> | EUR | 200 | 182028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, (Call 07/15/28)<sup>(a)(b)(c)</sup> | EUR | 200 | 156885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/18/32 (Call 02/18/32)<sup>(a)</sup> | EUR | 300 | 269585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, (Call 01/15/25)<sup>(a)(b)(c)</sup> | EUR | 300 | 278666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/09/24<sup>(a)</sup> | EUR | 100 | 99195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | GBP | 200 | 198238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, (Call 10/01/26)<sup>(a)(b)(c)</sup> | EUR | 100 | 98678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/22/50<sup>(a)</sup> | GBP | 50 | 60522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/23/34 | GBP | 100 | 118683 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/20/28<sup>(a)</sup> | GBP | 100 | $131416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/28/33 | EUR | 510 | 668117 |
|  Pernod Ricard SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/24/27 (Call 07/24/27)<sup>(a)</sup> | EUR | 100 | 86642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/07/29 (Call 01/07/29)<sup>(a)</sup> | EUR | 300 | 262036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/08/30 (Call 01/08/30)<sup>(a)</sup> | EUR | 300 | 262781 |
|  PSA Banque France SA, 0.63%, 06/21/24 (Call 03/21/24)<sup>(a)</sup> | EUR | 300 | 281927 |
|  RCI Banque SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/23 (Call 06/15/23)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | 204605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/10/23 (Call 01/10/23)<sup>(a)</sup> | EUR | 30 | 29409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/17/23 (Call 02/17/23)<sup>(a)</sup> | EUR | 170 | 166121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | EUR | 200 | 168995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/11/25 (Call 01/11/25)<sup>(a)</sup> | EUR | 100 | 92779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/10/26 (Call 01/10/26)<sup>(a)</sup> | EUR | 370 | 334579 |
|  Regie Autonome des Transports Parisiens, 0.88%, 05/25/27<sup>(a)</sup> | EUR | 400 | 365384 |
|  RTE Reseau de Transport, 0.75%, 01/12/34 (Call 10/12/33)<sup>(a)</sup> | EUR | 200 | 141280 |
|  RTE Reseau de Transport d'Electricite SADIR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/09/27 (Call 06/09/27)<sup>(a)(d)</sup> | EUR | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/09/49 (Call 06/09/49)<sup>(a)</sup> | EUR | 200 | 103656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/27/25 (Call 08/27/25)<sup>(a)</sup> | EUR | 300 | 281402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/27/38 (Call 06/27/38)<sup>(a)</sup> | EUR | 200 | 149340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/12/23<sup>(a)</sup> | EUR | 100 | 98760 |
|  Sanofi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/21/34 (Call 12/21/33)<sup>(a)</sup> | EUR | 100 | 79745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/10/26 (Call 06/10/26)<sup>(a)</sup> | EUR | 500 | 468500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12FX, 1.38%, 03/21/30<br>(Call 12/21/29)<sup>(a)</sup> | EUR | 400 | 347658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5, 0.50%, 03/21/23 (Call 12/21/22)<sup>(a)</sup> | EUR | 500 | 491714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 1.00%, 03/21/26 (Call 12/21/25)<sup>(a)</sup> | EUR | 600 | 555179 |
|  Sanofi SR, 1.25%, 04/06/29 (Call 01/06/29)<sup>(a)</sup> | EUR | 300 | 264032 |
|  Schneider Electric SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/09/24 (Call 06/09/24)<sup>(a)</sup> | EUR | 400 | 378057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/11/25 (Call 12/11/24)<sup>(a)</sup> | EUR | 200 | 188671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/21/27 (Call 03/21/27)<sup>(a)</sup> | EUR | 100 | 91550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/08/23 (Call 06/08/23)<sup>(a)</sup> | EUR | 300 | 293617 |
|  SCOR SE, 3.00%, 06/08/46 (Call 06/08/26)<sup>(a)(b)</sup> | EUR | 200 | 179871 |
|  SNCF Reseau |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/36<sup>(a)</sup> | EUR | 400 | 287039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/22/29<sup>(a)</sup> | EUR | 300 | 264722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/09/31<sup>(a)</sup> | EUR | 400 | 336918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/19/27<sup>(a)</sup> | EUR | 400 | 370360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/25/30<sup>(a)</sup> | EUR | 700 | 615963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/30/34<sup>(a)</sup> | EUR | 300 | 259507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/20/47<sup>(a)</sup> | EUR | 400 | 312129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/07/26<sup>(a)</sup> | EUR | 200 | 209742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/24<sup>(a)</sup> | EUR | 400 | 405080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 03/25/60 | GBP | 160 | 189635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/07/28<sup>(a)</sup> | GBP | 150 | 178214 |
|  Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/24/26<sup>(a)</sup> | EUR | 300 | 264450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/12/29 (Call 06/12/28)<sup>(a)(b)</sup> | EUR | 500 | 389835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/02/27 (Call 12/02/26)<sup>(a)(b)</sup> | EUR | 300 | 252190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/26/23<sup>(a)</sup> | EUR | 200 | 195751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/25/27<sup>(a)</sup> | EUR | 500 | 421899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/01/26<sup>(a)</sup> | EUR | 100 | 87358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/12/30<sup>(a)</sup> | EUR | 200 | 152692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/03/24<sup>(a)</sup> | GBP | 100 | 106766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/27/28<sup>(a)</sup> | EUR | 600 | 513477 |

---

S C H E D U L E O F I N V E S T M E N T S 81

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/27/25<sup>(a)</sup> | EUR | 600 | $572167 |
|  Societe Generale SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 02/11/30<sup>(a)</sup> | EUR | 200 | 158468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 02/05/31<sup>(a)</sup> | EUR | 100 | 76713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/23/24<sup>(a)</sup> | EUR | 100 | 95998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/30/25<sup>(a)</sup> | EUR | 300 | 281470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/28/26<sup>(a)</sup> | EUR | 400 | 366214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/18/27<sup>(a)</sup> | EUR | 400 | 355110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/19/28<sup>(a)</sup> | EUR | 500 | 441155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/05/28<sup>(a)</sup> | EUR | 400 | 362826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/05/34<sup>(a)</sup> | EUR | 300 | 254571 |
|  Societe National SNCF SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/02/29<sup>(a)</sup> | EUR | 300 | 272787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/02/24<sup>(a)</sup> | EUR | 50 | 50622 |
|  Sodexo SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/17/24 (Call 10/17/23)<sup>(a)</sup> | EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/17/28 (Call 04/17/28)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 254853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/24/26 (Call 03/24/26)<sup>(a)</sup> | EUR | 150 | 141214 |
|  Suez SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/19/28 (Call 02/19/28)<sup>(a)</sup> | EUR | 300 | 260169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/14/35 (Call 02/14/35)<sup>(a)</sup> | EUR | 300 | 209878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/10/25 (Call 06/10/25)<sup>(a)</sup> | EUR | 400 | 378875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, <sup>(a)(b)(c)</sup> | EUR | 200 | 188526 |
|  Suez SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/24/27 (Call 02/24/27)<sup>(a)</sup> | EUR | 200 | 178235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/30 (Call 02/24/30)<sup>(a)</sup> | EUR | 200 | 168623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/24/34 (Call 02/24/34)<sup>(a)</sup> | EUR | 100 | 81020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/03/28 | EUR | 100 | 99006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/03/32 | EUR | 100 | 99444 |
|  TDF Infrastructure SAS, 2.50%, 04/07/26 (Call 01/07/26)<sup>(a)</sup> | EUR | 300 | 264942 |
|  Teleperformance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/02/25 (Call 04/02/25)<sup>(a)</sup> | EUR | 100 | 94761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/24/29 (Call 03/24/29)<sup>(a)</sup> | EUR | 200 | 189499 |
|  Terega SA, 2.20%, 08/05/25 (Call 05/05/25)<sup>(a)</sup> | EUR | 200 | 190748 |
|  Terega SASU, 0.63%, 02/27/28<br>(Call 11/27/27)<sup>(a)</sup> | EUR | 100 | 78588 |
|  Thales SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/29/27 (Call 10/29/26)<sup>(a)</sup> | EUR | 100 | 85684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/07/23 (Call 03/07/23)<sup>(a)</sup> | EUR | 300 | 294038 |
|  TotalEnergies Capital International SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/12/23<sup>(a)</sup> | EUR | 300 | 292229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/12/28<sup>(a)</sup> | EUR | 600 | 512000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 09/03/31 (Call 06/03/31)<sup>(a)</sup> | GBP | 100 | 86980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 07/22/26 (Call 04/22/26)<sup>(a)</sup> | GBP | 400 | 407430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 04/08/32 (Call 01/08/32)<sup>(a)</sup> | EUR | 800 | 687031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/25/26<sup>(a)</sup> | EUR | 200 | 192896 |
|  TotalEnergies SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, (Call 10/25/27)<sup>(a)(b)(c)</sup> | EUR | 600 | 479708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, (Call 06/04/30)<sup>(a)(b)(c)</sup> | EUR | 300 | 226525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, (Call 07/17/36)<sup>(a)(b)(c)</sup> | EUR | 200 | 147852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, (Call 10/06/26)<sup>(a)(b)(c)</sup> | EUR | 240 | 223108 |
|  Unibail Rodamco Westfld Co., 2.88%, <sup>(a)(b)(c)</sup> | EUR | 200 | 147032 |
|  Unibail-Rodamco-Westfield SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/29/32 (Call 12/29/31)<sup>(a)</sup> | EUR | 200 | 126168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/22/28<sup>(a)</sup> | EUR | 450 | 364944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/27/34 (Call 11/27/33)<sup>(a)</sup> | EUR | 300 | 193171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/29/32 (Call 03/29/32)<sup>(a)</sup> | EUR | 200 | 142264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, (Call 07/25/23)<sup>(a)(b)(c)</sup> | EUR | 200 | 172106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/14/38 (Call 02/14/38)<sup>(a)</sup> | EUR | 200 | 118228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/04/26<sup>(a)</sup> | EUR | 600 | 537177 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
|  Veolia Environnement SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%, 01/14/24 (Call 10/14/23)<sup>(a)</sup> | EUR | 400 | $384271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/26 (Call 08/30/26)<sup>(a)</sup> | EUR | 100 | 91552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/25/33 | EUR | 465 | 528485 |
|  Vinci SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/29 (Call 10/18/28)<sup>(a)</sup> | EUR | 400 | 360644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/34 (Call 06/15/34)<sup>(a)</sup> | GBP | 100 | 90925 |
|  Vivendi SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/11/25 (Call 03/11/25)<sup>(a)</sup> | EUR | 400 | 367838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/24/23 (Call 08/24/23)<sup>(a)</sup> | EUR | 400 | 387505 |
|  Wendel SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | EUR | 300 | 210014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/26/26 (Call 01/26/26)<sup>(a)</sup> | EUR | 200 | 178403 |
|  Worldline SA/France, 0.88%, 06/30/27 (Call 03/30/27)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 84666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105466363 |
| **Germany — 3.1%** |  |  |  |
|  Aareal Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/01/30<sup>(a)</sup> | EUR | 400 | 320387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/18/28<sup>(a)</sup> | EUR | 400 | 296111 |
|  Allianz Finance II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/14/31 (Call 10/14/30)<sup>(a)</sup> | EUR | 400 | 310642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | EUR | 300 | 276362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/21/31 (Call 01/21/31)<sup>(a)</sup> | EUR | 100 | 82955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 62, 4.50%, 03/13/43<sup>(a)</sup> | GBP | 200 | 215231 |
|  Allianz SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/25/49 (Call 09/25/29)<sup>(a)(b)</sup> | EUR | 200 | 150501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/07/45 (Call 07/07/25)<sup>(a)(b)</sup> | EUR | 500 | 459600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/06/47 (Call 07/06/27)<sup>(a)(b)</sup> | EUR | 400 | 361699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, (Call 09/18/24)<sup>(a)(b)(c)</sup> | EUR | 100 | 95583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/05/52 (Call 01/05/32)<sup>(a)(b)</sup> | EUR | 200 | 177559 |
|  alstria office REIT-AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | EUR | 100 | 65511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/12/23 (Call 01/12/23)<sup>(a)</sup> | EUR | 200 | 193962 |
|  Amprion GmbH, 3.97%, 09/22/32 | EUR | 400 | 389279 |
|  Aroundtown SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/09/28 (Call 04/09/28)<sup>(a)</sup> | EUR | 200 | 139363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/28/26 (Call 02/28/26)<sup>(a)</sup> | EUR | 300 | 236916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/31/28 (Call 10/31/27)<sup>(a)</sup> | EUR | 200 | 143656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, (Call 09/23/24)<sup>(a)(b)(c)</sup> | EUR | 200 | 94872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/10/31 (Call 01/10/31)<sup>(a)</sup> | GBP | 250 | 203021 |
|  BASF SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/06/23<sup>(a)</sup> | GBP | 300 | 332084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | EUR | 300 | 261681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/06/31 (Call 07/06/31)<sup>(a)</sup> | EUR | 160 | 120565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/17/31 (Call 12/17/30)<sup>(a)</sup> | EUR | 300 | 244936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/29/32 (Call 03/29/32)<sup>(a)</sup> | EUR | 200 | 190495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 0.88%, 05/22/25<sup>(a)</sup> | EUR | 574 | 543017 |
|  Bausparkasse Schwaebisch Hall AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 10/28/31 | EUR | 200 | 154062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 04/27/33<sup>(a)</sup> | EUR | 200 | 146905 |
|  Bayer AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/12/31 (Call 04/12/31)<sup>(a)</sup> | EUR | 200 | 143318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/12/36 (Call 10/12/35)<sup>(a)</sup> | EUR | 200 | 125610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/06/32 (Call 04/06/32)<sup>(a)</sup> | EUR | 200 | 149206 |
|  Bayer Capital Corp. BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/13/23 (Call 08/13/23)<sup>(a)</sup> | EUR | 850 | 824800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/15/29 (Call 09/15/29)<sup>(a)</sup> | EUR | 400 | 340555 |
|  Bayerische Landesbank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 12/01/22<sup>(a)</sup> | EUR | 360 | 355482 |

---

82 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/20/26<sup>(a)</sup> | EUR | 180 | $166499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/19/28<sup>(a)</sup> | EUR | 400 | 354098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/22/32 (Call 08/22/27)<sup>(a)(b)</sup> | EUR | 200 | 148473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/08/24<sup>(a)</sup> | EUR | 300 | 292588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/32<sup>(a)</sup> | EUR | 250 | 235962 |
|  Bayerische Landesbodenkreditanstalt, 0.63%, 11/23/26 | EUR | 100 | 90608 |
|  Berlin Hyp AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 02/17/27<sup>(a)</sup> | EUR | 500 | 437276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/18/30<sup>(a)</sup> | EUR | 300 | 242027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/03/24<sup>(a)</sup> | EUR | 100 | 95491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/05/29<sup>(a)</sup> | EUR | 500 | 396244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/10/32<sup>(a)</sup> | EUR | 200 | 177104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 200, 0.38%, 02/21/25<sup>(a)</sup> | EUR | 500 | 467655 |
|  Bertelsmann SE & Co. KGaA, 1.25%, 09/29/25 (Call 06/29/25)<sup>(a)</sup> | EUR | 300 | 282686 |
|  BMW Canada Inc., Series V, 2.41%, 11/27/23 | CAD | 200 | 142612 |
|  BMW Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/11/26<sup>(a)(d)</sup> | EUR | 300 | 270634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/10/23<sup>(a)</sup> | EUR | 388 | 378326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/14/27<sup>(a)</sup> | EUR | 200 | 178498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/06/23<sup>(a)</sup> | EUR | 140 | 135993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/13/26<sup>(a)</sup> | EUR | 355 | 325050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/03/25<sup>(a)</sup> | EUR | 250 | 236471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/32<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 78770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/21/25<sup>(a)</sup> | EUR | 50 | 47625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/10/28<sup>(a)</sup> | EUR | 300 | 269742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/06/29<sup>(a)</sup> | EUR | 400 | 357379 |
|  BMW International Investment BV, 1.88%, 09/11/23<sup>(a)</sup> | GBP | 261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293011 |
|  Commerzbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 07/11/24<sup>(a)</sup> | EUR | 250 | 236179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/28/23<sup>(a)</sup> | EUR | 412 | 399191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/09/26 | EUR | 570 | 517692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/28/24<sup>(a)</sup> | EUR | 700 | 656259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/22/27<sup>(a)</sup> | EUR | 200 | 166635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/18/28<sup>(a)</sup> | EUR | 450 | 398551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/19/25<sup>(a)</sup> | EUR | 400 | 356592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/25<sup>(a)</sup> | GBP | 200 | 206332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/32<sup>(a)</sup> | EUR | 500 | 459299 |
|  Continental AG, 2.50%, 08/27/26 (Call 05/27/26) | EUR | 200 | 188714 |
|  Covestro AG, 0.88%, 02/03/26<br>(Call 11/03/25)<sup>(a)</sup> | EUR | 250 | 225242 |
|  Daimler AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/11/33<sup>(a)</sup> | EUR | 300 | 221502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/15/27<sup>(a)</sup> | EUR | 200 | 178102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/03/29<sup>(a)</sup> | EUR | 150 | 131906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/22/26<sup>(a)</sup> | EUR | 500 | 475862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/27/31<sup>(a)</sup> | EUR | 310 | 274306 |
|  Daimler International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 02/28/25<sup>(a)</sup> | EUR | 598 | 565697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/11/24<sup>(a)</sup> | GBP | 200 | 215211 |
|  Daimler Truck International Finance BV, 1.63%, 04/06/27<sup>(a)</sup> | EUR | 300 | 269502 |
|  DekaBank Deutsche Girozentrale, 0.30%, 11/20/26<sup>(a)</sup> | EUR | 200 | 175956 |
|  Deutsche Apotheker-und Aerztebank eG, 0.50%, 02/14/25 | EUR | 400 | 375053 |
|  Deutsche Bahn Finance GMBH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/26/28<sup>(a)</sup> | EUR | 150 | 128473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/08/50<sup>(a)</sup> | EUR | 400 | 195622 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/11/31<sup>(a)</sup> | EUR | 470 | $375312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, (Call 01/22/25)<sup>(a)(b)(c)</sup> | EUR | 500 | 446259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/17/27 (Call 09/17/27) | EUR | 150 | 134282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/18/28<sup>(a)</sup> | EUR | 562 | 498290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/07/25 (Call 04/07/25)<sup>(a)</sup> | GBP | 200 | 212821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/16/40<sup>(a)</sup> | EUR | 300 | 203539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/16/33 (Call 05/16/33)<sup>(a)</sup> | EUR | 500 | 408617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/29<sup>(a)</sup> | EUR | 50 | 47999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/27/24<sup>(a)</sup> | AUD | 100 | 62480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB, 1.60%, (Call 07/18/29)<sup>(a)(b)(c)</sup> | EUR | 200 | 149141 |
|  Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/21/30<sup>(a)</sup> | EUR | 100 | 80422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/23<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/08/24<sup>(a)</sup> | EUR | 122 | 116764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/28<sup>(a)</sup> | EUR | 222 | 187617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/19/23<sup>(a)</sup> | CHF | 100 | 97489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/30/23<sup>(a)</sup> | EUR | 370 | 360124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/17/25<sup>(a)</sup> | EUR | 200 | 183688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/17/32 (Call 02/17/31)<sup>(a)(b)</sup> | EUR | 300 | 206311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/20/27<sup>(a)</sup> | EUR | 400 | 334538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/17/28<sup>(a)</sup> | EUR | 100 | 80572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/19/30 (Call 11/19/29)<sup>(a)(b)</sup> | EUR | 200 | 148925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/12/26<sup>(a)</sup> | EUR | 400 | 364518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/30/37<sup>(a)</sup> | EUR | 300 | 277501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/24/28 (Call 05/24/27)<sup>(a)(b)</sup> | EUR | 300 | 265840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/12/24<sup>(a)</sup> | GBP | 300 | 333911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/24/32 (Call 03/24/27)<sup>(a)(b)</sup> | EUR | 500 | 433239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/19/31 (Call 02/19/26)<sup>(a)(b)</sup> | EUR | 200 | 190485 |
|  Deutsche Boerse AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/22/31 (Call 11/22/30)<sup>(a)</sup> | EUR | 100 | 74364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/04/32 (Call 01/04/32)<sup>(a)</sup> | EUR | 200 | 162800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/08/25<sup>(a)</sup> | EUR | 120 | 115435 |
|  Deutsche Hypothekenbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/23/23<sup>(a)</sup> | EUR | 500 | 481441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/22/23 | EUR | 300 | 295084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/17/24 | EUR | 200 | 190284 |
|  Deutsche Kreditbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/07/29<sup>(a)</sup> | EUR | 370 | 297860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/26/24<sup>(a)</sup> | EUR | 500 | 464779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/18/24<sup>(a)</sup> | EUR | 100 | 97040 |
|  Deutsche Pfandbriefbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 01/21/28 | EUR | 500 | 426445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/23 | EUR | 100 | 98230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/27/25<sup>(a)</sup> | EUR | 400 | 341840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/19/23<sup>(a)</sup> | EUR | 100 | 98581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/30/27 | EUR | 400 | 354580 |
|  Deutsche Post AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/20/32 (Call 02/20/32)<sup>(a)</sup> | EUR | 200 | 156408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/05/28 (Call 09/05/28)<sup>(a)</sup> | EUR | 100 | 90329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/11/24<sup>(a)</sup> | EUR | 434 | 430998 |
|  Deutsche Telekom AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/25/31<sup>(a)</sup> | EUR | 100 | 87251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/09/49<sup>(a)</sup> | EUR | 250 | 162881 |
|  Deutsche Telekom International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/03/23<sup>(a)</sup> | EUR | 560 | 550365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/13/24<sup>(a)</sup> | EUR | 500 | 472887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/30/27<sup>(a)</sup> | EUR | 400 | 368380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/03/28<sup>(a)</sup> | EUR | 505 | 456126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/13/29<sup>(a)</sup> | GBP | 261 | 250874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/28/30<sup>(a)</sup> | EUR | 100 | 104523 |

---

S C H E D U L E O F I N V E S T M E N T S 83

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Germany (continued)** |  |  |  |
|  Deutsche Wohnen SE, 1.50%, 04/30/30 (Call 01/30/30)<sup>(a)</sup> | EUR | 200 | $152040 |
|  DZ HYP AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/15/27<sup>(a)</sup> | EUR | 300 | 262893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/27/28 | EUR | 400 | 331917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 12/06/24 | EUR | 100 | 93373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 08/31/26<sup>(a)</sup> | EUR | 400 | 355837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/01/24<sup>(a)</sup> | EUR | 500 | 477962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/10/34<sup>(a)</sup> | EUR | 200 | 142448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/13/25<sup>(a)</sup> | EUR | 300 | 276507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/02/26<sup>(a)</sup> | EUR | 300 | 277165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/30/27<sup>(a)</sup> | EUR | 250 | 223977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/18/30<sup>(a)</sup> | EUR | 500 | 426726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/17/34<sup>(a)</sup> | EUR | 200 | 154712 |
|  E.ON International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/29 (Call 04/30/29)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/30/26 (Call 02/28/26)<sup>(a)</sup> | EUR | 258 | 239617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 02/21/23 | EUR | 250 | 248965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/37<sup>(a)</sup> | GBP | 350 | 389415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/06/39<sup>(a)</sup> | GBP | 50 | 56844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/03/30<sup>(a)</sup> | GBP | 160 | 186404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/07/32 | GBP | 190 | 226054 |
|  E.ON SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/24/26 (Call 07/24/26)<sup>(a)</sup> | EUR | 450 | 394313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/29/27 (Call 06/29/27)<sup>(a)</sup> | EUR | 200 | 171084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/20/28 (Call 11/20/27)<sup>(a)</sup> | EUR | 200 | 170157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/18/34 (Call 07/18/34)<sup>(a)</sup> | EUR | 300 | 204929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/22/29 (Call 02/22/29)<sup>(a)</sup> | EUR | 190 | 161255 |
|  EnBW Energie Baden-Wuerttemberg AG, 1.63%, 08/05/79 (Call 05/05/27)<sup>(a)(b)</sup> | EUR | 200 | 144514 |
|  EnBW International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/01/33 (Call 12/01/32)<sup>(a)</sup> | EUR | 100 | 65732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/31/33 (Call 07/31/33)<sup>(a)</sup> | EUR | 436 | 327591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/07/39 | EUR | 180 | 197842 |
|  Eurogrid GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | EUR | 200 | 155517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/05/31 | EUR | 400 | 380330 |
|  Evonik Finance BV, 0.75%, 09/07/28 (Call 06/07/28)<sup>(a)</sup> | EUR | 270 | 221301 |
|  Fresenius SE & Co. KGaA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/15/28 (Call 10/15/27)<sup>(a)</sup> | EUR | 550 | 457648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/24/25 | EUR | 350 | 329506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/29 (Call 11/15/28)<sup>(a)</sup> | EUR | 270 | 240764 |
|  Grand City Properties SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/03/26 (Call 05/03/26)<sup>(a)</sup> | EUR | 400 | 327419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, (Call 03/11/26)<sup>(a)(b)(c)</sup> | EUR | 100 | 53417 |
|  Hamburg Commercial Bank AG, 0.38%, 07/12/23<sup>(a)</sup>  | EUR | 300 | 292472 |
|  Hamburger Sparkasse AG, 0.38%, 05/23/24<sup>(a)</sup> | EUR | 300 | 285849 |
|  Hannover Rueck SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/18/28 (Call 01/18/28)<sup>(a)</sup> | EUR | 300 | 261850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/30/42 (Call 12/30/31)<sup>(a)(b)</sup> | EUR | 100 | 69029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/08/40 (Call 07/08/30)<sup>(a)(b)</sup> | EUR | 200 | 149477 |
|  HeidelbergCement AG, 1.50%, 02/07/25 (Call 11/07/24)<sup>(a)</sup> | EUR | 481 | 454751 |
|  HeidelbergCement Finance Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/01/27 (Call 09/01/27)<sup>(a)</sup> | EUR | 320 | 275597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/14/27 (Call 03/14/27)<sup>(a)</sup> | EUR | 235 | 209235 |
|  HOCHTIEF AG, 0.63%, 04/26/29 (Call 01/26/29)<sup>(a)</sup> | EUR | 350 | 242879 |
|  Infineon Technologies AG, 1.63%, 06/24/29 (Call 03/24/29)<sup>(a)</sup> | EUR | 300 | 256495 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Germany (continued)** |  |  |  |
|  ING-DiBa AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/16/26<sup>(a)</sup> | EUR | 400 | $356066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/23/39<sup>(a)</sup> | EUR | 100 | 70658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/09/33<sup>(a)</sup> | EUR | 400 | 326039 |
|  Investitionsbank Berlin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/17/26 | EUR | 200 | 183218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/04/27<sup>(a)</sup> | EUR | 400 | 395252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 214, 0.01%, 04/18/28<sup>(a)</sup> | EUR | 200 | 169611 |
|  Kreditanstalt fuer Wiederaufbau |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/23<sup>(d)</sup> | EUR | 200 | 194329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/02/24<sup>(a)(d)</sup> | EUR | 500 | 479311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/04/24<sup>(a)(d)</sup> | EUR | 1000 | 952989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/18/25<sup>(a)(d)</sup> | EUR | 500 | 468485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/15/26<sup>(a)(d)</sup> | EUR | 200 | 180755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/30/26<sup>(a)(d)</sup> | EUR | 400 | 358976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/31/27<sup>(a)(d)</sup> | EUR | 500 | 441787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/30/27<sup>(a)(d)</sup> | EUR | 600 | 528704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/27<sup>(a)(d)</sup> | EUR | 1000 | 865282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/28<sup>(a)(d)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 848175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/15/29<sup>(a)(d)</sup> | EUR | 800 | 663432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/17/30<sup>(a)(d)</sup> | EUR | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/10/31<sup>(a)(d)</sup> | EUR | 1500 | 1182727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/05/27<sup>(a)</sup> | EUR | 950 | 837058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 05/30/24 | EUR | 50 | 47797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 09/29/34<sup>(a)</sup> | EUR | 1010 | 713675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/07/23 | EUR | 1100 | 1066268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24 | EUR | 400 | 385753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/04/24 | EUR | 800 | 759379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/30/26<sup>(a)</sup> | GBP | 200 | 193997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/09/32<sup>(a)</sup> | EUR | 2230 | 1727931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25 | EUR | 1000 | 934617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/23/25 | EUR | 750 | 706099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/09/26 | EUR | 1370 | 1263421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/25 | EUR | 700 | 666912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/22/27 | EUR | 800 | 728380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/07/28 | EUR | 351 | 313322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/07/27<sup>(a)</sup> | GBP | 300 | 288973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/28/28 | EUR | 1090 | 971293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/15/26<sup>(a)</sup> | GBP | 970 | 986094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/04/39<sup>(a)</sup> | EUR | 320 | 228170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/04/25<sup>(a)</sup> | GBP | 700 | 744897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/32<sup>(a)</sup> | EUR | 220 | 185561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/09/33<sup>(a)</sup> | EUR | 500 | 415771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/31/37<sup>(a)</sup> | EUR | 600 | 461386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/37<sup>(a)</sup> | EUR | 100 | 76463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/29/23<sup>(a)</sup> | GBP | 400 | 446128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/27<sup>(a)</sup> | EUR | 2010 | 1871589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/04/36<sup>(a)</sup> | EUR | 440 | 348251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/15/25<sup>(a)</sup> | GBP | 400 | 425297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/31/35<sup>(a)</sup> | EUR | 370 | 303981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/11/24 | EUR | 350 | 341885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/27 | AUD | 200 | 115827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/27/25<sup>(a)</sup> | AUD | 500 | 319227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/19/24 | AUD | 70 | 45354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/28 | GBP | 150 | 188604 |
|  Landesbank Baden-Wuerttemberg |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/27/23<sup>(a)</sup> | EUR | 100 | 97494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/10/25<sup>(a)</sup> | EUR | 400 | 374033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/14/26<sup>(a)</sup> | EUR | 486 | 444373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/18/27<sup>(a)</sup> | EUR | 500 | 421973 |

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84 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/21/31<sup>(a)</sup> | EUR | 400 | $277837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/28/28<sup>(a)</sup> | EUR | 300 | 280356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 812, 0.01%, 07/16/27<sup>(a)</sup> | EUR | 300 | 259481 |
|  Landesbank Hessen-Thueringen Girozentrale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/22/25<sup>(a)</sup> | EUR | 500 | 464878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/12/25<sup>(a)</sup> | EUR | 600 | 547761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/25/25<sup>(a)</sup> | EUR | 300 | 277637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/20/28<sup>(a)</sup> | EUR | 600 | 533210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/27)<sup>(a)(b)</sup> | EUR | 100 | 91290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H337, 0.01%, 09/26/29 | EUR | 400 | 323075 |
|  Landeskreditbank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baden-Wuerttemberg Foerderbank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/13/26<sup>(a)</sup> | EUR | 430 | 391665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/25/27<sup>(a)</sup> | EUR | 400 | 357960 |
|  Landwirtschaftliche Rentenbank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/19/28<sup>(a)(d)</sup> | EUR | 500 | 423742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/27/29<sup>(a)(d)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/30/31<sup>(a)(d)</sup> | EUR | 670 | 518485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/24<sup>(a)</sup> | EUR | 700 | 666636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/29/25<sup>(a)</sup> | EUR | 600 | 555713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/22/24<sup>(a)</sup> | EUR | 100 | 96540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/14/28<sup>(a)</sup> | EUR | 300 | 262567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/29<sup>(a)</sup> | EUR | 400 | 344172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/18/27<sup>(a)</sup> | EUR | 200 | 180170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/31/36<sup>(a)</sup> | EUR | 50 | 35829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/08/25<sup>(a)</sup> | GBP | 200 | 213816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/23/27<sup>(a)</sup> | AUD | 100 | 59239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/06/26<sup>(a)</sup> | AUD | 200 | 129630 |
|  LANXESS AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/16/25 (Call 02/16/25)<sup>(a)</sup> | EUR | 325 | 303940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/22/28 (Call 12/22/27)<sup>(a)</sup> | EUR | 300 | 251120 |
|  LEG Immobilien AG, 0.88%, 11/28/27 (Call 08/28/27)<sup>(a)</sup> | EUR | 200 | 158658 |
|  LEG Immobilien SE, 1.50%, 01/17/34 (Call 10/17/33)<sup>(a)</sup> | EUR | 300 | 188629 |
|  Linde Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/19/27 (Call 02/19/27)<sup>(a)</sup> | EUR | 200 | 173043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10, 2.00%, 04/18/23<sup>(a)</sup> | EUR | 320 | 316268 |
|  Mercedes-Benz Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/08/26<sup>(a)</sup> | EUR | 425 | 379337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/08/30<sup>(a)</sup> | EUR | 350 | 287263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/08/34<sup>(a)</sup> | EUR | 280 | 209771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30<sup>(a)</sup> | EUR | 200 | 183480 |
|  Merck Financial Services GmbH, 0.50%, 07/16/28 (Call 04/16/28)<sup>(a)</sup> | EUR | 300 | 253077 |
|  Merck KGaA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/25/79 (Call 09/18/24)<sup>(a)(b)</sup> | EUR | 100 | 92082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/09/80 (Call 06/09/26)<sup>(a)(b)</sup> | EUR | 100 | 85520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/25/79 (Call 03/25/29)<sup>(a)(b)</sup> | EUR | 100 | 84296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/12/74 (Call 12/12/24)<sup>(a)(b)</sup> | EUR | 350 | 337230 |
|  Muenchener Hypothekenbank eG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/19/39 | EUR | 200 | 116113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/05/35<sup>(a)</sup> | EUR | 200 | 134584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/09/29<sup>(a)</sup> | EUR | 300 | 236667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/14/25<sup>(a)</sup> | EUR | 350 | 327683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/07/27<sup>(a)</sup> | EUR | 400 | 357735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/18/39<sup>(a)</sup> | EUR | 200 | 143128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/04/28<sup>(a)</sup> | EUR | 440 | 424829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1803, 0.25%, 12/13/23<sup>(a)</sup> | EUR | 100 | 96319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1943, 0.25%, 05/02/36<sup>(a)</sup> | EUR | 150 | 100616 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/26/42 (Call 11/26/31)<sup>(a)(b)</sup> | EUR | 300 | $198988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/26/41 (Call 11/26/30)<sup>(a)(b)</sup> | EUR | 100 | 70973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/26/49 (Call 05/26/29)<sup>(a)(b)</sup> | EUR | 100 | 86740 |
|  Norddeutsche Landesbank Girozentrale, 0.25%, 10/28/26 | EUR | 500 | 445310 |
|  Norddeutsche Landesbank-Girozentrale,<br>0.75%, 01/18/28<sup>(a)</sup> | EUR | 472 | 417145 |
|  NRW Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/29<sup>(d)</sup> | EUR | 70 | 56723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 07/09/35 | EUR | 570 | 385997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/16/24<sup>(a)</sup> | EUR | 150 | 142957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/10/25<sup>(a)</sup> | EUR | 700 | 652918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/04/25 | EUR | 200 | 185158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/17/26<sup>(a)</sup> | EUR | 132 | 118641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/26/25<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/11/26<sup>(a)</sup> | EUR | 50 | 45697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/17/41<sup>(a)</sup> | EUR | 100 | 63100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/11/26 | EUR | 300 | 276780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/12/34 | EUR | 200 | 155995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/28/39 | EUR | 100 | 74424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/03/32<sup>(a)</sup> | EUR | 300 | 264791 |
|  O2 Telefonica Deutschland Finanzierungs GmbH, 1.75%, 07/05/25 (Call 04/05/25)<sup>(a)</sup> | EUR | 200 | 188542 |
|  Roadster Finance DAC, 1.63%, 12/09/29<sup>(a)</sup> | EUR | 100 | 89090 |
|  RWE AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/26/33 (Call 08/26/33)<sup>(a)</sup> | EUR | 300 | 206604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/25 | EUR | 400 | 383512 |
|  SAP SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/10/24 (Call 09/10/24)<sup>(a)</sup> | EUR | 400 | 381658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/01/25 (Call 01/01/25)<sup>(a)</sup> | EUR | 219 | 209663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/28 (Call 12/10/27)<sup>(a)</sup> | EUR | 400 | 360664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/22/27 (Call 11/22/26)<sup>(a)</sup> | EUR | 102 | 95822 |
|  Siemens Financieringsmaatschappij NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/05/24<sup>(a)(d)</sup> | EUR | 475 | 446957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/06/23<sup>(a)</sup> | EUR | 210 | 203712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/05/34<sup>(a)</sup> | EUR | 100 | 70050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/20/25<sup>(a)</sup> | GBP | 200 | 211697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/06/27<sup>(a)</sup> | EUR | 90 | 81402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/25/30 (Call 11/25/29)<sup>(a)</sup> | EUR | 200 | 168350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/28/31<sup>(a)</sup> | EUR | 250 | 208185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/28/39<sup>(a)</sup> | EUR | 200 | 150337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/10/25<sup>(a)</sup> | GBP | 200 | 219594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/10/28<sup>(a)</sup> | EUR | 491 | 477511 |
|  Siemens Financieringsmat Co., 1.25%, 02/25/35 (Call 11/25/34)<sup>(a)</sup> | EUR | 200 | 150803 |
|  Talanx AG, 2.25%, 12/05/47 (Call 12/05/27)<sup>(a)(b)</sup> | EUR | 100 | 84171 |
|  Traton Finance Luxembourg SA, 0.75%, 03/24/29 (Call 12/24/28)<sup>(a)</sup> | EUR | 400 | 314576 |
|  UniCredit Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/10/24<sup>(a)</sup> | EUR | 286 | 268606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/15/28<sup>(a)</sup> | EUR | 400 | 333088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/21/36<sup>(a)</sup> | EUR | 100 | 65101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/32<sup>(a)</sup> | EUR | 650 | 499051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/04/26<sup>(a)</sup> | EUR | 500 | 455376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 05/22/34<sup>(a)</sup> | EUR | 580 | 446075 |
|  Vantage Towers AG, 0.75%, 03/31/30 (Call 12/31/29)<sup>(a)</sup> | EUR | 200 | 150503 |

---

S C H E D U L E O F I N V E S T M E N T S 85

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
|  Vier Gas Transport GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/10/23<sup>(a)</sup> | EUR | 295 | $290703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/26/32 (Call 06/26/32)<sup>(a)</sup> | EUR | 400 | 392343 |
|  Volkswagen Bank GmbH, 2.50%, 07/31/26<sup>(a)</sup> | EUR | 200 | 186311 |
|  Volkswagen Financial Services AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/12/30<sup>(a)</sup> | EUR | 550 | 409724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/24<sup>(a)</sup> | EUR | 300 | 285236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/16/26<sup>(a)</sup> | EUR | 70 | 65233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/25<sup>(a)</sup> | EUR | 500 | 486945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/06/28<sup>(a)</sup> | EUR | 250 | 238549 |
|  Volkswagen Financial Services Australia Pty Ltd., 3.10%, 04/17/23<sup>(a)</sup> | AUD | 200 | 127160 |
|  Volkswagen Financial Services NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/23<sup>(a)</sup> | GBP | 300 | 332105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/28<sup>(a)</sup> | GBP | 100 | 87072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/12/25<sup>(a)</sup> | GBP | 150 | 159490 |
|  Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/16/27<sup>(a)</sup> | EUR | 300 | 278932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/22/33<sup>(a)</sup> | EUR | 100 | 89645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/26<sup>(a)</sup> | GBP | 200 | 206697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, (Call 03/20/30)<sup>(a)(b)(c)</sup> | EUR | 200 | 165441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, (Call 12/28/27)<sup>(a)(b)(c)</sup> | EUR | 100 | 85838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, (Call 06/17/29)<sup>(a)(b)(c)</sup> | EUR | 400 | 330799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/38<sup>(a)</sup> | EUR | 200 | 185265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, (Call 03/28/31)<sup>(a)(b)(c)</sup> | EUR | 300 | 241757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, (Call 03/24/26)<sup>(a)(b)(c)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 234732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, (Call 06/27/28)<sup>(a)(b)(c)</sup> | EUR | 300 | 267486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 1.88%, 03/30/27<sup>(a)</sup> | EUR | 400 | 360395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC6, 3.38%,<br>(Call 06/27/24)<sup>(a)(b)(c)</sup> | EUR | 400 | 377476 |
|  Volkswagen Leasing GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/12/29<sup>(a)</sup> | EUR | 200 | 157962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/19/29<sup>(a)</sup> | EUR | 300 | 233690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/04/24<sup>(a)</sup> | EUR | 484 | 461940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/20/25<sup>(a)</sup> | EUR | 300 | 282538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/19/26<sup>(a)</sup> | EUR | 450 | 410465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/24<sup>(a)</sup> | EUR | 450 | 440603 |
|  Vonovia Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/07/27 (Call 07/07/27)<sup>(a)</sup> | EUR | 300 | 237690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/30 (Call 04/09/30)<sup>(a)</sup> | EUR | 300 | 211950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/14/34 (Call 06/14/34)<sup>(a)</sup> | EUR | 100 | 59277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/06/24<sup>(a)</sup> | EUR | 100 | 92459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/22/26<sup>(a)</sup> | EUR | 100 | 88129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26<sup>(a)</sup> | EUR | 100 | 87295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/07/39 (Call 07/07/39)<sup>(a)</sup> | EUR | 100 | 52277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/25/27<sup>(a)</sup> | EUR | 200 | 172554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/29/25 (Call 03/29/25)<sup>(a)</sup> | EUR | 200 | 182976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/07/30 (Call 01/07/30)<sup>(a)</sup> | EUR | 400 | 314425 |
|  Vonovia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/14/29 (Call 09/14/29)<sup>(a)</sup> | EUR | 200 | 141253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/14/41 (Call 03/14/41)<sup>(a)</sup> | EUR | 200 | 103582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/01/51 (Call 06/01/51)<sup>(a)</sup> | EUR | 200 | 90656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/28/28 (Call 03/28/28)<sup>(a)</sup> | EUR | 300 | 247954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/25/32 (Call 12/25/31)<sup>(a)</sup> | EUR | 200 | 154266 |
|  VW Credit Canada Inc., 3.25%, 03/29/23 | CAD | 250 | 182231 |
|  Wintershall Dea Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 09/25/23 (Call 06/25/23)<sup>(a)</sup> | EUR | 300 | 286507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 09/25/28 (Call 06/25/28)<sup>(a)</sup> | EUR | 400 | 324292 |
|  Wirtschafts- und Infrastrukturbank Hessen, 0.88%, 06/14/28 | EUR | 200 | 177881 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112608471 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Hong Kong — 0.0%** |  |  |  |
|  CK Hutchison Europe Finance 18 Ltd., 1.25%, 04/13/25<sup>(a)</sup> | EUR | 205 | $191003 |
|  CK Hutchison Finance 16 II Ltd., 0.88%, 10/03/24<sup>(a)</sup> | EUR | 300 | 281396 |
|  CK Hutchison Finance 16 Ltd., Series B, 2.00%, 04/06/28<sup>(a)</sup> | EUR | 300 | 263999 |
|  |  |  | 736398 |
| **Hungary — 0.0%** |  |  |  |
|  MOL Hungarian Oil & Gas PLC, 1.50%, 10/08/27 (Call 07/08/27)<sup>(a)</sup> | EUR | 200 | 159318 |
|  MVM Energetika Zrt, 0.88%, 11/18/27 (Call 08/18/27)<sup>(a)</sup> | EUR | 200 | 139602 |
|  |  |  | 298920 |
| **Iceland — 0.0%** |  |  |  |
|  Landsbankinn HF, 0.50%, 05/20/24<sup>(a)</sup> | EUR | 200 | 180915 |
| **Indonesia — 0.0%** |  |  |  |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 1.88%, 11/05/31<sup>(a)</sup> | EUR | 200 | 138859 |
| **Ireland — 0.1%** |  |  |  |
|  AIB Group PLC, 0.50%, 11/17/27 (Call 11/17/26)<sup>(a)(b)</sup> | EUR | 300 | 247109 |
|  AIB Mortgage Bank, 0.88%, 02/04/23<sup>(a)</sup> | EUR | 100 | 98597 |
|  Bank of Ireland Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/08/24 (Call 07/08/23)<sup>(a)(b)</sup> | EUR | 390 | 375562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/29/23<sup>(a)</sup> | EUR | 150 | 145575 |
|  Bank of Ireland Mortgage Bank, 0.63%, 03/14/25<sup>(a)</sup>  | EUR | 100 | 93735 |
|  CRH Finance DAC, 1.38%, 10/18/28 (Call 07/18/28)<sup>(a)</sup> | EUR | 200 | 170771 |
|  ESB Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/07/29 (Call 11/07/28)<sup>(a)</sup> | EUR | 400 | 351244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/14/31 (Call 03/14/31)<sup>(a)</sup> | EUR | 100 | 83953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/05/33 (Call 08/05/33)<sup>(a)</sup> | EUR | 407 | 334975 |
|  Freshwater Finance PLC, Series A, 5.18%, 04/20/35<sup>(a)</sup> | GBP | 100 | 108957 |
|  Kerry Group Financial Services Unltd Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/20/29 (Call 06/20/29)<sup>(a)</sup> | EUR | 300 | 236566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/01/31 (Call 09/01/31)<sup>(a)</sup> | EUR | 100 | 74629 |
|  PartnerRe Ireland Finance DAC, 1.25%, 09/15/26<sup>(a)</sup> | EUR | 200 | 179201 |
|  Ryanair DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/23<sup>(a)</sup> | EUR | 400 | 387465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/25<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 95564 |
|  Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | EUR | 200 | 190011 |
|  Smurfit Kappa Treasury Co., 0.50%, 09/22/29 (Call 06/22/29)<sup>(a)</sup> | EUR | 300 | 223904 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397818 |
| **Isle Of Man — 0.0%** |  |  |  |
|  NE Property BV, 3.38%, 07/14/27 (Call 04/14/27)<sup>(a)</sup>  | EUR | 225 | 174325 |
| **Italy — 0.7%** |  |  |  |
|  2i Rete Gas SpA, 2.20%, 09/11/25 (Call 06/11/25)<sup>(a)</sup> | EUR | 460 | 428142 |
|  A2A SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/16/29 (Call 04/16/29)<sup>(a)</sup> | EUR | 550 | 426997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/19/27 (Call 07/19/27)<sup>(a)</sup> | EUR | 100 | 87278 |
|  ACEA SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/28/30 (Call 04/28/30)<sup>(a)</sup> | EUR | 100 | 71683 |

---

86 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/24/26 (Call 07/24/26)<sup>(a)</sup> | EUR | 450 | $392347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/08/27 (Call 03/08/27)<sup>(a)</sup> | EUR | 240 | 209492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/23/28 (Call 02/23/28)<sup>(a)</sup> | EUR | 210 | 181543 |
|  Aeroporti di Roma SpA, 1.63%, 06/08/27 (Call 03/08/27)<sup>(a)</sup> | EUR | 250 | 214994 |
|  AMCO - Asset Management Co. SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/20/28<sup>(a)</sup> | EUR | 150 | 119840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/27/25<sup>(a)</sup> | EUR | 200 | 187291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/17/27<sup>(a)</sup> | EUR | 450 | 403407 |
|  Anima Holding SpA, 1.50%, 04/22/28<sup>(a)</sup> | EUR | 100 | 79803 |
|  Assicurazioni Generali SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 10/01/30<sup>(a)</sup> | EUR | 200 | 151914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/04/26<sup>(a)</sup> | EUR | 300 | 297901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, (Call 11/21/25)<sup>(a)(b)(c)</sup> | EUR | 200 | 191131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/16/24<sup>(a)</sup> | EUR | 370 | 375792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/27/47 (Call 10/27/27)<sup>(a)(b)</sup> | EUR | 350 | 339834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 07/06/32 (Call 01/06/32)<sup>(a)</sup> | EUR | 200 | 191013 |
|  ASTM SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/25/26 (Call 08/25/26)<sup>(a)</sup> | EUR | 200 | 170353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/25/30 (Call 10/25/29)<sup>(a)</sup> | EUR | 400 | 300799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/25/33 (Call 08/25/33)<sup>(a)</sup> | EUR | 300 | 208262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/13/24<sup>(a)</sup> | EUR | 209 | 203006 |
|  Autostrade per l'Italia SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/25/28 (Call 10/25/27)<sup>(a)</sup> | EUR | 100 | 82121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/26/26<sup>(a)</sup> | EUR | 100 | 88710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/27<sup>(a)</sup> | EUR | 100 | 86570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/04/25<sup>(a)</sup> | EUR | 100 | 91703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/26/29 (Call 06/26/29)<sup>(a)</sup> | EUR | 100 | 78711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/04/28 (Call 09/04/28)<sup>(a)</sup> | EUR | 100 | 81684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/25/32 (Call 10/25/31)<sup>(a)</sup> | EUR | 100 | 74307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/16/25<sup>(a)</sup> | EUR | 100 | 99067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/09/24 | EUR | 200 | 202917 |
|  Banca Monte dei Paschi di Siena SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/08/27<sup>(a)</sup> | EUR | 300 | 266750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/29/24<sup>(a)</sup> | EUR | 240 | 234440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16, 2.88%, 07/16/24<sup>(a)</sup> | EUR | 200 | 196713 |
|  Banco BPM SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/23/25<sup>(a)</sup> | EUR | 200 | 189034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/25/23<sup>(a)</sup> | EUR | 300 | 292458 |
|  Banco di Desio e della Brianza SpA, 0.38%, 07/24/26<sup>(a)</sup> | EUR | 200 | 178915 |
|  BPER Banca, 1.00%, 07/22/23<sup>(a)</sup> | EUR | 200 | 195573 |
|  Credit Agricole Italia SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/24<sup>(a)</sup> | EUR | 100 | 93881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/17/28<sup>(a)</sup> | EUR | 300 | 254204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/20/32<sup>(a)</sup> | EUR | 400 | 296617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/25/27<sup>(a)</sup> | EUR | 400 | 360399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/17/45<sup>(a)</sup> | EUR | 100 | 60769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/21/25<sup>(a)</sup> | EUR | 200 | 189311 |
|  Enel Finance International NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/17/27 (Call 03/17/27)<sup>(a)</sup> | EUR | 800 | 663321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/17/30 (Call 03/17/30)<sup>(a)</sup> | EUR | 600 | 430304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/17/34 (Call 07/17/34)<sup>(a)</sup> | EUR | 216 | 139269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/17/35 | EUR | 300 | 192394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/01/26<sup>(a)</sup> | EUR | 579 | 521740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/11/29 (Call 01/11/29)<sup>(a)</sup> | GBP | 300 | 277706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/14/24<sup>(a)</sup> | GBP | 350 | 399802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/14/40<sup>(a)</sup> | GBP | 230 | 238957 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Italy (continued)** |  |  |  |
|  Enel SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, <sup>(a)(b)(c)</sup> | EUR | 500 | $471193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, (Call 02/24/25)<sup>(a)(b)(c)</sup> | EUR | 200 | 180682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/20/24<sup>(a)</sup> | EUR | 170 | 173298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6.5Y, 1.38%, (Call 06/08/27)<sup>(a)(b)(c)</sup> | EUR | 300 | 222039 |
|  Eni SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/23/30<sup>(a)</sup> | EUR | 300 | 230557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/19/28<sup>(a)</sup> | EUR | 670 | 566119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/18/24<sup>(a)</sup> | EUR | 279 | 270817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, (Call 02/11/30)<sup>(a)(b)(c)</sup> | EUR | 300 | 218621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/25<sup>(a)</sup> | EUR | 150 | 148467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC5., 2.63%, (Call 10/13/25)<sup>(a)(b)(c)</sup> | EUR | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC9, 3.38%, (Call 07/13/29)<sup>(a)(b)(c)</sup> | EUR | 100 | 77785 |
|  ERG SpA, 1.88%, 04/11/25 (Call 01/11/25)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 94960 |
|  FCA Bank SpA/Ireland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/16/24 (Call 01/16/24)<sup>(a)(d)</sup> | EUR | 100 | 93482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/28/23 (Call 01/28/23)<sup>(a)</sup> | EUR | 400 | 392600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/13/24<sup>(a)</sup> | EUR | 200 | 185564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/24/22<sup>(a)</sup> | EUR | 125 | 123427 |
|  Ferrovie dello Stato Italiane SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/25/28<sup>(a)</sup> | EUR | 325 | 257629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/27/25<sup>(a)</sup> | EUR | 460 | 430670 |
|  Hera SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/03/30 (Call 09/03/30)<sup>(a)</sup> | EUR | 573 | 393335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/14/26<sup>(a)</sup> | EUR | 100 | 87751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/25/29 (Call 02/25/29)<sup>(a)</sup> | EUR | 100 | 88330 |
|  Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/23/23<sup>(a)</sup> | EUR | 400 | 393244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/24/26<sup>(a)</sup> | EUR | 400 | 345678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/16/28<sup>(a)</sup> | EUR | 400 | 323249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/27/23<sup>(a)</sup> | EUR | 250 | 246660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/04/24<sup>(a)</sup> | EUR | 575 | 543491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/25/25<sup>(a)</sup> | EUR | 300 | 280406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/16/27<sup>(a)</sup> | EUR | 400 | 362107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/04/27<sup>(a)</sup> | EUR | 200 | 180006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/18/24<sup>(a)</sup> | EUR | 510 | 491261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/18/25<sup>(a)</sup> | EUR | 100 | 93989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/04/29<sup>(a)</sup> | EUR | 225 | 184075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/30/23<sup>(a)</sup> | EUR | 150 | 147032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/30<sup>(a)</sup> | GBP | 200 | 171242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/05/24<sup>(a)</sup> | EUR | 100 | 99264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/10/26<sup>(a)</sup> | EUR | 100 | 99401 |
|  Iren SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/01/30 (Call 04/01/30)<sup>(a)</sup> | EUR | 200 | 145405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/24/27 (Call 07/24/27)<sup>(a)</sup> | EUR | 300 | 256237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/19/25 (Call 06/19/25)<sup>(a)</sup> | EUR | 100 | 93210 |
|  Italgas SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/24/30<sup>(a)</sup> | EUR | 430 | 320797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/19/27<sup>(a)</sup> | EUR | 300 | 268814 |
|  Mediobanca Banca di Credito Finanziario SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/01/26<sup>(a)</sup> | EUR | 100 | 89208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/26<sup>(a)</sup> | EUR | 200 | 177723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/23/25<sup>(a)</sup> | EUR | 250 | 229464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/29<sup>(a)</sup> | EUR | 500 | 430595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/07/25<sup>(a)</sup> | EUR | 100 | 94478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, 1.38%, 11/10/25<sup>(a)</sup> | EUR | 300 | 281903 |
|  Poste Italiane SpA, 0.50%, 12/10/28 (Call 09/10/28)<sup>(a)</sup> | EUR | 300 | 230749 |
|  Snam SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/07/28 (Call 09/07/28)<sup>(a)(d)</sup> | EUR | 367 | 275483 |

---

S C H E D U L E O F I N V E S T M E N T S 87

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/25/26<sup>(a)</sup> | EUR | 461 | $403537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/20/34 (Call 03/20/34)<sup>(a)</sup> | EUR | 200 | 133036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/25/27 (Call 07/25/27)<sup>(a)</sup> | EUR | 110 | 96296 |
|  Societa Cattolica Di Assicurazione SpA, 4.25%, 12/14/47 (Call 12/14/27)<sup>(a)(b)</sup> | EUR | 200 | 182071 |
|  Terna - Rete Elettrica Nazionale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/25/30 (Call 06/25/30)<sup>(a)</sup> | EUR | 300 | 218923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/26/27<sup>(a)</sup> | EUR | 300 | 265846 |
|  Terna Rete Elettrica Nazionale SpA, 4.90%, 10/28/24<sup>(a)</sup> | EUR | 103 | 104951 |
|  UniCredit SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33%, 01/19/26<sup>(a)</sup> | EUR | 400 | 348117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/31/26<sup>(a)</sup> | EUR | 300 | 265971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/25<sup>(a)</sup> | EUR | 500 | 467037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/19/31<sup>(a)</sup> | EUR | 100 | 69469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/03/25 (Call 07/03/24)<sup>(a)(b)</sup> | EUR | 300 | 281497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/20/30<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 386737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/04/23<sup>(a)</sup> | EUR | 454 | 448284 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27445147 |
| **Japan — 0.2%** |  |  |  |
|  Asahi Group Holdings Ltd., 1.15%, 09/19/25 (Call 06/19/25)<sup>(a)</sup> | EUR | 200 | 185779 |
|  East Japan Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 09/15/34<sup>(a)</sup> | EUR | 100 | 69921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/15/39<sup>(a)</sup> | EUR | 300 | 188703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 09/15/28<sup>(a)</sup> | GBP | 150 | 136861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/25/36<sup>(a)</sup> | GBP | 100 | 106124 |
|  JT International Financial Services BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/26/29 (Call 08/26/29)<sup>(a)</sup> | EUR | 200 | 152232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/28/33 (Call 06/28/33)<sup>(a)</sup> | GBP | 200 | 171761 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 07/19/29<sup>(a)</sup> | EUR | 200 | 159150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%, 09/07/24<sup>(a)</sup> | EUR | 400 | 375404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 06/15/32<sup>(a)</sup> | EUR | 300 | 273433 |
|  Mizuho Financial Group Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/06/29<sup>(a)</sup> | EUR | 300 | 224316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/15/30<sup>(a)</sup> | EUR | 335 | 255399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 10/11/23<sup>(a)</sup> | EUR | 310 | 299599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/08/27<sup>(a)</sup> | EUR | 150 | 132895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/08/32<sup>(a)</sup> | EUR | 400 | 321367 |
|  Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/17/26 (Call 02/17/26)<sup>(a)</sup> | EUR | 200 | 179765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/28 (Call 06/17/28)<sup>(a)</sup> | EUR | 150 | 125560 |
|  NTT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/03/25 (Call 02/03/25)<sup>(a)</sup> | EUR | 400 | 368234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.08%, 12/13/25 (Call 11/13/25)<sup>(a)</sup> | EUR | 100 | 89938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.34%, 03/03/30 (Call 12/03/29)<sup>(a)</sup> | EUR | 500 | 392478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 12/13/28 (Call 09/13/28)<sup>(a)</sup> | EUR | 500 | 412130 |
|  Sumitomo Mitsui Banking Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%, 11/07/29<sup>(a)</sup> | EUR | 250 | 201845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/06/23<sup>(a)</sup> | EUR | 500 | 482992 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/23/29<sup>(a)</sup> | EUR | 300 | 228760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 06/14/27<sup>(a)</sup> | EUR | 100 | 87085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/26<sup>(a)</sup> | EUR | 247 | 223476 |
|  Sumitomo Mitsui Financial Group, Inc., 0.93%, 10/11/24<sup>(a)</sup> | EUR | 416 | 391485 |
|  Sumitomo Mitsui Trust Bank Ltd., 0.01%, 10/15/27 | EUR | 300 | 252433 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/09/27 (Call 05/09/27) | EUR | 200 | 174450 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 (Call 04/09/29) | EUR | 100 | $82930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/09/32 (Call 04/09/32) | EUR | 400 | 313564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/09/40 (Call 01/09/40) | EUR | 100 | 70675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/30 (Call 08/21/30)<sup>(a)</sup> | EUR | 200 | 186143 |
|  Toyota Motor Finance Netherlands BV, 1.38%, 05/23/23<sup>(a)</sup> | GBP | 400 | 451701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768588 |
| **Liechtenstein — 0.0%** |  |  |  |
|  LGT Bank AG, 1.88%, 02/08/23<sup>(a)</sup> | CHF | 100 | 100040 |
| **Lithuania — 0.0%** |  |  |  |
|  AB Ignitis Grupe |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/14/27<sup>(a)</sup> | EUR | 200 | 172649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/21/30 (Call 02/21/30)<sup>(a)</sup> | EUR | 100 | 77476 |
|  |  |  | 250125 |
| **Luxembourg — 0.1%** |  |  |  |
|  Aroundtown SA, 1.63%, (Call 04/15/26)<sup>(a)(b)(c)</sup> | EUR | 100 | 47126 |
|  Bevco Lux Sarl, 1.50%, 09/16/27 (Call 06/16/27)<sup>(a)</sup> | EUR | 200 | 162628 |
|  Blackstone Property Partners |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/29/29 (Call 07/29/29)<sup>(a)</sup> | EUR | 200 | 163119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/29/32 (Call 01/29/32)<sup>(a)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 184775 |
|  Blackstone Property Partners Europe Holdings Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/04/28 (Call 02/04/28)<sup>(a)</sup> | EUR | 100 | 72631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/12/29 (Call 12/12/28)<sup>(a)</sup> | EUR | 300 | 219967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/24/25 (Call 04/24/25)<sup>(a)</sup> | EUR | 300 | 263291 |
|  CBRE Global Investors Open-Ended Fund SCA SICAV-SIF Pan European Core Fund, 0.50%, 01/27/28 (Call 10/27/27)<sup>(a)</sup> | EUR | 100 | 74105 |
|  CK Hutchison Group Telecom Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/17/26 (Call 01/17/26)<sup>(a)</sup> | EUR | 210 | 185196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/17/28 (Call 07/17/28)<sup>(a)</sup> | EUR | 400 | 323462 |
|  CPI Property Group SA, 1.75%, 01/14/30 (Call 10/14/29)<sup>(a)</sup> | EUR | 500 | 311323 |
|  Czech Gas Networks Investments Sarl, 0.45%, 09/08/29 (Call 06/08/29)<sup>(a)</sup> | EUR | 200 | 126219 |
|  Eurofins Scientific SE, 4.00%, 07/06/29 (Call 04/06/29)<sup>(a)</sup> | EUR | 200 | 189461 |
|  Logicor Financing Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/13/25 (Call 02/13/25)<sup>(a)</sup> | EUR | 350 | 307020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | GBP | 100 | 85443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/13/28 (Call 08/13/28)<sup>(a)</sup> | EUR | 360 | 288053 |
|  Prologis International Funding II SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/09/29 (Call 04/09/29)<sup>(a)</sup> | EUR | 300 | 234873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | EUR | 300 | 259567 |
|  Segro Capital Sarl, 0.50%, 09/22/31 (Call 06/22/31)<sup>(a)</sup> | EUR | 300 | 192928 |
|  SELP Finance Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/27/29 (Call 02/27/29)<sup>(a)</sup> | EUR | 100 | 69950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/20/26 (Call 09/20/26)<sup>(a)</sup> | EUR | 250 | 203152 |
|  |  |  | 3964289 |
| **Mexico — 0.0%** |  |  |  |
|  America Movil SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/28 | EUR | 300 | 272923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/33 | GBP | 200 | 214708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/27/26 | GBP | 200 | 223289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/28/30 | GBP | 270 | 309398 |
|  Fomento Economico Mexicano SAB de CV, 0.50%, 05/28/28 (Call 02/28/28) | EUR | 300 | 238075 |
|  |  |  | 1258393 |

---

88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Netherlands — 1.0%** |  |  |  |
|  ABN AMRO Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/14/35<sup>(a)</sup> | EUR | 200 | $141492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/17/41<sup>(a)</sup> | EUR | 100 | 60063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/26<sup>(a)</sup> | EUR | 200 | 181022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/27<sup>(a)</sup> | EUR | 300 | 258467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/24<sup>(a)</sup> | EUR | 500 | 480976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/26<sup>(a)</sup> | EUR | 500 | 464571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/13/31<sup>(a)</sup> | EUR | 800 | 670555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/02/33<sup>(a)</sup> | EUR | 200 | 142138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/12/32<sup>(a)</sup> | EUR | 200 | 166666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/23/39<sup>(a)</sup> | EUR | 200 | 144739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/28/25<sup>(a)</sup> | EUR | 400 | 372566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/33<sup>(a)</sup> | EUR | 200 | 165271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/12/37<sup>(a)</sup> | EUR | 500 | 390067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/12/38<sup>(a)</sup> | EUR | 300 | 231858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/05/23<sup>(a)</sup> | EUR | 200 | 197751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/32<sup>(a)</sup> | EUR | 200 | 176768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31<sup>(a)</sup> | CHF | 200 | 220566 |
|  Achmea Bank NV, 0.38%, 11/22/24<sup>(a)</sup> | EUR | 300 | 281853 |
|  Achmea BV, 1.50%, 05/26/27 (Call 02/26/27)<sup>(a)</sup> | EUR | 334 | 300669 |
|  Aegon Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/25/55<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 97700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/21/56<sup>(a)</sup> | EUR | 200 | 187783 |
|  Aegon NV, 6.13%, 12/15/31 | GBP | 50 | 60244 |
|  Akzo Nobel NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/08/26 (Call 01/08/26)<sup>(a)</sup> | EUR | 200 | 181619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/28/32 (Call 12/28/31)<sup>(a)</sup> | EUR | 200 | 159717 |
|  Alliander NV, 2.88%, 06/14/24 | EUR | 200 | 197353 |
|  ASML Holding NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/07/29 (Call 02/07/29)<sup>(a)</sup> | EUR | 340 | 284391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/07/26 (Call 04/07/26)<sup>(a)</sup> | EUR | 300 | 280041 |
|  ASR Nederland NV, 5.00%,<br>(Call 09/30/24)<sup>(a)(b)(c)</sup> | EUR | 230 | 222033 |
|  BNG Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 11/09/24<sup>(a)</sup> | EUR | 450 | 423166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/07/24<sup>(a)</sup> | EUR | 300 | 285719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/19/27<sup>(a)</sup> | EUR | 250 | 224338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/11/28<sup>(a)</sup> | EUR | 250 | 222601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/24/29<sup>(a)</sup> | EUR | 390 | 339187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/17/35<sup>(a)</sup> | EUR | 500 | 376493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/12/26<sup>(a)</sup> | EUR | 200 | 187485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/21/30<sup>(a)</sup> | EUR | 200 | 175932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/39<sup>(a)</sup> | EUR | 284 | 220362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/17/23<sup>(a)</sup> | EUR | 80 | 79036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25<sup>(a)</sup> | AUD | 200 | 124242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/17/28<sup>(a)</sup> | AUD | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235767 |
|  Cooperatieve Rabobank UA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/24<sup>(a)</sup> | EUR | 200 | 190149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/06/22<sup>(a)</sup> | EUR | 200 | 197510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/26/26<sup>(a)</sup> | EUR | 200 | 183127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/25/33<sup>(a)</sup> | EUR | 300 | 206839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/29/23<sup>(a)</sup> | EUR | 300 | 291423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/02/32<sup>(a)</sup> | EUR | 600 | 481179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/21/39<sup>(a)</sup> | EUR | 200 | 134845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/08/28<sup>(a)</sup> | EUR | 600 | 533655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/01/29<sup>(a)</sup> | EUR | 200 | 174157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/23/26<sup>(a)</sup> | EUR | 570 | 531498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/03/27<sup>(a)</sup> | EUR | 610 | 557059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/26/38<sup>(a)</sup> | EUR | 300 | 233690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/25/23<sup>(a)</sup> | EUR | 125 | 124218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/14/27<sup>(a)</sup> | GBP | 200 | 214734 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/03/60<sup>(a)</sup> | GBP | 100 | $134318 |
|  CTP NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 (Call 10/20/25)<sup>(a)</sup> | EUR | 300 | 235920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/21/29 (Call 03/21/29)<sup>(a)</sup> | EUR | 200 | 118438 |
|  de Volksbank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/16/41<sup>(a)</sup> | EUR | 200 | 118513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/08/28<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 178247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/22/30 (Call 10/22/25)<sup>(a)(b)</sup> | EUR | 100 | 88002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/04/27 (Call 05/04/26)<sup>(a)(b)</sup> | EUR | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274954 |
|  Enexis Holding NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/02/31 (Call 04/02/31)<sup>(a)</sup> | EUR | 375 | 290631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/23 (Call 07/20/23)<sup>(a)</sup> | EUR | 350 | 342034 |
|  Euronext NV, 0.75%, 05/17/31 (Call 02/17/31)<sup>(a)</sup> | EUR | 300 | 225105 |
|  EXOR NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/19/31 (Call 10/19/30)<sup>(a)</sup> | EUR | 200 | 147670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/18/28 (Call 10/18/27)<sup>(a)</sup> | EUR | 200 | 178855 |
|  Heineken NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/04/26 (Call 02/04/26)<sup>(a)</sup> | EUR | 370 | 338993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/17/27 (Call 12/17/26)<sup>(a)</sup> | EUR | 200 | 181364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/07/40 (Call 11/07/39)<sup>(a)</sup> | EUR | 300 | 204594 |
|  ING Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/18/29<sup>(a)</sup> | EUR | 400 | 345255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/11/28<sup>(a)</sup> | EUR | 300 | 266015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/17/37<sup>(a)</sup> | EUR | 300 | 221304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/22/23<sup>(a)</sup> | EUR | 400 | 394549 |
|  ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/18/29 (Call 02/18/28)<sup>(a)(b)</sup> | EUR | 400 | 312983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/01/30 (Call 02/01/29)<sup>(a)(b)</sup> | EUR | 400 | 299843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/16/32 (Call 08/16/27)<sup>(a)(b)</sup> | EUR | 400 | 319394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/14/25<sup>(a)</sup> | EUR | 600 | 563486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/07/28 (Call 12/07/27)<sup>(a)(b)</sup> | GBP | 300 | 266356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/16/27 (Call 02/16/26)<sup>(a)(b)</sup> | EUR | 600 | 533726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/26/29 (Call 09/26/24)<sup>(a)(b)</sup> | EUR | 600 | 551390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/28<sup>(a)</sup> | EUR | 300 | 259421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/26/31 (Call 02/26/26)<sup>(a)(b)</sup> | EUR | 100 | 89106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/30<sup>(a)</sup> | EUR | 300 | 261280 |
|  JDE Peet's NV, 1.13%, 06/16/33<br>(Call 03/16/33)<sup>(a)</sup> | EUR | 225 | 148903 |
|  Koninklijke Ahold Delhaize NV, 0.25%, 06/26/25 (Call 03/26/25)<sup>(a)</sup> | EUR | 352 | 322080 |
|  Koninklijke DSM NV, 1.00%, 04/09/25 (Call 01/09/25)<sup>(a)</sup> | EUR | 470 | 438848 |
|  Koninklijke KPN NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/33 (Call 08/15/33)<sup>(a)</sup> | EUR | 300 | 209605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/30/24<sup>(a)</sup> | EUR | 150 | 153648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/17/29<sup>(a)</sup> | GBP | 310 | 349151 |
|  Koninklijke Philips NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/05/27 (Call 02/05/27)<sup>(a)</sup> | EUR | 400 | 362008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/30/30 (Call 12/30/29)<sup>(a)</sup> | EUR | 300 | 252739 |
|  LeasePlan Corp. NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/13/23 | EUR | 100 | 95690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/07/24<sup>(a)</sup> | EUR | 200 | 190438 |
|  Louis Dreyfus Co. BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/28/28 (Call 01/28/28)<sup>(a)</sup> | EUR | 100 | 81725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/27/25 (Call 08/27/25)<sup>(a)</sup> | EUR | 100 | 93407 |
|  Nationale-Nederlanden Bank NV Netherlands (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 09/24/35<sup>(a)</sup> | EUR | 300 | 197248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/11/55<sup>(a)</sup> | EUR | 400 | 370625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/25/28<sup>(a)</sup> | EUR | 200 | 176270 |
|  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, 0.13%, 06/01/23<sup>(a)</sup> | EUR | 100 | 97656 |

---

S C H E D U L E O F I N V E S T M E N T S 89

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Netherlands (continued)** |  |  |  |
|  Nederlandse Gasunie NV, 1.38%, 10/16/28 (Call 07/16/28)<sup>(a)</sup> | EUR | 300 | $259626 |
|  Nederlandse Waterschapsbank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/17/24<sup>(a)</sup> | EUR | 300 | 287895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/19/23<sup>(a)</sup> | EUR | 100 | 98601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/29/30<sup>(a)</sup> | EUR | 500 | 414195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/06/29<sup>(a)</sup> | EUR | 200 | 172181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/03/25<sup>(a)</sup> | EUR | 400 | 376511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/01/28<sup>(a)</sup> | EUR | 600 | 538766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/07/32<sup>(a)</sup> | EUR | 100 | 84404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/15/39<sup>(a)</sup> | EUR | 200 | 155973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/29/48<sup>(a)</sup> | EUR | 200 | 153436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/17/28<sup>(a)</sup> | AUD | 300 | 178349 |
|  NIBC Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/21/31<sup>(a)</sup> | EUR | 100 | 76771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/11/28<sup>(a)</sup> | EUR | 200 | 175742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/19/23<sup>(a)</sup> | EUR | 200 | 196100 |
|  NN Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/08/44 (Call 04/08/24)<sup>(a)(b)</sup> | EUR | 350 | 340699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/13/48 (Call 01/13/28)<sup>(a)(b)</sup> | EUR | 300 | 272354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/43 (Call 08/30/32)<sup>(a)(b)</sup> | EUR | 200 | 177926 |
|  PostNL NV, 0.63%, 09/23/26 (Call 06/23/26) | EUR | 100 | 88142 |
|  Rentokil Initial Finance BV, 4.38%, 06/27/30 (Call 03/27/30)<sup>(a)</sup> | EUR | 300 | 291888 |
|  Royal Schiphol Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/05/30 (Call 08/05/30)<sup>(a)</sup> | EUR | 100 | 81723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/06/29 (Call 01/06/29)<sup>(a)</sup> | EUR | 400 | 354149 |
|  Shell International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/08/27<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 84883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/21/28<sup>(a)</sup> | CHF | 125 | 115502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/08/39<sup>(a)</sup> | EUR | 300 | 181034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/12/28<sup>(a)</sup> | EUR | 220 | 194884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/11/32<sup>(a)</sup> | EUR | 300 | 238953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/25<sup>(a)</sup> | EUR | 610 | 583982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/07/32<sup>(a)</sup> | EUR | 210 | 180061 |
|  Stedin Holding NV, 1.38%, 09/19/28 (Call 06/19/28)<sup>(a)</sup> | EUR | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347927 |
|  Stellantis NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/18/29 (Call 10/18/28)<sup>(a)</sup> | EUR | 300 | 233103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/20/33 (Call 03/20/33)<sup>(a)</sup> | EUR | 300 | 204722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/25 (Call 12/20/24)<sup>(a)</sup> | EUR | 500 | 475457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/32 (Call 01/01/32)<sup>(a)</sup> | EUR | 300 | 244746 |
|  Technip Energies NV, 1.13%, 05/28/28 (Call 02/28/28)<sup>(a)</sup> | EUR | 200 | 153394 |
|  TenneT Holding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/16/35 (Call 03/16/35)<sup>(a)</sup> | EUR | 550 | 371660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/13/26 (Call 03/13/26)<sup>(a)</sup> | EUR | 200 | 182672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/26/29 (Call 03/26/29)<sup>(a)</sup> | EUR | 450 | 383262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/39 (Call 03/03/39)<sup>(a)</sup> | EUR | 644 | 430451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/05/34 (Call 03/05/34)<sup>(a)</sup> | EUR | 100 | 79892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/17/42 (Call 12/17/41)<sup>(a)</sup> | EUR | 300 | 235440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/21/23<sup>(a)</sup> | EUR | 200 | 198856 |
|  Unilever Finance Netherlands BV, 1.75%, 03/25/30 (Call 12/25/29)<sup>(a)</sup> | EUR | 320 | 286169 |
|  Urenco Finance NV, 3.25%, 06/13/32 (Call 03/13/32)<sup>(a)</sup> | EUR | 250 | 226062 |
|  Van Lanschot Kempen Wealth Management NV, 0.88%, 02/15/59<sup>(a)</sup> | EUR | 200 | 180593 |
|  Vesteda Finance BV, 2.00%, 07/10/26 (Call 04/10/26)<sup>(a)</sup> | EUR | 100 | 90832 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Netherlands (continued)** |  |  |  |
|  Viterra Finance BV, 1.00%, 09/24/28 (Call 06/24/28)<sup>(a)</sup> | EUR | 300 | $224476 |
|  Wolters Kluwer NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/03/30 (Call 04/03/30)<sup>(a)</sup> | EUR | 150 | 118015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/22/27 (Call 12/22/26)<sup>(a)</sup> | EUR | 100 | 91214 |
|  Wurth Finance International BV, 2.13%, 08/23/30 (Call 05/23/30)<sup>(a)</sup> | EUR | 100 | 86079 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36148889 |
| **New Zealand — 0.1%** |  |  |  |
|  ANZ New Zealand Int'l Ltd./London |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/22/23<sup>(a)</sup> | EUR | 100 | 96762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/29<sup>(a)</sup> | EUR | 100 | 76509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/17/24<sup>(a)</sup> | EUR | 200 | 192325 |
|  ASB Finance Ltd., 0.75%, 03/13/24<sup>(a)</sup> | EUR | 300 | 285740 |
|  ASB Finance Ltd./London, 0.63%, 10/18/24<sup>(a)</sup> | EUR | 200 | 188853 |
|  BNZ International Funding Ltd/London, 0.63%, 07/03/25<sup>(a)</sup> | EUR | 200 | 185522 |
|  Westpac Sec NZ/London Covered, 0.01%, 06/08/28<sup>(a)</sup> | EUR | 200 | 165251 |
|  Westpac Securities NZ Ltd./London |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/05/24<sup>(a)</sup> | CHF | 150 | 147605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 12/14/26<sup>(a)</sup> | EUR | 400 | 343931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/17/24<sup>(a)</sup> | EUR | 200 | 192452 |
|  |  |  | 1874950 |
| **Norway — 0.3%** |  |  |  |
|  Avinor AS, 1.00%, 04/29/25 (Call 01/29/25)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | 328092 |
|  DNB Bank ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 11/14/23<sup>(a)</sup> | EUR | 555 | 530691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/01/23<sup>(a)</sup> | EUR | 200 | 197017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/10/26 (Call 06/10/25)<sup>(a)(b)</sup> | GBP | 300 | 321922 |
|  DNB Boligkreditt AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/12/28<sup>(a)</sup> | EUR | 300 | 251043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/18/23<sup>(a)</sup> | EUR | 150 | 147031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/07/26<sup>(a)</sup> | EUR | 400 | 356991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/14/23<sup>(a)</sup> | EUR | 500 | 483343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/20/24<sup>(a)</sup> | EUR | 100 | 94058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/14/26<sup>(a)</sup> | EUR | 400 | 367910 |
|  Eika Boligkreditt AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/12/27 | EUR | 200 | 173971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/20/23<sup>(a)</sup> | EUR | 300 | 294210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/28/25<sup>(a)</sup> | EUR | 200 | 184959 |
|  Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/22/26 (Call 03/22/26)<sup>(a)</sup> | EUR | 450 | 411119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/22/32 (Call 02/22/32)<sup>(a)</sup> | EUR | 200 | 164336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/09/36 (Call 08/09/36)<sup>(a)</sup> | EUR | 200 | 152022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/10/41<sup>(a)</sup> | GBP | 290 | 290911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/11/31<sup>(a)</sup> | GBP | 100 | 128653 |
|  Santander Consumer Bank AS, 0.13%, 02/25/25<sup>(a)</sup> | EUR | 300 | 272896 |
|  Sparebank 1 Boligkreditt, 0.05%, 11/03/28<sup>(a)</sup> | EUR | 500 | 413014 |
|  SpareBank 1 Boligkreditt AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/14/26<sup>(a)</sup> | EUR | 200 | 179245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/05/29<sup>(a)</sup> | EUR | 300 | 241179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/12/31<sup>(a)</sup> | EUR | 450 | 345026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/30/26<sup>(a)</sup> | EUR | 200 | 178537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/30/25<sup>(a)</sup> | EUR | 200 | 187635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/18/23<sup>(a)</sup> | GBP | 200 | 223454 |
|  SpareBank 1 Oestlandet, 0.25%, 09/30/24<sup>(a)</sup> | EUR | 250 | 231937 |
|  SpareBank 1 SMN, 0.01%, 02/18/28<sup>(a)</sup> | EUR | 100 | 80365 |

---

90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Norway (continued)** |  |  |  |
|  SpareBank 1 SR-Bank ASA, 0.38%, 07/15/27 (Call 07/15/26)<sup>(a)(b)</sup> | EUR | 400 | $343393 |
|  Sparebanken Soer Boligkreditt AS, 0.50%, 02/06/26<sup>(a)</sup> | EUR | 200 | 182763 |
|  Sparebanken Vest Boligkreditt AS, 0.50%, 02/12/26<sup>(a)</sup> | EUR | 400 | 365664 |
|  SR-Boligkreditt AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/08/26 | EUR | 100 | 88203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/08/28<sup>(a)</sup> | EUR | 350 | 290027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/17/25<sup>(a)</sup> | EUR | 300 | 278666 |
|  Statkraft AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/21/23 (Call 06/21/23)<sup>(a)</sup> | EUR | 200 | 195193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/26/30 (Call 12/26/29)<sup>(a)</sup> | EUR | 400 | 342025 |
|  Storebrand Livsforsikring AS, 1.88%, 09/30/51 (Call 03/31/31)<sup>(a)(b)</sup> | EUR | 100 | 68787 |
|  Telenor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/14/28 (Call 11/14/27)<sup>(a)</sup> | EUR | 450 | 374768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/14/35 (Call 11/14/34)<sup>(a)</sup> | EUR | 496 | 344356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/06/24<sup>(a)</sup> | EUR | 340 | 331687 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10437099 |
| **Poland — 0.0%** |  |  |  |
|  mBank SA, 0.97%, 09/21/27<br>(Call 09/21/26)<sup>(a)(b)</sup> | EUR | 100 | 74518 |
|  PKO Bank Hipoteczny SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/24/23<sup>(a)</sup> | EUR | 300 | 295660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/27/24<sup>(a)</sup> | EUR | 100 | 95016 |
|  |  |  | 465194 |
| **Portugal — 0.0%** |  |  |  |
|  Banco Santander Totta SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/25/24<sup>(a)</sup> | EUR | 200 | 192122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/26/27<sup>(a)</sup> | EUR | 300 | 272579 |
|  Caixa Economica Montepio Geral Caixa Economica Bancaria SA, 0.13%, 11/14/24<sup>(a)</sup> | EUR | 200 | 186485 |
|  Cia. de Seguros Fidelidade SA, 4.25%, 09/04/31 (Call 09/04/26)<sup>(a)(b)</sup> | EUR | 100 | 79489 |
|  EDP Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/16/26 (Call 06/16/26)<sup>(a)</sup> | EUR | 500 | 438298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/12/24<sup>(a)</sup> | EUR | 504 | 484839 |
|  Ren Finance BV, 1.75%, 01/18/28 (Call 10/18/27)<sup>(a)</sup> | EUR | 100 | 89360 |
|  |  |  | 1743172 |
| **Romania — 0.0%** |  |  |  |
|  Globalworth Real Estate Investments Ltd., 3.00%, 03/29/25<sup>(a)</sup> | EUR | 500 | 428332 |
| **Senegal — 0.3%** |  |  |  |
|  Asian Development Bank, 1.95%, 07/22/32 | EUR | 500 | 449540 |
|  European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/04/25<sup>(a)</sup> | EUR | 1800 | 1704120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/04/29<sup>(a)</sup> | EUR | 600 | 547524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/04/27<sup>(a)</sup> | EUR | 4000 | 3829705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/04/27<sup>(a)</sup> | EUR | 350 | 343238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/04/52<sup>(a)</sup> | EUR | 1000 | 867150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/04/48<sup>(a)</sup> | EUR | 1200 | 1076488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/04/38<sup>(a)</sup> | EUR | 300 | 304364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/04/42 | EUR | 750 | 749466 |
|  Inter-American Development Bank, 0.50%, 09/15/26 | GBP | 300 | 300247 |
|  International Bank for Reconstruction & Development, 0.00%, 01/15/27<sup>(d)</sup> | EUR | 500 | 440754 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Senegal (continued)** |  |  |  |
|  International Development Association, 0.70%, 01/17/42<sup>(a)</sup> | EUR | 50 | $32665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10645261 |
| **Singapore — 0.0%** |  |  |  |
|  DBS Bank Ltd., 0.38%, 11/21/24<sup>(a)</sup> | EUR | 400 | 375448 |
|  Temasek Financial I Ltd., 0.50%, 11/20/31 (Call 08/20/31)<sup>(a)</sup> | EUR | 450 | 341237 |
|  United Overseas Bank Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 12/01/27<sup>(a)</sup> | EUR | 225 | 190466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/16/25<sup>(a)</sup> | EUR | 230 | 215455 |
|  |  |  | 1122606 |
| **Slovakia — 0.0%** |  |  |  |
|  Vseobecna Uverova Banka AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 06/23/25<sup>(a)</sup> | EUR | 100 | 91112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/26/24<sup>(a)</sup> | EUR | 300 | 285985 |
|  |  |  | 377097 |
| **South Korea — 0.0%** |  |  |  |
|  Kookmin Bank, 0.05%, 07/15/25<sup>(a)</sup> | EUR | 100 | 91160 |
|  Shinhan Bank Co. Ltd., 0.25%, 10/16/24<sup>(a)</sup> | EUR | 100 | 93100 |
|  |  |  | 184260 |
| **Spain — 0.8%** |  |  |  |
|  Abertis Infraestructuras SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/27/27<sup>(a)</sup> | EUR | 200 | 171426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/15/29 (Call 04/15/29)<sup>(a)</sup> | EUR | 300 | 242282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/29/29 (Call 12/29/28)<sup>(a)</sup> | EUR | 200 | 170426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/27/27 (Call 06/27/27)<sup>(a)</sup> | EUR | 100 | 90162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/27/31 (Call 12/27/30)<sup>(a)</sup> | EUR | 200 | 171523 |
|  Amadeus IT Group SA, 2.50%, 05/20/24 (Call 02/20/24)<sup>(a)</sup> | EUR | 200 | 194885 |
|  AYT Cedulas Cajas Global FTA,<br>Series 10, 4.25%, 10/25/23 | EUR | 300 | 300454 |
|  AyT Cedulas Cajas X Fondo de Titulizacion de Activos, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.75%, 06/30/25 | EUR | 600 | 602603 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/15/26<sup>(a)</sup> | EUR | 400 | 345061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/18/23 | EUR | 500 | 491654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/22/26<sup>(a)</sup> | EUR | 400 | 363502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/29 (Call 01/14/28)<sup>(a)(b)</sup> | EUR | 400 | 326913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/24<sup>(a)</sup> | EUR | 500 | 480502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/26/25<sup>(a)</sup> | EUR | 500 | 467151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/10/27<sup>(a)</sup> | EUR | 500 | 474839 |
|  Banco de Sabadell SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/20/23<sup>(a)</sup> | EUR | 300 | 289475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/10/28<sup>(a)</sup> | EUR | 100 | 84221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/07/25 (Call 11/07/24)<sup>(a)(b)</sup> | EUR | 500 | 457767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/26/27<sup>(a)</sup> | EUR | 300 | 269976 |
|  Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 02/27/32 | EUR | 300 | 219643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/10/29<sup>(a)</sup> | EUR | 200 | 161897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 10/04/26<sup>(a)</sup> | EUR | 500 | 434603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/04/27<sup>(a)</sup> | EUR | 500 | 420723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/24/27 (Call 03/24/26)<sup>(a)</sup> | EUR | 500 | 433708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/24/29 (Call 06/24/28)<sup>(a)(b)</sup> | EUR | 400 | 319632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/12/23<sup>(a)</sup> | CHF | 200 | 198394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/09/31<sup>(a)</sup> | EUR | 600 | 484997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/07/25<sup>(a)</sup> | EUR | 400 | 377377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/27/24<sup>(a)</sup> | EUR | 200 | 190521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/25/28<sup>(a)</sup> | EUR | 300 | 264797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/31/24<sup>(a)</sup> | GBP | 400 | 430426 |

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S C H E D U L E O F I N V E S T M E N T S 91

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Spain (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/25/26<sup>(a)</sup> | EUR | 400 | $377282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/30<sup>(a)</sup> | EUR | 300 | 224983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/27/34<sup>(a)</sup> | EUR | 100 | 85081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/08/28<sup>(a)</sup> | EUR | 300 | 259359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/18/25<sup>(a)</sup> | EUR | 300 | 285295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/04/26<sup>(a)</sup> | EUR | 300 | 284408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/30/28 (Call 08/30/27)<sup>(a)(b)</sup> | GBP | 300 | 325658 |
|  Bankinter SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/06/27<sup>(a)</sup> | EUR | 200 | 163099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/05/25<sup>(a)</sup> | EUR | 200 | 189105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/23/32 (Call 06/23/27)<sup>(a)(b)</sup> | EUR | 100 | 76031 |
|  CaixaBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/18/23<sup>(a)</sup> | EUR | 400 | 392422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/09/26<sup>(a)</sup> | EUR | 200 | 175161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/10/26 (Call 07/10/25)<sup>(a)(b)</sup> | EUR | 100 | 90537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/26/28 (Call 05/26/27)<sup>(a)(b)</sup> | EUR | 500 | 409224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/14/23<sup>(a)</sup> | EUR | 200 | 196978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/25/24<sup>(a)</sup> | EUR | 100 | 94557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/25/25<sup>(a)</sup> | EUR | 200 | 186376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/17/28<sup>(a)</sup> | EUR | 200 | 177154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/12/23<sup>(a)</sup> | EUR | 100 | 98655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/27/26<sup>(a)</sup> | EUR | 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/11/27<sup>(a)</sup> | EUR | 400 | 366364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/18/31 (Call 03/18/26)<sup>(a)(b)</sup> | EUR | 300 | 248075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/03/26 (Call 12/03/25)<sup>(a)(b)</sup> | GBP | 200 | 196499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/21/24 | EUR | 200 | 197093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/03/25 | EUR | 300 | 302944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/24/36 | EUR | 300 | 312754 |
|  Canal de Isabel II Gestion SA, 1.68%, 02/26/25<sup>(a)</sup> | EUR | 200 | 188200 |
|  Cedulas TDA 6 Fond de Titulizacion de Activos, 3.88%, 05/23/25 | EUR | 400 | 402854 |
|  Criteria Caixa SA, 1.50%, 05/10/23<sup>(a)</sup> | EUR | 300 | 294548 |
|  Deutsche Bank SA Espanola, 1.13%, 01/20/23<sup>(a)</sup> | EUR | 100 | 98709 |
|  Enagas Financiaciones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/27/26 (Call 07/27/26)<sup>(a)</sup> | EUR | 100 | 88281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/05/28<sup>(a)</sup> | EUR | 200 | 174640 |
|  Enagas Financiaciones SAU, 1.00%, 03/25/23<sup>(a)</sup> | EUR | 100 | 98221 |
|  FCC Aqualia SA, 2.63%, 06/08/27 (Call 03/08/27)<sup>(a)</sup> | EUR | 150 | 134130 |
|  FCC Servicios Medio Ambiente Holding SA, 1.66%, 12/04/26<sup>(a)</sup> | EUR | 100 | 88532 |
|  Ferrovial Emisiones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/31/25<sup>(a)</sup> | EUR | 200 | 188242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/24<sup>(a)</sup> | EUR | 100 | 97490 |
|  Iberdrola Finanzas SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/07/24 (Call 12/07/23)<sup>(a)</sup> | EUR | 200 | 193363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/07/25 (Call 12/07/24)<sup>(a)</sup> | EUR | 500 | 472522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/11/32 (Call 12/11/31)<sup>(a)</sup> | EUR | 200 | 164239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, <sup>(a)(b)(c)</sup> | EUR | 200 | 154661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 11/29/29<sup>(a)</sup> | EUR | 200 | 178079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/29/24 | GBP | 200 | 235062 |
|  Iberdrola International BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/27/23<sup>(a)</sup> | EUR | 200 | 197302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, <sup>(a)(b)(c)</sup> | EUR | 200 | 189845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, (Call 11/12/24)<sup>(a)(b)(c)</sup> | EUR | 400 | 376523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC8, 2.25%, (Call 01/28/29)<sup>(a)(b)(c)</sup> | EUR | 300 | 228286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC9, 1.83%, (Call 08/09/29)<sup>(a)(b)(c)</sup> | EUR | 100 | 71802 |
|  Inmobiliaria Colonial Socimi SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 10/14/28 (Call 07/14/28)<sup>(a)</sup> | EUR | 100 | 80358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/17/26 | EUR | 300 | 273385 |
|  Liberbank SA, 0.25%, 09/25/29<sup>(a)</sup> | EUR | 300 | 240874 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Spain (continued)** |  |  |  |
|  Mapfre SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/19/26<sup>(a)</sup> | EUR | 100 | $91120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/47 (Call 03/31/27)<sup>(a)(b)</sup> | EUR | 300 | 269970 |
|  Merlin Properties Socimi SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/26/25 (Call 02/26/25)<sup>(a)</sup> | EUR | 105 | 95916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/26 (Call 08/02/26)<sup>(a)</sup> | EUR | 325 | 283410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/04/34 (Call 09/04/34)<sup>(a)</sup> | EUR | 100 | 62370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 04/25/23 (Call 01/25/23)<sup>(a)</sup> | EUR | 100 | 98085 |
|  Naturgy Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/19/26 (Call 01/19/26)<sup>(a)</sup> | EUR | 500 | 450069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/29/28 (Call 10/29/27)<sup>(a)</sup> | EUR | 300 | 261346 |
|  NorteGas Energia Distribucion SAU, 2.07%, 09/28/27 (Call 06/28/27)<sup>(a)</sup> | EUR | 100 | 88115 |
|  Programa Cedulas TDA Fondo de Titulizacion de Activos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/27 | EUR | 200 | 206279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A6, 4.25%, 04/10/31 | EUR | 600 | 633751 |
|  Red Electrica Corp SA, 0.88%, 04/14/25 (Call 01/14/25)<sup>(a)</sup> | EUR | 300 | 280608 |
|  Red Electrica Financiaciones SAU, 1.00%, 04/21/26<sup>(a)</sup> | EUR | 200 | 184263 |
|  Repsol International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/05/24 (Call 07/05/24)<sup>(a)</sup> | EUR | 300 | 280667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/02/27 (Call 05/02/27)<sup>(a)</sup> | EUR | 400 | 344073 |
|  Santander Consumer Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/27/24<sup>(a)</sup> | EUR | 500 | 470036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/14/27<sup>(a)</sup> | EUR | 400 | 344278 |
|  Telefonica Emisiones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/21/27 (Call 05/21/27)<sup>(a)</sup> | EUR | 200 | 176966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 01/17/25<sup>(a)</sup> | EUR | 200 | 191633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 03/12/29 (Call 12/12/28)<sup>(a)</sup> | EUR | 200 | 176310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 05/21/32 (Call 11/21/31)<sup>(a)</sup> | EUR | 400 | 323031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 07/01/39 (Call 01/01/39)<sup>(a)</sup> | EUR | 125 | 86102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 10/17/28<sup>(a)</sup> | EUR | 100 | 91032 |
|  Telefonica Emisiones SAU |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 04/13/26<sup>(a)</sup> | EUR | 300 | 277910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 01/12/28<sup>(a)</sup> | EUR | 400 | 359177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/09/22<sup>(a)</sup> | GBP | 300 | 344202 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27656338 |
| **Supranational — 0.5%** |  |  |  |
|  African Development Bank SR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/22/26 | GBP | 300 | 302827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 12/16/26 | AUD | 500 | 278440 |
|  Asian Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/17/31 | EUR | 670 | 519955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/06/25 | AUD | 500 | 289048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/11/23 | AUD | 500 | 319470 |
|  Council of Europe |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/20/31<sup>(a)(d)</sup> | EUR | 700 | 546820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/15/25<sup>(a)</sup> | GBP | 300 | 308817 |
|  Council of Europe Development Bank, 0.38%, 03/27/25<sup>(a)</sup> | EUR | 300 | 280525 |
|  European Financial Stability Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/13/27<sup>(a)(d)</sup> | EUR | 700 | 606583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/18/30<sup>(a)</sup> | EUR | 400 | 325201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/11/25<sup>(a)</sup> | EUR | 1000 | 937740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/17/53<sup>(a)</sup> | EUR | 400 | 216577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/21/32<sup>(a)</sup> | EUR | 1000 | 943413 |

---

92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Supranational (continued)** |  |  |  |
|  European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/20/32<sup>(a)</sup> | EUR | 500 | $390225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/30<sup>(a)</sup> | EUR | 2000 | 1906848 |
|  European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/06/26<sup>(a)(d)</sup> | EUR | 2000 | 1797824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/04/28<sup>(a)(d)</sup> | EUR | 1800 | 1516327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/22/31<sup>(a)(d)</sup> | EUR | 900 | 699239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/04/37<sup>(a)</sup> | EUR | 2100 | 1423195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 07/04/41<sup>(a)</sup> | EUR | 1960 | 1173455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/04/43<sup>(a)</sup> | EUR | 800 | 554203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/04/29<sup>(a)</sup> | EUR | 569 | 513708 |
|  Inter-American Development Bank, 1.25%, 12/15/23 | GBP | 200 | 223211 |
|  International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/24/28 | EUR | 300 | 254337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/17/35 | EUR | 400 | 269847 |
|  International Development Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/31<sup>(a)(d)</sup> | EUR | 500 | 382245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/05/37<sup>(a)</sup> | EUR | 530 | 440534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420614 |
| **Sweden — 0.7%** |  |  |  |
|  Akelius Residential Property AB, 2.38%, 08/15/25<sup>(a)</sup> | GBP | 100 | 102448 |
|  Akelius Residential Property Financing BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/22/30 (Call 11/22/29)<sup>(a)</sup> | EUR | 100 | 66778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/17/28 (Call 10/17/27)<sup>(a)</sup> | EUR | 100 | 75591 |
|  Alfa Laval Treasury Internationl Co., 1.38%, 02/18/29 (Call 11/18/28)<sup>(a)</sup> | EUR | 200 | 167176 |
|  Atlas Copco AB, 0.63%, 08/30/26 (Call 05/30/26)<sup>(a)</sup>  | EUR | 100 | 89657 |
|  Balder Finland OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/20/29 (Call 10/20/28)<sup>(a)</sup> | EUR | 100 | 59338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/18/31 (Call 10/18/30)<sup>(a)</sup> | EUR | 300 | 168362 |
|  Castellum Helsinki Finance Holding Abp, 0.88%, 09/17/29 (Call 06/17/29)<sup>(a)</sup> | EUR | 300 | 175522 |
|  EQT AB, 2.88%, 04/06/32<br>(Call 01/06/32)<sup>(a)</sup> | EUR | 300 | 229860 |
|  Essity AB, 0.25%, 02/08/31<br>(Call 11/08/30)<sup>(a)</sup> | EUR | 300 | 216566 |
|  Fastighets AB Balder |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/29/27 (Call 10/29/26)<sup>(a)</sup> | EUR | 150 | 101153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/28/28 (Call 10/28/27)<sup>(a)</sup> | EUR | 100 | 63916 |
|  H&M Finance BV, 0.25%, 08/25/29 (Call 05/25/29)<sup>(a)</sup> | EUR | 150 | 110729 |
|  Heimstaden Bostad Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/13/28 (Call 01/13/28)<sup>(a)</sup> | EUR | 400 | 287632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/03/27 (Call 12/03/26) | EUR | 100 | 77321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/13/31 (Call 07/13/31)<sup>(a)</sup> | EUR | 300 | 179275 |
|  Hemso Treasury OYJ, 0.00%, 01/19/28 (Call 10/19/27)<sup>(a)(d)</sup> | EUR | 117 | 86455 |
|  Investor AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/12/30 (Call 06/12/30)<sup>(a)</sup> | EUR | 200 | 169983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/20/39 (Call 03/20/39)<sup>(a)</sup> | EUR | 200 | 136523 |
|  Lansforsakringar Hypotek AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/27/28<sup>(a)</sup> | EUR | 500 | 414230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/28<sup>(a)</sup> | SEK | 6000 | 449375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/27/25<sup>(a)</sup> | EUR | 200 | 187453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 516, 1.25%, 09/20/23<sup>(a)</sup> | SEK | 2500 | 223406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 519, 1.50%, 09/16/26<sup>(a)</sup> | SEK | 6000 | 501179 |
|  Molnlycke Holding AB, 1.75%, 02/28/24<sup>(a)</sup> | EUR | 300 | 289259 |
|  Nordea Hypotek AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/16/26<sup>(a)</sup> | SEK | 4000 | 321367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/25<sup>(a)</sup> | SEK | 10000 | 845261 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Sweden (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5533, 1.25%, 09/20/23<sup>(a)</sup> | SEK | 8000 | $714937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, 1.00%, Series 5537, 06/16/27<sup>(a)</sup> | SEK | 6000 | 480622 |
|  Sagax Euro Mtn NL BV, 0.75%, 01/26/28 (Call 10/26/27)<sup>(a)</sup> | EUR | 300 | 204713 |
|  Samhallsbyggnadsbolaget, 1.00%, 08/12/27 (Call 05/12/27)<sup>(a)</sup> | EUR | 400 | 249747 |
|  SBAB Bank AB, 0.50%, 05/13/25<sup>(a)</sup> | EUR | 500 | 460544 |
|  Skandinaviska Enskilda, 0.38%, 06/21/28<sup>(a)</sup> | EUR | 400 | 322177 |
|  Skandinaviska Enskilda Banken AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/09/26<sup>(a)</sup> | EUR | 600 | 546510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/12/29<sup>(a)</sup> | EUR | 400 | 310227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/19/29<sup>(a)</sup> | SEK | 4000 | 298040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/11/26<sup>(a)</sup> | EUR | 400 | 369854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 576, 1.00%, 12/20/23<sup>(a)</sup> | SEK | 4000 | 354483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 579, 1.00%, 12/18/24<sup>(a)</sup> | SEK | 8000 | 690766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 580, 1.00%, 12/17/25<sup>(a)</sup> | SEK | 4000 | 335634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 581, 0.50%, Series 581, 12/16/26<sup>(a)</sup> | SEK | 4000 | 318422 |
|  SKF AB, 0.25%, 02/15/31 (Call 11/15/30)<sup>(a)</sup> | EUR | 100 | 72155 |
|  Stadshypotek AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/24/28<sup>(a)</sup> | EUR | 400 | 329565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/05/26<sup>(a)</sup> | EUR | 200 | 177251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/06/24<sup>(a)</sup> | EUR | 200 | 187932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/13/26<sup>(a)</sup> | EUR | 600 | 545591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/11/25<sup>(a)</sup> | EUR | 300 | 278553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/24<sup>(a)</sup> | SEK | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1587, 1.50%, 06/01/23<sup>(a)</sup> | SEK | 5000 | 450377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1589, 1.50%, 12/03/24<sup>(a)</sup> | SEK | 6000 | 524171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1590, 1.00%, 09/03/25<sup>(a)</sup> | SEK | 2000 | 169246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1591, 0.50%, 06/01/26<sup>(a)</sup> | SEK | 10000 | 811914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1592, 1.00%, 03/01/27<sup>(a)</sup> | SEK | 10000 | 807919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1594, 2.00%, 09/01/28<sup>(a)</sup> | SEK | 4000 | 328794 |
|  Svenska Handelsbanken AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 09/06/28<sup>(a)</sup> | EUR | 100 | 80468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/21/23<sup>(a)</sup> | EUR | 700 | 687458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/15/25<sup>(a)</sup> | EUR | 400 | 375717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/23/29<sup>(a)</sup> | EUR | 300 | 250062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/05/29 (Call 03/05/24)<sup>(a)(b)</sup> | EUR | 100 | 94724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/33 (Call 06/01/28)<sup>(a)(b)</sup> | EUR | 100 | 91152 |
|  Sveriges Sakerstallda Obligationer AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/05/29<sup>(a)</sup> | EUR | 600 | 498612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/29/25<sup>(a)</sup> | EUR | 200 | 187653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/29/27<sup>(a)</sup> | EUR | 300 | 271120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/26<sup>(a)</sup> | SEK | 5000 | 427997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 145, 1.00%, 06/12/24<sup>(a)</sup> | SEK | 10000 | 875946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 148, 0.25%, 06/09/27<sup>(a)</sup> | SEK | 8000 | 618578 |
|  Swedbank AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 05/20/27 (Call 05/20/26)<sup>(a)(b)</sup> | EUR | 450 | 387322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/08/27 (Call 12/08/26)<sup>(a)(b)</sup> | GBP | 100 | 95609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/25/27<sup>(a)</sup> | EUR | 300 | 277056 |
|  Swedbank Hypotek AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/23/23<sup>(a)</sup> | EUR | 500 | 486278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/05/26<sup>(a)</sup> | EUR | 300 | 274399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/18/25<sup>(a)</sup> | SEK | 8600 | 732369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/18/26<sup>(a)</sup> | SEK | 4000 | 332866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/17/27<sup>(a)</sup> | SEK | 2000 | 161356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 194, 1.00%, 09/18/24<sup>(a)</sup> | SEK | 7000 | 608598 |
|  Swedish Covered Bond, 0.75%, 06/09/32<sup>(a)</sup> | SEK | 2000 | 135069 |
|  Tele2 AB, 2.13%, 05/15/28 (Call 02/15/28)<sup>(a)</sup> | EUR | 125 | 112963 |
|  Telefonaktiebolaget LM Ericsson, 1.13%, 02/08/27 (Call 11/08/26)<sup>(a)</sup> | EUR | 300 | 245944 |

---

S C H E D U L E O F I N V E S T M E N T S 93

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Sweden (continued)** |  |  |  |
|  Telia Co. AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/20/34 (Call 11/20/33)<sup>(a)</sup> | EUR | 400 | $330400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/83 (Call 03/30/28)<sup>(a)(b)</sup> | EUR | 200 | 170090 |
|  Vattenfall AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/12/29 (Call 11/12/28)<sup>(a)</sup> | EUR | 300 | 237435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/39<sup>(a)</sup> | GBP | 210 | 274233 |
|  Volvo Treasury AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/18/25 (Call 08/18/25)<sup>(a)</sup> | EUR | 300 | 282280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/27 (Call 05/19/27)<sup>(a)</sup> | EUR | 300 | 276095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27438059 |
| **Switzerland — 0.9%** |  |  |  |
|  ABB Finance BV, 0.75%, 05/16/24 (Call 02/16/24)<sup>(a)</sup> | EUR | 300 | 285455 |
|  Adecco International Financial Services BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/21/82 (Call 12/21/26)<sup>(a)(b)</sup> | EUR | 300 | 209122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/20/29 (Call 08/20/29)<sup>(a)</sup> | EUR | 125 | 101931 |
|  Argentum Netherlands BV for Givaudan SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/17/25 (Call 06/17/25)<sup>(a)</sup> | EUR | 300 | 278085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/17/30 (Call 06/17/30)<sup>(a)</sup> | EUR | 200 | 174517 |
|  Argentum Netherlands BV for Zurich Insurance Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/19/49 (Call 02/19/29)<sup>(a)(b)</sup> | EUR | 200 | 167022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/46 (Call 10/01/26)<sup>(a)(b)</sup> | EUR | 200 | 184658 |
|  Cloverie PLC for Zurich Insurance Co. Ltd., 1.50%, 12/15/28 (Call 09/15/28)<sup>(a)</sup> | EUR | 100 | 86799 |
|  Coca-Cola HBC Finance BV, 0.63%, 11/21/29 (Call 08/21/29)<sup>(a)</sup> | EUR | 300 | 238318 |
|  Credit Suisse Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/18/33<sup>(a)</sup> | EUR | 300 | 177144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 01/14/28 (Call 01/14/27)<sup>(a)(b)</sup> | EUR | 550 | 430563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/23<sup>(a)</sup> | CHF | 200 | 195478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/24/27 (Call 06/24/26)<sup>(a)(b)</sup> | EUR | 880 | 720313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/17/25 (Call 07/17/24)<sup>(a)(b)</sup> | EUR | 583 | 531982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/15/29 (Call 11/15/28)<sup>(a)(b)</sup> | GBP | 300 | 255102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/02/32 (Call 04/02/31)<sup>(a)(b)</sup> | EUR | 200 | 153319 |
|  Credit Suisse Schweiz AG, 0.00%, 10/31/30<sup>(a)(d)</sup> | CHF | 460 | 364325 |
|  ELM BV for Swiss Life Insurance & Pension Group, 4.50%, (Call 05/19/27)<sup>(a)(b)(c)</sup> | EUR | 200 | 181528 |
|  Firmenich Productions Participations SAS, 1.75%, 04/30/30 (Call 01/30/30)<sup>(a)</sup> | EUR | 200 | 168384 |
|  Glencore Capital Finance Designated Co., 1.13%, 03/10/28 (Call 12/10/27)<sup>(a)</sup> | EUR | 400 | 321778 |
|  Glencore Finance Europe Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/17/25 (Call 12/17/24)<sup>(a)</sup> | EUR | 560 | 522406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/13/23 (Call 06/13/23)<sup>(a)</sup> | EUR | 364 | 354352 |
|  Helvetia Europe SA, 2.75%, 09/30/41 (Call 06/30/31)<sup>(a)(b)</sup> | EUR | 100 | 74583 |
|  Holcim Finance Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/03/30 (Call 06/03/30)<sup>(a)</sup> | EUR | 200 | 142743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/23/31 (Call 01/23/31)<sup>(a)</sup> | EUR | 250 | 172674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/06/30 (Call 01/06/30)<sup>(a)</sup> | EUR | 250 | 182438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/26/23 (Call 02/26/23)<sup>(a)</sup> | EUR | 470 | 460594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/26/28 (Call 02/26/28)<sup>(a)</sup> | EUR | 300 | 265137 |
|  Holcim Ltd., 3.00%, 11/22/22<sup>(a)</sup> | CHF | 100 | 99898 |
|  Lunar Funding V for Swisscom AG, 1.13%, 10/12/26<sup>(a)</sup> | EUR | 610 | 555269 |
|  Nestle Finance International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/14/26 (Call 05/14/26)<sup>(a)(d)</sup> | EUR | 150 | 133990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/03/33 (Call 12/03/32)<sup>(a)(d)</sup> | EUR | 100 | 70867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/14/29 (Call 03/14/29)<sup>(a)</sup> | EUR | 100 | 83087 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Switzerland (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/14/34 (Call 11/14/33)<sup>(a)</sup> | EUR | 75 | $55801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/16/23 (Call 02/16/23)<sup>(a)</sup> | EUR | 302 | 296347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/14/41 (Call 12/14/40)<sup>(a)</sup> | EUR | 175 | 113555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/01/26 (Call 02/01/26)<sup>(a)</sup> | EUR | 798 | 749981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | EUR | 350 | 309372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/29/35 (Call 12/29/34)<sup>(a)</sup> | EUR | 150 | 121592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/02/37 (Call 08/02/37)<sup>(a)</sup> | EUR | 300 | 240157 |
|  Nestle Holdings Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/04/27<sup>(a)</sup> | CHF | 900 | 832906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/04/32 (Call 01/04/32)<sup>(a)</sup> | GBP | 300 | 283864 |
|  Novartis Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/20/28<sup>(a)</sup> | EUR | 100 | 85623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/14/30 (Call 05/14/30)<sup>(a)</sup> | EUR | 520 | 447701 |
|  Pfandbriefbank schweizerischer Hypothekarinstitute AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/28<sup>(a)(d)</sup> | CHF | 500 | 455335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/26/30<sup>(a)(d)</sup> | CHF | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/10/45<sup>(a)(d)</sup> | CHF | 700 | 447913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/23/32<sup>(a)</sup> | CHF | 200 | 165347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/06/42<sup>(a)</sup> | CHF | 400 | 281600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 640, 0.38%, 09/23/43<sup>(a)</sup> | CHF | 200 | 143556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 670, 0.00%, 07/29/24<sup>(a)(d)</sup> | CHF | 500 | 488481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 675, 0.00%, 06/15/27<sup>(a)(d)</sup> | CHF | 2400 | 2218924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 682, 0.00%, 04/06/27<sup>(a)(d)</sup> | CHF | 1000 | 928297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 691, 0.25%, 03/15/41<sup>(a)</sup> | CHF | 200 | 143978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 695, 0.00%, 10/26/29<sup>(a)(d)</sup> | CHF | 800 | 701046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 696, 0.13%, 11/19/32<sup>(a)</sup> | CHF | 500 | 412024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 697, 0.00%, 05/20/41<sup>(a)(d)</sup> | CHF | 1000 | 677905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 700, 0.13%, 03/19/31<sup>(a)</sup> | CHF | 300 | 257182 |
|  Pfandbriefzentrale der schweizerischen Kantonalbanken AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/13/28<sup>(a)(d)</sup> | CHF | 300 | 272938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 472, 0.00%, 07/25/23<sup>(a)(d)</sup> | CHF | 400 | 396481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 482, 0.00%, 06/14/24<sup>(a)(d)</sup> | CHF | 1600 | 1566174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 483, 0.00%, 01/27/27<sup>(a)(d)</sup> | CHF | 2500 | 2331577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 515, 0.10%, 12/03/31<sup>(a)</sup> | CHF | 500 | 420283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 519, 0.13%, 04/23/32<sup>(a)</sup> | CHF | 400 | 334057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 526, 0.00%, 07/19/30<sup>(a)(d)</sup> | CHF | 1000 | 861297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 528, 0.00%, 03/15/30<sup>(a)(d)</sup> | CHF | 1200 | 1041538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 529, 0.00%, 02/05/29<sup>(a)(d)</sup> | CHF | 500 | 445708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 530, 0.00%, 03/18/33<sup>(a)(d)</sup> | CHF | 900 | 725456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 531, 0.00%, 02/15/36<sup>(a)(d)</sup> | CHF | 700 | 525040 |
|  Richemont International Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/26/32 (Call 02/26/32)<sup>(a)</sup> | EUR | 300 | 238627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/26/30 (Call 12/26/29)<sup>(a)</sup> | EUR | 510 | 439968 |
|  Roche Finance Europe BV, 0.50%, 02/27/23<sup>(a)</sup> | EUR | 462 | 454946 |
|  Roche Kapitalmarkt AG, Series 2024, 0.10%, 09/23/24 (Call 06/23/24)<sup>(a)</sup> | CHF | 200 | 195214 |
|  Sika Capital BV, 1.50%, 04/29/31 (Call 01/29/31)<sup>(a)</sup>  | EUR | 200 | 160511 |
|  Swiss Re Finance Luxembourg SA, 2.53%, 04/30/50 (Call 04/30/30)<sup>(a)(b)</sup> | EUR | 100 | 78990 |
|  Swiss Re Finance UK PLC, 2.71%, 06/04/52 (Call 06/04/32)<sup>(a)(b)</sup> | EUR | 100 | 73548 |
|  Syngenta Finance NV, 3.38%, 04/16/26 (Call 01/16/26)<sup>(a)</sup> | EUR | 200 | 180219 |
|  UBS AG/London |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/31/26<sup>(a)</sup> | EUR | 200 | 174392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/31<sup>(a)</sup> | EUR | 300 | 224295 |
|  UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/29/26 (Call 01/29/25)<sup>(a)(b)</sup> | EUR | 570 | 514030 |

---

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Switzerland (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/03/26 (Call 11/03/25)<sup>(a)(b)</sup> | EUR | 300 | $262134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/05/28 (Call 11/05/27)<sup>(a)(b)</sup> | EUR | 400 | 319446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/24/33<sup>(a)</sup> | EUR | 200 | 136928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/27 (Call 06/15/26)<sup>(a)(b)</sup> | EUR | 400 | 373163 |
|  Zuercher Kantonalbank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/26<sup>(a)(d)</sup> | EUR | 100 | 88961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 02/05/31<sup>(a)</sup> | CHF | 500 | 422849 |
|  Zurich Finance Ireland DAC, 5.13%, 11/23/52 (Call 08/23/32)<sup>(a)(b)</sup> | GBP | 100 | 101558 |
|  Zurich Finance Ireland Designated Activity Co., 1.63%, 06/17/39 (Call 03/17/39)<sup>(a)</sup> | EUR | 300 | 201529 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33894018 |
| **United Arab Emirates — 0.0%** |  |  |  |
|  DP World Ltd./United Arab Emirates, 4.25%, 09/25/30<sup>(a)</sup> | GBP | 350 | 369205 |
|  Emirates Telecommunications Group Co. PJSC, 2.75%, 06/18/26<sup>(a)</sup> | EUR | 500 | 478303 |
|  First Abu Dhabi Bank PJSC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/16/26<sup>(a)</sup> | EUR | 250 | 217057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/19/23<sup>(a)</sup> | GBP | 200 | 226876 |
|  MDGH-GMTN BV, 6.88%, 03/14/26<sup>(a)</sup> | GBP | 100 | 116578 |
|  |  |  | 1408019 |
| **United Kingdom — 1.9%** |  |  |  |
|  3i Group PLC, 3.75%, 06/05/40 (Call 03/05/40)<sup>(a)</sup> | GBP | 200 | 161414 |
|  Affinity Sutton Capital Markets PLC, 4.25%, 10/08/42<sup>(a)</sup> | GBP | 100 | 95291 |
|  Affordable Housing Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 08/11/45<sup>(a)</sup> | GBP | 100 | 89235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/20/44<sup>(a)</sup> | GBP | 100 | 103108 |
|  Amcor UK Finance PLC, 1.13%, 06/23/27 (Call 04/23/27) | EUR | 200 | 169469 |
|  Anglian Water Osprey Financing PLC, 4.00%, 03/08/26 (Call 12/08/25)<sup>(a)</sup> | GBP | 100 | 102837 |
|  Anglian Water Services Financing PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/26/29 (Call 07/26/29)<sup>(a)</sup> | GBP | 200 | 194685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/22/26<sup>(a)</sup> | GBP | 200 | 224137 |
|  Anglo American Capital PLC, 1.63%, 09/18/25<sup>(a)</sup> | EUR | 300 | 277216 |
|  Annington Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/12/25 (Call 06/12/25)<sup>(a)</sup> | GBP | 100 | 104047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/12/29 (Call 04/12/29)<sup>(a)</sup> | GBP | 240 | 222327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 07/12/34 (Call 04/12/34)<sup>(a)</sup> | GBP | 300 | 265568 |
|  Aspire Defence Finance PLC, Series B, 4.67%, 03/31/40 | GBP | 123 | 132629 |
|  Associated British Foods, 2.50%, 06/16/34 (Call 03/16/34)<sup>(a)</sup> | GBP | 200 | 174426 |
|  Aster Treasury PLC, 4.50%, 12/18/43<sup>(a)</sup> | GBP | 100 | 102457 |
|  AstraZeneca PLC, 0.38%, 06/03/29 (Call 03/03/29)<sup>(a)</sup> | EUR | 300 | 245318 |
|  Aviva PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/13/27<sup>(a)</sup> | EUR | 266 | 240643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/44 (Call 07/03/24)<sup>(a)(b)</sup> | EUR | 200 | 192817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/50 (Call 06/04/30)<sup>(a)(b)</sup> | GBP | 200 | 197711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/20/58 (Call 05/20/38)<sup>(a)(b)</sup> | GBP | 100 | 111441 |
|  Babcock International Group PLC, 1.38%, 09/13/27 (Call 06/13/27)<sup>(a)</sup> | EUR | 225 | 181396 |
|  Bank of America Corp., 2.82%, 04/27/33 (Call 04/27/32)<sup>(a)(b)</sup> | EUR | 200 | 170568 |
|  Bank of Scotland PLC, 4.88%, 12/20/24 | GBP | 125 | 144510 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 08/09/29 (Call 08/09/28)<sup>(a)(b)</sup> | EUR | 400 | $304986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/09/25 (Call 06/09/24)<sup>(a)(b)</sup> | EUR | 885 | 819720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/22/31 (Call 03/22/26)<sup>(a)(b)</sup> | EUR | 300 | 249095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 06/23/27 (Call 06/23/26)<sup>(a)(b)</sup> | CAD | 200 | 127133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/17/24<sup>(a)</sup> | GBP | 200 | 223254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/27<sup>(a)</sup> | GBP | 200 | 201527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/17/33 | GBP | 300 | 262217 |
|  BAT International Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/13/23 (Call 07/13/23)<sup>(a)</sup> | EUR | 200 | 192400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/16/30 (Call 10/16/29)<sup>(a)</sup> | EUR | 326 | 249907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/23<sup>(a)</sup> | EUR | 102 | 100761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/23/55 (Call 08/23/55)<sup>(a)</sup> | GBP | 100 | 66053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/24/34<sup>(a)</sup> | GBP | 200 | 198036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/12/24 | GBP | 300 | 348444 |
|  BAT Netherlands Finance BV, 3.13%, 04/07/28 (Call 01/07/28)<sup>(a)</sup> | EUR | 200 | 175997 |
|  BG Energy Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/04/36<sup>(a)</sup> | GBP | 100 | 105307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/25<sup>(a)</sup> | GBP | 200 | 227828 |
|  Blend Funding PLC, Series ETMN, 3.46%, 09/21/49<sup>(a)</sup> | GBP | 100 | 85673 |
|  BP Capital Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%, 06/26/25 (Call 03/26/25)<sup>(a)</sup> | EUR | 253 | 235926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 11/15/34<sup>(a)</sup> | EUR | 300 | 210936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/08/31<sup>(a)</sup> | EUR | 600 | 476305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 02/16/27<sup>(a)</sup> | EUR | 150 | 136153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 07/03/28<sup>(a)</sup> | EUR | 200 | 175485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/03/25<sup>(a)</sup> | EUR | 250 | 239636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 04/07/32<sup>(a)</sup> | EUR | 190 | 170129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, (Call 03/22/26)<sup>(a)(b)(c)</sup> | EUR | 600 | 545852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, (Call 03/22/29)<sup>(a)(b)(c)</sup> | EUR | 150 | 127478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 03/22/27)<sup>(a)(b)(c)</sup> | GBP | 300 | 299624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 3.47%, 05/15/25<sup>(a)</sup> | CAD | 300 | 212807 |
|  Brambles Finance PLC, 1.50%, 10/04/27 (Call 07/04/27)<sup>(a)</sup> | EUR | 100 | 89613 |
|  British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/10/26<sup>(a)</sup> | EUR | 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/26/28 (Call 06/26/28)<sup>(a)</sup> | EUR | 200 | 177644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/21/31 (Call 08/21/31)<sup>(a)</sup> | GBP | 300 | 278098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/30/32 (Call 05/30/32)<sup>(a)</sup> | EUR | 300 | 270465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/23/37<sup>(a)</sup> | GBP | 100 | 112868 |
|  Broadgate Financing PLC, Series C2, 5.10%, 04/05/35<sup>(a)</sup> | GBP | 111 | 115968 |
|  Bunzl Finance PLC, 1.50%, 10/30/30 (Call 07/30/30)<sup>(a)</sup> | GBP | 150 | 123736 |
|  BUPA Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/05/24<sup>(a)</sup> | GBP | 200 | 219557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/14/35 (Call 03/14/35)<sup>(a)</sup> | GBP | 100 | 84680 |
|  Cadent Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/22/28<sup>(a)</sup> | GBP | 250 | 233291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/21/40<sup>(a)</sup> | GBP | 300 | 236496 |
|  Cardiff University, 3.00%, 12/07/55<sup>(a)</sup> | GBP | 100 | 83510 |
|  Catalyst Housing Ltd., 3.13%, 10/31/47<sup>(a)</sup> | GBP | 100 | 78443 |
|  CCEP Finance Ireland DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/06/29 (Call 06/06/29)<sup>(a)</sup> | EUR | 325 | 259826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/06/33 (Call 02/06/33)<sup>(a)</sup> | EUR | 200 | 143798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/06/41 (Call 11/06/40)<sup>(a)</sup> | EUR | 100 | 63282 |
|  Centrica PLC, 7.00%, 09/19/33<sup>(a)</sup> | GBP | 200 | 240206 |

---

S C H E D U L E O F I N V E S T M E N T S 95

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Channel Link Enterprises Finance PLC, Series A5, 3.04%, 06/30/50<br>(Call 06/20/29)<sup>(a)(b)</sup> | GBP | 150 | $142285 |
|  Church Commissioners for England, 3.63%, 07/14/52 (Call 01/14/52)<sup>(a)</sup> | GBP | 100 | 95040 |
|  Circle Anglia Social Housing PLC, 7.25%, 11/12/38<sup>(a)</sup> | GBP | 50 | 66432 |
|  Citizen Treasury PLC, 3.25%, 10/20/48<sup>(a)</sup> | GBP | 100 | 83102 |
|  CK Hutchison Europe Finance 21 Ltd., 1.00%, 11/02/33 (Call 08/02/33)<sup>(a)</sup> | EUR | 100 | 66983 |
|  Clarion Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/22/35<sup>(a)</sup> | GBP | 400 | 309351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/18/29<sup>(a)</sup> | GBP | 100 | 98056 |
|  Clydesdale Bank PLC, 0.01%, 09/22/26<sup>(a)</sup> | EUR | 400 | 349848 |
|  CNH Industrial Finance Europe SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/12/25 (Call 06/12/25)<sup>(a)</sup> | EUR | 100 | 93670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/25/27 (Call 12/25/26)<sup>(a)</sup> | EUR | 200 | 181346 |
|  Coca-Cola Europacific Partners PLC, 0.20%, 12/02/28 (Call 09/02/28)<sup>(a)</sup> | EUR | 300 | 239988 |
|  Coca-Cola European Partners PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/26/24 (Call 02/26/24)<sup>(a)</sup> | EUR | 497 | 475914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/18/30 (Call 12/18/29)<sup>(a)</sup> | EUR | 200 | 172687 |
|  Compass Group Finance Netherlands BV, 0.63%, 07/03/24 (Call 04/03/24)<sup>(a)</sup> | EUR | 275 | 260920 |
|  CPUK Finance Ltd., 3.69%, 02/28/47 (Call 05/28/28)<sup>(a)</sup> | GBP | 100 | 97893 |
|  Crh Finance UK PLC, 4.13%, 12/02/29 (Call 09/02/29)<sup>(a)</sup> | GBP | 200 | 202497 |
|  Diageo Capital BV Co., 1.88%, 06/08/34 (Call 03/08/34)<sup>(a)</sup> | EUR | 300 | 245956 |
|  Diageo Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/26 (Call 02/20/26)<sup>(a)</sup> | EUR | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/08/28 (Call 03/08/28)<sup>(a)</sup> | GBP | 200 | 200045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/27/32 (Call 12/27/31)<sup>(a)</sup> | EUR | 300 | 271441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/08/38 (Call 03/08/38)<sup>(a)</sup> | GBP | 200 | 172107 |
|  DS Smith PLC, Series EMT7, 1.38%, 07/26/24<br>(Call 04/26/24)<sup>(a)</sup> | EUR | 350 | 329122 |
|  DWR Cymru Financing UK PLC, 1.38%, 03/31/33<sup>(a)</sup> | GBP | 200 | 159953 |
|  Eastern Power Networks PLC, 5.75%, 03/08/24<sup>(a)</sup> | GBP | 50 | 57753 |
|  easyJet FinCo. BV, 1.88%, 03/03/28 (Call 12/03/27)<sup>(a)</sup> | EUR | 350 | 275565 |
|  easyJet PLC, 1.13%, 10/18/23<br>(Call 07/18/23)<sup>(a)</sup> | EUR | 200 | 192128 |
|  Eversholt Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 06/30/40<sup>(a)</sup> | GBP | 184 | 164957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 08/07/42<sup>(a)</sup> | GBP | 200 | 161635 |
|  Experian Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/25/26 (Call 03/25/26)<sup>(a)</sup> | EUR | 200 | 184052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/07/32<sup>(a)</sup> | GBP | 100 | 98730 |
|  Gatwick Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/32<sup>(a)</sup> | GBP | 200 | 177171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/05/51<sup>(a)</sup> | GBP | 200 | 132292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/28/41<sup>(a)</sup> | GBP | 100 | 75097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/02/28<sup>(a)</sup> | GBP | 100 | 113964 |
|  GlaxoSmithKline Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/12/26<sup>(a)</sup> | EUR | 400 | 362336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/12/35<sup>(a)</sup> | GBP | 200 | 160302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/20/27<sup>(a)</sup> | GBP | 200 | 211747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/16/25 | EUR | 306 | 309986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/19/33 | GBP | 225 | 266713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/09/39 | GBP | 250 | 327406 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Global Switch Holdings Ltd., 2.25%, 05/31/27 (Call 02/28/27)<sup>(a)</sup> | EUR | 210 | $186885 |
|  Grainger PLC, 3.00%, 07/03/30<br>(Call 04/03/30)<sup>(a)</sup> | GBP | 200 | 168793 |
|  Great Rolling Stock Co. Ltd. (The), 6.88%, 07/27/35<sup>(a)</sup> | GBP | 59 | 69824 |
|  Greene King Finance PLC, 3.59%, 03/15/35<sup>(a)</sup> | GBP | 140 | 132232 |
|  GSK Consumer Healthcare Capital NL BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/29/26 (Call 12/29/25)<sup>(a)</sup> | EUR | 300 | 273350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/29/30 (Call 12/29/29)<sup>(a)</sup> | EUR | 300 | 254373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/29/34 (Call 12/29/33)<sup>(a)</sup> | EUR | 200 | 157756 |
|  GSK Consumer Healthcare Capital UK PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/29/28 (Call 07/29/28)<sup>(a)</sup> | GBP | 100 | 99421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/29/38 (Call 12/29/37)<sup>(a)</sup> | GBP | 100 | 87367 |
|  Guinness Partnership Ltd. (The), 2.00%, 04/22/55<sup>(a)</sup> | GBP | 200 | 118451 |
|  Hammerson Ireland Finance DAC, 1.75%, 06/03/27 (Call 03/03/27)<sup>(a)</sup> | EUR | 200 | 141116 |
|  Hammerson PLC, 7.25%, 04/21/28<sup>(a)</sup> | GBP | 25 | 24831 |
|  Heathrow Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/08/32 (Call 07/08/30)<sup>(a)</sup> | EUR | 300 | 225185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/11/30 (Call 02/11/23)<sup>(a)</sup> | EUR | 436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/14/36<sup>(a)</sup> | EUR | 100 | 68120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/09/51<sup>(a)</sup> | GBP | 200 | 133093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 04/13/35 (Call 01/13/33)<sup>(a)</sup> | CAD | 200 | 121439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 02/15/23<sup>(a)</sup> | GBP | 310 | 355181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 12/10/31<sup>(a)</sup> | GBP | 450 | 520307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 3.78%, 09/04/32<br>(Call 06/04/30)<sup>(a)</sup>  | CAD | 200 | 129263 |
|  Hexagon Housing Association, 3.63%, 04/22/48<sup>(a)</sup> | GBP | 100 | 84082 |
|  Hiscox Ltd., 6.13%, 11/24/45 (Call 11/24/25)<sup>(a)(b)</sup> | GBP | 100 | 106504 |
|  HSBC Bank Capital Funding Sterling 1 LP, 5.84%, (Call 11/05/31)<sup>(a)(b)(c)</sup> | GBP | 300 | 359621 |
|  HSBC Bank PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/22/33<sup>(a)</sup> | GBP | 200 | 209034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/07/23<sup>(a)</sup> | GBP | 50 | 57893 |
|  HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 11/13/31 (Call 11/13/30)<sup>(a)(b)</sup> | EUR | 300 | 216415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/06/24<sup>(a)</sup> | EUR | 337 | 316994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/04/24 (Call 12/04/23)<sup>(a)(b)</sup> | EUR | 600 | 577581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 11/13/26 (Call 11/13/25)<sup>(a)(b)</sup> | GBP | 440 | 450328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/22/28 (Call 07/22/27)<sup>(b)</sup> | GBP | 220 | 214419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 06/15/27 (Call 06/15/26)<sup>(a)(b)</sup> | EUR | 500 | 464403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/07/28 | EUR | 350 | 317459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/05/23<sup>(a)</sup> | CAD | 200 | 143179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/29/40<sup>(a)</sup> | GBP | 200 | 202644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/20/24<sup>(a)</sup> | GBP | 50 | 58207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/11/28<sup>(a)</sup> | GBP | 200 | 225534 |
|  IG Group Holdings PLC, 3.13%, 11/18/28 (Call 08/18/28)<sup>(a)</sup> | GBP | 100 | 85802 |
|  Imperial Brands Finance Netherlands BV, 1.75%, 03/18/33 (Call 12/18/32)<sup>(a)</sup> | EUR | 100 | 64644 |
|  Imperial Brands Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/27/25 (Call 10/27/24)<sup>(a)</sup> | EUR | 418 | 385486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/07/32 (Call 03/09/32)<sup>(a)</sup> | GBP | 100 | 93516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/15/24<sup>(a)</sup> | GBP | 150 | 176463 |
|  Informa PLC, 1.50%, 07/05/23 (Call 06/05/23)<sup>(a)</sup> | EUR | 178 | 173870 |
|  InterContinental Hotels Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/27 (Call 02/14/27)<sup>(a)</sup> | EUR | 200 | 176829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/14/25 (Call 05/14/25)<sup>(a)</sup> | GBP | 200 | 214791 |
|  Intermediate Capital Group PLC, 2.50%, 01/28/30 (Call 10/28/29)<sup>(a)</sup> | EUR | 300 | 214755 |

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96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  ITV PLC, 1.38%, 09/26/26 (Call 06/26/26)<sup>(a)</sup> | EUR | 100 | $85593 |
|  Kennedy Wilson Europe Real Estate Ltd., 3.25%, 11/12/25 (Call 08/12/25)<sup>(a)</sup> | EUR | 100 | 73275 |
|  Land Securities Capital Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/29/29<sup>(a)</sup> | GBP | 100 | 101812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/22/39<sup>(a)</sup> | GBP | 340 | 286141 |
|  Legal & General Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/26/49 (Call 11/26/29)<sup>(a)(b)</sup> | GBP | 200 | 182880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/14/48 (Call 11/14/28)<sup>(a)(b)</sup> | GBP | 200 | 204676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/27/45 (Call 10/27/25)<sup>(a)(b)</sup> | GBP | 100 | 110112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/27/64 (Call 06/27/44)<sup>(a)(b)</sup> | GBP | 100 | 95700 |
|  Lendlease Europe Finance PLC, 3.50%, 12/02/33 (Call 09/02/33)<sup>(a)</sup> | GBP | 100 | 72730 |
|  Libra Longhurst Group Treasury No. 2 PLC, 3.25%, 05/15/43<sup>(a)</sup> | GBP | 100 | 82997 |
|  Linde PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/33 (Call 06/30/33)<sup>(a)</sup> | EUR | 200 | 137977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/30/51 (Call 03/30/51)<sup>(a)</sup> | EUR | 100 | 50266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/31/31 (Call 12/31/30)<sup>(a)</sup> | EUR | 300 | 248173 |
|  Lloyds Bank Corporate Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/28/25<sup>(a)</sup> | EUR | 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/11/24<sup>(a)</sup> | GBP | 220 | 238601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/09/26<sup>(a)</sup> | EUR | 400 | 375298 |
|  Lloyds Bank PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/18/26<sup>(a)</sup> | EUR | 200 | 178185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/26/25<sup>(a)</sup> | EUR | 300 | 280433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/07/25<sup>(a)</sup> | GBP | 200 | 231500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/08/29<sup>(a)</sup> | GBP | 300 | 364772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/24<sup>(a)</sup> | GBP | 130 | 154265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/22/25<sup>(a)</sup> | GBP | 100 | 118938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/06/23<sup>(a)</sup> | GBP | 140 | 163259 |
|  Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/12/28 (Call 04/12/27)<sup>(a)(b)</sup> | GBP | 300 | 284108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 12/03/35 (Call 12/03/30)<sup>(a)(b)</sup> | GBP | 250 | 205753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/24/30 | EUR | 300 | 266045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/25 | AUD | 250 | 153654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/18/30 (Call 03/18/25)<sup>(a)(b)</sup> | EUR | 400 | 378460 |
|  Logicor UK PLC, 1.88%, 11/17/26<sup>(a)</sup> | GBP | 200 | 197309 |
|  London & Quadrant Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/31/32 (Call 12/31/31)<sup>(a)</sup> | GBP | 100 | 86012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/28 (Call 11/28/27)<sup>(a)</sup> | GBP | 200 | 199539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/28/53 (Call 11/28/52)<sup>(a)</sup> | GBP | 200 | 150091 |
|  London & Quadrant Housing Trust Ltd., 5.50%, 01/27/40<sup>(a)</sup> | GBP | 50 | 55763 |
|  London Stock Exchange Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/06/27 (Call 09/06/27)<sup>(a)</sup> | EUR | 250 | 223443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/19/29 (Call 06/19/29)<sup>(a)</sup> | EUR | 150 | 127023 |
|  M&G PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56%, 07/20/55 (Call 07/20/35)<sup>(a)(b)</sup> | GBP | 200 | 186949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/20/51 (Call 10/20/31)<sup>(a)(b)</sup> | GBP | 235 | 232781 |
|  Manchester Airport Group Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/30/44<sup>(a)</sup> | GBP | 100 | 70519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/02/24<sup>(a)</sup> | GBP | 300 | 337193 |
|  Martlet Homes Ltd., 3.00%, 05/09/52<sup>(a)</sup> | GBP | 100 | 76732 |
|  Metropolitan Funding PLC, 4.13%, 04/05/48<sup>(a)</sup> | GBP | 100 | 91032 |
|  Mondi Finance PLC, 1.63%, 04/27/26 (Call 01/27/26)<sup>(a)</sup> | EUR | 300 | 271008 |
|  Motability Operations Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/03/26<sup>(a)</sup> | EUR | 200 | 178140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/18/42 (Call 10/18/41)<sup>(a)</sup> | GBP | 350 | 263578 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/14/32<sup>(a)</sup> | GBP | 200 | $186529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/10/36<sup>(a)</sup> | GBP | 230 | 228525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/08/27<sup>(a)</sup> | GBP | 100 | 111840 |
|  National Grid Electricity Distribution South West PLC, 2.38%, 05/16/29<sup>(a)</sup> | GBP | 100 | 93040 |
|  National Grid Electricity Distribution West Midlands PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/17/24 (Call 07/17/24)<sup>(a)</sup> | GBP | 270 | 300523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/16/32<sup>(a)</sup> | GBP | 100 | 114441 |
|  National Grid Electricity Transmission PLC, 2.00%, 04/17/40<sup>(a)</sup> | GBP | 200 | 133932 |
|  National Grid Gas PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/07/31 (Call 11/07/30)<sup>(a)</sup> | GBP | 350 | 284843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/14/43 (Call 10/14/42)<sup>(a)</sup> | GBP | 200 | 113932 |
|  National Grid PLC, 0.75%, 09/01/33 (Call 06/01/33)<sup>(a)</sup> | EUR | 300 | 200826 |
|  National Westminster Bank PLC, 0.50%, 05/15/24<sup>(a)</sup> | EUR | 350 | 333947 |
|  Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/22/25<sup>(a)</sup> | EUR | 300 | 270634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/28<sup>(a)</sup> | EUR | 300 | 235775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/23/24<sup>(a)</sup> | EUR | 100 | 96039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/25/27<sup>(a)</sup> | EUR | 150 | 133516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/29/32<sup>(a)</sup> | EUR | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/25/29 (Call 07/25/24)<sup>(a)(b)</sup> | EUR | 350 | 323560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/25/29<sup>(a)</sup> | EUR | 300 | 281109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/20/28<sup>(a)</sup> | GBP | 100 | 102179 |
|  Natwest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 (Call 11/15/24)<sup>(a)(b)</sup> | EUR | 400 | 367676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 11/28/31<sup>(a)(b)</sup> | GBP | 200 | 185928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/23<sup>(a)</sup> | EUR | 310 | 306204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 08/14/30 (Call 05/14/25)<sup>(a)(b)</sup> | GBP | 100 | 104261 |
|  NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 02/26/30 (Call 02/26/29)<sup>(a)(b)</sup> | EUR | 400 | 301756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 09/14/32 (Call 06/14/27)<sup>(a)(b)</sup> | EUR | 300 | 232964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/29/29 (Call 03/29/28)<sup>(a)(b)</sup> | GBP | 300 | 292093 |
|  NatWest Market PLC, 0.13%, 11/12/25<sup>(a)</sup> | EUR | 500 | 438605 |
|  NatWest Markets PLC, 0.13%, 06/18/26<sup>(a)</sup> | EUR | 200 | 170287 |
|  Network Rail Infrastructure Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/22/24<sup>(a)</sup> | GBP | 150 | 173793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/35 | GBP | 250 | 297411 |
|  NewRiver REIT PLC, 3.50%, 03/07/28 (Call 12/07/27)<sup>(a)</sup> | GBP | 100 | 89137 |
|  Next Group PLC, 3.00%, 08/26/25<br>(Call 05/26/25)<sup>(a)</sup> | GBP | 330 | 346340 |
|  NIE Finance PLC, 2.50%, 10/27/25 (Call 07/27/25)<sup>(a)</sup> | GBP | 300 | 318402 |
|  Northern Powergrid Northeast PLC, 1.88%, 06/16/62<sup>(a)</sup> | GBP | 200 | 117657 |
|  Northumbrian Water Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/11/26<sup>(a)</sup> | GBP | 410 | 406087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/05/27 (Call 07/05/27)<sup>(a)</sup> | GBP | 100 | 98215 |
|  Notting Hill Genesis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/03/36<sup>(a)</sup> | GBP | 100 | 75576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/20/32<sup>(a)</sup> | GBP | 100 | 100280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/07/42<sup>(a)</sup> | GBP | 150 | 163847 |
|  Optivo Finance PLC, 3.28%, 03/22/48<sup>(a)</sup> | GBP | 150 | 121228 |
|  Orbit Capital PLC, 3.50%, 03/24/45<sup>(a)</sup> | GBP | 100 | 83804 |
|  Paragon Treasury PLC, 2.00%, 05/07/36<sup>(a)</sup> | GBP | 100 | 77555 |

---

S C H E D U L E O F I N V E S T M E N T S 97

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Peabody Capital No. 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/02/34<sup>(a)</sup> | GBP | 100 | $88684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/14/48<sup>(a)</sup> | GBP | 200 | 158054 |
|  Pension Insurance Corp. PLC, 5.63%, 09/20/30<sup>(a)</sup> | GBP | 200 | 195442 |
|  Phoenix Group Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/31 (Call 01/28/31)<sup>(a)</sup> | GBP | 100 | 95983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 06/13/29<sup>(a)</sup> | GBP | 100 | 101649 |
|  Places for People Homes Ltd., 3.63%, 11/22/28<sup>(a)</sup> | GBP | 200 | 204915 |
|  Places For People Treasury PLC, 2.50%, 01/26/36 (Call 10/26/35)<sup>(a)</sup> | GBP | 100 | 79282 |
|  Platform HG Financing PLC, 1.93%, 09/15/41<sup>(a)</sup> | GBP | 150 | 104401 |
|  Prs Finance PLC, 2.00%, 01/23/29<sup>(a)</sup> | GBP | 200 | 198100 |
|  Prudential PLC, 6.13%, 12/19/31<sup>(a)</sup> | GBP | 200 | 216094 |
|  Reckitt Benckiser Treasury Services Nederland BV, 0.75%, 05/19/30 (Call 02/19/30)<sup>(a)</sup> | EUR | 200 | 162227 |
|  Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/32<sup>(a)</sup> | GBP | 200 | 174336 |
|  RELX Capital Inc., 1.30%, 05/12/25 (Call 02/12/25) | EUR | 350 | 328237 |
|  RELX Finance BV, 0.00%, 03/18/24 (Call 02/18/24)<sup>(a)(d)</sup> | EUR | 300 | 283104 |
|  Rentokil Initial PLC, 0.88%, 05/30/26 (Call 02/28/26)<sup>(a)</sup> | EUR | 100 | 88938 |
|  RL Finance Bonds No. 2 PLC, 6.13%, 11/30/43 (Call 11/30/23)<sup>(a)(b)</sup> | GBP | 100 | 113920 |
|  RL Finance Bonds No. 4 PLC, 4.88%, 10/07/49 (Call 04/07/39)<sup>(a)(b)</sup> | GBP | 200 | 164543 |
|  Rothesay Life PLC, 3.38%, 07/12/26<sup>(a)</sup> | GBP | 200 | 200525 |
|  Royal Mail PLC, 2.38%, 07/29/24<br>(Call 04/29/24)<sup>(a)</sup>  | EUR | 250 | 238801 |
|  Sage Group PLC (The), 2.88%, 02/08/34 (Call 11/08/33)<sup>(a)</sup> | GBP | 200 | 173291 |
|  Sanctuary Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/14/50<sup>(a)</sup> | GBP | 100 | 66311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 03/23/39 | GBP | 50 | 63913 |
|  Santander UK Group Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/29 (Call 09/13/28)<sup>(a)(b)</sup> | EUR | 300 | 227257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 05/08/26 (Call 05/08/25)<sup>(a)(b)</sup> | GBP | 400 | 420366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 08/25/28 (Call 08/25/27)<sup>(a)(b)</sup> | EUR | 200 | 183820 |
|  Santander UK PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/12/27<sup>(a)</sup> | EUR | 100 | 87139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 05/12/24 | EUR | 200 | 189693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/12/27<sup>(a)</sup> | EUR | 400 | 363731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/18/24<sup>(a)</sup> | EUR | 240 | 229896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/16/29<sup>(a)</sup> | GBP | 150 | 175502 |
|  Scottish Hydro Electric Transmission PLC, 2.13%, 03/24/36 (Call 12/24/35)<sup>(a)</sup> | GBP | 200 | 152648 |
|  Scottish Widows Ltd., 5.50%, 06/16/23<sup>(a)</sup> | GBP | 310 | 355551 |
|  Segro PLC, 2.38%, 10/11/29<sup>(a)</sup> | GBP | 100 | 93552 |
|  Severn Trent Utilities Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/02/40<sup>(a)</sup> | GBP | 200 | 141371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/05/31<sup>(a)</sup> | GBP | 100 | 93421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/16/26<sup>(a)</sup> | GBP | 100 | 108988 |
|  Skipton Building Society Covered, 0.50%, 10/02/23<sup>(a)</sup> | EUR | 200 | 193881 |
|  Sky Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/17/25<sup>(a)</sup> | EUR | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/21/27 | GBP | 200 | 236222 |
|  Smiths Group PLC, 2.00%, 02/23/27 (Call 11/23/26)<sup>(a)</sup> | EUR | 100 | 85926 |
|  South Eastern Power Networks PLC, 5.63%, 09/30/30<sup>(a)</sup> | GBP | 300 | 345038 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Southern Electric Power Distribution PLC, 5.50%, 06/07/32<sup>(a)</sup> | GBP | 150 | $171387 |
|  Southern Gas Networks PLC, 3.10%, 09/15/36 (Call 06/15/36)<sup>(a)</sup> | GBP | 400 | 334989 |
|  Southern Housing Group Ltd., 2.38%, 10/08/36<sup>(a)</sup> | GBP | 100 | 79737 |
|  Southern Water Services Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/37<sup>(a)</sup> | GBP | 200 | 160518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/56 | GBP | 50 | 54611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 03/31/29<sup>(a)</sup> | GBP | 25 | 29407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A4, 6.64%, 03/31/26<sup>(a)</sup> | GBP | 240 | 283481 |
|  Sovereign Housing Capital PLC, 2.38%, 11/04/48<sup>(a)</sup>  | GBP | 100 | 69407 |
|  SP Transmission PLC, 2.00%, 11/13/31 (Call 08/13/31)<sup>(a)</sup> | GBP | 223 | 196336 |
|  SSE PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/06/25 (Call 06/06/25)<sup>(a)</sup> | EUR | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, (Call 01/21/28)<sup>(a)(b)(c)</sup> | EUR | 200 | 175563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/20/28<sup>(a)</sup> | GBP | 180 | 231996 |
|  Stagecoach Group PLC, 4.00%, 09/29/25 (Call 06/29/25)<sup>(a)</sup> | GBP | 100 | 106578 |
|  Standard Chartered PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/23/31 (Call 09/23/26)<sup>(a)(b)</sup> | EUR | 300 | 241728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/03/27 (Call 10/03/26)<sup>(a)(b)</sup> | EUR | 150 | 131370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/18/38<sup>(a)</sup> | GBP | 100 | 102245 |
|  Stellantis NV, 3.75%, 03/29/24<sup>(a)</sup> | EUR | 100 | 98992 |
|  Student Finance PLC, 2.67%, 09/30/29<sup>(a)</sup> | GBP | 100 | 107531 |
|  Telereal Securitisation PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 12/10/33 (Call 12/10/25)<sup>(a)(b)</sup> | GBP | 100 | 101148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 12/10/36<sup>(a)</sup> | GBP | 200 | 199846 |
|  Tesco Corporate Treasury Services PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/29/26 (Call 02/28/26)<sup>(a)</sup> | EUR | 300 | 262045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/27/30 (Call 01/27/30)<sup>(a)</sup> | GBP | 300 | 271007 |
|  Tesco Personal Finance Group PLC, 3.50%, 07/25/25 (Call 07/25/24)<sup>(a)</sup> | GBP | 100 | 105915 |
|  Tesco Property Finance 3 PLC, 5.74%, 04/13/40<sup>(a)</sup> | GBP | 276 | 288986 |
|  Tesco Property Finance 6 PLC, 5.41%, 07/13/44<sup>(a)</sup> | GBP | 183 | 184369 |
|  Thames Water Utilities Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/24/32<sup>(a)</sup> | GBP | 210 | 186497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/28<sup>(a)</sup> | GBP | 390 | 398072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/03/34<sup>(a)</sup> | GBP | 200 | 198511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/28/37<sup>(a)</sup> | GBP | 160 | 164816 |
|  THFC Funding No. 2 PLC, 6.35%, 07/08/41 | GBP | 250 | 310312 |
|  Unilever Finance Netherlands BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/14/23<sup>(a)</sup> | EUR | 135 | 133037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/12/23<sup>(a)</sup> | EUR | 205 | 199812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/14/27<sup>(a)</sup> | EUR | 370 | 336525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/31/29<sup>(a)</sup> | EUR | 100 | 87766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/12/33<sup>(a)</sup> | EUR | 260 | 216265 |
|  Unilever PLC, 1.50%, 06/11/39<sup>(a)</sup> | EUR | 200 | 145911 |
|  UNITE USAF II PLC, 3.37%, 06/30/28<sup>(a)</sup> | GBP | 200 | 225362 |
|  United Utilities Water Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/10/38 (Call 11/10/37)<sup>(a)</sup> | GBP | 200 | 145465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 11/14/24)<sup>(a)</sup> | GBP | 100 | 107510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/12/31 (Call 11/12/30)<sup>(a)</sup> | GBP | 200 | 189965 |
|  University of Cambridge, 2.35%, 06/27/78<sup>(a)</sup> | GBP | 100 | 70708 |
|  University of Liverpool, 3.38%, 06/25/55<sup>(a)</sup> | GBP | 100 | 91852 |
|  University of Oxford, 2.54%, 12/08/2117<sup>(a)</sup> | GBP | 200 | 136079 |
|  University of Southampton, 2.25%, 04/11/57<sup>(a)</sup> | GBP | 100 | 68869 |
|  Utmost Group PLC, 4.00%, 12/15/31 (Call 09/15/31)<sup>(a)</sup> | GBP | 100 | 81399 |

---

98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Virgin Money UK PLC, 3.13%, 06/22/25 (Call 06/22/24)<sup>(a)(b)</sup> | GBP | 350 | $373857 |
|  Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/03/24<sup>(a)</sup> | CHF | 100 | 96841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/30/24<sup>(a)</sup> | EUR | 230 | 220608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/20/25<sup>(a)</sup> | EUR | 370 | 343373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/24/27<sup>(a)</sup> | EUR | 220 | 200398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 07/29/31<sup>(a)</sup> | EUR | 200 | 165386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/25/23<sup>(a)</sup> | EUR | 400 | 391865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/24/39<sup>(a)</sup> | EUR | 200 | 148386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/12/56<sup>(a)</sup> | GBP | 200 | 144705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/13/27<sup>(a)</sup> | AUD | 400 | 239644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/04/25 | GBP | 100 | 116455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/26/32<sup>(a)</sup> | GBP | 50 | 59530 |
|  Wales & West Utilities Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/28/41<sup>(a)</sup> | GBP | 200 | 134217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/03/38<sup>(a)</sup> | GBP | 100 | 83596 |
|  Wellcome Trust Ltd. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/21/27<sup>(a)</sup> | EUR | 100 | 89832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/14/71 (Call 01/14/71)<sup>(a)</sup> | GBP | 200 | 109473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 02/07/2118<sup>(a)</sup> | GBP | 150 | 102672 |
|  Western Power Distribution West Midlands PLC, 6.00%, 05/09/25<sup>(a)</sup> | GBP | 150 | 172242 |
|  WHG Treasury PLC, 4.25%, 10/06/45<sup>(a)</sup> | GBP | 100 | 99880 |
|  Whitbread Group PLC, 3.38%, 10/16/25 (Call 07/16/25)<sup>(a)</sup> | GBP | 100 | 104932 |
|  WPP Finance 2013, 3.00%, 11/20/23<sup>(a)</sup> | EUR | 100 | 98238 |
|  WPP Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/22/26<sup>(a)</sup> | EUR | 207 | 191651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/19/32<sup>(a)</sup> | GBP | 100 | 94676 |
|  Yorkshire Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/10/22<sup>(a)</sup> | EUR | 400 | 395241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 10/11/30 (Call 10/11/29)<sup>(a)(b)</sup> | GBP | 200 | 187538 |
|  Yorkshire Water Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/27/32<sup>(a)</sup> | GBP | 200 | 163763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/18/41<sup>(a)</sup> | GBP | 200 | 156582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/01/29 | GBP | 200 | 205043 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68655179 |
| **United States — 2.2%** |  |  |  |
|  Abbott Ireland Financing DAC, 1.50%, 09/27/26 (Call 06/27/26)<sup>(a)</sup> | EUR | 400 | 372372 |
|  AbbVie Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/18/27 (Call 08/18/27) | EUR | 400 | 343065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/24 (Call 03/01/24) | EUR | 100 | 95888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/17/24 (Call 02/17/24) | EUR | 300 | 288790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/23 (Call 10/15/23) | EUR | 270 | 263497 |
|  Albemarle New Holding GmbH, 1.63%, 11/25/28 (Call 08/25/28)<sup>(a)</sup> | EUR | 200 | 165795 |
|  Altria Group Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/27 (Call 04/15/27) | EUR | 450 | 392663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/31 (Call 03/15/31) | EUR | 200 | 162330 |
|  American Honda Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/17/23 | EUR | 300 | 294758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/10/22 | EUR | 200 | 197601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/19/27 | GBP | 300 | 287803 |
|  American International Group Inc., 1.88%, 06/21/27 (Call 03/21/27) | EUR | 150 | 133485 |
|  American Medical Systems Europe BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/08/28 (Call 02/08/28) | EUR | 400 | 350801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/08/34 (Call 12/08/33) | EUR | 300 | 237678 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/05/30 (Call 07/05/30) | EUR | 450 | $329487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/22/26 (Call 02/22/26) | EUR | 225 | 206149 |
|  Amgen Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%, 03/08/23 (Call 01/08/23)<sup>(a)</sup> | CHF | 100 | 99572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/13/29<sup>(a)</sup> | GBP | 200 | 213697 |
|  Apple Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/25/24<sup>(a)</sup> | CHF | 400 | 391316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/31 (Call 08/15/31) | EUR | 300 | 238123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/25/30<sup>(a)</sup> | CHF | 150 | 137138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/24/25 (Call 02/24/25) | EUR | 540 | 510174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 08/19/24 (Call 06/19/24) | CAD | 200 | 141539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/31/29 | GBP | 200 | 210894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/10/24<sup>(a)</sup> | AUD | 150 | 95024 |
|  Archer-Daniels-Midland Co., 1.00%, 09/12/25 (Call 06/12/25) | EUR | 150 | 139537 |
|  AT&T Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/04/26 (Call 02/04/26) | EUR | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/05/23 (Call 06/05/23) | EUR | 640 | 623556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/19/28 (Call 02/19/28) | EUR | 550 | 487526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/19/32 (Call 02/19/32) | EUR | 100 | 83495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/17/29 (Call 09/17/29) | EUR | 255 | 230800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/04/36 (Call 06/04/36) | EUR | 500 | 425056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/17/32 (Call 09/17/32) | EUR | 300 | 279374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/19/28<sup>(a)</sup> | AUD | 200 | 121189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/44 | GBP | 200 | 203853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(a)</sup> | GBP | 200 | 228112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/30/40 | GBP | 250 | 322297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 2.85%, 05/25/24 (Call 03/25/24) | CAD | 200 | 141792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 4.00%, 11/25/25 (Call 09/25/25) | CAD | 150 | 106320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 4.85%, 05/25/47 (Call 11/25/46) | CAD | 150 | 92044 |
|  Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%, 09/10/26<sup>(a)</sup> | EUR | 400 | 335566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/12/28<sup>(a)</sup> | EUR | 200 | 158883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 04/21/27<sup>(a)</sup> | AUD | 200 | 121182 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 03/22/31 (Call 03/22/30)<sup>(a)(b)</sup> | EUR | 500 | 376523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/24/32 (Call 05/24/31)<sup>(a)(b)</sup> | EUR | 300 | 224218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/07/25 (Call 02/07/24)<sup>(a)(b)</sup> | EUR | 700 | 670060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 04/25/28 (Call 04/25/27)<sup>(a)(b)</sup> | EUR | 500 | 438768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/02/29 (Call 06/02/28)<sup>(a)(b)</sup> | GBP | 400 | 368568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/25/25<sup>(a)</sup> | GBP | 400 | 426041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 04/25/25 (Call 04/25/24)<sup>(b)</sup> | CAD | 200 | 141714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/16/28 (Call 03/16/27)<sup>(b)</sup> | CAD | 500 | 339601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/31/29 (Call 03/31/28)<sup>(a)(b)</sup> | EUR | 550 | 522513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 1.98%, 09/15/27<br>(Call 09/15/26)<sup>(b)</sup>  | CAD | 150 | 96458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 2.60%, 04/04/29<br>(Call 04/04/28)<sup>(b)</sup>  | CAD | 100 | 63572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 3.41%, 09/20/25<br>(Call 09/20/24)<sup>(b)</sup>  | CAD | 200 | 141332 |
|  Baxter International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 05/15/24 (Call 04/15/24) | EUR | 100 | 94793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/15/29 (Call 02/15/29) | EUR | 250 | 207063 |
|  Becton Dickinson & Co., 0.03%, 08/13/25 (Call 07/13/25) | EUR | 200 | 179875 |
|  Becton Dickinson and Co., 0.00%, 08/13/23<sup>(d)</sup> | EUR | 125 | 120595 |
|  Becton Dickinson Euro Finance Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33%, 08/13/28 (Call 05/13/28) | EUR | 125 | 101215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 06/04/26 (Call 03/04/26) | EUR | 300 | 272330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 08/13/41 (Call 02/13/41) | EUR | 200 | 117766 |

---

S C H E D U L E O F I N V E S T M E N T S 99

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Berkshire Hathaway Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/19/39 (Call 03/19/39) | GBP | 250 | $199428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/19/59 (Call 12/19/58) | GBP | 200 | 147566 |
|  Berkshire Hathaway Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/12/25 (Call 02/12/25)<sup>(d)</sup> | EUR | 300 | 274788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/41 (Call 07/15/40) | EUR | 200 | 106697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/16/23 (Call 12/16/22) | EUR | 330 | 324736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/16/27 (Call 12/16/26) | EUR | 440 | 390047 |
|  Blackstone Holdings Finance Co. LLC, 1.50%, 04/10/29 (Call 01/10/29)<sup>(a)</sup> | EUR | 200 | 167228 |
|  Booking Holdings Inc., 1.80%, 03/03/27 (Call 12/03/26) | EUR | 330 | 299870 |
|  BorgWarner Inc., 1.00%, 05/19/31 (Call 02/19/31) | EUR | 200 | 141863 |
|  Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/26/23 (Call 06/26/23) | EUR | 281 | 268892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 07/19/26 (Call 06/19/26) | EUR | 300 | 279439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 01/19/29 (Call 11/19/28) | EUR | 200 | 177175 |
|  Chubb INA Holdings Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/15/31 (Call 03/15/31) | EUR | 330 | 257695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/38 (Call 09/15/37) | EUR | 100 | 74115 |
|  Citigroup Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/08/27 (Call 10/08/26)<sup>(a)(b)</sup> | EUR | 400 | 341472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/23 (Call 07/26/23)<sup>(a)</sup> | EUR | 650 | 627916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/10/29 (Call 03/10/29)<sup>(a)</sup> | EUR | 200 | 163787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/26/28 (Call 07/26/28)<sup>(a)</sup> | EUR | 500 | 422768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/28/25 | EUR | 400 | 379409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/26 (Call 09/23/26) | GBP | 300 | 297202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/22/33 | EUR | 200 | 188615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/21/26<sup>(a)</sup> | GBP | 450 | 509686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/39<sup>(a)</sup> | GBP | 100 | 139449 |
|  Coca-Cola Co., 0.13%, 03/09/29 | EUR | 300 | 244782 |
|  Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/22/22<sup>(a)</sup> | CHF | 50 | 49905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/09/41 | EUR | 300 | 191378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/09/35 (Call 12/09/34) | EUR | 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539614 |
|  Colgate-Palmolive Co., 0.50%, 03/06/26 (Call 01/06/26) | EUR | 360 | 328297 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/29 (Call 06/14/29) | EUR | 300 | 238736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/20/40 (Call 08/20/39) | EUR | 300 | 199258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/20/36 (Call 11/20/35) | GBP | 100 | 79605 |
|  Danaher Corp., 2.50%, 03/30/30 (Call 12/30/29) | EUR | 100 | 91921 |
|  DH Europe Finance II Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 03/18/28 (Call 12/18/27) | EUR | 275 | 231278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/18/31 (Call 06/18/31) | EUR | 300 | 231156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/18/39 (Call 03/18/39) | EUR | 200 | 133216 |
|  DH Europe Finance Sarl, 1.20%, 06/30/27 (Call 03/30/27) | EUR | 300 | 268253 |
|  Digital Dutch Finco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | EUR | 300 | 198763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/30 (Call 12/15/29)<sup>(a)</sup> | EUR | 300 | 224177 |
|  Digital Euro Finco LLC, 2.63%, 04/15/24 (Call 02/15/24)<sup>(a)</sup> | EUR | 400 | 380358 |
|  Digital Intrepid Holding BV, 0.63%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | EUR | 200 | 129609 |
|  Digital Stout Holding LLC, 4.25%, 01/17/25 (Call 10/19/24)<sup>(a)</sup> | GBP | 200 | 219550 |
|  Dover Corp., 0.75%, 11/04/27 (Call 08/04/27) | EUR | 200 | 169350 |
|  Dow Chemical Co. (The), 1.13%, 03/15/32 (Call 12/15/31) | EUR | 300 | 211182 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Duke Energy Corp., 3.10%, 06/15/28 (Call 03/15/28) | EUR | 100 | $92236 |
|  DXC Capital Funding DAC, 0.45%, 09/15/27 (Call 07/15/27)<sup>(a)</sup> | EUR | 300 | 245179 |
|  Eaton Capital Unlimited Co., 0.70%, 05/14/25 (Call 02/14/25)<sup>(a)</sup> | EUR | 375 | 346683 |
|  Ecolab Inc., 1.00%, 01/15/24 (Call 10/15/23) | EUR | 350 | 336811 |
|  EFSF, 0.88%, 09/05/28<sup>(a)</sup> | EUR | 700 | 621650 |
|  Eli Lilly & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/01/31 (Call 08/01/31) | EUR | 400 | 312971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/14/51 (Call 03/14/51) | EUR | 300 | 166124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/02/26 (Call 03/02/26) | EUR | 350 | 328451 |
|  Equinix Inc., 0.25%, 03/15/27 (Call 01/15/27) | EUR | 250 | 208041 |
|  Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.14%, 06/26/24 (Call 05/26/24) | EUR | 200 | 188493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 06/26/32 (Call 03/26/32) | EUR | 100 | 75922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 06/26/39 (Call 12/26/38) | EUR | 250 | 165576 |
|  FedEx Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/05/31 (Call 05/05/31) | EUR | 100 | 72885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/11/27 (Call 10/11/26) | EUR | 240 | 215971 |
|  Fidelity National Information Services Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/03/28 (Call 09/03/28) | EUR | 350 | 287152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 07/15/24 (Call 04/15/24) | EUR | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/21/27 (Call 02/21/27) | EUR | 350 | 311098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/03/29 (Call 09/03/29) | GBP | 100 | 89904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 05/21/31 (Call 02/21/31) | GBP | 150 | 143244 |
|  Fiserv Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/30 (Call 04/01/30) | EUR | 150 | 122168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/31 (Call 04/01/31) | GBP | 100 | 92331 |
|  Fresenius Medical Care AG & Co. KGaA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/29/29 (Call 08/29/29)<sup>(a)</sup> | EUR | 100 | 76815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/11/25 (Call 04/11/25)<sup>(a)</sup> | EUR | 338 | 316051 |
|  GE Capital European Funding Unlimited Co., 4.63%, 02/22/27 | EUR | 50 | 51079 |
|  GE Capital UK Funding Un Ltd. Co., 4.13%, 09/13/23<sup>(a)</sup> | GBP | 300 | 340672 |
|  General Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/17/25 (Call 02/17/25) | EUR | 225 | 209079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/17/29 (Call 02/17/29) | EUR | 225 | 192549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/17/37 (Call 02/17/37) | EUR | 200 | 152519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/19/35<sup>(a)</sup> | EUR | 200 | 196751 |
|  General Motors Financial Co. Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 05/20/27 (Call 03/20/27)<sup>(a)</sup> | EUR | 300 | 245063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/07/28 (Call 06/07/28)<sup>(a)</sup> | EUR | 300 | 226107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 04/01/24 (Call 03/01/24)<sup>(a)</sup> | EUR | 509 | 487536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/03/25<sup>(a)</sup> | GBP | 200 | 208711 |
|  General Motors Financial of Canada Ltd., Series 5, 3.25%, 11/07/23 | CAD | 200 | 143151 |
|  Goldman Sachs Group Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/26/28 (Call 10/26/27)<sup>(a)</sup> | EUR | 492 | 394912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/04/24<sup>(a)</sup> | CHF | 250 | 241339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/21/30<sup>(a)</sup> | EUR | 400 | 306563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/18/33 (Call 12/18/32)<sup>(a)</sup> | EUR | 450 | 312290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/27/26<sup>(a)</sup> | EUR | 455 | 413034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/16/30 (Call 09/16/30)<sup>(a)</sup> | GBP | 100 | 85539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/27/23<sup>(a)</sup> | EUR | 720 | 706488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/22/28<sup>(a)</sup> | EUR | 300 | 263851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/03/26<sup>(a)</sup> | EUR | 288 | 272136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/25/29<sup>(a)</sup> | GBP | 350 | 336585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/10/28 | GBP | 245 | 297071 |

---

100 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 2.01%, 02/28/29 (Call 02/28/28)<sup>(b)</sup>  | CAD | 300 | $184287 |
|  Grenke Finance PLC, 3.95%, 07/09/25<sup>(a)</sup> | EUR | 50 | 45969 |
|  Harley-Davidson Financial Services Inc., 0.90%, 11/19/24 (Call 08/19/24)<sup>(a)</sup> | EUR | 200 | 187882 |
|  Highland Holdings Sarl, 0.32%, 12/15/26 (Call 09/15/26) | EUR | 200 | 169748 |
|  Honeywell International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/10/32 (Call 12/10/31) | EUR | 200 | 149380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/02/34 | EUR | 152 | 148243 |
|  Illinois Tool Works Inc., 2.13%, 05/22/30 (Call 02/22/30) | EUR | 260 | 226127 |
|  International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 11/02/26 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 02/11/28 | EUR | 730 | 614342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/23 | EUR | 350 | 344583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 02/11/32 | EUR | 200 | 151386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/06/24 | EUR | 510 | 487118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/09/34 (Call 11/09/33) | EUR | 300 | 228016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/31 | EUR | 255 | 219415 |
|  International Flavors & Fragrances Inc., 1.80%, 09/25/26 (Call 06/25/26) | EUR | 200 | 172888 |
|  John Deere Canada Funding Inc., 3.02%, 07/13/23 | CAD | 200 | 144842 |
|  John Deere Cash Management SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/23<sup>(a)</sup> | EUR | 330 | 319319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 04/02/32<sup>(a)</sup> | EUR | 250 | 221647 |
|  John Deere Financial Inc., 2.58%, 10/16/26 | CAD | 200 | 134400 |
|  Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 05/20/24 (Call 02/20/24) | EUR | 200 | 191950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/35 (Call 02/20/35) | EUR | 200 | 162537 |
|  Johnson Controls International PLC, 1.00%, 09/15/23 (Call 06/15/23) | EUR | 200 | 193734 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/04/23<sup>(a)</sup> | CHF | 50 | 49355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 02/17/33 (Call 02/17/32)<sup>(a)(b)</sup> | EUR | 200 | 140507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/04/32<sup>(a)(b)</sup> | EUR | 450 | 331649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/11/27 (Call 03/11/26)<sup>(a)(b)</sup> | EUR | 800 | 712994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/27/25<sup>(a)</sup> | EUR | 220 | 207840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 06/12/29 (Call 06/12/28)<sup>(a)(b)</sup> | EUR | 350 | 301513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/28/33 (Call 04/28/32)<sup>(a)(b)</sup> | GBP | 100 | 85054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 03/23/30 (Call 03/23/29)<sup>(a)(b)</sup> | EUR | 400 | 341116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/24/28<sup>(a)</sup> | EUR | 300 | 274980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/18/26<sup>(a)</sup> | GBP | 100 | 107532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 1.90%, 03/05/28 (Call 03/05/27)<sup>(b)</sup>  | CAD | 200 | 127217 |
|  Kellogg Co., 0.80%, 11/17/22 | EUR | 200 | 197620 |
|  Kinder Morgan Inc., 2.25%, 03/16/27 | EUR | 100 | 91795 |
|  Kraft Heinz Foods Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/24/24 (Call 02/24/24)<sup>(a)</sup> | EUR | 100 | 95902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/25/28 (Call 02/25/28)<sup>(a)</sup> | EUR | 200 | 178375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/27 (Call 04/01/27)<sup>(a)</sup> | GBP | 100 | 106374 |
|  Liberty Mutual Finance Europe DAC, 1.75%, 03/27/24<sup>(a)</sup> | EUR | 254 | 243759 |
|  Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA, 3.88%, 04/01/24 (Call 01/01/24)<sup>(a)</sup> | EUR | 100 | 98664 |
|  LYB International Finance II BV, 0.88%, 09/17/26 (Call 06/17/26) | EUR | 200 | 171220 |
|  Marsh & McLennan Companies Inc., 1.98%, 03/21/30 (Call 12/21/29) | EUR | 200 | 167829 |
|  Mastercard Inc., 1.00%, 02/22/29 (Call 11/22/28) | EUR | 300 | 256857 |
|  Mcdonald S Corp., 0.88%, 10/04/33 (Call 07/04/33)<sup>(a)</sup> | EUR | 300 | 215454 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%, 10/04/24<sup>(a)</sup> | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $96914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/29/24<sup>(a)</sup> | EUR | 500 | 479751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/15/26 (Call 04/15/26)<sup>(a)</sup> | EUR | 400 | 363731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/03/28<sup>(a)</sup> | EUR | 200 | 179755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33)<sup>(a)</sup> | GBP | 200 | 187502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/04/25 (Call 01/04/25) | CAD | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/32<sup>(a)</sup> | GBP | 25 | 30426 |
|  McKesson Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/25 (Call 08/17/25) | EUR | 300 | 279961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/17/29 (Call 11/17/28) | GBP | 200 | 194387 |
|  Medtronic Global Holdings SCA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/07/23 (Call 02/07/23) | EUR | 500 | 491175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/02/31 (Call 04/02/31) | EUR | 300 | 239101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/02/31 (Call 04/02/31) | EUR | 100 | 79700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/07/27 (Call 12/07/26) | EUR | 920 | 828126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/49 (Call 01/02/49) | EUR | 400 | 251411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/07/39 (Call 12/07/38) | EUR | 300 | 227871 |
|  Merck & Co. Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/02/24 (Call 08/02/24) | EUR | 450 | 425412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/34 (Call 07/15/34) | EUR | 100 | 89174 |
|  Metropolitan Life Global Funding I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/09/24<sup>(a)</sup> | EUR | 100 | 94758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/20/28<sup>(a)</sup> | CAD | 400 | 250221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/26<sup>(a)</sup> | GBP | 400 | 433169 |
|  Microsoft Corp., 2.63%, 05/02/33 (Call 02/02/33) | EUR | 250 | 233224 |
|  MMS USA Holdings Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/13/25 (Call 03/13/25)<sup>(a)</sup> | EUR | 400 | 366269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/13/31 (Call 03/13/31)<sup>(a)</sup> | EUR | 300 | 238567 |
|  Mohawk Capital Finance SA, 1.75%, 06/12/27 (Call 04/12/27) | EUR | 200 | 171246 |
|  Molson Coors Internationa LP Co., 3.44%, 07/15/26 (Call 04/15/26) | CAD | 200 | 137204 |
|  Mondelez International Holdings Netherlands BV, 0.88%, 10/01/31 (Call 07/01/31)<sup>(a)</sup> | EUR | 250 | 190460 |
|  Mondelez International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/17/41 (Call 12/17/40) | EUR | 350 | 212064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/08/27 (Call 12/08/26) | EUR | 281 | 253905 |
|  Moody's Corp., 0.95%, 02/25/30 (Call 11/25/29) | EUR | 200 | 160642 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/07/31 (Call 02/07/30)<sup>(b)</sup> | EUR | 600 | 443657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/29/33 (Call 04/29/32)<sup>(b)</sup> | EUR | 400 | 288790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 10/23/26 (Call 10/23/25)<sup>(b)</sup> | EUR | 830 | 753323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/11/24 | EUR | 270 | 260346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/07/32 (Call 05/07/31)<sup>(b)</sup> | EUR | 531 | 461900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 3.00%, 02/07/24 | CAD | 200 | 142385 |
|  Nasdaq Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/13/30 (Call 11/13/29) | EUR | 100 | 76506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/28/29 (Call 12/28/28) | EUR | 200 | 167344 |
|  National Grid North America Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/08/23<sup>(a)</sup> | EUR | 350 | 339319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 01/20/31 (Call 10/20/30)<sup>(a)</sup> | EUR | 500 | 377264 |
|  Nestle Holdings Inc., 2.19%, 01/26/29 (Call 11/26/28) | CAD | 500 | 316681 |
|  New York Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/23/27<sup>(a)</sup> | EUR | 100 | 85878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/04/28<sup>(a)</sup> | EUR | 300 | 241322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/17/26<sup>(a)</sup> | GBP | 210 | 206101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/23<sup>(a)</sup> | GBP | 200 | 222195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/22<sup>(a)</sup> | GBP | 134 | 153192 |

---

S C H E D U L E O F I N V E S T M E N T S 101

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Omnicom Capital Holdings PLC, 2.25%, 11/22/33<br>(Call 08/22/33) | GBP | 200 | $165520 |
|  Oracle Corp., 3.13%, 07/10/25 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 195521 |
|  PepsiCo Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/09/32 (Call 07/09/32) | EUR | 300 | 220998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/09/50 (Call 04/09/50) | EUR | 100 | 56160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/18/31 (Call 12/18/30) | EUR | 400 | 333835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/06/24 (Call 03/06/24) | CAD | 200 | 141698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/22/34 (Call 04/22/34) | GBP | 200 | 202974 |
|  Pfizer Inc., 6.50%, 06/03/38<sup>(a)</sup> | GBP | 150 | 199344 |
|  Philip Morris International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 08/01/39 | EUR | 200 | 107668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/09/36 (Call 02/09/36) | EUR | 100 | 63737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/03/26 | EUR | 400 | 378207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/14/29 | EUR | 300 | 260284 |
|  Procter & Gamble Co. (The), 0.50%, 10/25/24 | EUR | 650 | 616295 |
|  Procter & Gamble Co.(The), 1.88%, 10/30/38 | EUR | 300 | 244289 |
|  Prologis Euro Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/10/27 (Call 06/10/27) | EUR | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/16/32 (Call 11/16/31) | EUR | 100 | 68296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/08/29 (Call 11/08/28) | EUR | 200 | 160863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/06/35 (Call 11/06/34) | EUR | 200 | 130218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/08/34 (Call 11/08/33) | EUR | 200 | 142057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/10/49 (Call 03/10/49) | EUR | 100 | 51216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/05/29 (Call 10/05/28) | EUR | 100 | 86122 |
|  Public Storage, 0.88%, 01/24/32 (Call 10/24/31) | EUR | 100 | 70705 |
|  PVH Corp., 3.13%, 12/15/27 (Call 09/15/27)<sup>(a)</sup> | EUR | 200 | 168923 |
|  Realty Income Corp., 2.50%, 01/14/42 (Call 07/14/41) | GBP | 100 | 70461 |
|  Schlumberger Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/15/31 (Call 07/15/31)<sup>(a)</sup> | EUR | 300 | 225540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/28/26 (Call 07/28/26)<sup>(a)</sup> | EUR | 500 | 459393 |
|  SES SA, 0.88%, 11/04/27 (Call 08/04/27)<sup>(a)</sup> | EUR | 200 | 160557 |
|  Simon International Finance SCA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/19/33 (Call 12/19/32)<sup>(a)</sup> | EUR | 100 | 65020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/13/25 (Call 02/13/25)<sup>(a)</sup> | EUR | 270 | 246783 |
|  Southern Co. (The), 1.88%, 09/15/81 (Call 06/15/27)<sup>(b)</sup> | EUR | 300 | 213020 |
|  Southern Power Co., 1.85%, 06/20/26 | EUR | 100 | 92478 |
|  Stellantis NV, 0.63%, 03/30/27 (Call 12/30/26)<sup>(a)</sup> | EUR | 400 | 337677 |
|  Stryker Corp., 2.63%, 11/30/30 (Call 08/30/30) | EUR | 560 | 499008 |
|  Thermo Fisher Scientific Finance I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/18/33 (Call 07/18/33) | EUR | 300 | 229187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/18/41 (Call 04/18/41) | EUR | 300 | 194900 |
|  Thermo Fisher Scientific Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/01/25 (Call 02/01/25) | EUR | 400 | 369542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/01/28 (Call 12/01/27) | EUR | 375 | 318522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/01/31 | EUR | 300 | 235822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 01/23/26 (Call 11/23/25) | EUR | 200 | 186289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/16/27 (Call 12/16/26) | EUR | 300 | 273231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/49 (Call 04/01/49) | EUR | 200 | 124937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/15/32 (Call 01/15/32) | EUR | 250 | 222413 |
|  Time Warner Cable LLC, 5.75%, 06/02/31 | GBP | 250 | 264587 |
|  Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/16/26<sup>(a)</sup> | EUR | 200 | 176464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/21/24<sup>(a)</sup> | EUR | 420 | 395358 |
|  United Parcel Service Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/25 (Call 08/15/25) | EUR | 350 | 331032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/12/50<sup>(a)</sup> | GBP | 50 | 61556 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Upjohn Finance BV, 1.91%, 06/23/32 (Call 03/23/32)<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $211745 |
|  Utah Acquisition Sub Inc., 2.25%, 11/22/24 (Call 09/22/24)<sup>(a)</sup> | EUR | 330 | 312494 |
|  Ventas Canada Finance Ltd., 2.45%, 01/04/27 (Call 12/04/26) | CAD | 200 | 129020 |
|  Verizon Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/02/25 | EUR | 690 | 645868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/30/27<sup>(a)</sup> | CHF | 200 | 185354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/27/26 | EUR | 100 | 91236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/02/28 | EUR | 700 | 604397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/18/40 (Call 11/18/39) | EUR | 300 | 205081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/22/28 (Call 01/22/28) | CAD | 200 | 128017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/01/31 | EUR | 200 | 177685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/23/31 (Call 12/23/30) | AUD | 200 | 100547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/27/36 | GBP | 300 | 274853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/17/25<sup>(a)</sup> | AUD | 200 | 125242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/22/51 (Call 09/22/50) | CAD | 100 | 55583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/17/27<sup>(a)</sup> | AUD | 200 | 122819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, 2.88%, 01/15/38 | EUR | 400 | 328534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 2.50%, 05/16/30 | CAD | 200 | 121674 |
|  VF Corp., 0.63%, 09/20/23 (Call 06/20/23) | EUR | 400 | 386473 |
|  Visa Inc., 2.38%, 06/15/34 (Call 03/15/34) | EUR | 200 | 175072 |
|  Walgreens Boots Alliance Inc., 2.13%, 11/20/26 (Call 08/20/26) | EUR | 200 | 185609 |
|  Walmart Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/21/29 | EUR | 200 | 214847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/27/34<sup>(a)</sup> | GBP | 350 | 437026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/19/30 | GBP | 145 | 178674 |
|  Walt Disney Co. (The), Series MPLE, 3.06%, 03/30/27 | CAD | 200 | 135341 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24<sup>(a)</sup> | EUR | 400 | 377515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/02/27<sup>(a)</sup> | EUR | 200 | 172315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/26/26<sup>(a)</sup> | EUR | 400 | 353003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/24/27<sup>(a)</sup> | EUR | 250 | 218376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 05/04/30 (Call 05/04/29)<sup>(a)(b)</sup> | EUR | 520 | 432145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/25<sup>(a)</sup> | GBP | 380 | 398808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/24/31<sup>(a)</sup> | GBP | 300 | 257813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/02/23<sup>(a)</sup> | EUR | 100 | 98621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/27/23 | CAD | 200 | 142755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 02/08/24 (Call 01/08/24) | CAD | 100 | 71364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/12/29<sup>(a)</sup> | GBP | 100 | 98649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 05/21/25 | CAD | 25 | 17535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 04/28/26 (Call 04/28/25)<sup>(b)</sup> | CAD | 300 | 213170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE, 2.49%, 02/18/27 | CAD | 300 | 195089 |
|  Wells Fargo Bank NA, 5.25%, 08/01/23<sup>(a)</sup> | GBP | 350 | 401653 |
|  Welltower Inc., 4.80%, 11/20/28 (Call 08/20/28) | GBP | 200 | 209151 |
|  Whirlpool Finance Luxembourg Sarl, 1.25%, 11/02/26 (Call 08/02/26) | EUR | 600 | 537883 |
|  WPC Eurobond BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 04/15/28 (Call 01/15/28) | EUR | 100 | 79408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/19/24 (Call 05/19/24) | EUR | 300 | 281029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/09/26 (Call 01/09/26) | EUR | 150 | 132483 |
|  |  |  | 79745504 |
|  **Total Corporate Bonds & Notes — 18.8%<br>(Cost: $890,636,504)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691371334 |

---

102 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Australia — 2.6%** |  |  |  |
|  Australia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/24<sup>(a)</sup> | AUD | 7830 | $4708453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/25<sup>(a)</sup> | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13490 | 7859355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/21/26<sup>(a)</sup> | AUD | 6040 | 3456468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/30<sup>(a)</sup> | AUD | 7220 | 3735490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/21/31<sup>(a)</sup> | AUD | 3810 | 1919531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/21/32 | AUD | 6280 | 3204844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/21/31<sup>(a)</sup> | AUD | 4290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/21/32<sup>(a)</sup> | AUD | 7930 | 4207322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/21/51<sup>(a)</sup> | AUD | 2326 | 894243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/21/28<sup>(a)</sup> | AUD | 5710 | 3414557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/30<sup>(a)</sup> | AUD | 4262 | 2512019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/21/24<sup>(a)</sup> | AUD | 4590 | 2918143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/27<sup>(a)</sup> | AUD | 6830 | 4217474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/28<sup>(a)</sup> | AUD | 3570 | 2179786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/21/29<sup>(a)</sup> | AUD | 5300 | 3197178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/21/35<sup>(a)</sup> | AUD | 1220 | 685417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/21/41<sup>(a)</sup> | AUD | 1800 | 942442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/21/47<sup>(a)</sup> | AUD | 1394 | 731153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/25<sup>(a)</sup> | AUD | 3660 | 2338427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/29<sup>(a)</sup> | AUD | 5080 | 3178390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/21/39<sup>(a)</sup> | AUD | 2107 | 1206930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/21/37<sup>(a)</sup> | AUD | 1980 | 1224396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/21/26<sup>(a)</sup> | AUD | 3088 | 2031375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/21/33<sup>(a)</sup> | AUD | 1050 | 710406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/21/27<sup>(a)</sup> | AUD | 2688 | 1811125 |
|  Australian Capital Territory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/22/25<sup>(a)</sup> | AUD | 170 | 101849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/31 | AUD | 300 | 151919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/26<sup>(a)</sup> | AUD | 60 | 36524 |
|  National Housing Finance and Investment Corp., 1.52%, 05/27/30<sup>(a)</sup> | AUD | 500 | 260430 |
|  New South Wales Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/20/25<sup>(a)</sup> | AUD | 640 | 386549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/20/30 | AUD | 1530 | 771188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/20/32<sup>(a)</sup> | AUD | 800 | 393236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/20/34<sup>(a)</sup> | AUD | 1000 | 470910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/31 | AUD | 600 | 318246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/40 | AUD | 300 | 128752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/07/41 | AUD | 650 | 276206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/22/32<sup>(a)</sup> | AUD | 400 | 213037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/27<sup>(a)</sup> | AUD | 5600 | 3431093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/28 | AUD | 540 | 327232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/28<sup>(a)</sup> | AUD | 200 | 120106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/29<sup>(a)</sup> | AUD | 1150 | 685150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/26<sup>(a)</sup> | AUD | 700 | 449045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/20/24 | AUD | 150 | 97968 |
|  Northern Territory Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/21/29 | AUD | 400 | 222291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/21/22 | AUD | 300 | 191832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/32 | AUD | 800 | 423735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/21/27 | AUD | 100 | 60402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/21/42<sup>(a)</sup> | AUD | 200 | 108448 |
|  Queensland Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/31<sup>(e)</sup> | AUD | 500 | 249697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/02/32<sup>(e)</sup> | AUD | 500 | 247046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/20/32<sup>(e)</sup> | AUD | 300 | 146080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/31<sup>(e)</sup> | AUD | 1710 | 881374 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Australia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/20/34<sup>(e)</sup> | AUD | 2530 | $1186127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/22/33 | AUD | 200 | 99508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/41<sup>(e)</sup> | AUD | 450 | 190540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/20/27<sup>(e)</sup> | AUD | 950 | 573820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/24<sup>(e)</sup> | AUD | 1650 | 1045776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/21/28<sup>(e)</sup> | AUD | 1130 | 691102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/21/29<sup>(e)</sup> | AUD | 542 | 326419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/21/30<sup>(e)</sup> | AUD | 1000 | 604763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/20/47<sup>(e)</sup> | AUD | 300 | 169088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/21/23<sup>(e)</sup> | AUD | 150 | 96501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/21/25<sup>(e)</sup> | AUD | 2680 | 1753999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/22/24<sup>(a)</sup> | AUD | 400 | 264424 |
|  South Australian Government Financing Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/24/32<sup>(a)</sup> | AUD | 1000 | 498358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/24/34<sup>(a)</sup> | AUD | 300 | 140005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/24<sup>(a)</sup> | AUD | 1000 | 622866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/30 | AUD | 1000 | 571546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/27<sup>(a)</sup> | AUD | 350 | 213046 |
|  Tasmanian Public Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/24/30<sup>(a)</sup> | AUD | 550 | 298583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/22/32<sup>(a)</sup> | AUD | 100 | 52391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/11/24<sup>(a)</sup> | AUD | 40 | 25650 |
|  Treasury Corp., 2.40%, 08/18/50 | AUD | 200 | 77359 |
|  Treasury Corp. of Victoria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/20/25 | AUD | 1400 | 810213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/19/27 | AUD | 500 | 278868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/20/30 | AUD | 760 | 390998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/10/31 | AUD | 4340 | 2169896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/17/35 | AUD | 500 | 231848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/37 | AUD | 640 | 281286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/33<sup>(a)</sup> | AUD | 700 | 354770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/34 | AUD | 1160 | 568939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/22/29 | AUD | 2890 | 1651899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/28<sup>(a)</sup> | AUD | 760 | 456713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/17/24 | AUD | 620 | 410257 |
|  Western Australian Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/22/30 | AUD | 500 | 258764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/22/31 | AUD | 1000 | 512935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/23/24<sup>(a)</sup> | AUD | 100 | 62648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/24/29<sup>(a)</sup> | AUD | 900 | 526032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/21/26<sup>(a)</sup> | AUD | 400 | 247191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/21/27<sup>(a)</sup> | AUD | 40 | 24405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/20/28<sup>(a)</sup> | AUD | 500 | 305813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/23/25<sup>(a)</sup> | AUD | 50 | 32930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95802370 |
| **Austria — 0.9%** |  |  |  |
|  Austria Government Bond, 1.50%, 11/02/86<sup>(e)</sup> | EUR | 61 | 37657 |
|  Autobahnen- und Schnell- strassen-Finanzierungs AG, 0.10%, 07/09/29<sup>(a)</sup> | EUR | 400 | 330439 |
|  KAF Karntner Ausgleichszahlungs-Fonds, 0.00%, 01/14/32<sup>(a)(d)</sup> | EUR | 400 | 296597 |
|  Republic of Austria Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/24<sup>(d)(e)</sup> | EUR | 520 | 496854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/20/25<sup>(d)(e)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1875639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/20/28<sup>(d)(e)</sup> | EUR | 2450 | 2084397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/20/30<sup>(d)(e)</sup> | EUR | 950 | 775048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/20/31<sup>(d)(e)</sup> | EUR | 5176 | 4088564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/20/40<sup>(d)(e)</sup> | EUR | 881 | 511924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/20/36<sup>(e)</sup> | EUR | 1182 | 814606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/20/27<sup>(e)</sup> | EUR | 1523 | 1384244 |

---

S C H E D U L E O F I N V E S T M E N T S 103

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Austria (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/20/29<sup>(e)</sup> | EUR | 1352 | $1176916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/20/71<sup>(e)</sup> | EUR | 710 | 325106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/20/26<sup>(e)</sup> | EUR | 2378 | 2211874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/20/28<sup>(e)</sup> | EUR | 2417 | 2187886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/20/51<sup>(e)</sup> | EUR | 1030 | 605842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 06/30/2120<sup>(e)</sup> | EUR | 580 | 265172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/20/32<sup>(e)</sup> | EUR | 1160 | 969462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/20/25<sup>(e)</sup> | EUR | 1950 | 1869428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/20/47<sup>(e)</sup> | EUR | 1598 | 1195188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/02/86<sup>(e)</sup> | EUR | 310 | 191369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/21/24<sup>(e)</sup> | EUR | 1664 | 1633709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/2117<sup>(e)</sup> | EUR | 711 | 537840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/23/34<sup>(e)</sup> | EUR | 875 | 822486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/20/44<sup>(e)</sup> | EUR | 940 | 965165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/26/62<sup>(e)</sup> | EUR | 365 | 430426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/37<sup>(e)</sup> | EUR | 1674 | 1880973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26<sup>(e)</sup> | EUR | 1880 | 2017374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/27 | EUR | 796 | 920343 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32902528 |
| **Belgium — 1.4%** |  |  |  |
|  Communaute Francaise de Belgique, 1.63%, 05/03/32<sup>(a)</sup> | EUR | 300 | 262514 |
|  Flemish Community (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/12/38<sup>(a)</sup> | EUR | 100 | 77413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/11/44<sup>(a)</sup> | EUR | 100 | 70843 |
|  Kingdom of Belgium Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/22/27<sup>(d)(e)</sup> | EUR | 2076 | 1830689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/22/31<sup>(d)(e)</sup> | EUR | 6360 | 4982521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/22/30<sup>(e)</sup> | EUR | 2320 | 1916776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 06/22/32<sup>(e)</sup> | EUR | 1220 | 965376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/22/40<sup>(e)</sup> | EUR | 1390 | 867581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/22/24<sup>(e)</sup> | EUR | 3850 | 3696820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/22/71<sup>(e)</sup> | EUR | 840 | 377734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/25<sup>(e)</sup> | EUR | 2610 | 2499037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/27<sup>(e)</sup> | EUR | 3218 | 2979868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/22/28<sup>(e)</sup> | EUR | 2801 | 2544177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/22/29<sup>(e)</sup> | EUR | 1525 | 1366350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/22/26<sup>(e)</sup> | EUR | 1310 | 1243897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/22/31<sup>(e)</sup> | EUR | 2442 | 2127136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/22/53<sup>(e)</sup> | EUR | 1890 | 1244379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/22/37<sup>(e)</sup> | EUR | 2276 | 1824574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/22/47<sup>(e)</sup> | EUR | 1809 | 1321214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/22/50<sup>(e)</sup> | EUR | 1422 | 1036242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/22/38<sup>(e)</sup> | EUR | 888 | 750977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/22/66<sup>(e)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | 840501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/22/57<sup>(e)</sup> | EUR | 807 | 669309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/22/24<sup>(e)</sup> | EUR | 1908 | 1903757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/22/34<sup>(e)</sup> | EUR | 1660 | 1661722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/22/45<sup>(a)</sup> | EUR | 1051 | 1130841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/28/32<sup>(a)</sup> | EUR | 1970 | 2158397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/41<sup>(e)</sup> | EUR | 2417 | 2738243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/28/26<sup>(e)</sup> | EUR | 1270 | 1353274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/28/35<sup>(e)</sup> | EUR | 660 | 787005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/28/28 | EUR | 1287 | 1478735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 86, 1.25%, 04/22/33<sup>(e)</sup> | EUR | 690 | 593717 |
|  Ministeries Van de Vlaamse Gemeenschap |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/35<sup>(a)</sup> | EUR | 400 | 267654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 10/20/31<sup>(a)</sup> | EUR | 300 | 235955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/21/46<sup>(a)</sup> | EUR | 300 | 179619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/13/36<sup>(a)</sup> | EUR | 400 | 296463 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Belgium (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/12/43 | EUR | 200 | $190940 |
|  Region Wallonne Belgium |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/03/26<sup>(a)</sup> | EUR | 500 | 457229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/03/34<sup>(a)</sup> | EUR | 500 | 402168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/71<sup>(a)</sup> | EUR | 200 | 109271 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51440918 |
| **Bulgaria — 0.0%** |  |  |  |
|  Bulgaria Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/23/30<sup>(a)</sup> | EUR | 400 | 274516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/23/50<sup>(a)</sup> | EUR | 200 | 95477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/26/27<sup>(a)</sup> | EUR | 100 | 93430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/03/24<sup>(a)</sup> | EUR | 200 | 197760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/21/28<sup>(a)</sup> | EUR | 100 | 90243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/26/35<sup>(a)</sup> | EUR | 100 | 78417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/23/34<sup>(a)</sup> | EUR | 200 | 181850 |
|  |  |  | 1011693 |
| **Canada — 4.6%** |  |  |  |
|  Canada Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/29 | CAD | 1530 | 1052621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/32 | CAD | 1130 | 775120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/24 | CAD | 5200 | 3750328 |
|  Canada Housing Trust No. 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/15/25<sup>(e)</sup> | CAD | 2100 | 1427217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/15/31<sup>(e)</sup> | CAD | 900 | 537635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/15/26<sup>(e)</sup> | CAD | 300 | 201219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 03/15/31<sup>(e)</sup> | CAD | 1060 | 649888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 12/15/26<sup>(e)</sup> | CAD | 400 | 268888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/31<sup>(e)</sup> | CAD | 600 | 369024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30<sup>(e)</sup> | CAD | 970 | 620605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/26<sup>(e)</sup> | CAD | 160 | 109499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31<sup>(e)</sup> | CAD | 1100 | 703173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/15/25<sup>(e)</sup> | CAD | 1750 | 1211955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/31<sup>(e)</sup> | CAD | 1500 | 969013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/15/25<sup>(e)</sup> | CAD | 100 | 69893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/23<sup>(e)</sup> | CAD | 3270 | 2373141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/27<sup>(e)</sup> | CAD | 1500 | 1037123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/15/28<sup>(e)</sup> | CAD | 350 | 240161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/15/23<sup>(e)</sup> | CAD | 800 | 576627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/25<sup>(e)</sup> | CAD | 910 | 646148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/28<sup>(e)</sup> | CAD | 800 | 557437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/28<sup>(e)</sup> | CAD | 920 | 637446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/24<sup>(e)</sup> | CAD | 1350 | 972652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/23<sup>(e)</sup> | CAD | 1500 | 1090579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/32<sup>(e)</sup> | CAD | 2790 | 2017049 |
|  Canadian Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/01/24 | CAD | 500 | 348512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/26 | CAD | 5160 | 3385939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/01/25 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | 7345435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/01/30 | CAD | 4340 | 2560165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/01/24 | CAD | 2600 | 1832834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/01/24 | CAD | 1000 | 691885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/01/26 | CAD | 5020 | 3347023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/01/25 | CAD | 5870 | 4060161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/01/27 | CAD | 3000 | 2004881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/30 | CAD | 4860 | 3085842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/24 | CAD | 1000 | 707608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/24 | CAD | 4350 | 3059193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/25 | CAD | 2000 | 1388366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/31 | CAD | 5470 | 3479945 |

---

104 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/31 | CAD | 6570 | $4152697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/01/53 | CAD | 3560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/28 | CAD | 1930 | 1323354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/32 | CAD | 3270 | 2151213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 | CAD | 7350 | 4062718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/25 | CAD | 1500 | 1060245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/24 | CAD | 2144 | 1539412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/01/24 | CAD | 2300 | 1654477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/27 | CAD | 4580 | 3260815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/48 | CAD | 1720 | 1128962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/64 | CAD | 1320 | 846201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | CAD | 2094 | 1559291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | CAD | 3180 | 2519444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/37 | CAD | 1980 | 1716998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/33 | CAD | 2790 | 2482605 |
|  City of Montreal Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/01/41 | CAD | 200 | 104116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/27 | CAD | 300 | 210721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/36 | CAD | 250 | 155894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/23 | CAD | 60 | 43734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/38 | CAD | 200 | 127276 |
|  City of Ottawa Ontario |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/51 | CAD | 100 | 48852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/27/48 | CAD | 100 | 56056 |
|  City of Toronto Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/07/27 | CAD | 250 | 172171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/22/49 | CAD | 200 | 104296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/29/51 | CAD | 250 | 132939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/28/35 | CAD | 50 | 31290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/48 | CAD | 100 | 57103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/20/32 | CAD | 400 | 274537 |
|  CPPIB Capital Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/18/41<sup>(a)</sup> | EUR | 290 | 166066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/14/29<sup>(a)</sup> | GBP | 250 | 230745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/71<sup>(a)</sup> | GBP | 250 | 135939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/30/29<sup>(a)</sup> | CAD | 500 | 322670 |
|  Export Development Canada, 0.25%, 03/07/26<sup>(a)</sup> | EUR | 600 | 545549 |
|  Hydro-Quebec |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/28 | CAD | 200 | 132658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 02/15/60 | CAD | 800 | 348791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/55 | CAD | 890 | 619443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/63 | CAD | 400 | 276872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/45 | CAD | 600 | 475125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/50 | CAD | 1120 | 907748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/31 | CAD | 200 | 168033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/40 | CAD | 910 | 793220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/35 | CAD | 400 | 355768 |
|  Labrador-Island Link Funding Trust, Series A 3.76%, 06/01/33<sup>(e)</sup> | CAD | 300 | 214586 |
|  Municipal Finance Authority of British Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/01/22 | CAD | 300 | 219869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/24 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | 839741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/27 | CAD | 500 | 358931 |
|  Muskrat Falls/Labrador Transmission Assets Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/57 | CAD | 200 | 122064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.63%, 06/01/29<sup>(e)</sup> | CAD | 300 | 217911 |
|  OMERS Finance Trust, 0.45%, 05/13/25<sup>(a)</sup> | EUR | 250 | 231841 |
|  Ontario Electricity Financial Corp., 8.25%, 06/22/26 | CAD | 300 | 251429 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
|  Ontario Teachers' Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 05/19/28<sup>(a)</sup> | EUR | 100 | $83574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/06/25<sup>(a)</sup> | EUR | 470 | 437254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/20/41<sup>(a)</sup> | EUR | 460 | 295655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/03/32<sup>(a)</sup> | EUR | 200 | 172307 |
|  OPB Finance Trust, Series F 2.98%, 01/25/27(Call 10/25/26) | CAD | 200 | 138889 |
|  Province of Alberta Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/16/26<sup>(a)</sup> | EUR | 200 | 184334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/31 | CAD | 700 | 426752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 06/01/30 | CAD | 1100 | 707178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/26 | CAD | 300 | 207674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/01/25 | CAD | 350 | 246399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/15/22 | CAD | 200 | 146564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/27 | CAD | 1080 | 750375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/28 | CAD | 550 | 382430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/20/29 | CAD | 300 | 206645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/52 | CAD | 470 | 267300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/01/48 | CAD | 1030 | 600014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/50 | CAD | 840 | 494141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/46 | CAD | 1490 | 915480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/01/43 | CAD | 25 | 15907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/01/33 | CAD | 200 | 142890 |
|  Province of British Columbia Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/08/25<sup>(a)</sup> | EUR | 300 | 279807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/18/31 | CAD | 500 | 302151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/18/30 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/18/26 | CAD | 200 | 138935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/18/27 | CAD | 300 | 208519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/18/52 | CAD | 450 | 245521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/18/48 | CAD | 1170 | 652601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/18/25 | CAD | 550 | 392124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/18/28 | CAD | 200 | 139481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/18/50 | CAD | 820 | 469465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/18/44 | CAD | 400 | 244645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/18/23 | CAD | 400 | 290648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/42 | CAD | 1510 | 1093338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/18/40 | CAD | 170 | 133358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/18/31 | CAD | 120 | 94540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/18/31 | CAD | 40 | 34391 |
|  Province of Manitoba Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 06/02/31 | CAD | 300 | 188432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/05/52 | CAD | 870 | 388519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/02/25 | CAD | 50 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/02/26 | CAD | 200 | 140068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/02/27 | CAD | 200 | 139138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/02/29 | CAD | 300 | 205104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/05/46 | CAD | 590 | 328479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/02/28 | CAD | 300 | 210651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/05/50 | CAD | 230 | 135566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/05/29 | CAD | 600 | 421715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/05/48 | CAD | 690 | 422007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/05/41 | CAD | 400 | 277867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/05/38 | CAD | 70 | 52120 |
|  Province of New Brunswick Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/14/25 | CAD | 500 | 345645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 08/14/27 | CAD | 570 | 390764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/14/26 | CAD | 200 | 139961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/02/23 | CAD | 50 | 36410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/14/50 | CAD | 200 | 114323 |

---

S C H E D U L E O F I N V E S T M E N T S 105

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/14/28 | CAD | 200 | $140727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/14/48 | CAD | 300 | 173590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/03/43 | CAD | 210 | 134213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/14/45 | CAD | 200 | 131721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/26/37 | CAD | 60 | 44577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/26/35 | CAD | 400 | 302102 |
|  Province of Newfoundland and Labrador Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 06/02/31 | CAD | 300 | 186208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/17/50 | CAD | 400 | 201082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/02/28 | CAD | 500 | 346519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/02/29 | CAD | 870 | 594443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/02/26 | CAD | 130 | 92261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/17/46 | CAD | 250 | 145704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/17/48 | CAD | 120 | 74667 |
|  Province of Nova Scotia Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/27 | CAD | 600 | 408428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/51 | CAD | 560 | 326616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/02/62 | CAD | 30 | 18268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/42 | CAD | 220 | 158994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/41 | CAD | 200 | 150123 |
|  Province of Ontario Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/25/30<sup>(a)</sup> | EUR | 300 | 230219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/15/26<sup>(a)</sup> | GBP | 200 | 192846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/14/24<sup>(a)</sup> | EUR | 200 | 190137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/08/27<sup>(a)</sup> | EUR | 200 | 176468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/17/25<sup>(a)</sup> | EUR | 400 | 374594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/08/27 | CAD | 300 | 193283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/08/26 | CAD | 300 | 200252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/30 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 901894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/08/25 | CAD | 1300 | 896187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/01/27 | CAD | 500 | 338184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/02/51 | CAD | 1520 | 670447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/27/23 | CAD | 150 | 109556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 06/02/30 | CAD | 1550 | 995739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/02/31 | CAD | 900 | 571769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/02/31 | CAD | 1000 | 635475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/08/24 | CAD | 300 | 213210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/02/26 | CAD | 2860 | 1993529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/02/52 | CAD | 1000 | 517114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/08/23 | CAD | 1000 | 723749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/02/25 | CAD | 1050 | 743821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/02/27 | CAD | 1360 | 946984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 | CAD | 1000 | 711902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/02/50 | CAD | 2000 | 1066716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/02/29 | CAD | 960 | 655056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/02/48 | CAD | 1640 | 910989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/02/23 | CAD | 550 | 400533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/02/28 | CAD | 1000 | 699204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/02/46 | CAD | 1600 | 912188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/02/49 | CAD | 1450 | 818412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/45 | CAD | 2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/02/24 | CAD | 970 | 705262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/02/43 | CAD | 1620 | 1039613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/02/32 | CAD | 1750 | 1254885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/02/53 | CAD | 1330 | 886156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/02/39 | CAD | 2590 | 1943446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/02/41 | CAD | 2250 | 1695737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/02/37 | CAD | 1703 | 1294973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/02/35 | CAD | 500 | 413851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/08/33 | CAD | 290 | 242699 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/02/31 | CAD | 580 | $493005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/08/29 | CAD | 50 | 41955 |
|  Province of Quebec Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 04/07/25<sup>(a)</sup> | EUR | 500 | 463988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/05/31<sup>(a)</sup> | EUR | 450 | 347827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/25/32<sup>(a)</sup> | EUR | 500 | 387147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/25<sup>(a)</sup> | EUR | 100 | 94733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/04/27<sup>(a)</sup> | EUR | 550 | 496625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/05/28<sup>(a)</sup> | EUR | 150 | 131710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/28/25<sup>(a)</sup> | EUR | 300 | 281882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/15/23<sup>(a)</sup> | GBP | 200 | 223780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/30 | CAD | 3540 | 2242204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/22/24 | CAD | 400 | 286687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/01/29 | CAD | 2010 | 1334890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/23 | CAD | 600 | 438077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/26 | CAD | 1800 | 1256545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/06/25 | CAD | 300 | 212494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/25 | CAD | 250 | 177375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/27 | CAD | 500 | 349958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/28 | CAD | 590 | 408667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/53 | CAD | 1620 | 899380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/23 | CAD | 50 | 36324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/51 | CAD | 1390 | 817196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/32 | CAD | 500 | 344108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | CAD | 2580 | 1647481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/48 | CAD | 1280 | 812234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/24 | CAD | 100 | 72983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/43 | CAD | 600 | 430894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/38 | CAD | 950 | 746772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/41 | CAD | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/36 | CAD | 1520 | 1283557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/32 | CAD | 110 | 94645 |
|  Province of Saskatchewan Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/02/30 | CAD | 400 | 259622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/02/27 | CAD | 450 | 313852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/02/46 | CAD | 300 | 165444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/02/52 | CAD | 320 | 174400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/02/28 | CAD | 200 | 140131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/02/50 | CAD | 400 | 233975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/03/24 | CAD | 20 | 14477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/02/48 | CAD | 200 | 121628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/03/42 | CAD | 100 | 63409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/05/54 | CAD | 400 | 263821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/02/45 | CAD | 150 | 101355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/40 | CAD | 100 | 76127 |
|  PSP Capital Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/28<sup>(a)</sup> | CAD | 450 | 292412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/05/25<sup>(a)</sup> | CAD | 200 | 142444 |
|  Regional Municipality of Peel Ontario, 3.85%, 10/30/42 | CAD | 100 | 65149 |
|  Regional Municipality of York, 2.60%, 12/15/25 | CAD | 50 | 35135 |
|  South Coast British Columbia Transportation Authority, 3.25%, 11/23/28 | CAD | 250 | 176753 |
|  |  |  | 170668466 |
| **Chile — 0.1%** |  |  |  |
|  Bonos de la Tesoreria de la Republica en pesos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | 767296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/30<sup>(e)</sup> | CLP | 350000 | 329931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28<sup>(e)</sup> | CLP | 600000 | 583072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | CLP | 600000 | 562096 |

---

106 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Chile (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/50 | CLP | 250000 | $221288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/43 | CLP | 315000 | 319722 |
|  Chile Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 01/26/27 (Call 12/26/26) | EUR | 200 | 165188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 01/21/29 (Call 11/21/28) | EUR | 200 | 155242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 07/02/31 (Call 04/02/31) | EUR | 100 | 72043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/29/40 (Call 10/31/39) | EUR | 300 | 176628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/22/51 (Call 07/31/50) | EUR | 200 | 96402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/30/25 | EUR | 300 | 282392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/26 | EUR | 300 | 275508 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006808 |
| **China — 18.1%** |  |  |  |
|  Agricultural Development Bank of China |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/22/25 | CNY | 25000 | 3420005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 05/14/27 | CNY | 5000 | 693222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 04/17/30 | CNY | 39000 | 5377155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 08/11/26 | CNY | 62000 | 8655076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/06/32 | CNY | 36000 | 4988436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 08/14/24 | CNY | 11000 | 1535231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/05/31 | CNY | 3000 | 423833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/26 | CNY | 40000 | 5651714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 02/04/28 | CNY | 15000 | 2136595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 04/03/24 | CNY | 32500 | 4541388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 05/24/31 | CNY | 42000 | 6020445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/21/23 | CNY | 7000 | 975258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/19/26 | CNY | 77800 | 11097687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 07/12/29 | CNY | 54500 | 7887439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/25/29 | CNY | 32650 | 4721067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 10/26/30 | CNY | 18000 | 2622881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 01/06/24 | CNY | 12300 | 1720645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/06/27 | CNY | 56100 | 8083024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/31 | CNY | 13000 | 1914982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/12/25 | CNY | 46000 | 6602707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/11/28 | CNY | 24000 | 3619664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 01/12/25 | CNY | 20000 | 2899871 |
|  China Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/12/22<sup>(a)</sup> | EUR | 300 | 295950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/21/23<sup>(a)</sup> | GBP | 242 | 275527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/17/32 | CNY | 68000 | 9391763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/25/26 | CNY | 57000 | 7971378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 03/10/30 | CNY | 32900 | 4576366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 06/18/30 | CNY | 29450 | 4098088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/13/31 | CNY | 39000 | 5434917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 01/10/25 | CNY | 155000 | 21693120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/24 | CNY | 6000 | 835171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 07/02/24 | CNY | 33800 | 4728925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/20/29 | CNY | 17000 | 2424385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 01/08/29 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225500 | 32161232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/13/26 | CNY | 8200 | 1165724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/21/29 | CNY | 114500 | 16500576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 03/01/31 | CNY | 8500 | 1230792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/26/26 | CNY | 63000 | 8989149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/20/30 | CNY | 45050 | 6530170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 09/10/25 | CNY | 20000 | 2848354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/25/36 | CNY | 67000 | 9902755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/09/24 | CNY | 15000 | 2099046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 07/06/28 | CNY | 27600 | 4046747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/26/25 | CNY | 38000 | 5481744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/13/25 | CNY | 23000 | 3294862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 04/02/25 | CNY | 37500 | 5428473 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/09/28 | CNY | 77900 | $11831758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/24/28 | CNY | 10000 | 1553175 |
|  China Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 09/15/24 | CNY | 30000 | 4106514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 04/09/25 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47347339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/25/24 | CNY | 159660 | 21941930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 02/24/25 | CNY | 49000 | 6731005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/20/27 | CNY | 25000 | 3420725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 05/21/30 | CNY | 264360 | 36207243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 08/12/26 | CNY | 30000 | 4161099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/03/26 | CNY | 5000 | 692633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 08/04/26 | CNY | 50000 | 6948524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/29 | CNY | 35000 | 4826467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/17/32 | CNY | 42520 | 5839349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/27 | CNY | 86000 | 11997062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/26 | CNY | 133000 | 18577286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 05/13/28 | CNY | 110000 | 15461582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 05/27/31 | CNY | 53000 | 7443934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/11/26 | CNY | 15300 | 2148322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 12/05/26 | CNY | 36050 | 5085359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/21/29 | CNY | 35000 | 4950621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 04/11/24 | CNY | 19500 | 2726062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 12/06/25 | CNY | 30000 | 4235456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/06/26 | CNY | 48080 | 6806074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/22/28 | CNY | 46000 | 6564766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 05/23/29 | CNY | 65700 | 9402933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/16/50 | CNY | 128800 | 18416286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/09/27 | CNY | 12000 | 1714175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/72 | CNY | 26200 | 3776898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/25/46 | CNY | 8000 | 1161626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 08/16/28 | CNY | 4000 | 581816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/06/25 | CNY | 21730 | 3102091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 04/12/51 | CNY | 58890 | 8935004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/25/70 | CNY | 13820 | 2140314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 09/22/35 | CNY | 18250 | 2744676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/22/71 | CNY | 22950 | 3582270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/50 | CNY | 64500 | 9919705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 07/22/49 | CNY | 20000 | 3091278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/23/48 | CNY | 40600 | 6351281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/24/69 | CNY | 26000 | 4250248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/24/47 | CNY | 18400 | 2913506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 10/22/48 | CNY | 34800 | 5554430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 04/27/35 | CNY | 19850 | 3107339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/19/48 | CNY | 4000 | 650536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/23/41 | CNY | 10850 | 1849135 |
|  China Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/12/26 (Call 08/12/26)<sup>(a)</sup> | EUR | 800 | 691822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/17/33<sup>(a)</sup> | EUR | 400 | 291799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/12/39 (Call 08/12/39)<sup>(a)</sup> | EUR | 200 | 126496 |
|  Export-Import Bank of China (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/28/23<sup>(a)</sup> | EUR | 100 | 97594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 06/17/27 | CNY | 3000 | 415165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 03/02/25 | CNY | 68100 | 9467716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/11/32 | CNY | 31000 | 4338454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 05/14/26 | CNY | 39000 | 5486536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/23/30 | CNY | 30000 | 4211657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 02/24/27 | CNY | 15000 | 2113248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 02/11/24 | CNY | 82700 | 11498185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 02/22/26 | CNY | 20000 | 2822624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/16/31 | CNY | 22000 | 3124901 |

---

S C H E D U L E O F I N V E S T M E N T S 107

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 10/23/25 | CNY | 28000 | $3957849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 11/16/30 | CNY | 26000 | 3776743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 05/20/29 | CNY | 60200 | 8771008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 09/14/25 | CNY | 11000 | 1571629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/36 | CNY | 2700 | 400357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/20/27 | CNY | 7000 | 1019453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 03/26/28 | CNY | 21800 | 3315908 |
|  Italy Buoni Poliennali Del Tesoro, 1.75%, 07/01/24<sup>(a)</sup> | EUR | 4416 | 4297776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663640291 |
| **Colombia — 0.1%** |  |  |  |
|  Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.75%, 11/03/27 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148700 | 757916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 04/28/28 | COP | 3890900 | 561345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.25%, 11/26/25 | COP | 6268700 | 1056035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.25%, 07/09/36 | COP | 3000000 | 329452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/30/32 | COP | 8989600 | 1167542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.25%, 10/18/34 | COP | 4501400 | 569471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.75%, 09/18/30 | COP | 2864600 | 414672 |
|  |  |  | 4856433 |
| **Croatia — 0.0%** |  |  |  |
|  Croatia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/19/29<sup>(a)</sup> | EUR | 150 | 124912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/04/33<sup>(a)</sup> | EUR | 200 | 144863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/17/31<sup>(a)</sup> | EUR | 200 | 160122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/04/41<sup>(a)</sup> | EUR | 180 | 118285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/28<sup>(a)</sup> | EUR | 300 | 285064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/27/30<sup>(a)</sup> | EUR | 250 | 225874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/27<sup>(a)</sup> | EUR | 200 | 196753 |
|  |  |  | 1255873 |
| **Cyprus — 0.0%** |  |  |  |
|  Cyprus Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/21/40<sup>(a)</sup> | EUR | 472 | 300648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/25/28<sup>(a)</sup> | EUR | 400 | 365605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/04/25<sup>(a)</sup> | EUR | 300 | 306016 |
|  |  |  | 972269 |
| **Czech Republic — 0.3%** |  |  |  |
|  Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 11/29/29 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 | 518570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 10/25/23<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13470 | 511232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 05/15/30<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16960 | 481300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/26/26<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39570 | 1330327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/13/31 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27110 | 762918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/14/25 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | 1353152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/24/40 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290 | 202435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/23/32 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | 483094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/13/33 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34920 | 979672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/25/28<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | 488748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/23/29 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31910 | 1060549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/04/36<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940 | 545904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/25/24<sup>(a)</sup> | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11440 | 458168 |
|  |  |  | 9176069 |
| **Denmark — 0.4%** |  |  |  |
|  Denmark Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/24<sup>(d)</sup> | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 635374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/31<sup>(d)</sup> | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19560 | 2073883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/52 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635 | 544927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/27 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20594 | 2496766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/29 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | 1069424 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Denmark (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/23 | DKK | 6518 | $860785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/25 | DKK | 12500 | 1637577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/39 | DKK | 13774 | 2282495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/10/24 | DKK | 2000 | 290392 |
|  Kommunekredit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/04/34<sup>(a)</sup> | EUR | 300 | 208582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/24/25<sup>(a)</sup> | EUR | 300 | 282220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/11/26<sup>(a)</sup> | EUR | 400 | 366629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/18/27<sup>(a)</sup> | EUR | 120 | 108140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/03/36<sup>(a)</sup> | EUR | 300 | 220017 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13077211 |
| **Finland — 0.4%** |  |  |  |
|  Finland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/24<sup>(d)(e)</sup> | EUR | 1000 | 953226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/15/31<sup>(e)</sup> | EUR | 937 | 743505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/36<sup>(e)</sup> | EUR | 640 | 438486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/52<sup>(e)</sup> | EUR | 872 | 418485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/15/40<sup>(e)</sup> | EUR | 591 | 367815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/26<sup>(e)</sup> | EUR | 1245 | 1161655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/27<sup>(e)</sup> | EUR | 3006 | 2708040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/28<sup>(e)</sup> | EUR | 293 | 257607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/29<sup>(e)</sup> | EUR | 1010 | 866878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/43<sup>(e)</sup> | EUR | 810 | 505569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/15/31<sup>(e)</sup> | EUR | 947 | 804092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/15/34<sup>(e)</sup> | EUR | 896 | 735181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/15/47<sup>(e)</sup> | EUR | 456 | 340370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/15/24<sup>(e)</sup> | EUR | 868 | 858238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/04/42<sup>(e)</sup> | EUR | 1036 | 975492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/04/28<sup>(e)</sup> | EUR | 1087 | 1087505 |
|  Finnvera OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/09/29<sup>(a)</sup> | EUR | 300 | 252860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/13/26<sup>(a)</sup> | EUR | 200 | 182627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/07/28<sup>(a)</sup> | EUR | 200 | 175414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/17/32<sup>(a)</sup> | EUR | 100 | 83390 |
|  Kuntarahoitus OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/02/31<sup>(a)(d)</sup> | EUR | 400 | 310306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/07/24<sup>(a)</sup> | EUR | 600 | 574408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/26/26<sup>(a)</sup> | EUR | 300 | 272247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/07/27<sup>(a)</sup> | EUR | 150 | 134478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/23/33<sup>(a)</sup> | EUR | 200 | 167062 |
|  |  |  | 15374936 |
| **France — 6.9%** |  |  |  |
|  Action Logement Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/30/34<sup>(a)</sup> | EUR | 200 | 144146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/19/41<sup>(a)</sup> | EUR | 300 | 186198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/28/37 | EUR | 200 | 188813 |
|  Agence Francaise de Developpement EPIC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/25<sup>(a)(d)</sup> | EUR | 200 | 186050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/21/26<sup>(a)</sup> | EUR | 700 | 633631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/29/29<sup>(a)</sup> | EUR | 1000 | 835091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/24<sup>(a)</sup> | EUR | 300 | 287249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/30<sup>(a)</sup> | EUR | 400 | 332712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/31/28<sup>(a)</sup> | EUR | 200 | 180860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/05/32<sup>(a)</sup> | EUR | 700 | 595680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/34<sup>(a)</sup> | EUR | 300 | 244882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/25/32<sup>(a)</sup> | EUR | 500 | 434810 |
|  Agence France Locale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/20/27<sup>(a)(d)</sup> | EUR | 300 | 260035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/20/24<sup>(a)</sup> | EUR | 100 | 95644 |

---

108 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
|  Bpifrance SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 09/26/29<sup>(a)</sup> | EUR | 300 | $244906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/25/28<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/29/30<sup>(a)</sup> | EUR | 200 | 163733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/25/26<sup>(a)</sup> | EUR | 600 | 553738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/25/24<sup>(a)</sup> | EUR | 100 | 95344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/26/28<sup>(a)</sup> | EUR | 500 | 442924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/25/27<sup>(a)</sup> | EUR | 500 | 458918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/25/30<sup>(a)</sup> | EUR | 300 | 277655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/25/24<sup>(a)</sup> | EUR | 100 | 98881 |
|  Caisse d'Amortissement de la Dette Sociale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/28<sup>(a)(d)</sup> | EUR | 1800 | 1538883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/25/29<sup>(a)(d)</sup> | EUR | 1100 | 908860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/25/31<sup>(a)(d)</sup> | EUR | 1000 | 775736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/25/23<sup>(a)</sup> | EUR | 1500 | 1448651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/15/31<sup>(a)</sup> | EUR | 1000 | 775183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/19/32<sup>(a)</sup> | EUR | 800 | 631855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 11/25/29<sup>(a)</sup> | EUR | 400 | 340274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/25/24<sup>(a)</sup> | EUR | 1250 | 1205776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/25<sup>(a)</sup> | EUR | 540 | 556058 |
|  Caisse de Refinancement de l'Habitat SA, 2.38%, 03/05/24<sup>(a)</sup> | CHF | 150 | 151931 |
|  Caisse des Depots et Consignations, 0.00%, 06/19/24<sup>(a)(d)</sup> | EUR | 300 | 284764 |
|  Caisse Francaise de Financement Local |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/07/25<sup>(a)</sup> | EUR | 400 | 368392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 06/24/30<sup>(a)</sup> | EUR | 500 | 391994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/18/31 | EUR | 400 | 305527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 11/13/29<sup>(a)</sup> | EUR | 200 | 161053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/36<sup>(a)</sup> | EUR | 300 | 196275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/11/24<sup>(a)</sup> | EUR | 300 | 286211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/20/32<sup>(a)</sup> | EUR | 300 | 231431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/13/40<sup>(a)</sup> | EUR | 100 | 61723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/19/26<sup>(a)</sup> | EUR | 100 | 91651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/19/27<sup>(a)</sup> | EUR | 800 | 713089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/13/26<sup>(a)</sup> | EUR | 300 | 274420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/20/42<sup>(a)</sup> | EUR | 200 | 125391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/11/27<sup>(a)</sup> | EUR | 100 | 90339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/27/27<sup>(a)</sup> | EUR | 200 | 177907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/11/32<sup>(a)</sup> | EUR | 200 | 166824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/16/34<sup>(a)</sup> | EUR | 400 | 329044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/28/38<sup>(a)</sup> | EUR | 200 | 154888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/08/24<sup>(a)</sup> | EUR | 300 | 308844 |
|  French Republic Government Bond OAT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/24<sup>(a)(d)</sup> | EUR | 7330 | 7053139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/24<sup>(a)(d)</sup> | EUR | 3640 | 3494132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/25<sup>(a)(d)</sup> | EUR | 12590 | 11839868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/25<sup>(a)(d)</sup> | EUR | 5138 | 4825370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/26<sup>(a)(d)</sup> | EUR | 6720 | 6186990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/25/27<sup>(a)(d)</sup> | EUR | 17680 | 15875466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/29<sup>(a)(d)</sup> | EUR | 8580 | 7182376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/30<sup>(a)(d)</sup> | EUR | 6540 | 5315362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/31<sup>(a)(d)</sup> | EUR | 5010 | 3947636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/25/32<sup>(a)(d)</sup> | EUR | 7790 | 6022278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/25/26<sup>(a)</sup> | EUR | 4514 | 4124781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/25<sup>(a)</sup> | EUR | 4997 | 4738481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/26<sup>(a)</sup> | EUR | 6697 | 6240072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/29<sup>(a)</sup> | EUR | 9063 | 7965380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/40<sup>(e)</sup> | EUR | 2630 | 1717249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/25/44<sup>(e)</sup> | EUR | 4790 | 2890312 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/25/72<sup>(e)</sup> | EUR | 1910 | $788678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/25/28<sup>(a)</sup> | EUR | 3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/28<sup>(a)</sup> | EUR | 5883 | 5341845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/25/28<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11029 | 9934918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/52<sup>(a)</sup> | EUR | 4640 | 2606982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/25/53<sup>(e)</sup> | EUR | 4020 | 2211161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/25/25<sup>(a)</sup> | EUR | 13920 | 13299997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/25/27<sup>(a)</sup> | EUR | 6340 | 5932680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/34<sup>(a)</sup> | EUR | 6700 | 5600405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/36<sup>(e)</sup> | EUR | 8140 | 6557837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/38<sup>(a)</sup> | EUR | 1520 | 1181268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/31<sup>(a)</sup> | EUR | 5940 | 5457704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/50<sup>(e)</sup> | EUR | 4732 | 3363359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/25/24<sup>(a)</sup> | EUR | 3024 | 2967309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/25/39<sup>(e)</sup> | EUR | 4460 | 3747865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/25/66<sup>(e)</sup> | EUR | 2285 | 1632553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/25/32<sup>(a)</sup> | EUR | 2390 | 2222894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/25/48<sup>(e)</sup> | EUR | 4905 | 3944058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/25/24<sup>(a)</sup> | EUR | 4558 | 4515253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/25/30<sup>(a)</sup> | EUR | 4724 | 4714149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/25/27<sup>(a)</sup> | EUR | 4689 | 4736405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/25/45<sup>(a)</sup> | EUR | 3092 | 3138721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/25/26<sup>(a)</sup> | EUR | 1601 | 1652611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/25/38<sup>(a)</sup> | EUR | 2775 | 3080969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/55<sup>(e)</sup> | EUR | 1796 | 2111914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/60<sup>(a)</sup> | EUR | 1980 | 2357885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/25/41<sup>(a)</sup> | EUR | 5755 | 6814445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/25/35<sup>(a)</sup> | EUR | 2107 | 2479992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/25/29<sup>(a)</sup> | EUR | 2118 | 2475634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/25/32<sup>(a)</sup> | EUR | 2318 | 2903473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/25<sup>(a)</sup> | EUR | 398 | 436766 |
|  Gestion Securite de Stocks Securite SA, 0.63%, 10/20/28<sup>(a)</sup> | EUR | 200 | 174375 |
|  Ile de France, 0.00%, 04/20/28<sup>(a)(d)</sup> | EUR | 300 | 256326 |
|  Regie Autonome des Transports Parisiens, 1.88%, 05/25/32<sup>(a)</sup> | EUR | 100 | 88919 |
|  Region of Ile de France, 0.50%, 06/14/25<sup>(a)</sup> | EUR | 400 | 375053 |
|  SFIL SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/24/24<sup>(a)(d)</sup> | EUR | 400 | 380314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/01/31<sup>(a)</sup> | EUR | 300 | 233640 |
|  SNCF Reseau, 2.63%, 12/29/25<sup>(a)</sup> | EUR | 300 | 297744 |
|  Societe Du Grand Paris EPIC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/25/30<sup>(a)(d)</sup> | EUR | 300 | 236655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 11/25/31<sup>(a)</sup> | EUR | 400 | 312702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 10/15/60<sup>(a)</sup> | EUR | 400 | 163895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/26/51<sup>(a)</sup> | EUR | 200 | 108358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/18/70<sup>(a)</sup> | EUR | 400 | 175059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/25/34<sup>(a)</sup> | EUR | 500 | 394025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/08/42<sup>(a)</sup> | EUR | 600 | 435978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/25/50<sup>(a)</sup> | EUR | 300 | 205389 |
|  Societe Nationale SNCF SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/17/30<sup>(a)</sup> | EUR | 500 | 419665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/28/51<sup>(a)</sup> | EUR | 400 | 200828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/25/40<sup>(a)</sup> | EUR | 100 | 65720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/19/61<sup>(a)</sup> | EUR | 200 | 88138 |
|  Unedic Asseo |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/25/31<sup>(a)</sup> | EUR | 1200 | 936920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 11/25/26<sup>(a)</sup> | EUR | 600 | 536347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/25/24 | EUR | 200 | 188107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/25/29<sup>(a)</sup> | EUR | 400 | 333020 |

---

S C H E D U L E O F I N V E S T M E N T S 109

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/16/35<sup>(a)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | $754952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/29<sup>(a)</sup> | EUR | 500 | 431658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/17/25<sup>(a)</sup> | EUR | 700 | 663267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/03/26<sup>(a)</sup> | EUR | 600 | 556430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/25/28<sup>(a)</sup> | EUR | 100 | 89630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/21/27<sup>(a)</sup> | EUR | 300 | 277299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/25/33<sup>(a)</sup> | EUR | 200 | 165720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/20/32<sup>(a)</sup> | EUR | 300 | 262069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/25/32<sup>(a)</sup> | EUR | 500 | 442380 |
|  Ville de Paris, 1.38%, 11/20/34<sup>(a)</sup> | EUR | 100 | 80920 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251808961 |
| **Germany — 5.5%** |  |  |  |
|  Bundesobligation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/05/24<sup>(a)(d)</sup> | EUR | 6135 | 5902245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/18/24<sup>(a)(d)</sup> | EUR | 3380 | 3219433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/11/25<sup>(a)(d)</sup> | EUR | 1150 | 1085379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/10/25<sup>(a)(d)</sup> | EUR | 4000 | 3742304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/10/26<sup>(a)(d)</sup> | EUR | 2700 | 2501214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/09/26<sup>(a)(d)</sup> | EUR | 1500 | 1371849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/16/27<sup>(a)(d)</sup> | EUR | 1500 | 1357321 |
|  Bundesrepublik Deutschland Bundesanleihe |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/26<sup>(a)(d)</sup> | EUR | 6150 | 5656913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/27<sup>(a)(d)</sup> | EUR | 3290 | 2946951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/28<sup>(a)(d)</sup> | EUR | 2244 | 1970743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/29<sup>(a)(d)</sup> | EUR | 2700 | 2329350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/30<sup>(a)(d)</sup> | EUR | 5150 | 4396502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/30<sup>(a)(d)</sup> | EUR | 1760 | 1487327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/31<sup>(a)(d)</sup> | EUR | 3180 | 2656029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/31<sup>(a)(d)</sup> | EUR | 2970 | 2451544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/15/32<sup>(a)(d)</sup> | EUR | 4910 | 3997863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/35<sup>(a)(d)</sup> | EUR | 3700 | 2762431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/36<sup>(a)(d)</sup> | EUR | 8230 | 5999200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/50<sup>(a)(d)</sup> | EUR | 4690 | 2572457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/52<sup>(a)(d)</sup> | EUR | 1800 | 950012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/27<sup>(a)</sup> | EUR | 4161 | 3831415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/15/28<sup>(a)</sup> | EUR | 3068 | 2747978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/29<sup>(a)</sup> | EUR | 5881 | 5220885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/25<sup>(a)</sup> | EUR | 3569 | 3418006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/26<sup>(a)</sup> | EUR | 6460 | 6103704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/15/27<sup>(a)</sup> | EUR | 10370 | 9580892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/15/28<sup>(a)</sup> | EUR | 8020 | 7346786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24<sup>(a)</sup> | EUR | 4668 | 4542061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/25<sup>(a)</sup> | EUR | 17583 | 16954670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/15/38<sup>(a)</sup> | EUR | 1110 | 909860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/48<sup>(a)</sup> | EUR | 4923 | 3977701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/24<sup>(a)</sup> | EUR | 6940 | 6818743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/15/32<sup>(a)</sup> | EUR | 1170 | 1111760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/24<sup>(a)</sup> | EUR | 1700 | 1676580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/53 | EUR | 1200 | 1076797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/04/44<sup>(a)</sup> | EUR | 3502 | 3597139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/46<sup>(a)</sup> | EUR | 4413 | 4585091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/04/42<sup>(a)</sup> | EUR | 3280 | 3721098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/04/37<sup>(a)</sup> | EUR | 2769 | 3296836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/04/39<sup>(a)</sup> | EUR | 1979 | 2458021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/28<sup>(a)</sup> | EUR | 214 | 241294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/34<sup>(a)</sup> | EUR | 2661 | 3316066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/04/40<sup>(a)</sup> | EUR | 2365 | 3142006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/04/31<sup>(a)</sup> | EUR | 1757 | 2180636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/04/28<sup>(a)</sup> | EUR | 963 | 1115717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/04/30<sup>(a)</sup> | EUR | 946 | 1195175 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/04/27<sup>(a)</sup> | EUR | 862 | $1017858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/30<sup>(a)(d)</sup> | EUR | 1710 | 1445513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/31<sup>(a)(d)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 08/15/50<sup>(a)(d)</sup> | EUR | 1070 | 588913 |
|  Free and Hanseatic City of Hamburg |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/07/26<sup>(a)(d)</sup> | EUR | 300 | 270498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 09/29/31 | EUR | 300 | 230296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/18/41<sup>(a)</sup> | EUR | 200 | 120555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 11/23/51 | EUR | 200 | 103474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/27/26<sup>(a)</sup> | EUR | 400 | 366645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/05/38<sup>(a)</sup> | EUR | 100 | 78396 |
|  Free State of Bavaria, 0.01%, 05/07/27<sup>(a)</sup> | EUR | 700 | 612954 |
|  Free State of Saxony |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/15/24<sup>(a)</sup> | EUR | 300 | 288067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/05/29<sup>(a)</sup> | EUR | 200 | 162506 |
|  Gemeinsame Deutsche Bundeslaender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 08/26/30<sup>(a)</sup> | EUR | 500 | 396575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/18/24<sup>(a)</sup> | EUR | 500 | 479538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/25/27<sup>(a)</sup> | EUR | 100 | 89194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/13/29<sup>(a)</sup> | EUR | 300 | 259914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/30/24<sup>(a)</sup> | EUR | 400 | 384820 |
|  Land Baden-Wuerttemberg |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 07/09/32<sup>(a)</sup> | EUR | 200 | 149961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/16/25<sup>(a)</sup> | EUR | 750 | 709487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/27/26<sup>(a)</sup> | EUR | 100 | 92642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/05/28<sup>(a)</sup> | EUR | 300 | 267542 |
|  Land Berlin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/18/27 | EUR | 500 | 437439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 07/02/30<sup>(a)</sup> | EUR | 300 | 239196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 01/18/30<sup>(a)</sup> | EUR | 300 | 244331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 01/18/41<sup>(a)</sup> | EUR | 780 | 456473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/22/25<sup>(a)</sup> | EUR | 300 | 279685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/20/26<sup>(a)</sup> | EUR | 100 | 92330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/08/27<sup>(a)</sup> | EUR | 350 | 316964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/26/52<sup>(a)</sup> | EUR | 200 | 111822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/03/34<sup>(a)</sup> | EUR | 400 | 309176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/19/32<sup>(a)</sup> | EUR | 300 | 249979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/05/37<sup>(a)</sup> | EUR | 620 | 489265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/03/24<sup>(a)</sup> | EUR | 75 | 73079 |
|  Land Nordrhein Westfalen |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/52<sup>(a)</sup> | EUR | 300 | 158653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/16/46<sup>(a)</sup> | EUR | 420 | 280248 |
|  Land Thueringen |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 10/26/26<sup>(a)</sup> | EUR | 60 | 53747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/01/51<sup>(a)</sup> | EUR | 150 | 77522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/02/27<sup>(a)</sup> | EUR | 100 | 89925 |
|  Lower Saxony, 0.50%, 06/13/25<sup>(a)</sup> | EUR | 150 | 140442 |
|  State of Brandenburg |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 06/26/28<sup>(a)</sup> | EUR | 500 | 423495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/19/26<sup>(a)</sup> | EUR | 500 | 449001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 10/13/51<sup>(a)</sup> | EUR | 200 | 111751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/04/33<sup>(a)</sup> | EUR | 100 | 82248 |
|  State of Bremen |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/06/28<sup>(a)</sup> | EUR | 300 | 252084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 09/14/40<sup>(a)</sup> | EUR | 300 | 178810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 02/04/50<sup>(a)</sup> | EUR | 300 | 167923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 01/30/34<sup>(a)</sup> | EUR | 200 | 163413 |
|  State of Hesse |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/11/30<sup>(a)</sup> | EUR | 400 | 322169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/10/25<sup>(a)</sup> | EUR | 800 | 743796 |

---

110 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/06/26<sup>(a)</sup> | EUR | 625 | $567873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/02/28<sup>(a)</sup> | EUR | 600 | 525863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/04/36<sup>(a)</sup> | EUR | 200 | 146571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/10/24<sup>(a)</sup> | EUR | 200 | 190861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/23<sup>(a)</sup> | EUR | 50 | 49438 |
|  State of Lower Saxony |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/02/24<sup>(a)(d)</sup> | EUR | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/25<sup>(a)(d)</sup> | EUR | 200 | 183552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/10/26<sup>(a)(d)</sup> | EUR | 400 | 358185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/11/27<sup>(a)(d)</sup> | EUR | 400 | 352394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/15/24<sup>(a)</sup> | EUR | 500 | 477122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/26/28<sup>(a)</sup> | EUR | 680 | 578164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 08/13/30<sup>(a)</sup> | EUR | 400 | 317904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/09/32<sup>(a)</sup> | EUR | 700 | 538650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/15/36<sup>(a)</sup> | EUR | 100 | 68274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/09/26<sup>(a)</sup> | EUR | 400 | 367917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/08/26<sup>(a)</sup> | EUR | 450 | 411661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/28<sup>(a)</sup> | EUR | 720 | 642513 |
|  State of North Rhine-Westphalia Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/29<sup>(a)(d)</sup> | EUR | 550 | 458876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/12/35<sup>(a)(d)</sup> | EUR | 375 | 250117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/04/31<sup>(a)</sup> | EUR | 500 | 392340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 02/16/24<sup>(a)</sup> | EUR | 310 | 297773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 03/31/27<sup>(a)</sup> | EUR | 400 | 354355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 04/09/30<sup>(a)</sup> | EUR | 300 | 244921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/27/51<sup>(a)</sup> | EUR | 250 | 121241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/13/26<sup>(a)</sup> | EUR | 670 | 611157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/02/50<sup>(a)</sup> | EUR | 100 | 52084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/11/25<sup>(a)</sup> | EUR | 300 | 282460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/16/26<sup>(a)</sup> | EUR | 65 | 59674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/16/27<sup>(a)</sup> | EUR | 500 | 450360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/39<sup>(a)</sup> | EUR | 1100 | 717469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/17/23<sup>(a)</sup> | EUR | 500 | 485310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/21/31<sup>(a)</sup> | EUR | 160 | 130990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/16/41<sup>(a)</sup> | EUR | 50 | 33274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/49<sup>(a)</sup> | EUR | 430 | 260463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/2121<sup>(a)</sup> | EUR | 340 | 138511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/16/25<sup>(a)</sup> | EUR | 700 | 667895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/13/34<sup>(a)</sup> | EUR | 700 | 565996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/12/36<sup>(a)</sup> | EUR | 200 | 157825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/2120<sup>(a)</sup> | EUR | 360 | 186523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 02/16/43<sup>(a)</sup> | EUR | 250 | 188262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/19/2122<sup>(a)</sup> | EUR | 200 | 108201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/12/40<sup>(a)</sup> | EUR | 300 | 234094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/16/48<sup>(a)</sup> | EUR | 400 | 301946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/24/30<sup>(a)</sup> | EUR | 320 | 288838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/22/38<sup>(a)</sup> | EUR | 530 | 431955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/16/47<sup>(a)</sup> | EUR | 170 | 131596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/26/57<sup>(a)</sup> | EUR | 480 | 362311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/11/68<sup>(a)</sup> | EUR | 350 | 252934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/26/78<sup>(a)</sup> | EUR | 540 | 410338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/21/2119<sup>(a)</sup> | EUR | 350 | 259990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/14/52<sup>(a)</sup> | EUR | 310 | 266154 |
|  State of Rhineland-Palatinate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/23/30<sup>(a)</sup> | EUR | 400 | 324359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/26/27<sup>(a)</sup> | EUR | 300 | 268941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/10/51<sup>(a)</sup> | EUR | 200 | 104308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/19/26<sup>(a)</sup> | EUR | 500 | 464813 |
|  State of Saxony-Anhalt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/25<sup>(a)(d)</sup> | EUR | 300 | 278301 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/10/31<sup>(a)(d)</sup> | EUR | 300 | $234263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/25/27<sup>(a)</sup> | EUR | 450 | 401904 |
|  State of Schleswig-Holstein Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/24/23<sup>(a)</sup> | EUR | 300 | 293392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/12/29<sup>(a)</sup> | EUR | 500 | 415134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 08/15/39<sup>(a)</sup> | EUR | 250 | 154696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/30/24<sup>(a)</sup> | EUR | 300 | 284014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/08/27<sup>(a)</sup> | EUR | 200 | 179168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200300154 |
| **Hungary — 0.1%** |  |  |  |
|  Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/20/33 | HUF | 150000 | 185608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/22/34 | HUF | 150000 | 179402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/24/24 | HUF | 404520 | 800110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/22/26 | HUF | 245950 | 419762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/27/27 | HUF | 335260 | 556479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/21/30 | HUF | 150000 | 225101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/27/38 | HUF | 40000 | 46316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/22/31 | HUF | 255650 | 374427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/24/25 | HUF | 190370 | 384175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/22/28 | HUF | 219890 | 433344 |
|  Hungary Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/22/25<sup>(a)</sup> | EUR | 250 | 220854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/28/32<sup>(a)</sup> | EUR | 823 | 554138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/16/31<sup>(a)</sup> | EUR | 200 | 169667 |
|  |  |  | 4549383 |
| **Iceland — 0.0%** |  |  |  |
|  Iceland Government International Bond, 0.50%, 12/20/22<sup>(a)</sup> | EUR | 100 | 98668 |
| **Indonesia — 1.0%** |  |  |  |
|  Indonesia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/14/27 | EUR | 100 | 82926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 10/30/31 | EUR | 300 | 214888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/24/25 | EUR | 200 | 185101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/14/23<sup>(a)</sup> | EUR | 250 | 245296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/30/25<sup>(a)</sup> | EUR | 500 | 479084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/14/28<sup>(a)</sup> | EUR | 300 | 276184 |
|  Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/23 | IDR | 15000000 | 961741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/36 | IDR | 17555000 | 1009732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/28 | IDR | 36232000 | 2216081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/32 | IDR | 25000000 | 1482016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/37 | IDR | 6353000 | 365071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/25 | IDR | 22543000 | 1429513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/31 | IDR | 24342000 | 1464344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/51 | IDR | 15000000 | 887200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 | IDR | 25000000 | 1585623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/30 | IDR | 20048000 | 1248933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/42 | IDR | 21144000 | 1290736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/26 | IDR | 36000000 | 2321634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/48 | IDR | 9808000 | 613023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/32 | IDR | 41912000 | 2670061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/35 | IDR | 28000000 | 1773402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/40 | IDR | 10210000 | 648714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/31 | IDR | 15000000 | 960673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/15/24 | IDR | 18000000 | 1176639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/29 | IDR | 58031000 | 3876199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/36 | IDR | 18000000 | 1210498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/15/24 | IDR | 15790000 | 1033732 |

---

S C H E D U L E O F I N V E S T M E N T S 111

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Indonesia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 09/15/26 | IDR | 9000000 | $597765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/15/39 | IDR | 19760000 | 1338993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/44 | IDR | 12320000 | 882988 |
|  Perusahaan Penerbit SBSN Indonesia, 8.88%, 11/15/31 | IDR | 7600000 | 544135 |
|  |  |  | 35072925 |
| **Ireland — 0.5%** |  |  |  |
|  Ireland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/18/31<sup>(a)(d)</sup> | EUR | 790 | 624910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 05/15/27<sup>(a)</sup> | EUR | 2050 | 1853588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 10/18/30<sup>(a)</sup> | EUR | 770 | 639489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 10/18/32<sup>(a)</sup> | EUR | 830 | 659643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 05/15/35<sup>(a)</sup> | EUR | 1105 | 818979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 04/22/41<sup>(a)</sup> | EUR | 898 | 577933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/15/28<sup>(a)</sup> | EUR | 520 | 477024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/15/26<sup>(a)</sup> | EUR | 2978 | 2841709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/15/29<sup>(a)</sup> | EUR | 1281 | 1172065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/15/33<sup>(a)</sup> | EUR | 1006 | 870682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/18/31<sup>(a)</sup> | EUR | 492 | 449344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/50<sup>(a)</sup> | EUR | 1110 | 785142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/37<sup>(a)</sup> | EUR | 579 | 490275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/18/45<sup>(a)</sup> | EUR | 1051 | 863586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/30<sup>(a)</sup> | EUR | 1517 | 1501918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/18/24<sup>(a)</sup> | EUR | 1650 | 1659099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/13/25 | EUR | 864 | 918817 |
|  |  |  | 17204203 |
| **Isle Of Man — 0.0%** |  |  |  |
|  Isle of Man Government International Bond, 1.63%, 09/14/51<br>(Call 03/14/51)<sup>(a)</sup> | GBP | 150 | 92139 |
| **Israel — 0.3%** |  |  |  |
|  Israel Government Bond - Fixed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/25 | ILS | 5000 | 1320541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/27/26 | ILS | 2650 | 684512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/31/30 | ILS | 2730 | 657510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/30/32 | ILS | 3120 | 741185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/23 | ILS | 2760 | 766396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/31/37 | ILS | 2700 | 596637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/31/25 | ILS | 3049 | 826621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/31/27 | ILS | 1550 | 415405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/28/28 | ILS | 4628 | 1236087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/31/24 | ILS | 1377 | 391497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/31/47 | ILS | 3151 | 916591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/31/42 | ILS | 2210 | 802055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/30/26 | ILS | 650 | 204069 |
|  Israel Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/18/32<sup>(a)</sup> | EUR | 200 | 145873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/18/27<sup>(a)</sup> | EUR | 100 | 90290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/16/29<sup>(a)</sup> | EUR | 500 | 428115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/16/49<sup>(a)</sup> | EUR | 200 | 151151 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374535 |
| **Italy — 4.9%** |  |  |  |
|  Cassa Depositi e Prestiti SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/21/22<sup>(a)</sup> | EUR | 200 | 197626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/21/28<sup>(a)</sup> | EUR | 300 | 251298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/11/30<sup>(a)</sup> | EUR | 100 | 79615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/21/24<sup>(a)</sup> | EUR | 400 | 385951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/21/26<sup>(a)</sup> | EUR | 100 | 94366 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Italy (continued)** |  |  |  |
|  Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/30/24<sup>(a)(d)</sup> | EUR | 1000 | $957476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/15/24<sup>(a)(d)</sup> | EUR | 6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/24<sup>(a)(d)</sup> | EUR | 3360 | 3165351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/26<sup>(a)(d)</sup> | EUR | 2280 | 2015586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/28<sup>(a)</sup> | EUR | 3362 | 2777938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/01/25<sup>(a)</sup> | EUR | 5164 | 4825395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 02/15/29<sup>(a)</sup> | EUR | 1760 | 1420728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/01/26<sup>(a)</sup> | EUR | 6270 | 5677197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/15/28<sup>(a)</sup> | EUR | 3100 | 2568470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/01/31<sup>(e)</sup> | EUR | 5283 | 3899769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/15/27<sup>(a)</sup> | EUR | 4122 | 3680385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 04/01/31<sup>(a)</sup> | EUR | 2300 | 1771420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/01/30<sup>(a)</sup> | EUR | 2411 | 1910687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 12/01/31<sup>(e)</sup> | EUR | 5843 | 4402244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/01/32<sup>(a)</sup> | EUR | 1910 | 1416347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/01/37<sup>(e)</sup> | EUR | 1810 | 1159975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/15/25<sup>(a)</sup> | EUR | 1600 | 1499894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/01/26<sup>(a)</sup> | EUR | 2437 | 2221283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 04/01/30<sup>(a)</sup> | EUR | 2829 | 2345306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/15/24<sup>(a)</sup> | EUR | 4793 | 4618122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25<sup>(a)</sup> | EUR | 6181 | 5874787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/01/36<sup>(e)</sup> | EUR | 4700 | 3329420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/25<sup>(a)</sup> | EUR | 945 | 898529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/30/45<sup>(e)</sup> | EUR | 880 | 519309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/01/26<sup>(a)</sup> | EUR | 1906 | 1779949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 12/01/30<sup>(e)</sup> | EUR | 3013 | 2504427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/32<sup>(e)</sup> | EUR | 3782 | 3037740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/01/51<sup>(e)</sup> | EUR | 1680 | 973925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/01/41<sup>(e)</sup> | EUR | 3970 | 2643986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/24<sup>(a)</sup> | EUR | 2680 | 2615111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/01/25<sup>(e)</sup> | EUR | 760 | 727021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/25<sup>(a)</sup> | EUR | 2289 | 2188201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/28<sup>(a)</sup> | EUR | 2994 | 2737293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/27<sup>(a)</sup> | EUR | 4143 | 3845875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/15/26<sup>(a)</sup> | EUR | 6202 | 5880650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/52<sup>(e)</sup> | EUR | 1490 | 942631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/01/72<sup>(e)</sup> | EUR | 940 | 546764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/27<sup>(a)</sup> | EUR | 5946 | 5580328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/36<sup>(e)</sup> | EUR | 2455 | 1913483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/33<sup>(e)</sup> | EUR | 2170 | 1799838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/50<sup>(e)</sup> | EUR | 2526 | 1741182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/24<sup>(a)</sup> | EUR | 819 | 804237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/25<sup>(a)</sup> | EUR | 2843 | 2762196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/47<sup>(e)</sup> | EUR | 2380 | 1786299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/28<sup>(a)</sup> | EUR | 3483 | 3285115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/29<sup>(a)</sup> | EUR | 7330 | 6805761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/67<sup>(e)</sup> | EUR | 990 | 683693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/38<sup>(e)</sup> | EUR | 1854 | 1527499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/29<sup>(a)</sup> | EUR | 2949 | 2783115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/40<sup>(e)</sup> | EUR | 1704 | 1415636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/46<sup>(e)</sup> | EUR | 2492 | 2069668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/01/35<sup>(e)</sup> | EUR | 3349 | 2980636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/48<sup>(e)</sup> | EUR | 3631 | 3099891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/30<sup>(e)</sup> | EUR | 4350 | 4219013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/24<sup>(a)</sup> | EUR | 1000 | 1006493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/49<sup>(e)</sup> | EUR | 1631 | 1477472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/30/35<sup>(e)</sup> | EUR | 4010 | 3830006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/37<sup>(e)</sup> | EUR | 3277 | 3127479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26<sup>(e)</sup> | EUR | 1359 | 1399237 |

---

112 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28<sup>(e)</sup> | EUR | 3153 | $3294838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/44<sup>(e)</sup> | EUR | 2980 | 3073385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25<sup>(e)</sup> | EUR | 2212 | 2287570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/34<sup>(e)</sup> | EUR | 1998 | 2097180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/39<sup>(e)</sup> | EUR | 2401 | 2528846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/40<sup>(e)</sup> | EUR | 2467 | 2600213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/29<sup>(a)</sup> | EUR | 407 | 440940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/33<sup>(a)</sup> | EUR | 1850 | 2054089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/31<sup>(a)</sup> | EUR | 2905 | 3295696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/27<sup>(a)</sup> | EUR | 2429 | 2738141 |
|  Italy Government International Bond, 5.20%, 07/31/34 | EUR | 400 | 404487 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181649247 |
| **Japan — 10.9%** |  |  |  |
|  Development Bank of Japan Inc., 0.88%, 10/10/25<sup>(a)</sup> | EUR | 700 | 650545 |
|  Japan Government Five Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/20/26<sup>(d)</sup> | JPY | 245600 | 1653949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/20/26<sup>(d)</sup> | JPY | 1775000 | 11947930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/20/26<sup>(d)</sup> | JPY | 1391000 | 9356964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/20/27<sup>(d)</sup> | JPY | 300000 | 2012872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/20/27 | JPY | 300000 | 2014910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/23 | JPY | 304200 | 2048785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/23 | JPY | 826100 | 5567612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/24 | JPY | 796350 | 5367483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/24 | JPY | 828450 | 5585066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/24 | JPY | 995000 | 6709282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/24 | JPY | 1500000 | 10118531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/25 | JPY | 450000 | 3036770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/25 | JPY | 595200 | 4018195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/25 | JPY | 68450 | 462203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/25 | JPY | 685150 | 4628120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/27 | JPY | 600000 | 4046565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/27 | JPY | 551050 | 3710244 |
|  Japan Government Forty Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/56 | JPY | 428150 | 2083292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/59 | JPY | 192750 | 948616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/60 | JPY | 234100 | 1144531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/61 | JPY | 241650 | 1261368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/58 | JPY | 100000 | 551296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/20/57 | JPY | 170550 | 975563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/20/62 | JPY | 69750 | 399254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 03/20/55 | JPY | 175150 | 1166218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/54 | JPY | 122200 | 876632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/20/53 | JPY | 129350 | 970993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/52 | JPY | 84500 | 650933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/49 | JPY | 77000 | 616658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/50 | JPY | 65950 | 529472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/51 | JPY | 80800 | 648813 |
|  Japan Government Ten Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/26 | JPY | 391700 | 2646026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/26 | JPY | 1640700 | 11081994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/26 | JPY | 716100 | 4835403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/26 | JPY | 418050 | 2820569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/27 | JPY | 505000 | 3405078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/27 | JPY | 990700 | 6675157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/27 | JPY | 1108500 | 7462610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/27 | JPY | 377000 | 2536710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/28 | JPY | 754450 | 5073657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/28 | JPY | 450050 | 3024274 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/28 | JPY | 268650 | $1803701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/28 | JPY | 193100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/29 | JPY | 758050 | 5080431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/29 | JPY | 351000 | 2351236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/29 | JPY | 70800 | 473576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/29 | JPY | 757700 | 5063359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/30 | JPY | 979650 | 6530868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/30 | JPY | 723650 | 4818445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/30 | JPY | 585550 | 3895239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/30 | JPY | 1196250 | 7949015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/20/31 | JPY | 1375250 | 9131801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/20/31 | JPY | 435000 | 2884846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/20/31 | JPY | 1287500 | 8531468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/31 | JPY | 1075000 | 7135869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 03/20/32 | JPY | 384450 | 2586683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/20/32 | JPY | 316050 | 2117479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 09/20/32 | JPY | 223150 | 1494915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/24 | JPY | 210000 | 1422681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/25 | JPY | 328600 | 2233450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/25 | JPY | 371500 | 2524811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/25 | JPY | 425000 | 2891755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/25 | JPY | 356950 | 2431062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | JPY | 823500 | 5595059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/24 | JPY | 404250 | 2750325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/23 | JPY | 365200 | 2475289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/20/24 | JPY | 265200 | 1799800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/24 | JPY | 326650 | 2219999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/20/23 | JPY | 130000 | 879370 |
|  Japan Government Thirty Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/49 | JPY | 18950 | 100544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/49 | JPY | 107450 | 567257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 12/20/49 | JPY | 131750 | 695818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/50 | JPY | 156300 | 823908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/46 | JPY | 184350 | 1055294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/49 | JPY | 188800 | 1033305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/46 | JPY | 122000 | 712407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/50 | JPY | 175100 | 968546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/20/50 | JPY | 146800 | 812748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/20/48 | JPY | 375000 | 2194542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/48 | JPY | 130450 | 756267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/50 | JPY | 281700 | 1598355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/51 | JPY | 199750 | 1129425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/20/51 | JPY | 150000 | 845637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/20/51 | JPY | 180250 | 1014198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 12/20/51 | JPY | 115000 | 646643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/46 | JPY | 180250 | 1113127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/47 | JPY | 108000 | 658902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/20/47 | JPY | 147000 | 894180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/20/47 | JPY | 160550 | 974097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 12/20/47 | JPY | 146400 | 883933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/48 | JPY | 164650 | 989982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/20/48 | JPY | 121800 | 746593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/20/52 | JPY | 273550 | 1666687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/20/52 | JPY | 150350 | 986974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/20/45 | JPY | 148850 | 1044928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 12/20/45 | JPY | 216800 | 1520509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/20/44 | JPY | 497050 | 3574368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/45 | JPY | 192600 | 1383334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/20/45 | JPY | 200000 | 1459471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/43 | JPY | 147850 | 1105034 |

---

S C H E D U L E O F I N V E S T M E N T S 113

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/44 | JPY | 103800 | $775839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/44 | JPY | 88500 | 660314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/20/44 | JPY | 206850 | 1541620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/20/43 | JPY | 99600 | 758620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/20/43 | JPY | 189800 | 1443869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/20/42 | JPY | 124000 | 960753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/20/43 | JPY | 102200 | 790190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/40 | JPY | 242600 | 1905200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/41 | JPY | 138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/42 | JPY | 196400 | 1544295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/20/39 | JPY | 40000 | 323241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/41 | JPY | 446300 | 3608278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/35 | JPY | 34550 | 280852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/20/35 | JPY | 53250 | 433460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/20/35 | JPY | 155000 | 1265143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/39 | JPY | 59100 | 484795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/20/40 | JPY | 95000 | 778592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/20/38 | JPY | 100500 | 835874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/34 | JPY | 20150 | 166328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/37 | JPY | 49000 | 411993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/38 | JPY | 5000 | 42060 |
|  Japan Government Twenty Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/20/36 | JPY | 261200 | 1658667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 06/20/39 | JPY | 95550 | 584333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 09/20/39 | JPY | 167650 | 1020253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 12/20/39 | JPY | 69850 | 423323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/36 | JPY | 259350 | 1694570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/39 | JPY | 210000 | 1314472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/40 | JPY | 872150 | 5367217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/40 | JPY | 273900 | 1675672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/40 | JPY | 224350 | 1366906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/20/41 | JPY | 125000 | 753136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/36 | JPY | 151750 | 1000839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/38 | JPY | 188300 | 1216634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/38 | JPY | 275000 | 1754751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/40 | JPY | 325300 | 2011874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/20/41 | JPY | 352300 | 2171350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/41 | JPY | 150000 | 918491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/20/41 | JPY | 79200 | 483333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/36 | JPY | 260850 | 1738544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/37 | JPY | 387800 | 2567651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/20/37 | JPY | 268850 | 1776242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/20/37 | JPY | 135000 | 888052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/20/37 | JPY | 249450 | 1680464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/20/38 | JPY | 300000 | 1983416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/20/23 | JPY | 100000 | 676479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/20/42 | JPY | 194200 | 1252443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/20/42 | JPY | 255700 | 1674367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/20/35 | JPY | 647550 | 4576508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/20/34 | JPY | 360350 | 2614891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/20/35 | JPY | 121000 | 877414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/20/35 | JPY | 552400 | 3999852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/20/35 | JPY | 273050 | 2000971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/20/34 | JPY | 417350 | 3093799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/34 | JPY | 262000 | 1964855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/20/34 | JPY | 759500 | 5693377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/20/30 | JPY | 29550 | 219252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 03/20/32 | JPY | 80400 | 607124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 03/20/33 | JPY | 97000 | 735490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/20/33 | JPY | 252500 | 1912917 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/31 | JPY | 95000 | $721564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/20/32 | JPY | 56000 | 426322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/32 | JPY | 68150 | 520011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 12/20/32 | JPY | 103000 | 787052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/33 | JPY | 490050 | 3746817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/20/33 | JPY | 150000 | 1146182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/20/31 | JPY | 206750 | 1577471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 12/20/31 | JPY | 110000 | 842361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/20/28 | JPY | 118000 | 878753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/20/30 | JPY | 75000 | 569671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/20/31 | JPY | 80000 | 613271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/27 | JPY | 185000 | 1350769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/20/30 | JPY | 34200 | 260743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/25 | JPY | 70000 | 499865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/26 | JPY | 140350 | 1024976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/27 | JPY | 150950 | 1114783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/27 | JPY | 50000 | 370867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/20/29 | JPY | 129350 | 980944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/20/29 | JPY | 43950 | 334427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/20/30 | JPY | 137200 | 1050201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/20/30 | JPY | 205000 | 1583847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/26 | JPY | 219350 | 1586749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/28 | JPY | 75000 | 561167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/20/29 | JPY | 105050 | 806595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/20/30 | JPY | 355000 | 2733926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/20/27 | JPY | 50000 | 371142 |
|  Japan Government Two Year Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/01/23<sup>(d)</sup> | JPY | 200000 | 1346434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/23<sup>(d)</sup> | JPY | 300000 | 2019752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/24<sup>(d)</sup> | JPY | 300000 | 2019328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399537527 |
| **Kazakhstan — 0.0%** |  |  |  |
|  Kazakhstan Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/30/26<sup>(a)</sup> | EUR | 200 | 169766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/34<sup>(a)</sup> | EUR | 100 | 63398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 11/09/23<sup>(a)</sup> | EUR | 100 | 96646 |
|  |  |  | 329810 |
| **Latvia — 0.0%** |  |  |  |
|  Latvia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/24/29<sup>(a)(d)</sup> | EUR | 1500 | 1157898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/23/25<sup>(a)</sup> | EUR | 100 | 93279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/19/49<sup>(a)</sup> | EUR | 240 | 163834 |
|  |  |  | 1415011 |
| **Lithuania — 0.0%** |  |  |  |
|  Lithuania Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/06/30<sup>(a)</sup> | EUR | 530 | 406809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 05/26/27<sup>(a)</sup> | EUR | 220 | 188570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/19/49<sup>(a)</sup> | EUR | 270 | 170900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/22/35<sup>(a)</sup> | EUR | 328 | 249787 |
|  |  |  | 1016066 |
| **Luxembourg — 0.1%** |  |  |  |
|  Luxembourg Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/28/25<sup>(a)(d)</sup> | EUR | 700 | 647667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/01/27<sup>(a)</sup> | EUR | 401 | 363262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/28<sup>(a)</sup> | EUR | 190 | 182979 |
|  State of the Grand-Duchy of Luxembourg, 0.00%, 03/24/31<sup>(a)(d)</sup> | EUR | 940 | 735054 |
|  |  |  | 1928962 |

---

114 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Malaysia — 0.7%** |  |  |  |
|  Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/15/23 | MYR | 2200 | $466807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 06/14/24 | MYR | 5180 | 1095612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 07/15/32 | MYR | 5000 | 993623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 05/22/40 | MYR | 7800 | 1432887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/17/23 | MYR | 2500 | 532419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/15/33 | MYR | 3000 | 593420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/30/26 | MYR | 1900 | 400314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/16/27 | MYR | 7400 | 1545548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 07/15/26 | MYR | 3700 | 778291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 09/15/25 | MYR | 15620 | 3309438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 09/30/24 | MYR | 7500 | 1601459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 06/15/50 | MYR | 4000 | 733604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 06/30/31 | MYR | 9110 | 1887859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/31/35 | MYR | 800 | 162120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 | MYR | 850 | 180215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 11/07/33 | MYR | 2660 | 563562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/42 | MYR | 4140 | 863227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/15/46 | MYR | 2170 | 442592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 04/07/37 | MYR | 3495 | 749821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 06/08/38 | MYR | 4240 | 913510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/06/48 | MYR | 4790 | 1002243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 09/30/43 | MYR | 450 | 95081 |
|  Malaysia Government Investment Issue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 09/30/27 | MYR | 4790 | 979275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 10/15/25 | MYR | 150 | 31862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/09/29 | MYR | 5350 | 1118702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/07/32 | MYR | 5000 | 1035522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 10/31/28 | MYR | 7080 | 1503033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 09/15/39 | MYR | 2930 | 591447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 08/30/33 | MYR | 1600 | 336795 |
|  |  |  | 25940288 |
| **Mexico — 0.6%** |  |  |  |
|  Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/04/27 | MXN | 44000 | 1880432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.75%, 03/05/26 | MXN | 69000 | 3071028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 05/29/31 | MXN | 67529 | 2998127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/23/34 | MXN | 6000 | 257307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/13/42 | MXN | 41000 | 1667502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 12/07/23 | MXN | 8000 | 392885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 09/05/24 | MXN | 56000 | 2717581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 11/07/47 | MXN | 16859 | 696815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 7.50%, 06/03/27 | MXN | 34000 | 1569718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 8.50%, 05/31/29 | MXN | 47660 | 2249736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 10.00%, 12/05/24 | MXN | 19000 | 954862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 30, 8.50%, 11/18/38 | MXN | 27500 | 1221670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 30, 10.00%, 11/20/36 | MXN | 22000 | 1114757 |
|  Mexico Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/17/30 (Call 10/17/29) | EUR | 300 | 230515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/18/27 (Call 06/18/27) | EUR | 300 | 260465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/25 | EUR | 250 | 236856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/25/33 (Call 07/25/33) | EUR | 100 | 67278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/17/28 | EUR | 500 | 425521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/25/51 (Call 04/25/51) | EUR | 400 | 202769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/08/39 | EUR | 400 | 272452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/06/45 | EUR | 200 | 134181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/19/2114 | GBP | 100 | 78021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/06/24 | GBP | 100 | 114944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22815422 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Netherlands — 1.2%** |  |  |  |
|  BNG Bank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/31/28<sup>(a)(d)</sup> | EUR | 400 | $335337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/11/26<sup>(a)</sup> | EUR | 500 | 452618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/09/35<sup>(a)</sup> | EUR | 200 | 136511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/12/32<sup>(a)</sup> | EUR | 800 | 618723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/22/36<sup>(a)</sup> | EUR | 500 | 332319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/16/25<sup>(a)</sup> | EUR | 400 | 375282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 06/28/49<sup>(a)</sup> | EUR | 400 | 230654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/24/36<sup>(a)</sup> | EUR | 200 | 147453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 11/27/30<sup>(a)</sup> | AUD | 310 | 150729 |
|  Nederlandse Waterschapsbank NV, 3.00%, 11/16/23<sup>(a)</sup> | EUR | 300 | 297880 |
|  Nederlandse Waterschapsbank NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/16/37<sup>(a)(d)</sup> | EUR | 500 | 316991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/15/25<sup>(a)</sup> | GBP | 300 | 306412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/28/46<sup>(a)</sup> | EUR | 300 | 168232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/27/38<sup>(a)</sup> | EUR | 280 | 221620 |
|  Netherlands Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/24<sup>(d)(e)</sup> | EUR | 500 | 482943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/26<sup>(d)</sup> | EUR | 2290 | 2118684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/29<sup>(d)</sup> | EUR | 1000 | 859925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/30<sup>(d)(e)</sup> | EUR | 5758 | 4790388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/15/31<sup>(d)(e)</sup> | EUR | 2150 | 1744689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/38<sup>(d)(e)</sup> | EUR | 300 | 202160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/52<sup>(d)(e)</sup> | EUR | 2070 | 1049616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/25<sup>(e)</sup> | EUR | 1000 | 942919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/15/26<sup>(e)</sup> | EUR | 4203 | 3926036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/40<sup>(e)</sup> | EUR | 1460 | 1034289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/27<sup>(e)</sup> | EUR | 5441 | 5048528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/28<sup>(e)</sup> | EUR | 1922 | 1754434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/15/24<sup>(e)</sup> | EUR | 4070 | 4026894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/54<sup>(e)</sup> | EUR | 1090 | 983024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/33<sup>(e)</sup> | EUR | 3807 | 3776886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/47<sup>(e)</sup> | EUR | 2217 | 2297517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/42<sup>(e)</sup> | EUR | 2602 | 3029500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/37<sup>(e)</sup> | EUR | 2372 | 2728964 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44888157 |
| **New Zealand — 0.3%** |  |  |  |
|  Housing New Zealand Ltd., 3.42%, 10/18/28 | NZD | 500 | 263694 |
|  New Zealand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/15/24 | NZD | 2100 | 1152665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/15/26 | NZD | 500 | 253979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/15/31 | NZD | 1430 | 667691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/41 | NZD | 1530 | 584162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/32 | NZD | 1540 | 737317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25<sup>(a)</sup> | NZD | 2630 | 1474479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/37<sup>(a)</sup> | NZD | 2530 | 1202539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/51 | NZD | 500 | 208423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/29 | NZD | 2790 | 1505201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/33<sup>(a)</sup> | NZD | 980 | 532612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/27<sup>(a)</sup> | NZD | 1640 | 959265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/23<sup>(a)</sup> | NZD | 1220 | 713372 |
|  New Zealand Local Government Funding |  |  |  |
|  Agency Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/15/26<sup>(a)</sup> | NZD | 200 | 102722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/33 | NZD | 200 | 99461 |
|  |  |  | 10457582 |

---

S C H E D U L E O F I N V E S T M E N T S 115

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Norway — 0.2%** |  |  |  |
|  Kommunalbanken AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 10/24/29<sup>(a)</sup> | EUR | 300 | $242169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/01/26 | AUD | 286 | 159577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/15/23<sup>(a)</sup> | GBP | 200 | 223718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/16/25 | AUD | 150 | 95621 |
|  Norway Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/17/31<sup>(e)</sup> | NOK | 6470 | 516298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/19/30<sup>(e)</sup> | NOK | 15145 | 1245453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/19/26<sup>(e)</sup> | NOK | 9892 | 891999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/13/25<sup>(e)</sup> | NOK | 5300 | 489463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/17/27<sup>(e)</sup> | NOK | 5794 | 518465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/29<sup>(e)</sup> | NOK | 3117 | 267556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/24/23<sup>(e)</sup> | NOK | 7533 | 720574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/26/28<sup>(e)</sup> | NOK | 8261 | 733983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/18/32<sup>(e)</sup> | NOK | 3860 | 330319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/14/24<sup>(e)</sup> | NOK | 12287 | 1174103 |
|  |  |  | 7609298 |
| **Peru — 0.1%** |  |  |  |
|  Peru Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/12/40 | PEN | 3760 | 671596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/12/34 | PEN | 3930 | 764657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 08/12/32 | PEN | 2970 | 637019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/12/28 | PEN | 3820 | 893298 |
|  Peruvian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/17/36 (Call 08/17/36) | EUR | 200 | 127045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/30/26 | EUR | 100 | 94493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/30 | EUR | 200 | 180646 |
|  |  |  | 3368754 |
| **Philippines — 0.0%** |  |  |  |
|  Philippine Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/03/29 | EUR | 100 | 77489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/17/27 | EUR | 200 | 169293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/28/33 | EUR | 100 | 67742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/28/41 | EUR | 100 | 57168 |
|  |  |  | 371692 |
| **Poland — 0.4%** |  |  |  |
|  Bank Gospodarstwa Krajowego |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/01/25<sup>(a)</sup> | EUR | 350 | 321720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/30/28<sup>(a)</sup> | EUR | 100 | 82816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/08/27 | EUR | 200 | 191467 |
|  Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/25/26 | PLN | 10689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/25/25 | PLN | 3000 | 521841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/25/30 | PLN | 2100 | 263343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/25/32 | PLN | 5510 | 668273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/25/24 | PLN | 5000 | 930982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/25/24 | PLN | 4420 | 852809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/25/26 | PLN | 10390 | 1758450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/25/27 | PLN | 5088 | 822855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/25/28 | PLN | 3920 | 623582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/25/29 | PLN | 8780 | 1309340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/25/47 | PLN | 2250 | 255931 |
|  Republic of Poland Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/10/27<sup>(a)</sup> | EUR | 200 | 176559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/25/28<sup>(a)</sup> | EUR | 550 | 464790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/07/29<sup>(a)</sup> | EUR | 800 | 655162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/09/25<sup>(a)</sup> | EUR | 100 | 93713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/19/26<sup>(a)</sup> | EUR | 250 | 233239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/08/49<sup>(a)</sup> | EUR | 50 | 32996 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Poland (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/25/32<sup>(a)</sup> | EUR | 200 | $169667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/24<sup>(a)</sup> | EUR | 200 | 197336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/20/25 | EUR | 937 | 958122 |
|  |  |  | 13212512 |
| **Portugal — 0.5%** |  |  |  |
|  Portugal Obrigacoes do Tesouro OT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 10/17/31<sup>(e)</sup> | EUR | 1000 | 781617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%, 10/18/30<sup>(e)</sup> | EUR | 830 | 681150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 10/15/27<sup>(e)</sup> | EUR | 1891 | 1714344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 10/12/35<sup>(e)</sup> | EUR | 890 | 664072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/12/52<sup>(e)</sup> | EUR | 770 | 402688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/16/32<sup>(e)</sup> | EUR | 1910 | 1655652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/29<sup>(e)</sup> | EUR | 2075 | 1961088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/17/28<sup>(e)</sup> | EUR | 1240 | 1192980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/18/34<sup>(e)</sup> | EUR | 990 | 895891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/25<sup>(e)</sup> | EUR | 1332 | 1346440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/26<sup>(e)</sup> | EUR | 1378 | 1396660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/30<sup>(e)</sup> | EUR | 1154 | 1225746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/37<sup>(e)</sup> | EUR | 1313 | 1407840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/45<sup>(e)</sup> | EUR | 762 | 822146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/14/27<sup>(e)</sup> | EUR | 1414 | 1495691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/24<sup>(e)</sup> | EUR | 1320 | 1364013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19008018 |
| **Romania — 0.2%** |  |  |  |
|  Romania Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/26/28 | RON | 5755 | 922926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/24/30 | RON | 3690 | 535970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/17/24 | RON | 4000 | 753020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/11/34 | RON | 2120 | 288584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/22/26 | RON | 10810 | 1906484 |
|  Romania Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/28<sup>(a)</sup> | EUR | 200 | 155207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/07/34<sup>(a)</sup> | EUR | 200 | 140096 |
|  Romanian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/13/30<sup>(a)</sup> | EUR | 400 | 265586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/08/26<sup>(a)</sup> | EUR | 200 | 171246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/28/32<sup>(a)</sup> | EUR | 250 | 158110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/14/33<sup>(a)</sup> | EUR | 375 | 226310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(a)</sup> | EUR | 250 | 166004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/19/27<sup>(a)</sup> | EUR | 250 | 211646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/02/40<sup>(a)</sup> | EUR | 200 | 103235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/29/25<sup>(a)</sup> | EUR | 235 | 217183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/14/41<sup>(a)</sup> | EUR | 200 | 103784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/26/28<sup>(a)</sup> | EUR | 294 | 233288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/11/29<sup>(a)</sup> | EUR | 397 | 303926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/13/42<sup>(a)</sup> | EUR | 200 | 103893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/38<sup>(a)</sup> | EUR | 350 | 216180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/28/50<sup>(a)</sup> | EUR | 310 | 162510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/03/34<sup>(a)</sup> | EUR | 200 | 134651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 05/26/30<sup>(a)</sup> | EUR | 200 | 154495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/24/24<sup>(a)</sup> | EUR | 75 | 73478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/03/49<sup>(a)</sup> | EUR | 425 | 275604 |
|  |  |  | 7983416 |
| **Saudi Arabia — 0.0%** |  |  |  |
|  Saudi Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/03/30<sup>(a)</sup> | EUR | 100 | 79115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/09/39<sup>(a)</sup> | EUR | 350 | 243145 |
|  |  |  | 322260 |

---

116 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Singapore — 0.4%** |  |  |  |
|  Singapore Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/01/25 | SGD | 1040 | $680173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/01/26 | SGD | 1000 | 655581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/31 | SGD | 1000 | 610695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/01/50 | SGD | 810 | 440711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/51 | SGD | 500 | 272549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/24 | SGD | 1000 | 696164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/26 | SGD | 2530 | 1725569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/36 | SGD | 1970 | 1219407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/25 | SGD | 150 | 104047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/39 | SGD | 1100 | 681105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/01/28 | SGD | 680 | 463165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/32 | SGD | 1320 | 871660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/23 | SGD | 839 | 589813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/42 | SGD | 430 | 281872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/46 | SGD | 1660 | 1093095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/29 | SGD | 1370 | 937254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/30 | SGD | 2421 | 1647224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/24 | SGD | 1315 | 927244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/72<sup>(a)</sup> | SGD | 390 | 269752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/33 | SGD | 530 | 372733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 | SGD | 1230 | 878708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15418521 |
| **Slovakia — 0.2%** |  |  |  |
|  Slovakia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/17/27<sup>(a)</sup> | EUR | 1430 | 1250227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/09/30<sup>(a)</sup> | EUR | 1870 | 1534121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/14/32<sup>(a)</sup> | EUR | 1580 | 1241434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/21/27<sup>(a)</sup> | EUR | 627 | 587387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/21/31<sup>(a)</sup> | EUR | 168 | 144746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/09/37<sup>(a)</sup> | EUR | 925 | 695983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/17/47<sup>(a)</sup> | EUR | 350 | 249302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/14/25<sup>(a)</sup> | EUR | 1150 | 1192948 |
|  |  |  | 6896148 |
| **Slovenia — 0.1%** |  |  |  |
|  Slovenia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.49%, 10/20/50<sup>(a)</sup> | EUR | 240 | 108152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/15/30<sup>(a)</sup> | EUR | 900 | 740695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.19%, 03/14/29<sup>(a)</sup> | EUR | 1240 | 1088145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/22/27<sup>(a)</sup> | EUR | 434 | 408244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/03/40<sup>(a)</sup> | EUR | 123 | 87309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/03/32<sup>(a)</sup> | EUR | 1100 | 980922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/07/45<sup>(a)</sup> | EUR | 250 | 219599 |
|  |  |  | 3633066 |
| **South Korea — 2.1%** |  |  |  |
|  Export-Import Bank of Korea |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/11/23<sup>(a)</sup> | EUR | 200 | 194944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 04/27/25<sup>(a)</sup> | EUR | 536 | 501257 |
|  Korea Housing Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 06/29/26<sup>(a)</sup> | EUR | 400 | 352173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 06/18/24<sup>(a)</sup> | EUR | 300 | 282950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%, 03/22/25<sup>(a)</sup> | EUR | 150 | 139947 |
|  Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/10/23 | KRW | 1989470 | 1353278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/10/24 | KRW | 4000000 | 2680660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/10/25 | KRW | 2799720 | 1800921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/10/39 | KRW | 2004990 | 882350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/26 | KRW | 1862790 | 1182618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/10/24 | KRW | 5048280 | 3370379 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **South Korea (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/10/29 | KRW | 1326710 | $768525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/10/30 | KRW | 5410230 | 3091720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 | KRW | 3483470 | 2299482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/10/26 | KRW | 1750000 | 1098174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/10/30 | KRW | 2587710 | 1476367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/10/36 | KRW | 1467540 | 741304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/10/40 | KRW | 2095520 | 978783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/50 | KRW | 6228160 | 2504457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/10/70 | KRW | 900000 | 310402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/10/26 | KRW | 1000000 | 638551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/10/24 | KRW | 1400000 | 956680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/10/26 | KRW | 1732660 | 1118523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/10/29 | KRW | 3330120 | 2020540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/10/41 | KRW | 1997200 | 980755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/10/51 | KRW | 6016310 | 2684637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/10/31 | KRW | 4516410 | 2656219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/10/46 | KRW | 1715380 | 824496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/10/49 | KRW | 3841110 | 1794669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/68 | KRW | 454650 | 184015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/10/27 | KRW | 1260640 | 805285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/47 | KRW | 2522020 | 1234202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/10/25 | KRW | 1996790 | 1336324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/10/25 | KRW | 3332750 | 2206016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/10/37 | KRW | 1131500 | 625700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/10/27 | KRW | 3190460 | 2070098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/10/27 | KRW | 2300000 | 1474621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/10/28 | KRW | 1000000 | 632575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/10/38 | KRW | 760000 | 422766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/10/52 | KRW | 3085520 | 1575269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/10/28 | KRW | 3395750 | 2193402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/10/35 | KRW | 1628800 | 965257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/10/48 | KRW | 2522850 | 1363195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/44 | KRW | 1752210 | 986755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/10/24 | KRW | 5877140 | 4048187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/10/24 | KRW | 1520000 | 1045454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/10/42 | KRW | 2280000 | 1359955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/25 | KRW | 5341990 | 3656961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/10/27 | KRW | 6000000 | 4007622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/10/52 | KRW | 2271800 | 1340568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/10/32 | KRW | 3860320 | 2532995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/10/33 | KRW | 1771260 | 1190380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/10/31 | KRW | 1750000 | 1206372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/10/30 | KRW | 160000 | 117752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/10/27 | KRW | 100000 | 73021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/10/29 | KRW | 150000 | 112744 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78453252 |
| **Spain — 3.6%** |  |  |  |
|  Adif - Alta Velocidad, 1.88%, 01/28/25<sup>(a)</sup> | EUR | 300 | 291722 |
|  Autonomous Community of Andalusia Spain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/31<sup>(a)</sup> | EUR | 100 | 78635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/31/28<sup>(a)</sup> | EUR | 200 | 185255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/30/32<sup>(a)</sup> | EUR | 200 | 181516 |
|  Autonomous Community of Catalonia, 4.22%, 04/26/35 | EUR | 200 | 198275 |
|  Autonomous Community of Madrid Spain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%, 04/30/30<sup>(a)</sup> | EUR | 530 | 430232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%, 04/30/31<sup>(a)</sup> | EUR | 100 | 78368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 07/30/27<sup>(a)</sup> | EUR | 500 | 451215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/30/24<sup>(a)</sup> | EUR | 250 | 240715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 04/30/29<sup>(a)</sup> | EUR | 200 | 181164 |

---

S C H E D U L E O F I N V E S T M E N T S 117

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Spain (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%, 04/30/28<sup>(a)</sup> | EUR | 200 | $186020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 04/30/25<sup>(a)</sup> | EUR | 250 | 242969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/15/26 | EUR | 200 | 209505 |
|  Basque Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 04/30/32<sup>(a)</sup> | EUR | 100 | 76658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/30/28<sup>(a)</sup> | EUR | 200 | 183846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/30/33<sup>(a)</sup> | EUR | 100 | 85872 |
|  Instituto de Credito Oficial, 2.65%, 01/31/28<sup>(a)</sup> | EUR | 500 | 488778 |
|  Spain Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/31/24<sup>(d)</sup> | EUR | 300 | 286567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/25<sup>(d)</sup> | EUR | 3880 | 3650012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/26<sup>(d)</sup> | EUR | 5335 | 4877574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/27<sup>(d)</sup> | EUR | 612 | 542513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/28<sup>(d)</sup> | EUR | 2527 | 2168387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 04/30/31<sup>(e)</sup> | EUR | 3660 | 2838183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/30/24<sup>(e)</sup> | EUR | 3697 | 3536535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/30<sup>(e)</sup> | EUR | 3549 | 2950234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/31<sup>(e)</sup> | EUR | 2520 | 1993706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 10/31/29<sup>(e)</sup> | EUR | 2477 | 2104406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/30/32<sup>(e)</sup> | EUR | 3620 | 2870307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/27<sup>(e)</sup> | EUR | 6874 | 6250382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 07/30/37<sup>(e)</sup> | EUR | 1716 | 1175639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/30/42<sup>(e)</sup> | EUR | 2660 | 1694962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/31/50<sup>(e)</sup> | EUR | 2100 | 1128935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/31/40<sup>(e)</sup> | EUR | 2640 | 1786968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/31/30<sup>(e)</sup> | EUR | 3700 | 3216900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/31/26<sup>(e)</sup> | EUR | 2510 | 2373870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 04/30/28<sup>(e)</sup> | EUR | 2779 | 2562615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/30/28<sup>(e)</sup> | EUR | 3301 | 3032520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/31/27<sup>(e)</sup> | EUR | 2636 | 2461333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/30/29<sup>(e)</sup> | EUR | 4363 | 3972486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/31/71<sup>(e)</sup> | EUR | 450 | 219501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/30/27<sup>(e)</sup> | EUR | 4315 | 4073598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/30/25<sup>(e)</sup> | EUR | 6900 | 6711320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/35<sup>(e)</sup> | EUR | 2745 | 2292053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 10/31/52<sup>(e)</sup> | EUR | 1400 | 932056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/30/26<sup>(e)</sup> | EUR | 4638 | 4516904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/30/30<sup>(e)</sup> | EUR | 4847 | 4469401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 10/31/25<sup>(e)</sup> | EUR | 5994 | 5902422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 07/30/33<sup>(e)</sup> | EUR | 3077 | 2805939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/31/32<sup>(e)</sup> | EUR | 5000 | 4661327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/31/48<sup>(e)</sup> | EUR | 2288 | 1917561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/31/24<sup>(e)</sup> | EUR | 3257 | 3254264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/31/46<sup>(e)</sup> | EUR | 3328 | 2935372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/30/66<sup>(e)</sup> | EUR | 2028 | 1877367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/30/24<sup>(e)</sup> | EUR | 1285 | 1299172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/37<sup>(e)</sup> | EUR | 3054 | 3286848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/25<sup>(e)</sup> | EUR | 2978 | 3130036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/30/41<sup>(e)</sup> | EUR | 2194 | 2519233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/31/24<sup>(e)</sup> | EUR | 898 | 915438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/30/40<sup>(e)</sup> | EUR | 2152 | 2521623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/31/28<sup>(e)</sup> | EUR | 2101 | 2344468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/31/44<sup>(e)</sup> | EUR | 1920 | 2348651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/30/32 | EUR | 2862 | 3471570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/29 | EUR | 3123 | 3670325 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133342228 |
| **Supranational — 2.1%** |  |  |  |
|  African Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/07/26 | EUR | 150 | 133642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/24 | EUR | 300 | 281755 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Supranational (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/21/29 | EUR | 300 | $255259 |
|  Asian Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/26 | GBP | 500 | 485629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 05/25/23 | EUR | 200 | 195563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 07/16/25 | EUR | 300 | 278194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/15/23<sup>(a)</sup> | GBP | 500 | 558841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/28 | CAD | 200 | 130566 |
|  Council of Europe Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/09/27<sup>(a)(d)</sup> | EUR | 400 | 350109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/10/24<sup>(a)</sup> | EUR | 320 | 305216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/09/25<sup>(a)</sup> | EUR | 50 | 46989 |
|  Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 10/10/34<sup>(a)</sup> | EUR | 480 | 334120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/25/23<sup>(a)</sup> | EUR | 250 | 244896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/09/24<sup>(a)</sup> | EUR | 100 | 95839 |
|  European Financial Stability Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/19/24<sup>(a)(d)</sup> | EUR | 900 | 859736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/25<sup>(a)(d)</sup> | EUR | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/20/31<sup>(a)(d)</sup> | EUR | 1350 | 1059332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 10/17/29<sup>(a)</sup> | EUR | 570 | 466741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/18/52<sup>(a)</sup> | EUR | 280 | 119049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/17/24<sup>(a)</sup> | EUR | 300 | 289125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/11/24<sup>(a)</sup> | EUR | 350 | 332419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/17/25<sup>(a)</sup> | EUR | 975 | 919336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/16/26<sup>(a)</sup> | EUR | 900 | 823741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/20/50<sup>(a)</sup> | EUR | 610 | 347370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/03/27<sup>(a)</sup> | EUR | 540 | 491272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/10/35<sup>(a)</sup> | EUR | 1270 | 966974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/14/28<sup>(a)</sup> | EUR | 1030 | 929890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/17/45<sup>(a)</sup> | EUR | 450 | 314091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/24/33<sup>(a)</sup> | EUR | 1210 | 1007901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/31/47<sup>(a)</sup> | EUR | 1840 | 1311470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/05/40<sup>(a)</sup> | EUR | 450 | 342860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/13/43<sup>(a)</sup> | EUR | 910 | 715453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/27/24<sup>(a)</sup> | EUR | 100 | 97767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/17/53<sup>(a)</sup> | EUR | 380 | 282132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/10/48<sup>(a)</sup> | EUR | 200 | 154163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/28/56<sup>(a)</sup> | EUR | 250 | 199199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/19/24<sup>(a)</sup> | EUR | 50 | 49285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 07/29/44<sup>(a)</sup> | EUR | 200 | 176076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/29<sup>(a)</sup> | EUR | 180 | 177298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/03/37<sup>(a)</sup> | EUR | 560 | 567067 |
|  European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/24<sup>(d)</sup> | EUR | 250 | 239361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/25/25<sup>(d)</sup> | EUR | 400 | 372412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/13/26<sup>(a)(d)</sup> | EUR | 1460 | 1325368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/22/26<sup>(a)(d)</sup> | EUR | 800 | 710338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/17/27<sup>(d)</sup> | EUR | 750 | 656499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/28/28<sup>(a)(d)</sup> | EUR | 561 | 479452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/09/30<sup>(a)(d)</sup> | EUR | 1010 | 803057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/14/31<sup>(a)(d)</sup> | EUR | 500 | 392770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/15/35<sup>(a)</sup> | EUR | 500 | 331839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 05/15/41<sup>(a)</sup> | EUR | 340 | 192084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 05/24/24<sup>(a)</sup> | EUR | 1000 | 952920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 11/15/29<sup>(a)</sup> | EUR | 700 | 573433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/16/30 | EUR | 800 | 652063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 10/13/34<sup>(a)</sup> | EUR | 500 | 346110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/27/51<sup>(a)</sup> | EUR | 200 | 88114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 10/15/26 | EUR | 100 | 89651 |

---

118 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Supranational (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/25 | EUR | 150 | $140025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/14/26<sup>(a)</sup> | GBP | 200 | 194633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/20/29<sup>(a)</sup> | EUR | 350 | 291344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 07/15/24<sup>(a)</sup> | EUR | 700 | 666200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/14/24<sup>(a)</sup> | EUR | 630 | 597419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/29 | EUR | 450 | 375595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/40<sup>(a)</sup> | EUR | 350 | 212980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/16/25 | EUR | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/14/26<sup>(a)</sup> | EUR | 500 | 458637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/15/26<sup>(a)</sup> | EUR | 510 | 466832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/27 | EUR | 1691 | 1531541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/13/37 | EUR | 375 | 255565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/22/29<sup>(a)</sup> | EUR | 610 | 530402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24<sup>(a)</sup> | GBP | 790 | 852320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/22/27<sup>(a)</sup> | GBP | 500 | 489225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/15/23<sup>(a)</sup> | GBP | 500 | 555900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/13/24<sup>(a)</sup> | EUR | 500 | 479963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/15/26<sup>(a)</sup> | GBP | 300 | 308710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/28<sup>(a)</sup> | EUR | 400 | 361399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/21/26<sup>(a)</sup> | GBP | 390 | 398448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/14/31<sup>(a)</sup> | EUR | 520 | 443821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/32<sup>(a)</sup> | EUR | 690 | 577154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/14/42<sup>(a)</sup> | EUR | 1310 | 902626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/15/32 | EUR | 450 | 375030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/13/33<sup>(a)</sup> | EUR | 600 | 494129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/36<sup>(a)</sup> | EUR | 950 | 729054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/12/25<sup>(a)</sup> | SEK | 1000 | 86295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/07/25<sup>(a)</sup> | GBP | 800 | 863311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/15/32<sup>(a)</sup> | EUR | 500 | 436544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/47 | EUR | 50 | 37026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/16/48 | EUR | 430 | 316174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/45<sup>(a)</sup> | EUR | 500 | 394410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/22/25<sup>(a)</sup> | CAD | 500 | 349950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/24 | EUR | 1140 | 1123980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/12/23<sup>(a)</sup> | AUD | 500 | 319524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/14/33<sup>(a)</sup> | EUR | 800 | 790284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/03/28 | AUD | 750 | 450733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/27<sup>(a)</sup> | EUR | 150 | 153371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/08/37<sup>(a)</sup> | GBP | 570 | 628908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 | EUR | 900 | 961415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/37 | EUR | 200 | 218105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/07/29<sup>(a)</sup> | GBP | 240 | 279457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/39 | GBP | 40 | 49898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/07/32 | GBP | 100 | 129140 |
|  European Stability Mechanism |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/14/25<sup>(a)(d)</sup> | EUR | 520 | 484778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/04/30<sup>(a)</sup> | EUR | 600 | 482726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 10/15/31<sup>(a)</sup> | EUR | 420 | 321144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/22/24<sup>(a)</sup> | EUR | 400 | 382500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/02/26<sup>(a)</sup> | EUR | 1100 | 1015121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/05/29<sup>(a)</sup> | EUR | 660 | 565503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/27<sup>(a)</sup> | EUR | 750 | 683100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/05/28<sup>(a)</sup> | EUR | 950 | 837518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/18/42<sup>(a)</sup> | EUR | 80 | 52872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/23/25<sup>(a)</sup> | EUR | 500 | 474389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/23/27<sup>(a)</sup> | EUR | 716 | 654695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/03/32<sup>(a)</sup> | EUR | 150 | 125923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/23/33<sup>(a)</sup> | EUR | 600 | 495356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/17/36<sup>(a)</sup> | EUR | 100 | 81587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/20/45<sup>(a)</sup> | EUR | 310 | 242944 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Supranational (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 11/02/46<sup>(a)</sup> | EUR | 660 | $520354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 12/01/55<sup>(a)</sup> | EUR | 400 | 307010 |
|  European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/04/25<sup>(a)(d)</sup> | EUR | 358 | 328922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/04/29<sup>(a)(d)</sup> | EUR | 800 | 659052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/04/30<sup>(a)(d)</sup> | EUR | 1500 | 1187842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/04/31<sup>(a)(d)</sup> | EUR | 2880 | 2224558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/04/35<sup>(a)(d)</sup> | EUR | 1645 | 1103294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 10/04/40<sup>(a)</sup> | EUR | 950 | 539484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 06/04/36<sup>(a)</sup> | EUR | 1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/22/36<sup>(a)</sup> | EUR | 800 | 544723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 11/04/50<sup>(a)</sup> | EUR | 1612 | 753437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/02/46<sup>(a)</sup> | EUR | 1100 | 603207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/04/25<sup>(a)</sup> | EUR | 1480 | 1397582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/04/23<sup>(a)</sup> | EUR | 400 | 389513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 07/06/51<sup>(a)</sup> | EUR | 1660 | 885293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/04/31<sup>(a)</sup> | EUR | 180 | 149904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/04/47<sup>(a)</sup> | EUR | 630 | 371983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/06/32<sup>(a)</sup> | EUR | 1100 | 910871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 04/04/36<sup>(a)</sup> | EUR | 100 | 77931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/04/37<sup>(a)</sup> | EUR | 400 | 302005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/04/33<sup>(a)</sup> | EUR | 760 | 634076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/04/35<sup>(a)</sup> | EUR | 60 | 49485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/04/24<sup>(a)</sup> | EUR | 270 | 265240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/04/27<sup>(a)</sup> | EUR | 250 | 245170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/04/28 | EUR | 500 | 499046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/04/32<sup>(a)</sup> | EUR | 150 | 153644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/04/42<sup>(a)</sup> | EUR | 280 | 298396 |
|  Inter-American Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/27/27 | CAD | 200 | 127895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/04/28 | AUD | 200 | 103640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/15/25 | GBP | 200 | 211403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/15/24 | GBP | 100 | 108718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/10/24 | CAD | 200 | 140178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/24 | AUD | 500 | 310115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/14/27<sup>(a)</sup> | AUD | 100 | 58652 |
|  International Bank for Reconstruction & |  |  |  |
|  Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/21/30<sup>(d)</sup> | EUR | 500 | 400829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/03/51 | EUR | 200 | 92093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/21/61 | EUR | 230 | 91699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/21/29 | EUR | 500 | 417802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/10/50 | EUR | 120 | 60980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/24/23 | GBP | 600 | 673430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/18/26 | AUD | 100 | 55935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/15/23 | GBP | 200 | 221672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/22/27 | EUR | 200 | 177705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/12/33<sup>(a)</sup> | EUR | 60 | 47005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/13/24 | GBP | 300 | 322782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/29 | GBP | 400 | 370049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/07/23 | GBP | 200 | 224883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/28 | GBP | 500 | 482906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/26/24 | CAD | 500 | 353008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/16/25 | CAD | 940 | 658107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/26/25 | AUD | 510 | 313584 |
|  International Development Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 04/22/36<sup>(a)</sup> | EUR | 200 | 137930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/21/28<sup>(a)</sup> | GBP | 300 | 280905 |
|  International Finance Corp., 3.15%, 06/26/29<sup>(a)</sup> | AUD | 580 | 336450 |

---

S C H E D U L E O F I N V E S T M E N T S 119

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Supranational (continued)** |  |  |  |
|  Nordic Investment Bank, 0.00%, 04/30/27<sup>(a)(d)</sup> | EUR | 300 | $262576 |
|  |  |  | 78724444 |
| **Sweden — 0.4%** |  |  |  |
|  Kommuninvest I Sverige AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/22/23<sup>(a)</sup> | SEK | 2000 | 180517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/13/23<sup>(a)</sup> | SEK | 5000 | 444585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/25<sup>(a)</sup> | SEK | 13000 | 1112262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/12/26<sup>(a)</sup> | SEK | 5000 | 410037 |
|  Svensk Exportkredit AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/25<sup>(a)</sup> | GBP | 200 | 203947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/15/23<sup>(a)</sup> | GBP | 200 | 223463 |
|  Sweden Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/12/31<sup>(e)</sup> | SEK | 18030 | 1368155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/24/45 | SEK | 2760 | 178106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/12/28 | SEK | 23400 | 1946334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/12/29<sup>(e)</sup> | SEK | 8290 | 675929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/12/26<sup>(a)</sup> | SEK | 25235 | 2165517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/13/23<sup>(e)</sup> | SEK | 14500 | 1303269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/32<sup>(a)</sup> | SEK | 7250 | 661556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/12/25 | SEK | 40310 | 3657443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/39 | SEK | 6380 | 689497 |
|  |  |  | 15220617 |
| **Switzerland — 0.4%** |  |  |  |
|  Canton of Zurich, 0.00%, 11/10/33<sup>(a)(d)</sup> | CHF | 300 | 244958 |
|  Swiss Confederation Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/22/29<sup>(a)(d)</sup> | CHF | 7442 | 6953423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/26/34<sup>(a)(d)</sup> | CHF | 4430 | 3879695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/24/39<sup>(a)(d)</sup> | CHF | 3890 | 3172447 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14250523 |
| **Thailand — 0.6%** |  |  |  |
|  Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/17/27 | THB | 61190 | 1492869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 12/17/35 | THB | 50000 | 1045573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/17/29 | THB | 33180 | 796974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/17/35 | THB | 31330 | 662902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/17/31 | THB | 81390 | 1949147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/42 | THB | 35790 | 687627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/17/26 | THB | 36520 | 942957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/17/23 | THB | 34620 | 919486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/17/52 | THB | 26420 | 508457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/17/28 | THB | 92885 | 2445589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/17/46 | THB | 37325 | 788258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/17/38 | THB | 47004 | 1153166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/36 | THB | 24175 | 616215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 12/17/27 | THB | 14000 | 383003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/17/67 | THB | 38050 | 793891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/16/23 | THB | 59500 | 1586771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/20/31 | THB | 31080 | 848616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/14/41 | THB | 2000 | 51956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/12/25 | THB | 29633 | 819112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/66 | THB | 9000 | 206040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 12/12/37<sup>(a)</sup> | THB | 35800 | 978978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 06/29/44 | THB | 17120 | 489638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/17/61 | THB | 4500 | 123986 |
|  |  |  | 20291211 |
| **United Kingdom — 5.9%** |  |  |  |
|  LCR Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/07/28<sup>(a)</sup> | GBP | 150 | 174236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/07/38<sup>(a)</sup> | GBP | 200 | 232245 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Transport for London |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/24/25<sup>(a)</sup> | GBP | 150 | $159831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/23/42<sup>(a)</sup> | GBP | 350 | 319567 |
|  United Kingdom Gilt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/24<sup>(a)</sup> | GBP | 4490 | 4954029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/30/26<sup>(a)</sup> | GBP | 3880 | 4003244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/28<sup>(a)</sup> | GBP | 5219 | 4992330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/31/25<sup>(a)</sup> | GBP | 6500 | 6934341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/31<sup>(a)</sup> | GBP | 9500 | 8216595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/22/26<sup>(a)</sup> | GBP | 5230 | 5291045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/22/30<sup>(a)</sup> | GBP | 5797 | 5202523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/31/29<sup>(a)</sup> | GBP | 2000 | 1892655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/22/61<sup>(a)</sup> | GBP | 4165 | 1902161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/07/25<sup>(a)</sup> | GBP | 8941 | 9567368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/35<sup>(a)</sup> | GBP | 3020 | 2380523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/22/50<sup>(a)</sup> | GBP | 6959 | 3842967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/22/29<sup>(a)</sup> | GBP | 6930 | 6635059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/31/33<sup>(a)</sup> | GBP | 4270 | 3694808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/46<sup>(a)</sup> | GBP | 2915 | 1866168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/22/24<sup>(a)</sup> | GBP | 5782 | 6417482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/31/32<sup>(a)</sup> | GBP | 5940 | 5443597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/31/39<sup>(a)</sup> | GBP | 7020 | 5414708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/22/73<sup>(a)</sup> | GBP | 1510 | 860743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/22/27<sup>(a)</sup> | GBP | 8230 | 8480470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/22/41<sup>(a)</sup> | GBP | 7972 | 5995237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/31/51<sup>(a)</sup> | GBP | 3720 | 2482611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/26<sup>(a)</sup> | GBP | 6600 | 7054269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/47<sup>(a)</sup> | GBP | 4562 | 3375231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/53<sup>(a)</sup> | GBP | 1980 | 1399432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/28<sup>(a)</sup> | GBP | 5600 | 5752640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/54<sup>(a)</sup> | GBP | 2850 | 2085422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/71<sup>(a)</sup> | GBP | 2770 | 1967639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/07/37<sup>(a)</sup> | GBP | 3687 | 3232116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/49<sup>(a)</sup> | GBP | 4245 | 3319893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/22/57<sup>(a)</sup> | GBP | 3467 | 2647230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/07/25<sup>(a)</sup> | GBP | 5145 | 5697491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/22/65<sup>(a)</sup> | GBP | 2500 | 2326684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/07/24<sup>(a)</sup> | GBP | 3936 | 4469026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/44<sup>(a)</sup> | GBP | 3320 | 3497073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/22/45<sup>(a)</sup> | GBP | 3553 | 3892241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/22/68<sup>(a)</sup> | GBP | 3164 | 3753801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/52<sup>(a)</sup> | GBP | 3598 | 4235694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/60<sup>(a)</sup> | GBP | 3560 | 4580929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/27<sup>(a)</sup> | GBP | 3474 | 4089437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/07/32<sup>(a)</sup> | GBP | 3230 | 3939924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/07/36<sup>(a)</sup> | GBP | 3328 | 4007338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/07/39<sup>(a)</sup> | GBP | 2276 | 2730573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/40<sup>(a)</sup> | GBP | 3155 | 3797396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/46<sup>(a)</sup> | GBP | 2732 | 3364526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/49<sup>(a)</sup> | GBP | 2501 | 3141451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/55<sup>(a)</sup> | GBP | 2827 | 3706257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/07/34<sup>(a)</sup> | GBP | 4138 | 5135675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/07/42<sup>(a)</sup> | GBP | 3055 | 3836688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/30<sup>(a)</sup> | GBP | 2209 | 2758058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/38<sup>(a)</sup> | GBP | 2042 | 2594316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/07/25<sup>(a)</sup> | GBP | 2004 | 2380135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/28<sup>(a)</sup> | GBP | 518 | 668856 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216793984 |

---

120 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States — 0.0%** |  |  |  |
|  Jersey International Bond, 2.88%, 05/06/52(Call 11/06/51)<sup>(a)</sup> | GBP | 100 | $83434 |
|  **Total Foreign Government Obligations — 79.1%<br>(Cost: $3,669,337,927)** | **Total Foreign Government Obligations — 79.1%<br>(Cost: $3,669,337,927)** | **Total Foreign Government Obligations — 79.1%<br>(Cost: $3,669,337,927)** | &nbsp;&nbsp;&nbsp;&nbsp;2908648283 |
|  **Total Investments — 97.9%<br>(Cost: $4,559,974,431**) | **Total Investments — 97.9%<br>(Cost: $4,559,974,431**) |  | 3600019617 |
|  **Other Assets Less Liabilities — 2.1%** |  |  | 78494840 |
|  **Net Assets — 100.0%** |  |  | $3678514457 |

---

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(c)</sup> Perpetual security with no stated maturity date.

<sup>(d)</sup> Zero-coupon bond.

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $3420000 | $– $| (3420000)<sup>(b)</sup> | $– $– | $— | – $| 141373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

**Derivative Financial Instruments Outstanding as of Period End** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| AUD | 167250000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106586753 | JPMorgan Chase Bank N.A. | 11/02/22 | $394707 |
| CAD | 59650000 | USD | 43690992 | Bank of New York | 11/02/22 | 93668 |
| CAD | 4440000 | USD | 3248080 | Citibank N.A. | 11/02/22 | 10996 |
| CAD | 59650000 | USD | 43683025 | Deutsche Bank Securities Inc. | 11/02/22 | 101635 |
| CAD | 59660000 | USD | 43668250 | JPMorgan Chase Bank N.A. | 11/02/22 | 123750 |
| CAD | 59650000 | USD | 43619744 | Morgan Stanley & Co. International PLC | 11/02/22 | 164916 |
| CAD | 59650000 | USD | 43641828 | State Street Bank and Trust Co. | 11/02/22 | 142832 |
| EUR | 16810000 | USD | 16593106 | JPMorgan Chase Bank N.A. | 11/02/22 | 19372 |
| GBP | 19900000 | USD | 22230748 | Morgan Stanley & Co. International PLC | 11/02/22 | 590563 |
| ILS | 35015000 | USD | 9898401 | Deutsche Bank Securities Inc. | 11/02/22 | 10897 |
| JPY | 11690450000 | USD | 78581751 | JPMorgan Chase Bank N.A. | 11/02/22 | 38579 |
| JPY | 11690460000 | USD | 78593441 | Morgan Stanley & Co. International PLC | 11/02/22 | 26956 |
| JPY | 11690460000 | USD | 78588686 | State Street Bank and Trust Co. | 11/02/22 | 31711 |
| NZD | 19600000 | USD | 11365844 | Morgan Stanley & Co. International PLC | 11/02/22 | 29598 |
| THB | 774495000 | USD | 20334357 | JPMorgan Chase Bank N.A. | 11/02/22 | 14960 |
| USD | 3029152 | AUD | 4710000 | Deutsche Bank Securities Inc. | 11/02/22 | 16400 |
| USD | 105297476 | AUD | 162540000 | JPMorgan Chase Bank N.A. | 11/02/22 | 1328767 |
| USD | 951386 | CAD | 1290000 | Deutsche Bank Securities Inc. | 11/02/22 | 4493 |
| USD | 36520217 | CHF | 35730000 | JPMorgan Chase Bank N.A. | 11/02/22 | 838388 |

---

S C H E D U L E O F I N V E S T M E N T S 121

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Forward Foreign Currency Exchange Contracts (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 702308882 | CNY | 4974150297 | State Street Bank & Trust Company | 11/02/22 | $20787728 |
| USD | 8605689 | EUR | 8630000 | Deutsche Bank Securities Inc. | 11/02/22 | 77094 |
| USD | 43715804 | GBP | 37880000 | Morgan Stanley & Co. International PLC | 11/02/22 | 275038 |
| USD | 79740234 | JPY | 11502130000 | Bank of New York | 11/02/22 | 2386389 |
| USD | 85130136 | JPY | 12282420000 | Deutsche Bank Securities Inc. | 11/02/22 | 2528703 |
| USD | 79821026 | JPY | 11502130000 | Morgan Stanley & Co. International PLC | 11/02/22 | 2467181 |
| USD | 79792785 | JPY | 11502130000 | State Street Bank and Trust Co. | 11/02/22 | 2438940 |
| USD | 79789284 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502120000 | UBS AG | 11/02/22 | 2435506 |
| USD | 20497908 | THB | 774495000 | Morgan Stanley & Co. International PLC | 11/02/22 | 148591 |
| MXN | 438580000 | USD | 22077360 | JPMorgan Chase Bank N.A. | 11/03/22 | 58611 |
| CAD | 2280000 | USD | 1671802 | UBS AG | 12/02/22 | 2085 |
| CNY | 17000000 | USD | 2333178 | State Street Bank & Trust Company | 12/02/22 | 8098 |
| USD | 35840716 | CHF | 35730000 | State Street Bank and Trust Co. | 12/02/22 | 43201 |
| USD | 676517730 | CNY | 4906950297 | State Street Bank & Trust Company | 12/02/22 | 722344 |
| USD | 9614766 | CZK | 237590000 | Morgan Stanley & Co. International PLC | 12/02/22 | 45810 |
| USD | 15145656 | DKK | 113225000 | Citibank N.A. | 12/02/22 | 83079 |
| USD | 324833968 | EUR | 327255000 | Bank of New York | 12/02/22 | 735764 |
| USD | 324865057 | EUR | 327255000 | Deutsche Bank Securities Inc. | 12/02/22 | 766853 |
| USD | 324436256 | EUR | 327245000 | JPMorgan Chase Bank N.A. | 12/02/22 | 347956 |
| USD | 324439625 | EUR | 327255000 | Morgan Stanley & Co. International PLC | 12/02/22 | 341421 |
| USD | 324453697 | EUR | 327255000 | State Street Bank and Trust Co. | 12/02/22 | 355493 |
| USD | 15417533 | GBP | 13380000 | JPMorgan Chase Bank N.A. | 12/02/22 | 60779 |
| USD | 294370998 | GBP | 254220000 | Morgan Stanley & Co. International PLC | 12/02/22 | 2592660 |
| USD | 5563241 | HUF | 2315705000 | UBS AG | 12/02/22 | 21504 |
| USD | 78887148 | JPY | 11690460000 | Bank of New York | 12/02/22 | 3833 |
| USD | 86271749 | JPY | 12784990000 | Deutsche Bank Securities Inc. | 12/02/22 | 2912 |
| USD | 7363525 | NOK | 76240000 | JPMorgan Chase Bank N.A. | 12/02/22 | 23051 |
| USD | 10575404 | PLN | 50365000 | UBS AG | 12/02/22 | 61283 |
| USD | 5623814 | RON | 27895000 | Deutsche Bank Securities Inc. | 12/02/22 | 25850 |
| USD | 29841586 | SEK | 327540000 | Citibank N.A. | 12/02/22 | 118678 |
| USD | 15313873 | SGD | 21660000 | JPMorgan Chase Bank N.A. | 12/02/22 | 10151 |
| KRW | 4146640000 | USD | 2894799 | Morgan Stanley & Co. International PLC | 12/21/22 | 13055 |
| USD | 3037982 | CLP | 2830640000 | Morgan Stanley & Co. International PLC | 12/21/22 | 62345 |
| USD | 5752639 | COP | 25739610000 | Citibank N.A. | 12/21/22 | 585164 |
| USD | 2519961 | IDR | 39145080000 | Deutsche Bank Securities Inc. | 12/21/22 | 18813 |
| USD | 34065430 | IDR | 509550706721 | Morgan Stanley & Co. International PLC | 12/21/22 | 1508035 |
| USD | 84331892 | KRW | 117321685000 | Morgan Stanley & Co. International PLC | 12/21/22 | 2059414 |
| USD | 29638209 | MYR | 134350000 | Morgan Stanley & Co. International PLC | 12/21/22 | 1213755 |

---

122 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Forward Foreign Currency Exchange Contracts (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 3896968 | PEN | 15220000 | Morgan Stanley & Co. International PLC | 12/21/22 |  | $97846 |
|  |  |  |  |  |  |  | 49518201 |
| CHF | 35730000 | USD | 35725356 | State Street Bank and Trust Co. | 11/02/22 |  | (43526) |
| CNY | 4974150297 | USD | 684796440 | State Street Bank & Trust Company | 11/02/22 |  | (3275285) |
| CZK | 237590000 | USD | 9638931 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (46311) |
| DKK | 113225000 | USD | 15111173 | Citibank N.A. | 11/02/22 |  | (83234) |
| EUR | 327255000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324149350 | Bank of New York | 11/02/22 |  | (739691) |
| EUR | 327255000 | USD | 324178803 | Deutsche Bank Securities Inc. | 11/02/22 |  | (769144) |
| EUR | 327245000 | USD | 323750023 | JPMorgan Chase Bank N.A. | 11/02/22 |  | (350247) |
| EUR | 327255000 | USD | 323756644 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (346985) |
| EUR | 327255000 | USD | 323769734 | State Street Bank and Trust Co. | 11/02/22 |  | (360075) |
| GBP | 19900000 | USD | 22911865 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (90555) |
| HUF | 2315705000 | USD | 5614780 | UBS AG | 11/02/22 |  | (24905) |
| JPY | 11690460000 | USD | 78626214 | Bank of New York | 11/02/22 |  | (5816) |
| JPY | 11690460000 | USD | 78623041 | Deutsche Bank Securities Inc. | 11/02/22 |  | (2644) |
| JPY | 105320000 | USD | 729227 | Societe Generale | 11/02/22 |  | (20932) |
| NOK | 76240000 | USD | 7356411 | JPMorgan Chase Bank N.A. | 11/02/22 |  | (22927) |
| PLN | 50365000 | USD | 10612882 | UBS AG | 11/02/22 |  | (63249) |
| RON | 27895000 | USD | 5640139 | Deutsche Bank Securities Inc. | 11/02/22 |  | (26221) |
| SEK | 327540000 | USD | 29784189 | Citibank N.A. | 11/02/22 |  | (118935) |
| SGD | 21660000 | USD | 15311424 | JPMorgan Chase Bank N.A. | 11/02/22 |  | (10492) |
| USD | 43280713 | CAD | 59440000 | Bank of New York | 11/02/22 |  | (349801) |
| USD | 46341214 | CAD | 63650000 | Deutsche Bank Securities Inc. | 11/02/22 |  | (379551) |
| USD | 43393196 | CAD | 59440000 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (237318) |
| USD | 43334702 | CAD | 59440000 | State Street Bank and Trust Co. | 11/02/22 |  | (295813) |
| USD | 43319511 | CAD | 59440000 | UBS AG | 11/02/22 |  | (311004) |
| USD | 9418382 | CZK | 237590000 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (174237) |
| USD | 14898869 | DKK | 113225000 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (129070) |
| USD | 317065153 | EUR | 325085000 | Bank of New York | 11/02/22 |  | (4200004) |
| USD | 335954011 | EUR | 344115000 | Deutsche Bank Securities Inc. | 11/02/22 |  | (4117539) |
| USD | 318381747 | EUR | 325085000 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (2883410) |
| USD | 318002698 | EUR | 325085000 | State Street Bank and Trust Co. | 11/02/22 |  | (3262459) |
| USD | 317981864 | EUR | 325075000 | UBS AG | 11/02/22 |  | (3273411) |
| USD | 2176113 | GBP | 1920000 | Morgan Stanley & Co. International PLC | 11/02/22 |  | (25742) |
| USD | 5318872 | HUF | 2315705000 | UBS AG | 11/02/22 |  | (271004) |
| USD | 9845008 | ILS | 35015000 | State Street Bank and Trust Co. | 11/02/22 |  | (64290) |
| USD | 1791662 | JPY | 266680000 | Deutsche Bank Securities Inc. | 11/02/22 |  | (1807) |
| USD | 7066041 | NOK | 76240000 | Citibank N.A. | 11/02/22 |  | (267443) |
| USD | 11127194 | NZD | 19600000 | UBS AG | 11/02/22 |  | (268247) |
| USD | 10093644 | PLN | 50365000 | Societe Generale | 11/02/22 |  | (455989) |
| USD | 5477270 | RON | 27895000 | Deutsche Bank Securities Inc. | 11/02/22 |  | (136649) |
| USD | 1092408 | SEK | 12180000 | Deutsche Bank Securities Inc. | 11/02/22 |  | (10733) |

---

S C H E D U L E O F I N V E S T M E N T S 123

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Forward Foreign Currency Exchange Contracts (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 28239096 | SEK | 315360000 | Morgan Stanley & Co. International PLC | 11/02/22 | $(323017) |
| USD | 15090752 | SGD | 21660000 | JPMorgan Chase Bank N.A. | 11/02/22 | (210180) |
| GBP | 272200000 | USD | 314959898 | Morgan Stanley & Co. International PLC | 11/03/22 | (2792945) |
| USD | 294182872 | GBP | 272200000 | Morgan Stanley & Co. International PLC | 11/03/22 | (17984081) |
| USD | 21656188 | MXN | 438580000 | Deutsche Bank Securities Inc. | 11/03/22 | (479784) |
| EUR | 8250000 | USD | 8171188 | Deutsche Bank Securities Inc. | 12/02/22 | (770) |
| USD | 106677904 | AUD | 167250000 | JPMorgan Chase Bank N.A. | 12/02/22 | (395042) |
| USD | 960000 | AUD | 1500000 | UBS AG | 12/02/22 | (295) |
| USD | 43698161 | CAD | 59650000 | Bank of New York | 12/02/22 | (94541) |
| USD | 43690640 | CAD | 59650000 | Deutsche Bank Securities Inc. | 12/02/22 | (102063) |
| USD | 43676402 | CAD | 59660000 | JPMorgan Chase Bank N.A. | 12/02/22 | (123642) |
| USD | 43628358 | CAD | 59650000 | Morgan Stanley & Co. International PLC | 12/02/22 | (164344) |
| USD | 43648311 | CAD | 59650000 | State Street Bank and Trust Co. | 12/02/22 | (144391) |
| USD | 78841965 | JPY | 11690450000 | JPMorgan Chase Bank N.A. | 12/02/22 | (41283) |
| USD | 78853200 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690460000 | Morgan Stanley & Co. International PLC | 12/02/22 | (30115) |
| USD | 78848945 | JPY | 11690460000 | State Street Bank and Trust Co. | 12/02/22 | (34370) |
| USD | 21961383 | MXN | 438580000 | JPMorgan Chase Bank N.A. | 12/02/22 | (59024) |
| USD | 11371352 | NZD | 19600000 | Morgan Stanley & Co. International PLC | 12/02/22 | (29735) |
| USD | 20375667 | THB | 774495000 | JPMorgan Chase Bank N.A. | 12/02/22 | (21212) |
| USD | 9919061 | ILS | 35015000 | Deutsche Bank Securities Inc. | 12/05/22 | (8808) |
|  |  |  |  |  |  | (50556337) |
|  |  |  |  |  |  | $(1038136) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $— | $— | $— | $49518201 | $— | $— | $49518201 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $50556337 | $— | $— | $50556337 |

---

124 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $617029915 | $— | $— | $617029915 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $11046476 | $— | $— | $11046476 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $3680735267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $7628544101 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $49518201 | $50556337 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 49518201 | 50556337 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | 49518201 | 50556337 |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative<br>Assets*<br> *Subject to*<br> *an MNA by<br>Counterparty* | ** <br>** <br>| *Derivatives<br>Available for<br>Offset <br><sup>(a)</sup>* |  | *Cash<br>Collateral<br>Received <br><sup>(b)</sup>* | *Net Amount<br>of Derivative<br>Assets* | *<br><sup>(c)(d)</sup>* |
|  Bank of New York | $3219654 |  | $(3219654) | $– | $— | $— |  |
|  Citibank N.A. | 797917 |  | (469612) | – | (328305) |  |  |
|  Deutsche Bank Securities Inc. | 3553650 |  | (3553650) | – |  |  |  |
|  JPMorgan Chase Bank N.A. | 3259071 |  | (1234049) | – |  | 2025022 |  |
|  Morgan Stanley & Co. International PLC | 11637184 |  | (11637184) | – |  |  |  |
|  State Street Bank & Trust Company | 21518170 |  | (3275285) | – |  | 18242885 |  |
|  State Street Bank and Trust Co. | 3012177 |  | (3012177) | – |  |  |  |
|  UBS AG | 2520378 |  | (2520378) | – |  |  |  |
|  | $49518201 |  | $(28921989) | $– | $(328305) | $20267907 |  |

---

S C H E D U L E O F I N V E S T M E N T S 125

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core International Aggregate Bond ETF** |

---

**Derivative Financial Instruments - Offsetting as of Period End (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by<br>Counterparty* | <br>** <br>| *Derivatives*<br> *Available*<br> *for Offset* | *Non-Cash*<br> *Collateral*<br> *Pledged* | *Cash*<br> *Collateral*<br> *Pledged* | *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(d)(f)</sup>*  |
|  Bank of New York | $5389853 |  | $(3219654) | $— | $— | $2170199 |  |
|  Citibank N.A. | 469612 |  | (469612) |  |  |  |  |
|  Deutsche Bank Securities Inc. | 6035713 |  | (3553650) |  |  | 2482063 |  |
|  JPMorgan Chase Bank N.A. | 1234049 |  | (1234049) |  |  |  |  |
|  Morgan Stanley & Co. International PLC | 25257865 |  | (11637184) |  | (13620681) |  |  |
|  Societe Generale | 476921 |  |  |  |  | 476921 |  |
|  State Street Bank & Trust Company | 3275285 |  | (3275285) |  |  |  |  |
|  State Street Bank and Trust Co. | 4204924 |  | (3012177) |  |  | 1192747 |  |
|  UBS AG | 4212115 |  | (2520378) |  |  | 1691737 |  |
|  | $50556337 |  | $(28921989) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(13620681) | $8013667 |  |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b</sup><sup>)</sup> Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(e)</sup> Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

<sup>(f)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $691371334 | $— | $691371334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 2908648283 |  | 2908648283 |
|  | $— | $3600019617 | $— | $3600019617 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $49518201 | $— | $49518201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (50556337) |  | (50556337) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1038136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1038136) |

---

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

126 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | |
|:---|:---|:---|
| | iShares<br> Core 1-5 Year USD<br>Bond ETF | iShares<br> Core International<br>Aggregate Bond<br> ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $4988024689 | $3600019617 |
|  Investments, at value — affiliated<sup>(c)</sup> | 141915587 |  |
|  Cash | 11114 |  |
|  Foreign currency, at value<sup>(d)</sup> | 2332 | 22596195 |
|  Cash pledged as collateral for OTC derivatives |  | 15950000 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 60444436 | 47118704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 59336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 2705893 | 3495549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 127283 | 7181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 243 | 19931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 29078883 | 28836909 |
|  Unrealized appreciation on forward foreign currency exchange contracts |  | 49518201 |
|  Other assets |  | 7980000 |
|  Total assets | 5222369796 | 3775542287 |
|  **LIABILITIES** |  |  |
|  Bank overdraft |  | 4983895 |
|  Cash received: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives |  | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 4000 |  |
|  Collateral on securities loaned, at value | 88615321 |  |
|  Deferred foreign capital gain tax |  | 17418 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 72688876 | 40794640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 73061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 254668 | 215540 |
|  Unrealized depreciation on forward foreign currency exchange contracts |  | 50556337 |
|  Total liabilities | 161635926 | 97027830 |
|  NET ASSETS | $5060733870 | $3678514457 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $5539403778 | $4042689786 |
|  Accumulated loss | (478669908) | (364175329) |
|  NET ASSETS | $5060733870 | $3678514457 |
|  **NET ASSETVALUE** |  |  |
|  Shares outstanding | 110200000 | 75500000 |
|  Net asset value | $45.92 | $48.72 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $5424401172 | $4559974431 |
|  <sup>(b)</sup> Securities loaned, at value | $85643998 | $— |
|  <sup>(c)</sup> Investments, at cost — affiliated | $141927016 | $— |
|  <sup>(d)</sup> Foreign currency, at cost | $2397 | $22679850 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 127

------

Statements of Operations

Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| | iShares<br> Core 1-5<br> Year USD<br> Bond ETF | iShares<br> Core International<br> Aggregate Bond<br> ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $40 | $12599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 669798 | 141373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 104592532 | 48339268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 497551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 51114 | 14281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | (483614) |
|  Total investment income | 105811035 | 48023907 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3513508 | 2772985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |
|  Total expenses | 3513725 | 2773202 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (102458) |  |
|  Total expenses after fees waived | 3411267 | 2773202 |
|  Net investment income | 102399768 | 45250705 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (49216435) | (48681156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (62083) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 617029915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (25) | (6690370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (76517214) | (1144442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments by affiliate | 1907 |  |
|  | (125793850) | 560513947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup> | (454546929) | (1014029738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (52179) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 11046476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (66) | (1374417) |
|  | (454599174) | (1004357679) |
|  Net realized and unrealized loss | (580393024) | (443843732) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(477993256) | $(398593027) |
|  <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |  |  |
|  <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | $— | $161104 |

---

*See notes to financial statements.* 

128 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Core 1-5 Year USD Bond ETF | iShares<br> Core 1-5 Year USD Bond ETF | iShares<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core International Aggregate Bond ETF  | iShares<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core International Aggregate Bond ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $102399768 | $86319293 | $45250705 | $37090828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (125793850) | 11136487 | 560513947 | 29066274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (454599174) | (83749073) | (1004357679) | (120922236) |
|  Net increase (decrease) in net assets resulting from operations | (477993256) | 13706707 | (398593027) | (54765134) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (103820594) | (88533271) | (43841993) | (6019839) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (592584886) | 1608968395 | 233105618 | 719713923 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1174398736) | 1534141831 | (209329402) | 658928950 |
|  Beginning of year | 6235132606 | 4700990775 | 3887843859 | 3228914909 |
|  End of year | $5060733870 | $6235132606 | $3678514457 | $3887843859 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 129

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core 1-5 Year USD Bond ETF | iShares Core 1-5 Year USD Bond ETF | iShares Core 1-5 Year USD Bond ETF | iShares Core 1-5 Year USD Bond ETF | iShares Core 1-5 Year USD Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.73 | $51.38 | $50.50 | $48.79 | $50.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.85 | 0.84 | 1.18 | 1.42 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (4.80) | (0.61) | 0.92 | 1.68 | (1.37) |
|  Net increase (decrease) from investment operations | (3.95) | 0.23 | 2.10 | 3.10 | (0.13) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.83) | (0.88) | (1.22) | (1.39) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  |  |  |  |
|  Total distributions | (0.86) | (0.88) | (1.22) | (1.39) | (1.16) |
|  **Net asset value, end of year** | $45.92 | $50.73 | $51.38 | $50.50 | $48.79 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (7.86)%<sup>(e)</sup> | 0.44% | 4.22% | 6.43% | (0.25)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
|  Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
|  Net investment income | 1.75% | 1.64% | 2.32% | 2.85% | 2.53% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $5060734 | $6235133 | $4700991 | $2863252 | $2205285 |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 60% | 82% | 77% | 83% | 107% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs").

*See notes to financial statements.* 

130 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core International Aggregate Bond ETF | iShares Core International Aggregate Bond ETF | iShares Core International Aggregate Bond ETF | iShares Core International Aggregate Bond ETF | iShares Core International Aggregate Bond ETF |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 |
|  **Net asset value, beginning of year** | $54.84 | $55.77 | $55.23 | $52.17 | $51.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.63 | 0.56 | 0.55 | 0.55 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (6.12) | (1.39) | 1.17 | 4.80 | 0.44 |
|  Net increase (decrease) from investment operations | (5.49) | (0.83) | 1.72 | 5.35 | 0.91 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.60) | (0.10) | (0.46) | (2.29) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.71) |  |  |
|  Total distributions | (0.63) | (0.10) | (1.18) | (2.29) | (0.72) |
|  **Net asset value, end of year** | $48.72 | $54.84 | $55.77 | $55.23 | $52.17 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (10.05)% | (1.52)% | 3.16 %<sup>(e)</sup> | 10.50% | 1.77% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.07% | 0.08% | 0.09% | 0.09% | 0.09% |
|  Net investment income | 1.21% | 1.00% | 0.99% | 1.02% | 0.91% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $3678514 | $3887844 | $3228915 | $1828114 | $871318 |
|  Portfolio turnover rate<sup>(g)</sup> | 11% | 16% | 36% | 12% | 11% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 131

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*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* | *Diversification<br>Classification* |
|  Core 1-5 Year USD Bond |  | Diversified |
|  Core International Aggregate Bond | | Non-diversified |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

132 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid
price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of
the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable

N O T E S T O F I N A N C I A L S T A T E M E N T S 133

------

*Notes to Financial Statements* (continued) 

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Mortgage Dollar Roll Transactions:** Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund

134 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned<br>at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net Amount* | |
|  Core 1-5 Year USD Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $4042605 | $(4042605) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 1295409 | (1295409) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 614796 | (614796) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 4942781 | (4942781) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1918251 | (1918251) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 220890 | (220890) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2940435 | (2940435) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 1195631 | (1195631) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 4614355 | (4614355) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 5362983 | (5303584) |  |  | 59399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 525934 | (525934) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 42377532 | (42377532) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 986268 | (986268) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 5627717 | (5627717) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 1069386 | (1069386) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 506614 | (506614) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 1823192 | (1823192) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 1572840 | (1572840) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 574855 | (574855) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 342937 | (342937) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 3088587 | (3088587) |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85643998 | $(85584599) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59399 |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

N O T E S T O F I N A N C I A L S T A T E M E N T S 135

------

*Notes to Financial Statements* (continued) 

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core 1-5 Year USD Bond | 0.06% |
|  Core International Aggregate Bond | 0.07 |

---

Effective March 31, 2022, for its investment advisory services to the iShares Core International Aggregate Bond ETF, BFA is entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to March 31, 2022, BFA was entitled to an annual investment advisory fee of 0.08%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Core 1-5 Year USD Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

136 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  Core 1-5 Year USD Bond | $102458 |

---

**Sub-Adviser:** BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together, the "Sub-Advisers"), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the iShares Core International Aggregate Bond ETF.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core 1-5 Year USD Bond | $162775 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized <br>Gain (Loss)* |
|  Core 1-5 Year USD Bond | $2426214 | $580780 | $(62244) |

---

During the year ended October 31, 2022, the iShares Core 1-5 Year USD Bond ETF received a reimbursement of $1,907 from an affiliate, which is included in payment by affiliate in the Statement of Operations, related to an operating event.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

N O T E S T O F I N A N C I A L S T A T E M E N T S 137

------

*Notes to Financial Statements* (continued) 

***7.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | *Purchases* | *Sales* | *Purchases* | *Sales* |
|  Core 1-5 Year USD Bond | $&nbsp;&nbsp;&nbsp;&nbsp;2822523635 | $&nbsp;&nbsp;&nbsp;&nbsp;2906881245 | $652989542 | $&nbsp;&nbsp;&nbsp;&nbsp;628389242 |
|  Core International Aggregate Bond |  |  | 1091144016 | 422992417 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  Core 1-5 Year USD Bond | $&nbsp;&nbsp;&nbsp;&nbsp;1104511211 | $&nbsp;&nbsp;&nbsp;&nbsp;1661601851 |
|  Core International Aggregate Bond | 287808647 | 85477408 |

---

***8.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated <br>Earnings (Loss)* |
|  Core 1-5 Year USD Bond | $(76635812) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76635812 |
|  Core International Aggregate Bond | (1313243) | 1313243 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  Core 1-5 Year USD Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;100241584 | $&nbsp;&nbsp;&nbsp;&nbsp;88533271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 3579010 |  |
|  | $103820594 | $88533271 |
|  Core International Aggregate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $41867518 | $6019839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 1974475 |  |
|  | $43841993 | $6019839 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* | |
|  Core 1-5 Year USD Bond | $10721842 | $(50723841) | $(438667909) | $(478669908) |  |
|  Core International Aggregate Bond | 79350880 | (15206996) | (428319213) | (364175329) |  |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments, the accrual of income on securities in default, the hedging transactions and TBA transactions. 

138 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized <br>Appreciation <br>(Depreciation)* |
|  Core 1-5 Year USD Bond | $&nbsp;&nbsp;&nbsp;&nbsp;5568606437 | $2797870 | $(441464031) | $&nbsp;&nbsp;&nbsp;&nbsp;(438666161) |
|  Core International Aggregate Bond | 4568796703 | 52151617 | (1017697881) | (965546264) |

---

***9.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

The iShares Core International Aggregate Bond ETF may invest directly in the domestic bond market in the People's Republic of China ("China" or the "PRC") (the "China Interbank Bond Market") through the northbound trading of Bond Connect ("Bond Connect"). The Fund may be exposed to additional risks when investing in the China Interbank Bond Market, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) political and economic instability, and regulatory and tax risks (iii) potential delays and disruptions in the functionality of the newly developed trading platforms and operational systems, or the potential that Bond Connect ceases to operate; (iv) settlement and custody risks due to the link between the offshore custody agent and onshore custodians and clearing institutions; and (v) currency risk. In such event, there is no assurance that the Fund will achieve its investment objective.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

N O T E S T O F I N A N C I A L S T A T E M E N T S 139

------

*Notes to Financial Statements* (continued) 

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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*Notes to Financial Statements* (continued) 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Core 1-5 Year USD Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25100000 | $1209211121 | 34900000 | $1789199643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (37800000) | (1801796007) | (3500000) | (180231248) |
|  | (12700000) | $(592584886) | 31400000 | $1608968395 |
|  Core International Aggregate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7550000 | $390696668 | 14900000 | $825668184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2950000) | (157591050) | (1900000) | (105954261) |
|  | 4600000 | $233105618 | 13000000 | $719713923 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***11.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 141

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;iShares Core 1-5 Year USD Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;iShares Core International Aggregate Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term <br>Capital Gain Dividends* |
|  Core 1-5 Year USD Bond | $3579010 |
|  Core International Aggregate Bond | 1974475 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2022:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source<br>Income Earned* | *Foreign <br>Taxes Paid* |
|  Core International Aggregate Bond | $47427180 | $460847 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation <br>Interest* |
|  Core 1-5 Year USD Bond | $31013074 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  Core 1-5 Year USD Bond | $99730219 |
|  Core International Aggregate Bond | 42690929 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* | *Qualified Short-Term <br>Capital Gain* |
|  Core 1-5 Year USD Bond | $76893639 | $— |
|  Core International Aggregate Bond | 1094670 | 241297 |

---

I M P O R T A N T T A X I N F O R M A T I O N 143

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Board Review and Approval of Investment Advisory Contract

**iShares Core 1-5 Year USD Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided**: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates**: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates**: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion**: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Core International Aggregate Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited and BlackRock (Singapore) Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited and BlackRock (Singapore) Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited and BlackRock (Singapore) Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Nature, Extent and Quality of Services Provided**: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited and BlackRock (Singapore) Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited and BlackRock (Singapore) Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates**: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates**: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

**Conclusion**: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 147

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Core 1-5 Year USD Bond | $0.830294 | $0.028450 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.858744 | 97% | 3% | —% | 100% |
|  Core International Aggregate Bond<sup>(a)</sup> | 0.570859 | 0.031928 | 0.028942 | 0.631729 | 90 | 5 | 5 | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

148 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund<br> (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust<br> (since 2011). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust<br> (since 2019). |
|  <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust<br> (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust<br> (since 2017). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 149

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust<br> (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust<br> (since 2017). |
| John E. Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust<br> (since 2011). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust<br> (since 2011). |
| **Officers** | **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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150 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 151

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

152 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| OJSC | Open Joint Stock Company |
| PIK | Payment-in-kind |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

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| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 153

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1006-1022

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| | |
|:---|:---|
| ![LOGO](g395041sp1.jpg)  | ![LOGO](g395041g48v93.jpg) |

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| | |
|:---|:---|
| ![LOGO](g395230g24u50.jpg)  | **OCTOBER 31, 2022** |

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<br> **2022 Annual Report**<br>

**iShares Trust** 

· iShares iBonds Mar 2023 Term Corporate ex-Financials ETF \| IBCE \| NYSE Arca

· iShares iBonds Mar 2023 Term Corporate ETF \| IBDD \| NYSE Arca

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g395230g72a35.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g395230g04d26.jpg)

Rob Kapito

President, BlackRock, Inc.

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| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia,<br>Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets<br>Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month<br>U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br>U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate<br>Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond<br>Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate<br>High Yield 2% Issuer Capped<br>Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [The Markets in Review](#tx395230_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx395230_2) | 4 |
|  [Fund Summary](#tx395230_3) | 5 |
|  [About Fund Performance](#tx395230_4) | 9 |
|  [Disclosure of Expenses](#tx395230_5) | 9 |
|  [Schedules of Investments](#tx395230_6) | 10 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx395230_7) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx395230_8) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx395230_9) | 19 |
|  [Financial Highlights](#tx395230_10) | 20 |
|  [Notes to Financial Statements](#tx395230_11) | 22 |
|  [Report of Independent Registered Public Accounting Firm](#tx395230_12) | 29 |
|  [Important Tax Information](#tx395230_13) | 30 |
|  [Board Review and Approval of Investment Advisory Contract](#tx395230_14) | 31 |
|  [Supplemental Information](#tx395230_15) | 33 |
|  [Trustee and Officer Information](#tx395230_16) | 34 |
|  [General Information](#tx395230_17) | 37 |

---

------

Market Overview

**iShares Trust** 

**U.S. Corporate Bond Market Overview** 

Short-term U.S. investment-grade corporate bonds posted negative returns for the 12 months ended October 31, 2022 ("reporting period"). The Markit iBoxx USD Liquid Investment Grade 0 – 5 Index, a broad measure of short-term U.S. corporate bond performance, returned -6.36%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and reached 7.0% by the end of the year. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

Corporate bonds were also pressured by widening credit spreads relative to U.S. Treasuries. Spreads rose steadily throughout the period and ultimately closed near their highest level in more than two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility across global markets. Investors also became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. Together, these factors caused investment-grade corporates to finish the 12-month period with a loss. However, shorter-term issues strongly outperformed both the overall category and the broader fixed-income market thanks to their lower degree of interest rate sensitivity.

Although the market moved lower in the 12-month period, corporate fundamentals remain strong. Leverage was low, overall credit quality was robust, and default rates remained below the historical average. Further, companies' efforts to refinance their debt in recent years reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.

Of the three major sectors in the Markit iBoxx USD Liquid Investment Grade 0 – 5 Index, utilities finished with the smallest decline. However, the performance impact on the larger asset class was relatively limited due to the sector's minor weighting in the index. Industrials lagged utilities, with the communications and technology industries leading the way on the downside. Financials posted the largest loss, primarily as a result of weakness in finance and real estate companies. In terms of credit quality, higher-rated bonds generally outperformed amid investors' search for relative "safe havens" in the challenging environment.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ex-Financials ETF** |

---

**Investment Objective** 

The **iShares iBonds Mar 2023 Term Corporate ex-Financials ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds, excluding financials, maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg 2023 Maturity High Quality Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 0.31% | 2.24% | 2.31% | 0.31% | 11.72% | 24.36% |
|  Fund Market | 0.29 | 2.21 | 2.31 | 0.29 | 11.56 | 24.37 |
|  Index | 0.44 | 2.33 | 2.39 | 0.44 | 12.21 | 25.29 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395230abc1.jpg)

The inception date of the Fund was April 17, 2013. The first day of secondary market trading was April 19, 2013.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1007.20 | $0.51 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ex-Financials ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
|  *Moody's Credit Ratings\**  | *Percent of<br>Net Assets* |
|  Aaa | 1.9% |
|  Aa | 7.8 |
|  A | 38.7 |
|  Baa | 47.7 |
|  Short-Term and Other Assets | 3.9 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
|  *Security<sup>(a)</sup>*  | *Percent of<br>Net Assets* |
|  Emerson Electric Co., 2.63%, 02/15/23 | 5.5% |
|  Starbucks Corp., 3.10%, 03/01/23 | 4.2 |
|  Illumina Inc., 0.55%, 03/23/23 | 3.7 |
|  NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23 | 3.6 |
|  AbbVie Inc., 2.30%, 11/21/22 | 3.4 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Mar 2023 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg 2023 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 0.23% | 2.36% | 3.41% | 0.23% | 12.39% | 36.68% |
|  Fund Market | 0.28 | 2.35 | 3.41 | 0.28 | 12.31 | 36.64 |
|  Index | 0.44 | 2.45 | 3.54 | 0.44 | 12.86 | 38.24 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395230newdsp7.jpg)

The inception date of the Fund was July 9, 2013. The first day of secondary market trading was July 10, 2013.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1007.30 | $0.46 | $1000.00 | $1024.80 | $0.46 | 0.09% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
|  *Moody's Credit Ratings\**  | *Percent of<br>Net Assets* |
|  Aaa | 1.2% |
|  Aa | 9.2 |
|  A | 46.0 |
|  Baa | 33.0 |
|  Ba | 1.6 |
|  Not Rated | 5.4 |
|  Short-Term and Other Assets | 3.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
|  *Security<sup>(a)</sup>*  | *Percent of<br>Net Assets* |
|  Emerson Electric Co., 2.63%, 02/15/23 | 3.9% |
|  iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | 3.8 |
|  Morgan Stanley, 3.75%, 02/25/23 | 2.7 |
|  Walmart Inc., 2.35%, 12/15/22 | 2.7 |
|  National Bank of Canada, 2.10%, 02/01/23 | 2.3 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com.** Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 9

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ex-Financials ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Corporate Bonds & Notes** |  |  |
| **Aerospace & Defense — 4.7%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 02/04/23 (Call 12/01/22)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;1025 | $1013018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/23 (Call 02/01/23) | 600 | 594678 |
|  General Dynamics Corp., 2.25%, 11/15/22<sup>(a)</sup>  | 198 | 197786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1805482 |
| **Agriculture — 1.0%** |  |  |
|  Philip Morris International Inc., 2.63%, 03/06/23<sup>(a)</sup>  | 389 | 385981 |
| **Airlines — 0.1%** |  |  |
|  Southwest Airlines Co., 2.75%, 11/16/22<sup>(a)</sup>  | 35 | 34943 |
| **Auto Manufacturers — 4.5%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/10/23 | 270 | 268744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/16/22<sup>(a)</sup>  | 105 | 104934 |
|  General Motors Financial Co. Inc., 3.25%, 01/05/23<br>(Call 12/05/22)<sup>(a)</sup>  | 200 | 199460 |
|  PACCAR Financial Corp., 1.90%, 02/07/23<sup>(a)</sup>  | 123 | 122177 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/10/23<sup>(a)</sup>  | 313 | 311761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/11/23 | 75 | 74718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/23 | 649 | 644275 |
|  |  | 1726069 |
| **Beverages — 2.7%** |  |  |
|  PepsiCo Inc., 2.75%, 03/01/23<sup>(a)</sup>  | 1069 | 1061998 |
| **Biotechnology — 3.7%** |  |  |
|  Illumina Inc., 0.55%, 03/23/23 | 1451 | 1424127 |
| **Building Materials — 0.1%** |  |  |
|  Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22) | 30 | 30000 |
| **Chemicals — 2.2%** |  |  |
|  Air Products and Chemicals Inc., 2.75%, 02/03/23 | 111 | 110362 |
|  Celanese U.S. Holdings LLC, 4.63%, 11/15/22<sup>(a)</sup>  | 25 | 24995 |
|  Linde Inc./CT, 2.70%, 02/21/23 (Call 11/21/22)<sup>(a)</sup>  | 284 | 282424 |
|  Mosaic Co. (The), 3.25%, 11/15/22 | 15 | 14989 |
|  PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23) | 427 | 422657 |
|  RPM International Inc., 3.45%, 11/15/22<sup>(a)</sup>  | 15 | 14996 |
|  |  | 870423 |
| **Commercial Services — 1.6%** |  |  |
|  RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) | 630 | 626037 |
| **Computers — 1.1%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/13/23 (Call 12/13/22) | 59 | 58770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/23/23 (Call 12/23/22) | 365 | 363230 |
|  |  | 422000 |
| **Cosmetics & Personal Care — 1.0%** |  |  |
|  Colgate-Palmolive Co., 1.95%, 02/01/23<sup>(a)</sup>  | 105 | 104306 |
|  Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)<sup>(a)</sup>  | 300 | 297966 |
|  |  | 402272 |
| **Diversified Financial Services — 1.8%** |  |  |
|  Visa Inc., 2.80%, 12/14/22 (Call 12/01/22) | 695 | 693944 |
| **Electric — 9.2%** |  |  |
|  American Electric Power Co. Inc., Series F,<br>2.95%, 12/15/22 (Call 12/01/22) | 40 | 39885 |
|  Berkshire Hathaway Energy Co., 2.80%, 01/15/23<br>(Call 12/15/22) | 270 | 268764 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Connecticut Light & Power Co. (The), 2.50%, 01/15/23<br>(Call 12/01/22)<sup>(a)</sup>  | $220 | $218970 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/22 | 53 | 53000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 0.55%, 11/01/22 | 65 | 65000 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/23 (Call 01/15/23) | 370 | 366685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/23 (Call 02/15/23) | 306 | 303965 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/23 (Call 01/15/23) | 121 | 119854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/22 | 15 | 14984 |
|  Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 180 | 178492 |
|  National Rural Utilities Cooperative Finance Corp., 2.70%, 02/15/23 (Call 12/15/22) | 125 | 124141 |
|  NextEra Energy Capital Holdings Inc.,<br>0.65%, 03/01/23 | 1405 | 1385920 |
|  Public Service Enterprise Group Inc., 2.65%, 11/15/22<br>(Call 11/14/22) | 10 | 9990 |
|  Virginia Electric & Power Co., Series C,<br>2.75%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 425 | 421349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3570999 |
| **Electrical Components & Equipment — 5.5%** |  |  |
|  Emerson Electric Co., 2.63%, 02/15/23 (Call 12/01/22) | 2125 | 2111124 |
| **Electronics — 2.6%** |  |  |
|  Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)<sup>(a)</sup>  | 695 | 692734 |
|  Flex Ltd., 5.00%, 02/15/23 | 308 | 307621 |
|  |  | 1000355 |
| **Food — 2.4%** |  |  |
|  Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23) | 871 | 866680 |
|  Conagra Brands Inc., 3.20%, 01/25/23 (Call 12/01/22) | 81 | 80648 |
|  |  | 947328 |
| **Gas — 2.3%** |  |  |
|  Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22) | 45 | 44352 |
|  CenterPoint Energy Resources Corp.,<br>0.70%, 03/02/23 (Call 12/01/22) | 700 | 689745 |
|  National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22) | 150 | 148927 |
|  |  | 883024 |
| **Health Care - Products — 0.0%** |  |  |
|  DH Europe Finance II Sarl, 2.05%, 11/15/22 | 2 | 1998 |
| **Health Care - Services — 0.0%** |  |  |
|  CommonSpirit Health, 2.95%, 11/01/22 | 9 | 9000 |
| **Home Builders — 0.1%** |  |  |
|  DR Horton Inc., 4.75%, 02/15/23 (Call 12/01/22) | 45 | 44972 |
| **Internet — 2.7%** |  |  |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/22/23 (Call 01/22/23)<sup>(a)</sup>  | 355 | 352788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/29/22<sup>(a)</sup>  | 106 | 105854 |
|  Baidu Inc., 3.50%, 11/28/22<sup>(a)</sup>  | 200 | 199768 |
|  Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  | 326 | 323389 |
|  eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) | 73 | 72584 |
|  |  | 1054383 |
| **Machinery — 3.4%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/01/23 | 210 | 206936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/18/22 | 25 | 24973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/29/22 | 33 | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/01/23 | 229 | 227319 |

---

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ex-Financials ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Machinery (continued)** |  |  |
|  John Deere Capital Corp., 2.80%, 03/06/23<sup>(a)</sup>  | $810 | $804784 |
|  |  | 1296968 |
| **Manufacturing — 1.4%** |  |  |
|  3M Co.<br>1.75%, 02/14/23 (Call 01/14/23)<sup>(a)</sup>  | 130 | 128811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  | 329 | 325700 |
|  General Electric Co., 3.10%, 01/09/23 | 85 | 84693 |
|  |  | 539204 |
| **Media — 2.5%** |  |  |
|  Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22 | 164 | 164279 |
|  Discovery Communications LLC, 2.95%, 03/20/23<br>(Call 02/20/23)<sup>(a)</sup>  | 679 | 672882 |
|  TWDC Enterprises 18 Corp., 2.35%, 12/01/22<sup>(a)</sup>  | 125 | 124806 |
|  |  | 961967 |
| **Metal Fabricate & Hardware — 0.6%** |  |  |
|  Precision Castparts Corp., 2.50%, 01/15/23<br>(Call 12/01/22) | 232 | 230956 |
| **Oil & Gas — 5.2%** |  |  |
|  BP Capital Markets PLC, 2.50%, 11/06/22 | 510 | 509862 |
|  Canadian Natural Resources Ltd., 2.95%, 01/15/23<br>(Call 12/15/22) | 157 | 156297 |
|  EOG Resources Inc., 2.63%, 03/15/23<br>(Call 12/15/22)<sup>(a)</sup>  | 455 | 451305 |
|  Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23) | 602 | 598460 |
|  TotalEnergies Capital International SA,<br>2.70%, 01/25/23<sup>(a)</sup>  | 305 | 303698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2019622 |
| **Pharmaceuticals — 8.5%** |  |  |
|  AbbVie Inc.<br>2.30%, 11/21/22 | 1305 | 1303369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22 | 117 | 116960 |
|  AmerisourceBergen Corp., 0.74%, 03/15/23<br>(Call 12/01/22) | 285 | 280394 |
|  Bristol-Myers Squibb Co.<br>2.75%, 02/15/23 (Call 01/15/23)<sup>(a)</sup>  | 97 | 96505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/20/23 (Call 01/20/23)<sup>(a)</sup>  | 294 | 292862 |
|  Cardinal Health Inc., 3.20%, 03/15/23<sup>(a)</sup>  | 310 | 307669 |
|  Johnson & Johnson, 2.05%, 03/01/23 (Call 01/01/23) | 97 | 96208 |
|  McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 141 | 140012 |
|  Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22) | 650 | 647003 |
|  |  | 3280982 |
| **Pipelines — 5.2%** |  |  |
|  Boardwalk Pipelines LP, 3.38%, 02/01/23<br>(Call 11/01/22) | 120 | 120000 |
|  Energy Transfer LP<br>3.45%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 71 | 70699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 (Call 12/01/22)<sup>(a)</sup>  | 170 | 169206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) | 446 | 443944 |
|  Enterprise Products Operating LLC, 3.35%, 03/15/23<br>(Call 12/15/22) | 777 | 772260 |
|  Kinder Morgan Energy Partners LP, 3.45%, 02/15/23<br>(Call 12/01/22) | 291 | 289528 |
|  Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22) | 15 | 14933 |
|  Plains All American Pipeline LP/PAA Finance Corp.,<br>2.85%, 01/31/23 (Call 12/01/22)<sup>(a)</sup>  | 145 | 144044 |
|  |  | 2024614 |
| **Real Estate Investment Trusts — 1.0%** |  |  |
|  American Tower Corp., 3.50%, 01/31/23 | 390 | 388686 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Retail — 6.2%** |  |  |  |
|  AutoZone Inc., 2.88%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | $| 45 | $44787 |
|  Starbucks Corp., 3.10%, 03/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 1626 | 1616911 |
|  Walmart Inc., 2.35%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  |  | 757 | 755221 |
|  |  |  | 2416919 |
| **Semiconductors — 1.9%** |  |  |  |
|  Intel Corp., 2.70%, 12/15/22<sup>(a)</sup>  |  | 375 | 374325 |
|  QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22) |  | 375 | 372889 |
|  |  |  | 747214 |
| **Software — 3.9%** |  |  |  |
|  Adobe Inc., 1.70%, 02/01/23 |  | 312 | 309682 |
|  Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  |  | 140 | 139909 |
|  Fidelity National Information Services Inc.,<br>0.38%, 03/01/23 |  | 379 | 373311 |
|  Microsoft Corp., 2.13%, 11/15/22 |  | 249 | 248821 |
|  Oracle Corp., 2.63%, 02/15/23 (Call 01/15/23) |  | 430 | 427218 |
|  |  |  | 1498941 |
| **Telecommunications — 2.3%** |  |  |  |
|  Cisco Systems Inc., 2.60%, 02/28/23<sup>(a)</sup>  |  | 170 | 168766 |
|  Rogers Communications Inc., 3.00%, 03/15/23 (Call 12/15/22) |  | 690 | 684376 |
|  Vodafone Group PLC, 2.95%, 02/19/23<sup>(a)</sup>  |  | 55 | 54606 |
|  |  |  | 907748 |
| **Transportation — 4.7%** |  |  |  |
|  Burlington Northern Santa Fe LLC, 3.00%, 03/15/23<br>(Call 12/15/22)<sup>(a)</sup>  |  | 385 | 382228 |
|  Canadian Pacific Railway Co., 4.45%, 03/15/23<br>(Call 12/15/22)<sup>(a)</sup>  |  | 775 | 773504 |
|  Norfolk Southern Corp., 2.90%, 02/15/23<br>(Call 12/01/22) |  | 101 | 100291 |
|  Ryder System Inc., 3.40%, 03/01/23<br>(Call 02/01/23)<sup>(a)</sup>  |  | 355 | 352657 |
|  Union Pacific Corp., 2.95%, 01/15/23<br>(Call 12/01/22)<sup>(a)</sup>  |  | 210 | 209339 |
|  |  |  | 1818019 |
|  **Total Long-Term Investments — 96.1%<br>(Cost: $37,452,866)** | **Total Long-Term Investments — 96.1%<br>(Cost: $37,452,866)** | **Total Long-Term Investments — 96.1%<br>(Cost: $37,452,866)** | 37238299 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 22.6%** |  |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(b)(c)(d)</sup>  |  | 6983 | 6981680 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(b)(c)</sup>  |  | 1760 | 1760000 |
|  **Total Short-Term Securities — 22.6%<br>(Cost: $8,741,318)** |  |  | 8741680 |
|  **Total Investments — 118.7%<br>(Cost: $46,194,184)** |  |  | 45979979 |
|  **Liabilities in Excess of Other Assets — (18.7)%** |  |  | (7236380) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;38743599 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d</sup><sup>)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 11

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ex-Financials ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1554362 | $5428706 <sup>(a)</sup> | $— | $(1246) | $(142) | $6981680 | 6983 | $12170 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 859000 | 901000 <sup>(a)</sup> |  |  |  | 1760000 | 1760 | 8592 |  |
|  |  |  |  | $(1246) | $(142) | $8741680 |  | $20762 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $37238299 | $— | $37238299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8741680 |  |  | 8741680 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;8741680 | $37238299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $45979979 |

---

*See notes to financial statements.* 

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
|  Boeing Co. (The)<br>1.17%, 02/04/23 (Call 12/01/22) | $255 | $252019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/23 (Call 02/01/23) | 350 | 346895 |
|  General Dynamics Corp., 2.25%, 11/15/22<sup>(a)</sup>  | 193 | 192792 |
|  |  | 791706 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  Philip Morris International Inc.<br>2.50%, 11/02/22 | 204 | 204000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/06/23 | 100 | 99224 |
|  |  | 303224 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  Southwest Airlines Co., 2.75%, 11/16/22<sup>(a)</sup>  | 50 | 49919 |
| **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** |
|  American Honda Finance Corp.<br>2.05%, 01/10/23 | 226 | 224949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/16/22<sup>(a)</sup>  | 120 | 119924 |
|  General Motors Financial Co. Inc., 3.25%, 01/05/23 (Call 12/05/22) | 220 | 219406 |
|  PACCAR Financial Corp., 1.90%, 02/07/23 | 250 | 248328 |
|  Toyota Motor Credit Corp.<br>2.63%, 01/10/23<sup>(a)</sup>  | 220 | 219129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/11/23 | 105 | 104605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/23<sup>(a)</sup>  | 620 | 615486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751827 |
| **Banks — 31.2%** | **Banks — 31.2%** | **Banks — 31.2%** |
|  Australia & New Zealand Banking Group Ltd./New York NY<br>2.05%, 11/21/22 | 250 | 249715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/09/22<sup>(a)</sup>  | 240 | 239921 |
|  Banco Santander SA, 3.13%, 02/23/23<sup>(a)</sup>  | 360 | 357862 |
|  Bank of America Corp., 3.30%, 01/11/23 | 1325 | 1321886 |
|  Bank of Montreal<br>2.05%, 11/01/22 | 130 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/06/22 | 325 | 324850 |
|  Bank of New York Mellon Corp. (The)<br>1.85%, 01/27/23<sup>(a)</sup>  | 119 | 118249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/29/23 (Call 12/29/22) | 206 | 204966 |
|  Bank of Nova Scotia (The)<br>1.95%, 02/01/23 | 399 | 396311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/22<sup>(a)</sup>  | 130 | 129889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/18/23 | 782 | 778356 |
|  BNP Paribas SA, 3.25%, 03/03/23<sup>(a)</sup>  | 735 | 731024 |
|  Citigroup Inc., 3.38%, 03/01/23<sup>(a)</sup>  | 385 | 382852 |
|  Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23) | 685 | 681171 |
|  Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23<sup>(a)</sup>  | 300 | 298890 |
|  Deutsche Bank AG/New York NY,<br>3.95%, 02/27/23<sup>(a)</sup>  | 480 | 477398 |
|  Discover Bank, 3.35%, 02/06/23 (Call 01/06/23) | 950 | 945487 |
|  Goldman Sachs Group Inc. (The)<br>0.52%, 03/08/23<sup>(a)</sup>  | 1725 | 1696520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/23/23 (Call 01/23/23) | 468 | 465365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/22/23 | 435 | 434160 |
|  JPMorgan Chase & Co., 3.20%, 01/25/23<sup>(a)</sup>  | 583 | 581239 |
|  KeyBank NA/Cleveland OH<br>1.25%, 03/10/23 | 420 | 414389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/07/23 | 300 | 298707 |
|  Mitsubishi UFJ Financial Group Inc., 3.46%, 03/02/23<sup>(a)</sup>  | 855 | 851118 |
|  Mizuho Financial Group Inc., 3.55%, 03/05/23<sup>(a)</sup>  | 750 | 746535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Morgan Stanley<br>3.13%, 01/23/23 | $678 | $675702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/23<sup>(a)</sup>  | 2250 | 2243970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/22 | 320 | 320000 |
|  MUFG Union Bank NA, 2.10%, 12/09/22 | 310 | 308810 |
|  National Australia Bank Ltd./New York,<br>3.00%, 01/20/23<sup>(a)</sup>  | 750 | 747067 |
|  National Bank of Canada, 2.10%, 02/01/23 | 1925 | 1911275 |
|  Natwest Group PLC, 6.13%, 12/15/22<sup>(a)</sup>  | 350 | 349538 |
|  PNC Bank NA<br>2.70%, 11/01/22 | 310 | 310000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/30/23 (Call 12/30/22) | 50 | 49803 |
|  PNC Financial Services Group Inc. (The), 2.85%, 11/09/22<sup>(b)</sup>  | 140 | 139940 |
|  Royal Bank of Canada, 1.95%, 01/17/23<sup>(a)</sup>  | 153 | 152172 |
|  Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)<sup>(a)</sup>  | 350 | 349083 |
|  Santander UK PLC, 2.10%, 01/13/23 | 275 | 273196 |
|  Sumitomo Mitsui Financial Group Inc.,<br>3.10%, 01/17/23<sup>(a)</sup>  | 360 | 358758 |
|  Synovus Financial Corp., 3.13%, 11/01/22 | 100 | 100000 |
|  Toronto-Dominion Bank (The)<br>0.25%, 01/06/23<sup>(a)</sup>  | 140 | 138967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/22<sup>(a)</sup>  | 265 | 264499 |
|  Truist Bank<br>1.25%, 03/09/23 | 390 | 384731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/23 (Call 01/02/23)<sup>(a)</sup>  | 225 | 223981 |
|  Truist Financial Corp., 2.20%, 03/16/23<br>(Call 02/13/23) | 1400 | 1386784 |
|  U.S. Bank NA/Cincinnati OH<br>1.95%, 01/09/23 (Call 12/09/22) | 335 | 333322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/23/23 (Call 12/23/22) | 435 | 432960 |
|  Wells Fargo & Co., Series M, 3.45%, 02/13/23<sup>(a)</sup>  | 350 | 348635 |
|  Westpac Banking Corp.<br>2.00%, 01/13/23 | 173 | 172156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/11/23<sup>(a)</sup>  | 310 | 308946 |
|  |  | 25541155 |
| **Beverages — 0.6%** |  |  |
|  PepsiCo Inc., 2.75%, 03/01/23<sup>(a)</sup>  | 525 | 521561 |
| **Biotechnology — 1.9%** |  |  |
|  Illumina Inc., 0.55%, 03/23/23 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570368 |
| **Building Materials — 0.1%** |  |  |
|  Mohawk Industries Inc., 3.85%, 02/01/23<br>(Call 11/01/22) | 85 | 85000 |
| **Chemicals — 1.7%** |  |  |
|  Air Products and Chemicals Inc., 2.75%, 02/03/23 | 45 | 44741 |
|  Celanese U.S. Holdings LLC, 4.63%, 11/15/22<sup>(a)</sup>  | 125 | 124975 |
|  Linde Inc./CT, 2.70%, 02/21/23 (Call 11/21/22)<sup>(a)</sup>  | 508 | 505180 |
|  Mosaic Co. (The), 3.25%, 11/15/22 | 109 | 108916 |
|  PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23) | 555 | 549356 |
|  RPM International Inc., 3.45%, 11/15/22<sup>(a)</sup>  | 25 | 24994 |
|  |  | 1358162 |
| **Commercial Services — 1.6%** |  |  |
|  RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) | 1290 | 1281886 |
| **Computers — 1.0%** |  |  |
|  Apple Inc.<br>2.40%, 01/13/23 (Call 12/13/22) | 520 | 517972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/23/23 (Call 12/23/22)<sup>(a)</sup>  | 338 | 336361 |
|  |  | 854333 |
| **Cosmetics & Personal Care — 0.6%** |  |  |
|  Colgate-Palmolive Co.<br>1.95%, 02/01/23<sup>(a)</sup>  | 175 | 173843 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Cosmetics & Personal Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/22 | $5 | $4997 |
|  Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)<sup>(a)</sup>  | 350 | 347627 |
|  |  | 526467 |
| **Diversified Financial Services — 5.6%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/23/23 (Call 12/23/22) | 900 | 895050 |
|  Air Lease Corp.<br>2.25%, 01/15/23 | 505 | 501510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/23 (Call 12/15/22) | 262 | 260541 |
|  American Express Co.<br>2.65%, 12/02/22 | 280 | 279613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/27/23 (Call 01/27/23) | &nbsp;&nbsp;&nbsp;&nbsp;1258 | 1252037 |
|  Capital One Financial Corp., 3.20%, 01/30/23<br>(Call 12/30/22) | 105 | 104603 |
|  Capital One NA, 3.38%, 02/15/23 | 535 | 532550 |
|  Charles Schwab Corp. (The), 2.65%, 01/25/23<br>(Call 12/25/22)<sup>(a)</sup>  | 220 | 219028 |
|  Nasdaq Inc., 0.45%, 12/21/22 (Call 11/14/22) | 160 | 158832 |
|  Visa Inc., 2.80%, 12/14/22 (Call 12/01/22) | 415 | 414369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618133 |
| **Electric — 5.6%** |  |  |
|  American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22) | 285 | 284179 |
|  Berkshire Hathaway Energy Co., 2.80%, 01/15/23 (Call 12/15/22) | 220 | 218992 |
|  Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 12/01/22) | 200 | 199064 |
|  DTE Energy Co.<br>2.25%, 11/01/22 | 135 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 0.55%, 11/01/22 | 30 | 30000 |
|  Duke Energy Carolinas LLC<br>2.50%, 03/15/23 (Call 01/15/23) | 145 | 143701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/23 (Call 02/15/23) | 340 | 337739 |
|  Edison International<br>2.95%, 03/15/23 (Call 01/15/23) | 323 | 319941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/22<sup>(a)</sup>  | 110 | 109886 |
|  Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22) | 188 | 186425 |
|  National Rural Utilities Cooperative Finance Corp., 2.70%, 02/15/23 (Call 12/15/22) | 635 | 630638 |
|  NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23 | 1620 | 1598000 |
|  Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)<sup>(a)</sup>  | 125 | 124871 |
|  Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 285 | 282552 |
|  |  | 4600988 |
| **Electrical Components & Equipment — 3.9%** |  |  |
|  Emerson Electric Co., 2.63%, 02/15/23 | 3220 | 3198974 |
| **Electronics — 0.4%** |  |  |
|  Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22) | 50 | 49837 |
|  Flex Ltd., 5.00%, 02/15/23 | 240 | 239705 |
|  |  | 289542 |
| **Food — 1.3%** |  |  |
|  Campbell Soup Co., 3.65%, 03/15/23<br>(Call 02/15/23) | 940 | 935337 |
|  Conagra Brands Inc., 3.20%, 01/25/23<br>(Call 12/01/22) | 152 | 151339 |
|  |  | 1086676 |
| **Gas — 1.7%** |  |  |
|  Atmos Energy Corp., 0.63%, 03/09/23<br>(Call 11/16/22) | 130 | 128127 |
|  CenterPoint Energy Resources Corp.,<br>0.70%, 03/02/23 (Call 12/01/22)<sup>(a)</sup>  | 1035 | 1019837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Gas (continued)** |  |  |
|  National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22) | $255 | $253177 |
|  |  | 1401141 |
| **Health Care - Products — 0.1%** |  |  |
|  DH Europe Finance II Sarl, 2.05%, 11/15/22 | 75 | 74930 |
| **Health Care - Services — 3.5%** |  |  |
|  Anthem Inc., 0.45%, 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081883 |
|  Elevance Health Inc.<br>2.95%, 12/01/22 (Call 11/16/22) | 5 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/23 | 410 | 408704 |
|  Humana Inc.<br>2.90%, 12/15/22 (Call 12/01/22) | 49 | 48866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/22 | 265 | 264754 |
|  UnitedHealth Group Inc.<br>2.75%, 02/15/23 | 520 | 517052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/23 | 530 | 526475 |
|  |  | 2852728 |
| **Holding Companies - Diversified — 0.6%** |  |  |
|  Ares Capital Corp., 3.50%, 02/10/23<br>(Call 01/10/23)<sup>(a)</sup>  | 498 | 495226 |
| **Home Builders — 0.1%** |  |  |
|  DR Horton Inc., 4.75%, 02/15/23 (Call 12/01/22) | 90 | 89944 |
| **Insurance — 2.2%** |  |  |
|  Aon Corp., 2.20%, 11/15/22 | 175 | 174823 |
|  Berkshire Hathaway Inc.<br>2.75%, 03/15/23 (Call 01/15/23)<sup>(a)</sup>  | 380 | 377127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/11/23 | 345 | 343455 |
|  Chubb INA Holdings Inc.<br>2.70%, 03/13/23 | 120 | 119088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/03/22 | 155 | 155000 |
|  Marsh & McLennan Companies Inc., 3.30%, 03/14/23 | 623 | 623000 |
|  |  | 1792493 |
| **Internet — 1.5%** |  |  |
|  Amazon.com Inc.<br>2.40%, 02/22/23 (Call 01/22/23)<sup>(a)</sup>  | 185 | 183847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/29/22<sup>(a)</sup>  | 151 | 150792 |
|  Baidu Inc., 3.50%, 11/28/22<sup>(a)</sup>  | 220 | 219745 |
|  Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  | 540 | 535674 |
|  eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) | 166 | 165054 |
|  |  | 1255112 |
| **Machinery — 1.5%** |  |  |
|  Caterpillar Financial Services Corp.<br>0.25%, 03/01/23<sup>(a)</sup>  | 340 | 335040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/18/22<sup>(a)</sup>  | 214 | 213771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/29/22 | 110 | 109853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/01/23 | 140 | 138972 |
|  John Deere Capital Corp.<br>0.25%, 01/17/23<sup>(a)</sup>  | 30 | 29737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/06/23<sup>(a)</sup>  | 50 | 49836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/23<sup>(a)</sup>  | 50 | 49792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/06/23<sup>(a)</sup>  | 334 | 331849 |
|  |  | 1258850 |
| **Manufacturing — 0.4%** |  |  |
|  3M Co.<br>1.75%, 02/14/23 (Call 01/14/23) | 175 | 173399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  | 165 | 163345 |
|  |  | 336744 |

---

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Media — 2.9%** |  |  |
|  Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22 | $150 | $150255 |
|  Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)<sup>(a)</sup>  | 839 | 831440 |
|  Time Warner Cable Enterprises LLC,<br>8.38%, 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;1239 | 1254079 |
|  TWDC Enterprises 18 Corp., 2.35%, 12/01/22<sup>(a)</sup>  | 167 | 166741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402515 |
| **Metal Fabricate & Hardware — 0.2%** |  |  |
|  Precision Castparts Corp., 2.50%, 01/15/23<br>(Call 12/01/22) | 180 | 179190 |
| **Mining — 1.0%** |  |  |
|  Freeport-McMoRan Inc., 3.88%, 03/15/23<br>(Call 12/15/22) | 760 | 754741 |
|  Southern Copper Corp., 3.50%, 11/08/22 | 55 | 54744 |
|  |  | 809485 |
| **Oil & Gas — 1.3%** |  |  |
|  BP Capital Markets PLC, 2.50%, 11/06/22 | 130 | 129965 |
|  Canadian Natural Resources Ltd.,<br>2.95%, 01/15/23 (Call 12/15/22) | 233 | 231956 |
|  EOG Resources Inc., 2.63%, 03/15/23<br>(Call 12/15/22)<sup>(a)</sup>  | 275 | 272767 |
|  Exxon Mobil Corp., 2.73%, 03/01/23<br>(Call 01/01/23) | 230 | 228647 |
|  TotalEnergies Capital International SA,<br>2.70%, 01/25/23<sup>(a)</sup>  | 179 | 178236 |
|  |  | 1041571 |
| **Pharmaceuticals — 4.5%** |  |  |
|  AbbVie Inc.<br>2.30%, 11/21/22 | 432 | 431460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22<sup>(a)</sup>  | 475 | 474838 |
|  AmerisourceBergen Corp., 0.74%, 03/15/23<br>(Call 12/01/22) | 163 | 160366 |
|  Bristol-Myers Squibb Co.<br>2.75%, 02/15/23 (Call 01/15/23) | 150 | 149235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/20/23 (Call 01/20/23)<sup>(a)</sup>  | 333 | 331711 |
|  Cardinal Health Inc., 3.20%, 03/15/23<sup>(a)</sup>  | 1460 | 1449021 |
|  Cigna Corp., 3.05%, 11/30/22 (Call 11/16/22) | 84 | 83903 |
|  Johnson & Johnson, 2.05%, 03/01/23<br>(Call 01/01/23) | 115 | 114060 |
|  McKesson Corp.<br>2.70%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  | 75 | 74800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/23 (Call 12/15/22) | 109 | 108236 |
|  Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22) | 295 | 293640 |
|  |  | 3671270 |
| **Pipelines — 3.7%** |  |  |
|  Boardwalk Pipelines LP, 3.38%, 02/01/23<br>(Call 11/01/22) | 171 | 171000 |
|  DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22) | 50 | 49706 |
|  Energy Transfer LP<br>3.45%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 495 | 492901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 (Call 12/01/22) | 130 | 129393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) | 655 | 651980 |
|  Enterprise Products Operating LLC,<br>3.35%, 03/15/23 (Call 12/15/22) | 1123 | 1116150 |
|  Kinder Morgan Energy Partners LP,<br>3.45%, 02/15/23 (Call 12/01/22) | 270 | 268634 |
|  Kinder Morgan Inc., 3.15%, 01/15/23<br>(Call 12/15/22)<sup>(a)</sup>  | 15 | 14933 |
|  Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 01/31/23 (Call 12/01/22) | 159 | 157952 |
|  |  | 3052649 |
| **Real Estate Investment Trusts — 0.3%** |  |  |
|  American Tower Corp., 3.50%, 01/31/23 | 228 | 227232 |
| **Retail — 3.0%** |  |  |
|  AutoZone Inc., 2.88%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 35 | 34835 |
|  Starbucks Corp., 3.10%, 03/01/23<br>(Call 02/01/23)<sup>(a)</sup>  | 220 | 218770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Walmart Inc., 2.35%, 12/15/22<sup>(a)</sup>  | 2177 | $2171884 |
|  |  | 2425489 |
| **Semiconductors — 0.6%** |  |  |
|  Intel Corp., 2.70%, 12/15/22<sup>(a)</sup>  | 380 | 379316 |
|  QUALCOMM Inc., 2.60%, 01/30/23<br>(Call 12/30/22)<sup>(a)</sup>  | 135 | 134240 |
|  |  | 513556 |
| **Software — 2.2%** |  |  |
|  Adobe Inc., 1.70%, 02/01/23 | 258 | 256083 |
|  Fidelity National Information Services Inc., 0.38%, 03/01/23 | 950 | 935740 |
|  Microsoft Corp., 2.13%, 11/15/22 | 50 | 49964 |
|  Oracle Corp., 2.63%, 02/15/23<br>(Call 01/15/23)<sup>(a)</sup>  | 558 | 554390 |
|  |  | 1796177 |
| **Telecommunications — 1.1%** |  |  |
|  Cisco Systems Inc., 2.60%, 02/28/23<sup>(a)</sup>  | 265 | 263076 |
|  Rogers Communications Inc.,<br>3.00%, 03/15/23 (Call 12/15/22) | 505 | 500884 |
|  Vodafone Group PLC, 2.95%, 02/19/23<sup>(a)</sup>  | 145 | 143961 |
|  |  | 907921 |
| **Transportation — 1.1%** |  |  |
|  Burlington Northern Santa Fe LLC,<br>3.00%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 120 | 119136 |
|  Norfolk Southern Corp., 2.90%, 02/15/23 (Call 12/01/22) | 183 | 181715 |
|  Ryder System Inc., 3.40%, 03/01/23<br>(Call 02/01/23)<sup>(a)</sup>  | 458 | 454977 |
|  Union Pacific Corp., 2.95%, 01/15/23<br>(Call 12/01/22)<sup>(a)</sup>  | 110 | 109654 |
|  |  | 865482 |
|  **Total Corporate Bonds & Notes — 92.6%<br>(Cost: $76,291,409)** | **Total Corporate Bonds & Notes — 92.6%<br>(Cost: $76,291,409)** | 75879626 |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 3.8%** | **Exchange Traded Funds — 3.8%** | **Exchange Traded Funds — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBonds Mar 2023 Term Corporate ex-Financials ETF<sup>(c)</sup>  | 129 | 3126315 |
|  **Total Investment Companies — 3.8%<br>(Cost $2,974,254)** | **Total Investment Companies — 3.8%<br>(Cost $2,974,254)** | 3126315 |
|  **Total Long-Term Investments — 96.4%<br>(Cost: $79,265,663)** | **Total Long-Term Investments — 96.4%<br>(Cost: $79,265,663)** | 79005941 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 18.3%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;12718 | 12715297 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(c)(d)</sup>  | 2300 | 2300000 |
|  **Total Short-Term Securities — 18.3%<br>(Cost: $15,014,659)** | **Total Short-Term Securities — 18.3%<br>(Cost: $15,014,659)** | 15015297 |
|  **Total Investments — 114.7%<br>(Cost: $94,280,322)** | **Total Investments — 114.7%<br>(Cost: $94,280,322)** | 94021238 |
|  **Liabilities in Excess of Other Assets — (14.7)%** | **Liabilities in Excess of Other Assets — (14.7)%** | (12067011) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81954227 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Mar 2023 Term Corporate ETF** |

---

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $2408783 | $10310054 <sup>(a)</sup> | $— | $(2611) | $(929) | $12715297 | 12718 | $18978 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 2924000 |  | (624000)<sup>(a)</sup> |  |  | 2300000 | 2300 | 13916 |  |
|  iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | 3179850 |  |  |  | (53535) | 3126315 | 129 | 63084 |  |
|  |  |  |  | $(2611) | $(54464) | $18141612 |  | $95978 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $75879626 | $— | $75879626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 3126315 |  |  | 3126315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 15015297 |  |  | 15015297 |
|  | $18141612 | $75879626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $94021238 |

---

*See notes to financial statements.* 

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br>iBonds Mar<br>2023 Term<br>Corporate<br>ex-Financials<br>ETF | iShares<br>iBonds Mar<br>2023 Term<br>Corporate<br>ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $37238299 | $75879626 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 8741680 | 18141612 |
|  Cash | 5640 | 4367 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 230000 | 168574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 2211 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 3063 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 216248 | 475807 |
|  Total assets | 46437141 | 94677286 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned, at value | 6981466 | 12716630 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 708860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3216 | 6429 |
|  Total liabilities | 7693542 | 12723059 |
|  NET ASSETS | $38743599 | $81954227 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $39760658 | $82321989 |
|  Accumulated loss | (1017059) | (367762) |
|  NET ASSETS | $38743599 | $81954227 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 1600000 | 3100000 |
|  Net asset value | $24.21 | $26.44 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $37452866 | $76291409 |
|  <sup>(b) </sup>Securities loaned, at value | $6546380 | $11966654 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $8741318 | $17988913 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 17

------

Statements of Operations

Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br>iBonds<br>Mar 2023<br>Term<br>Corporate<br>ex-Financials<br>ETF | iShares<br>iBonds Mar<br>2023 Term<br>Corporate<br>ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $8732 | $77170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 719414 | 1352776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 12030 | 18808 |
|  Total investment income | 740176 | 1448754 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 33407 | 69542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |
|  Total expenses | 33624 | 69759 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (645) | (4406) |
|  Total expenses after fees waived | 32979 | 65353 |
|  Net investment income | 707197 | 1383401 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 40218 | 62366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1246) | (2611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (3155) | 15467 |
|  | 35817 | 75222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (604993) | (1199466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (142) | (54464) |
|  | (605135) | (1253930) |
|  Net realized and unrealized loss | (569318) | (1178708) |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $137879 | $204693 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Mar 2023 Term Corporate<br>ex-Financials ETF | iShares<br>iBonds Mar 2023 Term Corporate<br>ex-Financials ETF | iShares<br>iBonds Mar 2023 Term Corporate<br>ETF | iShares<br>iBonds Mar 2023 Term Corporate<br>ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $707197 | $591338 | $1383401 | $1455827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 35817 | 61848 | 75222 | 455987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (605135) | (552601) | (1253930) | (1504330) |
|  Net increase in net assets resulting from operations | 137879 | 100585 | 204693 | 407484 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (669975) | (600797) | (1336558) | (1531453) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 8479949 | 3732889 | 14511717 | (2684666) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 7947853 | 3232677 | 13379852 | (3808635) |
|  Beginning of year | 30795746 | 27563069 | 68574375 | 72383010 |
|  End of year | $38743599 | $30795746 | $81954227 | $68574375 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 19

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $24.64 | $25.06 | $24.65 | $23.44 | $24.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.52 | 0.50 | 0.61 | 0.65 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.46) | (0.41) | 0.44 | 1.22 | (1.04) |
|  Net increase (decrease) from investment operations | 0.06 | 0.09 | 1.05 | 1.87 | (0.38) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.49) | (0.51) | (0.64) | (0.66) | (0.65) |
|  **Net asset value, end of year** | $24.21 | $24.64 | $25.06 | $24.65 | $23.44 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 0.31% | 0.33% | 4.33% | 8.07% | (1.54)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 2.12% | 2.01% | 2.46% | 2.71% | 2.76% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $38744 | $30796 | $27563 | $25886 | $44535 |
|  Portfolio turnover rate<sup>(f)</sup>  | 6% | 9% | 9% | 9% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Mar 2023 Term Corporate ETF | iShares iBonds Mar 2023 Term Corporate ETF | iShares iBonds Mar 2023 Term Corporate ETF | iShares iBonds Mar 2023 Term Corporate ETF | iShares iBonds Mar 2023 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.89 | $27.31 | $26.89 | $25.53 | $26.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.53 | 0.55 | 0.70 | 0.76 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.47) | (0.40) | 0.43 | 1.36 | (1.12) |
|  Net increase (decrease) from investment operations | 0.06 | 0.15 | 1.13 | 2.12 | (0.36) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.51) | (0.57) | (0.71) | (0.76) | (0.77) |
|  **Net asset value, end of year** | $26.44 | $26.89 | $27.31 | $26.89 | $25.53 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 0.23% | 0.56% | 4.27% | 8.43% | (1.37)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.09% | 0.09% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 1.99% | 2.01% | 2.59% | 2.89% | 2.95% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $81954 | $68574 | $72383 | $79335 | $59995 |
|  Portfolio turnover rate<sup>(f)</sup>  | 5% | 13% | 13% | 5% | 3% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

*Notes to Financial Statements*

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Diversification <br>Classification* | *Diversification <br>Classification* |
|  iBonds Mar 2023 Term Corporate ex-Financials |  | Diversified |
|  iBonds Mar 2023 Term Corporate |  | Diversified |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid
price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities
exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

------

*Notes to Financial Statements* (continued) 

the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned<br>at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net Amount* | |
|  iBonds Mar 2023 Term Corporate ex-Financials |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $857085 | $(857085) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 367425 | (367425) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 192023 | (192023) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 138460 | (138460) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 255274 | (255274) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 323579 | (323579) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3221272 | (3221272) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 591927 | (591927) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 563337 | (563337) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 35998 | (35998) |  |  |  |  |
|  | $6546380 | $(6546380) | $— |  | $— |  |
|  iBonds Mar 2023 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $606718 | $(606718) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 783341 | (783341) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 49918 | (49918) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 169694 | (169694) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 42616 | (42616) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 2515450 | (2515450) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 5319763 | (5319763) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1316898 | (1316898) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 298614 | (298614) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 132741 | (132741) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 150183 | (150183) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 580718 | (580718) |  |  |  |  |
|  | $11966654 | $(11966654) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $645 |
|  iBonds Mar 2023 Term Corporate | 4406 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $4214 |
|  iBonds Mar 2023 Term Corporate | 7044 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized <br>Gain (Loss)* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $605264 | $— | $— |
|  iBonds Mar 2023 Term Corporate | 803665 |  |  |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

------

*Notes to Financial Statements* (continued)

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $&nbsp;&nbsp;&nbsp;&nbsp;1681651 | $&nbsp;&nbsp;&nbsp;&nbsp;18175426 |
|  iBonds Mar 2023 Term Corporate | 2901695 | 32310389 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  iBonds Mar 2023 Term Corporate ex-Financials | $9526095 | $&nbsp;&nbsp;&nbsp;&nbsp;1151021 |
|  iBonds Mar 2023 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;16938830 | 2587410 |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated*<br> *Earnings (Loss)* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $(3155) | $3155 |
|  iBonds Mar 2023 Term Corporate | 15467 | (15467) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  iBonds Mar 2023 Term Corporate ex-Financials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $669975 | $600797 |
|  iBonds Mar 2023 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1336558 | $1531453 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $96625 | $(887103) | $(226581) | $(1017059) |
|  iBonds Mar 2023 Term Corporate | 172434 | (259839) | (280357) | (367762) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

For the year ended October 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $&nbsp;&nbsp;&nbsp;&nbsp;30392 |
|  iBonds Mar 2023 Term Corporate | 34720 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $&nbsp;&nbsp;&nbsp;&nbsp;46206560 | $12822 | $(239403) | $(226581) |
|  iBonds Mar 2023 Term Corporate | 94301595 | 176451 | (456808) | (280357) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

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*Notes to Financial Statements* (continued)

USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Year Ended<br> 10/31/22 | <br> Year Ended<br> 10/31/22 | <br> Year Ended<br> 10/31/21 | <br> Year Ended<br> 10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  iBonds Mar 2023 Term Corporate ex-Financials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 400000 | $9688858 | 150000 | $3732889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (1208909) |  |  |
|  | 350000 | $8479949 | 150000 | $3732889 |
|  iBonds Mar 2023 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 650000 | $17186165 | 200000 | $5421288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2674448) | (300000) | (8105954) |
|  | 550000 | $14511717 | (100000) | $(2684666) |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Mar 2023 Term Corporate ex-Financials ETF &nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Mar 2023 Term Corporate ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 29

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $672587 |
|  iBonds Mar 2023 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266295 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related* <br> *Dividends*  |
|  iBonds Mar 2023 Term Corporate ex-Financials | $612448 |
|  iBonds Mar 2023 Term Corporate | 1147461 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract

**iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares iBonds Mar 2023 Term Corporate ETF (each the "Fund"**)

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 31

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  iBonds Mar 2023 Term Corporate ex-Financials | $0.489027 | $— | $— | $0.489027 | 100% | —% | —% | 100% |
|  iBonds Mar 2023 Term Corporate | 0.511776 |  |  | 0.511776 | 100 |  |  | 100 |

---

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

S U P P L E M E N T A L I N F O R M A T I O N 33

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

---

| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee<br> (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
|  <sup>(a) </sup>Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b) </sup>Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

---

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

---

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| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 35

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov.** Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 37

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1007-1022

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| | |
|:---|:---|
| ![LOGO](g395230g89s42.jpg)  | ![LOGO](g395230g48v93.jpg) |

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| | |
|:---|:---|
| ![LOGO](g395392g24u50.jpg) | **OCTOBER 31, 2022** |

---

**2022 Annual Report**<br>

**iShares Trust** 

· iShares iBonds 2022 Term High Yield and Income ETF \| IBHB \| Cboe BZX

· iShares iBonds 2023 Term High Yield and Income ETF \| IBHC \| Cboe BZX

· iShares iBonds 2024 Term High Yield and Income ETF \| IBHD \| Cboe BZX

· iShares iBonds 2025 Term High Yield and Income ETF \| IBHE \| Cboe BZX

· iShares iBonds 2026 Term High Yield and Income ETF \| IBHF \| Cboe BZX

· iShares iBonds 2027 Term High Yield and Income ETF \| IBHG \| Cboe BZX

· iShares iBonds 2028 Term High Yield and Income ETF \| IBHH \| Cboe BZX

· iShares iBonds 2029 Term High Yield and Income ETF \| IBHI \| Cboe BZX

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g395392sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g395392photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia,<br>Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br>U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results.<br> Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx395392_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx395392_2) | 4 |
|  [Fund Summary](#tx395392_3) | 5 |
|  [About Fund Performance](#tx395392_4) | 21 |
|  [Disclosure of Expenses](#tx395392_5) | 21 |
|  [Schedules of Investments](#tx395392_6) | 22 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx395392_7) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx395392_8) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx395392_9) | 62 |
|  [Financial Highlights](#tx395392_10) | 66 |
|  [Notes to Financial Statements](#tx395392_11) | 74 |
|  [Report of Independent Registered Public Accounting Firm](#tx395392_12) | 84 |
|  [Important Tax Information](#tx395392_13) | 85 |
|  [Board Review and Approval of Investment Advisory Contract](#tx395392_14) | 86 |
|  [Supplemental Information](#tx395392_15) | 90 |
|  [Trustee and Officer Information](#tx395392_16) | 91 |
|  [General Information](#tx395392_17) | 94 |
|  [Glossary of Terms Used in this Report](#tx395392_18) | 95 |

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Market Overview

**iShares Trust** 

**U.S. Corporate Bond Market Overview** 

U.S. high-yield corporate bonds posted a negative returns for the 12 months ended October 31, 2022 ("reporting period"). The Markit iBoxx USD Liquid High Yield Index, a broad measure of U.S. high-yield corporate bond performance, returned -10.82%.

A variety of factors weighed on the high-yield bond market during the period. First, and most important, a surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark fed funds rate to a range of 3.0% to 3.25%. This marked the largest move in such a short interval since 1980. Investors expected that the Fed would continue to raise rates until inflation showed signs of moving back to its longer-term 2% target, with market prices indicating the central bank would not stop tightening until rates reached the 4.5-5.0% range. These developments led to a spike in U.S. Treasury yields, with the 10-year note soaring from 1.55% at the start of the period to 4.05% by October 31, 2022.

High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. Investors also became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices. Together, these factors caused high-yield corporates to finish the 12-month period with a loss. However, the asset class outperformed investment-grade corporates due in part to its lower degree of interest-rate sensitivity.

While the market performed poorly, one notable outcome of the sell-off was that yields—as gauged by the ICE BofA US High Yield Index—climbed to the upper end of the range that has been in place since the 2008 global financial crisis. At the same time, the default rate remained well below the historical average. In addition, high-yield companies' earlier efforts to refinance their debt at lower yields reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.

At the industry level, banking and communications issues were the weakest performers in the annual period. On the other hand, energy—while posting a loss in absolute terms—strongly outperformed the larger category on the strength of rising oil prices. The transportation and capital goods industries also delivered positive relative performance. Higher-rated bonds in the asset class generally outpaced lower-rated securities amid investors' search for relative "safe havens."

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2022 Term High Yield and Income ETF** |

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**Investment Objective** 

The **iShares iBonds 2022 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2022, as represented by the Bloomberg 2022 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | 1.23% | 2.61% | 1.23% | 9.41% |
|  Fund Market | 1.03 | 2.62 | 1.03 | 9.45 |
|  Index | 1.58 | 3.17 | 1.58 | 11.47 |

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**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp5.jpg)

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

**Expense Example** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | 0.33% |

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<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2022 Term High Yield and Income ETF** |

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**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>*  | *Percent of*<br>*Net Assets*<br>*<sup>(a)</sup>* |
|  A | 2.3% |
|  Baa | 29.4 |
|  Ba | 4.1 |
|  Not Rated | 2.0 |
|  Short-Term and Other Assets | 62.2 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>*  | *Percent of<br>Net Assets* |
|  Morgan Stanley, 4.88%, 11/01/22 | 3.0% |
|  Natwest Group PLC, 6.13%, 12/15/22 | 2.0 |
|  Sprint Communications LLC, 6.00%, 11/15/22 | 1.9 |
|  TransAlta Corp., 4.50%, 11/15/22 | 1.9 |
|  Deutsche Bank AG/New York NY, 3.30%, 11/16/22 | 1.7 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2023 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2023, as represented by the Bloomberg 2023 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (1.86)% | 2.67% | (1.86)% | 9.62% |
|  Fund Market | (1.80) | 2.71 | (1.80) | 9.76 |
|  Index | (1.49) | 3.62 | (1.49) | 13.17 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp7.jpg)

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>*  | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  A | 1.7% |
|  Baa | 53.6 |
|  Ba | 20.3 |
|  B | 11.5 |
|  Caa | 3.7 |
|  Not Rated | 3.6 |
|  Short-Term and Other Assets | 5.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>*  | *Percent of<br>Net Assets* |
|  Sprint Corp., 7.88%, 09/15/23 | 1.5% |
|  Ball Corp., 4.00%, 11/15/23 | 1.5 |
|  MGM Resorts International, 6.00%, 03/15/23 | 1.3 |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 | 1.2 |
|  Commerzbank AG, 8.13%, 09/19/23 | 1.2 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2024 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2024 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2024, as represented by the Bloomberg 2024 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (4.21)% | 2.00% | (4.21)% | 7.16% |
|  Fund Market | (4.29) | 2.03 | (4.29) | 7.26 |
|  Index | (5.08) | 2.33 | (5.08) | 8.35 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp9.jpg)

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995.10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2024 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>*  | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Baa | 7.4% |
|  Ba | 41.0 |
|  B | 36.3 |
|  Caa | 9.6 |
|  Ca | 0.2 |
|  Not Rated | 1.9 |
|  Short-Term and Other Assets | 3.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>*  | *Percent of<br>Net Assets* |
|  Las Vegas Sands Corp., 3.20%, 08/08/24 | 3.0% |
|  Intesa Sanpaolo SpA, 5.02%, 06/26/24 | 2.9 |
|  DISH DBS Corp., 5.88%, 11/15/24 | 2.9 |
|  Sprint Corp., 7.13%, 06/15/24 | 2.9 |
|  Mauser Packaging Solutions Holding Co.,<br>5.50%, 04/15/24 | 2.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2025 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2025, as represented by the Bloomberg 2025 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (4.77)% | 2.33% | (4.77)% | 8.38% |
|  Fund Market | (4.89) | 2.35 | (4.89) | 8.43 |
|  Index | (4.36) | 2.79 | (4.36) | 10.07 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp11a.jpg)

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $980.00 | $1.75 | $1000.00 | $1023.40 | $1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>*  | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  A | 0.2% |
|  Baa | 4.5 |
|  Ba | 38.5 |
|  B | 39.9 |
|  Caa | 12.3 |
|  Ca | 0.3 |
|  Not Rated | 0.7 |
|  Short-Term and Other Assets | 3.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of*<br>*Net Assets* |
|  Caesars Entertainment Inc., 6.25%, 07/01/25 | 2.3% |
|  American Airlines Inc., 11.75%, 07/15/25 | 1.9 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 | 1.6 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 | 1.2 |
|  Sands China Ltd., 5.63%, 08/08/25 | 1.1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2026 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2026, as represented by the Bloomberg 2026 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (7.52)% | (1.10)% | (7.52)% | (2.16)% |
|  Fund Market | (7.72) | (1.12) | (7.72) | (2.19) |
|  Index | (7.45) | (0.82) | (7.45) | (1.61) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392g50r48.jpg)

The inception date of the Fund was November 10, 2020. The first day of secondary market trading was November 12, 2020.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $967.60 | $1.74 | $1000.00 | $1023.40 | $1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>*  | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Baa | 3.3% |
|  Ba | 37.0 |
|  B | 45.7 |
|  Caa | 9.3 |
|  Ca | 0.1 |
|  Not Rated | 1.5 |
|  Short-Term and Other Assets | 3.1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  TransDigm Inc., 6.25%, 03/15/26 | 2.2% |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 | 2.1 |
|  DISH DBS Corp., 5.25%, 12/01/26 | 1.4 |
|  Tenet Healthcare Corp., 4.88%, 01/01/26 | 1.2 |
|  Newell Brands Inc., 4.45%, 04/01/26 | 1.1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2027 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2027, as represented by the Bloomberg 2027 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (9.71)% | (7.34)% | (9.71)% | (9.58)% |
|  Fund Market | (9.70) | (7.34) | (9.70) | (9.57) |
|  Index | (9.36) | (7.00) | (9.36) | (9.10) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392g18h58.jpg)

The inception date of the Fund was July 7, 2021. The first day of secondary market trading was July 9, 2021.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br> Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $957.20 | $1.73 | $1000.00 | $1023.40 | $1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | | |
|:---|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | <br>| *Percent of*<br> *Net Assets* |
|  Baa |  | 0.8% |
|  Ba |  | 36.1 |
|  B |  | 48.8 |
|  Caa |  | 12.7 |
|  Ca |  | 0.2 |
|  Not Rated |  | 0.3 |
|  Short-Term and Other Assets |  | 1.1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 | 1.9% |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27 | 1.7 |
|  Carnival Corp., 5.75%, 03/01/27 | 1.4 |
|  TransDigm Inc., 5.50%, 11/15/27 | 1.3 |
|  Centene Corp., 4.25%, 12/15/27 | 1.3 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2028 Term HighYield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2028, as represented by the Bloomberg 2028 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since<br>Inception* |
|  Fund NAV | (8.10)% |
|  Fund Market | (8.14) |
|  Index | (8.17) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp17.jpg)

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $949.30 | $1.72 | $1000.00 | $1023.40 | $1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 17

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  A | 1.9% |
|  Baa | 3.5 |
|  Ba | 36.7 |
|  B | 47.1 |
|  Caa | 8.4 |
|  Not Rated | 1.4 |
|  Short-Term and Other Assets | 1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Sprint Capital Corp., 6.88%, 11/15/28 | 1.4% |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 | 1.2 |
|  Tenet Healthcare Corp., 6.13%, 10/01/28 | 1.2 |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 | 1.1 |
|  DISH DBS Corp., 5.75%, 12/01/28 | 1.1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF** |

---

**Investment Objective** 

The **iShares iBonds 2029 Term High Yield and Income ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2029, as represented by the Bloomberg 2029 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since<br>Inception* |
|  Fund NAV | (10.06)% |
|  Fund Market | (10.03) |
|  Index | (10.13) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g395392dsp19.jpg)

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $939.20 | $1.71 | $1000.00 | $1023.40 | $1.79 | 0.35% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 19

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Aaa | 0.1% |
|  Baa | 1.1 |
|  Ba | 37.6 |
|  B | 46.0 |
|  Caa | 12.5 |
|  Not Rated | 1.1 |
|  Short-Term and Other Assets | 1.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Mozart Debt Merger Sub Inc., 3.88%, 04/01/29 | 1.8% |
|  Picard Midco Inc., 6.50%, 03/31/29 | 1.7 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 | 1.3 |
|  Mozart Debt Merger Sub Inc., 5.25%, 10/01/29 | 0.9 |
|  Altice France SA/France, 5.13%, 07/15/29 | 0.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 21

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2022 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
|  Southwest Airlines Co., 2.75%, 11/16/22<sup>(a)</sup>  | $650 | $648947 |
|  **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
|  Ford Motor Credit Co. LLC, 3.35%, 11/01/22 | 955 | 955000 |
|  **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
|  Cooperatieve Rabobank UA, 3.95%, 11/09/22 | &nbsp;&nbsp;&nbsp;&nbsp;1015 | 1014797 |
|  Deutsche Bank AG/New York NY, 3.30%, 11/16/22 | 1815 | 1813639 |
|  Morgan Stanley, 4.88%, 11/01/22 | 3250 | 3250000 |
|  Natwest Group PLC, 6.13%, 12/15/22 | 2130 | 2127188 |
|  Synovus Financial Corp., 3.13%, 11/01/22 | 625 | 625000 |
|  |  | 8830624 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
|  Celanese U.S. Holdings LLC, 4.63%, 11/15/22<sup>(a)</sup>  | 1050 | 1049790 |
|  Mosaic Co. (The), 3.25%, 11/15/22 | 1040 | 1039199 |
|  RPM International Inc., 3.45%, 11/15/22<sup>(a)</sup>  | 650 | 649838 |
|  |  | 2738827 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
|  North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22<sup>(b)</sup> | 1500 | 1473525 |
|  **Diversified Financial Services — 0.9%** |  |  |
|  Discover Financial Services, 3.85%, 11/21/22 | 950 | 948983 |
|  **Electric — 6.5%** |  |  |
|  American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22) | 650 | 648128 |
|  DTE Energy Co.<br>2.25%, 11/01/22<sup>(a)</sup>  | 965 | 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 0.55%, 11/01/22 | 1140 | 1140000 |
|  Edison International, 3.13%, 11/15/22<sup>(a)</sup>  | 825 | 824142 |
|  Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)<sup>(a)</sup>  | 1470 | 1468486 |
|  TransAlta Corp., 4.50%, 11/15/22<sup>(a)</sup>  | 2025 | 2021557 |
|  |  | 7067313 |
| **Health Care - Products — 1.5%** |  |  |
|  DH Europe Finance II Sarl, 2.05%, 11/15/22 | 1595 | 1593517 |
|  **Health Care - Services — 5.7%** |  |  |
|  CommonSpirit Health, 2.95%, 11/01/22<sup>(a)</sup>  | 1025 | 1025000 |
|  Dignity Health, 3.13%, 11/01/22 | 1425 | 1425000 |
|  Elevance Health Inc., 2.95%, 12/01/22 | 1465 | 1463242 |
|  Humana Inc.<br>2.90%, 12/15/22 | 1050 | 1047134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/22 | 1235 | &nbsp;&nbsp;&nbsp;&nbsp;1233851 |
|  |  | 6194227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Aon Corp., 2.20%, 11/15/22 | $735 | $734258 |
|  **Mining — 0.9%** |  |  |
|  Southern Copper Corp., 3.50%, 11/08/22 | 965 | 960503 |
|  **Packaging & Containers — 1.3%** |  |  |
|  Graphic Packaging International LLC, 4.88%, 11/15/22<sup>(a)</sup>  | 1460 | 1459139 |
|  **Pharmaceuticals — 4.1%** |  |  |
|  AbbVie Inc.<br>2.30%, 11/21/22 | 1415 | 1413231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22 | 1205 | 1204590 |
|  Cigna Corp., 3.05%, 11/30/22 | 915 | 913939 |
|  McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  | 870 | 867677 |
|  |  | 4399437 |
| **Software — 0.8%** |  |  |
|  Autodesk Inc., 3.60%, 12/15/22<br>(Call 12/01/22)<sup>(a)</sup>  | 855 | 854444 |
|  **Telecommunications — 1.9%** |  |  |
|  Sprint Communications LLC, 6.00%, 11/15/22 | 2077 | 2077353 |
|  **Total Long-Term Investments — 37.8%<br>(Cost: $41,000,083)** |  | 40936097 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 68.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | 9828 | 9826262 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;64040 | 64040000 |
|  **Total Short-Term Securities — 68.2%<br>(Cost: $73,866,146)** | **Total Short-Term Securities — 68.2%<br>(Cost: $73,866,146)** | 73866262 |
|  **Total Investments — 106.0%<br>(Cost: $114,866,229)** | **Total Investments — 106.0%<br>(Cost: $114,866,229)** | 114802359 |
|  **Liabilities in Excess of Other Assets — (6.0)%** | **Liabilities in Excess of Other Assets — (6.0)%** | (6541365) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;108260994 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2022 Term High Yield and Income ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $6234299 | $3595894 <sup>(a)</sup> | $— | $(3703) | $(228) | $9826262 | 9828 | $44049 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 3280000 | 60760000 <sup>(a)</sup> |  |  |  | 64040000 | 64040 | 312750 |  |
|  |  |  |  | $(3703) | $(228) | $73866262 |  | $356799 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $40936097 | $— | $40936097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 73866262 |  |  | 73866262 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;73866262 | $&nbsp;&nbsp;&nbsp;&nbsp;40936097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;114802359 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 23

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Aerospace & Defense — 3.0%** |  |  |
|  Boeing Co. (The)<br>1.17%, 02/04/23 (Call 12/01/22) | $550 | $543570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/23 (Call 04/15/23)<sup>(a)</sup>  | 205 | 200435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/23 (Call 02/01/23) | 190 | 188315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/23 (Call 04/01/23)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1760 | 1756603 |
|  L3Harris Technologies Inc., 3.85%, 06/15/23<br>(Call 05/15/23) | 500 | 495270 |
|  Northrop Grumman Corp., 3.25%, 08/01/23 | 580 | 572048 |
|  Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23) | 220 | 217151 |
|  Spirit AeroSystems Inc., 3.95%, 06/15/23<br>(Call 05/15/23)<sup>(a)</sup>  | 931 | 904141 |
|  Teledyne Technologies Inc., 0.65%, 04/01/23 | 160 | 156725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034258 |
| **Agriculture — 0.2%** |  |  |
|  Reynolds American Inc., 4.85%, 09/15/23<sup>(a)</sup>  | 385 | 383298 |
|  **Airlines — 0.7%** |  |  |
|  Delta Air Lines Inc., 3.80%, 04/19/23<br>(Call 03/19/23) | 1169 | 1160572 |
|  **Auto Manufacturers — 4.8%** |  |  |
|  Ford Motor Credit Co. LLC<br>3.09%, 01/09/23 | 250 | 248822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/04/23 | 365 | 360317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 1025 | 993143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 02/15/23 (Call 01/15/23) | 525 | 523498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/06/23 | 708 | 700431 |
|  General Motors Co.<br>4.88%, 10/02/23 | 625 | 619244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/02/23<sup>(a)</sup>  | 620 | 617570 |
|  General Motors Financial Co. Inc.<br>1.70%, 08/18/23 | 515 | 498546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/09/23 (Call 03/09/23) | 310 | 306987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/19/23 (Call 05/19/23) | 350 | 347021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/23<sup>(a)</sup>  | 290 | 288153 |
|  Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 12/01/22)<sup>(a)(b)</sup>  | 1675 | 1655520 |
|  Stellantis NV, 5.25%, 04/15/23 | 1000 | 996030 |
|  |  | 8155282 |
| **Banks — 5.3%** |  |  |
|  Citigroup Inc., 3.50%, 05/15/23 | 860 | 852707 |
|  Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23) | 250 | 248603 |
|  Commerzbank AG, 8.13%, 09/19/23<sup>(b)</sup>  | 2075 | 2082076 |
|  Cooperatieve Rabobank UA, 4.63%, 12/01/23<sup>(a)</sup>  | 275 | 271859 |
|  Credit Suisse Group AG, 3.80%, 06/09/23 | 1205 | 1173116 |
|  Deutsche Bank AG/New York NY, 3.95%, 02/27/23 | 520 | 517182 |
|  Discover Bank<br>3.35%, 02/06/23 (Call 01/06/23) | 475 | 472744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/08/23 | 755 | 746793 |
|  Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23) | 300 | 294636 |
|  First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23) | 275 | 271975 |
|  FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)<sup>(a)</sup>  | 180 | 177858 |
|  Morgan Stanley, 4.10%, 05/22/23 | 1315 | 1308504 |
|  NatWest Group PLC, 3.88%, 09/12/23<sup>(a)</sup>  | 0 |  |
|  Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)<sup>(a)</sup>  | 580 | 578480 |
|  |  | 8996533 |
| **Beverages — 0.3%** |  |  |
|  Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23 . | 150 | 147366 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Beverages (continued)** |  |  |
|  Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23) | $320 | $313533 |
|  |  | 460899 |
| **Biotechnology — 1.7%** |  |  |
|  Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23) | 455 | 445058 |
|  Gilead Sciences Inc.<br>0.75%, 09/29/23 (Call 11/14/22) | &nbsp;&nbsp;&nbsp;&nbsp;1002 | 964275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/23 (Call 07/01/23)<sup>(a)</sup>  | 460 | 449958 |
|  Illumina Inc., 0.55%, 03/23/23 | 270 | 265000 |
|  Royalty Pharma PLC, 0.75%, 09/02/23 | 700 | 672735 |
|  |  | 2797026 |
|  **Building Materials — 0.7%** |  |  |
|  Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23) | 373 | 368073 |
|  Lennox International Inc., 3.00%, 11/15/23<br>(Call 09/15/23) | 220 | 214660 |
|  Martin Marietta Materials Inc., 0.65%, 07/15/23<br>(Call 12/01/22) | 415 | 401496 |
|  Mohawk Industries Inc., 3.85%, 02/01/23<br>(Call 11/01/22) | 200 | 200000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184229 |
| **Chemicals — 2.8%** |  |  |
|  Avient Corp., 5.25%, 03/15/23 | 1635 | 1639251 |
|  DuPont de Nemours Inc., 4.21%, 11/15/23<br>(Call 10/15/23) | 1725 | 1706611 |
|  International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)<sup>(a)</sup>  | 150 | 148346 |
|  LYB International Finance BV, 4.00%, 07/15/23 | 305 | 301502 |
|  Mosaic Co. (The), 4.25%, 11/15/23<br>(Call 08/15/23)<sup>(a)</sup>  | 620 | 613459 |
|  Nutrien Ltd., 1.90%, 05/13/23 | 300 | 294666 |
|  |  | 4703835 |
| **Commercial Services — 1.9%** |  |  |
|  ADT Security Corp. (The), 4.13%, 06/15/23 | 1920 | 1899628 |
|  Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23) | 240 | 237830 |
|  Global Payments Inc.<br>3.75%, 06/01/23 (Call 03/01/23) | 345 | 341512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 (Call 05/01/23) | 355 | 351997 |
|  RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) | 465 | 462075 |
|  |  | 3293042 |
| **Computers — 2.3%** |  |  |
|  Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23) | 497 | 496215 |
|  Hewlett Packard Enterprise Co.<br>2.25%, 04/01/23 (Call 03/01/23) | 570 | 563388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/02/23 (Call 09/02/23) | 840 | 833641 |
|  Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23) | 300 | 296481 |
|  Seagate HDD Cayman, 4.75%, 06/01/23 | 1750 | 1736017 |
|  |  | 3925742 |
| **Diversified Financial Services — 8.5%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.15%, 10/29/23 | 1175 | 1113735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/23/23 (Call 12/23/22) | 300 | 298350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/03/23 (Call 06/03/23)<sup>(a)</sup>  | 300 | 296229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/23 (Call 08/15/23) | 765 | 751398 |
|  Air Lease Corp.<br>2.25%, 01/15/23 | 350 | 347582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/23 (Call 12/15/22)<sup>(a)</sup>  | 200 | 198886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/23 (Call 07/15/23) | 510 | 498015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/23 (Call 06/03/23) | 320 | 316128 |
|  Aircastle Ltd.<br>4.40%, 09/25/23 (Call 08/25/23)<sup>(a)</sup>  | 460 | 450427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 320 | 317795 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Ally Financial Inc.<br>1.45%, 10/02/23 (Call 09/02/23) | $815 | $781821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/05/23 (Call 05/05/23) | 550 | 541365 |
|  BGC Partners Inc., 5.38%, 07/24/23 | 305 | 302252 |
|  Capital One Financial Corp.<br>2.60%, 05/11/23 (Call 04/11/23)<sup>(a)</sup>  | 630 | 621653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/23 (Call 12/30/22) | 725 | 722260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/23 | 575 | 569020 |
|  Capital One NA, 3.38%, 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 995420 |
|  Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23) | 285 | 284350 |
|  Navient Corp.<br>5.50%, 01/25/23<sup>(a)</sup>  | 1439 | 1439158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/23 | 534 | 534609 |
|  OneMain Finance Corp.<br>5.63%, 03/15/23<sup>(a)</sup>  | 1470 | 1469574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/01/23<sup>(a)</sup>  | 680 | 690234 |
|  TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 12/01/22)<sup>(b)</sup>  | 565 | 547965 |
|  Western Union Co. (The), 4.25%, 06/09/23<br>(Call 05/09/23) | 180 | 178695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14266921 |
| **Electric — 5.3%** |  |  |
|  American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)<sup>(a)</sup>  | 285 | 272209 |
|  Black Hills Corp., 4.25%, 11/30/23<br>(Call 08/30/23)<sup>(a)</sup>  | 330 | 326839 |
|  Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22) | 415 | 396134 |
|  Duke Energy Corp., 3.95%, 10/15/23<br>(Call 07/15/23)<sup>(a)</sup>  | 255 | 252039 |
|  Edison International, 2.95%, 03/15/23<br>(Call 01/15/23) | 225 | 222869 |
|  Eversource Energy<br>2.80%, 05/01/23 (Call 02/01/23) | 250 | 247008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.80%, 12/01/23 (Call 11/01/23) | 250 | 245910 |
|  Georgia Power Co., Series A, 2.10%, 07/30/23<sup>(a)</sup>  | 430 | 420488 |
|  InterGen NV, 7.00%, 06/30/23 (Call 12/01/22)<sup>(b)</sup>  | 1475 | 1444217 |
|  NextEra Energy Capital Holdings Inc.,<br>0.65%, 03/01/23 | 1330 | 1311939 |
|  OGE Energy Corp., 0.70%, 05/26/23<br>(Call 12/01/22)<sup>(a)</sup>  | 300 | 292305 |
|  Pacific Gas and Electric Co.<br>1.70%, 11/15/23 | 775 | 740582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/23 (Call 03/15/23)<sup>(a)</sup>  | 230 | 226143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/23 (Call 08/15/23) | 215 | 210008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/23 (Call 07/01/23)<sup>(a)</sup>  | 360 | 356360 |
|  Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22) | 525 | 500314 |
|  Southern Co. (The), 2.95%, 07/01/23<br>(Call 05/01/23)<sup>(a)</sup>  | 760 | 747506 |
|  WEC Energy Group Inc., 0.55%, 09/15/23<sup>(a)</sup>  | 450 | 431843 |
|  Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23) | 315 | 300778 |
|  |  | 8945491 |
| **Electrical Components & Equipment — 0.6%** |  |  |
|  EnerSys, 5.00%, 04/30/23 (Call 01/30/23)<sup>(a)(b)</sup>  | 960 | 951734 |
|  **Electronics — 0.4%** |  |  |
|  Arrow Electronics Inc., 4.50%, 03/01/23<br>(Call 12/01/22) | 180 | 179413 |
|  Flex Ltd., 5.00%, 02/15/23<sup>(a)</sup>  | 250 | 249693 |
|  Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23) | 190 | 188170 |
|  |  | 617276 |
| **Environmental Control — 0.2%** |  |  |
|  Republic Services Inc., 4.75%, 05/15/23<br>(Call 02/15/23)<sup>(a)</sup>  | 50 | 49919 |
|  Waste Management Inc., 2.40%, 05/15/23<br>(Call 03/15/23) | 250 | 246555 |
|  |  | 296474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Food — 2.2%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 (Call 12/15/22)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;2100 | $2086140 |
|  Campbell Soup Co., 3.65%, 03/15/23<br>(Call 02/15/23) | 270 | 268661 |
|  Conagra Brands Inc.<br>0.50%, 08/11/23 (Call 12/01/22) | 350 | 336938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/23 (Call 12/01/22) | 170 | 169260 |
|  Kellogg Co., 2.65%, 12/01/23 | 350 | 342874 |
|  Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)<sup>(a)</sup>  | 335 | 332183 |
|  Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)<sup>(a)</sup>  | 255 | 252506 |
|  |  | 3788562 |
| **Gas — 0.4%** |  |  |
|  Eastern Energy Gas Holdings LLC,<br>3.55%, 11/01/23 (Call 08/01/23)<sup>(a)</sup>  | 255 | 250966 |
|  National Fuel Gas Co., 3.75%, 03/01/23<br>(Call 12/01/22) | 300 | 297855 |
|  ONE Gas Inc., 0.85%, 03/11/23 (Call 12/01/22) | 0 |  |
|  Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)<sup>(a)</sup>  | 215 | 209360 |
|  |  | 758181 |
| **Health Care - Products — 0.7%** |  |  |
|  Baxter International Inc., 0.87%, 12/01/23 | 505 | 482169 |
|  PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)<sup>(a)</sup>  | 305 | 293129 |
|  Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22) | 380 | 362243 |
|  |  | 1137541 |
| **Health Care - Services — 1.7%** |  |  |
|  Aetna Inc.,<br>2.80%, 06/15/23 (Call 04/15/23)<sup>(a)</sup>  | 830 | 817940 |
|  Anthem Inc., 0.45%, 03/15/23 | 250 | 245883 |
|  Elevance Health Inc., 3.30%, 01/15/23 | 625 | 623025 |
|  Humana Inc., 0.65%, 08/03/23<br>(Call 11/08/22) | 970 | 937476 |
|  Laboratory Corp. of America Holdings,<br>4.00%, 11/01/23 (Call 08/01/23)<sup>(a)</sup>  | 190 | 187663 |
|  |  | 2811987 |
| **Holding Companies - Diversified — 1.3%** |  |  |
|  Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)<sup>(a)</sup>  | 465 | 462410 |
|  Blackstone Secured Lending Fund, 3.65%, 07/14/23<sup>(a)</sup>  | 240 | 236674 |
|  FS Energy & Power Fund, 7.50%, 08/15/23<br>(Call 05/15/23)<sup>(b)</sup> . | 1565 | 1568161 |
|  |  | 2267245 |
|  **Home Builders — 1.2%** |  |  |
|  DR Horton Inc.<br>4.75%, 02/15/23 | 115 | 114929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/23 (Call 05/15/23) | 245 | 245546 |
|  KB Home, 7.63%, 05/15/23 (Call 11/15/22) | 955 | 956079 |
|  Lennar Corp., 4.88%, 12/15/23<br>(Call 09/15/23) | 265 | 262941 |
|  Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23) . | 440 | 436986 |
|  |  | 2016481 |
|  **Insurance — 0.9%** |  |  |
|  Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)<sup>(a)</sup>  | 220 | 217261 |
|  Aspen Insurance Holdings Ltd., 4.65%, 11/15/23 | 190 | 187507 |
|  Equitable Holdings Inc., 3.90%, 04/20/23<br>(Call 03/20/23)<sup>(a)</sup>  | 260 | 258640 |
|  Jackson Financial Inc., 1.13%, 11/22/23 | 380 | 362923 |
|  Lincoln National Corp., 4.00%, 09/01/23 | 300 | 297747 |
|  Reinsurance Group of America Inc., 4.70%, 09/15/23<sup>(a)</sup>  | 255 | 254457 |
|  |  | 1578535 |
| **Internet — 0.2%** |  |  |
|  eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) | 380 | 377834 |
|  **Iron & Steel — 0.7%** |  |  |
|  Commercial Metals Co., 4.88%, 05/15/23<br>(Call 02/15/23)<sup>(a)</sup>  | 899 | 896645 |

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S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Iron & Steel (continued)** |  |  |
|  Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup>  | $320 | $318502 |
|  |  | 1215147 |
| **Lodging — 3.5%** |  |  |
|  Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)<sup>(a)</sup>  | 600 | 576156 |
|  Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23) | 225 | 222336 |
|  MGM Resorts International, 6.00%, 03/15/23 | 2140 | 2141733 |
|  Travel + Leisure Co., 3.90%, 03/01/23 (Call 12/01/22) | 1270 | 1259281 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23 (Call 02/28/23)<sup>(b)</sup>  | 1650 | 1622429 |
|  |  | 5821935 |
| **Machinery — 0.6%** |  |  |
|  CNH Industrial Capital LLC, 1.95%, 07/02/23<sup>(a)</sup>  | 405 | 395547 |
|  CNH Industrial NV, 4.50%, 08/15/23<sup>(a)</sup>  | 415 | 411701 |
|  Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)<sup>(a)</sup>  | 165 | 163472 |
|  |  | 970720 |
| **Manufacturing — 0.4%** |  |  |
|  Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22) | 185 | 177828 |
|  General Electric Co., 3.10%, 01/09/23 | 50 | 49819 |
|  Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23. | 450 | 446634 |
|  |  | 674281 |
| **Media — 3.1%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23 (Call 11/16/22)<sup>(b)</sup>  | 1655 | 1643961 |
|  Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)<sup>(a)</sup>  | 455 | 450900 |
|  DISH DBS Corp., 5.00%, 03/15/23 | 2103 | 2076692 |
|  Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23) | 380 | 376143 |
|  Time Warner Cable Enterprises LLC, 8.38%, 03/15/23 | 625 | 632606 |
|  |  | 5180302 |
| **Mining — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 1229 | 1220495 |
|  **Office & Business Equipment — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23) | 2040 | 2029249 |
|  **Oil & Gas — 4.6%** |  |  |
|  Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22) | 450 | 447984 |
|  Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup>  | 410 | 408155 |
|  Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22) . | 910 | 909163 |
|  Phillips 66, 3.70%, 04/06/23 | 300 | 298410 |
|  Pioneer Natural Resources Co., 0.55%, 05/15/23<sup>(a)</sup>  | 450 | 439006 |
|  Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22) | &nbsp;&nbsp;&nbsp;&nbsp;1785 | 1781180 |
|  Transocean Sentry Ltd., 5.38%, 05/15/23<sup>(a)(b)</sup>  | 770 | 760706 |
|  Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)<sup>(a)(b)</sup>  | 1170 | 1151549 |
|  W&T Offshore Inc., 9.75%, 11/01/23<sup>(a)(b)</sup>  | 1540 | 1533794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7729947 |
| **Packaging & Containers — 2.3%** |  |  |
|  Ball Corp., 4.00%, 11/15/23<sup>(a)</sup>  | 2500 | 2450175 |
|  Owens-Brockway Glass Container Inc., 5.88%, 08/15/23<sup>(b)</sup>  | 1390 | 1385816 |
|  |  | 3835991 |
| **Pharmaceuticals — 3.8%** |  |  |
|  AbbVie Inc.<br>2.85%, 05/14/23 (Call 03/14/23) | 590 | 583545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 (Call 10/14/23)<sup>(a)</sup>  | 795 | 784713 |
|  AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22) | 474 | 466340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
|  Cardinal Health Inc., 3.20%, 03/15/23<sup>(a)</sup>  | $310 | $307669 |
|  Cigna Corp.<br>3.00%, 07/15/23 (Call 05/16/23) | 380 | 374820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/23 (Call 06/15/23) | 750 | 743250 |
|  CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23) | 360 | 356519 |
|  Elanco Animal Health Inc., 5.77%, 08/28/23 (Call 07/28/23) | 600 | 597474 |
|  McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22) | 100 | 99299 |
|  Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)<sup>(a)</sup>  | 345 | 338497 |
|  Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23) | 682 | 667085 |
|  Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) | 300 | 297033 |
|  Zoetis Inc., 3.25%, 02/01/23<sup>(a)</sup>  | 760 | 756496 |
|  |  | 6372740 |
|  **Pipelines — 8.4%** |  |  |
|  Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22) | 110 | 110000 |
|  Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23) | 1635 | 1615592 |
|  DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | 1370 | 1361931 |
|  Enbridge Inc.<br>0.55%, 10/04/23 | 315 | 301149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (Call 07/01/23) | 560 | 552412 |
|  Energy Transfer LP<br>3.45%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 20 | 19915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 | 400 | 398132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) | 700 | 696773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)<sup>(a)</sup>  | 400 | 395328 |
|  Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) | 420 | 414750 |
|  Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22) | 775 | 770272 |
|  Kinder Morgan Energy Partners LP 3.45%, 02/15/23 | 290 | 288533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  | 370 | 364861 |
|  Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)<sup>(a)</sup>  | 530 | 527631 |
|  MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)<sup>(a)</sup>  | 705 | 700925 |
|  NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1444 | 1408275 |
|  ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23) | 305 | 308267 |
|  ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)<sup>(a)</sup>  | 260 | 258843 |
|  PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 12/01/22)<sup>(a)</sup>  | 1700 | 1699711 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>2.85%, 01/31/23<sup>(a)</sup>  | 170 | 168880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/23 (Call 07/15/23)<sup>(a)</sup>  | 497 | 488790 |
|  Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23) | 552 | 552011 |
|  TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23) | 395 | 388684 |
|  Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23) | 380 | 376542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168207 |
|  **Real Estate — 1.7%** |  |  |
|  Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) | 1765 | 1758699 |
|  Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23<sup>(a)(b)</sup>  | 1115 | 1115959 |
|  |  | 2874658 |
|  **Real Estate Investment Trusts — 3.3%** |  |  |
|  American Tower Corp.<br>3.00%, 06/15/23 | 400 | 394284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/23 | 600 | 597978 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  | $355 | $347787 |
|  Brandywine Operating Partnership LP, 3.95%, 02/15/23<sup>(a)</sup>  | 210 | 208473 |
|  Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23) | 475 | 467666 |
|  Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23) | 205 | 203046 |
|  GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23) | 345 | 340508 |
|  Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23) | 215 | 212878 |
|  Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)<sup>(a)</sup>  | 200 | 197148 |
|  Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586671 |
|  Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)<sup>(b)</sup>  | 1005 | 992719 |
|  |  | 5549158 |
| **Retail — 2.9%** |  |  |
|  AutoZone Inc.<br>2.88%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 110 | 109480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/23 (Call 04/15/23)<sup>(a)</sup>  | 360 | 354794 |
|  Brinker International Inc., 3.88%, 05/15/23<sup>(a)</sup>  | 915 | 904798 |
|  Lowe's Companies Inc., 3.88%, 09/15/23 (Call 06/15/23) | 305 | 301758 |
|  McDonald's Corp., 3.35%, 04/01/23 (Call 03/01/23)<sup>(a)</sup>  | 350 | 347970 |
|  O'Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23) | 160 | 158502 |
|  Starbucks Corp.<br>3.10%, 03/01/23 (Call 02/01/23)<sup>(a)</sup>  | 450 | 447485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/23 (Call 07/01/23)<sup>(a)</sup>  | 515 | 509031 |
|  Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22) | 540 | 516343 |
|  Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)<sup>(a)</sup>  | 1225 | 1207617 |
|  |  | 4857778 |
| **Semiconductors — 1.2%** |  |  |
|  Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)<sup>(a)</sup>  | 250 | 247970 |
|  Microchip Technology Inc.<br>2.67%, 09/01/23 | 675 | 657943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 06/01/23 (Call 05/01/23) | 705 | 700495 |
|  Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22) | 350 | 339815 |
|  |  | 1946223 |
| **Shipbuilding — 0.1%** |  |  |
|  Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22) | 250 | 240708 |
|  **Software — 3.0%** |  |  |
|  Fidelity National Information Services Inc., 0.38%, 03/01/23 | 450 | 443246 |
|  Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23) | 665 | 655324 |
|  Oracle Corp.<br>2.40%, 09/15/23 (Call 07/15/23) | 1605 | 1565453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/23 (Call 01/15/23) | 705 | 700439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/23<sup>(a)</sup>  | 640 | 633171 |
|  Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23) | 490 | 483409 |
|  VMware Inc., 0.60%, 08/15/23 | 675 | 649876 |
|  |  | 5130918 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Telecommunications — 4.3%** |  |  |  |
|  British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23) | $| 475 | $468801 |
|  DKT Finance ApS, 9.38%, 06/17/23 (Call 11/14/22)<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;1345 | 1300655 |
|  Quebecor Media Inc., 5.75%, 01/15/23 |  | 1705 | 1704932 |
|  Rogers Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/23 (Call 12/15/22) |  | 270 | 267800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/23 (Call 07/01/23) |  | 575 | 567720 |
|  Sprint Corp., 7.88%, 09/15/23 |  | 2474 | 2514277 |
|  Vodafone Group PLC, 2.95%, 02/19/23<sup>(a)</sup>  |  | 350 | 347491 |
|  |  |  | 7171676 |
| **Toys, Games & Hobbies — 0.4%** |  |  |  |
|  Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 697 | 691731 |
|  **Transportation — 0.9%** |  |  |  |
|  Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 240 | 239537 |
|  Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23) |  | 240 | 237084 |
|  Norfolk Southern Corp., 2.90%, 02/15/23 |  | 290 | 287964 |
|  Ryder System Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 290 | 288086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/23 (Call 05/09/23)<sup>(a)</sup>  |  | 270 | 267119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) |  | 200 | 196862 |
|  |  |  | 1516652 |
|  **Total Long-Term Investments — 94.4%<br>(Cost: $161,178,566)** |  |  | 159107494 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 20.0%** | **Money Market Funds — 20.0%** | **Money Market Funds — 20.0%** | **Money Market Funds — 20.0%** |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  |  | 23061 | 23056271 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  |  | 10600 | 10600000 |
|  **Total Short-Term Securities — 20.0%<br>(Cost: $33,656,919)** |  |  | 33656271 |
|  **Total Investments — 114.4%<br>(Cost: $194,835,485)** |  |  | 192763765 |
|  **Liabilities in Excess of Other Assets — (14.4)%** | **Liabilities in Excess of Other Assets — (14.4)%** | **Liabilities in Excess of Other Assets — (14.4)%** | (24332963) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;168430802 |

---

<sup>(a)</sup> All or a portion of this security is on loan. <sup></sup>

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

<sup>(c)</sup> Affiliate of the Fund. <sup></sup>

<sup>(d)</sup> Annualized 7-day yield as of period end. <sup></sup>

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 27

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2023 Term High Yield and Income ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $5910354 | $17153209 <sup>(a)</sup> | $— | $(5771) | $(1521) | $23056271 | 23061 | $47816 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 5780000 | 4820000 <sup>(a)</sup> |  |  |  | 10600000 | 10600 | 39717 |  |
|  |  |  |  | $(5771) | $(1521) | $33656271 |  | $87533 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $159107494 | $— | $159107494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 33656271 |  |  | 33656271 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;33656271 | $&nbsp;&nbsp;&nbsp;&nbsp;159107494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;192763765 |

---

*See notes to financial statements.* 

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2024 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Aerospace & Defense — 5.0%** |  |  |
|  Bombardier Inc., 7.50%, 12/01/24<br>(Call 12/01/22)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;1488 | $1484250 |
|  Howmet Aerospace Inc., 5.13%, 10/01/24<br>(Call 07/01/24) | 3118 | 3078963 |
|  Triumph Group Inc.<br>6.25%, 09/15/24 (Call 12/01/22)<sup>(a)</sup>  | 1522 | 1412005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup>  | 1510 | 1525930 |
|  |  | 7501148 |
| **Airlines — 2.2%** |  |  |
|  Delta Air Lines Inc., 2.90%, 10/28/24<br>(Call 09/28/24)<sup>(b)</sup>  | 2562 | 2420270 |
|  United Airlines Holdings Inc., 5.00%, 02/01/24<sup>(b)</sup>  | 837 | 824027 |
|  |  | 3244297 |
| **Apparel — 1.7%** |  |  |
|  Hanesbrands Inc., 4.63%, 05/15/24<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 2579 | 2507149 |
|  **Auto Manufacturers — 2.9%** |  |  |
|  Ford Motor Credit Co. LLC<br>3.66%, 09/08/24<sup>(b)</sup>  | 754 | 715116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 730 | 705866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24) | 1450 | 1388317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 1545 | 1526244 |
|  |  | 4335543 |
| **Auto Parts & Equipment — 0.5%** |  |  |
|  Cooper-Standard Automotive Inc., 13.00%, 06/01/24<sup>(a)(b)</sup>  | 670 | 687822 |
|  **Banks — 3.6%** |  |  |
|  Freedom Mortgage Corp., 8.13%, 11/15/24<sup>(a)</sup>  | 1186 | 1045150 |
|  Intesa Sanpaolo SpA, 5.02%, 06/26/24<sup>(a)</sup>  | 4545 | 4339339 |
|  |  | 5384489 |
| **Chemicals — 2.5%** |  |  |
|  Cornerstone Chemical Co., 6.75%, 08/15/24<sup>(a)(b)</sup>  | 1281 | 962428 |
|  Methanex Corp., 4.25%, 12/01/24<br>(Call 09/01/24)<sup>(b)</sup>  | 864 | 836110 |
|  Rayonier AM Products Inc., 5.50%, 06/01/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1022 | 1005249 |
|  WR Grace Holdings LLC, 5.63%, 10/01/24<sup>(a)(b)</sup>  | 869 | 851603 |
|  |  | 3655390 |
| **Commercial Services — 2.3%** |  |  |
|  Grand Canyon University, 4.13%, 10/01/24<sup>(b)</sup>  | 1431 | 1340575 |
|  Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24<sup>(a)(b)</sup>  | 2162 | 2146412 |
|  |  | 3486987 |
| **Computers — 0.9%** |  |  |
|  Seagate HDD Cayman, 4.88%, 03/01/24<br>(Call 01/01/24)<sup>(b)</sup>  | 1432 | 1403489 |
|  **Distribution & Wholesale — 0.2%** |  |  |
|  Wesco Aircraft Holdings Inc., 8.50%, 11/15/24<sup>(a)</sup>  | 455 | 236605 |
| **Diversified Financial Services — 9.3%** |  |  |
|  CNG Holdings Inc., 12.50%, 06/15/24<sup>(a)(b)</sup>  | 885 | 743400 |
|  Enova International Inc., 8.50%, 09/01/24<br>(Call 12/01/22)<sup>(a)</sup>  | 733 | 688214 |
|  Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24, (7.25% PIK)<sup>(a)(c)</sup>  | 4362 | 3497069 |
|  goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/22)<sup>(a)</sup>  | 1535 | 1443069 |
|  Navient Corp.<br>5.88%, 10/25/24<sup>(b)</sup>  | 1467 | 1426687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24<sup>(b)</sup>  | 2426 | 2385631 |
|  OneMain Finance Corp., 6.13%, 03/15/24<br>(Call 09/15/23) | 3725 | 3640107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824177 |
| **Electric — 1.3%** |  |  |
|  NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)</sup>  | 1990 | 1930400 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electronics — 0.8%** |  |  |
|  Sensata Technologies BV, 5.63%, 11/01/24<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;1128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121322 |
|  **Engineering & Construction — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) | 1083 | 1027594 |
|  **Entertainment — 4.8%** |  |  |
|  Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 1632 | 1585243 |
|  Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 975 | 980187 |
|  Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 2695 | 2608841 |
|  Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)<sup>(a)(b)</sup>  | 2175 | 1986449 |
|  |  | 7160720 |
|  **Environmental Control — 1.1%** |  |  |
|  Stericycle Inc., 5.38%, 07/15/24<sup>(a)(b)</sup>  | 1727 | 1701855 |
|  **Gas — 1.3%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24) | 1969 | 1926844 |
|  **Health Care - Services — 2.6%** |  |  |
|  Tenet Healthcare Corp.<br>4.63%, 07/15/24 (Call 12/01/22) | 2214 | 2158008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24<sup>(a)</sup>  | 1748 | 1702325 |
|  |  | 3860333 |
|  **Holding Companies - Diversified — 3.3%** |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24 (Call 06/15/24) | 3147 | 3038366 |
|  Stena AB, 7.00%, 02/01/24<sup>(a)</sup>  | 1105 | 1041915 |
|  Stena International SA, 5.75%, 03/01/24<sup>(a)</sup>  | 965 | 903877 |
|  |  | 4984158 |
|  **Home Builders — 1.6%** |  |  |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24<br>(Call 12/01/23)<sup>(a)(b)</sup>  | 1032 | 1019152 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24<sup>(b)</sup>  | 1337 | 1318081 |
|  |  | 2337233 |
| **Internet — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix Inc., 5.75%, 03/01/24 | 820 | 826478 |
|  **Iron & Steel — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty Ltd., 12.00%, 10/01/24<sup>(a)</sup>  | 937 | 874783 |
|  **Leisure Time — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., 3.63%, 12/15/24<sup>(a)</sup>  | 1623 | 1417122 |
|  **Lodging — 6.3%** |  |  |
|  Arrow Bidco LLC, 9.50%, 03/15/24<sup>(a)</sup>  | 960 | 964906 |
|  Las Vegas Sands Corp., 3.20%, 08/08/24<br>(Call 07/08/24) | 4641 | 4413498 |
|  MGM China Holdings Ltd., 5.38%, 05/15/24<sup>(a)</sup>  | 2140 | 1840143 |
|  Travel + Leisure Co., 5.65%, 04/01/24<br>(Call 02/01/24) | 917 | 902264 |
|  Wynn Macau Ltd., 4.88%, 10/01/24<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 1725 | 1319263 |
|  |  | 9440074 |
|  **Machinery — 0.5%** |  |  |
|  Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)<sup>(a)</sup>  | 818 | 787538 |
|  **Manufacturing — 1.6%** |  |  |
|  FXI Holdings Inc., 7.88%, 11/01/24<sup>(a)(b)</sup>  | 1441 | 1238251 |
|  Trinity Industries Inc., 4.55%, 10/01/24<br>(Call 07/01/24) | 1201 | 1140950 |
|  |  | 2379201 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2024 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
|  **Media — 7.3%** |  |  |
|  AMC Networks Inc., 5.00%, 04/01/24 | $&nbsp;&nbsp;&nbsp;&nbsp;1198 | $1164372 |
|  Cengage Learning Inc., 9.50%, 06/15/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1670 | 1582392 |
|  CSC Holdings LLC, 5.25%, 06/01/24<sup>(b)</sup>  | 2163 | 2098391 |
|  DISH DBS Corp., 5.88%, 11/15/24 | 4663 | 4300685 |
|  Videotron Ltd., 5.38%, 06/15/24<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 1692 | 1677956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10823796 |
| **Mining — 1.8%** |  |  |
|  Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)<sup>(a)</sup>  | 740 | 701646 |
|  FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | 2098 | 2056984 |
|  |  | 2758630 |
| **Office & Business Equipment — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Corp., 3.80%, 05/15/24 | 882 | 839761 |
|  **Oil & Gas — 4.7%** |  |  |
|  Citgo Holding Inc., 9.25%, 08/01/24<sup>(a)(b)</sup>  | 10 | 10014 |
|  Ensign Drilling Inc., 9.25%, 04/15/24<sup>(a)</sup>  | 1186 | 1074077 |
|  Occidental Petroleum Corp.<br>2.90%, 08/15/24 | 1830 | 1763955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 | 1668 | 1709333 |
|  Puma International Financing SA, 5.13%, 10/06/24 (Call 11/11/22)<sup>(a)</sup>  | 1620 | 1512805 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24<sup>(a)</sup>  | 961 | 935084 |
|  |  | 7005268 |
| **Oil & Gas Services — 2.0%** |  |  |
|  Oceaneering International Inc., 4.65%, 11/15/24<sup>(b)</sup>  | 1146 | 1096802 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24<sup>(a)</sup>  | 490 | 486731 |
|  Transocean Proteus Ltd., 6.25%, 12/01/24<br>(Call 12/01/22)<sup>(a)</sup>  | 787 | 769112 |
|  Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 670 | 688177 |
|  |  | 3040822 |
| **Packaging & Containers — 4.8%** |  |  |
|  Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24) | 857 | 831796 |
|  Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 4250 | 4164617 |
|  Sealed Air Corp., 5.13%, 12/01/24<br>(Call 09/01/24)<sup>(a)(b)</sup>  | 1208 | 1194603 |
|  Trident TPI Holdings Inc., 9.25%, 08/01/24<sup>(a)</sup>  | 999 | 934015 |
|  |  | 7125031 |
| **Pharmaceuticals — 1.3%** |  |  |
|  Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24) | 1980 | 1884980 |
|  **Pipelines — 2.5%** |  |  |
|  Buckeye Partners LP, 4.35%, 10/15/24<br>(Call 07/15/24)<sup>(b)</sup>  | 920 | 879851 |
|  EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24) | 911 | 862371 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 06/15/24 (Call 12/01/22) | 1032 | 1008832 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Pipelines (continued)** |  |  |  |
|  Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)<sup>(a)(b)</sup>  | $| 1075 | $968102 |
|  |  |  | 3719156 |
| **Real Estate Investment Trusts — 3.9%** |  |  |  |
|  Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23) |  | 736 | 637141 |
|  iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  |  | 2137 | 2119455 |
|  Service Properties Trust<br>4.35%, 10/01/24 (Call 09/01/24) |  | 2365 | 2171945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) |  | 986 | 938711 |
|  |  |  | 5867252 |
| **Retail — 2.9%** |  |  |  |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(a)(b)</sup>  |  | 1059 | 1023746 |
|  Nordstrom Inc., 2.30%, 04/08/24<br>(Call 11/16/22) |  | 781 | 732922 |
|  QVC Inc., 4.85%, 04/01/24<sup>(b)</sup>  |  | 1761 | 1692004 |
|  TPro Acquisition Corp., 11.00%, 10/15/24<sup>(a)</sup>  |  | 879 | 861613 |
|  |  |  | 4310285 |
| **Telecommunications — 5.5%** |  |  |  |
|  Sprint Corp., 7.13%, 06/15/24 |  | 4206 | 4271740 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)</sup>  |  | 4221 | 3975042 |
|  |  |  | 8246782 |
|  **Total Long-Term Investments — 96.4%<br>(Cost: $147,821,126)** |  |  | 143664514 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 15.6%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup>  |  | 20370 | 20365980 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup>  |  | 2860 | 2860000 |
|  **Total Short-Term Securities — 15.6%<br>(Cost: $23,226,566)** | **Total Short-Term Securities — 15.6%<br>(Cost: $23,226,566)** | **Total Short-Term Securities — 15.6%<br>(Cost: $23,226,566)** | 23225980 |
|  **Total Investments — 112.0%<br>(Cost: $171,047,692)** | **Total Investments — 112.0%<br>(Cost: $171,047,692)** | **Total Investments — 112.0%<br>(Cost: $171,047,692)** | 166890494 |
|  **Liabilities in Excess of Other Assets — (12.0)%** | **Liabilities in Excess of Other Assets — (12.0)%** | **Liabilities in Excess of Other Assets — (12.0)%** | (17853566) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $149036928 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2024 Term High Yield and Income ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $4145592 | $16226773 <sup>(a)</sup> | $— | $(5235) | $(1150) | $20365980 | 20370 | $83053 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 610000 | 2250000 <sup>(a)</sup> |  |  |  | 2860000 | 2860 | 12441 |  |
|  |  |  |  | $(5235) | $(1150) | $23225980 |  | $95494 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $143664514 | $— | $143664514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23225980 |  |  | 23225980 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;23225980 | $&nbsp;&nbsp;&nbsp;&nbsp;143664514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;166890494 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.5%** |  |  |
|  Clear Channel International BV,<br>6.63%, 08/01/25<sup>(a)(b)</sup>  | $185 | $176316 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25<sup>(a)</sup>  | 281 | 278142 |
|  |  | 454458 |
| **Aerospace & Defense — 4.5%** |  |  |
|  Bombardier Inc., 7.50%, 03/15/25<sup>(a)</sup>  | 816 | 802299 |
|  Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25) | 220 | 213514 |
|  Howmet Aerospace Inc., 6.88%, 05/01/25<br>(Call 04/01/25) | 377 | 385426 |
|  Rolls-Royce PLC, 3.63%, 10/14/25<br>(Call 07/14/25)<sup>(a)</sup>  | 620 | 547249 |
|  Spirit AeroSystems Inc.<br>5.50%, 01/15/25<sup>(a)</sup>  | 310 | 300384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25<sup>(a)</sup>  | 722 | 703156 |
|  TransDigm Inc., 8.00%, 12/15/25<sup>(a)</sup>  | 643 | 654278 |
|  Triumph Group Inc., 7.75%, 08/15/25<sup>(b)</sup>  | 308 | 233634 |
|  |  | 3839940 |
| **Airlines — 3.0%** |  |  |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(a)(b)</sup>  | 324 | 285434 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)</sup>  | 1485 | 1625303 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)<sup>(a)</sup>  | 346 | 351259 |
|  U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27 | 150 | 133302 |
|  United Airlines Holdings Inc., 4.88%, 01/15/25<sup>(b)</sup>  | 216 | 206362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601660 |
| **Auto Manufacturers — 3.8%** |  |  |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(a)</sup>  | 705 | 680113 |
|  Ford Motor Credit Co. LLC<br>2.30%, 02/10/25 (Call 01/10/25) | 425 | 384740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | 745 | 676982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 445 | 413628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 205 | 194233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 565 | 545253 |
|  Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25<sup>(a)</sup>  | 370 | 341458 |
|  |  | 3236407 |
| **Auto Parts & Equipment — 1.8%** |  |  |
|  Clarios Global LP, 6.75%, 05/15/25<sup>(a)</sup>  | 272 | 272334 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25<sup>(a)</sup>  | 281 | 274576 |
|  Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 | 420 | 438014 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(a)(b)</sup>  | 560 | 525594 |
|  |  | 1510518 |
| **Banks — 1.2%** |  |  |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup>  | 755 | 701750 |
|  Freedom Mortgage Corp., 8.25%, 04/15/25<sup>(a)</sup>  | 335 | 288388 |
|  |  | 990138 |
| **Building Materials — 0.8%** |  |  |
|  Jeld-Wen Inc.<br>4.63%, 12/15/25<sup>(a)</sup>  | 252 | 209578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25<sup>(a)</sup>  | 168 | 158207 |
|  Koppers Inc., 6.00%, 02/15/25<sup>(a)</sup>  | 319 | 289260 |
|  |  | 657045 |
| **Chemicals — 1.0%** |  |  |
|  Avient Corp., 5.75%, 05/15/25<sup>(a)</sup>  | 349 | 342128 |
|  Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25<sup>(a)</sup>  | 342 | 293385 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25<sup>(a)(b)</sup>  | 310 | 239788 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25<sup>(a)</sup>  | $0 | $— |
|  |  | 875301 |
| **Coal — 0.3%** |  |  |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25<sup>(a)</sup>  | 250 | 245145 |
| **Commercial Services — 2.4%** |  |  |
|  Aptim Corp., 7.75%, 06/15/25<sup>(a)</sup>  | 315 | 216408 |
|  Brink's Co. (The), 5.50%, 07/15/25<sup>(a)</sup>  | 281 | 273683 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25<sup>(a)</sup>  | 312 | 311332 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25<sup>(a)</sup>  | 341 | 336103 |
|  Sabre GLBL Inc.<br>7.38%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 494 | 464375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)</sup>  | 483 | 470901 |
|  |  | 2072802 |
| **Computers — 0.9%** |  |  |
|  Diebold Nixdorf Inc., 9.38%, 07/15/25<sup>(a)(b)</sup>  | 375 | 279717 |
|  Seagate HDD Cayman, 4.75%, 01/01/25 | 329 | 317748 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25<sup>(a)(b)</sup>  | 162 | 159842 |
|  |  | 757307 |
| **Distribution & Wholesale — 0.6%** |  |  |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25<sup>(a)</sup>  | 259 | 245423 |
|  KAR Auction Services Inc., 5.13%, 06/01/25<sup>(a)</sup>  | 252 | 243208 |
|  |  | 488631 |
| **Diversified Financial Services — 4.7%** |  |  |
|  Ally Financial Inc., 5.75%, 11/20/25<sup>(b)</sup>  | 629 | 607061 |
|  Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)<sup>(a)</sup>  | 434 | 427703 |
|  Enova International Inc., 8.50%, 09/15/25<sup>(a)</sup>  | 238 | 216078 |
|  Finance of America Funding LLC, 7.88%, 11/15/25<sup>(a)</sup>  | 190 | 115037 |
|  Navient Corp., 6.75%, 06/25/25 | 314 | 300055 |
|  OneMain Finance Corp., 6.88%, 03/15/25<sup>(b)</sup>  | 740 | 717741 |
|  PennyMac Financial Services Inc., 5.38%, 10/15/25<sup>(a)</sup>  | 397 | 359368 |
|  PRA Group Inc., 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 185 | 177644 |
|  Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25<sup>(a)</sup>  | 200 | 176780 |
|  SLM Corp., 4.20%, 10/29/25 (Call 09/29/25) | 284 | 264222 |
|  StoneX Group Inc., 8.63%, 06/15/25<sup>(a)</sup>  | 207 | 204402 |
|  United Wholesale Mortgage LLC, 5.50%, 11/15/25<sup>(a)</sup>  | 506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023470 |
| **Electric — 0.8%** |  |  |
|  DPL Inc., 4.13%, 07/01/25 (Call 04/01/25) | 268 | 253595 |
|  Drax Finco PLC, 6.63%, 11/01/25<sup>(a)</sup>  | 240 | 223265 |
|  FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25) | 170 | 155975 |
|  NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25<sup>(a)</sup>  | 8 | 8249 |
|  |  | 641084 |
| **Electrical Components & Equipment — 1.0%** |  |  |
|  WESCO Distribution Inc., 7.13%, 06/15/25<sup>(a)</sup>  | 878 | 886789 |
|  **Electronics — 0.7%** |  |  |
|  Likewize Corp., 9.75%, 10/15/25<sup>(a)</sup>  | 263 | 238512 |
|  Sensata Technologies BV, 5.00%, 10/01/25<sup>(a)</sup>  | 406 | 395018 |
|  |  | 633530 |
| **Engineering & Construction — 1.4%** |  |  |
|  Artera Services LLC, 9.03%, 12/04/25<br>(Call 02/04/23)<sup>(a)</sup>  | 565 | 472911 |
|  Brand Industrial Services Inc., 8.50%, 07/15/25<sup>(a)(b)</sup>  | 612 | 440664 |
|  Tutor Perini Corp., 6.88%, 05/01/25<sup>(a)(b)</sup>  | 305 | 244561 |
|  |  | 1158136 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Entertainment — 6.1%** |  |  |
|  Banijay Entertainment SASU, 5.38%, 03/01/25<sup>(a)(b)</sup>  | $195 | $180827 |
|  Caesars Entertainment Inc., 6.25%, 07/01/25<sup>(a)</sup>  | 2024 | 1975971 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25<sup>(a)(b)</sup>  | 640 | 625741 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25<sup>(a)</sup>  | 624 | 619757 |
|  Cinemark USA Inc., 8.75%, 05/01/25<sup>(a)(b)</sup>  | 156 | 157129 |
|  International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)<sup>(a)(b)</sup>  | 310 | 310090 |
|  Scientific Games International Inc., 8.63%, 07/01/25<sup>(a)</sup>  | 355 | 365874 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25<sup>(a)(b)</sup>  | 235 | 237416 |
|  Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 399 | 397013 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25<sup>(a)</sup>  | 388 | 378187 |
|  |  | 5248005 |
| **Environmental Control — 0.8%** |  |  |
|  GFL Environmental Inc.<br>3.75%, 08/01/25<sup>(a)</sup>  | 445 | 420520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25<sup>(a)</sup>  | 265 | 253931 |
|  |  | 674451 |
| **Food — 1.8%** |  |  |
|  B&G Foods Inc., 5.25%, 04/01/25 | 550 | 499626 |
|  Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 340 | 323003 |
|  Performance Food Group Inc., 6.88%, 05/01/25<sup>(a)(b)</sup>  | 168 | 167464 |
|  U.S. Foods Inc., 6.25%, 04/15/25<sup>(a)(b)</sup>  | 585 | 585105 |
|  |  | 1575198 |
| **Food Service — 1.5%** |  |  |
|  Aramark Services Inc.<br>5.00%, 04/01/25<sup>(a)</sup>  | 368 | 357501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25<sup>(a)(b)</sup>  | 922 | 912780 |
|  |  | 1270281 |
| **Forest Products & Paper — 0.2%** |  |  |
|  Clearwater Paper Corp., 5.38%, 02/01/25<sup>(a)(b)</sup>  | 163 | 158301 |
|  **Gas — 0.5%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25) | 438 | 418943 |
|  **Hand & Machine Tools — 0.2%** |  |  |
|  Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25<sup>(a)(b)</sup>  | 170 | 145734 |
|  **Health Care - Services — 3.2%** |  |  |
|  Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 295 | 239269 |
|  Encompass Health Corp., 5.75%, 09/15/25<sup>(b)</sup>  | 217 | 215878 |
|  Global Medical Response Inc., 6.50%, 10/01/25<sup>(a)</sup>  | 380 | 293907 |
|  Legacy LifePoint Health LLC, 6.75%, 04/15/25<sup>(a)</sup>  | 375 | 332089 |
|  ModivCare Inc., 5.88%, 11/15/25<sup>(a)</sup>  | 309 | 295206 |
|  Prime Healthcare Services Inc., 7.25%, 11/01/25<sup>(a)</sup>  | 535 | 466611 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)<sup>(a)</sup>  | 488 | 367156 |
|  Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 236 | 222491 |
|  Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 380 | 288219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720826 |
| **Holding Companies - Diversified — 0.6%** |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 | 406 | 394141 |
|  Stena International SA, 6.13%, 02/01/25<sup>(a)</sup>  | 170 | 159584 |
|  |  | 553725 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Home Builders — 0.7%** |  |  |
|  Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)<sup>(a)</sup>  | $297 | $257434 |
|  Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25) | 246 | 240345 |
|  New Home Co. Inc. (The), 7.25%, 10/15/25<sup>(a)(b)</sup>  | 180 | 140990 |
|  |  | 638769 |
| **Household Products & Wares — 0.3%** |  |  |
|  Spectrum Brands Inc., 5.75%, 07/15/25<sup>(b)</sup>  | 300 | 295923 |
|  **Housewares — 0.9%** |  |  |
|  American Greetings Corp., 8.75%, 04/15/25<sup>(a)</sup>  | 50 | 47845 |
|  CD&R Smokey Buyer Inc., 6.75%, 07/15/25<sup>(a)(b)</sup>  | 436 | 414178 |
|  Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25) | 320 | 308739 |
|  |  | 770762 |
| **Insurance — 1.7%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25<sup>(a)</sup>  | 548 | 519515 |
|  AssuredPartners Inc., 7.00%, 08/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 313 | 301898 |
|  NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)<sup>(a)</sup>  | 250 | 250682 |
|  USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | 389 | 379427 |
|  |  | 1451522 |
| **Internet — 2.7%** |  |  |
|  Netflix Inc.<br>3.63%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  | 265 | 252209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/25 | 475 | 477793 |
|  NortonLifeLock Inc., 5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup>  | 623 | 605712 |
|  TripAdvisor Inc., 7.00%, 07/15/25<sup>(a)</sup>  | 333 | 330206 |
|  Uber Technologies Inc., 7.50%, 05/15/25<sup>(a)</sup>  | 604 | 604066 |
|  |  | 2269986 |
| **Leisure Time — 1.9%** |  |  |
|  Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)<sup>(a)</sup>  | 267 | 238041 |
|  Royal Caribbean Cruises Ltd., 11.50%, 06/01/25<sup>(a)(b)</sup>  | 759 | 817147 |
|  Viking Cruises Ltd.<br>6.25%, 05/15/25<sup>(a)(b)</sup>  | 154 | 134287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25<sup>(a)</sup>  | 385 | 413771 |
|  |  | 1603246 |
| **Lodging — 5.4%** |  |  |
|  Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25<sup>(a)</sup>  | 340 | 334805 |
|  Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25) | 310 | 280321 |
|  Marriott Ownership Resorts Inc., 6.13%, 09/15/25<sup>(a)(b)</sup>  | 191 | 188947 |
|  Melco Resorts Finance Ltd., 4.88%, 06/06/25<sup>(b)(c)</sup>  | 500 | 350515 |
|  MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 11/11/22)<sup>(a)</sup>  | 310 | 246475 |
|  MGM Resorts International<br>5.75%, 06/15/25 (Call 03/15/25) | 405 | 392878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 | 442 | 436170 |
|  Sands China Ltd., 5.63%, 08/08/25 (Call 06/08/25) | 1100 | 972994 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 190 | 177958 |
|  Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25) | 218 | 213245 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)<sup>(a)</sup>  | 1121 | 1061968 |
|  |  | 4656276 |
| **Machinery — 0.3%** |  |  |
|  Husky III Holding Ltd. , 13.00%, 02/15/25,<br>(13.75% PIK)<sup>(a)(d)</sup>  | 286 | 269269 |
|  **Manufacturing — 0.3%** |  |  |
|  Hillenbrand Inc., 5.75%, 06/15/25 | 221 | 220125 |
|  **Media — 1.5%** |  |  |
|  AMC Networks Inc., 4.75%, 08/01/25<sup>(b)</sup>  | 508 | 466192 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
|  Univision Communications Inc., 5.13%, 02/15/25<sup>(a)</sup>  | $848 | $819109 |
|  |  | 1285301 |
| **Mining — 0.8%** |  |  |
|  Arconic Corp., 6.00%, 05/15/25<sup>(a)(b)</sup>  | 427 | 422529 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25<sup>(a)</sup>  | 275 | 252849 |
|  |  | 675378 |
| **Office & Business Equipment — 0.5%** |  |  |
|  Xerox Holdings Corp., 5.00%, 08/15/25<br>(Call 07/15/25)<sup>(a)</sup>  | 460 | 415969 |
|  **Oil & Gas — 6.8%** |  |  |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25<sup>(a)</sup>  | 347 | 361161 |
|  CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25<sup>(a)</sup>  | 675 | 652705 |
|  CVR Energy Inc., 5.25%, 02/15/25<sup>(a)</sup>  | 402 | 387745 |
|  Laredo Petroleum Inc., 9.50%, 01/15/25<sup>(b)</sup>  | 337 | 337448 |
|  Murphy Oil Corp., 5.75%, 08/15/25 | 269 | 266315 |
|  Nabors Industries Inc., 5.75%, 02/01/25<br>(Call 11/01/24) | 337 | 324339 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25<sup>(a)</sup>  | 410 | 400611 |
|  Occidental Petroleum Corp.<br>5.50%, 12/01/25 (Call 09/01/25) | 379 | 380307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 465 | 469176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 265 | 281213 |
|  Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25<sup>(a)</sup>  | 179 | 171272 |
|  PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 | 438 | 433340 |
|  Range Resources Corp., 4.88%, 05/15/25<br>(Call 02/15/25) | 454 | 438378 |
|  SM Energy Co., 5.63%, 06/01/25 | 251 | 244386 |
|  Southwestern Energy Co., 5.70%, 01/23/25<br>(Call 10/23/24) | 269 | 265089 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25<sup>(a)</sup>  | 211 | 202045 |
|  Vermilion Energy Inc., 5.63%, 03/15/25<sup>(a)(b)</sup>  | 191 | 185299 |
|  |  | 5800829 |
| **Oil & Gas Services — 0.7%** |  |  |
|  CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25<sup>(a)(b)</sup>  | 225 | 203076 |
|  KCA Deutag UK Finance PLC, 9.88%, 12/01/25<br>(Call 12/01/22)<sup>(a)</sup>  | 310 | 288300 |
|  KLX Energy Services Holdings Inc., 11.50%, 11/01/25<sup>(a)</sup>  | 155 | 127413 |
|  |  | 618789 |
| **Packaging & Containers — 3.1%** |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25<sup>(a)</sup>  | 335 | 316602 |
|  Ball Corp., 5.25%, 07/01/25<sup>(b)</sup>  | 559 | 551454 |
|  Matthews International Corp., 5.25%, 12/01/25<br>(Call 12/01/22)<sup>(a)</sup>  | 181 | 166230 |
|  Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 801 | 720892 |
|  Owens-Brockway Glass Container Inc.<br>5.38%, 01/15/25<sup>(a)</sup>  | 186 | 174410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25<sup>(a)</sup>  | 180 | 170478 |
|  Pactiv LLC, 7.95%, 12/15/25 | 171 | 158514 |
|  Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup>  | 272 | 267188 |
|  Trident TPI Holdings Inc., 6.63%, 11/01/25<sup>(a)(b)</sup>  | 169 | 145340 |
|  |  | 2671108 |
| **Pharmaceuticals — 2.0%** |  |  |
|  Bausch Health Cos. Inc.<br>5.50%, 11/01/25<sup>(a)</sup>  | 1050 | 842835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 235 | 183483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30 | 40 | 22908 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 377 | 352397 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25<sup>(a)</sup>  | $182 | $123025 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25<sup>(a)</sup>  | 287 | 222003 |
|  |  | 1746651 |
| **Pipelines — 5.9%** |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/22)<sup>(a)</sup>  | 359 | 355331 |
|  Buckeye Partners LP, 4.13%, 03/01/25<br>(Call 02/01/25)<sup>(a)(b)</sup>  | 341 | 321147 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 | 342 | 333573 |
|  EnLink Midstream Partners LP, 4.15%, 06/01/25<br>(Call 03/01/25)<sup>(b)</sup>  | 283 | 266320 |
|  EQM Midstream Partners LP, 6.00%, 07/01/25<br>(Call 04/01/25)<sup>(a)</sup>  | 257 | 249105 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 | 330 | 316998 |
|  Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25 (Call 12/01/22)<sup>(a)</sup>  | 191 | 184472 |
|  New Fortress Energy Inc., 6.75%, 09/15/25<sup>(a)</sup>  | 770 | 756101 |
|  NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25<sup>(b)</sup>  | 238 | 185659 |
|  NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25) | 386 | 374343 |
|  Rattler Midstream LP, 5.63%, 07/15/25<sup>(a)</sup>  | 251 | 258061 |
|  Rockies Express Pipeline LLC, 3.60%, 05/15/25<br>(Call 04/15/25)<sup>(a)</sup>  | 241 | 223585 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/25 | 169 | 141978 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25<sup>(a)</sup>  | 368 | 372740 |
|  Western Midstream Operating LP<br>3.35%, 02/01/25 (Call 01/01/25) | 454 | 431541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 244 | 231839 |
|  |  | 5002793 |
| **Real Estate — 0.8%** |  |  |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25<sup>(a)(b)</sup>  | 393 | 327911 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(a)</sup>  | 333 | 322714 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(a)</sup>  | 0 |  |
|  |  | 650625 |
| **Real Estate Investment Trusts — 5.1%** |  |  |
|  Diversified Healthcare Trust, 9.75%, 06/15/25 | 314 | 296611 |
|  HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25<sup>(a)(b)</sup>  | 248 | 236431 |
|  iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup>  | 317 | 307014 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 11/16/22)<sup>(a)</sup>  | 216 | 199210 |
|  New Residential Investment Corp., 6.25%, 10/15/25<sup>(a)</sup>  | 344 | 301805 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25<sup>(a)</sup>  | 396 | 397041 |
|  Service Properties Trust<br>4.50%, 03/15/25 (Call 09/15/24) | 217 | 191733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 490 | 477642 |
|  Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)<sup>(b)</sup>  | 311 | 293404 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25<sup>(a)</sup>  | 1394 | 1381245 |
|  XHR LP, 6.38%, 08/15/25<sup>(a)</sup>  | 309 | 303994 |
|  |  | 4386130 |
| **Retail — 4.5%** |  |  |
|  1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25<sup>(a)</sup>  | 309 | 308963 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25<sup>(a)(b)</sup>  | $228 | $216014 |
|  Bath & Body Works Inc., 9.38%, 07/01/25<sup>(a)(b)</sup>  | 202 | 210466 |
|  Carvana Co., 5.63%, 10/01/25<sup>(a)(b)</sup>  | 267 | 174885 |
|  Dave & Buster's Inc., 7.63%, 11/01/25<sup>(a)</sup>  | 284 | 284000 |
|  eG Global Finance PLC<br>6.75%, 02/07/25<sup>(a)</sup>  | 460 | 417054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25<sup>(a)</sup>  | 390 | 358937 |
|  IRB Holding Corp., 7.00%, 06/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 439 | 439176 |
|  Penske Automotive Group Inc., 3.50%, 09/01/25<sup>(b)</sup>  | 373 | 348020 |
|  QVC Inc., 4.45%, 02/15/25 (Call 11/15/24) | 380 | 332234 |
|  Rite Aid Corp., 7.50%, 07/01/25<sup>(a)</sup>  | 298 | 209968 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) | 367 | 347710 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25<sup>(a)(b)</sup> | 221 | 194374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841801 |
| **Semiconductors — 0.3%** |  |  |
|  ams-OSRAM AG, 7.00%, 07/31/25<sup>(a)(b)</sup>  | 270 | 242031 |
|  **Software — 1.8%** |  |  |
|  Boxer Parent Co. Inc., 7.13%, 10/02/25<sup>(a)</sup>  | 375 | 369135 |
|  PTC Inc., 3.63%, 02/15/25<sup>(a)</sup>  | 324 | 309083 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25<sup>(a)</sup>  | 1067 | 897187 |
|  |  | 1575405 |
| **Telecommunications — 3.2%** |  |  |
|  CommScope Technologies LLC,<br>6.00%, 06/15/25<sup>(a)(b)</sup>  | 757 | 712556 |
|  Intrado Corp., 8.50%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 345 | 301658 |
|  Lumen Technologies Inc., 5.63%, 04/01/25<br>(Call 01/01/25)<sup>(b)</sup>  | 120 | 115376 |
|  Qwest Corp., 7.25%, 09/15/25 | 253 | 255634 |
|  Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24) | 885 | 913807 |
|  ViaSat Inc., 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup>  | 446 | 411069 |
|  |  | 2710100 |
| **Transportation — 0.5%** |  |  |
|  Western Global Airlines LLC, 10.38%, 08/15/25<sup>(a)(b)</sup>  | 187 | 157390 |
|  XPO Logistics Inc., 6.25%, 05/01/25<sup>(a)(b)</sup>  | 278 | 281089 |
|  |  | 438479 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **Trucking & Leasing — 0.4%** |  |  |
|  Fortress Transportation and Infrastructure Investors LLC,<br>6.50%, 10/01/25<sup>(a)</sup>  | $383 | $368408 |
|  **Total Long-Term Investments — 96.4%<br>(Cost: $85,915,240)** |  | 82443500 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 16.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  | 11995 | 11992444 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  | 2080 | 2080000 |
|  **Total Short-Term Securities — 16.5%<br>(Cost: $14,072,618)** |  | 14072444 |
|  **Total Investments — 112.9%<br>(Cost: $99,987,858)** |  | 96515944 |
|  **Liabilities in Excess of Other Assets — (12.9)%** |  | (11046529) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85469415 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(d)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3718076 | $8279056 <sup>(a)</sup> | $— | $(3735) | $(953) | $11992444 | 11995 | $41001 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1120000 | 960000 <sup>(a)</sup> |  |  |  | 2080000 | 2080 | 10208 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3735) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(953) | $14072444 |  | $51209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

S C H E D U L E O F I N V E S T M E N T S 35

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2025 Term High Yield and Income ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Level 1* | | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— |  | $82443500 | $— | $82443500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 14072444 |  |  |  | 14072444 |
|  | $14072444 |  | $82443500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $96515944 |

---

*See notes to financial statements.* 

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.2%** |  |  |
|  Summer BC Bidco B LLC, 5.50%, 10/31/26<br>(Call 07/15/23)<sup>(a)</sup>  | $80 | $64042 |
|  **Aerospace & Defense — 4.0%** |  |  |
|  Bombardier Inc., 7.13%, 06/15/26 (Call 06/15/23)<sup>(a)</sup>  | 263 | 249968 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26<sup>(a)(b)</sup>  | 110 | 87067 |
|  Spirit AeroSystems Inc., 3.85%, 06/15/26<br>(Call 03/15/26) | 69 | 61703 |
|  TransDigm Inc.<br>6.25%, 03/15/26<sup>(a)(b)</sup>  | 781 | 770144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 | 186 | 179174 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 | 90 | 87927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435983 |
| **Agriculture — 0.5%** |  |  |
|  Turning Point Brands Inc., 5.63%, 02/15/26<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 60 | 52349 |
|  Vector Group Ltd., 10.50%, 11/01/26<sup>(a)</sup>  | 124 | 122374 |
|  |  | 174723 |
| **Airlines — 5.4%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(a)</sup>  | 265 | 234382 |
|  Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26<sup>(a)</sup>  | 55 | 56211 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26<sup>(a)</sup>  | 768 | 731935 |
|  American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/28 | 89 | 74339 |
|  Delta Air Lines Inc., 7.38%, 01/15/26<br>(Call 12/15/25)<sup>(b)</sup>  | 180 | 184044 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(a)</sup>  | 263 | 242641 |
|  United Airlines Inc., 4.38%, 04/15/26<br>(Call 10/15/25)<sup>(a)</sup>  | 425 | 388854 |
|  |  | 1912406 |
| **Apparel — 0.8%** |  |  |
|  Hanesbrands Inc., 4.88%, 05/15/26<br>(Call 02/15/26)<sup>(a)(b)</sup>  | 202 | 185401 |
|  Under Armour Inc., 3.25%, 06/15/26<br>(Call 03/15/26)<sup>(b)</sup>  | 128 | 110024 |
|  |  | 295425 |
| **Auto Manufacturers — 2.9%** |  |  |
|  Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)<sup>(b)</sup>  | 332 | 309042 |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/26 (Call 07/10/26) | 315 | 272837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 | 220 | 203693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 135 | 124577 |
|  JB Poindexter & Co. Inc., 7.13%, 04/15/26<sup>(a)</sup>  | 117 | 111520 |
|  |  | 1021669 |
| **Auto Parts & Equipment — 2.0%** |  |  |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26<sup>(a)(b)</sup>  | 155 | 138480 |
|  Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26<sup>(a)(b)</sup>  | 189 | 184339 |
|  Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26<sup>(b)</sup>  | 189 | 181516 |
|  IHO Verwaltungs GmbH, 4.75%, 09/15/26, (5.50% PIK)<sup>(a)(c)</sup>  | 105 | 89464 |
|  Tenneco Inc., 5.00%, 07/15/26<sup>(b)</sup>  | 104 | 103596 |
|  |  | 697395 |
| **Banks — 1.0%** |  |  |
|  Freedom Mortgage Corp., 7.63%, 05/01/26<br>(Call 05/01/23)<sup>(a)</sup>  | 131 | 103431 |
|  Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(a)</sup>  | 260 | 236504 |
|  |  | 339935 |
| **Chemicals — 1.5%** |  |  |
|  Consolidated Energy Finance SA, 6.50%, 05/15/26<sup>(a)</sup>  | 50 | 45559 |
|  GPD Companies Inc., 10.13%, 04/01/26<sup>(a)(b)</sup>  | 106 | 95128 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)<sup>(a)</sup> | 105 | 88568 |
|  Mativ Holdings Inc., 6.88%, 10/01/26<sup>(a)</sup>  | 81 | 74273 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)<sup>(a)</sup>  | $57 | $28438 |
|  Rayonier AM Products Inc., 7.63%, 01/15/26<br>(Call 01/15/24)<sup>(a)</sup>  | 98 | 85167 |
|  SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26<br>(Call 11/01/23)<sup>(a)</sup>  | 165 | 131746 |
|  |  | 548879 |
| **Coal — 0.2%** |  |  |
|  Coronado Finance Pty Ltd., 10.75%, 05/15/26<br>(Call 05/15/23)<sup>(a)</sup>  | 59 | 61705 |
|  **Commercial Services — 6.0%** |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 110 | 94032 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 412 | 394387 |
|  Alta Equipment Group Inc., 5.63%, 04/15/26<sup>(a)</sup>  | 67 | 57839 |
|  Block Inc., 2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup>  | 206 | 184352 |
|  Cimpress PLC, 7.00%, 06/15/26<sup>(a)</sup>  | 100 | 59777 |
|  CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)<sup>(b)</sup>  | 142 | 144461 |
|  CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 68 | 64001 |
|  Graham Holdings Co., 5.75%, 06/01/26<sup>(a)</sup>  | 103 | 100455 |
|  Hertz Corp. (The), 4.63%, 12/01/26 (Call 12/01/23)<sup>(a)</sup>  | 103 | 87764 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 85 | 74269 |
|  MoneyGram International Inc., 5.38%, 08/01/26<br>(Call 08/01/23)<sup>(a)</sup>  | 91 | 90812 |
|  Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26<sup>(a)</sup>  | 299 | 292305 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26<sup>(a)(b)</sup>  | 99 | 91271 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 243 | 243680 |
|  WASH Multifamily Acquisition Inc., 5.75%, 04/15/26<br>(Call 04/15/23)<sup>(a)</sup>  | 181 | 168998 |
|  |  | 2148403 |
| **Computers — 0.8%** |  |  |
|  Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)<sup>(a)</sup>  | 269 | 264712 |
|  **Cosmetics & Personal Care — 0.8%** |  |  |
|  Coty Inc.<br>5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 193 | 181823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26<sup>(a)(b)</sup>  | 109 | 103827 |
|  |  | 285650 |
| **Distribution & Wholesale — 0.1%** |  |  |
|  Wesco Aircraft Holdings Inc., 9.00%, 11/15/26<sup>(a)</sup>  | 75 | 47599 |
|  **Diversified Financial Services — 3.4%** |  |  |
|  Avation Capital SA, 8.25%, 05/15/21 (Call 12/01/22)<sup>(a)</sup>  | 75 | 59982 |
|  Brightsphere Investment Group Inc., 4.80%, 07/27/26 | 60 | 53600 |
|  Credit Acceptance Corp., 6.63%, 03/15/26 | 92 | 87072 |
|  goeasy Ltd., 4.38%, 05/01/26<sup>(a)</sup>  | 60 | 52015 |
|  Home Point Capital Inc., 5.00%, 02/01/26<br>(Call 02/01/23)<sup>(a)</sup>  | 0 |  |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/26<br>(Call 08/15/23)<sup>(a)</sup>  | 69 | 57525 |
|  LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 63 | 49825 |
|  Navient Corp., 6.75%, 06/15/26 | 104 | 98127 |
|  OneMain Finance Corp., 7.13%, 03/15/26 | 345 | 332138 |
|  PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 83 | 68857 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 252 | 211168 |
|  SLM Corp., 3.13%, 11/02/26 (Call 10/02/26) | 104 | 91205 |
|  World Acceptance Corp., 7.00%, 11/01/26<br>(Call 11/01/23)<sup>(a)</sup>  | 67 | 41970 |
|  |  | 1203484 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric — 1.4%** |  |  |
|  Calpine Corp., 5.25%, 06/01/26<sup>(a)(b)</sup>  | $84 | $80142 |
|  FirstEnergy Corp., Series A, 1.60%, 01/15/26<br>(Call 12/15/25) | 60 | 52237 |
|  NextEra Energy Operating Partners LP, 3.88%, 10/15/26 (Call 07/15/26)<sup>(a)</sup>  | 101 | 93614 |
|  Terraform Global Operating LP, 6.13%, 03/01/26<sup>(a)</sup>  | 86 | 79149 |
|  Vistra Operations Co. LLC, 5.50%, 09/01/26<sup>(a)(b)</sup>  | 214 | 205277 |
|  |  | 510419 |
| **Energy - Alternate Sources — 0.7%** |  |  |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26<sup>(a)(b)</sup>  | 160 | 153477 |
|  Sunnova Energy Corp., 5.88%, 09/01/26<br>(Call 09/01/23)<sup>(a)(b)</sup>  | 92 | 81133 |
|  |  | 234610 |
| **Engineering & Construction — 0.4%** |  |  |
|  Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 86 | 78372 |
|  INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 73 | 54013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132385 |
| **Entertainment — 2.3%** |  |  |
|  CCM Merger Inc., 6.38%, 05/01/26<sup>(a)</sup>  | 66 | 60577 |
|  Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 85 | 71675 |
|  Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)<sup>(a)</sup>  | 55 | 45209 |
|  Golden Entertainment Inc., 7.63%, 04/15/26<sup>(a)(b)</sup>  | 81 | 80116 |
|  International Game Technology PLC, 4.13%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 140 | 129885 |
|  Live Nation Entertainment Inc., 5.63%, 03/15/26<sup>(a)(b)</sup>  | 82 | 78588 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26<br>(Call 03/17/26)<sup>(a)</sup>  | 65 | 60451 |
|  Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 250 | 210748 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26<sup>(a)(b)</sup>  | 82 | 72641 |
|  |  | 809890 |
| **Environmental Control — 0.6%** |  |  |
|  GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 124 | 118261 |
|  Waste Pro USA Inc., 5.50%, 02/15/26<sup>(a)</sup>  | 105 | 97119 |
|  |  | 215380 |
| **Food — 1.1%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC<br>3.25%, 03/15/26<sup>(a)</sup>  | 159 | 143146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26<sup>(a)</sup>  | 128 | 131203 |
|  FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26<sup>(a)(b)</sup>  | 60 | 53187 |
|  H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26<sup>(a)</sup>  | 0 |  |
|  Sigma Holdco BV, 7.88%, 05/15/26<sup>(a)</sup>  | 90 | 55256 |
|  |  | 382792 |
| **Forest Products & Paper — 0.3%** |  |  |
|  Mercer International Inc., 5.50%, 01/15/26 | 68 | 63996 |
|  Resolute Forest Products Inc., 4.88%, 03/01/26<br>(Call 03/01/23)<sup>(a)</sup>  | 57 | 56325 |
|  |  | 120321 |
| **Gas — 0.4%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 (Call 05/20/26) | 152 | 142831 |
|  **Health Care - Services — 4.8%** |  |  |
|  CHS/Community Health Systems Inc., 8.00%, 03/15/26<sup>(a)(b)</sup>  | 455 | 392306 |
|  Hadrian Merger Sub Inc., 8.50%, 05/01/26<sup>(a)</sup>  | 66 | 60012 |
|  IQVIA Inc., 5.00%, 10/15/26<sup>(a)(b)</sup>  | 220 | 210313 |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(a)</sup>  | 308 | 246000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  Select Medical Corp., 6.25%, 08/15/26<sup>(a)(b)</sup>  | $258 | $246150 |
|  Tenet Healthcare Corp., 4.88%, 01/01/26<sup>(a)</sup>  | 447 | 422513 |
|  U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)<sup>(a)</sup>  | 160 | 144872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722166 |
| **Holding Companies - Diversified — 0.7%** |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 | 267 | 256419 |
|  **Home Builders — 0.5%** |  |  |
|  Forestar Group Inc., 3.85%, 05/15/26<br>(Call 05/15/23)<sup>(a)</sup>  | 92 | 79054 |
|  K Hovnanian Enterprises Inc.<br>7.75%, 02/15/26<sup>(a)(b)</sup>  | 51 | 49040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/15/26<sup>(a)(b)</sup>  | 61 | 58978 |
|  |  | 187072 |
| **Housewares — 1.3%** |  |  |
|  Newell Brands Inc., 4.45%, 04/01/26<br>(Call 01/01/26) | 440 | 409222 |
|  Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26<sup>(b)</sup>  | 59 | 54875 |
|  |  | 464097 |
| **Insurance — 1.2%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26<sup>(a)(b)</sup>  | 84 | 83852 |
|  Hub International Ltd., 7.00%, 05/01/26<br>(Call 11/14/22)<sup>(a)</sup>  | 357 | 352338 |
|  |  | 436190 |
| **Internet — 2.4%** |  |  |
|  Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)<sup>(a)</sup>  | 109 | 98695 |
|  Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)<sup>(a)(b)</sup>  | 171 | 123146 |
|  Netflix Inc., 4.38%, 11/15/26 | 200 | 190764 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26<sup>(a)</sup>  | 170 | 112144 |
|  Uber Technologies Inc., 8.00%, 11/01/26<sup>(a)</sup>  | 330 | 331079 |
|  |  | 855828 |
| **Iron & Steel — 0.9%** |  |  |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26<sup>(a)(b)</sup>  | 127 | 116083 |
|  Cleveland-Cliffs Inc., 6.75%, 03/15/26<sup>(a)</sup>  | 191 | 189638 |
|  |  | 305721 |
| **Leisure Time — 3.4%** |  |  |
|  Carnival Corp.<br>7.63%, 03/01/26 (Call 03/01/24)<sup>(a)(b)</sup>  | 312 | 234861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 (Call 08/01/23)<sup>(a)(b)</sup>  | 162 | 158746 |
|  Life Time Inc.<br>5.75%, 01/15/26 (Call 01/15/23)<sup>(a)</sup>  | 197 | 183214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 106 | 93088 |
|  NCL Corp. Ltd., 5.88%, 03/15/26<br>(Call 12/15/25)<sup>(a)</sup>  | 308 | 252221 |
|  Royal Caribbean Cruises Ltd.<br>4.25%, 07/01/26 (Call 01/01/26)<sup>(a)(b)</sup>  | 139 | 110707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(a)</sup>  | 217 | 177215 |
|  |  | 1210052 |
| **Lodging — 2.8%** |  |  |
|  Genting New York LLC, 3.30%, 02/15/26<br>(Call 01/15/26)<sup>(a)</sup>  | 105 | 92214 |
|  Las Vegas Sands Corp., 3.50%, 08/18/26<br>(Call 06/18/26) | 226 | 196934 |
|  Melco Resorts Finance Ltd., 5.25%, 04/26/26<sup>(d)</sup>  | 95 | 59899 |
|  MGM China Holdings Ltd., 5.88%, 05/15/26<sup>(a)</sup>  | 160 | 122568 |
|  MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26)<sup>(b)</sup>  | 94 | 85312 |
|  Sands China Ltd., 4.30%, 01/08/26<br>(Call 12/08/25) | 200 | 162290 |
|  Travel + Leisure Co., 6.63%, 07/31/26<br>(Call 04/30/26)<sup>(a)(b)</sup>  | 138 | 134655 |
|  Wynn Macau Ltd., 5.50%, 01/15/26<sup>(a)</sup>  | 210 | 145820 |
|  |  | 999692 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery — 1.1%** |  |  |
|  Manitowoc Co. Inc. (The), 9.00%, 04/01/26<sup>(a)</sup>  | $64 | $58278 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)<sup>(a)(b)</sup> | 103 | 103249 |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26<sup>(a)</sup>  | 142 | 118469 |
|  Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)<sup>(a)</sup>  | 145 | 124235 |
|  |  | 404231 |
| **Manufacturing — 1.1%** |  |  |
|  EnPro Industries Inc., 5.75%, 10/15/26 | 82 | 79311 |
|  FXI Holdings Inc., 12.25%, 11/15/26<sup>(a)</sup>  | 165 | 143166 |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26<sup>(a)(b)</sup>  | 130 | 124943 |
|  Hillenbrand Inc., 5.00%, 09/15/26<br>(Call 07/15/26) | 63 | 59534 |
|  |  | 406954 |
| **Media — 6.0%** |  |  |
|  Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 66 | 48085 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26<sup>(a)</sup>  | 162 | 155748 |
|  Cumulus Media New Holdings Inc., 6.75%, 07/01/26<sup>(a)(b)</sup>  | 83 | 72053 |
|  DISH DBS Corp.<br>5.25%, 12/01/26 (Call 06/01/26)<sup>(a)</sup>  | 593 | 514884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 429 | 362411 |
|  Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)<sup>(a)(b)</sup>  | 81 | 60635 |
|  Gray Television Inc., 5.88%, 07/15/26<sup>(a)</sup>  | 146 | 137820 |
|  iHeartCommunications Inc., 6.38%, 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | 161607 |
|  Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)<sup>(a)</sup>  | 198 | 169062 |
|  Sirius XM Radio Inc., 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)</sup>  | 213 | 190356 |
|  Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)<sup>(a)</sup>  | 68 | 41885 |
|  TEGNA Inc., 4.75%, 03/15/26<br>(Call 03/15/23)<sup>(a)</sup>  | 125 | 123379 |
|  Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 111 | 104784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142709 |
| **Mining — 1.3%** |  |  |
|  Constellium SE, 5.88%, 02/15/26<sup>(a)</sup>  | 45 | 41863 |
|  Hudbay Minerals Inc., 4.50%, 04/01/26 (Call 04/01/23)<sup>(d)</sup>  | 135 | 118630 |
|  JW Aluminum Continuous Cast Co., 10.25%, 06/01/26<sup>(a)</sup>  | 74 | 75312 |
|  Novelis Corp., 3.25%, 11/15/26<br>(Call 11/15/23)<sup>(a)</sup>  | 163 | 143523 |
|  Taseko Mines Ltd., 7.00%, 02/15/26<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 89 | 73605 |
|  |  | 452933 |
| **Oil & Gas — 9.2%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26<br>(Call 02/15/23)<sup>(a)</sup>  | 169 | 172446 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26<sup>(a)</sup>  | 137 | 134972 |
|  Berry Petroleum Co. LLC, 7.00%, 02/15/26<sup>(a)</sup>  | 84 | 76418 |
|  California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 126 | 124325 |
|  Callon Petroleum Co., 6.38%, 07/01/26 | 74 | 71235 |
|  Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)<sup>(a)</sup>  | 119 | 115187 |
|  Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 94 | 86654 |
|  Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 02/15/24)<sup>(a)</sup>  | 64 | 63784 |
|  Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26<br>(Call 04/15/23)<sup>(a)</sup>  | 0 |  |
|  Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) | 100 | 99704 |
|  Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 90 | 81116 |
|  Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  | 155 | 143741 |
|  Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)<sup>(a)</sup>  | 130 | 128537 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<sup>(a)(b)</sup>  | $97 | $94724 |
|  Matador Resources Co., 5.88%, 09/15/26<sup>(b)</sup>  | 192 | 188640 |
|  Moss Creek Resources Holdings Inc., 7.50%, 01/15/26<sup>(a)</sup>  | 153 | 140732 |
|  Nabors Industries Ltd., 7.25%, 01/15/26<sup>(a)</sup>  | 125 | 120540 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)<sup>(a)</sup>  | 88 | 86116 |
|  Occidental Petroleum Corp.<br>3.40%, 04/15/26 (Call 01/15/26)<sup>(b)</sup>  | 60 | 56793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 223 | 226176 |
|  PDC Energy Inc., 5.75%, 05/15/26 | 161 | 154512 |
|  Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)<sup>(a)</sup>  | 91 | 89802 |
|  Permian Resources Operating LLC, 5.38%, 01/15/26<sup>(a)</sup>  | 66 | 61007 |
|  Petrofac Ltd., 9.75%, 11/15/26<br>(Call 11/15/23)<sup>(a)</sup>  | 131 | 96939 |
|  Precision Drilling Corp., 7.13%, 01/15/26<sup>(a)</sup>  | 69 | 67982 |
|  Puma International Financing SA, 5.00%, 01/24/26<sup>(a)</sup>  | 200 | 178726 |
|  SM Energy Co., 6.75%, 09/15/26 | 93 | 92170 |
|  Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)<sup>(a)</sup>  | 111 | 93959 |
|  Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) | 138 | 146360 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 97558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290855 |
| **Oil & Gas Services — 0.6%** |  |  |
|  USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26 | 162 | 155505 |
|  Welltec International ApS, 8.25%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 45 | 43635 |
|  |  | 199140 |
| **Packaging & Containers — 3.0%** |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26<sup>(a)</sup>  | 255 | 219364 |
|  Ball Corp., 4.88%, 03/15/26<br>(Call 12/15/25)<sup>(b)</sup>  | 161 | 154480 |
|  Berry Global Inc., 4.50%, 02/15/26<sup>(a)(b)</sup>  | 73 | 68307 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26<br>(Call 03/31/26) | 82 | 76044 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26<sup>(b)</sup>  | 181 | 173454 |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 85 | 86618 |
|  LABL Inc., 6.75%, 07/15/26<sup>(a)</sup>  | 156 | 148763 |
|  Trivium Packaging Finance BV, 5.50%, 08/15/26<sup>(a)(b)</sup>  | 165 | 151704 |
|  |  | 1078734 |
| **Pharmaceuticals — 0.6%** |  |  |
|  Perrigo Finance Unlimited Co., 4.38%, 03/15/26 (Call 12/15/25) | 140 | 131224 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)<sup>(a)(b)</sup>  | 105 | 95471 |
|  |  | 226695 |
| **Pipelines — 5.7%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 05/15/23)<sup>(a)</sup>  | 119 | 121319 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26<sup>(a)</sup>  | 64 | 61053 |
|  Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26) | 133 | 116606 |
|  EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26)<sup>(b)</sup>  | 113 | 106329 |
|  EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26) | 115 | 101906 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 05/15/26 | 79 | 73984 |
|  Hess Midstream Operations LP,<br>5.63%, 02/15/26<sup>(a)</sup>  | 175 | 171579 |
|  New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup>  | 323 | 313378 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26<br>(Call 02/01/23)<sup>(a)</sup>  | 443 | 401075 |
|  NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 04/15/26<sup>(b)</sup>  | 70 | 51110 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26<sup>(a)</sup>  | 113 | 106988 |
|  NuStar Logistics LP, 6.00%, 06/01/26 (Call 03/01/26) | 106 | 102724 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<br>Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $148839 |
|  TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 | 69 | 59062 |
|  Western Midstream Operating LP, 4.65%, 07/01/26 (Call 04/01/26) | 101 | 95482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031434 |
| **Real Estate Investment Trusts — 2.4%** |  |  |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26<sup>(a)(b)</sup>  | 207 | 192543 |
|  HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup>  | 219 | 178577 |
|  iStar Inc., 5.50%, 02/15/26<sup>(b)</sup>  | 67 | 66889 |
|  MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26<sup>(b)</sup>  | 114 | 102936 |
|  RLJ Lodging Trust LP, 3.75%, 07/01/26<br>(Call 07/01/23)<sup>(a)</sup>  | 94 | 86003 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 96 | 78303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25) | 80 | 69191 |
|  Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)</sup> | 93 | 81113 |
|  |  | 855555 |
| **Retail — 4.2%** |  |  |
|  Beacon Roofing Supply Inc., 4.50%, 11/15/26<sup>(a)</sup>  | 71 | 65299 |
|  CEC Entertainment LLC, 6.75%, 05/01/26<br>(Call 05/01/23)<sup>(a)</sup>  | 134 | 125827 |
|  Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 139 | 126148 |
|  Guitar Center Inc., 8.50%, 01/15/26<br>(Call 01/15/23)<sup>(a)</sup>  | 122 | 106615 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)<sup>(a)(b)</sup>  | 176 | 160146 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  | 242 | 230159 |
|  Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 184 | 119517 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26<sup>(a)</sup>  | 159 | 128785 |
|  Staples Inc., 7.50%, 04/15/26<sup>(a)</sup>  | 431 | 374849 |
|  White Cap Parent LLC, 8.25%, 03/15/26, (9.00% PIK)<sup>(a)(c)</sup>  | 68 | 58560 |
|  |  | 1495905 |
| **Software — 1.8%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26<sup>(a)</sup>  | 89 | 85280 |
|  Boxer Parent Co. Inc., 9.13%, 03/01/26<sup>(a)</sup>  | 76 | 72710 |
|  Camelot Finance SA, 4.50%, 11/01/26<sup>(a)</sup>  | 157 | 146605 |
|  Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 71 | 63899 |
|  CWT Travel Group Inc., 8.50%, 11/19/26<br>(Call 11/19/22)<sup>(a)(b)</sup>  | 135 | 116070 |
|  Fair Isaac Corp., 5.25%, 05/15/26<br>(Call 02/15/26)<sup>(a)(b)</sup>  | 96 | 94707 |
|  Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)<sup>(a)</sup>  | 66 | 44740 |
|  |  | 624011 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Telecommunications — 4.6%** |  |  |  |
|  CommScope Inc., 6.00%, 03/01/26<sup>(a)</sup>  | $| 331 | $320090 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26<sup>(a)</sup>  |  | 315 | 295980 |
|  Hughes Satellite Systems Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 |  | 169 | 161299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26 |  | 153 | 144140 |
|  Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  |  | 250 | 231725 |
|  Lumen Technologies Inc., 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  |  | 159 | 136138 |
|  Sprint Corp., 7.63%, 03/01/26 (Call 11/01/25) |  | 335 | 349043 |
|  |  |  | 1638415 |
| **Toys, Games & Hobbies — 0.3%** |  |  |  |
|  Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  |  | 131 | 119980 |
| **Water — 0.2%** |  |  |  |
|  Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  |  | 86 | 82280 |
|  **Total Long-Term Investments — 96.9%<br>(Cost: $36,886,748)** |  |  | 34537706 |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 19.7%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;6535 | 6533406 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  |  | 490 | 490000 |
|  **Total Short-Term Securities — 19.7%<br>(Cost: $7,023,784)** | **Total Short-Term Securities — 19.7%<br>(Cost: $7,023,784)** | **Total Short-Term Securities — 19.7%<br>(Cost: $7,023,784)** | 7023406 |
|  **Total Investments — 116.6%<br>(Cost: $43,910,532)** | **Total Investments — 116.6%<br>(Cost: $43,910,532)** | **Total Investments — 116.6%<br>(Cost: $43,910,532)** | 41561112 |
|  **Liabilities in Excess of Other Assets — (16.6)%** | **Liabilities in Excess of Other Assets — (16.6)%** | **Liabilities in Excess of Other Assets — (16.6)%** | (5927103) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;35634009 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2026 Term High Yield and Income ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1830858 | $4704989 <sup>(a)</sup> | $— | $(2063) | $(378) | $6533406 | 6535 | $14549 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 520000 |  | (30000)<sup>(a)</sup> |  |  | 490000 | 490 | 2486 |  |
|  |  |  |  | $(2063) | $(378) | $7023406 |  | $17035 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $34537706 | $— | $34537706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7023406 |  |  | 7023406 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;7023406 | $34537706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $41561112 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 41

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---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 1.5%** |  |  |
|  Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $94489 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27<sup>(a)(b)</sup>  | 55 | 49545 |
|  Terrier Media Buyer Inc., 8.88%, 12/15/27<br>(Call 12/15/22)<sup>(a)</sup>  | 86 | 72824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216858 |
| **Aerospace & Defense — 4.0%** |  |  |
|  Bombardier Inc., 7.88%, 04/15/27<sup>(a)</sup>  | 160 | 152026 |
|  Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26) | 30 | 27281 |
|  Howmet Aerospace Inc., 5.90%, 02/01/27 | 55 | 54556 |
|  Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 40 | 35793 |
|  Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 85 | 76959 |
|  TransDigm Inc.<br>5.50%, 11/15/27 | 222 | 201618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 | 45 | 44376 |
|  |  | 592609 |
| **Agriculture — 0.3%** |  |  |
|  Darling Ingredients Inc., 5.25%, 04/15/27<sup>(a)</sup>  | 44 | 42346 |
| **Airlines — 0.6%** |  |  |
|  Allegiant Travel Co., 7.25%, 08/15/27<br>(Call 08/15/24)<sup>(a)</sup>  | 45 | 42407 |
|  American Airlines Pass Through Trust,<br>Series 2015-1, Class A, 3.38%, 11/01/28<sup>(b)</sup>  | 53 | 43072 |
|  |  | 85479 |
| **Apparel — 0.3%** |  |  |
|  William Carter Co. (The), 5.63%, 03/15/27<sup>(a)</sup>  | 40 | 38456 |
| **Auto Manufacturers — 2.6%** |  |  |
|  Allison Transmission Inc., 4.75%, 10/01/27<sup>(a)</sup>  | 35 | 32282 |
|  Ford Motor Credit Co. LLC<br>3.82%, 11/02/27 (Call 08/02/27) | 63 | 54656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 105 | 93207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 78 | 70494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 125 | 114518 |
|  Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 07/01/27)<sup>(a)(b)</sup>  | 40 | 28316 |
|  |  | 393473 |
| **Auto Parts & Equipment — 2.1%** |  |  |
|  American Axle & Manufacturing Inc., 6.50%, 04/01/27<sup>(b)</sup>  | 41 | 37843 |
|  Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 165 | 162259 |
|  Dana Inc., 5.38%, 11/15/27 (Call 11/15/22) | 35 | 31689 |
|  Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 60 | 54604 |
|  IHO Verwaltungs GmbH, 6.00%, 05/15/27, (6.75% PIK)<sup>(a)(c)</sup>  | 36 | 30932 |
|  |  | 317327 |
| **Banks — 0.3%** |  |  |
|  Freedom Mortgage Corp., 6.63%, 01/15/27<br>(Call 01/15/24)<sup>(a)</sup>  | 50 | 37283 |
| **Building Materials — 1.0%** |  |  |
|  Eco Material Technologies Inc., 7.88%, 01/31/27<br>(Call 01/31/24)<sup>(a)(b)</sup>  | 45 | 42102 |
|  Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 35 | 26092 |
|  Standard Industries Inc./NJ, 5.00%, 02/15/27<sup>(a)</sup>  | 70 | 63979 |
|  Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27<sup>(a)(b)</sup>  | 25 | 24032 |
|  |  | 156205 |
| **Chemicals — 2.2%** |  |  |
|  Cerdia Finanz GmbH, 10.50%, 02/15/27<br>(Call 02/15/24)<sup>(a)</sup>  | 50 | 40547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27<br>(Call 06/15/23)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $36618 |
|  Cheever Escrow Issuer LLC, 7.13%, 10/01/27<br>(Call 10/01/24)<sup>(a)</sup>  | 25 | 22914 |
|  Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)<sup>(b)</sup>  | 40 | 35804 |
|  HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26) | 25 | 22891 |
|  Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27) | 60 | 54698 |
|  Olin Corp., 5.13%, 09/15/27 | 40 | 37502 |
|  SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)<sup>(a)</sup>  | 25 | 21846 |
|  WR Grace Holdings LLC, 4.88%, 06/15/27<br>(Call 06/15/23)<sup>(a)</sup>  | 60 | 52491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325311 |
| **Commercial Services — 5.0%** |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings Inc., 8.75%, 04/15/27 (Call 10/15/23)<sup>(a)</sup>  | 40 | 34337 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27<sup>(a)(b)</sup>  | 89 | 77386 |
|  AMN Healthcare Inc., 4.63%, 10/01/27<sup>(a)</sup>  | 40 | 37419 |
|  APX Group Inc., 6.75%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 50 | 48870 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc. 5.75%, 07/15/27<sup>(a)(b)</sup>  | 33 | 30195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27<sup>(a)</sup>  | 30 | 27375 |
|  Brink's Co. (The), 4.63%, 10/15/27<sup>(a)</sup>  | 50 | 46007 |
|  CoreCivic Inc., 4.75%, 10/15/27 (Call 07/15/27) | 20 | 16786 |
|  Garda World Security Corp.<br>4.63%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 48 | 42710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/27<sup>(a)</sup>  | 50 | 45305 |
|  Herc Holdings Inc., 5.50%, 07/15/27<sup>(a)</sup>  | 100 | 94622 |
|  Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 35 | 31800 |
|  Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27 (Call 08/31/26)<sup>(a)</sup>  | 87 | 75560 |
|  Service Corp. International/U.S., 4.63%, 12/15/27<br>(Call 12/15/22) | 45 | 41816 |
|  Sotheby's, 7.38%, 10/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 65 | 62891 |
|  United Rentals North America Inc., 5.50%, 05/15/27 | 39 | 38066 |
|  |  | 751145 |
| **Computers — 1.2%** |  |  |
|  NCR Corp., 5.75%, 09/01/27<sup>(a)(b)</sup>  | 40 | 38587 |
|  Presidio Holdings Inc., 4.88%, 02/01/27<br>(Call 02/01/23)<sup>(a)</sup>  | 45 | 41528 |
|  Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27) | 40 | 36996 |
|  Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)<sup>(a)</sup>  | 40 | 33585 |
|  Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/27<sup>(a)</sup>  | 20 | 22808 |
|  |  | 173504 |
| **Distribution & Wholesale — 0.8%** |  |  |
|  BCPE Empire Holdings Inc., 7.63%, 05/01/27<br>(Call 05/01/23)<sup>(a)</sup>  | 55 | 50093 |
|  IAA Inc., 5.50%, 06/15/27<sup>(a)</sup>  | 41 | 38439 |
|  Univar Solutions USA Inc., 5.13%, 12/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 40 | 37021 |
|  |  | 125553 |
| **Diversified Financial Services — 2.6%** |  |  |
|  Advisor Group Holdings Inc., 10.75%, 08/01/27<sup>(a)</sup>  | 30 | 29957 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27<br>(Call 09/30/24)<sup>(a)</sup>  | 44 | 44170 |
|  Castlelake Aviation Finance DAC, 5.00%, 04/15/27<br>(Call 04/15/24)<sup>(a)</sup> | 35 | 29743 |
|  LPL Holdings Inc., 4.63%, 11/15/27<sup>(a)</sup>  | 30 | 27743 |
|  Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)</sup>  | 52 | 46620 |
|  Navient Corp., 5.00%, 03/15/27 (Call 09/15/26) | 60 | 50589 |
|  OneMain Finance Corp., 3.50%, 01/15/27<br>(Call 01/15/24) | 63 | 51884 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 35 | 32455 |

---

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  United Wholesale Mortgage LLC, 5.75%, 06/15/27<br>(Call 06/15/24)<sup>(a)</sup>  | $| 45 | $| 36870 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27<sup>(a)(b)</sup>  |  | 45 |  | 40899 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390930 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
|  Enerflex Ltd., 9.00%, 10/15/27 |  | 50 |  | 48636 |
|  FirstEnergy Corp., Series B, 4.15%, 07/15/27<br>(Call 04/15/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;124 |  | 116156 |
|  NextEra Energy Operating Partners LP, 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  |  | 45 |  | 41919 |
|  NRG Energy Inc., 6.63%, 01/15/27<sup>(b)</sup>  |  | 28 |  | 28014 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27<sup>(a)</sup>  |  | 110 |  | 101477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27<sup>(a)</sup>  |  | 110 |  | 104834 |
|  |  |  |  | 441036 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  EnerSys, 4.38%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup>  |  | 25 |  | 21926 |
| **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  |  | 85 |  | 80436 |
|  Promontoria Holding 264 BV, 7.88%, 03/01/27<br>(Call 03/01/24)<sup>(a)</sup>  |  | 35 |  | 31852 |
|  |  |  |  | 112288 |
| **Entertainment — 4.7%** | **Entertainment — 4.7%** | **Entertainment — 4.7%** | **Entertainment — 4.7%** | **Entertainment — 4.7%** |
|  Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)<sup>(a)(b)</sup>  |  | 47 |  | 39637 |
|  Caesars Entertainment Inc., 8.13%, 07/01/27<br>(Call 07/01/23)<sup>(a)(b)</sup>  |  | 150 |  | 145917 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27 |  | 41 |  | 38550 |
|  Churchill Downs Inc., 5.50%, 04/01/27<sup>(a)</sup>  |  | 52 |  | 49741 |
|  International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)</sup>  |  | 63 |  | 62424 |
|  Live Nation Entertainment Inc.<br>4.75%, 10/15/27<sup>(a)(b)</sup>  |  | 80 |  | 71230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(a)</sup>  |  | 101 |  | 100467 |
|  Motion Bondco DAC, 6.63%, 11/15/27<sup>(a)(b)</sup>  |  | 35 |  | 29319 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27<sup>(a)</sup>  |  | 60 |  | 64292 |
|  Penn Entertainment Inc., 5.63%, 01/15/27<sup>(a)(b)</sup>  |  | 35 |  | 31881 |
|  Six Flags Entertainment Corp., 5.50%, 04/15/27<sup>(a)</sup>  |  | 41 |  | 36881 |
|  Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27<sup>(a)</sup>  |  | 30 |  | 26123 |
|  |  |  |  | 696462 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
|  Clean Harbors Inc., 4.88%, 07/15/27<sup>(a)</sup>  |  | 45 |  | 42380 |
|  Harsco Corp., 5.75%, 07/31/27<sup>(a)(b)</sup>  |  | 40 |  | 28357 |
|  |  |  |  | 70737 |
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
|  Albertsons Companies Inc./Safeway Inc./New |  |  |  |  |
|  Albertsons LP/Albertsons LLC, 4.63%, 01/15/27<br>(Call 01/15/23)<sup>(a)</sup>  |  | 116 |  | 107585 |
|  B&G Foods Inc., 5.25%, 09/15/27<sup>(b)</sup>  |  | 45 |  | 37730 |
|  Performance Food Group Inc., 5.50%, 10/15/27<sup>(a)</sup>  |  | 88 |  | 83766 |
|  Post Holdings Inc., 5.75%, 03/01/27<sup>(a)</sup>  |  | 40 |  | 38750 |
|  |  |  |  | 267831 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27) |  | 42 |  | 38770 |
|  **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** |
|  Teleflex Inc., 4.63%, 11/15/27 |  | 40 |  | 37675 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services — 5.4%** | **Health Care - Services — 5.4%** | **Health Care - Services — 5.4%** |
|  Catalent Pharma Solutions Inc., 5.00%, 07/15/27<sup>(a)</sup>  | $40 | $37624 |
|  Centene Corp., 4.25%, 12/15/27 (Call 12/15/22) | &nbsp;&nbsp;&nbsp;&nbsp;205 | 189117 |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(a)(b)</sup>  | 160 | 127574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 60 | 48514 |
|  IQVIA Inc., 5.00%, 05/15/27<sup>(a)</sup>  | 90 | 85711 |
|  Legacy LifePoint Health LLC, 4.38%, 02/15/27<br>(Call 12/01/22)<sup>(a)</sup> | 50 | 39478 |
|  Surgery Center Holdings Inc., 10.00%, 04/15/27<sup>(a)</sup>  | 45 | 43703 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27<sup>(a)</sup>  | 125 | 114565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27<sup>(a)</sup>  | 129 | 123938 |
|  |  | 810224 |
| **Holding Companies - Diversified — 0.7%** | **Holding Companies - Diversified — 0.7%** | **Holding Companies - Diversified — 0.7%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 (Call 11/15/26) | 120 | 110480 |
| **Home Builders — 1.7%** | **Home Builders — 1.7%** | **Home Builders — 1.7%** |
|  Beazer Homes USA Inc., 5.88%, 10/15/27<sup>(b)</sup>  | 31 | 26029 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27<sup>(a)</sup>  | 50 | 43650 |
|  Century Communities Inc., 6.75%, 06/01/27 | 41 | 39167 |
|  KB Home, 6.88%, 06/15/27 (Call 12/15/26)<sup>(b)</sup>  | 25 | 24188 |
|  Mattamy Group Corp., 5.25%, 12/15/27<br>(Call 12/15/22)<sup>(a)</sup>  | 41 | 35069 |
|  Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26) | 25 | 22518 |
|  Taylor Morrison Communities Inc., 5.88%, 06/15/27<br>(Call 03/15/27)<sup>(a)</sup>  | 41 | 38555 |
|  Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26) | 25 | 21672 |
|  |  | 250848 |
| **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |
|  Newell Brands Inc., 6.38%, 09/15/27 (Call 06/15/27)<sup>(b)</sup>  | 45 | 44063 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 64 | 57831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 114 | 104195 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27<sup>(a)(b)</sup>  | 40 | 38148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200174 |
| **Internet — 3.1%** | **Internet — 3.1%** | **Internet — 3.1%** |
|  Cablevision Lightpath LLC, 3.88%, 09/15/27<br>(Call 09/15/23)<sup>(a)</sup>  | 40 | 34231 |
|  Cogent Communications Group Inc., 7.00%, 06/15/27<br>(Call 06/15/24)<sup>(a)</sup>  | 40 | 38231 |
|  Getty Images Inc., 9.75%, 03/01/27<sup>(a)</sup>  | 25 | 24755 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27<sup>(a)</sup>  | 50 | 47269 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27<sup>(a)</sup>  | 43 | 28865 |
|  Match Group Holdings II LLC, 5.00%, 12/15/27<br>(Call 12/15/22)<sup>(a)</sup>  | 37 | 33255 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)<sup>(a)</sup>  | 30 | 27003 |
|  NortonLifeLock Inc., 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)</sup>  | 65 | 64122 |
|  Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup>  | 62 | 62544 |
|  Uber Technologies Inc., 7.50%, 09/15/27<sup>(a)</sup>  | 100 | 99619 |
|  |  | 459894 |
| **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** |
|  Allegheny Technologies Inc., 5.88%, 12/01/27<br>(Call 12/01/22) | 30 | 27347 |
|  Cleveland-Cliffs Inc., 5.88%, 06/01/27 | 45 | 41858 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(a)</sup>  | 55 | 54081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27<sup>(a)</sup>  | 60 | 59711 |
|  |  | 182997 |

---

S C H E D U L E O F I N V E S T M E N T S 43

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Leisure Time — 4.2%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 12/01/26)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | $204736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 (Call 02/01/24)<sup>(a)</sup>  | 76 | 70858 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup>  | 32 | 28665 |
|  NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)<sup>(a)</sup>  | 85 | 75958 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | 85 | 66699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27 | 25 | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(a)(b)</sup>  | 105 | 102037 |
|  Viking Cruises Ltd., 5.88%, 09/15/27<sup>(a)(b)</sup>  | 70 | 55947 |
|  |  | 625800 |
| **Lodging — 3.1%** |  |  |
|  Boyd Gaming Corp., 4.75%, 12/01/27 (Call 12/01/22) | 85 | 77891 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 | 50 | 47470 |
|  Melco Resorts Finance Ltd., 5.63%, 07/17/27<sup>(d)</sup>  | 52 | 31653 |
|  MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 65 | 47005 |
|  MGM Resorts International, 5.50%, 04/15/27 (Call 01/15/27) | 58 | 53471 |
|  Sands China Ltd., 2.80%, 03/08/27 (Call 02/08/27) | 60 | 43752 |
|  Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup>  | 30 | 23999 |
|  Travel + Leisure Co., 6.00%, 04/01/27 (Call 01/01/27) | 35 | 32672 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup>  | 75 | 65321 |
|  Wynn Macau Ltd., 5.50%, 10/01/27<sup>(a)(b)</sup>  | 63 | 38079 |
|  |  | 461313 |
| **Machinery — 1.0%** |  |  |
|  Granite US Holdings Corp., 11.00%, 10/01/27<sup>(a)(b)</sup>  | 27 | 25246 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(a)</sup> | 130 | 116562 |
|  |  | 141808 |
| **Manufacturing — 0.2%** |  |  |
|  Amsted Industries Inc., 5.63%, 07/01/27<sup>(a)</sup>  | 35 | 32509 |
| **Media — 10.1%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27<sup>(a)</sup>  | 275 | 254809 |
|  CSC Holdings LLC, 5.50%, 04/15/27<sup>(a)</sup>  | 110 | 103605 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27<br>(Call 08/15/23)<sup>(a)</sup>  | 315 | 283506 |
|  Gray Television Inc., 7.00%, 05/15/27<sup>(a)(b)</sup>  | 65 | 61918 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(a)</sup>  | 63 | 57419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27<sup>(b)</sup>  | 110 | 98893 |
|  LCPR Senior Secured Financing DAC, 6.75%, 10/15/27<sup>(a)</sup>  | 97 | 90495 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27<sup>(a)</sup>  | 30 | 27303 |
|  Nexstar Media Inc., 5.63%, 07/15/27<sup>(a)</sup>  | 150 | 141204 |
|  Scripps Escrow Inc., 5.88%, 07/15/27<sup>(a)(b)</sup>  | 35 | 31702 |
|  Sinclair Television Group Inc., 5.13%, 02/15/27<sup>(a)</sup>  | 25 | 20995 |
|  Sirius XM Radio Inc., 5.00%, 08/01/27<sup>(a)</sup>  | 125 | 115000 |
|  Univision Communications Inc., 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)</sup>  | 125 | 123363 |
|  Videotron Ltd., 5.13%, 04/15/27<sup>(a)</sup>  | 50 | 47083 |
|  Ziggo Bond Co. BV, 6.00%, 01/15/27<sup>(a)(b)</sup>  | 55 | 49762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507057 |
| **Metal Fabricate & Hardware — 0.3%** |  |  |
|  Advanced Drainage Systems Inc., 5.00%, 09/30/27<sup>(a)</sup>  | 30 | 27803 |
|  Park-Ohio Industries Inc., 6.63%, 04/15/27 | 30 | 21015 |
|  |  | 48818 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mining — 0.8%** |  |  |
|  Compass Minerals International Inc., 6.75%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | $40 | $37900 |
|  FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | 44877 |
|  New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)<sup>(a)</sup>  | 35 | 30272 |
|  |  | 113049 |
| **Office & Business Equipment — 0.1%** |  |  |
|  Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)<sup>(a)</sup>  | 34 | 21806 |
| **Oil & Gas — 5.2%** |  |  |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27 (Call 11/01/26)<sup>(a)</sup>  | 30 | 36475 |
|  Baytex Energy Corp., 8.75%, 04/01/27<br>(Call 04/01/23)<sup>(a)</sup>  | 40 | 41235 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27 (Call 01/15/24)<sup>(a)</sup>  | 25 | 23809 |
|  Centennial Resource Production LLC, 6.88%, 04/01/27<sup>(a)</sup>  | 30 | 29101 |
|  CNX Resources Corp., 7.25%, 03/14/27<sup>(a)</sup>  | 33 | 32740 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)<sup>(a)</sup>  | 45 | 42564 |
|  MEG Energy Corp., 7.13%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 100 | 101764 |
|  Moss Creek Resources Holdings Inc., 10.50%, 05/15/27<sup>(a)</sup>  | 45 | 43379 |
|  Murphy Oil Corp., 5.88%, 12/01/27 (Call 12/01/22) | 45 | 43715 |
|  Nabors Industries Inc., 7.38%, 05/15/27<br>(Call 05/15/24)<sup>(a)</sup>  | 60 | 59118 |
|  Occidental Petroleum Corp., 8.50%, 07/15/27 (Call 01/15/27) | 40 | 43800 |
|  Parkland Corp., 5.88%, 07/15/27<sup>(a)</sup>  | 40 | 37852 |
|  SM Energy Co., 6.63%, 01/15/27 | 35 | 34277 |
|  Southwestern Energy Co., 7.75%, 10/01/27 | 30 | 30889 |
|  Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 | 50 | 48988 |
|  Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)<sup>(a)</sup>  | 60 | 60274 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27<sup>(a)</sup>  | 41 | 39355 |
|  Viper Energy Partners LP, 5.38%, 11/01/27<sup>(a)</sup>  | 35 | 32935 |
|  |  | 782270 |
| **Oil & Gas Services — 0.9%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27<sup>(a)</sup>  | 40 | 38278 |
|  CGG SA, 8.75%, 04/01/27 (Call 04/01/24)<sup>(a)</sup>  | 45 | 39160 |
|  USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27<sup>(b)</sup>  | 65 | 62012 |
|  |  | 139450 |
| **Packaging & Containers — 3.6%** |  |  |
|  ARD Finance SA, 6.50%, 06/30/27, (7.25% PIK)<sup>(a)(c)</sup>  | 75 | 53805 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27<br>(Call 06/15/24)<sup>(a)</sup>  | 50 | 47974 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(a)</sup>  | 65 | 45691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(a)(b)</sup>  | 85 | 60891 |
|  Berry Global Inc., 5.63%, 07/15/27<sup>(a)(b)</sup>  | 40 | 37978 |
|  Graphic Packaging International LLC, 4.75%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 25 | 23067 |
|  LABL Inc., 10.50%, 07/15/27<sup>(a)</sup>  | 59 | 54055 |
|  Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)(b)</sup>  | 52 | 49727 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 85 | 75226 |
|  Sealed Air Corp., 4.00%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 35 | 31375 |
|  Trivium Packaging Finance BV, 8.50%, 08/15/27<sup>(a)(b)</sup>  | 60 | 56924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536713 |
| **Pharmaceuticals — 0.9%** |  |  |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27<sup>(a)</sup>  | 42 | 26694 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $56041 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27<sup>(a)</sup>  | 50 | 48094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130829 |
| **Pipelines — 3.6%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27<sup>(a)</sup>  | 55 | 52366 |
|  Buckeye Partners LP, 4.13%, 12/01/27 (Call 09/01/27) | 35 | 30359 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27<sup>(a)</sup>  | 50 | 47033 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(a)</sup>  | 77 | 75064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)(b)</sup>  | 40 | 39570 |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)<sup>(a)</sup>  | 40 | 39312 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 (Call 01/15/24) | 85 | 82522 |
|  Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 | 35 | 33567 |
|  Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)<sup>(a)</sup>  | 35 | 33803 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/27<sup>(a)</sup>  | 35 | 31759 |
|  NuStar Logistics LP, 5.63%, 04/28/27 (Call 01/28/27) | 45 | 41793 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 03/01/27 (Call 03/01/23)<sup>(a)</sup>  | 35 | 33235 |
|  |  | 540383 |
| **Real Estate Investment Trusts — 4.1%** |  |  |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | 35 | 29778 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)(b)</sup>  | 65 | 55444 |
|  Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)<sup>(a)</sup>  | 40 | 32290 |
|  Iron Mountain Inc., 4.88%, 09/15/27<sup>(a)</sup>  | 85 | 78423 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 55 | 46491 |
|  MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27<sup>(b)</sup>  | 116 | 99182 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 | 60 | 55396 |
|  SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23) | 125 | 112971 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26) | 35 | 28367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27) | 39 | 33596 |
|  Starwood Property Trust Inc., 4.38%, 01/15/27<br>(Call 07/15/26)<sup>(a)</sup> | 44 | 38892 |
|  |  | 610830 |
| **Retail — 2.6%** |  |  |
|  Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)<sup>(a)(b)</sup>  | 35 | 33390 |
|  Bath & Body Works Inc., 6.69%, 01/15/27 | 25 | 23562 |
|  BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)<sup>(a)(c)</sup>  | 34 | 22506 |
|  Carvana Co., 5.50%, 04/15/27 (Call 04/15/24)<sup>(a)</sup>  | 45 | 21771 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27<sup>(a)</sup>  | 62 | 59309 |
|  Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 35 | 31556 |
|  Murphy Oil USA Inc., 5.63%, 05/01/27 | 25 | 24000 |
|  Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 30 | 25619 |
|  Patrick Industries Inc., 7.50%, 10/15/27<sup>(a)(b)</sup>  | 25 | 22901 |
|  QVC Inc., 4.75%, 02/15/27 (Call 11/15/26) | 50 | 39634 |
|  Staples Inc., 10.75%, 04/15/27<sup>(a)(b)</sup>  | 85 | 61714 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 | 30 | 28483 |
|  |  | 394445 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Semiconductors — 0.3%** |  |  |  |
|  Amkor Technology Inc.,<br>6.63%, 09/15/27<sup>(a)(b)</sup>  | $| 45 | $44419 |
| **Software — 1.1%** |  |  |  |
|  SS&C Technologies Inc., 5.50%, 09/30/27<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | 157993 |
| **Telecommunications — 6.3%** |  |  |  |
|  Altice France Holding SA, 10.50%, 05/15/27<sup>(a)</sup>  |  | 135 | 105118 |
|  Altice France SA/France, 8.13%, 02/01/27<sup>(a)</sup>  |  | 145 | 132818 |
|  CommScope Inc., 8.25%, 03/01/27<sup>(a)(b)</sup>  |  | 85 | 75629 |
|  CommScope Technologies LLC, 5.00%, 03/15/27<sup>(a)</sup>  |  | 63 | 51089 |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/27 (Call 10/15/23)<sup>(a)</sup>  |  | 95 | 88119 |
|  Level 3 Financing Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup>  |  | 60 | 51723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27<sup>(a)</sup>  |  | 85 | 73958 |
|  LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)<sup>(a)</sup>  |  | 80 | 46617 |
|  Lumen Technologies Inc., 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  |  | 105 | 89371 |
|  Maxar Technologies Inc., 7.75%, 06/15/27 (Call 06/15/24)<sup>(a)</sup>  |  | 40 | 39382 |
|  Nokia OYJ, 4.38%, 06/12/27 |  | 40 | 36806 |
|  ViaSat Inc., 5.63%, 04/15/27<sup>(a)</sup>  |  | 50 | 46215 |
|  Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)</sup>  |  | 125 | 96544 |
|  |  |  | 933389 |
| **Toys, Games & Hobbies — 0.3%** |  |  |  |
|  Mattel Inc., 5.88%, 12/15/27<br>(Call 12/15/22)<sup>(a)</sup>  |  | 52 | 50554 |
| **Transportation — 0.3%** |  |  |  |
|  Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)<sup>(a)</sup>  |  | 52 | 49048 |
| **Trucking & Leasing — 0.2%** |  |  |  |
|  Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27 (Call 08/01/23)<sup>(a)</sup>  |  | 35 | 35643 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $16,264,458)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14750010 |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 19.2%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  |  | 2836 | 2835467 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  |  | 20 | 20000 |
|  **Total Short-Term Securities — 19.2%<br>(Cost: $2,855,572)** | **Total Short-Term Securities — 19.2%<br>(Cost: $2,855,572)** | **Total Short-Term Securities — 19.2%<br>(Cost: $2,855,572)** | 2855467 |
|  **Total Investments — 118.1%<br>(Cost: $19,120,030)** | **Total Investments — 118.1%<br>(Cost: $19,120,030)** | **Total Investments — 118.1%<br>(Cost: $19,120,030)** | 17605477 |
|  **Liabilities in Excess of Other Assets — (18.1)%** | **Liabilities in Excess of Other Assets — (18.1)%** | **Liabilities in Excess of Other Assets — (18.1)%** | (2698017) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14907460 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 45

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2027 Term High Yield and Income ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $508415 | $2327909 <sup>(a)</sup> | $— | $(752) | $(105) | $2835467 | 2836 | $6630 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 250000 |  | (230000)<sup>(a)</sup> |  |  | 20000 | 20 | 718 |  |
|  |  |  |  | $(752) | $(105) | $2855467 |  | $7348 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $14750010 | $— | $14750010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2855467 |  |  | 2855467 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;2855467 | $14750010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $17605477 |

---

*See notes to financial statements.* 

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 1.1%** |  |  |
|  Advantage Sales & Marketing Inc., 6.50%, 11/15/28<br>(Call 11/15/23)<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $42541 |
|  Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 60 | 48950 |
|  Lamar Media Corp., 3.75%, 02/15/28 (Call 02/15/23) | 35 | 30590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122081 |
| **Aerospace & Defense — 0.8%** |  |  |
|  Bombardier Inc., 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 45 | 40097 |
|  Howmet Aerospace Inc., 6.75%, 01/15/28 | 20 | 19972 |
|  Spirit AeroSystems Inc., 4.60%, 06/15/28 (Call 03/15/28) | 45 | 32252 |
|  |  | 92321 |
| **Airlines — 0.2%** |  |  |
|  Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28) | 30 | 26767 |
|  **Auto Manufacturers — 1.3%** |  |  |
|  Ford Motor Co., 6.63%, 10/01/28 | 25 | 24656 |
|  Ford Motor Credit Co. LLC, 2.90%, 02/16/28 (Call 12/16/27) | 45 | 36540 |
|  Jaguar Land Rover Automotive PLC, 5.88%, 01/15/28<br>(Call 01/15/24)<sup>(a)</sup>  | 40 | 29477 |
|  PM General Purchaser LLC, 9.50%, 10/01/28<br>(Call 10/01/23)<sup>(a)(b)</sup>  | 40 | 34348 |
|  Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 25 | 20589 |
|  |  | 145610 |
| **Auto Parts & Equipment — 0.9%** |  |  |
|  American Axle & Manufacturing Inc., 6.88%, 07/01/28<br>(Call 07/01/23) | 25 | 23110 |
|  Dana Inc., 5.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup>  | 25 | 22618 |
|  Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28<br>(Call 08/01/23)<sup>(a)</sup>  | 30 | 26286 |
|  Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24) | 25 | 23289 |
|  |  | 95303 |
| **Biotechnology — 0.3%** |  |  |
|  Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 0 |  |
|  Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 40 | 31277 |
|  |  | 31277 |
| **Building Materials — 2.9%** |  |  |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28<sup>(a)</sup>  | 45 | 37501 |
|  CP Atlas Buyer Inc., 7.00%, 12/01/28<br>(Call 12/01/23)<sup>(a)</sup>  | 30 | 21626 |
|  Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) | 60 | 54969 |
|  James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 25 | 22670 |
|  Masonite International Corp., 5.38%, 02/01/28<br>(Call 02/01/23)<sup>(a)</sup>  | 30 | 27482 |
|  New Enterprise Stone & Lime Co. Inc.<br>5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup>  | 35 | 30459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 20 | 17147 |
|  SRM Escrow Issuer LLC, 6.00%, 11/01/28<br>(Call 11/01/23)<sup>(a)</sup>  | 70 | 59888 |
|  Standard Industries Inc./NJ, 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 60 | 52586 |
|  |  | 324328 |
| **Chemicals — 3.8%** |  |  |
|  ASP Unifrax Holdings Inc, 5.25%, 09/30/28<br>(Call 09/30/24)<sup>(a)</sup>  | 50 | 40201 |
|  Chemours Co. (The), 5.75%, 11/15/28<br>(Call 11/15/23)<sup>(a)</sup>  | 50 | 42491 |
|  Consolidated Energy Finance SA, 5.63%, 10/15/28<br>(Call 10/15/24)<sup>(a)</sup>  | 30 | 25284 |
|  CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)<sup>(a)</sup>  | 35 | 31687 |
|  Element Solutions Inc., 3.88%, 09/01/28<br>(Call 09/01/23)<sup>(a)</sup>  | 50 | 42478 |
|  HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23) | 20 | 17406 |
|  Herens Holdco Sarl, 4.75%, 05/15/28<br>(Call 05/15/24)<sup>(a)</sup>  | 20 | 16377 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25369 |
|  Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 35 | 29699 |
|  Innophos Holdings Inc., 9.38%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 15 | 14288 |
|  Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)<sup>(a)</sup>  | 25 | 21429 |
|  Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 25 | 21690 |
|  Olympus Water U.S. Holding Corp., 4.25%, 10/01/28<br>(Call 10/01/24)<sup>(a)</sup>  | 50 | 41030 |
|  SCIH Salt Holdings Inc., 4.88%, 05/01/28<br>(Call 05/01/24)<sup>(a)</sup>  | 65 | 56484 |
|  |  | 425913 |
| **Coal — 0.2%** |  |  |
|  Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)<sup>(a)</sup>  | 20 | 19890 |
|  **Commercial Services — 5.3%** |  |  |
|  Adtalem Global Education Inc., 5.50%, 03/01/28<br>(Call 03/01/24)<sup>(a)</sup>  | 26 | 23712 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)<sup>(a)</sup>  | 120 | 99813 |
|  ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)<sup>(a)</sup>  | 35 | 31107 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc., 4.75%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup>  | 30 | 26339 |
|  CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 45 | 30336 |
|  Gartner Inc., 4.50%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 45 | 41705 |
|  Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28) | 25 | 22530 |
|  MPH Acquisition Holdings LLC<br>5.50%, 09/01/28 (Call 09/01/24)<sup>(a)</sup>  | 65 | 56397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 80 | 61813 |
|  Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 80 | 74087 |
|  United Rentals North America Inc., 4.88%, 01/15/28<br>(Call 01/15/23) | 100 | 93000 |
|  Williams Scotsman International Inc., 4.63%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 30 | 27157 |
|  |  | 587996 |
| **Computers — 1.6%** |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 25 | 20321 |
|  Booz Allen Hamilton Inc., 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 40 | 35249 |
|  KBR Inc., 4.75%, 09/30/28<sup>(a)</sup>  | 15 | 13138 |
|  NCR Corp., 5.00%, 10/01/28<sup>(a)</sup>  | 40 | 33907 |
|  Presidio Holdings Inc., 8.25%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | 35 | 31183 |
|  Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)<sup>(a)</sup>  | 25 | 22836 |
|  Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)<sup>(a)</sup>  | 25 | 17989 |
|  |  | 174623 |
| **Cosmetics & Personal Care — 0.4%** |  |  |
|  Edgewell Personal Care Co., 5.50%, 06/01/28<br>(Call 06/01/23)<sup>(a)</sup>  | 45 | 42317 |
|  **Distribution & Wholesale — 0.9%** |  |  |
|  American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 40 | 35360 |
|  H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)<sup>(a)</sup>  | 75 | 63430 |
|  |  | 98790 |
| **Diversified Financial Services — 4.2%** |  |  |
|  AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)<sup>(a)</sup>  | 30 | 28159 |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/28<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 25 | 21861 |
|  Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 60 | 39722 |
|  GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)<sup>(a)</sup>  | 0 |  |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(a)</sup>  | 60 | 47155 |

---

S C H E D U L E O F I N V E S T M E N T S 47

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Midcap Financial Issuer Trust, 6.50%, 05/01/28<br>(Call 05/01/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 |
|  Nationstar Mortgage Holdings Inc., 5.50%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 55 | 44857 |
|  Navient Corp., 4.88%, 03/15/28 (Call 06/15/27) | 30 | 23927 |
|  NFP Corp.<br>4.88%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 35 | 30597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 125 | 107723 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) | 35 | 27327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup>  | 50 | 45476 |
|  |  | 467809 |
| **Electric — 3.5%** |  |  |
|  Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)<sup>(a)</sup>  | 25 | 21326 |
|  Calpine Corp.<br>4.50%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 75 | 67512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 (Call 03/15/23)<sup>(a)</sup>  | 85 | 75624 |
|  Clearway Energy Operating LLC, 4.75%, 03/15/28<br>(Call 03/15/23)<sup>(a)(b)</sup>  | 50 | 46379 |
|  NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23) | 50 | 47596 |
|  Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 40 | 35945 |
|  PG&E Corp., 5.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup>  | 60 | 54402 |
|  Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 45 | 38394 |
|  |  | 387178 |
| **Electrical Components & Equipment — 1.0%** |  |  |
|  Energizer Holdings Inc., 4.75%, 06/15/28<sup>(a)</sup>  | 35 | 29099 |
|  WESCO Distribution Inc., 7.25%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 80 | 81136 |
|  |  | 110235 |
| **Energy - Alternate Sources — 0.3%** |  |  |
|  TerraForm Power Operating LLC, 5.00%, 01/31/28<br>(Call 07/31/27)<sup>(a)</sup>  | 40 | 37482 |
|  **Engineering & Construction — 0.6%** |  |  |
|  Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28) | 35 | 30504 |
|  Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)<sup>(a)(b)</sup>  | 20 | 18429 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 25 | 20353 |
|  |  | 69286 |
| **Entertainment — 1.4%** |  |  |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23) | 20 | 18798 |
|  Churchill Downs Inc., 4.75%, 01/15/28<br>(Call 01/15/23)<sup>(a)</sup>  | 40 | 35434 |
|  Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)<sup>(a)</sup>  | 50 | 38372 |
|  Live Nation Entertainment Inc., 3.75%, 01/15/28<br>(Call 01/15/24)<sup>(a)</sup>  | 30 | 26163 |
|  Scientific Games International Inc., 7.00%, 05/15/28<br>(Call 05/15/23)<sup>(a)</sup>  | 40 | 38705 |
|  |  | 157472 |
| **Environmental Control — 1.0%** |  |  |
|  GFL Environmental Inc.<br>3.50%, 09/01/28 (Call 03/01/28)<sup>(a)</sup>  | 45 | 38126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  | 45 | 38587 |
|  Madison IAQ LLC, 4.13%, 06/30/28 (Call 06/30/24)<sup>(a)</sup>  | 40 | 33387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110100 |
| **Food — 2.1%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28<sup>(a)</sup>  | 45 | 42311 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/28<br>(Call 12/15/23)<sup>(a)</sup>  | 25 | 18518 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Food (continued)** |  |  |
|  Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21795 |
|  Lamb Weston Holdings Inc., 4.88%, 05/15/28<br>(Call 11/15/27)<sup>(a)</sup>  | 30 | 28093 |
|  Post Holdings Inc., 5.63%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 55 | 51463 |
|  SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28<sup>(a)</sup>  | 20 | 18676 |
|  TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23) | 30 | 25318 |
|  United Natural Foods Inc., 6.75%, 10/15/28<br>(Call 10/15/23)<sup>(a)</sup>  | 30 | 29009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235183 |
| **Food Service — 0.8%** |  |  |
|  Aramark Services Inc., 5.00%, 02/01/28<br>(Call 02/01/23)<sup>(a)</sup>  | 70 | 63813 |
|  TKC Holdings Inc., 6.88%, 05/15/28 (Call 05/15/24)<sup>(a)</sup>  | 25 | 20947 |
|  |  | 84760 |
| **Forest Products & Paper — 0.6%** |  |  |
|  Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28<br>(Call 02/04/24)<sup>(a)</sup>  | 20 | 15952 |
|  Clearwater Paper Corp., 4.75%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 15 | 13148 |
|  Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 40 | 34155 |
|  |  | 63255 |
| **Health Care - Products — 1.2%** |  |  |
|  Avantor Funding Inc., 4.63%, 07/15/28<br>(Call 07/15/23)<sup>(a)</sup>  | 95 | 85814 |
|  Hologic Inc., 4.63%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | 25 | 23369 |
|  Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)<sup>(a)</sup>  | 30 | 27145 |
|  |  | 136328 |
| **Health Care - Services — 3.7%** |  |  |
|  Acadia Healthcare Co. Inc., 5.50%, 07/01/28<br>(Call 07/01/23)<sup>(a)</sup>  | 25 | 23193 |
|  Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)<sup>(a)</sup>  | 25 | 17987 |
|  Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 20 | 16176 |
|  Centene Corp., 2.45%, 07/15/28 (Call 05/15/28) | 86 | 70738 |
|  Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 30 | 27290 |
|  Encompass Health Corp., 4.50%, 02/01/28<br>(Call 02/01/23) | 50 | 44707 |
|  Molina Healthcare Inc., 4.38%, 06/15/28<br>(Call 06/15/23)<sup>(a)</sup>  | 45 | 40449 |
|  Radiology Partners Inc., 9.25%, 02/01/28<br>(Call 02/01/23)<sup>(a)</sup>  | 0 |  |
|  Tenet Healthcare Corp.<br>4.63%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 35 | 30848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 155 | 134388 |
|  |  | 405776 |
| **Home Builders — 1.4%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 15 | 12825 |
|  Forestar Group Inc., 5.00%, 03/01/28 (Call 03/01/23)<sup>(a)</sup>  | 20 | 16575 |
|  Installed Building Products Inc., 5.75%, 02/01/28<br>(Call 02/01/23)<sup>(a)</sup>  | 20 | 17712 |
|  M/I Homes Inc., 4.95%, 02/01/28 (Call 02/01/23) | 25 | 21461 |
|  Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 30 | 25299 |
|  Taylor Morrison Communities Inc., 5.75%, 01/15/28<br>(Call 10/15/27)<sup>(a)</sup>  | 30 | 27517 |
|  Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27) | 20 | 17347 |
|  Winnebago Industries Inc., 6.25%, 07/15/28<sup>(a)</sup>  | 20 | 18686 |
|  |  | 157422 |
| **Household Products & Wares — 0.2%** |  |  |
|  Central Garden & Pet Co., 5.13%, 02/01/28<br>(Call 01/01/23)<sup>(b)</sup>  | 20 | 18352 |
|  **Insurance — 0.6%** |  |  |
|  MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23) | 40 | 36289 |
|  Sagicor Financial Co. Ltd., 5.30%, 05/13/28<br>(Call 05/13/24)<sup>(a)</sup>  | 30 | 27440 |
|  |  | 63729 |

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48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Internet — 4.0%** |  |  |
|  Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16298 |
|  ANGI Group LLC, 3.88%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 30 | 21868 |
|  Arches Buyer Inc.<br>4.25%, 06/01/28 (Call 12/01/23)<sup>(a)</sup>  | 60 | 49255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 30 | 23156 |
|  Cablevision Lightpath LLC, 5.63%, 09/15/28<br>(Call 09/15/23)<sup>(a)(b)</sup>  | 25 | 19858 |
|  Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 25 | 21665 |
|  ION Trading Technologies Sarl, 5.75%, 05/15/28<br>(Call 05/15/24)<sup>(a)</sup>  | 25 | 20126 |
|  Match Group Holdings II LLC, 4.63%, 06/01/28<br>(Call 06/01/23)<sup>(a)(b)</sup>  | 30 | 26657 |
|  Netflix Inc.<br>4.88%, 04/15/28 | 95 | 90300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28 | 115 | 114237 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)</sup>  | 20 | 15698 |
|  Uber Technologies Inc., 6.25%, 01/15/28<sup>(a)(b)</sup>  | 30 | 28802 |
|  |  | 447920 |
| **Iron & Steel — 0.2%** |  |  |
|  Carpenter Technology Corp., 6.38%, 07/15/28<br>(Call 07/15/23) | 25 | 23384 |
|  **Leisure Time — 3.6%** |  |  |
|  Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)<sup>(a)</sup>  | 145 | 116996 |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 | 125 | 126760 |
|  NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)<sup>(a)</sup>  | 35 | 27207 |
|  Royal Caribbean Cruises Ltd.<br>3.70%, 03/15/28 (Call 12/15/27) | 30 | 21616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28<sup>(a)</sup>  | 90 | 69301 |
|  VOC Escrow Ltd., 5.00%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 40 | 33329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395209 |
|  **Lodging — 3.2%** |  |  |
|  Full House Resorts Inc., 8.25%, 02/15/28<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 25 | 21917 |
|  Hilton Domestic Operating Co. Inc., 5.75%, 05/01/28<br>(Call 05/01/23)<sup>(a)(b)</sup>  | 30 | 28953 |
|  Marriott Ownership Resorts Inc., 4.75%, 01/15/28 | 20 | 17381 |
|  Melco Resorts Finance Ltd., 5.75%, 07/21/28<br>(Call 07/21/23)<sup>(a)</sup>  | 60 | 34241 |
|  MGM Resorts International, 4.75%, 10/15/28<br>(Call 07/15/28) | 45 | 39072 |
|  Sands China Ltd., 5.90%, 08/08/28 (Call 05/08/28) | 120 | 94548 |
|  Station Casinos LLC, 4.50%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 40 | 34448 |
|  Studio City Finance Ltd., 6.50%, 01/15/28<br>(Call 07/15/23)<sup>(a)</sup>  | 25 | 10535 |
|  Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 30 | 26400 |
|  Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)<sup>(a)</sup>  | 80 | 47244 |
|  |  | 354739 |
|  **Machinery — 1.2%** |  |  |
|  ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)<sup>(a)(b)</sup>  | 20 | 17103 |
|  BWX Technologies Inc., 4.13%, 06/30/28<br>(Call 06/30/23)<sup>(a)(b)</sup>  | 25 | 22065 |
|  GrafTech Finance Inc., 4.63%, 12/15/28<br>(Call 12/15/23)<sup>(a)</sup>  | 30 | 24303 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28<br>(Call 07/15/23)<sup>(a)</sup>  | 25 | 20673 |
|  Vertiv Group Corp., 4.13%, 11/15/28<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 50 | 43482 |
|  |  | 127626 |
|  **Manufacturing — 0.4%** |  |  |
|  LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 45 | 40971 |
|  **Media — 8.4%** |  |  |
|  Altice Financing SA, 5.00%, 01/15/28<br>(Call 01/15/23)<sup>(a)</sup>  | 70 | 55927 |
|  Block Communications Inc., 4.88%, 03/01/28<br>(Call 03/01/23)<sup>(a)</sup>  | 20 | 17367 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28<sup>(a)</sup>  | 150 | 135348 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
|  CSC Holdings LLC<br>5.38%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | $60 | $55330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(a)</sup>  | 60 | 51875 |
|  DISH DBS Corp.<br>5.75%, 12/01/28 (Call 12/01/27)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 (Call 07/01/23) | 60 | 45608 |
|  GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)<sup>(a)</sup>  | 35 | 29557 |
|  iHeartCommunications Inc., 4.75%, 01/15/28<br>(Call 01/15/23)<sup>(a)(b)</sup>  | 30 | 26172 |
|  McGraw-Hill Education Inc., 5.75%, 08/01/28<br>(Call 08/01/24)<sup>(a)</sup>  | 55 | 48419 |
|  Nexstar Media Inc., 4.75%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 60 | 52643 |
|  Radiate Holdco LLC/Radiate Finance Inc., 6.50%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 60 | 37765 |
|  Sirius XM Radio Inc., 4.00%, 07/15/28<br>(Call 07/15/24)<sup>(a)</sup>  | 120 | 103582 |
|  TEGNA Inc., 4.63%, 03/15/28 (Call 03/15/23) | 60 | 57095 |
|  UPC Holding BV, 5.50%, 01/15/28<sup>(a)(b)</sup>  | 25 | 21877 |
|  Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)<sup>(a)</sup>  | 50 | 43761 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 30 | 25663 |
|  |  | 933088 |
|  **Mining — 1.5%** |  |  |
|  Alcoa Nederland Holding BV, 6.13%, 05/15/28<br>(Call 05/15/23)<sup>(a)</sup>  | 30 | 28365 |
|  Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 55 | 51535 |
|  Century Aluminum Co., 7.50%, 04/01/28<br>(Call 04/01/24)<sup>(a)(b)</sup>  | 15 | 12898 |
|  Constellium SE, 5.63%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 20 | 17584 |
|  Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23) | 30 | 28538 |
|  Kaiser Aluminum Corp., 4.63%, 03/01/28<br>(Call 03/01/23)<sup>(a)</sup>  | 30 | 26246 |
|  |  | 165166 |
|  **Office & Business Equipment — 0.3%** |  |  |
|  Xerox Holdings Corp., 5.50%, 08/15/28<br>(Call 07/15/28)<sup>(a)(b)</sup>  | 45 | 35537 |
|  **Office Furnishings — 0.1%** |  |  |
|  Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)<sup>(a)</sup>  | 20 | 15997 |
|  **Oil & Gas — 4.7%** |  |  |
|  Apache Corp., 4.38%, 10/15/28 (Call 07/15/28) | 20 | 17950 |
|  Callon Petroleum Co., 8.00%, 08/01/28<br>(Call 08/01/24)<sup>(a)(b)</sup>  | 40 | 39888 |
|  CVR Energy Inc., 5.75%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 25 | 22948 |
|  Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 45 | 42570 |
|  Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)<sup>(a)</sup>  | 60 | 58413 |
|  Global Marine Inc., 7.00%, 06/01/28 | 20 | 13020 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 35 | 32959 |
|  Laredo Petroleum Inc., 10.13%, 01/15/28<br>(Call 01/15/23) | 20 | 19698 |
|  Murphy Oil Corp., 6.38%, 07/15/28 (Call 07/15/24) | 32 | 31310 |
|  Nabors Industries Ltd., 7.50%, 01/15/28<br>(Call 01/15/23)<sup>(a)</sup>  | 25 | 23069 |
|  Northern Oil and Gas Inc., 8.13%, 03/01/28<br>(Call 03/01/24)<sup>(a)</sup>  | 45 | 42709 |
|  Occidental Petroleum Corp., 6.38%, 09/01/28<br>(Call 03/01/28) | 35 | 35464 |
|  Patterson-UTI Energy Inc., 3.95%, 02/01/28<br>(Call 11/01/27) | 30 | 26439 |
|  PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 02/15/23) | 50 | 45408 |
|  SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24) | 25 | 24338 |
|  Southwestern Energy Co., 8.38%, 09/15/28<br>(Call 09/15/23) | 20 | 20758 |
|  Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28<br>(Call 03/15/23) | 25 | 23805 |
|  |  | 520746 |
|  **Oil & Gas Services — 1.1%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 04/01/23)<sup>(a)</sup>  | 50 | 46496 |

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S C H E D U L E O F I N V E S T M E N T S 49

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Oil & Gas Services (continued)** |  |  |
|  Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23522 |
|  Oceaneering International Inc., 6.00%, 02/01/28<br>(Call 11/01/27) | 20 | 17826 |
|  Weatherford International Ltd., 6.50%, 09/15/28<br>(Call 09/15/24)<sup>(a)(b)</sup>  | 30 | 28825 |
|  |  | 116669 |
| **Packaging & Containers — 1.9%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28<br>(Call 05/15/24)<sup>(a)</sup>  | 35 | 28766 |
|  Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28<br>(Call 01/15/23)<sup>(a)</sup>  | 25 | 21378 |
|  Graham Packaging Co. Inc., 7.13%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 30 | 24639 |
|  Graphic Packaging International LLC, 3.50%, 03/15/28<sup>(a)</sup>  | 25 | 21654 |
|  Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28<sup>(a)</sup>  | 45 | 33583 |
|  LABL Inc., 5.88%, 11/01/28 (Call 11/01/24)<sup>(a)</sup>  | 30 | 26158 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28<br>(Call 10/15/24)<sup>(a)</sup>  | 30 | 26245 |
|  Silgan Holdings Inc., 4.13%, 02/01/28 | 35 | 32058 |
|  |  | 214481 |
| **Pharmaceuticals — 3.7%** |  |  |
|  AdaptHealth LLC, 6.13%, 08/01/28 (Call 08/01/23)<sup>(a)</sup>  | 20 | 18514 |
|  Bausch Health Cos. Inc.<br>4.88%, 06/01/28 (Call 06/01/24)<sup>(a)(b)</sup>  | 100 | 61366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 110 | 85886 |
|  Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28<br>(Call 01/15/24)<sup>(a)</sup>  | 30 | 24870 |
|  Elanco Animal Health Inc., 6.40%, 08/28/28<br>(Call 05/28/28) | 45 | 40576 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 11.50%, 12/15/28 (Call 06/15/27)<sup>(a)</sup>  | 50 | 45569 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)<sup>(a)</sup>  | 125 | 110021 |
|  Prestige Brands Inc., 5.13%, 01/15/28<br>(Call 01/15/23)<sup>(a)</sup>  | 25 | 23227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410029 |
|  **Pipelines — 4.5%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 40 | 37886 |
|  Buckeye Partners LP, 4.50%, 03/01/28<br>(Call 12/01/27)<sup>(a)</sup>  | 30 | 26095 |
|  Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23) | 120 | 110713 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)<sup>(a)</sup>  | 25 | 22627 |
|  EnLink Midstream LLC, 5.63%, 01/15/28<br>(Call 07/15/27)<sup>(a)</sup>  | 30 | 28742 |
|  EQM Midstream Partners LP, 5.50%, 07/15/28<br>(Call 04/15/28) | 50 | 44748 |
|  Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup>  | 40 | 38136 |
|  Harvest Midstream I LP, 7.50%, 09/01/28<br>(Call 09/01/23)<sup>(a)</sup>  | 50 | 48118 |
|  Hess Midstream Operations LP, 5.13%, 06/15/28<br>(Call 06/15/23)<sup>(a)</sup>  | 35 | 32203 |
|  Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 30 | 27278 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 45 | 40310 |
|  Western Midstream Operating LP<br>4.50%, 03/01/28 (Call 12/01/27) | 25 | 22943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | 25 | 23111 |
|  |  | 502910 |
|  **Real Estate — 0.7%** |  |  |
|  Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28<sup>(a)(b)</sup>  | 40 | 38034 |
|  Howard Hughes Corp. (The), 5.38%, 08/01/28<br>(Call 08/01/23)<sup>(a)</sup>  | 45 | 38810 |
|  |  | 76844 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts — 2.0%** |  |  |
|  American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)<sup>(a)</sup>  | $30 | $22373 |
|  CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)<sup>(a)</sup>  | 25 | 21219 |
|  Diversified Healthcare Trust, 4.75%, 02/15/28<br>(Call 08/15/27) | 30 | 20455 |
|  Iron Mountain Inc.<br>5.00%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 30 | 26826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)</sup>  | 50 | 46010 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28<br>(Call 10/01/23)<sup>(a)</sup>  | 45 | 40827 |
|  Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27) | 25 | 18376 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 4.75%, 04/15/28 (Call 04/15/24)<sup>(a)</sup>  | 35 | 28776 |
|  |  | 224862 |
| **Retail — 4.3%** |  |  |
|  1011778 BC ULC/New Red Finance Inc.<br>3.88%, 01/15/28<sup>(a)</sup>  | 95 | 83577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup>  | 45 | 39559 |
|  Asbury Automotive Group Inc., 4.50%, 03/01/28<br>(Call 03/01/23) | 25 | 21691 |
|  At Home Group Inc., 4.88%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 20 | 14531 |
|  Bath & Body Works Inc., 5.25%, 02/01/28 | 30 | 26525 |
|  FirstCash Inc., 4.63%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 30 | 25997 |
|  Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 45 | 37044 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/28<br>(Call 09/15/23)<sup>(a)</sup>  | 25 | 20933 |
|  Michaels Companies Inc. (The), 5.25%, 05/01/28<br>(Call 11/01/23)<sup>(a)</sup>  | 50 | 35569 |
|  Nordstrom Inc., 6.95%, 03/15/28<sup>(b)</sup>  | 20 | 18576 |
|  PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28<br>(Call 02/15/24)<sup>(a)</sup>  | 70 | 63808 |
|  QVC Inc., 4.38%, 09/01/28 (Call 06/01/28) | 30 | 21750 |
|  SRS Distribution Inc., 4.63%, 07/01/28 (Call 07/01/24)<sup>(a)</sup>  | 40 | 35191 |
|  White Cap Buyer LLC, 6.88%, 10/15/28 (Call 10/15/23)<sup>(a)(b)</sup>  | 40 | 33992 |
|  |  | 478743 |
|  **Semiconductors — 0.5%** |  |  |
|  Entegris Inc., 4.38%, 04/15/28 (Call 04/15/23)<sup>(a)</sup>  | 25 | 21976 |
|  ON Semiconductor Corp., 3.88%, 09/01/28<br>(Call 09/01/23)<sup>(a)</sup>  | 40 | 35252 |
|  |  | 57228 |
|  **Software — 2.8%** |  |  |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28<br>(Call 09/01/23)<sup>(a)</sup>  | 60 | 52182 |
|  Castle U.S. Holding Crop., 9.50%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 0 |  |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/28<br>(Call 06/30/24)<sup>(a)</sup>  | 55 | 47639 |
|  Consensus Cloud Solutions Inc., 6.50%, 10/15/28<br>(Call 10/15/26)<sup>(a)</sup>  | 30 | 26535 |
|  Fair Isaac Corp., 4.00%, 06/15/28 (Call 12/15/22)<sup>(a)</sup>  | 55 | 49743 |
|  Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 20 | 15429 |
|  MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)<sup>(a)</sup>  | 30 | 25715 |
|  Open Text Corp., 3.88%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 55 | 47188 |
|  PTC Inc., 4.00%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 30 | 27366 |
|  Rackspace Technology Global Inc., 3.50%, 02/15/28<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 35 | 23157 |
|  |  | 314954 |
|  **Telecommunications — 6.6%** |  |  |
|  Altice France Holding SA, 6.00%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 75 | 48460 |
|  Altice France SA/France, 5.50%, 01/15/28<sup>(a)</sup>  | 65 | 51572 |
|  CommScope Inc., 7.13%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 45 | 38160 |
|  Consolidated Communications Inc.<br>5.00%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 25 | 19379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 45 | 36970 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2028 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Frontier Communications Holdings LLC, 5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83113 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28 | 20 | 18620 |
|  Iliad Holding SASU, 7.00%, 10/15/28<br>(Call 10/15/24)<sup>(a)</sup>  | 55 | 49750 |
|  Level 3 Financing Inc., 4.25%, 07/01/28<br>(Call 07/01/23)<sup>(a)</sup>  | 70 | 57689 |
|  Sprint Capital Corp., 6.88%, 11/15/28 | 150 | 154761 |
|  Switch Ltd., 3.75%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 35 | 35350 |
|  ViaSat Inc., 6.50%, 07/15/28<sup>(a)</sup>  | 25 | 20910 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 85 | 73579 |
|  Zayo Group Holdings Inc., 6.13%, 03/01/28<br>(Call 03/01/23)<sup>(a)(b)</sup>  | 65 | 43214 |
|  |  | 731527 |
| **Transportation — 0.5%** |  |  |
|  Cargo Aircraft Management Inc., 4.75%, 02/01/28<br>(Call 02/01/23)<sup>(a)</sup>  | 40 | 35721 |
|  Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)<sup>(a)</sup>  | 20 | 18527 |
|  |  | 54248 |
| **Trucking & Leasing — 0.5%** |  |  |
|  Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28<br>(Call 05/01/24)<sup>(a)</sup>  | 60 | 51215 |
|  **Total Long-Term Investments — 99.0%<br>(Cost: $12,003,496)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985676 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<br>Shares*<br> *(000)* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 12.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | 1305 | $1305194 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  | 120 | 120000 |
|  **Total Short-Term Securities — 12.9%<br>(Cost: $1,425,298)** |  | 1425194 |
|  **Total Investments — 111.9%<br>(Cost: $13,428,794)** | **Total Investments — 111.9%<br>(Cost: $13,428,794)** | 12410870 |
|  **Liabilities in Excess of Other Assets — (11.9)%** | **Liabilities in Excess of Other Assets — (11.9)%** | (1317939) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;11092931 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/08/22* | *<br><sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— |  | $1305389 <sup>(b)</sup> | $— | $(91) | $(104) | $1305194 | 1305 | $3636 <sup>(c)</sup> | $– |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  |  | 120000 <sup>(b)</sup> |  |  |  | 120000 | 120 | 829 | – |
|  |  |  |  |  | $(91) | $(104) | $1425194 |  | $4465 | $– |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $10985676 | $— | $10985676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1425194 |  |  | 1425194 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;1425194 | $10985676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12410870 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 51

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Advertising — 1.2%** |  |  |
|  Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | $55 | $43242 |
|  Lamar Media Corp., 4.88%, 01/15/29 (Call 01/15/24) | 20 | 18094 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 25 | 20552 |
|  Stagwell Global LLC, 5.63%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 55 | 47310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129198 |
| **Aerospace & Defense — 1.1%** |  |  |
|  Howmet Aerospace Inc., 3.00%, 01/15/29 (Call 11/15/28) | 35 | 29127 |
|  TransDigm Inc.<br>4.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup>  | 65 | 55398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup>  | 40 | 34064 |
|  |  | 118589 |
| **Agriculture — 0.4%** |  |  |
|  Vector Group Ltd., 5.75%, 02/01/29<br>(Call 02/01/24)<sup>(a)</sup>  | 45 | 39401 |
| **Airlines — 2.4%** |  |  |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | 141050 |
|  Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29) | 30 | 24790 |
|  United Airlines Inc., 4.63%, 04/15/29<sup>(a)</sup>  | 105 | 90145 |
|  |  | 255985 |
| **Apparel — 0.5%** |  |  |
|  Crocs Inc., 4.25%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 20 | 16011 |
|  Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 20 | 16095 |
|  Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | 30 | 23906 |
|  |  | 56012 |
| **Auto Manufacturers — 1.3%** |  |  |
|  Allison Transmission Inc., 5.88%, 06/01/29<br>(Call 06/01/24)<sup>(a)</sup>  | 25 | 23316 |
|  Ford Motor Credit Co. LLC<br>2.90%, 02/10/29 (Call 12/10/28) | 40 | 31436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29) | 75 | 67007 |
|  Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 25 | 17632 |
|  |  | 139391 |
| **Auto Parts & Equipment — 1.7%** |  |  |
|  American Axle & Manufacturing Inc., 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | 30 | 24397 |
|  Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/15/24)<sup>(a)</sup>  | 35 | 23287 |
|  Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/29) | 45 | 39056 |
|  IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)<sup>(a)(c)</sup>  | 20 | 17061 |
|  Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/01/24)<sup>(a)</sup>  | 30 | 21717 |
|  Tenneco Inc.<br>5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 25 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 30 | 29808 |
|  |  | 180119 |
| **Beverages — 0.6%** |  |  |
|  Primo Water Holdings Inc., 4.38%, 04/30/29<br>(Call 04/30/24)<sup>(a)</sup>  | 40 | 33571 |
|  Triton Water Holdings Inc., 6.25%, 04/01/29<br>(Call 04/01/24)<sup>(a)</sup>  | 43 | 32661 |
|  |  | 66232 |
| **Building Materials — 0.7%** |  |  |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29<br>(Call 03/15/24)<sup>(a)</sup>  | 20 | 16264 |
|  PGT Innovations Inc., 4.38%, 10/01/29<sup>(a)(b)</sup>  | 30 | 24928 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)<sup>(a)</sup>  | 40 | 36636 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Building Materials (continued)** |  |  |
|  Victors Merger Corp., 6.38%, 05/15/29<br>(Call 05/15/24)<sup>(a)</sup>  | $0 | $— |
|  |  | 77828 |
| **Chemicals — 3.0%** |  |  |
|  ASP Unifrax Holdings Inc, 7.50%, 09/30/29<br>(Call 09/30/24)<sup>(a)</sup>  | 20 | 13416 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 30 | 24775 |
|  Chemours Co. (The), 4.63%, 11/15/29<br>(Call 11/15/24)<sup>(a)</sup>  | 35 | 27274 |
|  Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 25 | 18332 |
|  EverArc Escrow Sarl, 5.00%, 10/30/29<br>(Call 10/30/24)<sup>(a)</sup>  | 35 | 28624 |
|  LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 20 | 15738 |
|  Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) | 35 | 30183 |
|  Olin Corp., 5.63%, 08/01/29 (Call 08/01/24) | 35 | 32901 |
|  Olympus Water U.S. Holding Corp., 6.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 20 | 13855 |
|  SCIH Salt Holdings Inc., 6.63%, 05/01/29<br>(Call 05/01/24)<sup>(a)(b)</sup>  | 35 | 28406 |
|  Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 55 | 42688 |
|  WR Grace Holdings LLC, 5.63%, 08/15/29<br>(Call 08/15/24)<sup>(a)</sup>  | 60 | 46382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322574 |
| **Coal — 0.2%** |  |  |
|  SunCoke Energy Inc., 4.88%, 06/30/29<br>(Call 06/30/24)<sup>(a)</sup>  | 25 | 20510 |
| **Commercial Services — 5.3%** |  |  |
|  ADT Security Corp. (The), 4.13%, 08/01/29<br>(Call 08/01/28)<sup>(a)</sup>  | 50 | 42859 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 50 | 34842 |
|  AMN Healthcare Inc., 4.00%, 04/15/29<br>(Call 04/15/24)<sup>(a)</sup>  | 20 | 17324 |
|  APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 15 | 12556 |
|  APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 20 | 16031 |
|  APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 31563 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.38%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 30 | 25957 |
|  Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 20 | 15097 |
|  Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 25 | 20895 |
|  Garda World Security Corp., 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 25 | 19504 |
|  Gartner Inc., 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 30 | 25854 |
|  HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 30 | 26216 |
|  Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 55 | 43772 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 40 | 32211 |
|  NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 50 | 43752 |
|  Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 20 | 14399 |
|  PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 30 | 20103 |
|  PROG Holdings Inc., 6.00%, 11/15/29<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 30 | 24382 |
|  Rent-A-Center Inc./TX, 6.38%, 02/15/29<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 25 | 19424 |
|  Service Corp. International/U.S., 5.13%, 06/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/01/24)<sup>(b)</sup>  | 40 | 37300 |
|  Sotheby's/Bidfair Holdings Inc., 5.88%, 06/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/01/24)<sup>(a)</sup>  | 15 | 12555 |
|  StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 20 | 16431 |
|  TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 30 | 24854 |
|  |  | 577881 |
| **Computers — 1.9%** |  |  |
|  Booz Allen Hamilton Inc., 4.00%, 07/01/29<br>(Call 07/01/24)<sup>(a)</sup>  | 30 | 26192 |
|  Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29<br>(Call 11/01/24)<sup>(a)</sup>  | 30 | 24606 |
|  Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) | 40 | 33916 |
|  NCR Corp.<br>5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 65 | 54499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  | 25 | 23948 |

---

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Computers (continued)** |  |  |
|  Seagate HDD Cayman<br>3.13%, 07/15/29 (Call 01/15/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $18558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 25 | 20021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201740 |
| **Cosmetics & Personal Care — 0.4%** |  |  |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(a)</sup>  | 25 | 21688 |
|  Edgewell Personal Care Co., 4.13%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 30 | 25640 |
|  |  | 47328 |
| **Distribution & Wholesale — 0.3%** |  |  |
|  American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 20 | 16410 |
|  Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  | 15 | 12273 |
|  |  | 28683 |
| **Diversified Financial Services — 2.6%** |  |  |
|  Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 20 | 16404 |
|  Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 20 | 14936 |
|  Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 20 | 13301 |
|  Hightower Holding LLC, 6.75%, 04/15/29<sup>(a)</sup>  | 15 | 12288 |
|  Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/15/24)<sup>(a)</sup>  | 30 | 26430 |
|  LPL Holdings Inc., 4.00%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 45 | 39392 |
|  Navient Corp., 5.50%, 03/15/29 (Call 06/15/28) | 40 | 31882 |
|  OneMain Finance Corp., 5.38%, 11/15/29 (Call 05/15/29) | 40 | 32780 |
|  PennyMac Financial Services Inc., 4.25%, 02/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/24)<sup>(a)</sup>  | 35 | 26512 |
|  PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 20 | 16015 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.63%, 03/01/29<sup>(a)</sup>  | 40 | 30998 |
|  United Wholesale Mortgage LLC, 5.50%,<br>04/15/29<sup>(a)(b)</sup>  | 35 | 26556 |
|  |  | 287494 |
| **Electric — 1.6%** |  |  |
|  Calpine Corp., 4.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 35 | 29741 |
|  DPL Inc., 4.35%, 04/15/29 (Call 01/15/29) | 20 | 17110 |
|  Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)<sup>(a)</sup>  | 20 | 16216 |
|  NRG Energy Inc.<br>3.38%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 25 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 35 | 31805 |
|  Vistra Operations Co. LLC, 4.38%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 65 | 55707 |
|  |  | 171495 |
| **Electrical Components & Equipment — 0.3%** |  |  |
|  Energizer Holdings Inc., 4.38%, 03/31/29<br>(Call 09/30/23)<sup>(a)</sup>  | 40 | 32371 |
| **Electronics — 1.9%** |  |  |
|  II-VI Inc., 5.00%, 12/15/29<sup>(a)(b)</sup>  | 55 | 47112 |
|  Imola Merger Corp., 4.75%, 05/15/29<br>(Call 05/15/24)<sup>(a)</sup>  | 105 | 91053 |
|  Sensata Technologies BV, 4.00%, 04/15/29<sup>(a)</sup>  | 50 | 42078 |
|  TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 30 | 25355 |
|  |  | 205598 |
| **Engineering & Construction — 1.1%** |  |  |
|  Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 20 | 17306 |
|  Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 25 | 21856 |
|  Global Infrastructure Solutions Inc., 5.63%, 06/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/01/24)<sup>(a)</sup>  | 20 | 14822 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/01/24)<sup>(a)</sup>  | 20 | 15732 |
|  MasTec Inc., 6.63%, 08/15/29 | 15 | 14932 |
|  TopBuild Corp., 3.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 20 | 16037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Engineering & Construction (continued)** |  |  |
|  VM Consolidated Inc., 5.50%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $13061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113746 |
| **Entertainment — 4.5%** |  |  |
|  AMC Entertainment Holdings Inc., 7.50%, 02/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/25)<sup>(a)</sup>  | 50 | 34388 |
|  Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 35 | 30622 |
|  Caesars Entertainment Inc., 4.63%, 10/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/15/24)<sup>(a)(b)</sup>  | 65 | 52015 |
|  Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24) | 30 | 26393 |
|  Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 20 | 17426 |
|  International Game Technology PLC, 5.25%, 01/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 01/15/24)<sup>(a)</sup>  | 40 | 37183 |
|  Jacobs Entertainment Inc., 6.75%, 02/15/29<br>(Call 02/15/25)<sup>(a)</sup>  | 25 | 22080 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<sup>(a)</sup>  | 50 | 37937 |
|  Midwest Gaming Borrower LLC, 4.88%, 05/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/01/24)<sup>(a)</sup>  | 40 | 34100 |
|  Penn National Gaming Inc., 4.13%, 07/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 07/01/24)<sup>(a)(b)</sup>  | 20 | 15901 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  | 40 | 29770 |
|  Resorts World Las Vegas LLC, 4.63%, 04/16/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 01/16/29)<sup>(d)</sup>  | 50 | 34662 |
|  Scientific Games International Inc., 7.25%, 11/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/15/24)<sup>(a)</sup>  | 25 | 24154 |
|  SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/15/24)<sup>(a)</sup>  | 35 | 30412 |
|  WMG Acquisition Corp., 3.75%, 12/01/29<br>(Call 12/01/24)<sup>(a)</sup>  | 30 | 25319 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)<sup>(a)</sup>  | 40 | 31882 |
|  |  | 484244 |
| **Environmental Control — 1.6%** |  |  |
|  Clean Harbors Inc., 5.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 15 | 13911 |
|  Covanta Holding Corp., 4.88%, 12/01/29<br>(Call 12/01/24)<sup>(a)</sup>  | 40 | 34176 |
|  GFL Environmental Inc.<br>4.38%, 08/15/29 (Call 08/15/24)<sup>(a)</sup>  | 30 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 40 | 34934 |
|  Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)<sup>(a)</sup>  | 55 | 37836 |
|  Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)<sup>(a)</sup>  | 25 | 21715 |
|  |  | 168019 |
| **Food — 2.2%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29 (Call 09/15/23)<sup>(a)</sup>  | 70 | 57916 |
|  Performance Food Group Inc., 4.25%, 08/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/01/24)<sup>(a)</sup>  | 50 | 42525 |
|  Post Holdings Inc., 5.50%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  | 65 | 58520 |
|  Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 45 | 37552 |
|  U.S. Foods Inc., 4.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 45 | 40040 |
|  |  | 236553 |
| **Food Service — 0.2%** |  |  |
|  TKC Holdings Inc., 10.50%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  | 35 | 24119 |
| **Forest Products & Paper — 0.7%** |  |  |
|  Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)<sup>(a)</sup>  | 30 | 19321 |
|  Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24) | 47 | 39167 |
|  Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  | 22 | 20643 |
|  |  | 79131 |
| **Health Care - Products — 3.4%** |  |  |
|  Avantor Funding Inc., 3.88%, 11/01/29<br>(Call 11/01/24)<sup>(a)(b)</sup>  | 40 | 33765 |
|  Hologic Inc., 3.25%, 02/15/29 (Call 09/28/23)<sup>(a)</sup>  | 50 | 42507 |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
|  Mozart Debt Merger Sub Inc.<br>3.88%, 04/01/29 (Call 10/01/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $191948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 130 | 101332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369552 |
| **Health Care - Services — 2.5%** |  |  |
|  Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 10/15/23)<sup>(a)</sup>  | 25 | 22523 |
|  AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 15 | 11626 |
|  Catalent Pharma Solutions Inc., 3.13%, 02/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/24)<sup>(a)</sup>  | 30 | 24561 |
|  Centene Corp., 4.63%, 12/15/29 (Call 12/15/24) | 34 | 30764 |
|  Charles River Laboratories International Inc., 3.75%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  | 25 | 21638 |
|  CHS/Community Health Systems Inc., 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 50 | 37261 |
|  Lifepoint Health Inc., 5.38%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 25 | 15890 |
|  ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/01/24)<sup>(a)</sup>  | 25 | 21438 |
|  Syneos Health Inc., 3.63%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 30 | 24738 |
|  Tenet Healthcare Corp., 4.25%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 70 | 58973 |
|  |  | 269412 |
| **Holding Companies - Diversified — 0.7%** |  |  |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 50 | 42968 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28) | 40 | 33570 |
|  |  | 76538 |
| **Home Builders — 1.3%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 20 | 15020 |
|  Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24) | 20 | 16551 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 20 | 15269 |
|  Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)</sup>  | 25 | 19700 |
|  KB Home, 4.80%, 11/15/29 (Call 05/15/29) | 15 | 12288 |
|  LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)<sup>(a)</sup>  | 15 | 11486 |
|  Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)<sup>(a)</sup>  | 25 | 20266 |
|  Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 15 | 12222 |
|  Thor Industries Inc., 4.00%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 25 | 20213 |
|  |  | 143015 |
| **Home Furnishings — 0.3%** |  |  |
|  Tempur Sealy International Inc., 4.00%, 04/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/24)<sup>(a)</sup>  | 40 | 32264 |
| **Household Products & Wares — 0.3%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 30 | 23830 |
|  Spectrum Brands Inc., 5.00%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  | 15 | 12253 |
|  |  | 36083 |
| **Housewares — 0.4%** |  |  |
|  Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29) | 25 | 24431 |
|  Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/15/24)<sup>(b)</sup>  | 20 | 16218 |
|  |  | 40649 |
| **Insurance — 1.7%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc.<br>4.25%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 35 | 28600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 25 | 20694 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 25 | 21231 |
|  AmWINS Group Inc., 4.88%, 06/30/29<br>(Call 06/30/24)<sup>(a)(b)</sup>  | 40 | 34668 |
|  AssuredPartners Inc., 5.63%, 01/15/29<br>(Call 12/15/23)<sup>(a)</sup>  | 30 | 24670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  BroadStreet Partners Inc., 5.88%, 04/15/29<br>(Call 04/15/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $32333 |
|  Hub International Ltd., 5.63%, 12/01/29<br>(Call 12/01/24)<sup>(a)</sup>  | 30 | 25785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187981 |
| **Internet — 2.0%** |  |  |
|  Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 35 | 22777 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 40 | 33154 |
|  Match Group Holdings II LLC, 5.63%, 02/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/24)<sup>(a)</sup>  | 20 | 17867 |
|  Netflix Inc.<br>5.38%, 11/15/29<sup>(a)</sup>  | 45 | 43086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29 | 40 | 40793 |
|  Uber Technologies Inc., 4.50%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 75 | 64296 |
|  |  | 221973 |
| **Iron & Steel — 1.1%** |  |  |
|  Allegheny Technologies Inc., 4.88%, 10/01/29 (Call 10/01/24) | 15 | 12603 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)<sup>(a)</sup>  | 40 | 37882 |
|  Cleveland-Cliffs Inc., 4.63%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 25 | 21526 |
|  TMS International Corp./DE, 6.25%, 04/15/29<sup>(a)</sup>  | 20 | 13771 |
|  U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)<sup>(b)</sup>  | 33 | 30289 |
|  |  | 116071 |
| **Leisure Time — 2.5%** |  |  |
|  Carnival Corp., 6.00%, 05/01/29 (Call 11/01/24)<sup>(a)</sup>  | 105 | 69468 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 30 | 21144 |
|  NCL Corp. Ltd., 7.75%, 02/15/29 (Call 11/15/28)<sup>(a)</sup>  | 30 | 23918 |
|  Royal Caribbean Cruises Ltd.<br>8.25%, 01/15/29 (Call 04/01/25)<sup>(a)</sup>  | 50 | 49841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29 (Call 04/01/25)<sup>(a)</sup>  | 50 | 50748 |
|  Viking Cruises Ltd., 7.00%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 25 | 19907 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/24)<sup>(a)</sup>  | 17 | 13262 |
|  Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 25 | 19571 |
|  |  | 267859 |
| **Lodging — 1.7%** |  |  |
|  Hilton Domestic Operating Co. Inc., 3.75%, 05/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/01/24)<sup>(a)</sup>  | 40 | 34126 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 45 | 38726 |
|  Las Vegas Sands Corp., 3.90%, 08/08/29<br>(Call 05/08/29) | 40 | 32270 |
|  Marriott Ownership Resorts Inc., 4.50%, 06/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/15/24)<sup>(a)</sup>  | 25 | 20925 |
|  Travel + Leisure Co., 4.50%, 12/01/29 (Call 09/01/29)<sup>(a)</sup>  | 35 | 28493 |
|  Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  | 50 | 29093 |
|  |  | 183633 |
| **Machinery — 0.7%** |  |  |
|  BWX Technologies Inc., 4.13%, 04/15/29<br>(Call 04/15/24)<sup>(a)</sup>  | 20 | 17305 |
|  Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 25 | 21714 |
|  OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 15 | 9596 |
|  Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 30 | 26760 |
|  |  | 75375 |
| **Media — 7.3%** |  |  |
|  Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)<sup>(a)</sup>  | 105 | 82685 |
|  AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24) | 50 | 38785 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>5.38%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 80 | 71529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(a)</sup>  | 80 | 74107 |
|  CSC Holdings LLC, 6.50%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 90 | 84739 |
|  DISH DBS Corp., 5.13%, 06/01/29 | 80 | 54074 |

---

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
|  LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $33776 |
|  Liberty Interactive LLC, 8.50%, 07/15/29 | 15 | 9462 |
|  McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 40 | 34064 |
|  News Corp., 3.88%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 50 | 42985 |
|  Scripps Escrow II Inc., 3.88%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 30 | 24918 |
|  Sirius XM Radio Inc., 5.50%, 07/01/29<br>(Call 07/01/24)<sup>(a)</sup>  | 65 | 59940 |
|  TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24) | 55 | 52510 |
|  Univision Communications Inc., 4.50%, 05/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/01/24)<sup>(a)</sup>  | 55 | 46400 |
|  Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 25 | 20965 |
|  Virgin Media Secured Finance PLC, 5.50%, 05/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/15/24)<sup>(a)</sup>  | 70 | 63696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794635 |
| **Metal Fabricate & Hardware — 0.2%** |  |  |
|  Roller Bearing Co of America Inc., 4.38%, 10/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/15/24)<sup>(a)(b)</sup>  | 30 | 26350 |
| **Mining — 0.7%** |  |  |
|  Alcoa Nederland Holding BV, 4.13%, 03/31/29 (Call 03/31/24)<sup>(a)</sup>  | 25 | 21310 |
|  Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 18 | 13986 |
|  Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 25 | 19602 |
|  Hudbay Minerals Inc., 6.13%, 04/01/29<br>(Call 04/01/24)<sup>(d)</sup>  | 30 | 24834 |
|  |  | 79732 |
| **Office & Business Equipment — 0.1%** |  |  |
|  Pitney Bowes Inc., 7.25%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 20 | 12746 |
| <br> **Office Furnishings — 0.2%** |  |  |
|  Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 25 | 21881 |
| **Oil & Gas — 5.3%** |  |  |
|  Antero Resources Corp., 7.63%, 02/01/29<br>(Call 02/01/24)<sup>(a)</sup>  | 30 | 30596 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29 (Call 09/01/24)<sup>(a)</sup>  | 20 | 17633 |
|  Chesapeake Energy Corp.<br>5.88%, 02/01/29 (Call 02/05/24)<sup>(a)</sup>  | 25 | 23625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 50 | 49222 |
|  CNX Resources Corp., 6.00%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 25 | 23357 |
|  Colgate Energy Partners III LLC, 5.88%, 07/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 07/01/24)<sup>(a)</sup>  | 35 | 32663 |
|  Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 65 | 62241 |
|  CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 20 | 18314 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 30 | 27455 |
|  Laredo Petroleum Inc., 7.75%, 07/31/29 (Call 07/31/24)<sup>(a)(b)</sup>  | 20 | 19216 |
|  MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 30 | 28758 |
|  Murphy Oil Corp., 7.05%, 05/01/29 | 10 | 9919 |
|  Occidental Petroleum Corp., 3.50%, 08/15/29 (Call 05/15/29) | 15 | 13510 |
|  Parkland Corp., 4.50%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 40 | 33672 |
|  Patterson-UTI Energy Inc., 5.15%, 11/15/29<br>(Call 08/15/29)<sup>(b)</sup>  | 20 | 17625 |
|  Precision Drilling Corp., 6.88%, 01/15/29 (Call 01/15/25)<sup>(a)</sup>  | 20 | 18379 |
|  Range Resources Corp., 8.25%, 01/15/29<br>(Call 01/15/24) | 30 | 31118 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 40 | 35703 |
|  Southwestern Energy Co., 5.38%, 02/01/29 (Call 02/01/24) | 35 | 32594 |
|  Sunoco LP/Sunoco Finance Corp., 4.50%, 05/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/15/24) | 40 | 34561 |
|  Teine Energy Ltd., 6.88%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 20 | 17889 |
|  |  | 578050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Packaging & Containers — 1.2%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (Call 05/15/24)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $38078 |
|  Clydesdale Acquisition Holdings Inc., 6.63%, 04/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/25)<sup>(a)</sup>  | 25 | 23716 |
|  Graphic Packaging International LLC, 3.50%, 03/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 09/01/28)<sup>(a)</sup>  | 20 | 16989 |
|  LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 25 | 20012 |
|  Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 20 | 18259 |
|  TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 20 | 17194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134248 |
| **Pharmaceuticals — 1.6%** |  |  |
|  180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)<sup>(a)</sup>  | 30 | 25354 |
|  AdaptHealth LLC, 4.63%, 08/01/29 (Call 02/01/24)<sup>(a)</sup>  | 25 | 21294 |
|  HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 30 | 22495 |
|  Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)<sup>(a)</sup>  | 75 | 66524 |
|  Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)<sup>(a)(b)</sup>  | 25 | 21529 |
|  Owens & Minor Inc., 4.50%, 03/31/29 (Call 03/31/24)<sup>(a)</sup>  | 25 | 19421 |
|  |  | 176617 |
| **Pipelines — 3.8%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 40 | 36486 |
|  Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24) | 75 | 66218 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 35 | 32851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 25 | 25247 |
|  DT Midstream Inc., 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 55 | 47532 |
|  EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29) | 25 | 23072 |
|  EQM Midstream Partners LP, 4.50%, 01/15/29 (Call 07/15/28)<sup>(a)</sup> | 40 | 34002 |
|  Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24) | 17 | 15476 |
|  ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 65 | 52322 |
|  Rockies Express Pipeline LLC, 4.95%, 07/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/29)<sup>(a)</sup>  | 30 | 26402 |
|  Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 02/15/29)<sup>(a)</sup>  | 65 | 56234 |
|  |  | 415842 |
| <br> **Real Estate — 1.1%** |  |  |
|  Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 35 | 27718 |
|  Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 35 | 28455 |
|  Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24) | 30 | 24269 |
|  Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 50 | 35906 |
|  |  | 116348 |
| <br> **Real Estate Investment Trusts — 3.2%** |  |  |
|  Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 25 | 19665 |
|  Iron Mountain Inc., 4.88%, 09/15/29 (Call 09/15/24)<sup>(a)</sup>  | 50 | 43090 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 35 | 27976 |
|  MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 (Call 08/01/24) | 45 | 35952 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 40 | 34190 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 30 | 26311 |
|  RLJ Lodging Trust LP, 4.00%, 09/15/29<br>(Call 09/15/24)<sup>(a)</sup>  | 25 | 20939 |
|  SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24) | 75 | 60771 |
|  Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29) | 25 | 18264 |

---

S C H E D U L E O F I N V E S T M E N T S 55

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $43197 |
|  XHR LP, 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 25 | 21765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352120 |
| **Retail — 6.8%** |  |  |
|  1011778 BC ULC/New Red Finance Inc., 3.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 40 | 33500 |
|  Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 25 | 19809 |
|  Asbury Automotive Group Inc., 4.63%, 11/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/15/24)<sup>(a)</sup>  | 40 | 32893 |
|  Bath & Body Works Inc., 7.50%, 06/15/29 (Call 06/15/24)<sup>(b)</sup>  | 25 | 23711 |
|  Beacon Roofing Supply Inc., 4.13%, 05/15/29<sup>(a)</sup>  | 20 | 16558 |
|  Bloomin' Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 15 | 12710 |
|  BlueLinx Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 15 | 12312 |
|  Carrols Restaurant Group Inc., 5.88%, 07/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 07/01/24)<sup>(a)</sup>  | 15 | 10455 |
|  Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 45 | 37736 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 4.63%, 01/15/29 (Call 01/15/25)<sup>(a)</sup>  | 50 | 43476 |
|  Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 20 | 15296 |
|  Foundation Building Materials Inc., 6.00%, 03/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/01/24)<sup>(a)</sup>  | 20 | 13993 |
|  Gap Inc. (The), 3.63%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 40 | 28102 |
|  GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 20 | 15800 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 45 | 31437 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/01/24)<sup>(a)</sup>  | 50 | 42319 |
|  Lithia Motors Inc., 3.88%, 06/01/29<br>(Call 06/01/24)<sup>(a)(b)</sup>  | 40 | 32392 |
|  Macy's Retail Holdings LLC, 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 25 | 21652 |
|  Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24) | 25 | 22596 |
|  Papa John's International Inc., 3.88%, 09/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 09/15/24)<sup>(a)(b)</sup>  | 25 | 20354 |
|  Park River Holdings Inc.<br>5.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 20 | 12702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 20 | 13207 |
|  Patrick Industries Inc., 4.75%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 20 | 15190 |
|  Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24) | 25 | 20528 |
|  PetSmart Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 60 | 56332 |
|  Sonic Automotive Inc., 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 35 | 27547 |
|  SRS Distribution Inc.<br>6.00%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 45 | 36702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 25 | 20537 |
|  Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 30 | 25228 |
|  Victoria's Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 30 | 23871 |
|  |  | 738945 |
| **Semiconductors — 0.3%** |  |  |
|  Entegris Inc., 3.63%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 25 | 20439 |
|  Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 20 | 16576 |
|  |  | 37015 |
| **Software — 4.5%** |  |  |
|  Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/15/25)<sup>(a)</sup>  | 40 | 38205 |
|  Clarivate Science Holdings Corp., 4.88%, 07/01/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/30/24)<sup>(a)</sup>  | 50 | 41689 |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/15/24)<sup>(a)</sup>  | 25 | 21188 |
|  Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  | 30 | 25069 |
|  MSCI Inc., 4.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 50 | 43414 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Software (continued)** |  |  |  |
|  Open Text Corp., 3.88%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | $| 45 | $35667 |
|  Picard Midco Inc., 6.50%, 03/31/29<br>(Call 09/30/25)<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | 182196 |
|  Playtika Holding Corp., 4.25%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  |  | 30 | 24984 |
|  Rocket Software Inc., 6.50%, 02/15/29<br>(Call 02/15/24)<sup>(a)</sup>  |  | 30 | 23957 |
|  Twilio Inc., 3.63%, 03/15/29 (Call 03/15/24) |  | 30 | 24755 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  |  | 35 | 29479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490603 |
| **Telecommunications — 4.9%** |  |  |  |
|  Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  |  | 100 | 76226 |
|  Altice France SA/France<br>5.13%, 01/15/29 (Call 09/15/23)<sup>(a)</sup>  |  | 30 | 22905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 04/15/24)<sup>(a)</sup>  |  | 125 | 94227 |
|  CommScope Inc., 4.75%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  |  | 65 | 55030 |
|  Frontier Communications Holdings LLC<br>5.88%, 11/01/29 (Call 11/01/24) |  | 40 | 31442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  |  | 55 | 45336 |
|  Level 3 Financing Inc.<br>3.63%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  |  | 45 | 34336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(a)</sup>  |  | 45 | 34294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  |  | 37 | 30421 |
|  Lumen Technologies Inc.<br>4.50%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  |  | 50 | 35317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  |  | 25 | 18350 |
|  Switch Ltd., 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  |  | 30 | 30104 |
|  Viavi Solutions Inc., 3.75%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  |  | 25 | 20710 |
|  |  |  | 528698 |
| **Toys, Games & Hobbies — 0.2%** |  |  |  |
|  Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  |  | 30 | 25961 |
| **Transportation — 0.7%** |  |  |  |
|  Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  |  | 15 | 11139 |
|  First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)<sup>(a)</sup>  |  | 40 | 32548 |
|  Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  |  | 40 | 30929 |
|  |  |  | 74616 |
|  **Total Long-Term Investments — 98.4%<br>(Cost: $12,061,968)** | **Total Long-Term Investments — 98.4%<br>(Cost: $12,061,968)** | **Total Long-Term Investments — 98.4%<br>(Cost: $12,061,968)** | 10689053 |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 14.1%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  |  | 1467 | 1466336 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  |  | 70 | 70000 |
|  **Total Short-Term Securities — 14.1%<br>(Cost: $1,536,474)** |  |  | 1536336 |
|  **Total Investments — 112.5%<br>(Cost: $13,598,442)** |  |  | 12225389 |
|  **Liabilities in Excess of Other Assets — (12.5)%** |  |  | (1359614) |
|  **Net Assets — 100.0%** |  |  | $10865775 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **2029 Term High Yield and Income ETF** |

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<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/08/22* | <br> *<sup>(a)</sup>*  | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | <br>| *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | <br>**<br>| *Shares*<br> *Held at*<br> *10/31/22<br>(000)* | *Income* | <br>|
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— |  | $1466633 <sup>(b)</sup> | $— |  | $(159) | $(138) | $1466336 |  | 1467 | $3059 <sup>(c)</sup> | $– |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  |  | 70000 <sup>(b)</sup> |  |  |  |  | 70000 |  | 70 | 1001 | – |
|  |  |  |  |  |  | $(159) | $(138) | $1536336 |  |  | $4060 | $– |

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<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $10689053 | $— | $10689053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1536336 |  |  | 1536336 |
|  | $1536336 | $10689053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12225389 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 57

------

Statements of Assets and Liabilities

October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds 2022<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2023<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2024<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2025<br> Term High<br> Yield and<br> Income ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $40936097 | $159107494 | $143664514 | $82443500 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 73866262 | 33656271 | 23225980 | 14072444 |
|  Cash | 12447 | 150558 | 3118 | 10300 |
|  Foreign currency, at value<sup>(d)</sup>  |  | 4 | 64 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2496009 | 2119368 | 251973 | 396885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 9924 | 9245 | 14357 | 8618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  |  | 112179 | 15190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 144429 | 16185 | 2493 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 654003 | 1857079 | 2278423 | 1495348 |
|  Total assets | 118119171 | 196916204 | 169553101 | 98446043 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned, at value | 9830490 | 23063907 | 20372299 | 11997753 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 5363582 | 108839 | 956973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 10987 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 27687 | 46926 | 35035 | 21902 |
|  Total liabilities | 9858177 | 28485402 | 20516173 | 12976628 |
|  NET ASSETS | $108260994 | $168430802 | $149036928 | $85469415 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $108533132 | $173552128 | $154476950 | $90324536 |
|  Accumulated loss | (272138) | (5121326) | (5440022) | (4855121) |
|  NET ASSETS | $108260994 | $168430802 | $149036928 | $85469415 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 4500000 | 7200000 | 6600000 | 3800000 |
|  Net asset value | $24.06 | $23.39 | $22.58 | $22.49 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $41000083 | $161178566 | $147821126 | $85915240 |
|  <sup>(b) </sup>Securities loaned, at value | $7329875 | $21548328 | $19564051 | $11149124 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $73866146 | $33656919 | $23226566 | $14072618 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $4 | $68 | $— |

---

*See notes to financial statements.* 

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities (continued)

October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds 2026<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2027<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2028<br> Term High<br> Yield and<br> Income ETF | iShares<br> iBonds 2029<br> Term High<br> Yield and<br> Income ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $34537706 | $14750010 | $10985676 | $10689053 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 7023406 | 2855467 | 1425194 | 1536336 |
|  Cash | 9703 | 2123 | 6162 | 875 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 344117 | 20014 | 115752 | 151062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 2971 | 1395 | 781 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 999 | 102 | 194 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 575379 | 262856 | 178878 | 165361 |
|  Total assets | 42494281 | 17891975 | 12712637 | 12543513 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned, at value | 6536015 | 2836324 | 1305389 | 1466634 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 314087 | 143840 | 311079 | 207930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10170 | 4351 | 3238 | 3174 |
|  Total liabilities | 6860272 | 2984515 | 1619706 | 1677738 |
|  NET ASSETS | $35634009 | $14907460 | $11092931 | $10865775 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $38454881 | $16765001 | $12245249 | $12510534 |
|  Accumulated loss | (2820872) | (1857541) | (1152318) | (1644759) |
|  NET ASSETS | $35634009 | $14907460 | $11092931 | $10865775 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 1600000 | 700000 | 500000 | 500000 |
|  Net asset value | $22.27 | $21.30 | $22.19 | $21.73 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $36886748 | $16264458 | $12003496 | $12061968 |
|  <sup>(b) </sup>Securities loaned, at value | $6282361 | $2739637 | $1251989 | $1403664 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $7023784 | $2855572 | $1425298 | $1536474 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 59

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds 2022<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2023<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2024<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2025<br>Term High<br>Yield and<br>Income ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $313476 | $40027 | $12944 | $10584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1427067 | 3449883 | 3618206 | 2776544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated |  | 387793 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 43323 | 47506 | 82550 | 40625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | (9398) | 1136 | 6040 | 1613 |
|  Total investment income | 1774468 | 3926345 | 3719740 | 2829366 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 302433 | 410259 | 257073 | 173145 |
|  Total expenses | 302433 | 410259 | 257073 | 173145 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (12592) | (2383) | (818) | (584) |
|  Total expenses after fees waived | 289841 | 407876 | 256255 | 172561 |
|  Net investment income | 1484627 | 3518469 | 3463485 | 2656805 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (18980) | (2951415) | (866120) | (679921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (3703) | (5771) | (5235) | (3735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 3538 | 206186 |  | (21964) |
|  | (19145) | (2751000) | (871355) | (705620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (263514) | (2461380) | (4793073) | (4043715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (228) | (1521) | (1150) | (953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (4) |  |
|  | (263742) | (2462901) | (4794227) | (4044668) |
|  Net realized and unrealized loss | (282887) | (5213901) | (5665582) | (4750288) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1201740 | $(1695432) | $(2202097) | $(2093483) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds 2026<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2027<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2028<br>Term High<br>Yield and<br>Income ETF<br><sup>(a)</sup> | iShares<br>iBonds 2029<br>Term High<br>Yield and<br>Income ETF<br><sup>(a)</sup> |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2645 | $765 | $829 | $1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1425764 | 616361 | 450378 | 467801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 14390 | 6583 | 3636 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 1160 | 250 |  | 445 |
|  Total investment income | 1443959 | 623959 | 454843 | 472306 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 86982 | 45897 | 24083 | 25593 |
|  Total expenses | 86982 | 45897 | 24083 | 25593 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (183) | (60) | (57) | (64) |
|  Total expenses after fees waived | 86799 | 45837 | 24026 | 25529 |
|  Net investment income | 1357160 | 578122 | 430817 | 446777 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (477078) | (276113) | (195501) | (331349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2063) | (752) | (91) | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(b)</sup>  | (47210) | (155198) |  |  |
|  | (526351) | (432063) | (195592) | (331508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (2517088) | (1389961) | (1017820) | (1372915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (378) | (105) | (104) | (138) |
|  | (2517466) | (1390066) | (1017924) | (1373053) |
|  Net realized and unrealized loss | (3043817) | (1822129) | (1213516) | (1704561) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(1686657) | $(1244007) | $(782699) | $(1257784) |

---

<sup>(a)</sup> For the period from March 8, 2022 (commencement of operations) to October 31, 2022.

<sup>(b)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 61

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds 2022 Term High Yield and<br>Income ETF | iShares<br> iBonds 2022 Term High Yield and<br>Income ETF | iShares<br> iBonds 2023 Term High Yield and<br>Income ETF | iShares<br> iBonds 2023 Term High Yield and<br>Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1484627 | $1279552 | $3518469 | $2061878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (19145) | 505905 | (2751000) | 554555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (263742) | (132806) | (2462901) | 161331 |
|  Net increase (decrease) in net assets resulting from operations | 1201740 | 1652651 | (1695432) | 2777764 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1447264) | (1338242) | (3422061) | (1956106) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 38421226 | 50744075 | 90001831 | 66191647 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 38175702 | 51058484 | 84884338 | 67013305 |
|  Beginning of period | 70085292 | 19026808 | 83546464 | 16533159 |
|  End of period | $108260994 | $70085292 | $168430802 | $83546464 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds 2024 Term High Yield and<br>Income ETF | iShares<br>iBonds 2024 Term High Yield and<br>Income ETF | iShares<br>iBonds 2025 Term High Yield<br>and Income ETF | iShares<br>iBonds 2025 Term High Yield<br>and Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3463485 | $1292686 | $2656805 | $1248401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (871355) | 165396 | (705620) | 120442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4794227) | 535648 | (4044668) | 372759 |
|  Net increase (decrease) in net assets resulting from operations | (2202097) | 1993730 | (2093483) | 1741602 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (3121614) | (1275100) | (2544114) | (1311182) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 102633210 | 41654956 | 50288336 | 22540953 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 97309499 | 42373586 | 45650739 | 22971373 |
|  Beginning of period | 51727429 | 9353843 | 39818676 | 16847303 |
|  End of period | $149036928 | $51727429 | $85469415 | $39818676 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 63

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds 2026 Term High Yield and<br>Income ETF | iShares<br>iBonds 2026 Term High Yield and<br>Income ETF | iShares<br>iBonds 2027 Term High Yield and<br>Income ETF | iShares<br>iBonds 2027 Term High Yield and<br>Income ETF |
|  | Year Ended<br>10/31/22 | Period From<br> 11/10/20to 10/31/21<br><sup>(a)</sup>  | Year Ended<br>10/31/22 | Period From<br> 07/07/21to 10/31/21<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1357160 | $672208 | $578122 | $124912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (526351) | (59096) | (432063) | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2517466) | 168046 | (1390066) | (124487) |
|  Net increase (decrease) in net assets resulting from operations | (1686657) | 781158 | (1244007) | 544 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1299480) | (663103) | (676024) | (93252) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 18299537 | 20202554 | 4402345 | 12517854 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 15313400 | 20320609 | 2482314 | 12425146 |
|  Beginning of period | 20320609 |  | 12425146 |  |
|  End of period | $35634009 | $20320609 | $14907460 | $12425146 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | iShares<br>iBonds 2028<br>Term High<br>Yield and<br>Income ETF | iShares<br>iBonds 2029<br>Term High<br>Yield and<br>Income ETF |
|  | Period From<br> 03/08/22to 10/31/22 | Period From<br> 03/08/22to 10/31/22<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** | **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $430817 | $446777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (195592) | (331508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1017924) | (1373053) |
|  Net decrease in net assets resulting from operations | (782699) | (1257784) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  | **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |
|  Decrease in net assets resulting from distributions to shareholders | (369619) | (386975) |
|  **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |  |
|  Net increase in net assets derived from capital share transactions | 12245249 | 12510534 |
|  *NET ASSETS* | *NET ASSETS* |  |
|  Total increase in net assets | 11092931 | 10865775 |
|  Beginning of period |  |  |
|  End of period | $11092931 | $10865775 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 65

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds 2022 Term High Yield and Income ETF | iShares iBonds 2022 Term High Yield and Income ETF | iShares iBonds 2022 Term High Yield and Income ETF | iShares iBonds 2022 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 05/07/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.17 | $23.78 | $24.59 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.41 | 0.66 | 1.32 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (0.11) | 0.57 | (0.83) | (0.51) |
|  Net increase from investment operations | 0.30 | 1.23 | 0.49 | 0.13 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.41) | (0.84) | (1.30) | (0.54) |
|  **Net asset value, end of period** | $24.06 | $24.17 | $23.78 | $24.59 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |
|  Based on net asset value | 1.23% | 5.22% | 2.15% | 0.56 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.34% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Net investment income | 1.72% | 2.72% | 5.61% | 5.34 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $108261 | $70085 | $19027 | $9838 |
|  Portfolio turnover rate<sup>(i)</sup>  | 1% | 33% | 68% | 14% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds 2023 Term High Yield and Income ETF | iShares iBonds 2023 Term High Yield and Income ETF | iShares iBonds 2023 Term High Yield and Income ETF | iShares iBonds 2023 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 05/07/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.57 | $23.62 | $24.73 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.71 | 1.08 | 1.33 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (1.17) | 1.04 | (1.08) | (0.40) |
|  Net increase (decrease) from investment operations | (0.46) | 2.12 | 0.25 | 0.29 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.72) | (1.17) | (1.36) | (0.56) |
|  **Net asset value, end of period** | $23.39 | $24.57 | $23.62 | $24.73 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |
|  Based on net asset value | (1.86)% | 9.12% | 1.16% | 1.19 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Net investment income | 3.00% | 4.40% | 5.67% | 5.73 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $168431 | $83546 | $16533 | $12364 |
|  Portfolio turnover rate<sup>(i)</sup>  | 19% | 46% | 51% | 9% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 67

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds 2024 Term High Yield and Income ETF | iShares iBonds 2024 Term High Yield and Income ETF | iShares iBonds 2024 Term High Yield and Income ETF | iShares iBonds 2024 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 05/07/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.63 | $23.38 | $25.21 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.09 | 1.08 | 1.33 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.12) | 1.33 | (1.79) | 0.09 |
|  Net increase (decrease) from investment operations | (1.03) | 2.41 | (0.46) | 0.77 |
|  Distributions from net investment income<sup>(d)</sup>  | (1.02) | (1.16) | (1.37) | (0.56) |
|  **Net asset value, end of period** | $22.58 | $24.63 | $23.38 | $25.21 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |
|  Based on net asset value | (4.21)% | 10.42% | (1.72)% | 3.08 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(h)</sup> |
|  Net investment income | 4.72% | 4.39% | 5.61% | 5.55 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $149037 | $51727 | $9354 | $12604 |
|  Portfolio turnover rate<sup>(i)</sup>  | 24% | 44% | 42% | 10% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds 2025 Term High Yield and Income ETF | iShares iBonds 2025 Term High Yield and Income ETF | iShares iBonds 2025 Term High Yield and Income ETF | iShares iBonds 2025 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 05/07/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.89 | $24.07 | $25.13 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.26 | 1.14 | 1.37 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.43) | 0.95 | (0.99) | 0.00 <sup>(d)</sup> |
|  Net increase (decrease) from investment operations | (1.17) | 2.09 | 0.38 | 0.71 |
|  Distributions from net investment income<sup>(e)</sup>  | (1.23) | (1.27) | (1.44) | (0.58) |
|  **Net asset value, end of period** | $22.49 | $24.89 | $24.07 | $25.13 |
|  **Total Return<sup>(f)</sup>**  |  |  |  |  |
|  Based on net asset value | (4.77)% | 8.77% | 1.71% | 2.87 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>**  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(i)</sup> |
|  Net investment income | 5.37% | 4.58% | 5.73% | 5.84 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $85469 | $39819 | $16847 | $12565 |
|  Portfolio turnover rate<sup>(j)</sup>  | 20% | 29% | 42% | 5% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Rounds to less than $0.01. 

<sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 69

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares iBonds 2026 Term High Yield and Income ETF | iShares iBonds 2026 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Period From<br> 11/10/20to 10/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $25.40 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.28 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.15) | 0.37 |
|  Net increase (decrease) from investment operations | (1.87) | 1.43 |
|  Distributions from net investment income<sup>(d)</sup>  | (1.26) | (1.03) |
|  **Net asset value, end of period** | $22.27 | $25.40 |
|  **Total Return<sup>(e)</sup>**  |  |  |
|  Based on net asset value | (7.52)% | 5.79 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |
|  Total expenses | 0.35% | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.35% | 0.35 %<sup>(h)</sup> |
|  Net investment income | 5.46% | 4.26 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $35634 | $20321 |
|  Portfolio turnover rate<sup>(i)</sup>  | 15% | 35% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares iBonds 2027 Term High Yield and Income ETF | iShares iBonds 2027 Term High Yield and Income ETF |
|  | Year Ended<br>10/31/22 | Period From<br> 07/07/21to 10/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.85 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.01 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (3.36) | (0.21) |
|  Net increase (decrease) from investment operations | (2.35) | 0.04 |
|  Distributions from net investment income<sup>(d)</sup>  | (1.20) | (0.19) |
|  **Net asset value, end of period** | $21.30 | $24.85 |
|  **Total Return<sup>(e)</sup>**  |  |  |
|  Based on net asset value | (9.71)% | 0.15 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |
|  Total expenses | 0.35% | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.35% | 0.35 %<sup>(h)</sup> |
|  Net investment income | 4.41% | 3.19 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $14907 | $12425 |
|  Portfolio turnover rate<sup>(i)</sup>  | 13% | 3% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 71

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares<br>iBonds<br>2028<br>Term<br>High<br>Yield and<br>Income<br>ETF |
|  | Period<br>From<br> 03/08/22to<br> 10/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (2.95) |
|  Net decrease from investment operations | (2.01) |
|  Distributions from net investment income | (0.80) |
|  **Net asset value, end of period** | $22.19 |
|  **Total Return<sup>(d)</sup>**  |  |
|  Based on net asset value | (8.10)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |
|  Total expenses | 0.35 %<sup>(g)</sup> |
|  Total expenses after fees waived | 0.35 %<sup>(g)</sup> |
|  Net investment income | 6.26 %<sup>(g)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $11093 |
|  Portfolio turnover rate<sup>(h)</sup>  | 8% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares<br>iBonds<br>2029<br>Term<br>High<br>Yield and<br>Income<br>ETF |
|  | Period<br>From<br> 03/08/22to<br>10/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (3.41) |
|  Net decrease from investment operations | (2.50) |
|  Distributions from net investment income<sup>(d)</sup>  | (0.77) |
|  **Net asset value, end of period** | $21.73 |
|  **Total Return<sup>(e)</sup>**  |  |
|  Based on net asset value | (10.06)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |
|  Total expenses | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.35 %<sup>(h)</sup> |
|  Net investment income | 6.11 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $10866 |
|  Portfolio turnover rate<sup>(i)</sup>  | 14% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 73

------

*Notes to Financial Statements* 

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br> *Classification*  |
|  iBonds 2022 Term High Yield and Income | Diversified<sup>(a)</sup> |
|  iBonds 2023 Term High Yield and Income | Diversified<sup>(a)</sup> |
|  iBonds 2024 Term High Yield and Income | Diversified<sup>(a)</sup> |
|  iBonds 2025 Term High Yield and Income | Diversified<sup>(a)</sup> |
|  iBonds 2026 Term High Yield and Income | Non-diversified |
|  iBonds 2027 Term High Yield and Income | Non-diversified |
|  iBonds 2028 Term High Yield and Income | Non-diversified |
|  iBonds 2029 Term High Yield and Income | Non-diversified |

---

<sup>(a)</sup> The Fund's classification changed from non-diversified to diversified during the reporting period.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

------

*Notes to Financial Statements* (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  iBonds 2022 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $545490 |  | $(545490) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 1984373 |  | (1984373) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 150352 |  | (150352) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 739467 |  | (739467) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3707893 |  | (3707893) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 202300 |  | (202300) |  |  |  |  |
|  | $7329875 |  | $(7329875) | $— |  | $— |  |
|  iBonds 2023 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $1120069 |  | $(1120069) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 98770 |  | (98770) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 357057 |  | (357057) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 926222 |  | (926222) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 1387298 |  | (1387298) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 731303 |  | (731303) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 4799612 |  | (4799612) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 8418025 |  | (8418025) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 270397 |  | (270397) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2055160 |  | (2055160) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 547143 |  | (547143) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 837272 |  | (837272) |  |  |  |  |
|  | $21548328 |  | $(21548328) | $— |  | $— |  |
|  iBonds 2024 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $3334974 |  | $(3334974) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 710830 |  | (710830) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 126389 |  | (126389) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 180413 |  | (180413) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 9733501 |  | (9733501) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3886835 |  | (3886835) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 899629 |  | (899629) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 378863 |  | (378863) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 22604 |  | (22604) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 96671 |  | (96671) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 193342 |  | (193342) |  |  |  |  |
|  | $19564051 |  | $(19564051) | $— |  | $— |  |
|  iBonds 2025 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $1227328 |  | $(1227328) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 9319 |  | (9319) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 243548 |  | (243548) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 604676 |  | (604676) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 41587 |  | (41587) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 212239 |  | (212239) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 5402822 |  | (5402822) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3205313 |  | (3205313) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 8336 |  | (8336) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 31016 |  | (31016) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 162940 |  | (162940) |  |  |  |  |
|  | $11149124 |  | $(11149124) | $— |  | $— |  |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  iBonds 2026 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $645351 |  | $(645351) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 192338 |  | (192338) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 167086 |  | (167086) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 338613 |  | (338613) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 232288 |  | (232288) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 2672034 |  | (2672034) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1395050 |  | (1395050) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 219845 |  | (219845) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 171724 |  | (171724) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 90286 |  | (90286) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 157746 |  | (157746) |  |  |  |  |
|  | $6282361 |  | $(6282361) | $— |  | $— |  |
|  iBonds 2027 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $324968 |  | $(324968) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 209621 |  | (209621) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 269319 |  | (269319) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 79305 |  | (79305) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 46398 |  | (46398) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1144236 |  | (1144236) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 140988 |  | (140988) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 19800 |  | (19800) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 303244 |  | (303244) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 149938 |  | (149938) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 51820 |  | (51820) |  |  |  |  |
|  | $2739637 |  | $(2739637) | $— |  | $— |  |
|  iBonds 2028 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | $38201 |  | $(38201) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 974479 |  | (974479) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 63719 |  | (63719) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 30376 |  | (30376) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 145214 |  | (145214) |  |  |  |  |
|  | $1251989 |  | $(1251989) | $— |  | $— |  |
|  iBonds 2029 Term High Yield and Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | $121719 |  | $(121719) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1131219 |  | (1131219) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 113028 |  | (113028) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 37698 |  | (37698) |  |  |  |  |
|  | $1403664 |  | $(1403664) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

------

*Notes to Financial Statements* (continued)

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  iBonds 2022 Term High Yield and Income | $12592 |
|  iBonds 2023 Term High Yield and Income | 2383 |
|  iBonds 2024 Term High Yield and Income | 818 |
|  iBonds 2025 Term High Yield and Income | 584 |
|  iBonds 2026 Term High Yield and Income | 183 |
|  iBonds 2027 Term High Yield and Income | 60 |
|  iBonds 2028 Term High Yield and Income | 57 |
|  iBonds 2029 Term High Yield and Income | 64 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  iBonds 2022 Term High Yield and Income | $12087 |
|  iBonds 2023 Term High Yield and Income | 15729 |
|  iBonds 2024 Term High Yield and Income | 22377 |
|  iBonds 2025 Term High Yield and Income | 11781 |
|  iBonds 2026 Term High Yield and Income | 4567 |
|  iBonds 2027 Term High Yield and Income | 2038 |
|  iBonds 2028 Term High Yield and Income | 1054 |
|  iBonds 2029 Term High Yield and Income | 906 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  iBonds 2023 Term High Yield and Income | $— | $&nbsp;&nbsp;&nbsp;&nbsp;655602 | $(36543) |
|  iBonds 2024 Term High Yield and Income | 33922 |  |  |
|  iBonds 2025 Term High Yield and Income | 470072 |  |  |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  iBonds 2022 Term High Yield and Income | $511071 | $40694135 |
|  iBonds 2023 Term High Yield and Income | 21533278 | 48886884 |
|  iBonds 2024 Term High Yield and Income | 20317208 | 22543659 |
|  iBonds 2025 Term High Yield and Income | 11636532 | 12859805 |
|  iBonds 2026 Term High Yield and Income | 4191156 | 4364547 |
|  iBonds 2027 Term High Yield and Income | 2143817 | 1869112 |
|  iBonds 2028 Term High Yield and Income | 8361345 | 860294 |
|  iBonds 2029 Term High Yield and Income | 9147509 | 1694974 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind<br>Sales* |
|  iBonds 2022 Term High Yield and Income | $41038352 | $4013940 |
|  iBonds 2023 Term High Yield and Income | 100576054 | 11165820 |
|  iBonds 2024 Term High Yield and Income | 100844691 |  |
|  iBonds 2025 Term High Yield and Income | 54074268 | 4140469 |
|  iBonds 2026 Term High Yield and Income | 20203099 | 2319668 |
|  iBonds 2027 Term High Yield and Income | 6583710 | 2264173 |
|  iBonds 2028 Term High Yield and Income | 4650144 |  |
|  iBonds 2029 Term High Yield and Income | 4887901 |  |

---

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 79

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*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  iBonds 2022 Term High Yield and Income | $3538 | $(3538) |
|  iBonds 2023 Term High Yield and Income | 204426 | (204426) |
|  iBonds 2025 Term High Yield and Income | (21964) | 21964 |
|  iBonds 2026 Term High Yield and Income | (47210) | 47210 |
|  iBonds 2027 Term High Yield and Income | (155198) | 155198 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  iBonds 2022 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1447264 | $1338242 |
|  iBonds 2023 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3422061 | $1956106 |
|  iBonds 2024 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3121614 | $1275100 |
|  iBonds 2025 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2544114 | $1311182 |
|  iBonds 2026 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1299480 | $663103 |
|  iBonds 2027 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $676024 | $93252 |
| *iShares ETF* |  | *Period Ended<br>10/31/22* |
|  iBonds 2028 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income |  | $369619 |
|  iBonds 2029 Term High Yield and Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income |  | $386975 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* |
|  iBonds 2022 Term High Yield and Income | $223342 | $(417837) | $(77643) | $(272138) |
|  iBonds 2023 Term High Yield and Income | 437504 | (3350761) | (2208069) | (5121326) |
|  iBonds 2024 Term High Yield and Income | 611123 | (1721311) | (4329834) | (5440022) |
|  iBonds 2025 Term High Yield and Income | 419975 | (1571118) | (3703978) | (4855121) |
|  iBonds 2026 Term High Yield and Income | 198721 | (554974) | (2464619) | (2820872) |
|  iBonds 2027 Term High Yield and Income | 81066 | (302074) | (1636533) | (1857541) |
|  iBonds 2028 Term High Yield and Income | 62883 | (193964) | (1021237) | (1152318) |
|  iBonds 2029 Term High Yield and Income | 61420 | (319627) | (1386552) | (1644759) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  iBonds 2022 Term High Yield and Income | $114880002 | $8752 | $(86395) | $(77643) |
|  iBonds 2023 Term High Yield and Income | 194971834 | 212331 | (2420400) | (2208069) |
|  iBonds 2024 Term High Yield and Income | 171220324 | 170692 | (4500522) | (4329830) |
|  iBonds 2025 Term High Yield and Income | 100219922 | 274320 | (3978298) | (3703978) |
|  iBonds 2026 Term High Yield and Income | 44025731 | 139907 | (2604526) | (2464619) |
|  iBonds 2027 Term High Yield and Income | 19242010 | 124406 | (1760939) | (1636533) |
|  iBonds 2028 Term High Yield and Income | 13432107 | 8605 | (1029842) | (1021237) |
|  iBonds 2029 Term High Yield and Income | 13611941 | 8806 | (1395358) | (1386552) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically

N O T E S T O F I N A N C I A L S T A T E M E N T S 81

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*Notes to Financial Statements* (continued)

low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year Ended*<br>*10/31/22* | *Year Ended*<br>*10/31/22* | *Year Ended*<br>*10/31/21* | *Year Ended*<br>*10/31/21* |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  iBonds 2022 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1800000 | $43224413 | 2100000 | $50744075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (4803187) |  |  |
|  | 1600000 | $38421226 | 2100000 | $50744075 |
|  iBonds 2023 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4300000 | $102006289 | 2700000 | $66191647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (500000) | (12004458) |  |  |
|  | 3800000 | $90001831 | 2700000 | $66191647 |
|  iBonds 2024 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4500000 | $102633210 | 1700000 | $41654956 |
|  iBonds 2025 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2400000 | $54972737 | 900000 | $22540953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (4684401) |  |  |
|  | 2200000 | $50288336 | 900000 | $22540953 |
|  iBonds 2026 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 900000 | $20685709 | 800000 | $20202554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2386172) |  |  |
|  | 800000 | $18299537 | 800000 | $20202554 |
|  iBonds 2027 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 300000 | $6707849 | 500000 | $12517854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2305504) |  |  |
|  | 200000 | $4402345 | 500000 | $12517854 |
|  |  |  | *Period Ended*<br>*10/31/22* | *Period Ended*<br>*10/31/22* |
| *iShares ETF* |  |  | *Shares* | *Amount* |
|  iBonds 2028 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 500000 | $12245249 |
|  iBonds 2029 Term High Yield and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 500000 | $12510534 |

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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other

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*Notes to Financial Statements* (continued)

transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

**Planned Fund Liquidation**: In accordance with its prospectus and its investment objective, the iShares iBonds 2022 Term High Yield and Income ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund's underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.

N O T E S T O F I N A N C I A L S T A T E M E N T S 83

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the eight funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> iShares iBonds 2022 Term High Yield and Income ETF <sup>(1)</sup> <br> iShares iBonds 2023 Term High Yield and Income ETF <sup>(1)</sup> <br> iShares iBonds 2024 Term High Yield and Income ETF <sup>(1)</sup><br> iShares iBonds 2025 Term High Yield and Income ETF <sup>(1)</sup> <br> iShares iBonds 2026 Term High Yield and Income ETF <sup>(2)</sup><br> iShares iBonds 2027 Term High Yield and Income ETF <sup>(3)</sup><br> iShares iBonds 2028 Term High Yield and Income ETF <sup>(4)</sup> <br> iShares iBonds 2029 Term High Yield and Income ETF <sup>(4)</sup> <br>

<sup>(1)</sup> Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

<sup>(2)</sup> Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period November 10, 2020 (commencement of operations) to October 31, 2021.

<sup>(3)</sup> Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period July 7, 2021 (commencement of operations) to October 31, 2021.

<sup>(4)</sup> Statement of operations and statement of changes in net assets for the period March 8, 2022 (commencement of operations) to October 31, 2022.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation<br>Interest* |
|  iBonds 2022 Term High Yield and Income | $9236 |
|  iBonds 2023 Term High Yield and Income | 1246 |
|  iBonds 2024 Term High Yield and Income | 374 |
|  iBonds 2025 Term High Yield and Income | 232 |
|  iBonds 2026 Term High Yield and Income | 65 |
|  iBonds 2028 Term High Yield and Income | 5 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  iBonds 2022 Term High Yield and Income | $1363517 |
|  iBonds 2023 Term High Yield and Income | 3402362 |
|  iBonds 2024 Term High Yield and Income | 3237030 |
|  iBonds 2025 Term High Yield and Income | 2626012 |
|  iBonds 2026 Term High Yield and Income | 1338372 |
|  iBonds 2027 Term High Yield and Income | 648909 |
|  iBonds 2028 Term High Yield and Income | 407852 |
|  iBonds 2029 Term High Yield and Income | 424513 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* |
|  iBonds 2022 Term High Yield and Income | $1102372 |
|  iBonds 2023 Term High Yield and Income | 3207563 |
|  iBonds 2024 Term High Yield and Income | 2597628 |
|  iBonds 2025 Term High Yield and Income | 2491963 |
|  iBonds 2026 Term High Yield and Income | 1227264 |
|  iBonds 2027 Term High Yield and Income | 626769 |
|  iBonds 2028 Term High Yield and Income | 376067 |
|  iBonds 2029 Term High Yield and Income | 392403 |

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I M P O R T A N T T A X I N F O R M A T I O N 85

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Board Review and Approval of Investment Advisory Contract

**iShares iBonds 2022 Term HighYield and Income ETF, iShares iBonds 2023 Term HighYield and Income ETF, iShares iBonds 2024 Term HighYield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 87

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Board Review and Approval of Investment Advisory Contract (continued)

**iShares iBonds 2028 Term High Yield and Income ETF,iShares iBonds 2029 Term High Yield and Income ETF** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 9 – December 10, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Contract.

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares

88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under theAdvisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Contract.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 89

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  iBonds 2022 Term High Yield and Income<sup>(a)</sup>  | $0.405237 | $— | $0.001029 | $0.406266 | 100% | —% | 0 %<sup>(b)</sup> | 100% |
|  iBonds 2023 Term High Yield and Income<sup>(a)</sup>  | 0.720699 |  | 0.000315 | 0.721014 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds 2024 Term High Yield and Income<sup>(a)</sup>  | 1.023953 |  | 0.000516 | 1.024469 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds 2025 Term High Yield and Income<sup>(a)</sup>  | 1.223557 |  | 0.003613 | 1.227170 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds 2026 Term High Yield and Income<sup>(a)</sup>  | 1.257217 |  | 0.002076 | 1.259293 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds 2027 Term High Yield and Income | 1.202144 |  |  | 1.202144 | 100 |  |  | 100 |

---

<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S.<br> Kapito<sup>(a)</sup> (65) | Trustee<br> (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup><br> (52) | Trustee<br> (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
|  <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

---

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E.<br> Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D.<br> Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L.<br> Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 91

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H.<br> Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E.<br> Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E.<br> Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V.<br> Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
| **Officers** | **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando<br> Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent<br> Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles<br> Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa<br> Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel<br> Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer<br> Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James<br> Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents. Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 93

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 95

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1023-1022

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| | |
|:---|:---|
| ![LOGO](g395392g24u50.jpg)  | ![LOGO](g395392g48v93.jpg) |

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| | |
|:---|:---|
| ![LOGO](g397161g24u50.jpg)  | **OCTOBER 31, 2022** |

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**2022 Annual Report**

**iShares Trust** 

· iShares iBonds Dec 2022 Term Corporate ETF \| IBDN \| NYSE Arca

· iShares iBonds Dec 2023 Term Corporate ETF \| IBDO \| NYSE Arca

· iShares iBonds Dec 2024 Term Corporate ETF \| IBDP \| NYSE Arca

· iShares iBonds Dec 2025 Term Corporate ETF \| IBDQ \| NYSE Arca

· iShares iBonds Dec 2026 Term Corporate ETF \| IBDR \| NYSE Arca

· iShares iBonds Dec 2027 Term Corporate ETF \| IBDS \| NYSE Arca

· iShares iBonds Dec 2028 Term Corporate ETF \| IBDT \| NYSE Arca

· iShares iBonds Dec 2029 Term Corporate ETF \| IBDU \| NYSE Arca

· iShares iBonds Dec 2030 Term Corporate ETF \| IBDV \| NYSE Arca

· iShares iBonds Dec 2031 Term Corporate ETF \| IBDW \| NYSE Arca

· iShares iBonds Dec 2032 Term Corporate ETF \| IBDX \| NYSE Arca

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397161sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397161photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

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| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500 Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000 Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx397161_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397161_3) | 4 |
|  [Fund Summary](#tx397161_4) | 5 |
|  [About Fund Performance](#tx397161_5) | 26 |
|  [Disclosure of Expenses](#tx397161_6) | 26 |
|  [Schedules of Investments](#tx397161_7) | 27 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397161_9) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397161_10) | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397161_11) | 105 |
|  [Financial Highlights](#tx397161_12) | 111 |
|  [Notes to Financial Statements](#tx397161_13) | 122 |
|  [Report of Independent Registered Public Accounting Firm](#tx397161_14) | 134 |
|  [Important Tax Information](#tx397161_15) | 135 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397161_16) | 136 |
|  [Supplemental Information](#tx397161_17) | 144 |
|  [Trustee and Officer Information](#tx397161_18) | 145 |
|  [General Information](#tx397161_19) | 148 |

---

------

Market Overview

**iShares Trust** 

**U.S. Corporate Bond Market Overview** 

U.S. investment-grade corporate bonds fell sharply for the 12 months ended October 31, 2022 ("reporting period"). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned -22.04%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and reached 7.0% by the end of the year. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These factors caused corporate bonds to decline steadily from the beginning of 2022 through the end of October, with only a short-lived relief rally in the summer interrupting the downward momentum. Of the three sectors in the Markit iBoxx USD Liquid Investment Grade Index, financials finished with the smallest decline. Although insurance issues lagged considerably, banks and finance companies outperformed in relative terms. Industrials lagged financials, with the communications and non-cyclical industries leading the way on the downside. Utilities, which has the smallest index weighting of the three sectors, was the weakest performer. Long-term corporate bonds lagged shorter-term issues by a wide margin. In terms of credit quality, higher-rated bonds generally outperformed lower-rated securities amid investors' search for relative "safe havens" in the challenging environment.

While the market performed poorly, one notable result of the downturn was that yields on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009. In addition, corporate fundamentals remained strong as of the end of October 2022. Leverage was low, overall credit quality was robust, and default rates remained below the historical average. Further, companies' efforts to refinance their debt in recent years reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2022 Term Corporate ETF** (the "Fund") seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2022, as represented by the Bloomberg December 2022 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 0.93% | 2.32% | 2.68% | 0.93% | 12.15% | 22.38% |
|  Fund Market | 0.82 | 2.24 | 2.65 | 0.82 | 11.70 | 22.18 |
|  Index | 0.73 | 2.35 | 2.74 | 0.73 | 12.32 | 22.97 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g09q54.jpg)

The inception date of the Fund was March 10, 2015. The first day of secondary market trading was March 12, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1010.40 | $0.46 | $1000.00 | $1024.80 | $0.46 | 0.09% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 0.3% |
|  Aa | 7.0 |
|  A | 12.8 |
|  Baa | 22.2 |
|  Not Rated | 0.4 |
|  Short-Term and Other Assets | 57.3 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AbbVie Inc., 2.30%, 11/21/22 | 5.7% |
|  Visa Inc., 2.80%, 12/14/22 | 3.6 |
|  AbbVie Inc., 2.90%, 11/06/22 | 2.1 |
|  DTE Energy Co., 2.25%, 11/01/22 | 1.7 |
|  Mosaic Co. (The), 3.25%, 11/15/22 | 1.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2023 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2023, as represented by the Bloomberg December 2023 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (1.81)% | 2.31% | 2.78% | (1.81)% | 12.11% | 23.33% |
|  Fund Market | (1.78) | 2.27 | 2.78 | (1.78) | 11.85 | 23.28 |
|  Index | (1.67) | 2.41 | 2.85 | (1.67) | 12.62 | 23.93 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g02w36.jpg)

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1000.20 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 3.1% |
|  Aa | 6.6 |
|  A | 45.4 |
|  Baa | 39.2 |
|  Ba | 0.5 |
|  Not Rated | 1.1 |
|  Short-Term and Other Assets | 4.1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Apple Inc., 2.40%, 05/03/23 | 1.1% |
|  Southern California Edison Co., Series J, 0.70%, 08/01/23 | 1 |
|  Cigna Corp., 3.00%, 07/15/23 | 0.8 |
|  DuPont de Nemours Inc., 4.21%, 11/15/23 | 0.8 |
|  Bank of America Corp., 3.30%, 01/11/23 | 0.7 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2024 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2024, as represented by the Bloomberg December 2024 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (5.22)% | 1.94% | 2.56% | (5.22)% | 10.09% | 21.30% |
|  Fund Market | (5.15) | 1.90 | 2.57 | (5.15) | 9.88 | 21.43 |
|  Index | (5.19) | 2.06 | 2.71 | (5.19) | 10.73 | 22.68 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g78n21.jpg)

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $987.40 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 1.7% |
|  Aa | 4.2 |
|  A | 46.8 |
|  Baa | 43.6 |
|  Ba | 1 |
|  Not Rated | 1.6 |
|  Short-Term and Other Assets | 1.1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AbbVie Inc., 2.60%, 11/21/24 | 0.7% |
|  Morgan Stanley, Series F, 3.88%, 04/29/24 | 0.7 |
|  Morgan Stanley, 3.70%, 10/23/24 | 0.7 |
|  Wells Fargo & Co., 3.75%, 01/24/24 | 0.7 |
|  JPMorgan Chase & Co., 3.88%, 09/10/24 | 0.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2025 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2025, as represented by the Bloomberg December 2025 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (7.80)% | 1.92% | 2.56% | (7.80)% | 9.97% | 21.30% |
|  Fund Market | (7.89) | 1.85 | 2.55 | (7.89) | 9.58 | 21.19 |
|  Index | (7.79) | 1.93 | 2.61 | (7.79) | 10.00 | 21.78 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g74a58.jpg)

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $976.70 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 2.5% |
|  Aa | 5.4 |
|  A | 40.0 |
|  Baa | 48.1 |
|  Ba | 1.5 |
|  Not Rated | 1.2 |
|  Short-Term and Other Assets | 1.3 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 | 0.8% |
|  Visa Inc., 3.15%, 12/14/25 | 0.8 |
|  AbbVie Inc., 3.60%, 05/14/25 | 0.7 |
|  Boeing Co. (The), 4.88%, 05/01/25 | 0.6 |
|  Oracle Corp., 2.95%, 05/15/25 | 0.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2026 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026, as represented by the Bloomberg December 2026 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (10.69)% | 1.46% | 1.60% | (10.69)% | 7.51% | 10.23% |
|  Fund Market | (10.90) | 1.35 | 1.58 | (10.90) | 6.96 | 10.10 |
|  Index | (10.67) | 1.53 | 1.70 | (10.67) | 7.89 | 10.90 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g76p25.jpg)

The inception date of the Fund was September 13, 2016. The first day of secondary market trading was September 15, 2016.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $964.00 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 2.9% |
|  Aa | 5.4 |
|  A | 38.0 |
|  Baa | 50.2 |
|  Ba | 1.3 |
|  Not Rated | 1.1 |
|  Short-Term and Other Assets | 1.1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Dell International LLC/EMC Corp., 6.02%, 06/15/26 | 0.9% |
|  AbbVie Inc., 2.95%, 11/21/26 | 0.8 |
|  Boeing Co. (The), 2.20%, 02/04/26 | 0.7 |
|  Microsoft Corp., 2.40%, 08/08/26 | 0.7 |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 | 0.7 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2027 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2027, as represented by the Bloomberg December 2027 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (12.31)% | 1.19% | 1.24% | (12.31)% | 6.11% | 6.54% |
|  Fund Market | (12.28) | 1.18 | 1.27 | (12.28) | 6.02 | 6.70 |
|  Index | (12.31) | 1.26 | 1.29 | (12.31) | 6.45 | 6.82 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g89h71.jpg)

The inception date of the Fund was September 12, 2017. The first day of secondary market trading was September 14, 2017.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $956.80 | $0.49 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 3.2% |
|  Aa | 4.0 |
|  A | 35.6 |
|  Baa | 54.0 |
|  Ba | 0.5 |
|  Not Rated | 1.4 |
|  Short-Term and Other Assets | 1.3 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Citigroup Inc., 4.45%, 09/29/27 | 0.9% |
|  T-Mobile USA Inc., 3.75%, 04/15/27 | 0.9 |
|  Microsoft Corp., 3.30%, 02/06/27 | 0.8 |
|  Magallanes Inc., 3.76%, 03/15/27 | 0.8 |
|  Verizon Communications Inc., 4.13%, 03/16/27 | 0.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2028 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028, as represented by the Bloomberg December 2028 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (14.77)% | 1.68% | (14.77)% | 7.09% |
|  Fund Market | (14.61) | 1.72 | (14.61) | 7.29 |
|  Index | (14.75) | 1.70 | (14.75) | 7.19 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g36t53.jpg)

The inception date of the Fund was September 18, 2018. The first day of secondary market trading was September 20, 2018.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $946.00 | $0.49 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 17

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 1.6% |
|  Aa | 2.9 |
|  A | 30.8 |
|  Baa | 60.3 |
|  Ba | 2.2 |
|  Not Rated | 0.8 |
|  Short-Term and Other Assets | 1.4 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  CVS Health Corp., 4.30%, 03/25/28 | 1.5% |
|  Verizon Communications Inc., 4.33%, 09/21/28 | 1.3 |
|  Comcast Corp., 4.15%, 10/15/28 | 1.2 |
|  Cigna Corp., 4.38%, 10/15/28 | 1.1 |
|  Vodafone Group PLC, 4.38%, 05/30/28 | 1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2029 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2029, as represented by the Bloomberg December 2029 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (16.19)% | (2.20)% | (16.19)% | (6.70)% |
|  Fund Market | (16.20) | (2.16) | (16.20) | (6.58) |
|  Index | (16.14) | (2.17) | (16.14) | (6.61) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g44g63.jpg)

The inception date of the Fund was September 17, 2019. The first day of secondary market trading was September 19, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $939.80 | $0.49 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 19

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 1.0% |
|  Aa | 2.9 |
|  A | 35.2 |
|  Baa | 54.7 |
|  Ba | 2.4 |
|  Not Rated | 1.8 |
|  Short-Term and Other Assets | 2 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AbbVie Inc., 3.20%, 11/21/29 | 2.0% |
|  Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 | 1.6 |
|  Verizon Communications Inc., 4.02%, 12/03/29 | 1.5 |
|  International Business Machines Corp., 3.50%, 05/15/29 | 1.2 |
|  AT&T Inc., 4.35%, 03/01/29 | 1.1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2030 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar denominated, investment grade corporate bonds maturing in 2030, as represented by the Bloomberg December 2030 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (17.98)% | (7.13)% | (17.98)% | (16.02)% |
|  Fund Market | (17.98) | (7.05) | (17.98) | (15.85) |
|  Index | (17.92) | (7.13) | (17.92) | (15.98) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397161g56m95.jpg)

The inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $932.20 | $0.49 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 21

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 1.2% |
|  Aa | 5.8 |
|  A | 32.3 |
|  Baa | 56.7 |
|  Ba | 1 |
|  Not Rated | 1.1 |
|  Short-Term and Other Assets | 1.9 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  T-Mobile USA Inc., 3.88%, 04/15/30 | 1.7% |
|  Boeing Co. (The), 5.15%, 05/01/30 | 1.2 |
|  Deutsche Telekom International Finance BV, 8.75%, 06/15/30 | 1.2 |
|  AT&T Inc., 4.30%, 02/15/30 | 0.9 |
|  Pacific Gas and Electric Co., 4.55%, 07/01/30 | 0.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2031 Term Corporate ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2031, as represented by the Bloomberg December 2031 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (20.24)% | (15.20)% | (20.24)% | (20.11)% |
|  Fund Market | (20.23) | (15.11) | (20.23) | (20.00) |
|  Index | (20.16) | (15.29) | (20.16) | (20.14) |

---

![LOGO](g397161g78m13.jpg)

The inception date of the Fund was June 22, 2021. The first day of secondary market trading was June 24, 2021.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $919.50 | $0.48 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 23

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 1.4% |
|  Aa | 3.4 |
|  A | 28.2 |
|  Baa | 61.3 |
|  Ba | 1.8 |
|  Not Rated | 2.5 |
|  Short-Term and Other Assets | 1.4 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Verizon Communications Inc., 2.55%, 03/21/31 | 1.7% |
|  Orange SA, 9.00%, 03/01/31 | 1.4 |
|  Oracle Corp., 2.88%, 03/25/31 | 1.2 |
|  Amazon.com Inc., 2.10%, 05/12/31 | 1.2 |
|  AT&T Inc., 2.75%, 06/01/31 | 1.2 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2032 Term Corporate ETF** (**the "Fund"**) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032, as represented by the Bloomberg December 2032 Maturity Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

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| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since<br>Inception* |
|  Fund NAV | (5.34)% |
|  Fund Market | (5.39) |
|  Index | (5.36) |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 28, 2022. The first day of secondary market trading was June 30, 2022.

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

**Expense Example** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(06/28/22)* *<br><sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $946.60 | $0.33 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 125/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

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| | |
|:---|:---|
| *Moody's Credit Ratings\** | *Percent of<br>Net Assets* |
|  Aaa | 0.5% |
|  Aa | 4.3 |
|  A | 34.6 |
|  Baa | 55.8 |
|  Ba | 1.4 |
|  B | 0.4 |
|  Not Rated | 1.5 |
|  Short-Term and Other Assets | 1.5 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  Magallanes Inc., 4.28%, 03/15/32 | 2.0% |
|  Verizon Communications Inc., 2.36%, 03/15/32 | 1.8 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 | 1.6 |
|  General Electric Co., 6.75%, 03/15/32 | 1.5 |
|  Meta Platforms Inc., 3.85%, 08/15/32 | 1.3 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

F U N D S U M M A R Y 25

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com.** Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
|  General Dynamics Corp., 2.25%, 11/15/22 | $5262 | $5256317 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  Philip Morris International Inc., 2.50%, 11/02/22 | 4394 | 4394000 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  Southwest Airlines Co., 2.75%, 11/16/22 | 2913 | 2908281 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  American Honda Finance Corp., 2.60%, 11/16/22 | 2916 | 2914163 |
| **Banks — 9.7%** | **Banks — 9.7%** | **Banks — 9.7%** |
|  Australia & New Zealand Banking Group Ltd./New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/21/22 | 10576 | 10563943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/09/22 | 9863 | 9859745 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/01/22 | 5606 | 5606000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/06/22 | 5039 | 5036682 |
|  Bank of Nova Scotia (The), 2.00%, 11/15/22<sup>(a)</sup>  | 13083 | 13071880 |
|  Cooperatieve Rabobank UA, 3.95%, 11/09/22 | 8191 | 8189362 |
|  Deutsche Bank AG/New York NY, 3.30%, 11/16/22 | 6608 | 6603044 |
|  Morgan Stanley, 4.88%, 11/01/22 | 12793 | 12793000 |
|  MUFG Union Bank NA, 2.10%, 12/09/22 (Call 12/01/22) | 16440 | 16376871 |
|  National Australia Bank Ltd./New York, 1.88%, 12/13/22 | 3854 | 3843247 |
|  Natwest Group PLC, 6.13%, 12/15/22 | &nbsp;&nbsp;&nbsp;&nbsp;11215 | 11200196 |
|  PNC Bank NA, 2.70%, 11/01/22 | 4174 | 4174000 |
|  PNC Financial Services Group Inc. (The), 2.85%, 11/09/22<sup>(b)</sup>  | 4616 | 4614015 |
|  Synovus Financial Corp., 3.13%, 11/01/22 | 4699 | 4699000 |
|  Toronto-Dominion Bank (The), 1.90%, 12/01/22 | 12728 | 12703944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129334929 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
|  Celanese U.S. Holdings LLC, 4.63%, 11/15/22 | 3068 | 3067386 |
|  Mosaic Co. (The), 3.25%, 11/15/22 | 21438 | 21421493 |
|  RPM International Inc., 3.45%, 11/15/22<sup>(a)</sup>  | 2702 | 2701325 |
|  |  | 27190204 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
|  Colgate-Palmolive Co., 2.25%, 11/15/22 | 1503 | 1501993 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
|  American Express Co., 2.65%, 12/02/22 | 12861 | 12843252 |
|  Discover Financial Services, 3.85%, 11/21/22 | 5562 | 5556048 |
|  Visa Inc., 2.80%, 12/14/22 (Call 12/01/22) | 48610 | 48536113 |
|  |  | 66935413 |
| **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** |
|  American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22) | 9649 | 9621211 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/22 | 22554 | 22554000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 0.55%, 11/01/22 | 14071 | 14071000 |
|  Edison International, 3.13%, 11/15/22 | 2230 | 2227681 |
|  Niagara Mohawk Power Corp., 2.72%, 11/28/22<sup>(a)(c)</sup>  | 10700 | 10681596 |
|  Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22) | 4556 | 4551307 |
|  |  | 63706795 |
| **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** |
|  DH Europe Finance II Sarl, 2.05%, 11/15/22 | 15544 | 15529544 |
| **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** |
|  CommonSpirit Health, 2.95%, 11/01/22 | 5627 | 5627000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
|  Dignity Health, 3.13%, 11/01/22 | 80 | 80000 |
|  Elevance Health Inc., 2.95%, 12/01/22 (Call 11/16/22) | 9896 | 9884125 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/22 (Call 12/01/22) | 9869 | 9842057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/22 | 3968 | 3964310 |
|  |  | 29397492 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
|  Aon Corp., 2.20%, 11/15/22 | 6007 | 6000933 |
|  Chubb INA Holdings Inc., 2.88%, 11/03/22 | 4039 | 4039000 |
|  |  | 10039933 |
| **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** |
|  Amazon.com Inc., 2.50%, 11/29/22 | 12935 | 12917150 |
|  Baidu Inc., 3.50%, 11/28/22 | 6562 | 6554388 |
|  |  | 19471538 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/18/22<sup>(a)</sup>  | 6342 | 6335214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/29/22 | 4668 | 4661745 |
|  |  | 10996959 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22 | 5874 | 5883986 |
|  TWDC Enterprises 18 Corp., 2.35%, 12/01/22 | 4465 | 4458079 |
|  |  | 10342065 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Southern Copper Corp., 3.50%, 11/08/22 | 1154 | 1148622 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
|  BP Capital Markets PLC, 2.50%, 11/06/22 | 9032 | 9029562 |
|  ConocoPhillips Co., 2.40%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  | 2040 | 2034145 |
|  |  | 11063707 |
| **Pharmaceuticals — 9.0%** | **Pharmaceuticals — 9.0%** | **Pharmaceuticals — 9.0%** |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/21/22 | 75632 | 75537460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;28233 | 28223401 |
|  Cigna Corp., 3.05%, 11/30/22 (Call 11/16/22) | 14058 | 14041693 |
|  McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  | 2726 | 2718721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120521275 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
|  Camden Property Trust, 2.95%, 12/15/22 (Call 12/01/22)<sup>(a)</sup>  | 3300 | 3290331 |
| **Retail — 1.1%** |  |  |
|  Walmart Inc., 2.35%, 12/15/22 (Call 12/01/22) | 15205 | 15169268 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
|  Intel Corp., 2.70%, 12/15/22 | 9830 | 9812306 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22) | 3895 | 3892469 |
|  Microsoft Corp., 2.13%, 11/15/22 | 4215 | 4211965 |
|  |  | 8104434 |
|  **Total Long-Term Investments — 42.7%<br>(Cost: $569,823,054)** |  | 569029569 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 58.4%** | **Money Market Funds — 58.4%** | **Money Market Funds — 58.4%** |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup>  | 32176 | 32169317 |

---

S C H E D U L E O F I N V E S T M E N T S 27

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Shares<br>(000)* | *Value* |
|  **Money Market Funds (continued)** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup>  | 746940 | $746940000 |
|  **Total Short-Term Securities — 58.4%<br>(Cost: $779,095,732)** |  | 779109317 |
|  **Total Investments — 101.1%<br>(Cost: $1,348,918,786)** |  | 1348138886 |
|  **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (14606349) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;1333532537 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

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

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $131115315 | $— | $(98890477)<sup>(a)</sup> | $(40150) | $(15371) | $32169317 | 32176 | $354864 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 41436000 | 705504000 <sup>(a)</sup> |  |  |  | 746940000 | 746940 | 2884676 |  |
|  |  |  |  | $(40150) | $(15371) | $779109317 |  | $3239540 | $— |

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<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $569029569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $569029569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 779109317 |  |  | 779109317 |
|  | $779109317 | $569029569 | $— | $1348138886 |

---

*See notes to financial statements.* 

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Corporate Bonds & Notes** |  |  |  |  |
|  **Aerospace & Defense — 2.0%** |  |  |  |  |
|  Boeing Co. (The)<br>1.17%, 02/04/23 (Call 12/01/22)<sup>(a)</sup>  | $| 4662 | $| 4607501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/23 (Call 04/15/23)<sup>(a)</sup>  |  | 1485 |  | 1451929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 1437 |  | 1424254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/23 (Call 04/01/23)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622 |  | 12597639 |
|  General Dynamics Corp.<br>1.88%, 08/15/23 (Call 06/15/23)<sup>(a)</sup>  |  | 2954 |  | 2883458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/23 (Call 04/15/23)<sup>(a)</sup>  |  | 3668 |  | 3636529 |
|  L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23) |  | 3648 |  | 3613490 |
|  Northrop Grumman Corp., 3.25%, 08/01/23<sup>(a)</sup>  |  | 4997 |  | 4928491 |
|  Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23) |  | 4112 |  | 4058750 |
|  Teledyne Technologies Inc., 0.65%, 04/01/23<sup>(a)</sup>  |  | 662 |  | 648449 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39850490 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
|  Philip Morris International Inc.<br>1.13%, 05/01/23 |  | 3132 |  | 3071333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/10/23 (Call 03/10/23)<sup>(a)</sup>  |  | 2259 |  | 2227171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/06/23<sup>(a)</sup>  |  | 2467 |  | 2447856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/23<sup>(a)</sup>  |  | 3798 |  | 3742587 |
|  Reynolds American Inc., 4.85%, 09/15/23<sup>(a)</sup>  |  | 3193 |  | 3178887 |
|  |  |  |  | 14667834 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
|  NIKE Inc., 2.25%, 05/01/23<br>(Call 02/01/23)<sup>(a)</sup>  |  | 2313 |  | 2285707 |
| **Auto Manufacturers — 5.7%** |  |  |  |  |
|  American Honda Finance Corp.<br>0.35%, 04/20/23 |  | 570 |  | 557705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/08/23<sup>(a)</sup>  |  | 6889 |  | 6622671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/07/23<sup>(a)</sup>  |  | 5239 |  | 5086388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/10/23<sup>(a)</sup>  |  | 1651 |  | 1626549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/10/23 |  | 2372 |  | 2360970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/14/23 |  | 2328 |  | 2302322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/10/23<sup>(a)</sup>  |  | 7751 |  | 7648222 |
|  Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)<sup>(a)</sup>  |  | 4136 |  | 4084755 |
|  General Motors Co.<br>4.88%, 10/02/23<sup>(a)</sup>  |  | 10706 |  | 10607398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/02/23<sup>(a)</sup>  |  | 4460 |  | 4442517 |
|  General Motors Financial Co. Inc.<br>1.70%, 08/18/23 |  | 6988 |  | 6764733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/05/23 (Call 12/05/22)<sup>(a)</sup>  |  | 3065 |  | 3056724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/09/23 (Call 03/09/23) |  | 4800 |  | 4753344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/19/23 (Call 05/19/23)<sup>(a)</sup>  |  | 3625 |  | 3594151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/23<sup>(a)</sup>  |  | 2911 |  | 2892457 |
|  PACCAR Financial Corp.<br>0.35%, 08/11/23<sup>(a)</sup>  |  | 2474 |  | 2390824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/08/23<sup>(a)</sup>  |  | 1010 |  | 985134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/07/23<sup>(a)</sup>  |  | 1140 |  | 1132373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/06/23 |  | 856 |  | 848767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/09/23<sup>(a)</sup>  |  | 1683 |  | 1666204 |
|  Stellantis NV, 5.25%, 04/15/23 |  | 6457 |  | 6431366 |
|  Toyota Motor Corp., 3.42%, 07/20/23<sup>(a)</sup>  |  | 2788 |  | 2759535 |
|  Toyota Motor Credit Corp.<br>0.40%, 04/06/23<sup>(a)</sup>  |  | 1395 |  | 1369025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/14/23<sup>(a)</sup>  |  | 6425 |  | 6218693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/25/23<sup>(a)</sup>  |  | 2881 |  | 2797768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/18/23 |  | 5068 |  | 4932026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/10/23<sup>(a)</sup>  |  | 2232 |  | 2223161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Auto Manufacturers (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/11/23 | $| 1937 | $| 1929717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/23<sup>(a)</sup>  |  | 5419 |  | 5379550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/20/23<sup>(a)</sup>  |  | 4997 |  | 4926342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112391391 |
| **Banks — 26.6%** | **Banks — 26.6%** | **Banks — 26.6%** | **Banks — 26.6%** | **Banks — 26.6%** |
|  Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23 |  | 7067 |  | 6780574 |
|  Banco Santander SA<br>3.13%, 02/23/23 |  | 4093 |  | 4068688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/12/23 |  | 5652 |  | 5599493 |
|  Bank of America Corp.<br>3.30%, 01/11/23<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 |  | 14450960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 07/24/23<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520 |  | 10459931 |
|  Bank of Montreal<br>0.40%, 09/15/23 |  | 8045 |  | 7709926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/08/23<sup>(a)</sup>  |  | 6095 |  | 5792200 |
|  Bank of New York Mellon Corp. (The)<br>0.35%, 12/07/23 (Call 11/07/23)<sup>(a)</sup>  |  | 5564 |  | 5302993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 01/27/23 (Call 01/02/23)<sup>(a)</sup>  |  | 1677 |  | 1666418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/16/23 (Call 06/16/23) |  | 5860 |  | 5746375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/29/23 (Call 12/29/22)<sup>(a)</sup>  |  | 3478 |  | 3460540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/11/23<sup>(a)</sup>  |  | 3593 |  | 3555130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/28/23 |  | 2447 |  | 2430581 |
|  Bank of Nova Scotia (The)<br>0.40%, 09/15/23<sup>(a)</sup>  |  | 7040 |  | 6757766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/15/23 |  | 3977 |  | 3818357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/15/23<sup>(a)</sup>  |  | 513 |  | 499031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/23 |  | 5039 |  | 4961399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/23<sup>(a)</sup>  |  | 3419 |  | 3395956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/18/23<sup>(a)</sup>  |  | 2003 |  | 1993666 |
|  BNP Paribas SA, 3.25%, 03/03/23<sup>(a)</sup>  |  | 4688 |  | 4662638 |
|  Canadian Imperial Bank of Commerce<br>0.45%, 06/22/23 |  | 180 |  | 174697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/14/23<sup>(a)</sup>  |  | 5896 |  | 5594420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/23/23<sup>(a)</sup>  |  | 9753 |  | 9475820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/13/23<sup>(a)</sup>  |  | 6045 |  | 5964360 |
|  Citigroup Inc.<br>3.38%, 03/01/23<sup>(a)</sup>  |  | 1458 |  | 1449864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/23<sup>(a)</sup>  |  | 4751 |  | 4710712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/25/23<sup>(a)</sup>  |  | 6856 |  | 6769683 |
|  Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23) |  | 1595 |  | 1586084 |
|  Comerica Inc., 3.70%, 07/31/23<sup>(a)</sup>  |  | 4244 |  | 4191671 |
|  Cooperatieve Rabobank UA, 4.63%, 12/01/23<sup>(a)</sup>  |  | 4283 |  | 4234088 |
|  Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23<sup>(a)</sup>  |  | 3832 |  | 3817822 |
|  Credit Suisse AG/New York NY<br>0.52%, 08/09/23 |  | 7285 |  | 6893723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/05/23 |  | 11828 |  | 11465708 |
|  Credit Suisse Group AG, 3.80%, 06/09/23 |  | 10116 |  | 9848331 |
|  Deutsche Bank AG/New York NY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/27/23<sup>(a)</sup>  |  | 4095 |  | 4072805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.96%, 11/08/23 |  | 10180 |  | 9709888 |
|  Discover Bank<br>3.35%, 02/06/23 (Call 01/06/23)<sup>(a)</sup>  |  | 2967 |  | 2952907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/08/23<sup>(a)</sup>  |  | 5001 |  | 4946639 |
|  Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23) |  | 1772 |  | 1740317 |
|  Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22) |  | 2425 |  | 2407661 |
|  First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)<sup>(a)</sup>  |  | 2238 |  | 2213382 |
|  FNB Corp./PA, 2.20%, 02/24/23<br>(Call 01/24/23)<sup>(a)</sup>  |  | 850 |  | 839885 |
|  Goldman Sachs Group Inc. (The)<br>0.52%, 03/08/23 |  | 2545 |  | 2502982 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/23/23 (Call 01/23/23)<sup>(a)</sup>  | 6203 | 6168077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/22/23<sup>(a)</sup>  | 7813 | 7797921 |
|  HSBC Holdings PLC, 3.60%, 05/25/23<sup>(a)</sup>  | 8214 | 8141799 |
|  Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)<sup>(a)</sup> | 5773 | 5684096 |
|  ING Groep NV, 4.10%, 10/02/23 | 8882 | 8758718 |
|  JPMorgan Chase & Co.<br>2.70%, 05/18/23 (Call 03/18/23)<sup>(a)</sup>  | 7358 | 7275296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/23<sup>(a)</sup>  | 9716 | 9686658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/23<sup>(a)</sup>  | 7968 | 7909435 |
|  KeyBank NA/Cleveland OH<br>1.25%, 03/10/23<sup>(a)</sup>  | 2678 | 2642222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/07/23<sup>(a)</sup>  | 1786 | 1778302 |
|  Lloyds Banking Group PLC, 4.05%, 08/16/23<sup>(a)</sup>  | 10478 | 10354883 |
|  M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)<sup>(a)</sup>  | 2932 | 2898780 |
|  Mitsubishi UFJ Financial Group Inc.<br>2.53%, 09/13/23<sup>(a)</sup>  | 4374 | 4270292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/02/23<sup>(a)</sup>  | 5419 | 5394398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 07/26/23<sup>(a)</sup>  | 9716 | 9597951 |
|  Mizuho Financial Group Inc., 3.55%, 03/05/23<sup>(a)</sup>  | 3621 | 3604271 |
|  Morgan Stanley<br>3.13%, 01/23/23 | 9222 | 9190737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/23<sup>(a)</sup>  | 8790 | 8766443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/22/23<sup>(a)</sup>  | 9038 | 8993352 |
|  National Australia Bank Ltd./New York<br>2.88%, 04/12/23<sup>(a)</sup>  | 1998 | 1979159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/23<sup>(a)</sup>  | 2711 | 2700400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/20/23<sup>(a)</sup>  | 3651 | 3622705 |
|  National Bank of Canada, 2.10%, 02/01/23 | 3951 | 3922829 |
|  NatWest Group PLC, 3.88%, 09/12/23<sup>(a)</sup>  | 450 | 443322 |
|  PNC Bank NA<br>2.95%, 01/30/23 (Call 12/30/22) | 2487 | 2477176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/08/23 | 3350 | 3328560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/25/23 (Call 06/25/23) | 3693 | 3656402 |
|  Royal Bank of Canada<br>0.50%, 10/26/23<sup>(a)</sup>  | 7521 | 7174733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/17/23 | 4699 | 4625602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/17/23<sup>(a)</sup>  | 3380 | 3361714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/05/23<sup>(a)</sup>  | 9588 | 9451563 |
|  Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)<sup>(a)</sup> | 3680 | 3670358 |
|  Santander UK PLC, 2.10%, 01/13/23<sup>(a)</sup>  | 1887 | 1874621 |
|  State Street Corp.<br>3.10%, 05/15/23<sup>(a)</sup>  | 4130 | 4090765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/20/23 | 7479 | 7386485 |
|  Sumitomo Mitsui Banking Corp.<br>3.00%, 01/18/23<sup>(a)</sup>  | 1790 | 1783986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/19/23<sup>(a)</sup>  | 2265 | 2244411 |
|  Sumitomo Mitsui Financial Group Inc.<br>3.10%, 01/17/23<sup>(a)</sup>  | 5582 | 5562742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/19/23<sup>(a)</sup>  | 3624 | 3582686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 10/16/23 | 7329 | 7226321 |
|  Svenska Handelsbanken AB, 3.90%, 11/20/23 | 8558 | 8420045 |
|  Toronto-Dominion Bank (The)<br>0.25%, 01/06/23<sup>(a)</sup>  | 4339 | 4306978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%, 06/02/23 | 3665 | 3561574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 09/11/23<sup>(a)</sup>  | 6809 | 6526290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 06/12/23 | 7185 | 6988562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/19/23<sup>(a)</sup>  | 7023 | 6949469 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Truist Bank<br>1.25%, 03/09/23 (Call 02/06/23) | $| 4036 | $| 3981474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/01/23 (Call 04/01/23)<sup>(a)</sup>  |  | 1814 |  | 1796078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/23 (Call 01/02/23)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 |  | 2134288 |
|  Truist Financial Corp.<br>2.20%, 03/16/23 (Call 02/13/23)<sup>(a)</sup>  |  | 2992 |  | 2963756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/06/23 (Call 11/06/23)<sup>(a)</sup>  |  | 9117 |  | 8991550 |
|  U.S. Bank NA/Cincinnati OH<br>1.95%, 01/09/23 (Call 12/09/22)<sup>(a)</sup>  |  | 2505 |  | 2492450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/23/23 (Call 12/23/22)<sup>(a)</sup>  |  | 2532 |  | 2520125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/24/23 (Call 06/23/23)<sup>(a)</sup>  |  | 6618 |  | 6538650 |
|  Wells Fargo & Co.<br>4.13%, 08/15/23<sup>(a)</sup>  |  | 7724 |  | 7669237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.45%, 02/13/23<sup>(a)</sup>  |  | 3810 |  | 3795141 |
|  Westpac Banking Corp.<br>2.00%, 01/13/23<sup>(a)</sup>  |  | 2326 |  | 2314649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/11/23<sup>(a)</sup>  |  | 4458 |  | 4442843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/23<sup>(a)</sup>  |  | 4047 |  | 4024013 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525293692 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
|  Diageo Capital PLC<br>2.63%, 04/29/23 (Call 01/29/23)<sup>(a)</sup>  |  | 5234 |  | 5171506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/18/23 (Call 08/18/23) |  | 3217 |  | 3171672 |
|  Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23<sup>(a)</sup> |  | 875 |  | 859635 |
|  Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)<sup>(a)</sup>  |  | 5926 |  | 5806235 |
|  PepsiCo Inc.<br>0.40%, 10/07/23 |  | 4081 |  | 3913312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/01/23<sup>(a)</sup>  |  | 1384 |  | 1357635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/23<sup>(a)</sup>  |  | 4733 |  | 4701999 |
|  |  |  |  | 24981994 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
|  Amgen Inc., 2.25%, 08/19/23<br>(Call 06/19/23)<sup>(a)</sup>  |  | 3746 |  | 3664150 |
|  Gilead Sciences Inc.<br>0.75%, 09/29/23 (Call 11/14/22) |  | 6840 |  | 6582474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/23 (Call 07/01/23)<sup>(a)</sup>  |  | 4690 |  | 4587617 |
|  Illumina Inc., 0.55%, 03/23/23 |  | 2098 |  | 2059145 |
|  Royalty Pharma PLC, 0.75%, 09/02/23<sup>(a)</sup>  |  | 5672 |  | 5451076 |
|  |  |  |  | 22344462 |
| **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** |
|  Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 |  | 10736275 |
|  Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23) |  | 3217 |  | 3138924 |
|  Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 2798 |  | 2706953 |
|  Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)<sup>(a)</sup> |  | 710 |  | 710000 |
|  |  |  |  | 17292152 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
|  Air Products and Chemicals Inc., 2.75%, 02/03/23<sup>(a)</sup>  |  | 1009 |  | 1003198 |
|  DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23) |  | 15124 |  | 14962778 |
|  Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 4375 |  | 4181756 |
|  International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 590 |  | 583493 |
|  Linde Inc./CT, 2.70%, 02/21/23<br>(Call 11/21/22)<sup>(a)</sup>  |  | 1771 |  | 1761171 |
|  LYB International Finance BV, 4.00%, 07/15/23<sup>(a)</sup>  |  | 2430 |  | 2402128 |
|  Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23) |  | 7345 |  | 7267510 |
|  Nutrien Ltd., 1.90%, 05/13/23<sup>(a)</sup>  |  | 3098 |  | 3042918 |
|  PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  |  | 1248 |  | 1235308 |
|  |  |  |  | 36440260 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Commercial Services — 0.5%** |  |  |  |  |
|  Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)<sup>(a)</sup>  | $| 1486 | $| 1472567 |
|  Global Payments Inc.<br>3.75%, 06/01/23 (Call 03/01/23)<sup>(a)</sup>  |  | 2721 |  | 2693491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 (Call 05/01/23)<sup>(a)</sup>  |  | 3066 |  | 3040062 |
|  PayPal Holdings Inc., 1.35%, 06/01/23<sup>(a)</sup>  |  | 60 |  | 58715 |
|  RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)<sup>(a)</sup>  |  | 3257 |  | 3236513 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10501348 |
| **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** |
|  Apple Inc.<br>0.75%, 05/11/23<sup>(a)</sup>  |  | 6925 |  | 6789409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/13/23 (Call 12/13/22)<sup>(a)</sup>  |  | 2483 |  | 2473316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/03/23<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300 |  | 21062292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/23/23 (Call 12/23/22)<sup>(a)</sup>  |  | 7255 |  | 7219813 |
|  Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23) |  | 4312 |  | 4305187 |
|  Hewlett Packard Enterprise Co.<br>2.25%, 04/01/23 (Call 03/01/23) |  | 4276 |  | 4226398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/02/23 (Call 09/02/23)<sup>(a)</sup>  |  | 8983 |  | 8914999 |
|  International Business Machines Corp., 3.38%, 08/01/23<sup>(a)</sup> |  | 7235 |  | 7149410 |
|  Leidos Inc., 2.95%, 05/15/23<br>(Call 04/15/23)<sup>(a)</sup>  |  | 2634 |  | 2603103 |
|  |  |  |  | 64743927 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
|  Colgate-Palmolive Co.<br>1.95%, 02/01/23<sup>(a)</sup>  |  | 1527 |  | 1516907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/23<sup>(a)</sup>  |  | 575 |  | 567836 |
|  Procter & Gamble Co. (The), 3.10%, 08/15/23<sup>(a)</sup>  |  | 4805 |  | 4743784 |
|  Unilever Capital Corp.<br>0.38%, 09/14/23<sup>(a)</sup>  |  | 2858 |  | 2750253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/22/23 (Call 02/22/23)<sup>(a)</sup>  |  | 1949 |  | 1935786 |
|  |  |  |  | 11514566 |
| **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.15%, 10/29/23 |  | 8665 |  | 8213207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/23/23 (Call 12/23/22) |  | 2051 |  | 2039720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/03/23 (Call 06/03/23)<sup>(a)</sup>  |  | 2765 |  | 2730244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/23 (Call 08/15/23) |  | 6174 |  | 6064226 |
|  Air Lease Corp.<br>2.25%, 01/15/23<sup>(a)</sup>  |  | 2394 |  | 2377457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 1854 |  | 1843673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/23 (Call 07/15/23)<sup>(a)</sup>  |  | 4692 |  | 4581738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/23 (Call 06/03/23)<sup>(a)</sup>  |  | 3061 |  | 3023962 |
|  Aircastle Ltd.<br>4.40%, 09/25/23 (Call 08/25/23)<sup>(a)</sup>  |  | 3336 |  | 3266578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23<sup>(a)</sup>  |  | 2647 |  | 2628762 |
|  Ally Financial Inc.<br>1.45%, 10/02/23 (Call 09/02/23)<sup>(a)</sup>  |  | 7745 |  | 7429701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/05/23 (Call 05/05/23)<sup>(a)</sup>  |  | 3381 |  | 3327918 |
|  American Express Co.<br>0.75%, 11/03/23 |  | 6345 |  | 6076035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/27/23 (Call 01/27/23)<sup>(a)</sup>  |  | 5778 |  | 5750612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/03/23 (Call 07/03/23)<sup>(a)</sup>  |  | 8647 |  | 8567102 |
|  Ameriprise Financial Inc., 4.00%, 10/15/23<sup>(a)</sup>  |  | 4296 |  | 4250076 |
|  BGC Partners Inc., 5.38%, 07/24/23 |  | 3380 |  | 3349546 |
|  Capital One Financial Corp.<br>2.60%, 05/11/23 (Call 04/11/23)<sup>(a)</sup>  |  | 4210 |  | 4154218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/23 (Call 12/30/22)<sup>(a)</sup>  |  | 4519 |  | 4501918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/23<sup>(a)</sup>  |  | 4295 |  | 4250332 |
|  Capital One NA, 3.38%, 02/15/23 |  | 5665 |  | 5639054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | $| 3208754 |
|  Eaton Vance Corp., 3.63%, 06/15/23<sup>(a)</sup>  |  | 1285 |  | 1273975 |
|  Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)<sup>(a)</sup>  |  | 2730 |  | 2723776 |
|  Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)<sup>(a)</sup>  |  | 2158 |  | 2142355 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103414939 |
| **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** |
|  Alabama Power Co., Series 13-A, 3.55%, 12/01/23<sup>(a)</sup>  |  | 2401 |  | 2357878 |
|  American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)<sup>(a)</sup>  |  | 4173 |  | 3985716 |
|  Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)<sup>(a)</sup>  |  | 1450 |  | 1434905 |
|  Berkshire Hathaway Energy Co.<br>2.80%, 01/15/23 (Call 12/15/22) |  | 1418 |  | 1411506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/23 (Call 08/15/23) |  | 4219 |  | 4168034 |
|  Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)<sup>(a)</sup>  |  | 4189 |  | 4148869 |
|  Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1327 |  | 1320790 |
|  Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)<sup>(a)</sup>  |  | 4766 |  | 4549338 |
|  Consumers Energy Co.<br>0.35%, 06/01/23 (Call 05/01/23)<sup>(a)</sup>  |  | 1115 |  | 1084795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/23 (Call 05/15/23)<sup>(a)</sup>  |  | 1400 |  | 1381688 |
|  Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 4597 |  | 4520322 |
|  Duke Energy Carolinas LLC<br>2.50%, 03/15/23 (Call 01/15/23) |  | 1321 |  | 1309164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/23 (Call 02/15/23) |  | 1146 |  | 1138379 |
|  Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)<sup>(a)</sup> |  | 4087 |  | 4039550 |
|  Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  |  | 1305 |  | 1292537 |
|  Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)<sup>(a)</sup> |  | 4546 |  | 4477083 |
|  Edison International, 2.95%, 03/15/23 (Call 01/15/23)<sup>(a)</sup> |  | 1464 |  | 1450136 |
|  Entergy Louisiana LLC<br>0.62%, 11/17/23 (Call 12/01/22)<sup>(a)</sup>  |  | 4664 |  | 4441667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  |  | 1573 |  | 1560070 |
|  Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> |  | 1004 |  | 995586 |
|  Eversource Energy<br>2.80%, 05/01/23 (Call 02/01/23)<sup>(a)</sup> |  | 2151 |  | 2125252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.80%, 12/01/23 (Call 11/01/23)<sup>(a)</sup> |  | 3872 |  | 3808654 |
|  Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 2082 |  | 2056266 |
|  Georgia Power Co., Series A, 2.10%, 07/30/23<sup>(a)</sup> |  | 2515 |  | 2459368 |
|  National Rural Utilities Cooperative Finance Corp.<br>2.70%, 02/15/23 (Call 12/15/22)<sup>(a)</sup> |  | 1528 |  | 1517503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 3629 |  | 3565166 |
|  NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23 |  | 4473 |  | 4412257 |
|  Northern States Power Co./MN, 2.60%, 05/15/23<sup>(a)</sup> |  | 1372 |  | 1355152 |
|  OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)<sup>(a)</sup> |  | 1445 |  | 1407936 |
|  Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22)<sup>(a)</sup> |  | 865 |  | 842813 |
|  Pacific Gas and Electric Co.<br>1.70%, 11/15/23 (Call 12/01/22) |  | 5325 |  | 5088517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/23 (Call 03/15/23)<sup>(a)</sup> |  | 1377 |  | 1353908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/23 (Call 08/15/23) |  | 2640 |  | 2578699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/23 (Call 07/01/23)<sup>(a)</sup> |  | 2303 |  | 2279717 |
|  PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23)<sup>(a)</sup>  |  | 897 |  | 885617 |
|  Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23) |  | 2506 |  | 2473748 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Electric (continued)** |  |  |  |  |
|  Public Service Electric & Gas Co.<br>2.38%, 05/15/23 (Call 02/15/23)<sup>(a)</sup> | $| 1364 | $| 1343622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/23 (Call 08/01/23)<sup>(a)</sup> |  | 2052 |  | 2021692 |
|  Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22) |  | 5183 |  | 4939295 |
|  San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)<sup>(a)</sup> |  | 2155 |  | 2126252 |
|  Southern California Edison Co.<br>0.70%, 04/03/23<sup>(a)</sup>  |  | 1220 |  | 1197686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.50%, 10/01/23<br>(Call 07/01/23)<sup>(a)</sup>  |  | 2803 |  | 2752770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.40%, 06/01/23<br>(Call 05/01/23)<sup>(a)</sup>  |  | 861 |  | 850849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.70%, 08/01/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20675 |  | 19981354 |
|  Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)<sup>(a)</sup>  |  | 5746 |  | 5651536 |
|  Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22) |  | 2708 |  | 2684738 |
|  WEC Energy Group Inc., 0.55%, 09/15/23<sup>(a)</sup> |  | 4378 |  | 4201348 |
|  Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)<sup>(a)</sup> |  | 3911 |  | 3734418 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140764146 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co., 2.63%, 02/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1343 |  | 1334230 |
|  **Electronics — 0.4%** |  |  |  |  |
|  Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 1245 |  | 1240941 |
|  Flex Ltd., 5.00%, 02/15/23 |  | 1918 |  | 1915641 |
|  Honeywell International Inc., 3.35%, 12/01/23<sup>(a)</sup> |  | 2694 |  | 2655692 |
|  Trimble Inc., 4.15%, 06/15/23<br>(Call 05/15/23)<sup>(a)</sup> |  | 2114 |  | 2093642 |
|  |  |  |  | 7905916 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
|  Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)<sup>(a)</sup> |  | 1756 |  | 1753155 |
|  Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)<sup>(a)</sup> |  | 3086 |  | 3043475 |
|  |  |  |  | 4796630 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
|  Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)<sup>(a)</sup> |  | 2957 |  | 2942333 |
|  Conagra Brands Inc.<br>0.50%, 08/11/23 (Call 12/01/22)<sup>(a)</sup> |  | 2905 |  | 2796586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1643 |  | 1635853 |
|  Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)<sup>(a)</sup> |  | 2405 |  | 2386818 |
|  Kellogg Co., 2.65%, 12/01/23<sup>(a)</sup> |  | 4744 |  | 4647412 |
|  Kroger Co. (The), 3.85%, 08/01/23<br>(Call 05/01/23)<sup>(a)</sup>  |  | 3062 |  | 3036249 |
|  Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)<sup>(a)</sup>  |  | 2727 |  | 2700330 |
|  |  |  |  | 20145581 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
|  Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22)<sup>(a)</sup> |  | 680 |  | 670201 |
|  CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)<sup>(a)</sup> |  | 444 |  | 437495 |
|  Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)<sup>(a)</sup> |  | 3731 |  | 3671976 |
|  National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 1774 |  | 1761316 |
|  Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)<sup>(a)</sup>  |  | 2755 |  | 2682736 |
|  |  |  |  | 9223724 |
| **Health Care - Products — 1.5%** | **Health Care - Products — 1.5%** | **Health Care - Products — 1.5%** | **Health Care - Products — 1.5%** | **Health Care - Products — 1.5%** |
|  Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)<sup>(a)</sup> |  | 7258 |  | 7158783 |
|  Baxter International Inc., 0.87%, 12/01/23 |  | 6540 |  | 6244326 |
|  PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)<sup>(a)</sup> |  | 3035 |  | 2916878 |
|  Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22)<sup>(a)</sup> |  | 5822 |  | 5549938 |
|  Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 12/01/22)<sup>(a)</sup>  |  | 7963 |  | 7643206 |
|  |  |  |  | 29513131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Health Care - Services — 1.6%** |  |  |  |  |
|  Aetna Inc., 2.80%, 06/15/23<br>(Call 04/15/23)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | $| 5782738 |
|  Anthem Inc., 0.45%, 03/15/23 |  | 1895 |  | 1863789 |
|  Elevance Health Inc., 3.30%, 01/15/23<sup>(a)</sup>  |  | 3856 |  | 3843815 |
|  Humana Inc., 0.65%, 08/03/23 (Call 11/08/22) |  | 7068 |  | 6831010 |
|  Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)<sup>(a)</sup>  |  | 2957 |  | 2920629 |
|  SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23) |  | 2336 |  | 2318457 |
|  UnitedHealth Group Inc.<br>2.75%, 02/15/23 (Call 12/01/22)<sup>(a)</sup> |  | 2068 |  | 2056274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/23<sup>(a)</sup>  |  | 2405 |  | 2389007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/23<sup>(a)</sup>  |  | 3214 |  | 3189767 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31195486 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
|  Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)<sup>(a)</sup> |  | 2762 |  | 2746616 |
|  Blackstone Secured Lending Fund, 3.65%, 07/14/23<sup>(a)</sup> |  | 1895 |  | 1868735 |
|  |  |  |  | 4615351 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
|  DR Horton Inc.<br>4.75%, 02/15/23 (Call 12/01/22)<sup>(a)</sup> |  | 1407 |  | 1406128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/23 (Call 05/15/23)<sup>(a)</sup> |  | 3167 |  | 3174062 |
|  Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23) |  | 4048 |  | 4016547 |
|  Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23) |  | 1868 |  | 1855204 |
|  |  |  |  | 10451941 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
|  Kimberly-Clark Corp., 2.40%, 06/01/23<sup>(a)</sup>  |  | 1289 |  | 1270567 |
|  **Insurance — 2.0%** |  |  |  |  |
|  Allstate Corp. (The), 3.15%, 06/15/23<sup>(a)</sup> |  | 2214 |  | 2188783 |
|  Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)<sup>(a)</sup> |  | 4002 |  | 3952175 |
|  Aspen Insurance Holdings Ltd., 4.65%, 11/15/23<sup>(a)</sup> |  | 1066 |  | 1052014 |
|  Berkshire Hathaway Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/23 (Call 01/15/23)<sup>(a)</sup> |  | 7687 |  | 7628886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/11/23 |  | 1838 |  | 1829766 |
|  Chubb INA Holdings Inc., 2.70%, 03/13/23<sup>(a)</sup> |  | 735 |  | 729414 |
|  Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)<sup>(a)</sup> |  | 2428 |  | 2415302 |
|  Jackson Financial Inc., 1.13%, 11/22/23<sup>(a)</sup>  |  | 4008 |  | 3827880 |
|  Lincoln National Corp., 4.00%, 09/01/23<sup>(a)</sup>  |  | 3000 |  | 2977470 |
|  Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)<sup>(a)</sup> |  | 2875 |  | 2837654 |
|  Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 11/23/22)<sup>(a)</sup> |  | 1877 |  | 1877000 |
|  MetLife Inc., Series D, 4.37%, 09/15/23<sup>(a)</sup> |  | 4802 |  | 4773956 |
|  Principal Financial Group Inc., 3.13%, 05/15/23<sup>(a)</sup> |  | 1472 |  | 1456338 |
|  Reinsurance Group of America Inc., 4.70%, 09/15/23<sup>(a)</sup> |  | 2313 |  | 2308073 |
|  |  |  |  | 39854711 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
|  Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)<sup>(a)</sup> |  | 3048 |  | 2997952 |
|  Amazon.com Inc.<br>0.25%, 05/12/23 |  | 1165 |  | 1138077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/03/23<sup>(a)</sup>  |  | 3344 |  | 3257925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/22/23 (Call 01/22/23)<sup>(a)</sup> |  | 3650 |  | 3627261 |
|  Baidu Inc., 3.88%, 09/29/23<br>(Call 08/29/23)<sup>(a)</sup> |  | 4925 |  | 4846003 |
|  Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)<sup>(a)</sup> |  | 2779 |  | 2756740 |
|  eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) |  | 3306 |  | 3287156 |
|  |  |  |  | 21911114 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Iron & Steel — 0.1%** |  |  |  |  |
|  Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | $| 1921963 |
| **Lodging — 0.4%** |  |  |  |  |
|  Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 4086 |  | 3923622 |
|  Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23) |  | 3785 |  | 3740186 |
|  |  |  |  | 7663808 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
|  Caterpillar Financial Services Corp.<br>0.25%, 03/01/23 |  | 2985 |  | 2941449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 09/14/23<sup>(a)</sup>  |  | 4906 |  | 4728010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/07/23 |  | 2536 |  | 2463648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/01/23<sup>(a)</sup>  |  | 1130 |  | 1121706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/23<sup>(a)</sup>  |  | 2163 |  | 2143749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/07/23 |  | 3958 |  | 3911889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/24/23 |  | 5239 |  | 5190959 |
|  CNH Industrial Capital LLC, 1.95%, 07/02/23<sup>(a)</sup> |  | 2535 |  | 2475833 |
|  CNH Industrial NV, 4.50%, 08/15/23<sup>(a)</sup> |  | 3503 |  | 3475151 |
|  Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)<sup>(a)</sup> |  | 3599 |  | 3565673 |
|  John Deere Capital Corp.<br>0.25%, 01/17/23 |  | 1865 |  | 1848663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/10/23<sup>(a)</sup>  |  | 3763 |  | 3609093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 07/05/23 |  | 1274 |  | 1239335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/06/23<sup>(a)</sup>  |  | 1801 |  | 1774688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/06/23<sup>(a)</sup>  |  | 792 |  | 789402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/23<sup>(a)</sup>  |  | 1642 |  | 1635169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/06/23<sup>(a)</sup>  |  | 3414 |  | 3392014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/07/23<sup>(a)</sup>  |  | 1023 |  | 1016381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 10/12/23<sup>(a)</sup>  |  | 4623 |  | 4570760 |
|  Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22) |  | 2065 |  | 1990185 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53883757 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
|  3M Co.<br>1.75%, 02/14/23 (Call 01/14/23)<sup>(a)</sup> |  | 2249 |  | 2228422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/23 (Call 02/15/23)<sup>(a)</sup>  |  | 2519 |  | 2493734 |
|  Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22) |  | 2498 |  | 2401152 |
|  General Electric Co., 3.10%, 01/09/23 |  | 105 |  | 104621 |
|  Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23 |  | 3086 |  | 3062917 |
|  |  |  |  | 10290846 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)<sup>(a)</sup> |  | 3585 |  | 3552699 |
|  Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)<sup>(a)</sup> |  | 5481 |  | 5425368 |
|  Time Warner Cable Enterprises LLC, 8.38%, 03/15/23<sup>(a)</sup> |  | 4194 |  | 4245041 |
|  |  |  |  | 13223108 |
| **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** |
|  Precision Castparts Corp., 2.50%, 01/15/23 (Call 12/01/22)<sup>(a)</sup> |  | 3976 |  | 3958108 |
| **Mining — 0.4%** |  |  |  |  |
|  BHP Billiton Finance USA Ltd., 3.85%, 09/30/23<sup>(a)</sup> |  | 4016 |  | 3977888 |
|  Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22) |  | 4225 |  | 4195763 |
|  |  |  |  | 8173651 |
| **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** |
|  Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22) |  | 3740 |  | 3723245 |
|  Chevron Corp., 1.14%, 05/11/23 |  | 3306 |  | 3243880 |
|  Chevron USA Inc., 0.43%, 08/11/23<sup>(a)</sup> |  | 3001 |  | 2902837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Oil & Gas (continued)** |  |  |  |  |
|  Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)<sup>(a)</sup> | $| 3123 | $| 3108947 |
|  EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> |  | 4925 |  | 4885009 |
|  Exxon Mobil Corp.<br>1.57%, 04/15/23<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 |  | 11238576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/01/23 (Call 01/01/23) |  | 4046 |  | 4022210 |
|  Phillips 66, 3.70%, 04/06/23 |  | 2488 |  | 2474814 |
|  Pioneer Natural Resources Co., 0.55%, 05/15/23<sup>(a)</sup>  |  | 200 |  | 195114 |
|  Shell International Finance BV<br>0.38%, 09/15/23<sup>(a)</sup>  |  | 4972 |  | 4782318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/13/23 (Call 10/13/23)<sup>(a)</sup> |  | 6337 |  | 6251957 |
|  TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23<sup>(a)</sup> |  | 4844 |  | 4774828 |
|  TotalEnergies Capital International SA, 2.70%, 01/25/23<sup>(a)</sup> |  | 3703 |  | 3687188 |
|  |  |  |  | 55290923 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23 |  | 5585 |  | 5350989 |
|  Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23) |  | 9451 |  | 9318024 |
|  |  |  |  | 14669013 |
| **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** |
|  AbbVie Inc.<br>2.85%, 05/14/23 (Call 03/14/23) |  | 4238 |  | 4191636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 (Call 10/14/23)<sup>(a)</sup>  |  | 10183 |  | 10051232 |
|  AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 2619 |  | 2576677 |
|  AstraZeneca PLC<br>0.30%, 05/26/23 |  | 3935 |  | 3838081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/17/23 (Call 07/17/23) |  | 5738 |  | 5676489 |
|  Bristol-Myers Squibb Co.<br>0.54%, 11/13/23 (Call 12/01/22)<sup>(a)</sup> |  | 8240 |  | 7879912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/23 (Call 01/15/23)<sup>(a)</sup>  |  | 2556 |  | 2542964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/20/23 (Call 01/20/23)<sup>(a)</sup>  |  | 3144 |  | 3131833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/23<sup>(a)</sup>  |  | 3810 |  | 3754869 |
|  Cardinal Health Inc., 3.20%, 03/15/23<sup>(a)</sup>  |  | 2161 |  | 2144749 |
|  Cigna Corp.<br>3.00%, 07/15/23 (Call 05/16/23)<sup>(a)</sup>  |  | 15518 |  | 15306490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/23 (Call 06/15/23)<sup>(a)</sup>  |  | 4458 |  | 4417878 |
|  CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23) |  | 3973 |  | 3934581 |
|  GlaxoSmithKline Capital PLC, 0.53%, 10/01/23 (Call 12/01/22) |  | 6765 |  | 6503059 |
|  Johnson & Johnson<br>2.05%, 03/01/23 (Call 01/01/23)<sup>(a)</sup> |  | 1886 |  | 1870591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/05/23<sup>(a)</sup> |  | 4617 |  | 4558780 |
|  McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 1812 |  | 1799298 |
|  Merck & Co. Inc., 2.80%, 05/18/23<sup>(a)</sup>  |  | 6778 |  | 6707170 |
|  Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)<sup>(a)</sup>  |  | 6953 |  | 6821936 |
|  Pfizer Inc.<br>3.00%, 06/15/23<sup>(a)</sup> |  | 3875 |  | 3850781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 5048 |  | 4978035 |
|  Sanofi, 3.38%, 06/19/23 (Call 05/19/23)<sup>(a)</sup>  |  | 4387 |  | 4350062 |
|  Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23) |  | 5103 |  | 4991397 |
|  Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) |  | 2638 |  | 2611910 |
|  Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22)<sup>(a)</sup> |  | 5480 |  | 5454737 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123945147 |
| **Pipelines — 4.0%** | **Pipelines — 4.0%** | **Pipelines — 4.0%** | **Pipelines — 4.0%** | **Pipelines — 4.0%** |
|  Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)<sup>(a)</sup> |  | 788 |  | 788000 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Pipelines (continued)** |  |  |  |  |
|  DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  | $| 135 | $| 134205 |
|  Enbridge Inc.<br>0.55%, 10/04/23<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |  | 3221821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (Call 07/01/23)<sup>(a)</sup>  |  | 5220 |  | 5149269 |
|  Energy Transfer LP<br>3.45%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 989 |  | 984807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 (Call 12/01/22) |  | 2471 |  | 2459460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) |  | 4053 |  | 4034316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)<sup>(a)</sup>  |  | 3273 |  | 3234771 |
|  Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) |  | 4908 |  | 4846650 |
|  Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)<sup>(a)</sup>  |  | 5308 |  | 5275621 |
|  Kinder Morgan Energy Partners LP<br>3.45%, 02/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 2340 |  | 2328160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/23 (Call 06/01/23) |  | 6615 |  | 6523118 |
|  Kinder Morgan Inc., 3.15%, 01/15/23<br>(Call 12/15/22)<sup>(a)</sup>  |  | 3337 |  | 3322084 |
|  MPLX LP, 4.50%, 07/15/23<br>(Call 04/15/23)<sup>(a)</sup>  |  | 4857 |  | 4828926 |
|  ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  |  | 7830 |  | 7913859 |
|  ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)<sup>(a)</sup>  |  | 2314 |  | 2303703 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>2.85%, 01/31/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1299 |  | 1290440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/23 (Call 07/15/23)<sup>(a)</sup>  |  | 5809 |  | 5713035 |
|  Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)<sup>(a)</sup>  |  | 4317 |  | 4317086 |
|  TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)<sup>(a)</sup>  |  | 4610 |  | 4536286 |
|  Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 5147 |  | 5100162 |
|  |  |  |  | 78305779 |
| **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** |
|  American Tower Corp.<br>3.00%, 06/15/23 |  | 2982 |  | 2939387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/23 |  | 3933 |  | 3919746 |
|  AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)<sup>(a)</sup>  |  | 3876 |  | 3839914 |
|  Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  |  | 2902 |  | 2843031 |
|  Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1345 |  | 1335222 |
|  Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23) |  | 3669 |  | 3612351 |
|  Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 1273 |  | 1260868 |
|  GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23) |  | 3390 |  | 3345862 |
|  Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)<sup>(a)</sup>  |  | 3420 |  | 3381149 |
|  Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)<sup>(a)</sup>  |  | 1731 |  | 1713915 |
|  Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)<sup>(a)</sup>  |  | 1623 |  | 1599856 |
|  Simon Property Group LP, 2.75%, 06/01/23 (Call 03/01/23)<sup>(a)</sup> |  | 2483 |  | 2447121 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238422 |
| **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
|  AutoZone Inc.<br>2.88%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  |  | 1360 |  | 1353567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/23 (Call 04/15/23)<sup>(a)</sup>  |  | 2878 |  | 2836384 |
|  Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)<sup>(a)</sup> |  | 4146 |  | 4113122 |
|  Lowe's Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)<sup>(a)</sup> |  | 3592 |  | 3553817 |
|  McDonald's Corp., 3.35%, 04/01/23 (Call 03/01/23)<sup>(a)</sup>  |  | 4175 |  | 4150785 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Retail (continued)** |  |  |  |  |
|  O'Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)<sup>(a)</sup> | $| 1546 | $| 1531530 |
|  Starbucks Corp.<br>3.10%, 03/01/23 (Call 02/01/23)<sup>(a)</sup> |  | 3798 |  | 3776769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/23 (Call 07/01/23)<sup>(a)</sup>  |  | 4586 |  | 4532848 |
|  TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23) |  | 2676 |  | 2638188 |
|  Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)<sup>(a)</sup>  |  | 2435 |  | 2328323 |
|  Walmart Inc.<br>2.55%, 04/11/23 (Call 01/11/23)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122 |  | 7050780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/26/23 (Call 05/26/23)<sup>(a)</sup>  |  | 7600 |  | 7541404 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45407517 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
|  Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)<sup>(a)</sup> |  | 2050 |  | 2033354 |
|  Microchip Technology Inc.<br>2.67%, 09/01/23 |  | 5643 |  | 5500401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 06/01/23 (Call 05/01/23)<sup>(a)</sup>  |  | 4433 |  | 4404673 |
|  NVIDIA Corp., 0.31%, 06/15/23 (Call 12/01/22) |  | 2010 |  | 1954785 |
|  QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22) |  | 4377 |  | 4352357 |
|  Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22) |  | 2555 |  | 2480650 |
|  Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23) |  | 1099 |  | 1086274 |
|  |  |  |  | 21812494 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
|  Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22) |  | 1945 |  | 1872704 |
| **Software — 3.4%** |  |  |  |  |
|  Adobe Inc., 1.70%, 02/01/23 |  | 2567 |  | 2547927 |
|  Fidelity National Information Services Inc., 0.38%, 03/01/23 |  | 3080 |  | 3033769 |
|  Fiserv Inc., 3.80%, 10/01/23<br>(Call 09/01/23)<sup>(a)</sup>  |  | 6476 |  | 6381774 |
|  Intuit Inc., 0.65%, 07/15/23<sup>(a)</sup>  |  | 2892 |  | 2806570 |
|  Microsoft Corp.<br>2.00%, 08/08/23 (Call 06/08/23)<sup>(a)</sup>  |  | 6469 |  | 6348806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/01/23 (Call 02/01/23)<sup>(a)</sup>  |  | 3758 |  | 3718165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/23 (Call 09/15/23)<sup>(a)</sup>  |  | 8468 |  | 8387554 |
|  Oracle Corp.<br>2.40%, 09/15/23 (Call 07/15/23)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11993 |  | 11697493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/23 (Call 01/15/23) |  | 4330 |  | 4301985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/23<sup>(a)</sup>  |  | 4527 |  | 4478697 |
|  Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)<sup>(a)</sup> |  | 4188 |  | 4131672 |
|  salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23) |  | 5096 |  | 5063539 |
|  VMware Inc., 0.60%, 08/15/23 |  | 4958 |  | 4773463 |
|  |  |  |  | 67671414 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
|  British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)<sup>(a)</sup>  |  | 4698 |  | 4636691 |
|  Cisco Systems Inc.<br>2.20%, 09/20/23 (Call 07/20/23)<sup>(a)</sup>  |  | 4864 |  | 4755241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/28/23<sup>(a)</sup>  |  | 1692 |  | 1679716 |
|  Rogers Communications Inc.<br>3.00%, 03/15/23 (Call 12/15/22) |  | 1866 |  | 1850792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/23 (Call 07/01/23) |  | 4995 |  | 4931764 |
|  Vodafone Group PLC, 2.95%, 02/19/23<sup>(a)</sup>  |  | 510 |  | 506343 |
|  |  |  |  | 18360547 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
|  Burlington Northern Santa Fe LLC 3.00%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> |  | 2952 |  | 2930746 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/23 (Call 06/01/23)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | $4149057 |
|  Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)<sup>(a)</sup> | 772 | 770510 |
|  Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23) | 989 | 976984 |
|  Norfolk Southern Corp., 2.90%, 02/15/23 (Call 12/01/22) | 2596 | 2577776 |
|  Ryder System Inc.<br>3.40%, 03/01/23 (Call 02/01/23)<sup>(a)</sup> | 1702 | 1690767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/23 (Call 05/09/23)<sup>(a)</sup>  | 2026 | 2004383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) | 3138 | 3088765 |
|  Union Pacific Corp.<br>2.75%, 04/15/23 (Call 01/15/23)<sup>(a)</sup>  | 1625 | 1607092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/23 (Call 12/01/22)<sup>(a)</sup>  | 1103 | 1099525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/08/23 (Call 05/08/23)<sup>(a)</sup>  | 2263 | 2243742 |
|  United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)<sup>(a)</sup> | 4194 | 4151221 |
|  |  | 27290568 |
|  **Total Long-Term Investments — 95.9%<br>(Cost: $1,929,869,198)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1894685059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 18.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(b)(c)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;293062 | $293003583 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)</sup>  | 66380 | 66380000 |
|  **Total Short-Term Securities — 18.2%<br>(Cost: $359,404,717)** |  | 359383583 |
|  **Total Investments — 114.1%<br>(Cost: $2,289,273,915)** |  | 2254068642 |
|  **Liabilities in Excess of Other Assets — (14.1)%** | **Liabilities in Excess of Other Assets — (14.1)%** | (277721898) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;1976346744 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $63852862 | $229247570 <sup>(a)</sup> | $— | $(48478) | $(48371) | $293003583 | 293062 | $379129 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 45305000 | 21075000 <sup>(a)</sup> |  |  |  | 66380000 | 66380 | 316829 |  |
|  |  |  |  | $(48478) | $(48371) | $359383583 |  | $695958 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1894685059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1894685059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 359383583 |  |  | 359383583 |
|  | $359383583 | $1894685059 | $— | $2254068642 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 35

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Advertising — 0.4%** |  |  |
|  Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24) | $4224 | $4075569 |
|  WPP Finance 2010, 3.75%, 09/19/24 | 3477 | 3340458 |
|  |  | 7416027 |
| **Aerospace & Defense — 1.4%** |  |  |
|  Boeing Co. (The)<br>1.43%, 02/04/24 (Call 11/14/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10040190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24 | 3513 | 3350418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 (Call 02/01/24)<sup>(a)</sup>  | 1391 | 1337127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 (Call 07/30/24)<sup>(a)</sup>  | 1396 | 1317559 |
|  General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24) | 2965 | 2811176 |
|  L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24) | 1458 | 1425282 |
|  Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24) | 5005 | 4872568 |
|  Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 12/01/22) | 3185 | 2981701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28136021 |
| **Agriculture — 1.4%** |  |  |
|  Altria Group Inc.<br>3.80%, 02/14/24 (Call 01/14/24)<sup>(a)</sup>  | 1644 | 1608210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/24<sup>(a)</sup>  | 3420 | 3364562 |
|  BAT Capital Corp.<br>2.79%, 09/06/24 (Call 08/06/24) | 4309 | 4074720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 (Call 06/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10677 | 10198884 |
|  Philip Morris International Inc.<br>2.88%, 05/01/24 (Call 04/01/24) | 4771 | 4607402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24<sup>(a)</sup>  | 3481 | 3351611 |
|  |  | 27205389 |
| **Airlines — 0.1%** |  |  |
|  Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24 | 544 | 508595 |
|  Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25 | 20 | 19188 |
|  United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25 | 2082 | 1980284 |
|  |  | 2508067 |
| **Auto Manufacturers — 3.6%** |  |  |
|  American Honda Finance Corp.<br>0.55%, 07/12/24<sup>(a)</sup>  | 3622 | 3357594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 | 3675 | 3409922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 | 3117 | 2956817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 | 2313 | 2214004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 | 2453 | 2385224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24 | 2919 | 2866370 |
|  General Motors Financial Co. Inc.<br>1.05%, 03/08/24 | 3460 | 3245549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 3525 | 3220546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 (Call 09/07/24)<sup>(a)</sup>  | 3227 | 3077977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 (Call 02/13/24) | 4184 | 4070237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 (Call 12/17/23) | 5302 | 5254918 |
|  PACCAR Financial Corp.<br>0.35%, 02/02/24<sup>(a)</sup>  | 2073 | 1961203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/09/24 | 1435 | 1326557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 11/08/24 | 2365 | 2181996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24 | 1994 | 1893483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | 2365 | 2300980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  Toyota Motor Corp.<br>0.68%, 03/25/24 (Call 02/25/24)<sup>(a)</sup>  | $5105 | $4807736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24 | 1765 | 1692829 |
|  Toyota Motor Credit Corp.<br>0.45%, 01/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 3295 | 3065108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24 | 3920 | 3619062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 | 2022 | 1910527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24 | 1100 | 1063601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24<sup>(a)</sup>  | 3165 | 3072012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24<sup>(a)</sup>  | 1684 | 1655439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 | 605 | 599089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70336595 |
| **Auto Parts & Equipment — 0.3%** |  |  |
|  Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24) | 5044 | 4921834 |
| **Banks — 25.8%** |  |  |
|  Banco Santander SA<br>2.71%, 06/27/24 | 6850 | 6506746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 6910 | 6696965 |
|  Bank of America Corp.<br>4.00%, 04/01/24<sup>(a)</sup>  | 8695 | 8571966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24 | 9914 | 9799295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12330 | 12058863 |
|  Bank of Montreal<br>0.63%, 07/09/24<sup>(a)</sup>  | 5340 | 4935922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24<sup>(a)</sup>  | 759 | 727183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24<sup>(a)</sup>  | 4894 | 4673672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24<sup>(a)</sup>  | 8092 | 7895283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 | 1525 | 1493112 |
|  Bank of New York Mellon Corp. (The)<br>0.50%, 04/26/24 (Call 03/26/24) | 2275 | 2127808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 | 4722 | 4456246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | 2884 | 2795144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24)<sup>(a)</sup>  | 1504 | 1466325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 3.65%, 02/04/24<br>(Call 01/05/24)<sup>(a)</sup>  | 3033 | 2981560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 2835 | 2607888 |
|  Bank of Nova Scotia (The)<br>0.65%, 07/31/24 | 4245 | 3906758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 4920 | 4593952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 03/11/24 | 3353 | 3227732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | 5080 | 4963617 |
|  Barclays Bank PLC, 3.75%, 05/15/24<sup>(a)</sup>  | 3390 | 3305453 |
|  Barclays PLC, 4.38%, 09/11/24 | 5554 | 5278522 |
|  BNP Paribas SA, 4.25%, 10/15/24 | 4225 | 4069097 |
|  BPCE SA, 4.00%, 04/15/24 | 6682 | 6504058 |
|  Canadian Imperial Bank of Commerce<br>1.00%, 10/18/24<sup>(a)</sup>  | 3630 | 3332703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24<sup>(a)</sup>  | 5024 | 4869964 |
|  Citibank NA, 3.65%, 01/23/24<br>(Call 12/23/23)<sup>(a)</sup>  | 10341 | 10184437 |
|  Citigroup Inc.<br>3.75%, 06/16/24<sup>(a)</sup>  | 3411 | 3336879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24<sup>(a)</sup>  | 2746 | 2677487 |
|  Comerica Bank, 2.50%, 07/23/24 | 3145 | 2994292 |
|  Cooperatieve Rabobank UA/NY<br>0.38%, 01/12/24<sup>(a)</sup>  | 2310 | 2182627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/24 | 505 | 493683 |
|  Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/22) | 275 | 254568 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Credit Suisse AG/New York NY<br>0.50%, 02/02/24 | $5314 | $4852160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11163357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626823 |
|  Deutsche Bank AG/London, 3.70%, 05/30/24<sup>(a)</sup>  | 3158 | 3051860 |
|  Deutsche Bank AG/New York NY<br>0.90%, 05/28/24 | 5445 | 4997857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24<sup>(a)</sup>  | 2873 | 2748226 |
|  Discover Bank, 2.45%, 09/12/24 (Call 08/12/24) | 3569 | 3351469 |
|  Fifth Third Bancorp.<br>3.65%, 01/25/24 (Call 12/25/23) | 7851 | 7689505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 (Call 12/16/23) | 3590 | 3537550 |
|  Goldman Sachs Group Inc. (The)<br>3.00%, 03/15/24 | 8828 | 8536588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24)<sup>(a)</sup>  | 5978 | 5844870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24)<sup>(a)</sup>  | 8291 | 8103706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | 11864 | 11648075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24 | 2000 | 1999760 |
|  HSBC Holdings PLC, 4.25%, 03/14/24<sup>(a)</sup>  | 8478 | 8202211 |
|  HSBC USA Inc.<br>3.50%, 06/23/24<sup>(a)</sup>  | 3235 | 3117796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24 | 4485 | 4356191 |
|  Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24) | 4465 | 4265147 |
|  ING Groep NV, 3.55%, 04/09/24<sup>(a)</sup>  | 5607 | 5444061 |
|  Intesa Sanpaolo SpA, 5.25%, 01/12/24 | 1360 | 1339437 |
|  JPMorgan Chase & Co.<br>3.63%, 05/13/24<sup>(a)</sup>  | 8317 | 8151741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24<sup>(a)</sup>  | 6524 | 6443102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 12432 | 12111006 |
|  Lloyds Banking Group PLC<br>3.90%, 03/12/24 | 5507 | 5363488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24<sup>(a)</sup>  | 4262 | 4106096 |
|  M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24)<sup>(a)</sup>  | 1709 | 1674547 |
|  Mitsubishi UFJ Financial Group Inc.<br>2.80%, 07/18/24<sup>(a)</sup>  | 4759 | 4533273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 7176 | 6978445 |
|  Morgan Stanley<br>3.70%, 10/23/24<sup>(a)</sup>  | 13302 | 12897619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24<sup>(a)</sup>  | 13567 | 13292811 |
|  National Bank of Canada, 0.75%, 08/06/24 | 3160 | 2903819 |
|  NatWest Group PLC, 5.13%, 05/28/24<sup>(a)</sup>  | 3765 | 3679045 |
|  PNC Bank NA<br>3.30%, 10/30/24 (Call 09/30/24) | 1384 | 1330813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24) | 2647 | 2522512 |
|  PNC Financial Services Group Inc. (The)<br>2.20%, 11/01/24 (Call 10/02/24) | 2923 | 2755921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24<sup>(a)</sup>  | 5761 | 5657705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 3223 | 3154060 |
|  Royal Bank of Canada<br>0.43%, 01/19/24<sup>(a)</sup>  | 2716 | 2562655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 3730 | 3442976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24<sup>(a)</sup>  | 3955 | 3619695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | 6313 | 5937945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24<sup>(a)</sup>  | 5439 | 5189132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24<sup>(a)</sup>  | 6435 | 6288089 |
|  Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24) | 5043 | 4835077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Santander UK PLC<br>2.88%, 06/18/24<sup>(a)</sup>  | $1365 | $1307888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/13/24<sup>(a)</sup>  | 5715 | 5597785 |
|  Sumitomo Mitsui Banking Corp.<br>3.40%, 07/11/24<sup>(a)</sup>  | 932 | 904226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964220 |
|  Sumitomo Mitsui Financial Group Inc.<br>0.51%, 01/12/24 | 1850 | 1742774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24<sup>(a)</sup>  | 4353 | 4099133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24<sup>(a)</sup>  | 8342 | 7942668 |
|  Toronto-Dominion Bank (The)<br>0.55%, 03/04/24 | 3295 | 3089458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24 | 3755 | 3443297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 3020 | 2772692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 3545 | 3408269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24 | 6272 | 6014284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 5055 | 4919172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 2030 | 1989116 |
|  Truist Bank<br>2.15%, 12/06/24 | 4808 | 4500721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 5416 | 5258340 |
|  Truist Financial Corp.<br>2.50%, 08/01/24 (Call 07/01/24) | 4295 | 4095583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 3793 | 3618750 |
|  U.S. Bancorp.<br>2.40%, 07/30/24<sup>(a)</sup>  | 5612 | 5363725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 5695 | 5578993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24)<sup>(a)</sup>  | 4291 | 4176001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 (Call 12/29/23)<sup>(a)</sup>  | 2726 | 2684292 |
|  Wells Fargo & Co.<br>3.30%, 09/09/24<sup>(a)</sup>  | 9581 | 9258408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 (Call 12/22/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12982 | 12766239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24<sup>(a)</sup>  | 3000 | 2972100 |
|  Westpac Banking Corp.<br>1.02%, 11/18/24 | 5140 | 4740828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24<sup>(a)</sup>  | 6258 | 6138535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503625525 |
| **Beverages — 1.0%** |  |  |
|  Coca-Cola Co. (The), 1.75%, 09/06/24 | 3368 | 3207043 |
|  Constellation Brands Inc.<br>3.60%, 05/09/24<sup>(a)</sup>  | 2760 | 2702758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24<sup>(a)</sup>  | 2131 | 2112354 |
|  Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)<sup>(a)</sup>  | 2262 | 2136142 |
|  Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 12/01/22) | 4645 | 4376240 |
|  PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23) | 4847 | 4785492 |
|  |  | 19320029 |
| **Biotechnology — 0.6%** |  |  |
|  Amgen Inc., 3.63%, 05/22/24<br>(Call 02/22/24)<sup>(a)</sup>  | 5946 | 5827080 |
|  Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)<sup>(a)</sup>  | 6961 | 6835632 |
|  |  | 12662712 |
| **Building Materials — 0.3%** |  |  |
|  Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)<sup>(b)</sup>  | 2290 | 2225811 |
|  Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)<sup>(a)</sup> | 1801 | 1773337 |
|  Owens Corning, 4.20%, 12/01/24 (Call 09/01/24) | 2119 | 2065538 |
|  |  | 6064686 |
| **Chemicals — 1.1%** |  |  |
|  Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)<sup>(a)</sup>  | 1440 | 1404418 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Celanese U.S. Holdings LLC<br>3.50%, 05/08/24 (Call 04/08/24)<sup>(a)</sup>  | $2285 | $2189418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 | 7705 | 7571858 |
|  FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)<sup>(a)</sup>  | 1732 | 1701846 |
|  LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24) | 2900 | 2907511 |
|  PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24) | 1060 | 1009003 |
|  Sherwin-Williams Co. (The)<br>3.13%, 06/01/24 (Call 04/01/24) | 3123 | 3024469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/08/24 | 1025 | 1005956 |
|  Westlake Corp., 0.88%, 08/15/24 (Call 12/01/22) | 1205 | 1119939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21934418 |
| **Commercial Services — 0.9%** |  |  |
|  Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)<sup>(a)</sup>  | 3407 | 3216515 |
|  Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24) | 965 | 883969 |
|  J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 10/01/23) | 2065 | 1961110 |
|  Moody's Corp., 4.88%, 02/15/24 (Call 11/15/23)<sup>(a)</sup>  | 3912 | 3893614 |
|  PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24) | 6578 | 6264492 |
|  Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/22) | 1965 | 1785969 |
|  |  | 18005669 |
| **Computers — 3.0%** |  |  |
|  Apple Inc.<br>1.80%, 09/11/24 (Call 08/11/24) | 2927 | 2779157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 6465 | 6289023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23) | 5445 | 5334194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 9176 | 9011291 |
|  Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24) | 5307 | 5179207 |
|  Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24) | 2317 | 2206410 |
|  Hewlett Packard Enterprise Co., 1.45%, 04/01/24 (Call 03/01/24)<sup>(a)</sup>  | 5757 | 5449403 |
|  International Business Machines Corp.<br>3.00%, 05/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11731 | 11385287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 | 8175 | 8034554 |
|  NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24) | 2545 | 2456689 |
|  |  | 58125215 |
| **Cosmetics & Personal Care — 0.8%** |  |  |
|  Colgate-Palmolive Co., 3.25%, 03/15/24<sup>(a)</sup>  | 1477 | 1452009 |
|  Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)<sup>(a)</sup>  | 2126 | 2012876 |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 | 2690 | 2595327 |
|  Unilever Capital Corp.<br>0.63%, 08/12/24 (Call 12/01/22) | 2075 | 1928713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24)<sup>(a)</sup>  | 4504 | 4354647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 (Call 02/07/24) | 2414 | 2364875 |
|  |  | 14708447 |
| **Diversified Financial Services — 7.1%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.65%, 10/29/24 (Call 09/29/24)<sup>(a)</sup>  | 12120 | 11016838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 (Call 07/14/24)<sup>(a)</sup>  | 2751 | 2574166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 (Call 01/15/24) | 4075 | 3906621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 (Call 12/16/23) | 3603 | 3536381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22) | 4479 | 4059810 |
|  Affiliated Managers Group Inc., 4.25%, 02/15/24<sup>(a)</sup>  | 975 | 963602 |
|  Air Lease Corp.<br>0.70%, 02/15/24 (Call 01/15/24) | 2882 | 2689281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/24 (Call 07/18/24)<sup>(a)</sup>  | 1400 | 1271900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 (Call 01/01/24) | 3661 | 3579067 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 06/15/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | $2864806 |
|  Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | 2456963 |
|  Ally Financial Inc.<br>3.88%, 05/21/24 (Call 04/21/24) | 4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24 | 3058 | 3014057 |
|  American Express Co.<br>2.50%, 07/30/24<sup>(a)</sup>  | 7317 | 6955760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24)<sup>(a)</sup>  | 6770 | 6469006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 4975 | 4825551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) | 6050 | 5901291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) | 2541 | 2456410 |
|  Ameriprise Financial Inc., 3.70%, 10/15/24 | 3072 | 2982420 |
|  BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24) | 1745 | 1655621 |
|  Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24) | 4517 | 4424401 |
|  Capital One Financial Corp.<br>3.30%, 10/30/24 (Call 09/30/24)<sup>(a)</sup> | 7095 | 6762457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 (Call 03/24/24)<sup>(a)</sup>  | 3417 | 3325595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23)<sup>(a)</sup>  | 5539 | 5430159 |
|  Charles Schwab Corp. (The)<br>0.75%, 03/18/24 (Call 02/18/24) | 6095 | 5750998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | 2651 | 2603017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 03/02/24) | 2225 | 2186975 |
|  Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 12/07/22) | 1533 | 1430243 |
|  Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24) | 2462 | 2373565 |
|  Invesco Finance PLC, 4.00%, 01/30/24 | 3039 | 2984116 |
|  Mastercard Inc., 3.38%, 04/01/24<sup>(a)</sup>  | 5821 | 5711798 |
|  ORIX Corp.<br>3.25%, 12/04/24<sup>(a)</sup>  | 2715 | 2596083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24<sup>(a)</sup>  | 1682 | 1657005 |
|  Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)<sup>(a)</sup>  | 2240 | 2132570 |
|  Stifel Financial Corp., 4.25%, 07/18/24<sup>(a)</sup>  | 2588 | 2529252 |
|  Synchrony Financial<br>4.25%, 08/15/24 (Call 05/15/24)<sup>(a)</sup>  | 4953 | 4782221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 (Call 02/19/24)<sup>(a)</sup>  | 4155 | 4062260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137836874 |
| **Electric — 6.0%** |  |  |
|  Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24) | 2583 | 2446385 |
|  American Electric Power Co. Inc., 2.03%, 03/15/24 | 3850 | 3674363 |
|  Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24) | 3097 | 2945557 |
|  Black Hills Corp., 1.04%, 08/23/24 (Call 11/16/22)<sup>(a)</sup>  | 2650 | 2450614 |
|  CenterPoint Energy Inc., 2.50%, 09/01/24 (Call 08/01/24) | 2372 | 2245833 |
|  Dominion Energy Inc., 3.07%, 08/15/24<sup>(b)</sup>  | 3509 | 3347726 |
|  DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23) | 2512 | 2464121 |
|  DTE Energy Co.<br>4.22%, 01/11/24<sup>(b)</sup>  | 2990 | 2919585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.53%, 10/01/24<sup>(b)</sup>  | 2696 | 2553355 |
|  Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)<sup>(a)</sup>  | 4601 | 4514455 |
|  Edison International, 3.55%, 11/15/24 (Call 10/15/24)<sup>(a)</sup>  | 2607 | 2500269 |
|  Emera U.S. Finance LP, 0.83%, 06/15/24 | 1850 | 1703850 |
|  Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24) | 1264 | 1230453 |
|  Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24) | 1315 | 1290291 |
|  Entergy Louisiana LLC<br>0.95%, 10/01/24 (Call 12/01/22) | 4200 | 3875340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/24 | 1300 | 1304836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 10/01/24<sup>(a)</sup>  | 770 | 774658 |
|  Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24) | 4237 | 3991890 |
|  Eversource Energy<br>4.20%, 06/27/24 | 3660 | 3592766 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 2.90%, 10/01/24 (Call 08/01/24) | $2585 | $2469140 |
|  Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305893 |
|  Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)<sup>(a)</sup> | 2480 | 2336929 |
|  Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24) | 2305 | 2210518 |
|  IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24) | 2164 | 2064348 |
|  ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24) | 2258 | 2189831 |
|  MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)<sup>(a)</sup>  | 3110 | 3019095 |
|  National Rural Utilities Cooperative Finance Corp.<br>0.35%, 02/08/24 | 1455 | 1370872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 (Call 12/07/23) | 2464 | 2401094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 1.00%, 10/18/24 | 2154 | 1982391 |
|  NextEra Energy Capital Holdings Inc.<br>2.94%, 03/21/24 (Call 12/01/22) | 4270 | 4137118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24 | 2150 | 2115363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 3879 | 3801071 |
|  Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24) | 2316 | 2232531 |
|  Pacific Gas and Electric Co.<br>3.25%, 02/16/24 (Call 02/16/23)<sup>(a)</sup> | 3535 | 3416012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/24 (Call 05/15/24) | 706 | 668413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 1815 | 1760568 |
|  PacifiCorp, 3.60%, 04/01/24<br>(Call 01/01/24)<sup>(a)</sup>  | 1054 | 1033879 |
|  Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23) | 1625 | 1592809 |
|  Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)<sup>(a)</sup>  | 3905 | 3752549 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 (Call 04/01/23)<sup>(a)</sup> | 2874 | 2705037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 0.98%, 08/01/24 | 2015 | 1868570 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/24<sup>(b)</sup>  | 2485 | 2438829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) | 2905 | 2736278 |
|  Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)<sup>(a)</sup>  | 1655 | 1608892 |
|  Tampa Electric Co., 3.88%, 07/12/24 | 1785 | 1738858 |
|  Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24) | 1902 | 1853176 |
|  Virginia Electric & Power Co., 3.45%, 02/15/24 (Call 11/15/23)<sup>(a)</sup> | 1447 | 1414905 |
|  WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)<sup>(a)</sup> | 3135 | 2947402 |
|  Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24) | 1701 | 1601151 |
|  |  | 117599869 |
| **Electronics — 1.0%** |  |  |
|  Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)<sup>(a)</sup> | 2294 | 2188522 |
|  Amphenol Corp., 3.20%, 04/01/24<br>(Call 02/01/24)<sup>(a)</sup> | 1910 | 1856959 |
|  Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24) | 2452 | 2341071 |
|  Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)<sup>(a)</sup>  | 4823 | 4618842 |
|  Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24) | 2107 | 2063322 |
|  TD SYNNEX Corp., 1.25%, 08/09/24 (Call 11/14/22) | 2990 | 2749335 |
|  Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24) | 1883 | 1850481 |
|  Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)<sup>(a)</sup>  | 898 | 872102 |
|  |  | 18540634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Entertainment — 0.4%** |  |  |
|  Magallanes Inc.<br>3.43%, 03/15/24<sup>(c)</sup>  | $6485 | $6257765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/15/24 (Call 03/15/23)<sup>(a)(c)</sup>  | 1345 | 1297710 |
|  |  | 7555475 |
| **Environmental Control — 0.2%** |  |  |
|  Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)<sup>(a)</sup>  | 4869 | 4637284 |
| **Food — 1.2%** |  |  |
|  Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)<sup>(a)</sup>  | 5358 | 5268521 |
|  General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23)<sup>(a)</sup>  | 2361 | 2327852 |
|  Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)<sup>(a)</sup>  | 1108 | 1048933 |
|  Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22)<sup>(a)</sup>  | 1780 | 1662805 |
|  Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23) | 2357 | 2322069 |
|  McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24) | 3889 | 3743124 |
|  Mondelez International Inc., 2.13%, 03/17/24 | 2505 | 2402821 |
|  Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)<sup>(a)</sup>  | 4878 | 4761513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23537638 |
| **Forest Products & Paper — 0.2%** |  |  |
|  Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | 1164261 |
|  Georgia-Pacific LLC, 8.00%, 01/15/24 | 2995 | 3093206 |
|  |  | 4257467 |
| **Gas — 0.5%** |  |  |
|  Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 (Call 09/15/24) | 509 | 491511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 11/15/24 (Call 10/15/24) | 3463 | 3276067 |
|  ONE Gas Inc. 1.10%, 03/11/24<br>(Call 11/16/22)<sup>(a)</sup>  | 2632 | 2490293 |
|  3.61%, 02/01/24 (Call 11/01/23) | 770 | 754516 |
|  Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24) | 2050 | 1977717 |
|  |  | 8990104 |
| **Health Care - Products — 1.5%** |  |  |
|  Baxter International Inc., 1.32%, 11/29/24<sup>(a)</sup>  | 5678 | 5225861 |
|  Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)<sup>(a)</sup>  | 2577 | 2521491 |
|  DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24) | 3581 | 3380070 |
|  PerkinElmer Inc., 0.85%, 09/15/24 (Call 12/01/22)<sup>(a)</sup>  | 640 | 591053 |
|  Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24) | 3051 | 2971003 |
|  Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 12/01/22)<sup>(a)</sup> | 10405 | 9687783 |
|  Zimmer Biomet Holdings Inc., 1.45%, 11/22/24<sup>(a)</sup>  | 4575 | 4220163 |
|  |  | 28597424 |
| **Health Care - Services — 2.2%** |  |  |
|  Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 4168 | 4027914 |
|  CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24) | 2018 | 1917261 |
|  Elevance Health Inc.<br>3.35%, 12/01/24 (Call 10/01/24)<sup>(a)</sup>  | 4224 | 4066740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 (Call 05/15/24) | 3712 | 3607062 |
|  HCA Inc., 5.00%, 03/15/24<sup>(a)</sup>  | 8432 | 8360075 |
|  Humana Inc., 3.85%, 10/01/24<br>(Call 07/01/24)<sup>(a)</sup>  | 3281 | 3197827 |
|  Laboratory Corp. of America Holdings<br>2.30%, 12/01/24 (Call 11/01/24)<sup>(a)</sup>  | 2493 | 2340030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 (Call 07/01/24)<sup>(a)</sup>  | 2901 | 2793054 |
|  Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24) | 1173 | 1156871 |
|  UnitedHealth Group Inc.<br>0.55%, 05/15/24 (Call 11/14/22) | 420 | 393023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 3849 | 3681915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24 | 3889 | 3825337 |

---

S C H E D U L E O F I N V E S T M E N T S 39

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | $4065 | $4066504 |
|  |  | 43433613 |
| **Holding Companies - Diversified — 1.0%** |  |  |
|  Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4441 | 4270910 |
|  Blackstone Private Credit Fund<br>1.75%, 09/15/24<sup>(a)</sup>  | 2460 | 2247530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/24 | 1120 | 1025281 |
|  FS KKR Capital Corp.<br>1.65%, 10/12/24 | 2230 | 2022075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 06/15/24) | 2173 | 2089731 |
|  Golub Capital BDC Inc., 3.38%, 04/15/24 (Call 03/15/24)<sup>(a)</sup>  | 2760 | 2626223 |
|  Main Street Capital Corp., 5.20%, 05/01/24 | 2625 | 2555700 |
|  Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)<sup>(a)</sup>  | 1950 | 1914295 |
|  Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)<sup>(a)</sup>  | 1530 | 1452245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20203990 |
| **Home Builders — 0.4%** |  |  |
|  DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24) | 3229 | 3044107 |
|  Lennar Corp.<br>4.50%, 04/30/24 | 3367 | 3312825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 (Call 05/15/24) | 2405 | 2407814 |
|  |  | 8764746 |
| **Home Furnishings — 0.1%** |  |  |
|  Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 350 | 337936 |
|  Whirlpool Corp., 4.00%, 03/01/24<sup>(a)</sup>  | 1210 | 1188994 |
|  |  | 1526930 |
| **Household Products & Wares — 0.1%** |  |  |
|  Avery Dennison Corp., 0.85%, 08/15/24 (Call 12/01/22) | 1340 | 1239889 |
| **Insurance — 1.5%** |  |  |
|  American International Group Inc., 4.13%, 02/15/24 | 2649 | 2613159 |
|  Aon Global Ltd., 3.50%, 06/14/24 | 3321 | 3230636 |
|  Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24<sup>(a)</sup>  | 1519 | 1510843 |
|  Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24) | 2315 | 2257171 |
|  Chubb INA Holdings Inc., 3.35%, 05/15/24 | 1760 | 1711424 |
|  CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)<sup>(a)</sup>  | 2643 | 2580731 |
|  First American Financial Corp., 4.60%, 11/15/24 | 345 | 334571 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24)<sup>(a)</sup>  | 2693 | 2618000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | 4489 | 4409679 |
|  MetLife Inc., 3.60%, 04/10/24<sup>(a)</sup>  | 5069 | 4957279 |
|  Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24) | 1181 | 1169025 |
|  Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)<sup>(a)</sup>  | 2842 | 2750033 |
|  |  | 30142551 |
| **Internet — 2.3%** |  |  |
|  Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)<sup>(a)</sup>  | 7607 | 7215316 |
|  Alphabet Inc., 3.38%, 02/25/24<sup>(a)</sup>  | 4225 | 4162597 |
|  Amazon.com Inc.<br>0.45%, 05/12/24 | 8310 | 7791622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24 | 5225 | 5087426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24)<sup>(a)</sup>  | 7895 | 7633912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24)<sup>(a)</sup>  | 5093 | 5006775 |
|  Baidu Inc., 4.38%, 05/14/24<br>(Call 04/14/24)<sup>(a)</sup>  | 2545 | 2487279 |
|  eBay Inc., 3.45%, 08/01/24<br>(Call 05/01/24)<sup>(a)</sup>  | 4115 | 4001220 |
|  Weibo Corp., 3.50%, 07/05/24<br>(Call 06/05/24)<sup>(a)</sup>  | 2483 | 2338465 |
|  |  | 45724612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Iron & Steel — 0.1%** |  |  |
|  Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24) | $2379 | $2256077 |
| **Leisure Time — 0.1%** |  |  |
|  Brunswick Corp., 0.85%, 08/18/24 (Call 12/01/22) | 2075 | 1899455 |
| **Lodging — 0.4%** |  |  |
|  Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 12/01/22) | 3525 | 3290693 |
|  Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626 | 3543037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833730 |
| **Machinery — 2.2%** |  |  |
|  Caterpillar Financial Services Corp.<br>0.45%, 05/17/24<sup>(a)</sup>  | 2545 | 2376699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24<sup>(a)</sup>  | 2650 | 2448997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 1927 | 1840439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 4071 | 3859023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 1844 | 1788846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24<sup>(a)</sup>  | 2486 | 2407716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24 | 1524 | 1486403 |
|  Caterpillar Inc., 3.40%, 05/15/24<br>(Call 02/15/24)<sup>(a)</sup>  | 3629 | 3549053 |
|  CNH Industrial Capital LLC, 4.20%, 01/15/24 | 2511 | 2471176 |
|  John Deere Capital Corp.<br>0.45%, 01/17/24<sup>(a)</sup>  | 3140 | 2982592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 2230 | 2080701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 1990 | 1843815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/10/24 | 205 | 195834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24 | 2605 | 2528700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24<sup>(a)</sup>  | 2610 | 2518493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24 | 2380 | 2324475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/24 | 1292 | 1272052 |
|  Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24) | 4318 | 4234576 |
|  |  | 42209590 |
| **Manufacturing — 1.3%** |  |  |
|  3M Co., 3.25%, 02/14/24 (Call 01/14/24)<sup>(a)</sup>  | 5362 | 5246610 |
|  Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24) | 2290 | 2194049 |
|  Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23) | 3748 | 3683909 |
|  Parker-Hannifin Corp.<br>2.70%, 06/14/24 (Call 05/14/24)<sup>(a)</sup>  | 3032 | 2905262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/21/24 (Call 08/21/24) | 1816 | 1751877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24<sup>(a)</sup>  | 5920 | 5760101 |
|  Textron Inc., 4.30%, 03/01/24 (Call 12/01/23) | 1871 | 1846864 |
|  Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)<sup>(a)</sup>  | 2304 | 2223844 |
|  |  | 25612516 |
| **Media — 1.9%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24) | 5841 | 5750932 |
|  Comcast Corp., 3.70%, 04/15/24 (Call 03/15/24) | 11106 | 10899873 |
|  Discovery Communications LLC<br>3.80%, 03/13/24 (Call 01/13/24) | 1724 | 1675866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 2251 | 2158574 |
|  Fox Corp., 4.03%, 01/25/24 (Call 12/25/23) | 6079 | 5974684 |
|  Walt Disney Co. (The)<br>1.75%, 08/30/24 (Call 07/30/24) | 6707 | 6338048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 3736 | 3647980 |
|  |  | 36445957 |
| **Metal Fabricate & Hardware — 0.0%** |  |  |
|  Timken Co. (The), 3.88%, 09/01/24<br>(Call 06/01/24)<sup>(a)</sup>  | 821 | 797897 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mining — 0.3%** |  |  |
|  Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24) | $2861 | $2811218 |
|  Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23) | 3511 | 3510930 |
|  |  | 6322148 |
| **Office & Business Equipment — 0.1%** |  |  |
|  CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24) | 2480 | 2453489 |
| **Oil & Gas — 2.6%** |  |  |
|  Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)<sup>(a)</sup>  | 2606 | 2544029 |
|  Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24) | 5433 | 5306900 |
|  Chevron USA Inc., 3.90%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 3682 | 3615614 |
|  ConocoPhillips Co.<br>2.13%, 03/08/24 (Call 12/01/22) | 1385 | 1333727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 600 | 583758 |
|  Continental Resources Inc./OK, 3.80%, 06/01/24 (Call 03/01/24)<sup>(a)</sup>  | 4665 | 4503638 |
|  Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24) | 2287 | 2285216 |
|  Exxon Mobil Corp.<br>2.02%, 08/16/24 (Call 07/16/24)<sup>(a)</sup>  | 5368 | 5115704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23)<sup>(a)</sup>  | 3743 | 3666044 |
|  Hess Corp., 3.50%, 07/15/24 (Call 04/15/24) | 1306 | 1259441 |
|  Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24) | 3671 | 3547030 |
|  Phillips 66, 0.90%, 02/15/24<br>(Call 12/01/22)<sup>(a)</sup>  | 1880 | 1780059 |
|  Phillips 66 Co., 2.45%, 12/15/24 (Call 11/15/24)<sup>(c)</sup>  | 992 | 927451 |
|  Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)<sup>(a)</sup>  | 5125 | 4860345 |
|  TotalEnergies Capital International SA<br>3.70%, 01/15/24 | 4587 | 4514204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24<sup>(a)</sup>  | 5789 | 5705928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51549088 |
| **Packaging & Containers — 0.4%** |  |  |
|  Berry Global Inc., 0.95%, 02/15/24 (Call 01/15/24) | 3644 | 3430607 |
|  Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24) | 1701 | 1646993 |
|  WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)<sup>(a)</sup>  | 2949 | 2803939 |
|  |  | 7881539 |
| **Pharmaceuticals — 5.0%** |  |  |
|  AbbVie Inc.<br>2.60%, 11/21/24 (Call 10/21/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173 | 14424212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 (Call 03/15/24) | 4409 | 4318792 |
|  AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24) | 2228 | 2167666 |
|  Astrazeneca Finance LLC, 0.70%, 05/28/24 (Call 12/01/22) | 6884 | 6431102 |
|  Becton Dickinson and Co.<br>3.36%, 06/06/24 (Call 04/06/24) | 4800 | 4659456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 (Call 09/15/24) | 3434 | 3335788 |
|  Bristol-Myers Squibb Co.<br>2.90%, 07/26/24 (Call 06/26/24) | 10544 | 10202691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 (Call 02/15/24)<sup>(a)</sup>  | 1950 | 1913262 |
|  Cardinal Health Inc.<br>3.08%, 06/15/24 (Call 04/15/24) | 3899 | 3752982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 1832 | 1763556 |
|  Cigna Corp.<br>0.61%, 03/15/24 (Call 12/01/22)<sup>(a)</sup>  | 2665 | 2508911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 (Call 03/17/24) | 3594 | 3500736 |
|  CVS Health Corp.<br>2.63%, 08/15/24 (Call 07/15/24) | 4866 | 4660655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 (Call 05/12/24) | 3395 | 3296885 |
|  GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)<sup>(a)</sup>  | 5032 | 4885317 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 | $4257779 |
|  Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)<sup>(a)</sup>  | 4126 | 4021818 |
|  Novartis Capital Corp., 3.40%, 05/06/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8987 | 8813191 |
|  Pfizer Inc.<br>2.95%, 03/15/24 (Call 02/15/24)<sup>(a)</sup>  | 2948 | 2879518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24<sup>(a)</sup>  | 3977 | 3895193 |
|  Wyeth LLC, 6.45%, 02/01/24 | 2261 | 2300138 |
|  |  | 97989648 |
| **Pipelines — 3.7%** |  |  |
|  Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24) | 2559 | 2517826 |
|  Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24) | 5925 | 5999655 |
|  Enbridge Inc.<br>2.15%, 02/16/24 | 1490 | 1432218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 (Call 03/10/24) | 2621 | 2540955 |
|  Energy Transfer LP<br>3.90%, 05/15/24 (Call 02/15/24) | 1999 | 1940889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24)<sup>(a)</sup>  | 2085 | 2034710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 (Call 03/15/24) | 2617 | 2570967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 (Call 11/01/23) | 1504 | 1488223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 (Call 10/15/23) | 3836 | 3842866 |
|  Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 11/15/23) | 5062 | 4967999 |
|  Kinder Morgan Energy Partners LP<br>4.15%, 02/01/24 (Call 11/01/23) | 2789 | 2741977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 (Call 06/01/24) | 2782 | 2718654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24) | 2616 | 2568650 |
|  MPLX LP, 4.88%, 12/01/24 (Call 09/01/24) | 5276 | 5190687 |
|  ONEOK Inc., 2.75%, 09/01/24<br>(Call 08/01/24)<sup>(a)</sup>  | 2628 | 2494681 |
|  Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)<sup>(a)</sup>  | 3235 | 3097707 |
|  Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24) | 8615 | 8606557 |
|  Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)<sup>(a)</sup>  | 4023 | 3987839 |
|  TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24) | 2280 | 2093884 |
|  Williams Companies Inc. (The)<br>4.30%, 03/04/24 (Call 12/04/23) | 5394 | 5311364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 (Call 03/24/24) | 5025 | 4942992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73091300 |
| **Real Estate Investment Trusts — 3.6%** |  |  |
|  American Tower Corp.<br>0.60%, 01/15/24 | 2007 | 1897237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) | 2950 | 2858875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24<sup>(a)</sup>  | 4492 | 4469001 |
|  AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)<sup>(a)</sup>  | 1462 | 1412687 |
|  Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23) | 3366 | 3280335 |
|  Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)<sup>(a)</sup>  | 909 | 869104 |
|  Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24) | 2160 | 2082586 |
|  Crown Castle Inc., 3.20%, 09/01/24 (Call 07/01/24)<sup>(a)</sup>  | 4434 | 4272115 |
|  Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24) | 4915 | 4628947 |
|  Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24) | 1325 | 1291809 |
|  Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)<sup>(a)</sup>  | 1735 | 1702313 |
|  GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24<sup>(a)</sup>  | 2245 | 2103834 |
|  Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24) | 2549 | 2470924 |
|  Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)<sup>(a)</sup>  | 1741 | 1645210 |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | $1491548 |
|  Mid-America Apartments LP, 3.75%, 06/15/24 | 1020 | 992980 |
|  National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24) | 1878 | 1829510 |
|  Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)<sup>(a)</sup>  | 1717 | 1566951 |
|  Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)<sup>(a)</sup>  | 1550 | 1525743 |
|  Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)<sup>(a)</sup>  | 1326 | 1300461 |
|  Realty Income Corp.<br>3.88%, 07/15/24 (Call 04/15/24) | 1910 | 1867732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 (Call 11/06/23)<sup>(a)</sup>  | 2972 | 2950899 |
|  Simon Property Group LP<br>2.00%, 09/13/24 (Call 06/13/24)<sup>(a)</sup>  | 4350 | 4088521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24)<sup>(a)</sup>  | 3873 | 3727762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 2638 | 2589223 |
|  Ventas Realty LP<br>3.50%, 04/15/24 (Call 03/15/24) | 1965 | 1906875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 02/01/24) | 1740 | 1690967 |
|  Welltower Inc.<br>3.63%, 03/15/24 (Call 02/15/24) | 4451 | 4326105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 (Call 10/15/23)<sup>(a)</sup>  | 1581 | 1561775 |
|  WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)<sup>(a)</sup>  | 2127 | 2093861 |
|  |  | 70495890 |
| **Retail — 2.2%** |  |  |
|  AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24) | 2389 | 2295017 |
|  AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24) | 2489 | 2410646 |
|  Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)<sup>(a)</sup>  | 4927 | 4785743 |
|  Dollar General Corp., 4.25%, 09/20/24<sup>(a)</sup>  | 1385 | 1360984 |
|  Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23) | 6271 | 6202333 |
|  Lowe's Companies Inc., 3.13%, 09/15/24 (Call 06/15/24) | 2805 | 2708031 |
|  McDonald's Corp., 3.25%, 06/10/24<sup>(a)</sup>  | 3875 | 3773320 |
|  Target Corp., 3.50%, 07/01/24<sup>(a)</sup>  | 6196 | 6063901 |
|  Walmart Inc.<br>2.65%, 12/15/24 (Call 10/15/24)<sup>(a)</sup>  | 2365 | 2270849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 (Call 06/08/24)<sup>(a)</sup>  | 6095 | 5914649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24)<sup>(a)</sup>  | 6027 | 5905014 |
|  |  | 43690487 |
| **Semiconductors — 2.4%** |  |  |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23) | 5232 | 5125006 |
|  Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)<sup>(a)</sup>  | 2397 | 2317947 |
|  Intel Corp.<br>2.70%, 06/17/24 (Call 04/17/24)<sup>(a)</sup>  | 90 | 86856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 6424 | 6232629 |
|  KLA Corp., 4.65%, 11/01/24<br>(Call 08/01/24)<sup>(a)</sup>  | 2085 | 2075055 |
|  Microchip Technology Inc.<br>0.97%, 02/15/24 | 6755 | 6356995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24 | 3630 | 3331469 |
|  NVIDIA Corp., 0.58%, 06/14/24 (Call 06/14/23) | 3120 | 2910835 |
|  NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)<sup>(a)</sup>  | 5163 | 5104606 |
|  Qorvo Inc., 1.75%, 12/15/24<br>(Call 12/15/22)<sup>(a)(c)</sup>  | 2720 | 2493152 |
|  QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)<sup>(a)</sup>  | 4578 | 4437822 |
|  Texas Instruments Inc., 2.63%, 05/15/24 (Call 03/15/24) | 2410 | 2330856 |
|  Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24) | 4572 | 4426427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47229655 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Software — 2.7%** |  |  |
|  Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)<sup>(a)</sup>  | $915 | $900360 |
|  Fidelity National Information Services Inc., 0.60%, 03/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | 4050495 |
|  Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24) | 8147 | 7792605 |
|  Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)<sup>(a)</sup>  | 8287 | 8107752 |
|  Oracle Corp.<br>2.95%, 11/15/24 (Call 09/15/24)<sup>(a)</sup>  | 8003 | 7639504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24)<sup>(a)</sup>  | 8336 | 8086504 |
|  Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24) | 2963 | 2813072 |
|  salesforce.com Inc., 0.63%, 07/15/24 (Call 12/01/22) | 4750 | 4424198 |
|  Take-Two Interactive Software Inc., 3.30%, 03/28/24 | 4180 | 4058278 |
|  VMware Inc., 1.00%, 08/15/24 (Call 12/01/22) | 5530 | 5101867 |
|  |  | 52974635 |
| **Telecommunications — 1.4%** |  |  |
|  AT&T Inc., 0.90%, 03/25/24 (Call 11/14/22) | 6957 | 6571860 |
|  Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24 | 3225 | 3037466 |
|  Cisco Systems Inc., 3.63%, 03/04/24 | 5009 | 4933815 |
|  Motorola Solutions Inc., 4.00%, 09/01/24<sup>(a)</sup>  | 307 | 299389 |
|  Verizon Communications Inc.<br>0.75%, 03/22/24<sup>(a)</sup>  | 4750 | 4485520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 (Call 08/01/24)<sup>(a)</sup>  | 4936 | 4793202 |
|  Vodafone Group PLC, 3.75%, 01/16/24<sup>(a)</sup>  | 2560 | 2528410 |
|  |  | 26649662 |
| **Toys, Games & Hobbies — 0.1%** |  |  |
|  Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24) | 2212 | 2102528 |
| **Transportation — 1.8%** |  |  |
|  Burlington Northern Santa Fe LLC<br>3.40%, 09/01/24 (Call 06/01/24) | 3419 | 3317490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24)<sup>(a)</sup>  | 2416 | 2373720 |
|  Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24) | 1605 | 1534187 |
|  Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/02/22)<sup>(a)</sup>  | 6435 | 5941886 |
|  CSX Corp., 3.40%, 08/01/24 (Call 05/01/24) | 3329 | 3235655 |
|  Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23)<sup>(a)</sup>  | 2550 | 2512184 |
|  Ryder System Inc.<br>2.50%, 09/01/24 (Call 08/01/24) | 2496 | 2359394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 (Call 02/18/24) | 3005 | 2933691 |
|  Union Pacific Corp.<br>3.15%, 03/01/24 (Call 02/01/24)<sup>(a)</sup>  | 2862 | 2795401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23)<sup>(a)</sup>  | 2086 | 2050914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/24 (Call 12/15/23)<sup>(a)</sup>  | 1506 | 1481121 |
|  United Parcel Service Inc.<br>2.20%, 09/01/24 (Call 08/01/24)<sup>(a)</sup>  | 2275 | 2169690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24) | 1618 | 1551047 |
|  |  | 34256380 |
| **Trucking & Leasing — 0.1%** |  |  |
|  GATX Corp., 4.35%, 02/15/24 (Call 01/15/24) | 1933 | 1903251 |
| **Water — 0.1%** |  |  |
|  American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)<sup>(a)</sup>  | 1500 | 1471530 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $2,023,569,658)** |  | **1933676186** |

---

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** | **Short-Term Securities** |  |
|  **Money Market Funds — 5.1%** | **Money Market Funds — 5.1%** |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;90160 | $90141694 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br>2.97%<sup>(d)(e)</sup>  | 8885 | 8885000 |
|  **Total Short-Term Securities — 5.1%<br>(Cost: $99,018,777)** | **Total Short-Term Securities — 5.1%<br>(Cost: $99,018,777)** | 99026694 |
|  **Total Investments — 104.0%<br>(Cost: $2,122,588,435)** | **Total Investments — 104.0%<br>(Cost: $2,122,588,435)** | 2032702880 |
|  **Liabilities in Excess of Other Assets — (4.0)%** | **Liabilities in Excess of Other Assets — (4.0)%** | (78628884) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;1954073996 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

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

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $62300093 | $27881784 <sup>(a)</sup> | $— | $(30776) | $(9407) | $90141694 | 90160 | $220929 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 4395000 | 4490000 <sup>(a)</sup> |  |  |  | 8885000 | 8885 | 91097 |  |
|  |  |  |  | $(30776) | $(9407) | $99026694 |  | $312026 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1933676186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1933676186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 99026694 |  |  | 99026694 |
|  | $99026694 | $1933676186 | $— | $2032702880 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 43

------

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 (Call 07/30/25) | $865 | $789174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 (Call 04/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247176 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 3093 | 2973765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 2757 | 2670927 |
|  L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25)<sup>(a)</sup>  | 2272 | 2181688 |
|  Lockheed Martin Corp., 4.95%, 10/15/25<sup>(a)</sup>  | 100 | 100093 |
|  Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)<sup>(a)</sup>  | 4577 | 4363117 |
|  Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)<sup>(a)</sup>  | 4690 | 4549628 |
|  |  | 26875568 |
| **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** |
|  Altria Group Inc., 2.35%, 05/06/25 (Call 04/06/25) | 2507 | 2314262 |
|  Bunge Ltd. Finance Corp., 1.63%, 08/17/25 (Call 07/17/25) | 1905 | 1708309 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25)<sup>(a)</sup>  | 2427 | 2211628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 2303 | 2186077 |
|  Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)<sup>(a)</sup>  | 7450 | 7190963 |
|  |  | 15611239 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)<sup>(a)</sup>  | 4004 | 3986102 |
|  United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 02/15/27 | 584 | 535446 |
|  |  | 4521548 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
|  NIKE Inc., 2.40%, 03/27/25<br>(Call 02/27/25)<sup>(a)</sup>  | 3949 | 3732990 |
|  PVH Corp., 4.63%, 07/10/25 (Call 06/10/25) | 1649 | 1568347 |
|  Ralph Lauren Corp., 3.75%, 09/15/25<br>(Call 07/15/25)<sup>(a)</sup>  | 1565 | 1514341 |
|  Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  | 515 | 498360 |
|  VF Corp., 2.40%, 04/23/25 (Call 03/23/25)<sup>(a)</sup>  | 2627 | 2433653 |
|  |  | 9747691 |
| **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25<sup>(a)</sup>  | 2283 | 2035158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25<sup>(a)</sup>  | 2160 | 1948622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25<sup>(a)</sup>  | 2530 | 2346853 |
|  Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)<sup>(a)</sup>  | 1854 | 1650968 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25<sup>(a)</sup>  | 1245 | 1193507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 (Call 09/01/25) | 5620 | 5598026 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 (Call 05/20/25) | 3200 | 2944096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 (Call 01/26/25) | 3576 | 3337123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25<sup>(a)</sup>  | 3040 | 2875445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 (Call 10/15/24) | 2415 | 2322554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 (Call 04/13/25) | 1968 | 1874776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 (Call 02/09/25) | 2633 | 2526206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25<sup>(a)</sup>  | 3050 | 3026423 |
|  Honda Motor Co. Ltd., 2.27%, 03/10/25 (Call 02/10/25)<sup>(a)</sup>  | 1725 | 1619240 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25 | 918 | 856567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/07/25<sup>(a)</sup>  | 950 | 904343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25 | 535 | 517639 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/03/25 | $| 40 | $| 39990 |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 |  | 2780 |  | 2577032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25<sup>(a)</sup>  |  | 3574 |  | 3333077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25<sup>(a)</sup>  |  | 3218 |  | 3068524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25<sup>(a)</sup>  |  | 1185 |  | 1140610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 |  | 2320 |  | 2233789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25<sup>(a)</sup>  |  | 3445 |  | 3357394 |
|  |  |  |  | 55574435 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
|  Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)<sup>(a)</sup>  |  | 2885 |  | 2688474 |
|  BorgWarner Inc., 3.38%, 03/15/25<br>(Call 12/15/24)<sup>(a)</sup>  |  | 2501 |  | 2389280 |
|  Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25) |  | 2492 |  | 2421676 |
|  |  |  |  | 7499430 |
| **Banks — 23.8%** | **Banks — 23.8%** | **Banks — 23.8%** | **Banks — 23.8%** | **Banks — 23.8%** |
|  Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25 |  | 2527 |  | 2424682 |
|  Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25 |  | 3260 |  | 2847349 |
|  Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 |  | 4450 |  | 4040422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25 |  | 3275 |  | 3109940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25<sup>(a)</sup>  |  | 4600 |  | 4424694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25 |  | 4089 |  | 3886308 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25 |  | 4717 |  | 4558084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25 |  | 7279 |  | 7019504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/25 |  | 7278 |  | 6969631 |
|  Bank of Montreal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 |  | 4005 |  | 3677351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25<sup>(a)</sup>  |  | 4388 |  | 4029237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25<sup>(a)</sup>  |  | 4600 |  | 4406524 |
|  Bank of New York Mellon Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) |  | 4033 |  | 3693058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25)<sup>(a)</sup>  |  | 3615 |  | 3476256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 (Call 10/18/25)<sup>(a)</sup>  |  | 1201 |  | 1161355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) |  | 2301 |  | 2196120 |
|  Bank of Nova Scotia (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25<sup>(a)</sup>  |  | 3527 |  | 3167705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 |  | 2875 |  | 2634133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 |  | 4069 |  | 3787954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 |  | 3905 |  | 3716467 |
|  BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25) |  | 1644 |  | 1585375 |
|  Barclays PLC, 3.65%, 03/16/25 |  | 6301 |  | 5861127 |
|  Canadian Imperial Bank of Commerce |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25<sup>(a)</sup>  |  | 2134 |  | 1871134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 |  | 3642 |  | 3395728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25 |  | 1650 |  | 1568375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 |  | 4370 |  | 4196380 |
|  Citigroup Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25<sup>(a)</sup>  |  | 4427 |  | 4202197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25<sup>(a)</sup>  |  | 3237 |  | 3097323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25 |  | 6351 |  | 6151071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25 |  | 3986 |  | 3951681 |
|  Citizens Bank NA/Providence RI, 2.25%, 04/28/25 (Call 03/28/25) |  | 2176 |  | 2002377 |
|  Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25) |  | 1547 |  | 1468706 |
|  Comerica Bank, 4.00%, 07/27/25 |  | 750 |  | 711060 |
|  Cooperatieve Rabobank UA, 4.38%, 08/04/25 |  | 5444 |  | 5150514 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Cooperatieve Rabobank UA/NY<br>1.38%, 01/10/25 | $840 | $771414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235191 |
|  Credit Suisse AG/New York NY<br>2.95%, 04/09/25<sup>(a)</sup>  | 4328 | 3873084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 5765 | 5274744 |
|  Credit Suisse Group AG, 3.75%, 03/26/25 | 6311 | 5658821 |
|  Deutsche Bank AG, 4.50%, 04/01/25 | 900 | 836523 |
|  Deutsche Bank AG/New York NY, 4.16%, 05/13/25<sup>(a)</sup>  | 2085 | 1989861 |
|  Fifth Third Bancorp., 2.38%, 01/28/25 | 3509 | 3267897 |
|  Fifth Third Bank NA, 3.95%, 07/28/25 (Call 06/28/25) | 1740 | 1681101 |
|  First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)<sup>(a)</sup>  | 965 | 923997 |
|  FNB Corp., 5.15%, 08/25/25 (Call 07/25/25) | 500 | 489675 |
|  Goldman Sachs Group Inc. (The)<br>3.50%, 01/23/25 (Call 10/23/24)<sup>(a)</sup>  | 6487 | 6209097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 9408 | 8911916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 6240 | 5943974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 5474 | 5239658 |
|  HSBC Holdings PLC, 4.25%, 08/18/25 | 4368 | 4068443 |
|  Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25) | 2115 | 2037739 |
|  JPMorgan Chase & Co.<br>3.13%, 01/23/25 (Call 10/23/24) | 7521 | 7196469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25)<sup>(a)</sup>  | 7714 | 7454655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/25<sup>(a)</sup>  | 565 | 602024 |
|  KeyBank NA/Cleveland OH<br>3.30%, 06/01/25 | 2628 | 2498676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 1120 | 1082547 |
|  KeyCorp, 4.15%, 10/29/25 | 1733 | 1672276 |
|  Lloyds Bank PLC, 3.50%, 05/14/25 | 425 | 400537 |
|  Lloyds Banking Group PLC<br>4.45%, 05/08/25 | 5133 | 4921828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 4227 | 3873792 |
|  Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25) | 2932 | 2781647 |
|  Mitsubishi UFJ Financial Group Inc.<br>1.41%, 07/17/25<sup>(a)</sup>  | 5390 | 4811599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 7796 | 7193213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 2287 | 2195017 |
|  Morgan Stanley<br>4.00%, 07/23/25 | 9266 | 8923529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25 | 6041 | 5944042 |
|  National Australia Bank Ltd./New York, 3.50%, 06/09/25 | 780 | 749603 |
|  Northern Trust Corp., 3.95%, 10/30/25 | 3517 | 3399849 |
|  PNC Bank NA<br>2.95%, 02/23/25<sup>(a)</sup>  | 2452 | 2333446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/02/25) | 2331 | 2216105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | 2022 | 1945285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 | 1495 | 1442421 |
|  Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25) | 3232 | 2981811 |
|  Royal Bank of Canada<br>1.15%, 06/10/25 | 5282 | 4742972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 2185 | 2014461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25<sup>(a)</sup>  | 3580 | 3419115 |
|  Santander Holdings USA Inc.<br>3.45%, 06/02/25 (Call 05/02/25) | 3236 | 3027666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 (Call 04/17/25) | 3484 | 3334641 |
|  State Street Corp., 3.55%, 08/18/25<sup>(a)</sup>  | 5379 | 5171371 |
|  Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25<sup>(a)</sup>  | 780 | 741445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Sumitomo Mitsui Financial Group Inc.<br>1.47%, 07/08/25<sup>(a)</sup>  | $| 7674 | $| 6851961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166770 |
|  SVB Financial Group, 3.50%, 01/29/25<sup>(a)</sup>  |  | 1237 |  | 1175348 |
|  Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25) |  | 1235 |  | 1193220 |
|  Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25) |  | 340 |  | 330993 |
|  Toronto-Dominion Bank (The)<br>0.75%, 09/11/25<sup>(a)</sup>  |  | 3138 |  | 2752873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 |  | 2569 |  | 2301567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 |  | 3240 |  | 2981869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 |  | 5045 |  | 4844865 |
|  Truist Bank<br>1.50%, 03/10/25 (Call 02/10/25) |  | 3443 |  | 3147212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) |  | 3302 |  | 3125112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) |  | 1280 |  | 1233498 |
|  Truist Financial Corp.<br>1.20%, 08/05/25 (Call 07/03/25) |  | 1889 |  | 1686027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25)<sup>(a)</sup>  |  | 2865 |  | 2748939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25)<sup>(a)</sup>  |  | 2510 |  | 2431788 |
|  U.S. Bancorp.<br>1.45%, 05/12/25<sup>(a)</sup>  |  | 4517 |  | 4127951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) |  | 2717 |  | 2623943 |
|  U.S. Bank NA/Cincinnati OH<br>2.05%, 01/21/25 (Call 12/20/24) |  | 3151 |  | 2944547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(a)</sup>  |  | 1743 |  | 1658325 |
|  Wells Fargo & Co.<br>3.00%, 02/19/25 |  | 8109 |  | 7663573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25<sup>(a)</sup>  |  | 7452 |  | 7062037 |
|  Westpac Banking Corp.<br>2.35%, 02/19/25<sup>(a)</sup>  |  | 3521 |  | 3311430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/25 |  | 2095 |  | 2021151 |
|  |  |  |  | 351309998 |
|  **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
|  Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25) |  | 1249 |  | 1205497 |
|  Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25) |  | 1098 |  | 1052708 |
|  Constellation Brands Inc.<br>4.40%, 11/15/25 (Call 09/15/25) |  | 1795 |  | 1750269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/25<sup>(a)</sup>  |  | 1055 |  | 1042973 |
|  Diageo Capital PLC<br>1.38%, 09/29/25 (Call 08/29/25) |  | 2300 |  | 2074876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 |  | 1500 |  | 1505145 |
|  Keurig Dr Pepper Inc.<br>3.40%, 11/15/25 (Call 08/15/25) |  | 2143 |  | 2034971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 (Call 03/25/25)<sup>(a)</sup>  |  | 1202 |  | 1185064 |
|  PepsiCo Inc.<br>2.25%, 03/19/25 (Call 02/19/25)<sup>(a)</sup>  |  | 4491 |  | 4230297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) |  | 2592 |  | 2462322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) |  | 1856 |  | 1794121 |
|  |  |  |  | 20338243 |
|  **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
|  Amgen Inc.<br>1.90%, 02/21/25 (Call 01/21/25) |  | 1997 |  | 1864260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 (Call 02/01/25)<sup>(a)</sup>  |  | 2692 |  | 2574898 |
|  Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) |  | 3079 |  | 2984783 |
|  Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25) |  | 5208 |  | 5016137 |
|  Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24) |  | 5423 |  | 5235852 |
|  Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)<sup>(a)</sup>  |  | 3013 |  | 2659605 |
|  |  |  |  | 20335535 |

---

S C H E D U L E O F I N V E S T M E N T S 45

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Building Materials — 0.4%** |  |  |  |  |
|  Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | $| 1309337 |
|  Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915362 |
|  Lennox International Inc., 1.35%, 08/01/25 (Call 07/01/25) |  | 1519 |  | 1348720 |
|  Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  |  | 937 |  | 920809 |
|  |  |  |  | 5494228 |
|  **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
|  Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)<sup>(a)</sup> |  | 1637 |  | 1484595 |
|  Celanese U.S. Holdings LLC, 6.05%, 03/15/25 |  | 5120 |  | 4980326 |
|  DuPont de Nemours Inc., 4.49%, 11/15/25 |  | 5400 |  | 5292054 |
|  Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24) |  | 2169 |  | 2079355 |
|  EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25) |  | 1828 |  | 1674430 |
|  Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24) |  | 1392 |  | 1322414 |
|  LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)<sup>(a)</sup> |  | 1491 |  | 1306355 |
|  Nutrien Ltd., 3.00%, 04/01/25 (Call 01/01/25) |  | 1578 |  | 1493009 |
|  Sherwin-Williams Co. (The)<br>3.45%, 08/01/25 (Call 05/01/25) |  | 1181 |  | 1125788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25 |  | 440 |  | 428063 |
|  |  |  |  | 21186389 |
|  **Commercial Services — 1.2%** | **Commercial Services — 1.2%** | **Commercial Services — 1.2%** | **Commercial Services — 1.2%** | **Commercial Services — 1.2%** |
|  Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)<sup>(a)</sup> |  | 3619 |  | 3484409 |
|  Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)<sup>(a)</sup>  |  | 1090 |  | 1070435 |
|  Cintas Corp. No. 2, 3.45%, 05/01/25 (Call 04/01/25)<sup>(a)</sup>  |  | 210 |  | 202667 |
|  Equifax Inc., 2.60%, 12/15/25<br>(Call 11/15/25)<sup>(a)</sup>  |  | 1511 |  | 1375690 |
|  Global Payments Inc., 2.65%, 02/15/25 |  | 2891 |  | 2684438 |
|  Moody's Corp., 3.75%, 03/24/25 (Call 02/24/25)<sup>(a)</sup>  |  | 2277 |  | 2203703 |
|  PayPal Holdings Inc., 1.65%, 06/01/25 (Call 05/01/25) |  | 3500 |  | 3212510 |
|  Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  |  | 2481 |  | 2392478 |
|  Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  |  | 1600 |  | 1456272 |
|  |  |  |  | 18082602 |
|  **Computers — 2.7%** | **Computers — 2.7%** | **Computers — 2.7%** | **Computers — 2.7%** | **Computers — 2.7%** |
|  Apple Inc.<br>0.55%, 08/20/25 (Call 07/20/25) |  | 1565 |  | 1396731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) |  | 6302 |  | 5768599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25<sup>(a)</sup>  |  | 3999 |  | 3814966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24)<sup>(a)</sup>  |  | 3762 |  | 3611558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 |  | 5071 |  | 4885249 |
|  Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25) |  | 3161 |  | 3167322 |
|  Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25) |  | 7100 |  | 6982424 |
|  HP Inc., 2.20%, 06/17/25 (Call 05/17/25)<sup>(a)</sup>  |  | 3928 |  | 3610421 |
|  International Business Machines Corp.<br>4.00%, 07/27/25<sup>(a)</sup>  |  | 780 |  | 760063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25<sup>(a)</sup>  |  | 1989 |  | 2088689 |
|  Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25) |  | 1436 |  | 1367129 |
|  NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25) |  | 2526 |  | 2292421 |
|  |  |  |  | 39745572 |
|  **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** |
|  Colgate-Palmolive Co., 3.10%, 08/15/25<sup>(a)</sup>  |  | 200 |  | 192322 |
|  GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25 |  | 2525 |  | 2377957 |
|  Procter & Gamble Co. (The), 0.55%, 10/29/25 |  | 3093 |  | 2736470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
|  Unilever Capital Corp.<br>3.10%, 07/30/25 | $| 960 | $| 916944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/25<br>(Call 01/22/25)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199818 |
|  |  |  |  | 7423511 |
|  **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
|  WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1887462 |
|  **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>3.50%, 01/15/25 (Call 11/15/24) |  | 2875 |  | 2696894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25<br>(Call 08/01/25)<sup>(a)</sup>  |  | 1688 |  | 1588627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25<br>(Call 06/15/25)<sup>(a)</sup>  |  | 3460 |  | 3413809 |
|  Affiliated Managers Group Inc., 3.50%, 08/01/25 |  | 1280 |  | 1215808 |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25<br>(Call 01/01/25)<sup>(a)</sup>  |  | 2004 |  | 1835183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 01/01/25) |  | 2014 |  | 1876323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 (Call 06/01/25) |  | 2485 |  | 2303148 |
|  Ally Financial Inc.<br>4.63%, 03/30/25 |  | 2164 |  | 2110917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25<br>(Call 04/01/25)<sup>(a)</sup>  |  | 2378 |  | 2377001 |
|  American Express Co.<br>2.25%, 03/04/25 (Call 02/01/25) |  | 4910 |  | 4560457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25<br>(Call 07/01/25)<sup>(a)</sup>  |  | 6025 |  | 5785265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25<br>(Call 10/06/25)<sup>(a)</sup>  |  | 3813 |  | 3701698 |
|  Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25) |  | 1751 |  | 1659965 |
|  Capital One Financial Corp.<br>3.20%, 02/05/25 (Call 01/05/25) |  | 2918 |  | 2755205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) |  | 4288 |  | 4070899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 (Call 03/31/25) |  | 2991 |  | 2880782 |
|  Charles Schwab Corp. (The)<br>3.00%, 03/10/25<br>(Call 12/10/24)<sup>(a)</sup>  |  | 1522 |  | 1449051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 (Call 01/01/25) |  | 1285 |  | 1244947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) |  | 2745 |  | 2665313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25<sup>(a)</sup>  |  | 1491 |  | 1468814 |
|  CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24) |  | 2659 |  | 2538946 |
|  Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24) |  | 1924 |  | 1817237 |
|  Franklin Resources Inc., 2.85%, 03/30/25 |  | 1286 |  | 1217430 |
|  Intercontinental Exchange Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25<br>(Call 04/23/25)<sup>(a)</sup>  |  | 815 |  | 789393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25<br>(Call 09/01/25)<sup>(a)</sup>  |  | 4293 |  | 4123684 |
|  Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)<sup>(a)</sup>  |  | 1367 |  | 1338238 |
|  Lazard Group LLC, 3.75%, 02/13/25 |  | 2014 |  | 1932453 |
|  Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)<sup>(a)</sup>  |  | 2401 |  | 2256484 |
|  Nomura Holdings Inc.<br>1.85%, 07/16/25<sup>(a)</sup>  |  | 4014 |  | 3609790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25<sup>(a)</sup>  |  | 3976 |  | 3721695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25<sup>(a)</sup>  |  | 1555 |  | 1523309 |
|  Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24) |  | 1815 |  | 1792276 |
|  Synchrony Financial<br>4.50%, 07/23/25 |  | 2935 |  | 2780355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 (Call 05/13/25) |  | 2185 |  | 2099217 |
|  Visa Inc., 3.15%, 12/14/25 (Call 09/14/25) |  | 12295 |  | 11700906 |
|  Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)<sup>(a)</sup>  |  | 1534 |  | 1440365 |
|  |  |  |  | 96341884 |
|  **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** |
|  Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)<sup>(a)</sup>  |  | 611 |  | 587220 |
|  American Electric Power Co. Inc., Series N, 1.00%, 11/01/25 (Call 10/01/25)<sup>(a)</sup>  |  | 1376 |  | 1208128 |

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46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25) | $1062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014168 |
|  Arizona Public Service Co., 3.15%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  | 794 | 748948 |
|  Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | 2426080 |
|  Berkshire Hathaway Energy Co.<br>3.50%, 02/01/25 (Call 11/01/24) | 1365 | 1322262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  | 4071 | 3985590 |
|  Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)<sup>(a)</sup>  | 719 | 630362 |
|  Constellation Energy Generation LLC, 3.25%, 06/01/25<br>(Call 05/01/25)<sup>(a)</sup>  | 2582 | 2449001 |
|  Dominion Energy Inc.<br>3.90%, 10/01/25 (Call 07/01/25)<sup>(a)</sup>  | 2526 | 2424834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.30%, 03/15/25 (Call 02/15/25) | 1007 | 964414 |
|  DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)<sup>(a)</sup>  | 1005 | 966649 |
|  DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25) | 2554 | 2284706 |
|  Duke Energy Corp., 0.90%, 09/15/25 (Call 08/15/25) | 1585 | 1398033 |
|  Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)<sup>(a)</sup>  | 1437 | 1371128 |
|  Edison International<br>4.70%, 08/15/25 | 820 | 791521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/25 (Call 03/15/25) | 1524 | 1488948 |
|  Entergy Corp., 0.90%, 09/15/25 (Call 08/15/25) | 2549 | 2232236 |
|  Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)<sup>(a)</sup>  | 1046 | 1006493 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.15%, 01/15/25<br>(Call 10/15/24)<sup>(a)</sup>  | 1103 | 1049913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 0.80%, 08/15/25 (Call 07/15/25) | 1151 | 1013317 |
|  Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25) | 3231 | 3112325 |
|  Florida Power & Light Co.<br>2.85%, 04/01/25 (Call 03/01/25) | 3060 | 2905960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25) | 1744 | 1646859 |
|  Iberdrola International BV, 5.81%, 03/15/25<sup>(a)</sup>  | 870 | 878630 |
|  Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25) | 834 | 790991 |
|  National Rural Utilities Cooperative Finance Corp.<br>1.88%, 02/07/25 | 625 | 582775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 (Call 10/27/24)<sup>(a)</sup>  | 1372 | 1305636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/25 (Call 08/01/25) | 1524 | 1444783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/25 | 240 | 230021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 1030 | 1035274 |
|  NextEra Energy Capital Holdings Inc., 4.45%, 06/20/25 | 1685 | 1651452 |
|  Oncor Electric Delivery Co. LLC<br>0.55%, 10/01/25 (Call 09/01/25) | 2340 | 2050823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  | 1097 | 1045693 |
|  Pacific Gas and Electric Co.<br>3.45%, 07/01/25<sup>(a)</sup>  | 630 | 585629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  | 2885 | 2681319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/08/25<sup>(a)</sup>  | 1755 | 1701086 |
|  PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)<sup>(a)</sup>  | 370 | 350627 |
|  Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) | 1205 | 1074197 |
|  Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  | 900 | 854793 |
|  Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25) | 2102 | 1844757 |
|  Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25) | 1721 | 1621526 |
|  Sempra Energy, 3.30%, 04/01/25 (Call 03/01/25) | 2015 | 1911288 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20%, 06/01/25 | 1280 | 1249037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) | 2847 | 2733319 |
|  Southern Co. (The), 5.15%, 10/06/25 | 45 | 44818 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Electric (continued)** |  |  |  |  |
|  Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)<sup>(a)</sup>  | $| 1478 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435242 |
|  Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24) |  | 300 |  | 286005 |
|  Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 |  | 1118764 |
|  WEC Energy Group Inc., 5.00%, 09/27/25 (Call 08/27/25)<sup>(a)</sup>  |  | 10 |  | 9942 |
|  Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24) |  | 2045 |  | 1940541 |
|  |  |  |  | 71488063 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)<sup>(a)</sup>  |  | 1033 |  | 987310 |
| **Electronics — 0.6%** |  |  |  |  |
|  Amphenol Corp., 2.05%, 03/01/25<br>(Call 02/01/25)<sup>(a)</sup>  |  | 982 |  | 915096 |
|  Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25) |  | 1529 |  | 1466541 |
|  Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25) |  | 2108 |  | 2043158 |
|  Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)<sup>(a)</sup>  |  | 4107 |  | 3769528 |
|  Legrand France SA, 8.50%, 02/15/25<sup>(a)</sup>  |  | 642 |  | 688731 |
|  |  |  |  | 8883054 |
| **Entertainment — 0.4%** |  |  |  |  |
|  Magallanes Inc.<br>3.64%, 03/15/25<sup>(a)(b)</sup>  |  | 5010 |  | 4725031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/25 (Call 03/15/23)<sup>(b)</sup>  |  | 1500 |  | 1413495 |
|  |  |  |  | 6138526 |
| **Environmental Control — 0.3%** |  |  |  |  |
|  Republic Services Inc.<br>0.88%, 11/15/25 (Call 10/15/25)<sup>(a)</sup>  |  | 996 |  | 873392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 (Call 12/15/24) |  | 1682 |  | 1599801 |
|  Waste Management Inc.<br>0.75%, 11/15/25 (Call 10/15/25) |  | 1443 |  | 1274588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/01/25 (Call 12/01/24)<sup>(a)</sup>  |  | 1270 |  | 1221689 |
|  |  |  |  | 4969470 |
| **Food — 1.2%** |  |  |  |  |
|  Campbell Soup Co.<br>3.30%, 03/19/25 (Call 12/19/24)<sup>(a)</sup>  |  | 870 |  | 828336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 (Call 01/15/25)<sup>(a)</sup>  |  | 2729 |  | 2646612 |
|  Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25) |  | 3158 |  | 3069197 |
|  General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25) |  | 2554 |  | 2485961 |
|  Hershey Co. (The)<br>0.90%, 06/01/25 (Call 05/01/25) |  | 909 |  | 820672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/21/25 (Call 05/21/25)<sup>(a)</sup>  |  | 355 |  | 339788 |
|  JM Smucker Co. (The), 3.50%, 03/15/25 |  | 3225 |  | 3091711 |
|  Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25) |  | 2143 |  | 1960738 |
|  Sysco Corp., 3.75%, 10/01/25 (Call 07/01/25) |  | 2525 |  | 2414228 |
|  Walmart Inc., 3.90%, 09/09/25<sup>(a)</sup>  |  | 175 |  | 171745 |
|  |  |  |  | 17828988 |
| **Forest Products & Paper — 0.1%** |  |  |  |  |
|  Fibria Overseas Finance Ltd., 4.00%, 01/14/25 (Call 11/14/24) |  | 815 |  | 780436 |
|  **Gas — 0.3%** |  |  |  |  |
|  National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)<sup>(a)</sup>  |  | 1205 |  | 1178466 |
|  NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)<sup>(a)</sup>  |  | 3385 |  | 2998264 |
|  Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  |  | 765 |  | 726895 |
|  |  |  |  | 4903625 |
| **Hand & Machine Tools — 0.1%** |  |  |  |  |
|  Stanley Black & Decker Inc., 2.30%, 02/24/25 (Call 02/24/23)<sup>(a)</sup>  |  | 1105 |  | 1037971 |

---

S C H E D U L E O F I N V E S T M E N T S 47

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Products — 1.0%** |  |  |
|  Abbott Laboratories<br>2.95%, 03/15/25 (Call 12/15/24) | $3082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/25 (Call 06/15/25)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | 1610948 |
|  Boston Scientific Corp., 1.90%, 06/01/25 (Call 05/01/25)<sup>(a)</sup> | 2002 | 1848166 |
|  Danaher Corp., 3.35%, 09/15/25<br>(Call 06/15/25)<sup>(a)</sup>  | 1523 | 1455150 |
|  Stryker Corp.<br>1.15%, 06/15/25 (Call 05/15/25)<sup>(a)</sup>  | 1901 | 1711984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25) | 2243 | 2136906 |
|  Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  | 2685 | 2567907 |
|  |  | 14286175 |
| **Health Care - Services — 2.2%** |  |  |
|  CommonSpirit Health, 1.55%, 10/01/25 (Call 07/01/25) | 1318 | 1171504 |
|  Elevance Health Inc.<br>2.38%, 01/15/25 (Call 12/15/24)<sup>(a)</sup>  | 3836 | 3605763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/25 | 1100 | 1100561 |
|  HCA Inc.<br>5.25%, 04/15/25 | 3827 | 3763855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | 7275 | 7186318 |
|  Humana Inc., 4.50%, 04/01/25 (Call 03/01/25) | 1967 | 1927601 |
|  Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24) | 3106 | 2978375 |
|  PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25) | 902 | 795735 |
|  Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)<sup>(a)</sup>  | 1552 | 1487933 |
|  Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25) | 270 | 242676 |
|  UnitedHealth Group Inc.<br>3.70%, 12/15/25<sup>(a)</sup>  | 1089 | 1048729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25<sup>(a)</sup>  | 5792 | 5623858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25<sup>(a)</sup>  | 740 | 741576 |
|  UPMC, Series D-1, 3.60%, 04/03/25 | 1130 | 1085783 |
|  |  | 32760267 |
| **Holding Companies - Diversified — 1.1%** |  |  |
|  Ares Capital Corp.<br>3.25%, 07/15/25 (Call 06/15/25) | 3793 | 3422386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 (Call 01/01/25) | 1920 | 1799693 |
|  Blackstone Private Credit Fund<br>2.70%, 01/15/25 (Call 11/15/24)<sup>(a)</sup>  | 1645 | 1510702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25<sup>(a)</sup>  | 2480 | 2383454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/25<sup>(a)(b)</sup>  | 710 | 704199 |
|  FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)<sup>(a)</sup>  | 1647 | 1540884 |
|  Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25) | 1190 | 1141210 |
|  Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25) | 895 | 833173 |
|  Owl Rock Capital Corp.<br>3.75%, 07/22/25 (Call 06/22/25) | 1752 | 1600978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 (Call 02/28/25)<sup>(a)</sup>  | 1147 | 1064026 |
|  OWL Rock Core Income Corp., 5.50%, 03/21/25<sup>(a)</sup>  | 1090 | 1029363 |
|  |  | 17030068 |
| **Home Builders — 0.3%** |  |  |
|  DR Horton Inc., 2.60%, 10/15/25<br>(Call 09/15/25)<sup>(a)</sup>  | 1835 | 1679832 |
|  Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25) | 2236 | 2171805 |
|  Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25)<sup>(a)</sup>  | 1140 | 1083080 |
|  |  | 4934717 |
| **Home Furnishings — 0.1%** |  |  |
|  Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  | 1105 | 1071640 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Home Furnishings (continued)** |  |  |
|  Whirlpool Corp., 3.70%, 05/01/25<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157658 |
|  |  | 2229298 |
| **Household Products & Wares — 0.0%** |  |  |
|  Kimberly-Clark Corp., 3.05%, 08/15/25 | 734 | 699568 |
| **Insurance — 1.6%** |  |  |
|  Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25) | 1138 | 1082853 |
|  Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25) | 1862 | 1615713 |
|  American International Group Inc., 2.50%, 06/30/25 (Call 05/30/25)<sup>(a)</sup>  | 2722 | 2527404 |
|  Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25) | 2639 | 2511827 |
|  Chubb INA Holdings Inc., 3.15%, 03/15/25<sup>(a)</sup>  | 2311 | 2208322 |
|  CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)<sup>(a)</sup>  | 1642 | 1610293 |
|  Corebridge Financial Inc., 3.50%, 04/04/25 (Call 03/04/25)<sup>(b)</sup>  | 2985 | 2815721 |
|  Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)<sup>(a)</sup>  | 1114 | 1079243 |
|  Lincoln National Corp., 3.35%, 03/09/25<sup>(a)</sup>  | 650 | 621686 |
|  Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24) | 2274 | 2184245 |
|  MetLife Inc.<br>3.00%, 03/01/25<sup>(a)</sup>  | 1378 | 1315577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 (Call 08/13/25)<sup>(a)</sup>  | 1773 | 1701282 |
|  Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  | 1127 | 1075338 |
|  RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25) | 925 | 888416 |
|  |  | 23237920 |
| **Internet — 1.4%** |  |  |
|  Alphabet Inc., 0.45%, 08/15/25 (Call 07/15/25) | 3052 | 2728061 |
|  Amazon.com Inc.<br>0.80%, 06/03/25 (Call 05/03/25) | 3705 | 3353358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25 | 4150 | 3990017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25)<sup>(a)</sup>  | 2595 | 2633821 |
|  Baidu Inc.<br>3.08%, 04/07/25 (Call 03/07/25)<sup>(a)</sup>  | 1160 | 1082895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25 | 1305 | 1242804 |
|  Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)<sup>(a)</sup>  | 1598 | 1539481 |
|  eBay Inc., 1.90%, 03/11/25 (Call 02/11/25) | 2593 | 2396347 |
|  Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25) | 850 | 743359 |
|  VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25) | 515 | 510056 |
|  |  | 20220199 |
| **Iron & Steel — 0.4%** |  |  |
|  Nucor Corp.<br>2.00%, 06/01/25 (Call 05/01/25) | 1953 | 1795764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25<sup>(a)</sup>  | 1210 | 1172006 |
|  Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)<sup>(a)</sup>  | 1574 | 1399805 |
|  Steel Dynamics Inc., 2.40%, 06/15/25 (Call 05/15/25) | 1651 | 1527291 |
|  |  | 5894866 |
| **Leisure Time — 0.1%** |  |  |
|  Harley-Davidson Inc., 3.50%, 07/28/25<br>(Call 04/28/25)<sup>(a)</sup>  | 1637 | 1537880 |
| **Lodging — 0.4%** |  |  |
|  Hyatt Hotels Corp., 5.63%, 04/23/25 (Call 03/23/25) | 1603 | 1577913 |
|  Marriott International Inc./MD<br>3.75%, 03/15/25 (Call 12/15/24) | 1311 | 1257144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25)<sup>(a)</sup>  | 1394 | 1326600 |

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48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Lodging (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.75%, 05/01/25 (Call 04/01/25)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722736 |
|  |  |  | 5884393 |
| **Machinery — 1.8%** |  |  |  |
|  Caterpillar Financial Services Corp.<br>0.80%, 11/13/25<sup>(a)</sup>  |  | 2698 | 2389861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25 |  | 1546 | 1421330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25<sup>(a)</sup>  |  | 2880 | 2779978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 |  | 1160 | 1123646 |
|  CNH Industrial Capital LLC<br>3.95%, 05/23/25 |  | 1935 | 1854156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/25 |  | 190 | 188005 |
|  Deere & Co., 2.75%, 04/15/25 (Call 03/15/25) |  | 1737 | 1653138 |
|  Dover Corp., 3.15%, 11/15/25 (Call 08/15/25) |  | 1589 | 1491610 |
|  John Deere Capital Corp.<br>1.25%, 01/10/25<sup>(a)</sup>  |  | 1885 | 1747489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 |  | 1272 | 1198326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/25<sup>(a)</sup>  |  | 1080 | 1014109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25<sup>(a)</sup>  |  | 770 | 743127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/11/25<sup>(a)</sup>  |  | 851 | 816934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25<sup>(a)</sup>  |  | 2083 | 2015990 |
|  Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)<sup>(a)</sup>  |  | 4288 | 3969016 |
|  Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24) |  | 847 | 807589 |
|  Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25) |  | 2071 | 1923545 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27137849 |
| **Manufacturing — 0.5%** |  |  |  |
|  3M Co.<br>2.00%, 02/14/25 (Call 01/14/25) |  | 2864 | 2678040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  |  | 1929 | 1818295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25<sup>(a)</sup>  |  | 1750 | 1660137 |
|  GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25 |  | 760 | 722631 |
|  Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)<sup>(a)</sup>  |  | 1199 | 1158138 |
|  |  |  | 8037241 |
| **Media — 2.9%** |  |  |  |
|  Charter Communications Operating LLC/Charter |  |  |  |
|  Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196 | 11841218 |
|  Comcast Corp.<br>3.38%, 02/15/25 (Call 11/15/24) |  | 3155 | 3041956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25) |  | 4587 | 4385310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25)<sup>(a)</sup>  |  | 8563 | 8281620 |
|  Discovery Communications LLC<br>3.45%, 03/15/25 (Call 12/15/24) |  | 818 | 767595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25<sup>(a)</sup>  |  | 1725 | 1630194 |
|  Fox Corp., 3.05%, 04/07/25 (Call 03/07/25) |  | 2028 | 1916237 |
|  Paramount Global, 4.75%, 05/15/25 (Call 04/15/25) |  | 1933 | 1887942 |
|  TWDC Enterprises 18 Corp., 3.15%, 09/17/25 |  | 2406 | 2285724 |
|  Walt Disney Co. (The)<br>3.35%, 03/24/25<sup>(a)</sup>  |  | 5413 | 5204220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 (Call 07/15/25)<sup>(a)</sup>  |  | 1743 | 1683320 |
|  |  |  | 42925336 |
| **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** |  |
|  Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25) |  | 2471 | 2371320 |
| **Mining — 0.1%** |  |  |  |
|  Southern Copper Corp., 3.88%, 04/23/25 |  | 934 | 896201 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)*  | *Value* |
| **Office & Business Equipment — 0.1%** |  |  |
|  CDW LLC/CDW Finance Corp., 4.13%, 05/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723692 |
| **Oil & Gas — 3.7%** |  |  |
|  BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)<sup>(a)</sup>  | 2808 | 2725669 |
|  Canadian Natural Resources Ltd.<br>2.05%, 07/15/25 (Call 06/15/25)<sup>(a)</sup>  | 2017 | 1847249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 (Call 11/01/24)<sup>(a)</sup>  | 1973 | 1902722 |
|  Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)<sup>(a)</sup>  | 1916 | 1908892 |
|  Chevron Corp.<br>1.55%, 05/11/25 (Call 04/11/25) | 6936 | 6400957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25)<sup>(a)</sup>  | 1874 | 1806536 |
|  Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25) | 2069 | 1851672 |
|  ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23) | 890 | 840614 |
|  Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)<sup>(a)</sup>  | 1655 | 1671020 |
|  EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  | 1813 | 1740879 |
|  EQT Corp., 6.13%, 02/01/25 (Call 01/01/25) | 3085 | 3087715 |
|  Exxon Mobil Corp.<br>2.71%, 03/06/25 (Call 12/06/24)<sup>(a)</sup>  | 4293 | 4097325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | 6127 | 5869053 |
|  Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25) | 3696 | 3619567 |
|  Phillips 66, 3.85%, 04/09/25 (Call 03/09/25)<sup>(a)</sup>  | 1952 | 1890492 |
|  Phillips 66 Co., 3.61%, 02/15/25<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 1757 | 1681168 |
|  Shell International Finance BV, 3.25%, 05/11/25 | 7905 | 7592911 |
|  TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)<sup>(a)</sup>  | 4155 | 3930007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54464448 |
| **Oil & Gas Services — 0.2%** |  |  |
|  Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25) | 1687 | 1625559 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 1700 | 1537225 |
|  |  | 3162784 |
| **Packaging & Containers — 0.4%** |  |  |
|  Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25)<sup>(a)</sup>  | 1115 | 1071883 |
|  Sonoco Products Co., 1.80%, 02/01/25 (Call 02/01/23) | 2435 | 2247602 |
|  WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25) | 2259 | 2157955 |
|  |  | 5477440 |
| **Pharmaceuticals — 5.5%** |  |  |
|  AbbVie Inc.<br>3.60%, 05/14/25 (Call 02/14/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10359 | 9944536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 7953 | 7682439 |
|  AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24) | 1615 | 1545765 |
|  AstraZeneca PLC, 3.38%, 11/16/25<sup>(a)</sup>  | 5995 | 5713535 |
|  Bristol-Myers Squibb Co., 0.75%, 11/13/25 (Call 10/13/25) | 2738 | 2421734 |
|  Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25) | 1859 | 1779100 |
|  Cigna Corp.<br>3.25%, 04/15/25 (Call 01/15/25) | 2539 | 2423780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 6084 | 5875623 |
|  CVS Health Corp.<br>3.88%, 07/20/25 (Call 04/20/25)<sup>(a)</sup>  | 7816 | 7545879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 (Call 01/25/25)<sup>(a)</sup>  | 3217 | 3140082 |
|  Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25) | 1565 | 1491664 |
|  GlaxoSmithKline Capital Inc., 3.63%, 05/15/25<sup>(a)</sup>  | 3221 | 3125497 |
|  Johnson & Johnson<br>0.55%, 09/01/25 (Call 08/01/25)<sup>(a)</sup>  | 2465 | 2202280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24) | 1834 | 1757651 |
|  McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25) | 1298 | 1134024 |

---

S C H E D U L E O F I N V E S T M E N T S 49

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357653 |
|  Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24) | 7658 | 7318521 |
|  Novartis Capital Corp.<br>1.75%, 02/14/25 (Call 01/14/25) | 2751 | 2575376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 5362 | 5091648 |
|  Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25) | 2394 | 2174111 |
|  Viatris Inc., 1.65%, 06/22/25<br>(Call 05/22/25)<sup>(a)</sup>  | 2685 | 2395101 |
|  Zoetis Inc., 4.50%, 11/13/25<br>(Call 08/13/25)<sup>(a)</sup>  | 1974 | 1933454 |
|  |  | 81629453 |
| **Pipelines — 3.5%** |  |  |
|  Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24) | 4148 | 4152148 |
|  Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25) | 3392 | 3317579 |
|  DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25) | 505 | 493592 |
|  Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)<sup>(a)</sup>  | 1230 | 1241599 |
|  Enbridge Inc.<br>2.50%, 01/15/25 (Call 12/15/24) | 1880 | 1761786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/14/25 | 1570 | 1467746 |
|  Energy Transfer LP<br>2.90%, 05/15/25 (Call 04/15/25) | 2969 | 2756449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 (Call 12/15/24) | 3069 | 2938475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 (Call 09/01/25)<sup>(a)</sup>  | 1239 | 1231665 |
|  Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)<sup>(a)</sup>  | 4092 | 3940514 |
|  Kinder Morgan Inc., 4.30%, 06/01/25 (Call 03/01/25)<sup>(a)</sup>  | 4479 | 4356589 |
|  MPLX LP<br>4.00%, 02/15/25 (Call 11/15/24) | 1756 | 1688201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 03/01/25) | 3645 | 3561056 |
|  ONEOK Inc., 2.20%, 09/15/25 (Call 08/15/25)<sup>(a)</sup>  | 1371 | 1235847 |
|  ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)<sup>(a)</sup>  | 1664 | 1624064 |
|  Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25) | 3325 | 3212382 |
|  Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24) | 5471 | 5446162 |
|  Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)<sup>(a)</sup>  | 1529 | 1458284 |
|  TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)<sup>(a)</sup>  | 1087 | 1054629 |
|  Williams Companies Inc. (The)<br>3.90%, 01/15/25 (Call 10/15/24) | 2292 | 2211665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 06/15/25)<sup>(a)</sup>  | 2323 | 2230684 |
|  |  | 51381116 |
| **Real Estate — 0.2%** |  |  |
|  Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24) | 2395 | 2322168 |
| **Real Estate Investment Trusts — 3.9%** |  |  |
|  Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)<sup>(a)</sup>  | 1651 | 1578125 |
|  American Tower Corp.<br>1.30%, 09/15/25 (Call 08/15/25)<sup>(a)</sup>  | 1325 | 1168385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 (Call 02/15/25) | 2122 | 1962362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 (Call 12/15/24)<sup>(a)</sup>  | 2026 | 1909748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25)<sup>(a)</sup>  | 2381 | 2277022 |
|  AvalonBay Communities Inc.<br>3.45%, 06/01/25 (Call 03/03/25)<sup>(a)</sup>  | 1239 | 1183493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/25 (Call 08/15/25) | 1186 | 1118683 |
|  Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)<sup>(a)</sup>  | 2438 | 2311126 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)*  | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983030 |
|  Crown Castle International Corp., 1.35%, 07/15/25 (Call 06/15/25) | 2109 | 1884307 |
|  CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25) | 1066 | 1013915 |
|  EPR Properties, 4.50%, 04/01/25 (Call 01/01/25) | 700 | 651322 |
|  Equinix Inc.<br>1.00%, 09/15/25 (Call 08/15/25) | 2070 | 1816818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 (Call 06/15/25) | 1612 | 1435438 |
|  ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25) | 1254 | 1189118 |
|  Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  | 1841 | 1758265 |
|  GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25) | 2786 | 2697600 |
|  Healthpeak Properties Inc.<br>3.40%, 02/01/25 (Call 11/01/24)<sup>(a)</sup>  | 450 | 429296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25)<sup>(a)</sup>  | 1017 | 979768 |
|  Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  | 1242 | 1169753 |
|  Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25) | 1210 | 1152259 |
|  Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24) | 1522 | 1446448 |
|  Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24) | 865 | 816266 |
|  Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25) | 1211 | 1163456 |
|  National Retail Properties Inc., 4.00%, 11/15/25 (Call 08/15/25)<sup>(a)</sup>  | 988 | 939262 |
|  Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24) | 2032 | 1696192 |
|  Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)<sup>(a)</sup>  | 1471 | 1417867 |
|  Realty Income Corp.<br>3.88%, 04/15/25 (Call 02/15/25)<sup>(a)</sup>  | 1596 | 1545423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25)<sup>(a)</sup>  | 1648 | 1610343 |
|  Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25) | 3473 | 3298412 |
|  SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24) | 1648 | 1533480 |
|  Ventas Realty LP<br>2.65%, 01/15/25 (Call 12/15/24) | 1300 | 1215305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24)<sup>(a)</sup>  | 1935 | 1837534 |
|  VICI Properties LP, 4.38%, 05/15/25 | 1470 | 1401630 |
|  Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)<sup>(a)</sup>  | 1573 | 1462701 |
|  Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25) | 3986 | 3812689 |
|  WP Carey Inc., 4.00%, 02/01/25 | 1273 | 1226014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58092855 |
| **Retail — 2.8%** |  |  |
|  AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25) | 1254 | 1204693 |
|  AutoZone Inc.<br>3.25%, 04/15/25 (Call 01/15/25) | 1668 | 1584700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 (Call 03/15/25) | 1864 | 1791435 |
|  Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25) | 1462 | 1417277 |
|  Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25) | 3773 | 3659244 |
|  Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23)<sup>(a)</sup>  | 2303 | 2128571 |
|  Home Depot Inc. (The)<br>2.70%, 04/15/25 (Call 03/15/25) | 990 | 941639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25)<sup>(a)</sup>  | 3631 | 3485470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25) | 5 | 4896 |
|  Lowe's Companies Inc.<br>3.38%, 09/15/25 (Call 06/15/25) | 2570 | 2440446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  | 2182 | 2129348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 | 1155 | 1133020 |
|  McDonald's Corp.<br>1.45%, 09/01/25 (Call 08/01/25)<sup>(a)</sup>  | 1393 | 1267017 |

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50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 (Call 02/26/25)<sup>(a)</sup>  | 2007 | 1927924 |
|  Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  | 2737 | 2688801 |
|  Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25) | 4064 | 3937406 |
|  Target Corp., 2.25%, 04/15/25 (Call 03/15/25)<sup>(a)</sup>  | 5145 | 4840210 |
|  Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25) | 2030 | 1975779 |
|  |  | 40976879 |
| **Semiconductors — 2.2%** |  |  |
|  Analog Devices Inc., 2.95%, 04/01/25 (Call 03/01/25)<sup>(a)</sup>  | 1653 | 1581475 |
|  Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)<sup>(a)</sup>  | 2328 | 2268426 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)<sup>(a)</sup>  | 1993 | 1901003 |
|  Broadcom Inc., 3.15%, 11/15/25 (Call 10/15/25) | 2731 | 2546685 |
|  Intel Corp.<br>3.40%, 03/25/25 (Call 02/25/25)<sup>(a)</sup>  | 4486 | 4334956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 6748 | 6550891 |
|  Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24) | 1549 | 1508323 |
|  Microchip Technology Inc., 4.25%, 09/01/25<sup>(a)</sup>  | 3150 | 3003714 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25) | 2130 | 1969079 |
|  QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)<sup>(a)</sup>  | 4722 | 4555030 |
|  Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25) | 2733 | 2529091 |
|  |  | 32748673 |
| **Shipbuilding — 0.1%** |  |  |
|  Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25) | 1674 | 1594200 |
| **Software — 3.1%** |  |  |
|  Adobe Inc.<br>1.90%, 02/01/25 (Call 01/01/25) | 1545 | 1450940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 3131 | 3028679 |
|  Autodesk Inc., 4.38%, 06/15/25<br>(Call 03/15/25)<sup>(a)</sup>  | 873 | 855479 |
|  Fidelity National Information Services Inc., 4.50%, 07/15/25 | 385 | 374682 |
|  Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25) | 3090 | 2964608 |
|  Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25)<sup>(a)</sup>  | 1713 | 1542008 |
|  Microsoft Corp.<br>2.70%, 02/12/25 (Call 11/12/24)<sup>(a)</sup>  | 4944 | 4747773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25)<sup>(a)</sup>  | 8900 | 8562779 |
|  Oracle Corp.<br>2.50%, 04/01/25 (Call 03/01/25)<sup>(a)</sup>  | 7172 | 6704457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 (Call 02/15/25)<sup>(a)</sup>  | 9780 | 9196232 |
|  Roper Technologies Inc.<br>1.00%, 09/15/25 (Call 08/15/25) | 2039 | 1804719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 (Call 09/15/25) | 1156 | 1100235 |
|  Take-Two Interactive Software Inc., 3.55%, 04/14/25 | 1723 | 1643552 |
|  VMware Inc., 4.50%, 05/15/25 (Call 04/15/25) | 2452 | 2392907 |
|  |  | 46369050 |
| **Telecommunications — 1.9%** |  |  |
|  Cisco Systems Inc., 3.50%, 06/15/25 | 1750 | 1699968 |
|  Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)<sup>(a)</sup>  | 1409 | 1230015 |
|  Rogers Communications Inc.<br>2.95%, 03/15/25 (Call 03/15/23)<sup>(b)</sup>  | 1555 | 1469086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 (Call 09/15/25) | 2702 | 2528072 |
|  T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25) | 8999 | 8582976 |
|  Verizon Communications Inc.<br>0.85%, 11/20/25 (Call 10/20/25)<sup>(a)</sup>  | 3517 | 3093202 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/* <br> *Shares*<br> *(000)* | *Par/* <br> *Shares*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685523 |
|  Vodafone Group PLC, 4.13%, 05/30/25 |  | 5339 | 5200773 |
|  |  |  | 28489615 |
| **Transportation — 1.3%** |  |  |  |
|  Burlington Northern Santa Fe LLC<br>3.00%, 04/01/25 (Call 01/01/25)<sup>(a)</sup>  |  | 1121 | 1072259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/25 (Call 06/01/25) |  | 1511 | 1453975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25 |  | 547 | 577835 |
|  Canadian Pacific Railway Co.,<br>2.90%, 02/01/25 (Call 11/01/24)<sup>(a)</sup>  |  | 2558 | 2431967 |
|  CSX Corp., 3.35%, 11/01/25<br>(Call 08/01/25)<sup>(a)</sup>  |  | 1839 | 1744071 |
|  Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25) |  | 862 | 826425 |
|  Ryder System Inc.<br>3.35%, 09/01/25 (Call 08/01/25)<sup>(a)</sup>  |  | 1705 | 1599938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/25 (Call 05/01/25) |  | 1141 | 1107249 |
|  Union Pacific Corp.<br>3.25%, 01/15/25 (Call 10/15/24)<sup>(a)</sup>  |  | 1074 | 1035916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25)<sup>(a)</sup>  |  | 1452 | 1387038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25)<sup>(a)</sup>  |  | 1399 | 1356498 |
|  United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25) |  | 4097 | 4009406 |
|  |  |  | 18602577 |
| **Trucking & Leasing — 0.1%** |  |  |  |
|  GATX Corp., 3.25%, 03/30/25 (Call 12/30/24)<sup>(a)</sup>  |  | 1590 | 1500197 |
| **Water — 0.1%** |  |  |  |
|  American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24) |  | 1647 | 1581746 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $1,565,520,711)** |  |  | 1459192969 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 8.0%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  |  | 112745 | 112722366 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  |  | 6490 | 6490000 |
|  **Total Short-Term Securities — 8.0%<br>(Cost: $119,203,118)** | **Total Short-Term Securities — 8.0%<br>(Cost: $119,203,118)** | **Total Short-Term Securities — 8.0%<br>(Cost: $119,203,118)** | 119212366 |
|  **Total Investments — 106.7%<br>(Cost: $1,684,723,829)** | **Total Investments — 106.7%<br>(Cost: $1,684,723,829)** | **Total Investments — 106.7%<br>(Cost: $1,684,723,829)** | 1578405335 |
|  **Liabilities in Excess of Other Assets — (6.7)%** | **Liabilities in Excess of Other Assets — (6.7)%** | **Liabilities in Excess of Other Assets — (6.7)%** | (99713162) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;1478692173 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 51

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Corporate ETF** |

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**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $60598916 | $52161286 <sup>(a)</sup> | $— | $(26970) | $(10866) | $112722366 | 112745 | $171606 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 11130000 |  | (4640000)<sup>(a)</sup> |  |  | 6490000 | 6490 | 47669 |  |
|  |  |  |  | $(26970) | $(10866) | $119212366 |  | $219275 | $— |

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<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1459192969 | $— | $1459192969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 119212366 |  |  | 119212366 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119212366 | $1459192969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1578405335 |

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*See notes to financial statements.* 

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
|  Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26) | $4126 | $3872994 |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) | &nbsp;&nbsp;&nbsp;&nbsp;10220 | 9086704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 (Call 03/15/26) | 1695 | 1484481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) | 4308 | 3886634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 (Call 03/01/26) | 1891 | 1706382 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | 1523 | 1330280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 (Call 05/15/26) | 1440 | 1294891 |
|  L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26) | 1510 | 1414326 |
|  Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25) | 3076 | 2961050 |
|  Raytheon Technologies Corp., 2.65%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | 1114 | 1013439 |
|  Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)<sup>(a)</sup>  | 1983 | 1720570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25898757 |
| **Agriculture — 1.6%** | **Agriculture — 1.6%** | **Agriculture — 1.6%** |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 06/16/26)<sup>(a)</sup>  | 1276 | 1142301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396852 |
|  Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)<sup>(a)</sup>  | 3206 | 2931150 |
|  BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)<sup>(a)</sup>  | 2956 | 2636515 |
|  BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26) | 4008 | 3443593 |
|  Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26) | 2075 | 1893956 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 2255 | 1929581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25) | 2170 | 1991496 |
|  |  | 19365444 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26) | 1046 | 940961 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 4.00%, 10/11/27 | 221 | 198875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, 03/03/28 | 510 | 454420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 4.88%, 07/15/27<sup>(a)</sup>  | 1143 | 1061870 |
|  |  | 2656126 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
|  NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26) | 2647 | 2408876 |
| **Auto Manufacturers — 1.7%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26<sup>(a)</sup>  | 2028 | 1759391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26 | 1954 | 1745020 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25) | 3660 | 3129337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 3033 | 2554817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26) | 2020 | 1853754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 3270 | 3168074 |
|  PACCAR Financial Corp., 1.10%, 05/11/26 | 1073 | 942663 |
|  Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)<sup>(a)</sup>  | 3227 | 2850571 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 1849 | 1615120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26 | 2193 | 1904335 |
|  |  | 21523082 |

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<br>Par*<br>*(000)* | *Value* |
|  **Banks — 24.6%** |  |  |
|  Banco Santander SA, 1.85%, 03/25/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026431 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 6802 | 6358646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 5741 | 5430756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 5559 | 5328913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 09/15/26<sup>(a)</sup>  | 1020 | 1035320 |
|  Bank of Montreal, 1.25%, 09/15/26 | 4365 | 3713436 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 1179 | 1030599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26) | 2062 | 1753607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26) | 2785 | 2525327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26)<sup>(a)</sup>  | 2245 | 2078825 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 2840 | 2461826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26<sup>(a)</sup>  | 2610 | 2225103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 2060 | 1781303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26 | 3547 | 3197975 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26 | 6528 | 6062423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 5327 | 4908458 |
|  BPCE SA, 3.38%, 12/02/26 | 1869 | 1703014 |
|  Canadian Imperial Bank of Commerce, 1.25%, 06/22/26 | 2875 | 2459505 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 7225 | 6585804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 5486 | 5157773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26 | 2732 | 2577970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26<sup>(a)</sup>  | 3518 | 3376787 |
|  Citizens Bank NA/Providence RI, 3.75%, 02/18/26 (Call 11/18/25) | 1342 | 1257145 |
|  Citizens Financial Group Inc., 2.85%, 07/27/26<sup>(a)</sup>  | 1637 | 1483826 |
|  Cooperatieve Rabobank UA, 3.75%, 07/21/26 | 4015 | 3649153 |
|  Credit Suisse AG/New York NY, 1.25%, 08/07/26 | 4530 | 3616797 |
|  Credit Suisse Group AG, 4.55%, 04/17/26<sup>(a)</sup>  | 4986 | 4367287 |
|  Deutsche Bank AG, 4.10%, 01/13/26 | 857 | 807671 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26<sup>(a)</sup>  | 2550 | 2194530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26<sup>(a)</sup>  | 1415 | 1317379 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 (Call 04/27/26) | 2504 | 2247065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/13/26 | 1025 | 954654 |
|  Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26) | 2663 | 2483008 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 7446 | 6842725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 5881 | 5525788 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 5950 | 5434016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26<sup>(a)</sup>  | 7823 | 7365746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26 | 3999 | 3639890 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 6702 | 6123349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 3909 | 3622040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 6145 | 5738938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26<sup>(a)</sup>  | 5235 | 4962414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26<sup>(a)</sup>  | 2072 | 2232829 |
|  KeyBank NA/Cleveland OH, 3.40%, 05/20/26 | 2015 | 1852248 |
|  Lloyds Banking Group PLC, 4.65%, 03/24/26 | 4709 | 4342263 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26 | 2898 | 2584552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26<sup>(a)</sup>  | 5970 | 5609830 |

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S C H E D U L E O F I N V E S T M E N T S 53

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Mizuho Financial Group Inc., 2.84%, 09/13/26<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472 | $| 2195087 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 |  | 7597 |  | 6932414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 |  | 7590 |  | 7188185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 |  | 5145 |  | 4903236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 |  | 2153 |  | 2192744 |
|  National Australia Bank Ltd./New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26 |  | 3228 |  | 2932961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26<sup>(a)</sup>  |  | 2604 |  | 2459244 |
|  NatWest Group PLC, 4.80%, 04/05/26 |  | 4576 |  | 4317822 |
|  PNC Financial Services Group Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26) |  | 2416 |  | 2074305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 |  | 3216 |  | 2905174 |
|  Royal Bank of Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 |  | 3675 |  | 3177773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 |  | 1685 |  | 1439175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 |  | 4500 |  | 3884085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 |  | 2805 |  | 2389019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26<sup>(a)</sup>  |  | 4074 |  | 3933814 |
|  Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26) |  | 3020 |  | 2665694 |
|  State Street Corp., 2.65%, 05/19/26<sup>(a)</sup>  |  | 3381 |  | 3131651 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 |  | 4982 |  | 4216964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26<sup>(a)</sup>  |  | 5705 |  | 5116415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26 |  | 3872 |  | 3500056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26<sup>(a)</sup>  |  | 3573 |  | 3365087 |
|  SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26) |  | 1910 |  | 1613587 |
|  Toronto-Dominion Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 |  | 3602 |  | 3109751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26<sup>(a)</sup>  |  | 3570 |  | 3074663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 |  | 4585 |  | 3910638 |
|  Truist Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26) |  | 3154 |  | 2896791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26)<sup>(a)</sup>  |  | 2118 |  | 1970397 |
|  U.S. Bancorp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26)<sup>(a)</sup>  |  | 3374 |  | 3129891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) |  | 4390 |  | 3978394 |
|  Wachovia Corp., 7.57%, 08/01/26<sup>(a)(b)</sup>  |  | 725 |  | 764723 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 |  | 8803 |  | 8057298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 |  | 8752 |  | 7926161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26 |  | 6241 |  | 5899805 |
|  Westpac Banking Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 |  | 2205 |  | 1916035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26 |  | 3737 |  | 3416141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26<sup>(a)</sup>  |  | 5075 |  | 4696202 |
|  |  |  |  | 304404296 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)<sup>(a)</sup>  |  | 8502 |  | 8150187 |
|  Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26) |  | 2317 |  | 2168851 |
|  Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26) |  | 922 |  | 827348 |
|  Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)<sup>(a)</sup> |  | 5246 |  | 4784037 |
|  PepsiCo Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) |  | 2618 |  | 2394528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) |  | 2101 |  | 1979688 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20304639 |

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| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Biotechnology — 0.8%** |  |  |  |  |
|  Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26)<sup>(a)</sup>  | $| 3580 | $| 3273624 |
|  Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25) |  | 6571 |  | 6227928 |
|  |  |  |  | 9501552 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25) |  | 1512 |  | 1440558 |
|  Owens Corning, 3.40%, 08/15/26 (Call 05/15/26) |  | 1772 |  | 1622107 |
|  |  |  |  | 3062665 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26) |  | 1375 |  | 1110560 |
|  Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  |  | 1639 |  | 1502553 |
|  FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)<sup>(a)</sup>  |  | 1632 |  | 1491518 |
|  Linde Inc./CT, 3.20%, 01/30/26 (Call 10/30/25) |  | 1696 |  | 1608096 |
|  Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)<sup>(a)</sup>  |  | 1241 |  | 1168538 |
|  PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26) |  | 865 |  | 749194 |
|  Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> |  | 895 |  | 859728 |
|  Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26) |  | 2343 |  | 2157762 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10647949 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
|  Global Payments Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26) |  | 2289 |  | 2198974 |
|  GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26) |  | 1453 |  | 1207980 |
|  PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26) |  | 3394 |  | 3096516 |
|  |  |  |  | 9312373 |
| **Computers — 5.2%** | **Computers — 5.2%** | **Computers — 5.2%** | **Computers — 5.2%** | **Computers — 5.2%** |
|  Apple Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) |  | 5768 |  | 5058594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) |  | 4964 |  | 4491179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) |  | 5617 |  | 5170112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25)<sup>(a)</sup>  |  | 7774 |  | 7410643 |
|  CGI Inc., 1.45%, 09/14/26 (Call 08/14/26) |  | 1630 |  | 1399632 |
|  Dell International LLC/EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) |  | 4098 |  | 3935227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26) |  | &nbsp;&nbsp;&nbsp;&nbsp;11214 |  | 11196843 |
|  DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26) |  | 1715 |  | 1470064 |
|  Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26) |  | 2040 |  | 1752095 |
|  Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26) |  | 955 |  | 840696 |
|  Hewlett Packard Enterprise Co., 1.75%, 04/01/26 (Call 03/01/26)<sup>(a)</sup>  |  | 2204 |  | 1951532 |
|  HP Inc., 1.45%, 06/17/26 (Call 05/17/26)<sup>(a)</sup>  |  | 2770 |  | 2369680 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 |  | 7835 |  | 7351345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26<sup>(a)</sup>  |  | 3365 |  | 3193149 |
|  Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26) |  | 2185 |  | 1713215 |
|  Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)<sup>(a)</sup>  |  | 5185 |  | 4790473 |
|  |  |  |  | 64094479 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26<sup>(a)</sup> |  | 2004 |  | 1773540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26<sup>(a)</sup> |  | 2701 |  | 2489107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26 |  | 1345 |  | 1266277 |
|  Unilever Capital Corp., 2.00%, 07/28/26 |  | 1911 |  | 1721008 |
|  |  |  |  | 7249932 |

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54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 | $2475298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26) | 8675 | 7335753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 (Call 02/03/26) | 1563 | 1444212 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26) | 3310 | 2776759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 3851 | 3424348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) | 2190 | 1986089 |
|  Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26) | 1911 | 1685617 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26)<sup>(a)</sup>  | 3615 | 3113889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) | 2887 | 2670302 |
|  Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26) | 1955 | 1790037 |
|  Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26) | 1268 | 1202711 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26) | 3677 | 3363131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 (Call 07/24/25)<sup>(c)</sup>  | 1000 | 963250 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26) | 3164 | 2733063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 2298 | 1991194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 (Call 11/13/25) | 935 | 891850 |
|  Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)<sup>(a)</sup>  | 2201 | 2063768 |
|  Invesco Finance PLC, 3.75%, 01/15/26<sup>(a)</sup> | 2055 | 1946229 |
|  Legg Mason Inc., 4.75%, 03/15/26<sup>(a)</sup> | 1263 | 1243474 |
|  Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)<sup>(a)</sup> | 2184 | 2031950 |
|  Nasdaq Inc., 3.85%, 06/30/26<br>(Call 03/30/26)<sup>(a)</sup> | 1122 | 1068727 |
|  Nomura Holdings Inc., 1.65%, 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692978 |
|  Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)<sup>(a)</sup> | 1741 | 1563488 |
|  Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26) | 2360 | 2021434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54479551 |
| **Electric — 5.0%** | **Electric — 5.0%** | **Electric — 5.0%** |
|  AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26) | 1125 | 1037025 |
|  AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25) | 2290 | 1983255 |
|  Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25) | 1526 | 1443535 |
|  Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26) | 661 | 597947 |
|  Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25) | 1135 | 1078488 |
|  CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)<sup>(a)</sup> | 1286 | 1160461 |
|  CenterPoint Energy Inc., 1.45%, 06/01/26 (Call 05/01/26) | 1570 | 1365194 |
|  Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26) | 1457 | 1349371 |
|  CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26) | 651 | 597917 |
|  Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26) | 1415 | 1297767 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 (Call 03/15/26) | 1750 | 1527978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 (Call 05/15/26) | 1458 | 1318703 |
|  DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26) | 1406 | 1272852 |
|  Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)<sup>(a)</sup> | 1394 | 1289408 |
|  Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26) | 4276 | 3866188 |
|  Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26) | 1646 | 1518336 |
|  Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)<sup>(a)</sup> | 1330 | 1229545 |
|  Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 1263 | 1195164 |
|  Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26) | 2258 | 2056473 |
|  Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26) | 1235 | 1094655 |
|  Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26) | 369 | 335425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Eversource Energy, Series U, 1.40%, 08/15/26 (Call 07/15/26) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | $| 1124401 |
|  Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26) |  | 2442 |  | 2281097 |
|  Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) |  | 2714 |  | 2447024 |
|  Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26) |  | 737 |  | 687127 |
|  ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26) |  | 1320 |  | 1211443 |
|  National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/26 (Call 05/15/26) |  | 1398 |  | 1209871 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 (Call 12/01/25) |  | 1611 |  | 1430858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 |  | 5056 |  | 4555405 |
|  PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26) |  | 2048 |  | 1872343 |
|  Public Service Electric & Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/15/26 (Call 02/15/26) |  | 1371 |  | 1196691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) |  | 1353 |  | 1213330 |
|  San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26) |  | 1450 |  | 1322777 |
|  Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26) |  | 1296 |  | 1189715 |
|  Southern California Edison Co., Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26) |  | 901 |  | 787699 |
|  Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26) |  | 4452 |  | 4118768 |
|  Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25) |  | 778 |  | 673888 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 2.75%, 10/01/26 (Call 07/01/26) |  | 1172 |  | 1051870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/26 (Call 02/15/26) |  | 1640 |  | 1442429 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.95%, 11/15/26 (Call 08/15/26) |  | 1545 |  | 1404822 |
|  Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26) |  | 1340 |  | 1235601 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62391267 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co., 0.88%, 10/15/26 (Call 09/15/26) |  | 2168 |  | 1848198 |
| **Electronics — 1.5%** | **Electronics — 1.5%** | **Electronics — 1.5%** | **Electronics — 1.5%** | **Electronics — 1.5%** |
|  Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)<sup>(a)</sup> |  | 1322 |  | 1214891 |
|  Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26) |  | 2108 |  | 1992903 |
|  Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26) |  | 2260 |  | 2093528 |
|  Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26) |  | 2607 |  | 2396433 |
|  Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26) |  | 3703 |  | 3387986 |
|  Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  |  | 1298 |  | 1224170 |
|  Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)<sup>(a)</sup>  |  | 2010 |  | 1742549 |
|  TD SYNNEX Corp., 1.75%, 08/09/26 (Call 07/09/26) |  | 2520 |  | 2128367 |
|  Tyco Electronics Group SA, 3.70%, 02/15/26 (Call 11/15/25) |  | 1395 |  | 1332002 |
|  Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26) |  | 1773 |  | 1467991 |
|  |  |  |  | 18980820 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)<sup>(a)</sup> |  | 1979 |  | 1811656 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
|  Bestfoods, Series E, 7.25%, 12/15/26<sup>(a)</sup>  |  | 74 |  | 80271 |
|  Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26) |  | 840 |  | 773321 |
|  Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26) |  | 1201 |  | 1091709 |
|  Ingredion Inc., 3.20%, 10/01/26<br>(Call 07/01/26)<sup>(a)</sup>  |  | 988 |  | 905295 |
|  Kellogg Co., 3.25%, 04/01/26 |  | 2047 |  | 1918182 |
|  Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26) |  | 5160 |  | 4755250 |
|  Kroger Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) |  | 2150 |  | 1923239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 (Call 11/01/25) |  | 2011 |  | 1884589 |

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S C H E D U L E O F I N V E S T M E N T S 55

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Food (continued)** |  |  |
|  McCormick & Co. Inc./MD, 0.90%, 02/15/26 (Call 01/15/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 | $1664327 |
|  Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26) | 2446 | 2263626 |
|  Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)<sup>(a)</sup>  | 2498 | 2385840 |
|  |  | 19645649 |
| **Gas — 0.3%** |  |  |
|  National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)<sup>(a)</sup>  | 1477 | 1446603 |
|  Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26) | 1335 | 1215798 |
|  Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26) | 885 | 814315 |
|  |  | 3476716 |
| **Hand & Machine Tools — 0.1%** |  |  |
|  Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26) | 1368 | 1284839 |
| **Health Care - Products — 0.9%** |  |  |
|  Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26)<sup>(a)</sup>  | 4898 | 4706978 |
|  Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26) | 1930 | 1736170 |
|  Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25) | 2515 | 2382535 |
|  Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25) | 1876 | 1740740 |
|  |  | 10566423 |
| **Health Care - Services — 2.0%** |  |  |
|  Elevance Health Inc., 1.50%, 03/15/26 (Call 02/15/26)<sup>(a)</sup>  | 2258 | 1995462 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25) | 3742 | 3629366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25) | 3595 | 3564407 |
|  Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26) | 1675 | 1453632 |
|  Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 1085 | 989639 |
|  Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26) | 1908 | 1790315 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26) | 2607 | 2299426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26<sup>(a)</sup>  | 1192 | 1059509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26<sup>(a)</sup>  | 2915 | 2742723 |
|  Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)<sup>(d)</sup>  | 2350 | 1974917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24740966 |
| **Holding Companies - Diversified — 2.2%** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | 2752 | 2275133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 3188 | 2861549 |
|  Bain Capital Specialty Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/13/26 (Call 09/13/26) | 1015 | 822830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 (Call 02/10/26) | 937 | 792918 |
|  Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)<sup>(d)</sup>  | 1010 | 835068 |
|  Blackstone Private Credit Fund, 2.63%, 12/15/26 (Call 11/15/26) | 3217 | 2659269 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26<sup>(a)</sup>  | 1905 | 1635023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 (Call 12/15/25) | 1985 | 1790272 |
|  FS KKR Capital Corp., 3.40%, 01/15/26 (Call 12/15/25) | 2941 | 2588903 |
|  Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25) | 1761 | 1592736 |
|  Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26) | 1578 | 1312817 |
|  Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26) | 1608 | 1360593 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26) | 2768 | 2358115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 (Call 12/15/25) | 1475 | 1335952 |

---

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| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
|  OWL Rock Core Income Corp.,<br>3.13%, 09/23/26 (Call 08/23/26)<sup>(a)</sup>  | $995 | $831929 |
|  Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 (Call 10/15/26)<sup>(a)</sup>  | 920 | 746451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 (Call 12/22/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | 1233440 |
|  Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26) | 773 | 652497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27685495 |
| **Home Builders — 0.4%** |  |  |
|  DR Horton Inc., 1.30%, 10/15/26 (Call 09/15/26) | 2113 | 1766046 |
|  Lennar Corp., 5.25%, 06/01/26<br>(Call 12/01/25)<sup>(a)</sup>  | 1521 | 1478366 |
|  PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 1483 | 1452628 |
|  |  | 4697040 |
| **Household Products & Wares — 0.1%** |  |  |
|  Kimberly-Clark Corp., 2.75%, 02/15/26 | 1230 | 1148648 |
| **Insurance — 3.0%** |  |  |
|  Aflac Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/26 (Call 02/15/26) | 1500 | 1313175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 07/15/26)<sup>(a)</sup>  | 1087 | 1002051 |
|  Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26) | 1463 | 1360824 |
|  American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26) | 2120 | 2019364 |
|  Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26) | 1310 | 1236011 |
|  Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25) | 7631 | 7232280 |
|  Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26) | 3555 | 3347317 |
|  CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 1600 | 1541536 |
|  Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388823 |
|  Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)<sup>(a)</sup>  | 995 | 924504 |
|  Loews Corp., 3.75%, 04/01/26 (Call 01/01/26) | 1736 | 1667879 |
|  Manulife Financial Corp., 4.15%, 03/04/26 | 3088 | 2971613 |
|  Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)<sup>(a)</sup>  | 2028 | 1930758 |
|  Munich Re America Corp., Series B, 7.45%, 12/15/26<sup>(a)</sup>  | 30 | 32028 |
|  Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26) | 1587 | 1488051 |
|  Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26) | 1083 | 983786 |
|  Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)<sup>(a)</sup> | 1585 | 1405372 |
|  Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26) | 1020 | 967185 |
|  Swiss Re America Holding Corp., 7.00%, 02/15/26 | 574 | 601414 |
|  Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) | 1534 | 1460966 |
|  Voya Financial Inc., 3.65%, 06/15/26 | 1900 | 1763979 |
|  |  | 36638916 |
| **Internet — 1.7%** |  |  |
|  Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26) | 5832 | 5310036 |
|  Amazon.com Inc., 1.00%, 05/12/26 (Call 04/12/26) | 6560 | 5742821 |
|  Baidu Inc., 1.72%, 04/09/26 (Call 03/09/26) | 1500 | 1306845 |
|  Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)<sup>(a)</sup>  | 2771 | 2618373 |
|  eBay Inc., 1.40%, 05/10/26 (Call 04/10/26) | 2448 | 2130445 |
|  Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25) | 2765 | 2672041 |
|  JD.com Inc., 3.88%, 04/29/26 | 816 | 756530 |
|  |  | 20537091 |
| **Iron & Steel — 0.3%** |  |  |
|  ArcelorMittal SA, 4.55%, 03/11/26<sup>(a)</sup>  | 855 | 816739 |
|  Steel Dynamics Inc., 5.00%, 12/15/26 | 1473 | 1420517 |
|  Vale Overseas Ltd., 6.25%, 08/10/26<sup>(a)</sup>  | 1726 | 1754237 |
|  |  | 3991493 |

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56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Lodging — 0.3%** |  |  |
|  Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | $1411515 |
|  Marriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | 1892045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303560 |
| **Machinery — 1.2%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26 | 1183 | 1037148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26<sup>(a)</sup>  | 1137 | 984676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/09/26<sup>(a)</sup>  | 1590 | 1446709 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 (Call 06/15/26)<sup>(a)</sup>  | 1655 | 1415257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 (Call 12/15/25) | 1498 | 1320577 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | 1498 | 1309372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26<sup>(a)</sup>  | 1497 | 1306222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/13/26 | 555 | 482362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/26 | 1626 | 1475124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26 | 1137 | 1052782 |
|  Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)<sup>(a)</sup>  | 2199 | 1983212 |
|  Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 1355 | 1244581 |
|  |  | 15058022 |
| **Manufacturing — 0.6%** |  |  |
|  3M Co., 2.25%, 09/19/26 (Call 06/19/26)<sup>(a)</sup>  | 1971 | 1777783 |
|  Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26) | 3014 | 2769957 |
|  Textron Inc., 4.00%, 03/15/26<br>(Call 12/15/25)<sup>(a)</sup>  | 1450 | 1381618 |
|  Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26) | 1757 | 1636329 |
|  |  | 7565687 |
| **Media — 1.8%** |  |  |
|  Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25) | 5996 | 5634801 |
|  Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25) | 1922 | 1824824 |
|  Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25) | 670 | 640560 |
|  Paramount Global, 4.00%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  | 2813 | 2640141 |
|  TCI Communications Inc., 7.88%, 02/15/26 | 1179 | 1271387 |
|  Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26) | 1644 | 1527539 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26<sup>(a)</sup>  | 2196 | 1955867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26 | 1946 | 1819860 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26<sup>(a)</sup>  | 3802 | 3443167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/26 (Call 08/15/26) | 1964 | 1834514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592660 |
| **Mining — 0.1%** |  |  |
|  BHP Billiton Finance USA Ltd., 6.42%, 03/01/26 | 630 | 650809 |
| **Office & Business Equipment — 0.2%** |  |  |
|  CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26) | 2435 | 2101332 |
| **Oil & Gas — 3.1%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 2670 | 2492498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25)<sup>(a)</sup>  | 2656 | 2516427 |
|  Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)<sup>(a)</sup>  | 6368 | 5977323 |
|  Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26) | 2187 | 2004604 |
|  EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25) | 2676 | 2597245 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26)<sup>(a)</sup>  | 3390 | 3086900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 6220 | 5856254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)<sup>(a)</sup>  | $1695 | $1666321 |
|  Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)<sup>(a)</sup>  | 2550 | 2494997 |
|  Phillips 66, 1.30%, 02/15/26 (Call 01/15/26) | 1336 | 1167023 |
|  Phillips 66 Co., 3.55%, 10/01/26 (Call 07/01/26)<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375969 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25) | 244 | 212888 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26 | 2568 | 2343249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 5109 | 4765828 |
|  Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26) | 15 | 13957 |
|  |  | 38571483 |
| **Oil & Gas Services — 0.3%** |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26) | 1178 | 1031103 |
|  HF Sinclair Corp., 5.88%, 04/01/26<sup>(a)</sup>  | 2343 | 2281051 |
|  |  | 3312154 |
| **Packaging & Containers — 0.6%** |  |  |
|  Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26) | 1965 | 1812535 |
|  Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25) | 3589 | 3112058 |
|  WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26) | 2636 | 2554126 |
|  |  | 7478719 |
| **Pharmaceuticals — 5.3%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10194 | 9308039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 5098 | 4751285 |
|  Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26) | 3300 | 2880141 |
|  AstraZeneca PLC, 0.70%, 04/08/26 (Call 03/08/26)<sup>(a)</sup>  | 3532 | 3044725 |
|  Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26) | 4698 | 4435899 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26) | 2305 | 2013740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25) | 3536 | 3452268 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26) | 4448 | 4093984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 2191 | 2008468 |
|  Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25) | 5348 | 4997973 |
|  McKesson Corp., 1.30%, 08/15/26 (Call 07/15/26) | 1730 | 1487437 |
|  Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)<sup>(a)</sup>  | 2826 | 2477017 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(a)</sup>  | 2946 | 2753420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26 | 4529 | 4236517 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)<sup>(a)</sup>  | 8097 | 7446163 |
|  Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26) | 6132 | 5584045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64971121 |
| **Pipelines — 2.7%** |  |  |
|  Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26) | 945 | 947155 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 (Call 09/04/26)<sup>(a)</sup>  | 1580 | 1357283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 2045 | 1933916 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 (Call 04/15/26) | 1798 | 1660345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 2978 | 2856468 |
|  Enterprise Products Operating LLC, 3.70%, 02/15/26 (Call 11/15/25)<sup>(a)</sup>  | 2675 | 2539565 |
|  Kinder Morgan Inc., 1.75%, 11/15/26 (Call 10/15/26) | 983 | 847798 |
|  Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25) | 1589 | 1555504 |
|  MPLX LP, 1.75%, 03/01/26 (Call 02/01/26) | 4321 | 3771628 |
|  ONEOK Inc., 5.85%, 01/15/26 (Call 12/15/25) | 1776 | 1768061 |

---

S C H E D U L E O F I N V E S T M E N T S 57

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | $1862830 |
|  Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102138 |
|  Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26) | 1908 | 1748720 |
|  TransCanada PipeLines Ltd., 4.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  | 2781 | 2723183 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) | 3512 | 3701999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33376593 |
| **Real Estate — 0.2%** |  |  |
|  CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 2289 | 2242716 |
| **Real Estate Investment Trusts — 5.8%** |  |  |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 (Call 02/15/26) | 960 | 908813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25) | 1000 | 962080 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) | 2000 | 1684700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 (Call 03/15/26)<sup>(a)</sup>  | 1780 | 1537351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 2307 | 2089265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 (Call 11/15/25)<sup>(a)</sup>  | 2062 | 1967210 |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/15/26 (Call 07/15/26) | 861 | 777500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/11/26 (Call 02/11/26) | 1417 | 1293891 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26) | 2644 | 2341950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 3428 | 3193902 |
|  Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26) | 1845 | 1699946 |
|  Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)<sup>(a)</sup> | 1332 | 1151860 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26) | 2130 | 1795462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 2407 | 2237210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 2838 | 2720677 |
|  CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26) | 940 | 853125 |
|  EPR Properties, 4.75%, 12/15/26 (Call 09/15/26) | 700 | 604331 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 (Call 04/15/26) | 2224 | 1913129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 (Call 09/18/26)<sup>(a)</sup>  | 2007 | 1789120 |
|  ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 1143 | 1034872 |
|  Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26) | 1557 | 1435445 |
|  Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)<sup>(a)</sup> | 631 | 548358 |
|  GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)<sup>(a)</sup>  | 2930 | 2796158 |
|  Healthcare Realty Holdings LP, 3.50%, 08/01/26 (Call 05/01/26) | 1667 | 1524122 |
|  Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26) | 1772 | 1628344 |
|  Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25) | 855 | 798741 |
|  Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 1315 | 1164512 |
|  Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 1110 | 1003895 |
|  LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26) | 1632 | 1513501 |
|  Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26) | 475 | 401560 |
|  National Retail Properties Inc., 3.60%, 12/15/26 (Call 09/15/26) | 1175 | 1073927 |
|  Office Properties Income Trust, 2.65%, 06/15/26 (Call 05/15/26) | 1020 | 745702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | $1445755 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 970 | 901799 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 2718 | 2350499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26)<sup>(a)</sup>  | 690 | 601038 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 (Call 02/15/26)<sup>(a)</sup>  | 880 | 750446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26)<sup>(a)</sup>  | 1213 | 1146770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26)<sup>(a)</sup>  | 1604 | 1560740 |
|  Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26) | 1615 | 1461769 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26)<sup>(a)</sup>  | 1865 | 1700936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 2472 | 2307192 |
|  SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25) | 921 | 859173 |
|  Spirit Realty LP, 4.45%, 09/15/26 (Call 06/15/26)<sup>(a)</sup>  | 1015 | 954587 |
|  Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)<sup>(a)</sup>  | 1059 | 938613 |
|  UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)<sup>(a)</sup>  | 670 | 603013 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 (Call 07/15/26) | 1046 | 946588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 (Call 10/15/25) | 1093 | 1036601 |
|  Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)<sup>(a)</sup>  | 1255 | 1037433 |
|  Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26) | 1763 | 1671959 |
|  WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26) | 913 | 852970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71323911 |
| **Retail — 2.3%** |  |  |
|  AutoZone Inc., 3.13%, 04/21/26<br>(Call 01/21/26)<sup>(a)</sup>  | 1765 | 1644274 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26)<sup>(a)</sup>  | 2763 | 2494547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26) | 3634 | 3416687 |
|  Lowe's Companies Inc., 2.50%, 04/15/26 (Call 01/15/26) | 3816 | 3497020 |
|  McDonald's Corp., 3.70%, 01/30/26 (Call 10/30/25) | 4406 | 4230156 |
|  O'Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25) | 1567 | 1486190 |
|  Ross Stores Inc., 0.88%, 04/15/26 (Call 03/15/26) | 1367 | 1173856 |
|  Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  | 1519 | 1385708 |
|  Target Corp., 2.50%, 04/15/26 | 2499 | 2309901 |
|  TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26) | 3119 | 2818297 |
|  Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26) | 2661 | 2489818 |
|  Walmart Inc., 3.05%, 07/08/26<br>(Call 05/08/26)<sup>(a)</sup>  | 1620 | 1539454 |
|  |  | 28485908 |
| **Semiconductors — 2.1%** |  |  |
|  Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)<sup>(a)</sup>  | 3498 | 3300118 |
|  Broadcom Inc., 3.46%, 09/15/26 (Call 07/15/26)<sup>(a)</sup>  | 2186 | 2007141 |
|  Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)<sup>(a)</sup>  | 3456 | 3197491 |
|  Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26) | 2731 | 2620531 |
|  Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)<sup>(a)</sup> | 1980 | 1707433 |
|  Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25) | 1400 | 1364986 |
|  NVIDIA Corp., 3.20%, 09/16/26<br>(Call 06/16/26)<sup>(a)</sup>  | 2865 | 2698687 |
|  NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26) | 1730 | 1696179 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26 (Call 04/18/26) | 2354 | 2189644 |
|  Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26) | 2023 | 1727258 |
|  Texas Instruments Inc., 1.13%, 09/15/26 (Call 08/15/26) | 1800 | 1566522 |
|  TSMC Arizona Corp., 1.75%, 10/25/26 (Call 09/25/26) | 2905 | 2508322 |
|  |  | 26584312 |

---

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Software — 3.3%** |  |  |
|  Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272 | $3075844 |
|  Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)<sup>(a)</sup>  | 2087 | 1930433 |
|  Electronic Arts Inc., 4.80%, 03/01/26<br>(Call 12/01/25)<sup>(a)</sup>  | 1700 | 1685278 |
|  Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26) | 3191 | 2754790 |
|  Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)<sup>(a)</sup>  | 5150 | 4728524 |
|  Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26) | 9462 | 8754905 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26)<sup>(a)</sup>  | 6608 | 5809093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26) | 7306 | 6571382 |
|  Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26) | 2356 | 2203472 |
|  VMware Inc., 1.40%, 08/15/26 (Call 07/15/26) | 3915 | 3344819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40858540 |
| **Telecommunications — 2.7%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 6120 | 5397656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 (Call 04/15/26) | 1571 | 1436255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  | 1411 | 1354236 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26) | 3445 | 3185936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 2346 | 2214647 |
|  Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)<sup>(a)</sup>  | 1326 | 1188401 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | 2261803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23) | 4545 | 4082819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 3030 | 2735939 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26)<sup>(a)</sup>  | 5035 | 4436792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26<sup>(a)</sup>  | 5110 | 4648209 |
|  |  | 32942693 |
| **Toys, Games & Hobbies — 0.1%** |  |  |
|  Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26) | 1939 | 1777443 |
| **Transportation — 1.5%** |  |  |
|  Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25) | 1744 | 1611543 |
|  Canadian Pacific Railway Co., 1.75%, 12/02/26 (Call 11/02/26) | 2485 | 2161478 |
|  CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 1871 | 1697746 |
|  FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26) | 2857 | 2691580 |
|  JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26) | 2721 | 2608541 |
|  Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  | 1520 | 1404024 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |  |
|  Ryder System Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 (Call 08/01/26) | $| 1090 | $947940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 (Call 10/01/26) |  | 1018 | 909888 |
|  Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25) |  | 1585 | 1475920 |
|  United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26) |  | 1347 | 1223521 |
|  Walmart Inc., 1.05%, 09/17/26 (Call 08/17/26) |  | 2110 | 1837578 |
|  |  |  | 18569759 |
| **Trucking & Leasing — 0.1%** |  |  |  |
|  GATX Corp., 3.25%, 09/15/26 (Call 06/15/26) |  | 1555 | 1405176 |
| **Venture Capital — 0.1%** |  |  |  |
|  Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)<sup>(a)</sup>  |  | 1015 | 828402 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $1,343,560,252)** | **Total Long-Term Investments — 98.9%<br>(Cost: $1,343,560,252)** | **Total Long-Term Investments — 98.9%<br>(Cost: $1,343,560,252)** | &nbsp;&nbsp;&nbsp;&nbsp;1222228932 |
| **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 4.8%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;52933 | 52922169 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  |  | 6767 | 6767000 |
|  **Total Short-Term Securities — 4.8%<br>(Cost: $59,686,572)** | **Total Short-Term Securities — 4.8%<br>(Cost: $59,686,572)** | **Total Short-Term Securities — 4.8%<br>(Cost: $59,686,572)** | 59689169 |
|  **Total Investments — 103.7%<br>(Cost: $1,403,246,824)** | **Total Investments — 103.7%<br>(Cost: $1,403,246,824)** | **Total Investments — 103.7%<br>(Cost: $1,403,246,824)** | 1281918101 |
|  **Liabilities in Excess of Other Assets — (3.7)%** | **Liabilities in Excess of Other Assets — (3.7)%** | **Liabilities in Excess of Other Assets — (3.7)%** | (45459485) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1236458616 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65569882 | $— | $(12602528)<sup>(a)</sup> | $(37624) | $(7561) | $52922169 | 52933 | $114562 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 2857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910000 <sup>(a)</sup> |  |  |  | 6767000 | 6767 | 36452 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37624) | $(7561) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59689169 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151014 | $— |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Corporate ETF** |

---

**Affiliates (continued)** 

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1222228932 | $— | $1222228932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 59689169 |  |  | 59689169 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59689169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222228932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281918101 |

---

*See notes to financial statements.* 

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456 | $2134264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 (Call 12/01/26) | 1306 | 1133686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27)<sup>(a)</sup>  | 4010 | 3870131 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27 (Call 08/15/27) | 731 | 650086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27)<sup>(a)</sup>  | 2447 | 2300571 |
|  Lockheed Martin Corp., 5.10%, 11/15/27 | 45 | 45097 |
|  Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26) | 1734 | 1597673 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | 2776 | 2536848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26) | 2360 | 2201597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/27<sup>(a)</sup>  | 308 | 333696 |
|  |  | 16803649 |
| **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 6474 | 5666433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27) | 2024 | 1884142 |
|  Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)<sup>(a)</sup> | 1889 | 1727982 |
|  Philip Morris International Inc., 3.13%, 08/17/27 (Call 05/17/27)<sup>(a)</sup> | 1608 | 1446910 |
|  |  | 10725467 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
|  American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29 | 202 | 175857 |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/16/27 (Call 08/16/27) | 610 | 547621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 (Call 04/15/27) | 4500 | 4387635 |
|  United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27<sup>(a)</sup> | 4573 | 4402579 |
|  |  | 9513692 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
|  NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27) | 2418 | 2217935 |
|  Tapestry Inc., 4.13%, 07/15/27<br>(Call 04/15/27)<sup>(a)</sup> | 1114 | 1007680 |
|  VF Corp., 2.80%, 04/23/27 (Call 02/23/27) | 1318 | 1168657 |
|  |  | 4394272 |
| **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** |
|  American Honda Finance Corp., 2.35%, 01/08/27 | 1602 | 1424258 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 (Call 07/01/27)<sup>(a)</sup> | 1815 | 1661251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27)<sup>(a)</sup> | 2254 | 2284745 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27) | 2095 | 1777209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27)<sup>(a)</sup> | 1816 | 1531796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26)<sup>(a)</sup> | 2742 | 2527685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27) | 2750 | 2600647 |
|  Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)<sup>(a)</sup> | 450 | 402557 |
|  PACCAR Financial Corp., 2.00%, 02/04/27 | 430 | 381096 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27<sup>(a)</sup>  | 2082 | 1730038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 | 1015 | 889546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 2050 | 1876673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 | 1463 | 1353158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | 1215 | 1181891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21622550 |
| **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
|  BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27) | 2697 | 2354832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
|  Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245560 |
|  |  |  |  | 3600392 |
| **Banks — 14.7%** | **Banks — 14.7%** | **Banks — 14.7%** | **Banks — 14.7%** | **Banks — 14.7%** |
|  Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 |  | 2325 |  | 2099382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 |  | 3345 |  | 3088271 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26)<sup>(a)</sup> |  | 5227 |  | 4668861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 (Call 11/25/26) |  | 4819 |  | 4418300 |
|  Bank of Montreal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27<sup>(a)</sup> |  | 3665 |  | 3247740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) |  | 575 |  | 550804 |
|  Bank of New York Mellon Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26) |  | 2560 |  | 2249574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27)<sup>(a)</sup>  |  | 2301 |  | 2126423 |
|  Bank of Nova Scotia (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27<sup>(a)</sup>  |  | 2060 |  | 1779758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 |  | 1170 |  | 1047969 |
|  Canadian Imperial Bank of Commerce, 3.45%, 04/07/27<sup>(a)</sup> |  | 2150 |  | 1961123 |
|  Citigroup Inc., 4.45%, 09/29/27<sup>(a)</sup> |  | 8879 |  | 8273275 |
|  Credit Suisse AG/New York NY, 5.00%, 07/09/27 |  | 2155 |  | 1938379 |
|  Fifth Third Bancorp., 2.55%, 05/05/27 (Call 04/05/27) |  | 2069 |  | 1808140 |
|  Fifth Third Bank NA, 2.25%, 02/01/27 (Call 01/01/27) |  | 1529 |  | 1339817 |
|  Goldman Sachs Group Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) |  | 6889 |  | 6392992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27 |  | 2211 |  | 2231363 |
|  ING Groep NV, 3.95%, 03/29/27 |  | 2898 |  | 2633818 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26) |  | 1866 |  | 1688749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27 |  | 4008 |  | 3764033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 |  | 1830 |  | 2008150 |
|  KeyBank NA/Cleveland OH, 4.39%, 12/14/27 |  | 500 |  | 472940 |
|  KeyCorp, 2.25%, 04/06/27 |  | 2072 |  | 1780345 |
|  Lloyds Banking Group PLC, 3.75%, 01/11/27 |  | 2868 |  | 2569585 |
|  Manufacturers & Traders Trust Co., 3.40%, 08/17/27 |  | 1460 |  | 1297064 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27 |  | 2411 |  | 2157218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27<sup>(a)</sup>  |  | 2226 |  | 2043535 |
|  Mizuho Financial Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27<sup>(a)</sup>  |  | 2336 |  | 2044093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27<sup>(a)</sup>  |  | 1625 |  | 1471958 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 |  | 6126 |  | 5651051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27<sup>(a)</sup>  |  | 4015 |  | 3717529 |
|  National Australia Bank Ltd., 3.91%, 06/09/27 |  | 1190 |  | 1123408 |
|  Northern Trust Corp., 4.00%, 05/10/27 (Call 04/10/27)<sup>(a)</sup> |  | 3080 |  | 2944449 |
|  PNC Bank NA, 3.10%, 10/25/27 (Call 09/25/27)<sup>(a)</sup> |  | 2470 |  | 2228854 |
|  PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)<sup>(a)</sup> |  | 2309 |  | 2081725 |
|  Royal Bank of Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27<sup>(a)</sup>  |  | 325 |  | 283754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(a)</sup>  |  | 2660 |  | 2450232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 |  | 2625 |  | 2467132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 |  | 60 |  | 60376 |
|  Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)<sup>(a)</sup> |  | 2707 |  | 2448238 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27<sup>(a)</sup>  |  | 1050 |  | 906518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27<sup>(a)</sup>  |  | 1634 |  | 1454767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27 |  | 4083 |  | 3666289 |

---

S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | $| 2306945 |
|  Synchrony Bank, 5.63%, 08/23/27 (Call 07/23/27) |  | 1100 |  | 1037003 |
|  Toronto-Dominion Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 |  | 1555 |  | 1347501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 |  | 2585 |  | 2305329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 |  | 1975 |  | 1850575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 |  | 1445 |  | 1384527 |
|  Truist Financial Corp., 1.13%, 08/03/27 (Call 06/03/27)<sup>(a)</sup>  |  | 2480 |  | 2012644 |
|  U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27) |  | 3535 |  | 3252200 |
|  Wells Fargo & Co., 4.30%, 07/22/27 |  | 5750 |  | 5374525 |
|  Westpac Banking Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27<sup>(a)</sup>  |  | 3072 |  | 2846392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27<sup>(a)</sup>  |  | 1400 |  | 1330084 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;129685706 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
|  Coca-Cola Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27<sup>(a)</sup>  |  | 3222 |  | 2797598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 |  | 1086 |  | 1003627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27 |  | 2458 |  | 2335911 |
|  Constellation Brands Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 (Call 02/09/27)<sup>(a)</sup>  |  | 1445 |  | 1329487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27)<sup>(a)</sup>  |  | 620 |  | 592503 |
|  Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)<sup>(a)</sup> |  | 1285 |  | 1174567 |
|  PepsiCo Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 (Call 01/19/27) |  | 1657 |  | 1510008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) |  | 3619 |  | 3342291 |
|  |  |  |  | 14085992 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  Amgen Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) |  | 4046 |  | 3592160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 (Call 08/02/27)<sup>(a)</sup>  |  | 2891 |  | 2652811 |
|  Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27) |  | 675 |  | 608107 |
|  Gilead Sciences Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 (Call 08/01/27) |  | 1472 |  | 1211662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26)<sup>(a)</sup> |  | 3643 |  | 3315203 |
|  Royalty Pharma PLC, 1.75%, 09/02/27 (Call 07/02/27)<sup>(a)</sup> |  | 2773 |  | 2286006 |
|  |  |  |  | 13665949 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
|  Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26) |  | 505 |  | 444723 |
|  Lennox International Inc., 1.70%, 08/01/27 (Call 06/01/27) |  | 940 |  | 784543 |
|  Martin Marietta Materials Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) |  | 700 |  | 640171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/27 (Call 09/15/27)<sup>(a)</sup>  |  | 1595 |  | 1451578 |
|  Masco Corp., 3.50%, 11/15/27 (Call 08/15/27) |  | 663 |  | 593511 |
|  Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27) |  | 981 |  | 916430 |
|  |  |  |  | 4830956 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
|  Air Products and Chemicals Inc., 1.85%, 05/15/27 (Call 03/15/27)<sup>(a)</sup> |  | 1796 |  | 1567549 |
|  Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27) |  | 1260 |  | 1193825 |
|  Celanese U.S. Holdings LLC, 6.17%, 07/15/27 (Call 06/15/27) |  | 4455 |  | 4209039 |
|  Ecolab Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/27 (Call 01/01/27)<sup>(a)</sup>  |  | 1470 |  | 1281590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  |  | 1401 |  | 1288920 |
|  LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)<sup>(a)</sup> |  | 820 |  | 743396 |
|  Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27) |  | 671 |  | 620299 |
|  RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26) |  | 1626 |  | 1491757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Chemicals (continued)** |  |  |  |  |
|  Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 | $| 3421996 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15818371 |
| **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** |
|  Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  |  | 1913 |  | 1804495 |
|  Equifax Inc., 5.10%, 12/15/27 (Call 11/15/27) |  | 270 |  | 260296 |
|  Global Payments Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26) |  | 2361 |  | 2016129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 (Call 07/15/27) |  | 195 |  | 185425 |
|  Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27) |  | 291 |  | 248351 |
|  PayPal Holdings Inc., 3.90%, 06/01/27 (Call 05/01/27)<sup>(a)</sup> |  | 460 |  | 437143 |
|  S&P Global Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(b)</sup>  |  | 2115 |  | 1894469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26) |  | 1523 |  | 1393758 |
|  United Rentals North America Inc., 3.88%, 11/15/27<sup>(a)</sup> |  | 1595 |  | 1451019 |
|  |  |  |  | 9691085 |
| **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** |
|  Apple Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27)<sup>(a)</sup>  |  | 3889 |  | 3576441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) |  | 1449 |  | 1352250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27) |  | 2762 |  | 2555568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27) |  | 3778 |  | 3539873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) |  | 4592 |  | 4355650 |
|  Dell International LLC/EMC Corp., 6.10%, 07/15/27 (Call 05/15/27)<sup>(a)</sup> |  | 1755 |  | 1756439 |
|  HP Inc., 3.00%, 06/17/27<br>(Call 04/17/27)<sup>(a)</sup> |  | 2423 |  | 2136335 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) |  | 2474 |  | 2127096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 (Call 01/09/27) |  | 1510 |  | 1337331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27 |  | 1112 |  | 1030757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27)<sup>(a)</sup> |  | 1215 |  | 1161102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/01/27<sup>(a)</sup>  |  | 830 |  | 866014 |
|  NetApp Inc., 2.38%, 06/22/27 (Call 04/22/27)<sup>(a)</sup> |  | 1658 |  | 1463351 |
|  |  |  |  | 27258207 |
| **Cosmetics & Personal Care — 1.1%** | **Cosmetics & Personal Care — 1.1%** | **Cosmetics & Personal Care — 1.1%** | **Cosmetics & Personal Care — 1.1%** | **Cosmetics & Personal Care — 1.1%** |
|  Colgate-Palmolive Co., 3.10%, 08/15/27 (Call 07/15/27) |  | 225 |  | 210371 |
|  Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26) |  | 1216 |  | 1125396 |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27 |  | 1955 |  | 1768115 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27<sup>(a)</sup> |  | 1215 |  | 1089964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 |  | 1419 |  | 1308488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27<sup>(a)</sup> |  | 2243 |  | 2063403 |
|  Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)<sup>(a)</sup> |  | 2495 |  | 2279207 |
|  |  |  |  | 9844944 |
| **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) |  | 2177 |  | 1900652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 1280 |  | 1150976 |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> |  | 1765 |  | 1477252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> |  | 1168 |  | 1029242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 09/01/27) |  | 1135 |  | 974034 |
|  Ally Financial Inc., 4.75%, 06/09/27 (Call 05/09/27)<sup>(a)</sup> |  | 2080 |  | 1902285 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) |  | 3530 |  | 3101846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 |  | 3288 |  | 2979586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 |  | 580 |  | 579582 |

---

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27) | $| 305 | $| 278740 |
|  Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27) |  | 6 |  | 5040 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 (Call 04/11/27)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 |  | 2242403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27) |  | 3304 |  | 3013050 |
|  Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)<sup>(a)</sup> |  | 1818 |  | 1701593 |
|  Charles Schwab Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) |  | 4075 |  | 3639708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 (Call 12/02/26) |  | 1488 |  | 1368826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> |  | 1396 |  | 1286456 |
|  Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26) |  | 2744 |  | 2499043 |
|  Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27) |  | 844 |  | 770867 |
|  Intercontinental Exchange Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) |  | 1676 |  | 1520836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27) |  | 3155 |  | 2989079 |
|  Jefferies Group LLC, 6.45%, 06/08/27 |  | 886 |  | 891431 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27<sup>(a)</sup>  |  | 1967 |  | 1847249 |
|  Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26) |  | 676 |  | 617600 |
|  Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27) |  | 3064 |  | 2874921 |
|  Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27) |  | 1018 |  | 930360 |
|  Nomura Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27 |  | 2696 |  | 2296102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/27 |  | 1190 |  | 1142828 |
|  ORIX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27<sup>(a)</sup>  |  | 752 |  | 688915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 |  | 1055 |  | 1021071 |
|  Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26) |  | 1045 |  | 924721 |
|  Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27) |  | 2446 |  | 2105346 |
|  Visa Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 (Call 06/15/27)<sup>(a)</sup> |  | 1297 |  | 1080634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27)<sup>(a)</sup> |  | 3783 |  | 3339973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27) |  | 2394 |  | 2176266 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58348513 |
|  **Electric — 5.7%** | **Electric — 5.7%** | **Electric — 5.7%** | **Electric — 5.7%** | **Electric — 5.7%** |
|  Alabama Power Co., 3.75%, 09/01/27 (Call 08/01/27) |  | 540 |  | 508156 |
|  Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27) |  | 1335 |  | 1146391 |
|  American Electric Power Co. Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/13/27 (Call 08/13/27)<sup>(a)</sup> |  | 1621 |  | 1453016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 |  | 200 |  | 199470 |
|  Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27) |  | 882 |  | 806792 |
|  Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27) |  | 394 |  | 348410 |
|  Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26) |  | 1177 |  | 1062631 |
|  CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26) |  | 719 |  | 662595 |
|  CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27) |  | 993 |  | 896371 |
|  Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27) |  | 786 |  | 708878 |
|  Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26) |  | 942 |  | 868929 |
|  Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 747 |  | 674160 |
|  Dominion Energy Inc., Series B, 3.60%, 03/15/27 (Call 01/15/27)<sup>(a)</sup>  |  | 592 |  | 549121 |
|  Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27) |  | 1729 |  | 1559662 |
|  Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> |  | 1505 |  | 1396234 |
|  Edison International, 5.75%, 06/15/27 (Call 04/15/27)<sup>(a)</sup> |  | 2048 |  | 2000486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | $| 971583 |
|  Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27) |  | 580 |  | 531031 |
|  Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) |  | 1290 |  | 1157143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 (Call 06/01/27)<sup>(a)</sup>  |  | 575 |  | 552150 |
|  Exelon Corp., 2.75%, 03/15/27<br>(Call 02/15/27)<sup>(a)(b)</sup>  |  | 1085 |  | 972659 |
|  Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26) |  | 1051 |  | 950346 |
|  Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27) |  | 792 |  | 730050 |
|  ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 1410 |  | 1271200 |
|  MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27) |  | 929 |  | 856036 |
|  National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)<sup>(a)</sup>  |  | 915 |  | 831790 |
|  NextEra Energy Capital Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) |  | 1690 |  | 1462475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) |  | 3968 |  | 3661036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27) |  | 780 |  | 750578 |
|  NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> |  | 1285 |  | 1182020 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 (Call 06/01/27)<sup>(a)</sup>  |  | 1898 |  | 1559378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 (Call 12/15/26) |  | 1115 |  | 964876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 (Call 09/01/27) |  | 2547 |  | 2162632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 (Call 05/15/27) |  | 1175 |  | 1109658 |
|  Public Service Electric & Gas Co., 3.00%, 05/15/27 (Call 02/15/27) |  | 1058 |  | 967266 |
|  Sempra Energy, 3.25%, 06/15/27<br>(Call 03/15/27)<sup>(a)</sup> |  | 2218 |  | 2006358 |
|  Southern California Edison Co., Series D, 4.70%, 06/01/27 (Call 05/01/27) |  | 680 |  | 659274 |
|  Southern Co. (The), 5.11%, 08/01/27 |  | 2060 |  | 2003206 |
|  Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27) |  | 1039 |  | 942061 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26)<sup>(a)</sup> |  | 2024 |  | 1886732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27) |  | 1610 |  | 1511017 |
|  WEC Energy Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 1576 |  | 1293660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/27 (Call 09/01/27) |  | 245 |  | 241026 |
|  Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)<sup>(a)</sup> |  | 797 |  | 722863 |
|  Xcel Energy Inc., 1.75%, 03/15/27 (Call 02/15/27) |  | 1276 |  | 1094821 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49846227 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co., 1.80%, 10/15/27 (Call 08/15/27) |  | 1163 |  | 997819 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
|  Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27) |  | 1110 |  | 982960 |
|  Honeywell International Inc., 1.10%, 03/01/27 (Call 02/01/27)<sup>(a)</sup> |  | 2273 |  | 1952462 |
|  Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27) |  | 785 |  | 705841 |
|  Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27) |  | 1225 |  | 1135158 |
|  Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27) |  | 1708 |  | 1635171 |
|  Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27) |  | 1087 |  | 990040 |
|  |  |  |  | 7401632 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
|  Magallanes Inc., 3.76%, 03/15/27<br>(Call 02/15/27)<sup>(b)</sup> |  | 7920 |  | 7048642 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
|  Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27) |  | 1820 |  | 1656309 |
|  Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 1246 |  | 1136577 |
|  |  |  |  | 2792886 |
| **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** |
|  Conagra Brands Inc., 1.38%, 11/01/27 (Call 09/01/27) |  | 2609 |  | 2106428 |

---

S C H E D U L E O F I N V E S T M E N T S 63

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Food (continued)** |  |  |  |  |
|  General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | $| 1696219 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27<br>(Call 12/15/26)<sup>(b)</sup> |  | 200 |  | 170578 |
|  JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)<sup>(a)</sup> |  | 1200 |  | 1085568 |
|  Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27) |  | 1439 |  | 1313663 |
|  Kraft Heinz Foods Co., 3.88%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> |  | 3335 |  | 3126296 |
|  Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)<sup>(a)</sup> |  | 1272 |  | 1176816 |
|  McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)<sup>(a)</sup> |  | 1905 |  | 1734541 |
|  Mondelez International Inc., 2.63%, 03/17/27 |  | 1565 |  | 1394133 |
|  Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27) |  | 1869 |  | 1691520 |
|  Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27) |  | 2905 |  | 2674256 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18170018 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
|  Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27) |  | 931 |  | 813871 |
|  Fibria Overseas Finance Ltd., 5.50%, 01/17/27<sup>(a)</sup> |  | 1233 |  | 1186158 |
|  |  |  |  | 2000029 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
|  Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27) |  | 714 |  | 650533 |
|  National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)<sup>(a)</sup> |  | 460 |  | 407624 |
|  NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27) |  | 2523 |  | 2308696 |
|  Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27) |  | 1115 |  | 1008072 |
|  |  |  |  | 4374925 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
|  Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26) |  | 36 |  | 33659 |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
|  Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27) |  | 3826 |  | 3289633 |
| **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** |
|  Centene Corp., 4.25%, 12/15/27 (Call 12/15/22) |  | 623 |  | 574730 |
|  Elevance Health Inc., 3.65%, 12/01/27 (Call 09/01/27) |  | 3539 |  | 3275345 |
|  HCA Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(b)</sup>  |  | 1925 |  | 1704838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) |  | 2248 |  | 2105432 |
|  Humana Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) |  | 1619 |  | 1357062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 (Call 12/15/26) |  | 1529 |  | 1431786 |
|  Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27) |  | 1721 |  | 1576694 |
|  Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)<sup>(a)</sup> |  | 1412 |  | 1299774 |
|  SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27) |  | 1140 |  | 1064395 |
|  UnitedHealth Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27) |  | 1320 |  | 1248746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27<sup>(a)</sup> |  | 2095 |  | 1896583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 |  | 1369 |  | 1277797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27<sup>(a)</sup> |  | 2517 |  | 2363992 |
|  |  |  |  | 21177174 |
| **Holding Companies - Diversified — 1.3%** | **Holding Companies - Diversified — 1.3%** | **Holding Companies - Diversified — 1.3%** | **Holding Companies - Diversified — 1.3%** | **Holding Companies - Diversified — 1.3%** |
|  Ares Capital Corp., 2.88%, 06/15/27 (Call 05/15/27)<sup>(a)</sup>  |  | 1535 |  | 1263719 |
|  Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27) |  | 2290 |  | 1900105 |
|  Blackstone Secured Lending Fund, 2.13%, 02/15/27 (Call 01/15/27)<sup>(a)</sup> |  | 1490 |  | 1198690 |
|  FS KKR Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) |  | 1055 |  | 849697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 06/15/27) |  | 885 |  | 725576 |
|  Golub Capital BDC Inc., 2.05%, 02/15/27 (Call 01/15/27) |  | 945 |  | 755972 |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)<sup>(a)</sup> |  | 326 |  | 292474 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
|  Oaktree Specialty Lending Corp., 2.70%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | $| 890 | $| 738905 |
|  Owl Rock Capital Corp., 2.63%, 01/15/27 (Call 12/15/26) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 |  | 1075986 |
|  Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27) |  | 765 |  | 615251 |
|  OWL Rock Core Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/27 (Call 01/08/27) |  | 459 |  | 401056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27 (Call 08/16/27)<sup>(b)</sup>  |  | 640 |  | 624218 |
|  Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26) |  | 855 |  | 685736 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11127385 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
|  DR Horton Inc., 1.40%, 10/15/27<br>(Call 08/15/27)<sup>(a)</sup> |  | 1504 |  | 1209863 |
|  Lennar Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27 (Call 05/29/27) |  | 2246 |  | 2078224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (Call 12/15/26) |  | 976 |  | 917811 |
|  PulteGroup Inc., 5.00%, 01/15/27<br>(Call 10/15/26)<sup>(a)</sup> |  | 1266 |  | 1217651 |
|  Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26) |  | 1386 |  | 1277823 |
|  |  |  |  | 6701372 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
|  Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27) |  | 1538 |  | 1374234 |
| **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** |
|  Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)<sup>(a)</sup> |  | 1430 |  | 1305705 |
|  Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27) |  | 1379 |  | 1249043 |
|  Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27) |  | 1640 |  | 1369285 |
|  |  |  |  | 3924033 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27) |  | 1353 |  | 1267057 |
|  Aon Corp., 8.21%, 01/01/27 |  | 735 |  | 769508 |
|  Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27) |  | 1230 |  | 1092006 |
|  AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27) |  | 863 |  | 790258 |
|  Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> |  | 515 |  | 465416 |
|  Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27) |  | 1580 |  | 1430090 |
|  CNA Financial Corp., 3.45%, 08/15/27 |  | 1815 |  | 1640542 |
|  Corebridge Financial Inc., 3.65%, 04/05/27 (Call 03/05/27)<sup>(b)</sup> |  | 2955 |  | 2679889 |
|  Jackson Financial Inc., 5.17%, 06/08/27 (Call 05/08/27)<sup>(a)</sup> |  | 555 |  | 530336 |
|  Manulife Financial Corp., 2.48%, 05/19/27 (Call 03/19/27) |  | 1408 |  | 1249009 |
|  Markel Corp., 3.50%, 11/01/27 (Call 08/01/27) |  | 1329 |  | 1192485 |
|  Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26) |  | 921 |  | 838718 |
|  Progressive Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27 |  | 864 |  | 776511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27) |  | 1295 |  | 1156461 |
|  RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)<sup>(a)</sup> |  | 831 |  | 760548 |
|  Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27) |  | 1820 |  | 1714677 |
|  |  |  |  | 18353511 |
| **Internet — 3.0%** | **Internet — 3.0%** | **Internet — 3.0%** | **Internet — 3.0%** | **Internet — 3.0%** |
|  Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)<sup>(a)</sup> |  | 4196 |  | 3605665 |
|  Alphabet Inc., 0.80%, 08/15/27 (Call 06/15/27)<sup>(a)</sup> |  | 3137 |  | 2641856 |
|  Amazon.com Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) |  | 4004 |  | 3408245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27)<sup>(a)</sup> |  | 7105 |  | 6579372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27) |  | 2195 |  | 2059656 |
|  Baidu Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/23/27 (Call 01/23/27) |  | 130 |  | 107486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/06/27<sup>(a)</sup>  |  | 1265 |  | 1130088 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Internet (continued)** | **Internet (continued)** | **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
|  eBay Inc., 3.60%, 06/05/27 (Call 03/05/27)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314 | $| 2128903 |
|  Expedia Group Inc., 4.63%, 08/01/27 (Call 05/01/27) |  | 1787 |  | 1673222 |
|  Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549392 |
|  VeriSign Inc., 4.75%, 07/15/27<sup>(a)</sup>  |  | 815 |  | 784022 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26667907 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
|  Nucor Corp., 4.30%, 05/23/27 (Call 04/23/27) |  | 715 |  | 681538 |
|  Steel Dynamics Inc., 1.65%, 10/15/27 (Call 08/15/27) |  | 961 |  | 783859 |
|  |  |  |  | 1465397 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Marriott International Inc./MD, 5.00%, 10/15/27 (Call 09/15/27) |  | 220 |  | 211827 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
|  Caterpillar Financial Services Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27 |  | 1632 |  | 1361855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27<sup>(a)</sup>  |  | 565 |  | 495562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 |  | 1320 |  | 1237936 |
|  CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27) |  | 1344 |  | 1216925 |
|  John Deere Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27 |  | 1186 |  | 1040110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27 |  | 1312 |  | 1141466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27<sup>(a)</sup>  |  | 1075 |  | 963490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 |  | 1204 |  | 1086056 |
|  Otis Worldwide Corp., 2.29%, 04/05/27 (Call 02/05/27)<sup>(a</sup><sup>)</sup> |  | 1041 |  | 913946 |
|  |  |  |  | 9457346 |
| **Manufacturing — 0.9%** | **Manufacturing — 0.9%** | **Manufacturing — 0.9%** | **Manufacturing — 0.9%** | **Manufacturing — 0.9%** |
|  3M Co., 2.88%, 10/15/27 (Call 07/15/27)<sup>(a)</sup> |  | 1654 |  | 1489890 |
|  Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27) |  | 1700 |  | 1550876 |
|  Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27) |  | 1816 |  | 1650599 |
|  Parker-Hannifin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) |  | 1701 |  | 1553932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27)<sup>(a)</sup>  |  | 510 |  | 483669 |
|  Textron Inc., 3.65%, 03/15/27 (Call 12/15/26) |  | 1541 |  | 1404883 |
|  |  |  |  | 8133849 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
|  Comcast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> |  | 3326 |  | 2972712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) |  | 3163 |  | 2929413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) |  | 1909 |  | 1762675 |
|  FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27) |  | 1895 |  | 1693751 |
|  Paramount Global, 2.90%, 01/15/27 (Call 10/15/26) |  | 2220 |  | 1955598 |
|  TWDC Enterprises 18 Corp., 2.95%, 06/15/27<sup>(a)</sup> |  | 2306 |  | 2110820 |
|  Walt Disney Co. (The), 3.70%, 03/23/27 |  | 1681 |  | 1585805 |
|  |  |  |  | 15010774 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
|  Freeport-McMoRan Inc., 5.00%, 09/01/27<sup>(a)</sup> |  | 1600 |  | 1528752 |
|  Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27) |  | 1491 |  | 1382068 |
|  |  |  |  | 2910820 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
|  BP Capital Markets America Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) |  | 2203 |  | 2014511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27) |  | 1301 |  | 1211699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) |  | 1685 |  | 1572476 |
|  BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)<sup>(a)</sup> |  | 3157 |  | 2884456 |
|  Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27) |  | 3033 |  | 2799277 |
|  Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)<sup>(a)</sup> |  | 15 |  | 14075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
|  Chevron Corp., 2.00%, 05/11/27 (Call 03/11/27) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | $| 1962775 |
|  Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27) |  | 2015 |  | 1693084 |
|  Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup> |  | 1539 |  | 1419019 |
|  Devon Energy Corp., 5.25%, 10/15/27 |  | 658 |  | 653124 |
|  Eni USA Inc., 7.30%, 11/15/27<sup>(a)</sup>  |  | 557 |  | 582895 |
|  EQT Corp., 3.90%, 10/01/27 (Call 07/01/27) |  | 1531 |  | 1376002 |
|  Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)<sup>(a)</sup> |  | 2025 |  | 1901191 |
|  Hess Corp., 4.30%, 04/01/27 (Call 01/01/27) |  | 2047 |  | 1917855 |
|  Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> |  | 2524 |  | 2354135 |
|  Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27) |  | 1440 |  | 1236182 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25592756 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.34%, 12/15/27 (Call 09/15/27) |  | 3281 |  | 2942138 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
|  Berry Global Inc., 1.65%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> |  | 1471 |  | 1213163 |
|  Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27) |  | 1421 |  | 1278744 |
|  Sonoco Products Co., 2.25%, 02/01/27 (Call 01/01/27) |  | 891 |  | 778948 |
|  WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27) |  | 1109 |  | 992699 |
|  |  |  |  | 4263554 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
|  AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)<sup>(a)</sup> |  | 2184 |  | 1994079 |
|  AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)<sup>(a)</sup> |  | 1999 |  | 1840079 |
|  Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27) |  | 3874 |  | 3598985 |
|  Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27)<sup>(a)</sup>  |  | 2039 |  | 1694287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/27/27 |  | 110 |  | 102954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/27 (Call 08/15/27) |  | 705 |  | 656848 |
|  Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27) |  | 2812 |  | 2575736 |
|  Cigna Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) |  | 1240 |  | 1111102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) |  | 3475 |  | 3199224 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) |  | 5047 |  | 4184518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27) |  | 1658 |  | 1543896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/27 |  | 822 |  | 851165 |
|  Eli Lilly & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> |  | 848 |  | 791540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(a)</sup> |  | 145 |  | 149117 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27)<sup>(a)</sup> |  | 3726 |  | 3155140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) |  | 2035 |  | 1895073 |
|  Merck & Co. Inc., 1.70%, 06/10/27 (Call 05/10/27)<sup>(a)</sup> |  | 3541 |  | 3085592 |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26)<sup>(a)</sup> |  | 2845 |  | 2543658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) |  | 2274 |  | 2118231 |
|  Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)<sup>(a)</sup> |  | 1836 |  | 1501646 |
|  Zoetis Inc., 3.00%, 09/12/27 |  | 2186 |  | 1962307 |
|  |  |  |  | 40555177 |
| **Pipelines — 3.6%** | **Pipelines — 3.6%** | **Pipelines — 3.6%** | **Pipelines — 3.6%** | **Pipelines — 3.6%** |
|  Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27) |  | 1239 |  | 1145703 |
|  Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27) |  | 3452 |  | 3370740 |
|  DCP Midstream Operating LP, 5.63%, 07/15/27 (Call 04/15/27) |  | 695 |  | 674407 |
|  Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> |  | 1889 |  | 1734669 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27) |  | 1828 |  | 1655254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 (Call 01/15/27) |  | 1126 |  | 1036235 |

---

S C H E D U L E O F I N V E S T M E N T S 65

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 (Call 12/15/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | $1647322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215254 |
|  Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)<sup>(a)</sup>  | 1548 | 1460259 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 3017 | 2803517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 1865 | 1721563 |
|  Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  | 1150 | 1066257 |
|  ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27) | 1598 | 1448779 |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)<sup>(a)</sup>  | 3735 | 3599195 |
|  Targa Resources Corp., 5.20%, 07/01/27 (Call 06/01/27) | 800 | 771104 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 07/15/27<sup>(a)</sup>  | 780 | 773924 |
|  TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27) | 934 | 869292 |
|  Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27 | 833 | 863038 |
|  Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)<sup>(a)</sup> | 3264 | 2997462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31853974 |
| **Real Estate Investment Trusts — 5.3%** |  |  |
|  Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26) | 1159 | 1086076 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26) | 1893 | 1658287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 (Call 10/15/26) | 1078 | 960638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 1910 | 1709049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27)<sup>(a)</sup>  | 1215 | 1099551 |
|  AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27) | 926 | 843493 |
|  Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)<sup>(a)</sup>  | 1240 | 1072116 |
|  Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26) | 871 | 780869 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27)<sup>(a)</sup>  | 2730 | 2469340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/26)<sup>(a)</sup>  | 1602 | 1484782 |
|  Crown Castle International Corp., 2.90%, 03/15/27 (Call 02/15/27) | 1210 | 1069434 |
|  Digital Realty Trust LP, 3.70%, 08/15/27<br>(Call 05/15/27)<sup>(a)</sup>  | 2309 | 2102090 |
|  EPR Properties, 4.50%, 06/01/27 (Call 03/01/27) | 600 | 498462 |
|  Equinix Inc., 1.80%, 07/15/27 (Call 05/15/27) | 1658 | 1380401 |
|  ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27) | 1132 | 1007684 |
|  Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27) | 550 | 502095 |
|  Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27) | 956 | 859970 |
|  Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)<sup>(a)</sup> | 1411 | 1283516 |
|  Healthpeak Properties Inc., 1.35%, 02/01/27<br>(Call 01/01/27)<sup>(a)</sup>  | 786 | 661474 |
|  Highwoods Realty LP, 3.88%, 03/01/27<br>(Call 12/01/26)<sup>(a)</sup>  | 675 | 610186 |
|  Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27) | 566 | 475797 |
|  Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27) | 445 | 406806 |
|  Life Storage LP, 3.88%, 12/15/27<br>(Call 09/15/27)<sup>(a)</sup>  | 996 | 902057 |
|  Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27) | 1478 | 1354868 |
|  National Retail Properties Inc., 3.50%, 10/15/27 (Call 07/15/27) | 720 | 640699 |
|  Office Properties Income Trust, 2.40%, 02/01/27 (Call 01/01/27) | 918 | 631749 |
|  Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> | 1161 | 1057276 |
|  Physicians Realty LP, 4.30%, 03/15/27<br>(Call 12/15/26)<sup>(a)</sup>  | 595 | 552630 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/15/27 (Call 02/15/27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | $1104511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 | 791 | 722357 |
|  Public Storage, 3.09%, 09/15/27 (Call 06/15/27) | 1311 | 1188933 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 (Call 10/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27)<sup>(a)</sup>  | 1831 | 1697447 |
|  Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26) | 1306 | 1196662 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26)<sup>(a)</sup>  | 1476 | 1251294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27)<sup>(a)</sup>  | 1468 | 1335909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 1837 | 1648230 |
|  SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  | 1413 | 1303210 |
|  Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26) | 1160 | 1005674 |
|  Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 415 | 364175 |
|  UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)<sup>(a)</sup>  | 942 | 856626 |
|  Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  | 926 | 855383 |
|  Welltower Inc., 2.70%, 02/15/27 (Call 12/15/26) | 1256 | 1111020 |
|  Weyerhaeuser Co., 6.95%, 10/01/27<sup>(a)</sup>  | 711 | 747510 |
|  |  | 46875151 |
| **Retail — 3.5%** |  |  |
|  Advance Auto Parts Inc., 1.75%, 10/01/27 (Call 08/01/27)<sup>(a)</sup>  | 1223 | 998812 |
|  AutoNation Inc., 3.80%, 11/15/27<br>(Call 08/15/27)<sup>(a)</sup>  | 916 | 801088 |
|  AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  | 1454 | 1357207 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 2928 | 2523585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27)<sup>(a)</sup>  | 2470 | 2301002 |
|  Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27) | 1489 | 1388582 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 (Call 01/15/27) | 1771 | 1662916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 (Call 10/01/27) | 280 | 270351 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(a)</sup>  | 1825 | 1650822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27)<sup>(a)</sup>  | 2372 | 2158971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27) | 1985 | 1824890 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 3376 | 3082896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27)<sup>(a)</sup>  | 1765 | 1632590 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 2028 | 1901838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27) | 2509 | 2336029 |
|  O'Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)<sup>(a)</sup>  | 1767 | 1630411 |
|  Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27) | 1503 | 1310390 |
|  Target Corp., 1.95%, 01/15/27 (Call 12/15/26) | 1665 | 1492073 |
|  Walmart Inc., 5.88%, 04/05/27<sup>(a)</sup>  | 820 | 859860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31184313 |
| **Semiconductors — 3.1%** |  |  |
|  Analog Devices Inc., 3.45%, 06/15/27 | 1456 | 1353308 |
|  Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  | 3163 | 2973695 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26) | 5993 | 5511582 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 2618 | 2417985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27)<sup>(a)</sup>  | 2937 | 2787096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 120 | 112929 |
|  Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26) | 2407 | 2235164 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 03/01/27) | 1191 | 1053880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 (Call 05/01/27) | 915 | 858105 |
|  QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)<sup>(a)</sup>  | 5292 | 4915792 |

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66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
|  Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27) | $2019 | $1841227 |
|  TSMC Arizona Corp., 3.88%, 04/22/27 (Call 03/22/27) | 1225 | 1146710 |
|  |  | 27207473 |
| **Shipbuilding — 0.2%** |  |  |
|  Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27) | 1861 | 1659435 |
| **Software — 4.0%** |  |  |
|  Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27) | 1180 | 1092173 |
|  Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26) | 2704 | 2429625 |
|  Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27) | 1972 | 1812268 |
|  Fidelity National Information Services Inc., 4.70%, 07/15/27 (Call 06/15/27) | 315 | 301405 |
|  Fiserv Inc., 2.25%, 06/01/27 (Call 04/01/27) | 2961 | 2561176 |
|  Intuit Inc., 1.35%, 07/15/27 (Call 05/15/27)<sup>(a)</sup>  | 1913 | 1615643 |
|  Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26) | 7508 | 7140258 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27) | 4548 | 4021433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 (Call 08/15/27)<sup>(a)</sup>  | 5973 | 5304801 |
|  Roper Technologies Inc., 1.40%, 09/15/27 (Call 07/15/27) | 1585 | 1303155 |
|  Take-Two Interactive Software Inc., 3.70%, 04/14/27 (Call 03/14/27) | 1775 | 1641662 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27) | 2811 | 2575776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 (Call 03/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | 1542273 |
|  Workday Inc., 3.50%, 04/01/27 (Call 03/01/27) | 1815 | 1674809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35016457 |
| **Telecommunications — 4.0%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309 | 3760594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 2197 | 2056392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26)<sup>(a)</sup>  | 3761 | 3596983 |
|  Rogers Communications Inc., 3.20%, 03/15/27 (Call 02/15/27)<sup>(a)(b)</sup>  | 2490 | 2259849 |
|  Telefonica Emisiones SA, 4.10%, 03/08/27 | 3376 | 3092686 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 (Call 11/16/26)<sup>(a)</sup>  | 1895 | 1707338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 (Call 06/15/27) | 1523 | 1411014 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | 8810 | 8131894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27<sup>(a)</sup>  | 1080 | 1070388 |
|  Verizon Communications Inc. |  |  |
|  3.00%, 03/22/27 (Call 01/22/27) | 1790 | 1624121 |
|  4.13%, 03/16/27<sup>(a)</sup>  | 7297 | 6946014 |
|  |  | 35657273 |
| **Toys, Games & Hobbies — 0.1%** |  |  |
|  Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27) | 1394 | 1250878 |
| **Transportation — 1.3%** |  |  |
|  Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27) | 1225 | 1135575 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |  |
|  CSX Corp., 3.25%, 06/01/27 (Call 03/01/27) | $| 2121 | $1944745 |
|  Norfolk Southern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  |  | 1341 | 1223636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 05/15/27 |  | 153 | 166990 |
|  Ryder System Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 (Call 02/01/27)<sup>(a)</sup>  |  | 1425 | 1265827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27) |  | 965 | 900519 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26) |  | 1247 | 1110503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27)<sup>(a)</sup>  |  | 1252 | 1148435 |
|  United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> |  | 2516 | 2312632 |
|  Walmart Inc., 3.95%, 09/09/27 (Call 08/09/27) |  | 275 | 266274 |
|  |  |  | 11475136 |
| **Trucking & Leasing — 0.1%** |  |  |  |
|  GATX Corp., 3.85%, 03/30/27 (Call 12/30/26) |  | 776 | 703723 |
| **Venture Capital — 0.1%** |  |  |  |
|  Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26) |  | 925 | 767315 |
| **Water — 0.1%** |  |  |  |
|  American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)<sup>(a)</sup>  |  | 1273 | 1147329 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $961,729,495)** |  |  | 870512926 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 10.3%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;86123 | 86106217 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  |  | 4367 | 4367000 |
|  **Total Short-Term Securities — 10.3%<br>(Cost: $90,477,615)** | **Total Short-Term Securities — 10.3%<br>(Cost: $90,477,615)** | **Total Short-Term Securities — 10.3%<br>(Cost: $90,477,615)** | 90473217 |
|  **Total Investments — 109.0%<br>(Cost: $1,052,207,110)** | **Total Investments — 109.0%<br>(Cost: $1,052,207,110)** | **Total Investments — 109.0%<br>(Cost: $1,052,207,110)** | 960986143 |
|  **Liabilities in Excess of Other Assets — (9.0)%** | **Liabilities in Excess of Other Assets — (9.0)%** | **Liabilities in Excess of Other Assets — (9.0)%** | (79128093) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;881858050 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 67

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Corporate ETF** |

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**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated<br>Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $56469640 | $29688934 <sup>(a)</sup> | $— | $(40155) | $(12202) | $86106217 | 86123 | $181432 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 2717000 | 1650000 <sup>(a)</sup> |  |  |  | 4367000 | 4367 | 31194 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40155) | $(12202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90473217 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212626 | $— |

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<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $870512926 | $— | $870512926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 90473217 |  |  | 90473217 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90473217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870512926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960986143 |

---

*See notes to financial statements.* 

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Advertising — 0.2%** |  |  |
|  Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132591 |
| **Aerospace & Defense — 3.1%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 (Call 12/01/27)<sup>(a)</sup>  | 1795 | 1559747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 (Call 12/01/27) | 905 | 779015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 (Call 08/01/28) | 785 | 669299 |
|  General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28) | 2192 | 2049147 |
|  L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28) | 3476 | 3255115 |
|  Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27) | 3806 | 3443136 |
|  Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28) | 5262 | 4899974 |
|  Teledyne Technologies Inc., 2.25%, 04/01/28 (Call 02/01/28) | 706 | 585465 |
|  |  | 17240898 |
| **Agriculture — 1.0%** |  |  |
|  BAT Capital Corp., 2.26%, 03/25/28 (Call 01/25/28) | 3406 | 2695304 |
|  BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28) | 1946 | 1726880 |
|  Philip Morris International Inc., 3.13%, 03/02/28 (Call 12/02/27)<sup>(a)</sup>  | 1129 | 986724 |
|  |  | 5408908 |
| **Airlines — 0.6%** |  |  |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.58%, 07/15/29 | 414 | 361959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 12/15/29 | 575 | 488200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 04/15/30<sup>(a)</sup>  | 509 | 426055 |
|  Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29 | 564 | 476020 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 01/07/30 | 861 | 736263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 2.88%, 04/07/30 | 735 | 615407 |
|  |  | 3103904 |
| **Auto Manufacturers — 1.8%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28 | 1493 | 1254075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 | 1350 | 1229053 |
|  General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)<sup>(a)</sup>  | 1654 | 1532547 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 (Call 02/10/28)<sup>(a)</sup>  | 2054 | 1664521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | 1348 | 1064367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 (Call 10/05/27)<sup>(a)</sup>  | 852 | 750510 |
|  Toyota Motor Corp., 3.67%, 07/20/28 | 552 | 510882 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28 | 1200 | 1015932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28 | 1046 | 946274 |
|  |  | 9968161 |
| **Banks — 10.1%** |  |  |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28 | 2210 | 1877815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28<sup>(a)</sup>  | 2050 | 1801520 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 (Call 05/14/28)<sup>(a)</sup>  | 950 | 772540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 (Call 07/30/28) | 960 | 825408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 1614 | 1467804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28<sup>(a)</sup>  | 1894 | 1760662 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 (Call 01/10/27) | 2215 | 1946763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 3870 | 3282457 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28<sup>(a)</sup>  | 770 | 798313 |
|  Discover Bank, 4.65%, 09/13/28 (Call 06/13/28) | 1865 | 1665352 |
|  Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28) | 1334 | 1217408 |
|  First-Citizens Bank & Trust Co., 6.13%, 03/09/28 | 1050 | 1038660 |
|  ING Groep NV, 4.55%, 10/02/28 | 2545 | 2293605 |
|  KeyBank NA/Cleveland OH, 6.95%, 02/01/28 | 640 | 651904 |
|  KeyCorp, 4.10%, 04/30/28 | 1723 | 1583540 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 2765 | 2464666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 2415 | 2163961 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28<sup>(a)</sup>  | 2971 | 2714038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28<sup>(a)</sup>  | 1753 | 1588043 |
|  Mizuho Financial Group Inc., 4.02%, 03/05/28<sup>(a)</sup>  | 2215 | 1993921 |
|  Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)<sup>(a)</sup>  | 1472 | 1358950 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/28 (Call 12/23/27) | 1265 | 1145192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28 | 2475 | 2248587 |
|  Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28) | 1660 | 1349480 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28 | 3922 | 3115441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28<sup>(a)</sup>  | 1071 | 959648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 1089 | 980296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28 | 1111 | 1018543 |
|  SVB Financial Group, 2.10%, 05/15/28 (Call 03/15/28) | 930 | 737369 |
|  U.S. Bancorp., 3.90%, 04/26/28<sup>(a)</sup>  | 2178 | 2033838 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 1409 | 1167624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28<sup>(a)</sup>  | 2121 | 1949199 |
|  |  | 55589442 |
| **Beverages — 2.5%** |  |  |
|  Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28) | 4661 | 4405437 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28<sup>(a)</sup>  | 2124 | 1747776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28<sup>(a)</sup>  | 1117 | 947060 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/28 (Call 11/15/27) | 1474 | 1337935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28 (Call 08/15/28) | 1180 | 1116799 |
|  Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28) | 795 | 744836 |
|  Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28) | 1910 | 1830448 |
|  PepsiCo Inc., 3.60%, 02/18/28 (Call<br>01/18/28)<sup>(a)</sup>  | 1655 | 1557388 |
|  |  | 13687679 |
| **Biotechnology — 0.4%** |  |  |
|  Amgen Inc., 1.65%, 08/15/28 (Call 06/15/28) | 2425 | 1994514 |
| **Building Materials — 0.2%** |  |  |
|  Masco Corp., 1.50%, 02/15/28 (Call 12/15/27) | 1350 | 1080324 |
| **Chemicals — 1.5%** |  |  |
|  Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28) | 1205 | 1150847 |
|  DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28) | 4425 | 4241761 |
|  Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28) | 1219 | 1108680 |
|  International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28) | 440 | 399199 |
|  PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27) | 1577 | 1445731 |
|  |  | 8346218 |

---

S C H E D U L E O F I N V E S T M E N T S 69

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Commercial Services — 1.1%** |  |  |
|  Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324851 |
|  Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28) | 1020 | 837736 |
|  Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28) | 1123 | 1021627 |
|  Moody's Corp., 3.25%, 01/15/28 (Call 10/15/27) | 1430 | 1284026 |
|  S&P Global Inc., 4.75%, 08/01/28 (Call 05/01/28)<sup>(b)</sup>  | 1855 | 1798367 |
|  |  | 6266607 |
| **Computers — 1.9%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 (Call 12/08/27) | 3572 | 2976905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 3550 | 2940785 |
|  Dell Inc., 7.10%, 04/15/28 | 525 | 542819 |
|  DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28) | 1098 | 908134 |
|  HP Inc., 4.75%, 01/15/28 (Call 12/15/27) | 1910 | 1784914 |
|  International Business Machines Corp., 6.50%, 01/15/28<sup>(a)</sup>  | 645 | 681771 |
|  Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28) | 715 | 516866 |
|  |  | 10352194 |
| **Cosmetics & Personal Care — 0.4%** |  |  |
|  Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27) | 2311 | 2130719 |
| **Diversified Financial Services — 4.2%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) | 6700 | 5411724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/28 (Call 10/23/27) | 1024 | 883036 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/28 (Call 07/01/28) | 1059 | 817389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 (Call 07/01/28)<sup>(a)</sup>  | 1084 | 960467 |
|  Ally Financial Inc., 2.20%, 11/02/28 (Call 09/02/28)<sup>(a)</sup>  | 1487 | 1141644 |
|  Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27) | 1953 | 1748970 |
|  Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)<sup>(a)</sup>  | 2871 | 2565382 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28)<sup>(a)</sup>  | 1924 | 1639344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 (Call 10/25/27) | 1598 | 1446334 |
|  CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28) | 965 | 903607 |
|  Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28) | 1282 | 1173133 |
|  Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28) | 955 | 865488 |
|  Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27) | 1379 | 1283890 |
|  Morgan Stanley Domestic Holdings Inc., 4.50%, 06/20/28 (Call 03/20/28) | 1146 | 1066353 |
|  Nomura Holdings Inc., 2.17%, 07/14/28 | 1893 | 1498026 |
|  |  | 23404787 |
| **Electric — 7.9%** |  |  |
|  AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28) | 813 | 736464 |
|  Ameren Corp., 1.75%, 03/15/28 (Call 01/15/28) | 952 | 780231 |
|  Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28) | 1000 | 927430 |
|  American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28) | 1253 | 1161381 |
|  Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28) | 699 | 645450 |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28) | 1354 | 1221484 |
|  CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28)<sup>(a)</sup> | 147 | 132629 |
|  Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28) | 1520 | 1394174 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 (Call 02/15/28) | 803 | 742920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 12/01/28 (Call<br>09/01/28)<sup>(a)</sup>  | 530 | 493552 |
|  Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28) | 661 | 609468 |
|  Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28) | 948 | 883991 |
|  DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)<sup>(a)</sup>  | 941 | 792275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 (Call 08/15/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/28 | 470 | 483790 |
|  Duke Energy Corp., 4.30%, 03/15/28 (Call 02/15/28) | 1500 | 1410210 |
|  Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28) | 902 | 836199 |
|  Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28) | 593 | 546218 |
|  Edison International, 4.13%, 03/15/28 (Call 12/15/27)<sup>(a)</sup>  | 1092 | 973027 |
|  Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 1564 | 1427588 |
|  Entergy Arkansas LLC, 4.00%, 06/01/28 (Call 03/01/28) | 305 | 281305 |
|  Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)<sup>(a)</sup>  | 1481 | 1210051 |
|  Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28) | 551 | 489464 |
|  Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28) | 920 | 795745 |
|  Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27) | 790 | 708282 |
|  Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)<sup>(a)</sup>  | 601 | 554639 |
|  Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)<sup>(a)</sup>  | 1170 | 1096489 |
|  Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27) | 760 | 690825 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 (Call 11/07/27) | 1419 | 1296214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/28 (Call 08/01/28) | 904 | 832584 |
|  NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28) | 3045 | 2517271 |
|  Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)<sup>(a)</sup>  | 810 | 742454 |
|  Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 (Call 08/15/28) | 1706 | 1569742 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28)<sup>(a)</sup>  | 1175 | 970209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28 | 1692 | 1444663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 (Call 05/01/28) | 630 | 548232 |
|  Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27) | 790 | 731500 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/28 (Call 06/01/28) | 745 | 682509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/28 (Call 02/01/28) | 750 | 695685 |
|  Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28) | 1124 | 927727 |
|  Sempra Energy, 3.40%, 02/01/28 | 1860 | 1661836 |
|  Southern California Edison Co., Series B, 3.65%, 03/01/28 (Call 12/01/27) | 971 | 885669 |
|  Southern Co. (The), Series 21-B, 1.75%, 03/15/28 | 959 | 785028 |
|  Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28) | 1233 | 1129736 |
|  Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)<sup>(a)</sup>  | 1337 | 1244907 |
|  WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28) | 1114 | 914104 |
|  Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)<sup>(a)</sup>  | 275 | 229224 |
|  Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)<sup>(a)</sup>  | 775 | 722284 |
|  |  | 43722391 |
| **Electronics — 1.0%** |  |  |
|  Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27) | 1206 | 1075873 |
|  Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27) | 1139 | 1035419 |
|  Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27) | 769 | 694522 |
|  TD SYNNEX Corp., 2.38%, 08/09/28 (Call 06/09/28) | 1095 | 870777 |
|  Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28) | 1284 | 1207654 |
|  Vontier Corp., 2.40%, 04/01/28 (Call 02/01/28) | 1090 | 845480 |
|  |  | 5729725 |
| **Environmental Control — 0.6%** |  |  |
|  Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28) | 1633 | 1518004 |

---

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Environmental Control (continued)** |  |  |
|  Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117704 |
|  Waste Management Inc., 1.15%, 03/15/28 (Call 01/15/28) | 852 | 690009 |
|  |  | 3325717 |
| **Food — 2.2%** |  |  |
|  Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27) | 2193 | 2059402 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 (Call 08/01/28) | 2627 | 2487165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/28<sup>(a)</sup>  | 610 | 633601 |
|  General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28) | 2667 | 2525302 |
|  Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28) | 1235 | 1039858 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.13%, 02/01/28 (Call<br>01/01/28)<sup>(b)</sup>  | 1475 | 1379804 |
|  Kellogg Co., 4.30%, 05/15/28 (Call<br>02/15/28)<sup>(a)</sup>  | 1593 | 1502390 |
|  Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)<sup>(a)</sup>  | 435 | 408904 |
|  |  | 12036426 |
| **Forest Products & Paper — 0.1%** |  |  |
|  Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28) | 875 | 693236 |
| **Gas — 0.2%** |  |  |
|  CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28) | 450 | 416430 |
|  National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28) | 440 | 399793 |
|  Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)<sup>(a)</sup>  | 515 | 455167 |
|  |  | 1271390 |
| **Hand & Machine Tools — 0.2%** |  |  |
|  Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)<sup>(a)</sup>  | 690 | 630971 |
|  Stanley Black & Decker Inc., 4.25%, 11/15/28 (Call 08/15/28)<sup>(a)</sup>  | 711 | 668887 |
|  |  | 1299858 |
| **Health Care - Products — 1.5%** |  |  |
|  Abbott Laboratories, 1.15%, 01/30/28 (Call 11/30/27) | 1283 | 1065878 |
|  Baxter International Inc., 2.27%, 12/01/28 (Call 10/01/28) | 2165 | 1780215 |
|  Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27)<sup>(a)</sup> | 540 | 511591 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28) | 1527 | 1419942 |
|  PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28) | 1160 | 926492 |
|  Stryker Corp., 3.65%, 03/07/28 (Call<br>12/07/27)<sup>(a)</sup>  | 1075 | 998438 |
|  Thermo Fisher Scientific Inc., 1.75%, 10/15/28 (Call 08/15/28)<sup>(a)</sup>  | 2000 | 1666220 |
|  |  | 8368776 |
| **Health Care - Services — 2.0%** |  |  |
|  Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28) | 500 | 460345 |
|  Centene Corp., 2.45%, 07/15/28 (Call 05/15/28) | 75 | 61690 |
|  CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28) | 754 | 696130 |
|  Elevance Health Inc., 4.10%, 03/01/28 (Call 12/01/27) | 2306 | 2165542 |
|  HCA Inc., 5.63%, 09/01/28 (Call 03/01/28) | 3100 | 2981890 |
|  Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28) | 570 | 533645 |
|  Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)<sup>(a)</sup>  | 430 | 386222 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28 | 2531 | 2356209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28 | 1532 | 1425128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 150 | 150361 |
|  |  | 11217162 |
| **Holding Companies - Diversified — 1.1%** |  |  |
|  Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28) | 2552 | 2000538 |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)<sup>(a)</sup>  | 1250 | 954838 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |  |
|  FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177667 |
|  Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28) | 1745 | 1315957 |
|  Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28) | 665 | 487950 |
|  |  | 5936950 |
| **Home Builders — 0.1%** |  |  |
|  Toll Brothers Finance Corp., 4.35%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 605 | 527330 |
| **Household Products & Wares — 0.7%** |  |  |
|  Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)<sup>(a)</sup>  | 1270 | 1207770 |
|  Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)<sup>(a)</sup>  | 1459 | 1361495 |
|  Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)<sup>(a)</sup>  | 1525 | 1435788 |
|  |  | 4005053 |
| **Insurance — 2.4%** |  |  |
|  American International Group Inc., 4.20%, 04/01/28 (Call 01/01/28) | 665 | 616375 |
|  Aon Corp., 4.50%, 12/15/28 (Call 09/15/28) | 662 | 618348 |
|  Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27) | 838 | 785214 |
|  Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27) | 1951 | 1737463 |
|  Cincinnati Financial Corp., 6.92%, 05/15/28<sup>(a)</sup>  | 475 | 496522 |
|  Equitable Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 (Call 01/20/28) | 2830 | 2623636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/28 | 735 | 773014 |
|  Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28) | 1187 | 1092313 |
|  Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)<sup>(a)</sup>  | 929 | 856232 |
|  Globe Life Inc., 4.55%, 09/15/28 (Call<br>06/15/28)<sup>(a)</sup>  | 1010 | 958197 |
|  Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)<sup>(a)</sup>  | 1194 | 1093967 |
|  Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)<sup>(a)</sup>  | 786 | 738337 |
|  Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28) | 1230 | 1130432 |
|  |  | 13520050 |
| **Internet — 1.2%** |  |  |
|  Amazon.com Inc., 1.65%, 05/12/28 (Call 03/12/28) | 3453 | 2916991 |
|  Baidu Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/29/28 (Call 12/29/27) | 535 | 471469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/28 (Call 08/14/28)<sup>(a)</sup>  | 580 | 518851 |
|  Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27) | 1394 | 1268177 |
|  Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 1562 | 1388727 |
|  |  | 6564215 |
| **Iron & Steel — 0.2%** |  |  |
|  Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28) | 1040 | 956571 |
| **Lodging — 0.4%** |  |  |
|  Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28) | 800 | 714384 |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.65%, 12/01/28 (Call 09/01/28) | 383 | 354497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 4.00%, 04/15/28 (Call 01/15/28) | 1072 | 967330 |
|  |  | 2036211 |
| **Machinery — 1.2%** |  |  |
|  ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)<sup>(a)</sup>  | 260 | 242822 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/28 | 1016 | 848137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/06/28 | 868 | 791373 |
|  nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28) | 900 | 805212 |
|  Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28) | 634 | 582633 |
|  Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28) | 2643 | 2465866 |
|  Xylem Inc./NY, 1.95%, 01/30/28 (Call<br>11/30/27)<sup>(a)</sup>  | 967 | 811516 |
|  |  | 6547559 |

---

S C H E D U L E O F I N V E S T M E N T S 71

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Manufacturing — 0.6%** |  |  |
|  3M Co., 3.63%, 09/14/28 (Call 06/14/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233554 |
|  Textron Inc., 3.38%, 03/01/28 (Call 12/01/27) | 735 | 646469 |
|  Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28) | 1400 | 1278060 |
|  |  | 3158083 |
| **Media — 4.2%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 11/15/27) | 2101 | 1849825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 12/15/27) | 2490 | 2228674 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27) | 3263 | 2942769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 2029 | 1855906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | 7255 | 6806786 |
|  Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)<sup>(a)</sup>  | 3302 | 2865476 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28<sup>(a)</sup>  | 1083 | 937824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 (Call 03/01/28)<sup>(a)</sup>  | 1108 | 975029 |
|  TCI Communications Inc., 7.13%, 02/15/28<sup>(a)</sup>  | 634 | 679623 |
|  Walt Disney Co. (The), 2.20%, 01/13/28<sup>(a)</sup>  | 2509 | 2183432 |
|  |  | 23325344 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28) | 746 | 685992 |
| **Mining — 1.0%** |  |  |
|  AngloGold Ashanti Holdings PLC, 3.38%, 11/01/28 (Call 09/01/28)<sup>(a)</sup>  | 1200 | 960696 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 (Call 03/01/23) | 1525 | 1368840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/28 (Call 08/01/23) | 1402 | 1264744 |
|  Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 1523 | 1635672 |
|  |  | 5229952 |
| **Office & Business Equipment — 0.3%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 (Call 10/01/28) | 1010 | 828564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 | 1102 | 972493 |
|  |  | 1801057 |
| **Oil & Gas — 3.4%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28) | 2023 | 1878133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 3692 | 3475612 |
|  BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28) | 1195 | 1091226 |
|  Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27) | 1491 | 1414139 |
|  Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27) | 2053 | 1838913 |
|  Devon Energy Corp., 5.88%, 06/15/28 (Call 06/15/23) | 545 | 542994 |
|  EQT Corp., 5.70%, 04/01/28 (Call 03/01/28) | 20 | 19465 |
|  Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28) | 892 | 801105 |
|  Phillips 66, 3.90%, 03/15/28 (Call 12/15/27) | 1835 | 1694824 |
|  Phillips 66 Co., 3.75%, 03/01/28<br>(Call 12/01/27)<sup>(b)</sup>  | 704 | 633326 |
|  Shell International Finance BV, 3.88%, 11/13/28 | 2532 | 2368990 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28 | 2436 | 2273251 |
|  Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)<sup>(a)</sup>  | 886 | 834142 |
|  |  | 18866120 |
| **Packaging & Containers — 0.5%** |  |  |
|  Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28) | 702 | 643994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Packaging & Containers (continued)** |  |  |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/28 (Call 03/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;1356 | 1234353 |
|  |  | 2854979 |
| **Pharmaceuticals — 7.6%** |  |  |
|  AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28) | 3230 | 3039721 |
|  Astrazeneca Finance LLC, 1.75%, 05/28/28 (Call 03/28/28) | 2530 | 2117003 |
|  Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27) | 2635 | 2497479 |
|  Cigna Corp., 4.38%, 10/15/28 (Call<br>07/15/28)<sup>(a)</sup>  | 6760 | 6353589 |
|  CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27) | 8700 | 8168169 |
|  GlaxoSmithKline Capital Inc., 3.88%, 05/15/28<sup>(a)</sup>  | 3321 | 3116094 |
|  Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27) | 2789 | 2563537 |
|  McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27) | 611 | 566324 |
|  Merck & Co. Inc., 1.90%, 12/10/28 (Call 10/10/28) | 2167 | 1816574 |
|  Merck Sharp & Dohme Corp., 5.95%, 12/01/28 | 732 | 767648 |
|  Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28) | 1528 | 1369898 |
|  Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28) | 2193 | 2052714 |
|  Pharmacia LLC, 6.60%, 12/01/28<sup>(a)</sup>  | 1360 | 1454561 |
|  Sanofi, 3.63%, 06/19/28 (Call 03/19/28)<sup>(a)</sup>  | 2228 | 2077410 |
|  Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)<sup>(a)</sup>  | 3175 | 3064986 |
|  Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)<sup>(a)</sup>  | 1256 | 1158911 |
|  |  | 42184618 |
| **Pipelines — 3.6%** |  |  |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28) | 1650 | 1530094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 (Call 03/15/28)<sup>(a)</sup>  | 1490 | 1389023 |
|  Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28) | 1960 | 1805513 |
|  Kinder Morgan Inc., 4.30%, 03/01/28 (Call 12/01/27) | 1982 | 1852793 |
|  MPLX LP, 4.00%, 03/15/28 (Call 12/15/27) | 2519 | 2280224 |
|  ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28) | 1752 | 1591692 |
|  Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27) | 2757 | 2516562 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 01/15/28 (Call 01/15/23) | 1465 | 1351228 |
|  Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 | 990 | 1025620 |
|  TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28) | 2881 | 2676651 |
|  Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27) | 881 | 807666 |
|  Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27) | 1121 | 1057518 |
|  |  | 19884584 |
| **Real Estate Investment Trusts — 7.4%** |  |  |
|  Agree LP, 2.00%, 06/15/28 (Call 04/15/28) | 899 | 718427 |
|  Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27) | 640 | 584998 |
|  American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27) | 1147 | 1046454 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 (Call 11/30/27) | 1470 | 1165960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/28 (Call 10/15/27) | 1541 | 1366805 |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 (Call 10/01/28) | 280 | 228231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/28 (Call 10/15/27) | 963 | 863233 |
|  Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28) | 2034 | 1834058 |
|  Brixmor Operating Partnership LP, 2.25%, 04/01/28 (Call 02/01/28) | 869 | 694948 |
|  Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28) | 920 | 846483 |
|  Crown Castle Inc., 3.80%, 02/15/28 (Call 11/15/27) | 2133 | 1923795 |
|  CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28) | 1085 | 870116 |

---

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/28 (Call 04/15/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 (Call 12/15/27) | 525 | 510331 |
|  EPR Properties, 4.95%, 04/15/28 (Call 01/15/28) | 700 | 573538 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 (Call 01/15/28) | 1392 | 1113224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/28 (Call 03/15/28) | 455 | 369123 |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 1085 | 973440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 (Call 09/01/28) | 971 | 884746 |
|  Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28) | 475 | 381534 |
|  GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28) | 1115 | 1040094 |
|  Healthpeak Properties Inc., 2.13%, 12/01/28 (Call 10/01/28) | 840 | 680812 |
|  Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)<sup>(a)</sup>  | 874 | 774513 |
|  Hudson Pacific Properties LP, 5.95%, 02/15/28 (Call 01/15/28) | 20 | 18700 |
|  Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)<sup>(a)</sup>  | 1085 | 863617 |
|  Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28) | 790 | 710060 |
|  Kimco Realty Corp., 1.90%, 03/01/28 (Call 01/01/28) | 656 | 532351 |
|  Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28) | 808 | 742843 |
|  National Retail Properties Inc., 4.30%, 10/15/28 (Call 07/15/28) | 690 | 626451 |
|  Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)<sup>(a)</sup> | 1029 | 923661 |
|  Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27) | 808 | 723661 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 06/15/28)<sup>(a)</sup>  | 665 | 612146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/28<sup>(a)</sup>  | 749 | 691439 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/28 (Call 03/01/28) | 1293 | 1072763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 (Call 09/09/28) | 1035 | 851919 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/28 (Call 04/15/28) | 700 | 580475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 (Call 11/15/27)<sup>(a)</sup>  | 1416 | 1269076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 (Call 10/15/27) | 1278 | 1160258 |
|  Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27) | 875 | 794412 |
|  Simon Property Group LP, 1.75%, 02/01/28 (Call 11/01/27)<sup>(a)</sup> | 1782 | 1459387 |
|  Spirit Realty LP, 2.10%, 03/15/28 (Call 01/15/28) | 980 | 771848 |
|  STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27) | 910 | 828955 |
|  Sun Communities Operating LP, 2.30%, 11/01/28 (Call 09/01/28) | 450 | 359105 |
|  UDR Inc., 3.50%, 01/15/28 (Call 10/15/27) | 385 | 339220 |
|  Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27) | 1065 | 962440 |
|  VICI Properties LP, 4.75%, 02/15/28 (Call 01/15/28) | 2390 | 2182357 |
|  Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28) | 1266 | 1161125 |
|  |  | 41126970 |
| **Retail — 3.9%** |  |  |
|  AutoNation Inc., 1.95%, 08/01/28 (Call 06/01/28) | 850 | 652384 |
|  Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)<sup>(a)</sup>  | 1303 | 1208637 |
|  Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28) | 893 | 835026 |
|  Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28) | 2680 | 2495536 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 (Call 01/15/28) | 1180 | 958254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28) | 1540 | 1271239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28)<sup>(a)</sup>  | 1918 | 1811378 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 (Call 02/15/28)<sup>(a)</sup>  | 2193 | 1777383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 (Call 07/15/28)<sup>(a)</sup>  | 2031 | 1660586 |
|  McDonald's Corp., 3.80%, 04/01/28 (Call 01/01/28) | 2215 | 2071424 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  O'Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297340 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 1551 | 1426780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 (Call 08/15/28)<sup>(a)</sup>  | 1439 | 1335665 |
|  TJX Companies Inc. (The), 1.15%, 05/15/28 (Call 03/15/28) | 961 | 776469 |
|  Walmart Inc., 3.70%, 06/26/28 (Call<br>03/26/28)<sup>(a)</sup>  | 2206 | 2091090 |
|  |  | 21669191 |
| **Semiconductors — 2.7%** |  |  |
|  Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28) | 1625 | 1343436 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27) | 1490 | 1311885 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 (Call 12/15/27)<sup>(a)(b)</sup>  | 1447 | 1183516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 (Call 06/15/28)<sup>(a)</sup>  | 2172 | 1951607 |
|  Intel Corp., 1.60%, 08/12/28 (Call 06/12/28) | 2355 | 1943581 |
|  Marvell Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 (Call 02/15/28) | 1213 | 989238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/28 (Call 03/22/28) | 1355 | 1244202 |
|  NVIDIA Corp., 1.55%, 06/15/28 (Call 04/15/28) | 2432 | 2010024 |
|  NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)<sup>(a)</sup>  | 1217 | 1171241 |
|  QUALCOMM Inc., 1.30%, 05/20/28 (Call 02/20/28) | 2377 | 1945741 |
|  |  | 15094471 |
| **Shipbuilding — 0.2%** |  |  |
|  Huntington Ingalls Industries Inc., 2.04%, 08/16/28 (Call 06/16/28) | 1188 | 954772 |
| **Software — 2.5%** |  |  |
|  Fidelity National Information Services Inc., 1.65%, 03/01/28 (Call 01/01/28)<sup>(a)</sup>  | 1781 | 1453332 |
|  Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28) | 2307 | 2136997 |
|  Oracle Corp., 2.30%, 03/25/28 (Call<br>01/25/28)<sup>(a)</sup>  | 3845 | 3211998 |
|  Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28) | 1712 | 1587418 |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 (Call 05/15/28) | 1895 | 1584750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28)<sup>(a)</sup>  | 2893 | 2730240 |
|  VMware Inc., 1.80%, 08/15/28 (Call 06/15/28) | 1429 | 1128638 |
|  |  | 13833373 |
| **Telecommunications — 5.7%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 (Call 12/01/27) | 3988 | 3290300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 (Call 11/15/27) | 2950 | 2759194 |
|  British Telecommunications PLC, 5.13%, 12/04/28 | 1690 | 1550862 |
|  Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27) | 1584 | 1485681 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 (Call 12/15/27) | 3376 | 2799852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 (Call 02/01/23) | 2000 | 1897200 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 (Call 01/22/28) | 6134 | 5156302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28 | 7369 | 6916322 |
|  Vodafone Group PLC, 4.38%, 05/30/28 | 5865 | 5519317 |
|  |  | 31375030 |
| **Transportation — 2.4%** |  |  |
|  Canadian National Railway Co., 6.90%, 07/15/28<sup>(a)</sup>  | 854 | 919160 |
|  Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28) | 1373 | 1282945 |
|  CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28) | 1268 | 1159484 |
|  CSX Corp., 3.80%, 03/01/28 (Call 12/01/27) | 1815 | 1693849 |

---

S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Transportation (continued)** |  |  |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 (Call 11/15/27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/17/28 (Call 07/17/28)<sup>(a)</sup>  | 839 | 774137 |
|  Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27) | 1130 | 998366 |
|  Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)<sup>(a)</sup>  | 1479 | 1369051 |
|  Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28) | 2245 | 2113398 |
|  Walmart Inc., 1.50%, 09/22/28 (Call<br>07/22/28)<sup>(a)</sup>  | 2052 | 1714364 |
|  |  | 13220151 |
| **Trucking & Leasing — 0.2%** |  |  |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 (Call 12/15/27) | 425 | 373133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/07/28 (Call 08/07/28) | 942 | 864247 |
|  |  | 1237380 |
| **Water — 0.3%** |  |  |
|  American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28) | 1102 | 1015956 |
|  United Utilities PLC, 6.88%, 08/15/28<sup>(a)</sup>  | 605 | 624499 |
|  |  | 1640455 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $608,257,717)** |  | 545608088 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 7.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;37807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37798990 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup> | 1900 | 1900000 |
|  **Total Short-Term Securities — 7.2%<br>(Cost: $39,698,965)** |  | 39698990 |
|  **Total Investments — 105.8%<br>(Cost: $647,956,682)** |  | 585307078 |
|  **Liabilities in Excess of Other Assets — (5.8)%** | **Liabilities in Excess of Other Assets — (5.8)%** | (32213924) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;553093154 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $21666005 | $16148669 <sup>(a)</sup> | $— | $(11393) | $(4291) | $37798990 | 37807 | $48942 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 530000 | 1370000 <sup>(a)</sup> |  |  |  | 1900000 | 1900 | 15883 |  |
|  |  |  |  | $(11393) | $(4291) | $39698990 |  | $64825 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $545608088 | $— | $545608088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 39698990 |  |  | 39698990 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;39698990 | $545608088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $585307078 |

---

*See notes to financial statements.* 

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Aerospace & Defense — 0.7%** |  |  |
|  Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876695 |
|  L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29) | 594 | 494826 |
|  Raytheon Technologies Corp., 7.50%, 09/15/29 | 440 | 486842 |
|  |  | 1858363 |
| **Agriculture — 1.2%** |  |  |
|  Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28) | 2351 | 2164307 |
|  BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29) | 532 | 429473 |
|  Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29) | 879 | 751818 |
|  |  | 3345598 |
| **Airlines — 0.2%** |  |  |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class AA, 3.65%, 08/15/30 | 104 | 92228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class AA, 3.35%, 04/15/31 | 493 | 416750 |
|  |  | 508978 |
| **Auto Manufacturers — 1.9%** |  |  |
|  American Honda Finance Corp., 2.25%, 01/12/29 | 738 | 615381 |
|  General Motors Co., 5.40%, 10/15/29 (Call 08/15/29) | 1245 | 1153966 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/29 (Call 02/06/29) | 1190 | 1045498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 (Call 10/17/28)<sup>(a)</sup>  | 712 | 671864 |
|  Toyota Motor Corp., 2.76%, 07/02/29 | 592 | 513418 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29 | 742 | 680800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29 | 865 | 829665 |
|  |  | 5510592 |
| **Auto Parts & Equipment — 0.2%** |  |  |
|  Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28) | 300 | 267762 |
|  Lear Corp., 4.25%, 05/15/29 (Call 02/15/29) | 444 | 389739 |
|  |  | 657501 |
| **Banks — 7.4%** |  |  |
|  Banco Santander SA, 3.31%, 06/27/29 | 1197 | 997903 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29) | 1018 | 880977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/26/29 (Call 02/26/29) | 335 | 300361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 1.90%, 01/25/29 (Call 11/25/28) | 619 | 499706 |
|  Comerica Inc., 4.00%, 02/01/29 | 603 | 550020 |
|  ING Groep NV, 4.05%, 04/09/29 | 1179 | 1028748 |
|  KeyBank NA/Cleveland OH, 3.90%, 04/13/29 | 486 | 420356 |
|  KeyCorp, 2.55%, 10/01/29 | 745 | 599896 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29 | 2190 | 1834213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 1661 | 1461946 |
|  Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29) | 611 | 537827 |
|  PNC Bank NA, 2.70%, 10/22/29 | 971 | 788705 |
|  PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29) | 1776 | 1559772 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29 | 530 | 429639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29 | 572 | 460420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29 | 2869 | 2370052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/29 | 680 | 558532 |
|  Truist Financial Corp., 3.88%, 03/19/29 | 928 | 826384 |
|  U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29) | 1201 | 1015181 |
|  Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)<sup>(a)</sup>  | 379 | 339455 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 2961 | 2694451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.95%, 11/15/29 | 200 | 212558 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Wintrust Financial Corp., 4.85%, 06/06/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287498 |
|  Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29) | 475 | 379924 |
|  |  | 21034524 |
| **Beverages — 3.7%** |  |  |
|  Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)<sup>(a)</sup>  | 4618 | 4496778 |
|  Coca-Cola Co. (The), 2.13%, 09/06/29 | 1317 | 1107676 |
|  Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29) | 959 | 820974 |
|  Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)<sup>(a)</sup>  | 1193 | 987876 |
|  Keurig Dr Pepper Inc., 3.95%, 04/15/29 (Call 02/15/29) | 1195 | 1088095 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29) | 1472 | 1276180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/29 | 564 | 622735 |
|  |  | 10400314 |
| **Biotechnology — 0.6%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 (Call 12/22/28) | 1257 | 1101346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 530 | 488941 |
|  |  | 1590287 |
| **Building Materials — 0.4%** |  |  |
|  Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29) | 603 | 495196 |
|  Owens Corning, 3.95%, 08/15/29 (Call 05/15/29) | 634 | 557045 |
|  |  | 1052241 |
| **Chemicals — 2.3%** |  |  |
|  Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29) | 350 | 303334 |
|  Celanese U.S. Holdings LLC, 6.33%, 07/15/29 (Call 05/15/29) | 941 | 875817 |
|  Dow Chemical Co. (The), 7.38%, 11/01/29 | 1015 | 1098971 |
|  FMC Corp., 3.45%, 10/01/29 (Call 07/01/29) | 520 | 443409 |
|  Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29) | 864 | 752907 |
|  Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29) | 785 | 718911 |
|  PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 434 | 367216 |
|  Rohm & Haas Co., 7.85%, 07/15/29 | 655 | 718790 |
|  RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28) | 478 | 433599 |
|  Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 924 | 783072 |
|  |  | 6496026 |
| **Commercial Services — 2.7%** |  |  |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29) | 1506 | 1250582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/29 (Call 06/15/29) | 400 | 376732 |
|  Moody's Corp., 4.25%, 02/01/29 (Call 11/01/28) | 345 | 320892 |
|  PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29)<sup>(a)</sup>  | 1935 | 1647265 |
|  RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28) | 1009 | 916394 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | 668 | 556431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(b)</sup>  | 884 | 759710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29<sup>(a)(b)</sup>  | 1150 | 1073168 |
|  Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 732 | 669714 |
|  |  | 7570888 |
| **Computers — 3.4%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29) | 2058 | 1739833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 1335 | 1214743 |
|  Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)<sup>(a)</sup> | 2210 | 2066925 |
|  HP Inc., 4.00%, 04/15/29 (Call 02/15/29) | 1125 | 986366 |
|  International Business Machines Corp., 3.50%, 05/15/29 | 3680 | 3296066 |

---

S C H E D U L E O F I N V E S T M E N T S 75

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Computers (continued)** |  |  |
|  Western Digital Corp., 2.85%, 02/01/29 (Call 12/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379294 |
|  |  | 9683227 |
| **Cosmetics & Personal Care — 0.9%** |  |  |
|  Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29) | 841 | 703042 |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/29 | 1082 | 943623 |
|  Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29) | 1208 | 996479 |
|  |  | 2643144 |
| **Diversified Financial Services — 3.5%** |  |  |
|  Air Lease Corp., 3.25%, 10/01/29 (Call<br>07/01/29)<sup>(a)</sup>  | 636 | 509760 |
|  American Express Co., 4.05%, 05/03/29 (Call 03/03/29) | 1175 | 1065584 |
|  Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28) | 1257 | 1162913 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 (Call 07/01/29) | 613 | 517930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 (Call 02/22/29) | 829 | 734511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 (Call 11/01/28) | 943 | 874689 |
|  Intercontinental Exchange Inc., 4.35%, 06/15/29 (Call 04/15/29)<sup>(a)</sup>  | 1725 | 1633782 |
|  Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28) | 526 | 474862 |
|  Mastercard Inc., 2.95%, 06/01/29 (Call<br>03/01/29)<sup>(a)</sup>  | 1462 | 1294601 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 01/22/29 | 610 | 489867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 07/06/29 | 628 | 589924 |
|  Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28) | 717 | 642547 |
|  |  | 9990970 |
| **Electric — 5.8%** |  |  |
|  Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29) | 509 | 413440 |
|  Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29) | 861 | 754115 |
|  Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29) | 528 | 433124 |
|  DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29) | 529 | 457728 |
|  Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29) | 473 | 395849 |
|  Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29) | 709 | 620021 |
|  Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29) | 849 | 706606 |
|  Duke Energy Ohio Inc., 3.65%, 02/01/29 (Call 11/01/28) | 533 | 483767 |
|  Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28) | 755 | 677265 |
|  Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28) | 437 | 398876 |
|  Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) | 927 | 765192 |
|  Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29) | 631 | 582060 |
|  Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29) | 759 | 630099 |
|  Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29) | 217 | 193985 |
|  MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29) | 1118 | 1021315 |
|  National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28) | 483 | 432758 |
|  Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)<sup>(a)</sup>  | 596 | 537294 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 (Call 08/01/29) | 1075 | 900538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 (Call 01/01/29) | 658 | 582363 |
|  NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29) | 406 | 361072 |
|  Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28) | 416 | 422727 |
|  Pacific Gas and Electric Co., 4.20%, 03/01/29 (Call 01/01/29) | 400 | 347720 |
|  PacifiCorp, 3.50%, 06/15/29 (Call 03/15/29)<sup>(a)</sup>  | 446 | 396360 |
|  Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29) | 433 | 384171 |
|  Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29) | 541 | 477292 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 (Call 05/01/29) | 552 | 462123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/29 (Call 12/01/28) | 498 | 458479 |
|  Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28) | 644 | 579317 |
|  Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29) | 548 | 470677 |
|  Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29) | 301 | 259327 |
|  Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29) | 504 | 415089 |
|  |  | 16463845 |
| **Electronics — 1.2%** |  |  |
|  Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29) | 614 | 515711 |
|  Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29) | 443 | 369404 |
|  Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29) | 503 | 470909 |
|  Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29) | 660 | 591017 |
|  Honeywell International Inc., 2.70%, 08/15/29 (Call 05/15/29) | 963 | 839332 |
|  Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29) | 714 | 597946 |
|  |  | 3384319 |
| **Entertainment — 0.5%** |  |  |
|  Magallanes Inc., 4.05%, 03/15/29<br>(Call 01/15/29)<sup>(b)</sup>  | 1722 | 1464406 |
| **Environmental Control — 0.4%** |  |  |
|  Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29) | 693 | 618017 |
|  Waste Management Inc., 2.00%, 06/01/29 (Call 04/01/29) | 673 | 554061 |
|  |  | 1172078 |
| **Food — 1.1%** |  |  |
|  Ahold Finance USA LLC, 6.88%, 05/01/29 | 400 | 416004 |
|  Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29) | 263 | 221101 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/29 (Call 12/02/28)<sup>(b)</sup>  | 130 | 105486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup>  | 15 | 15473 |
|  Kraft Heinz Foods Co., 4.63%, 01/30/29 (Call 10/30/28)<sup>(a)</sup>  | 475 | 455687 |
|  Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28) | 804 | 754168 |
|  Tyson Foods Inc., 4.35%, 03/01/29<br>(Call 12/01/28)<sup>(a)</sup>  | 1076 | 1010568 |
|  |  | 2978487 |
| **Forest Products & Paper — 0.8%** |  |  |
|  Georgia-Pacific LLC, 7.75%, 11/15/29 | 445 | 493585 |
|  Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28) | 1929 | 1833978 |
|  |  | 2327563 |
| **Gas — 0.6%** |  |  |
|  Atmos Energy Corp., 2.63%, 09/15/29 (Call 06/15/29) | 535 | 451123 |
|  NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29) | 760 | 635489 |
|  Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)<sup>(a)</sup> | 659 | 584704 |
|  |  | 1671316 |
| **Health Care - Products — 1.0%** |  |  |
|  DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)<sup>(a)</sup> | 1130 | 961427 |
|  PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29) | 1023 | 861069 |
|  Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)<sup>(a)</sup>  | 1184 | 1014652 |
|  |  | 2837148 |
| **Health Care - Services — 4.3%** |  |  |
|  Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28) | 340 | 287008 |
|  Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29) | 685 | 570927 |
|  Centene Corp., 4.63%, 12/15/29 (Call 12/15/24) | 649 | 587235 |
|  CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29) | 705 | 592010 |
|  Elevance Health Inc., 2.88%, 09/15/29 (Call 06/15/29) | 948 | 805876 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 01/15/29)<sup>(a)(b)</sup>  | 635 | 538321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 03/15/29) | 2284 | 2015516 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 08/01/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292359 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/29 (Call 05/15/29) | 570 | 487327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29)<sup>(a)</sup>  | 1014 | 902551 |
|  Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)<sup>(a)</sup>  | 709 | 592745 |
|  Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29) | 757 | 618401 |
|  Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29) | 619 | 569845 |
|  Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29) | 323 | 288239 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 1080 | 936716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 1179 | 1096505 |
|  |  | 12181581 |
| **Holding Companies - Diversified — 0.2%** |  |  |
|  Blackstone Private Credit Fund, 4.00%, 01/15/29 (Call 11/15/28) | 655 | 534401 |
| **Home Builders — 0.2%** |  |  |
|  Toll Brothers Finance Corp., 3.80%, 11/01/29 (Call 08/01/29)<sup>(a)</sup>  | 620 | 502014 |
| **Home Furnishings — 0.5%** |  |  |
|  Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28) | 597 | 545712 |
|  Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)<sup>(a)</sup>  | 789 | 735198 |
|  |  | 1280910 |
| **Household Products & Wares — 0.5%** |  |  |
|  Clorox Co. (The), 4.40%, 05/01/29 (Call 03/01/29) | 630 | 591677 |
|  Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29) | 1032 | 921308 |
|  |  | 1512985 |
| **Insurance — 3.7%** |  |  |
|  Aon Corp., 3.75%, 05/02/29 (Call 02/02/29) | 890 | 793613 |
|  AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29) | 338 | 292214 |
|  Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28) | 334 | 305316 |
|  CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29) | 521 | 459298 |
|  CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)<sup>(a)</sup> | 591 | 538531 |
|  Corebridge Financial Inc., 3.85%, 04/05/29 (Call 02/05/29)<sup>(b)</sup>  | 1144 | 1000028 |
|  Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)<sup>(a)</sup>  | 579 | 512427 |
|  Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29) | 840 | 697385 |
|  Markel Corp., 3.35%, 09/17/29 (Call 06/17/29) | 480 | 407928 |
|  Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 1863 | 1759641 |
|  PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29) | 508 | 445155 |
|  Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29) | 506 | 448908 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 927 | 861730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/29<sup>(a)</sup>  | 209 | 221705 |
|  Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)<sup>(a)</sup>  | 612 | 544821 |
|  RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29) | 601 | 529589 |
|  Unum Group, 4.00%, 06/15/29<br>(Call 03/15/29)<sup>(a)</sup>  | 95 | 82978 |
|  Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29) | 757 | 614608 |
|  |  | 10515875 |
| **Internet — 0.5%** |  |  |
|  Amazon.com Inc., 3.45%, 04/13/29 (Call 02/13/29)<sup>(a)</sup>  | 1657 | 1520248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* | *Value* |
|  **Iron & Steel — 0.2%** |  |  |  |  |
|  ArcelorMittal SA, 4.25%, 07/16/29<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566131 |
| **Lodging — 0.2%** |  |  |  |  |
|  Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29) |  | 620 |  | 519436 |
| **Machinery — 1.4%** |  |  |  |  |
|  Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29) |  | 626 |  | 535299 |
|  Deere & Co., 5.38%, 10/16/29 |  | 563 |  | 571777 |
|  Dover Corp., 2.95%, 11/04/29 (Call 08/04/29) |  | 448 |  | 379814 |
|  John Deere Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29 |  | 594 |  | 514161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/29 |  | 723 |  | 653780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29 |  | 738 |  | 671078 |
|  Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28) |  | 588 |  | 534110 |
|  |  |  |  | 3860019 |
| **Manufacturing — 2.0%** |  |  |  |  |
|  3M Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29)<sup>(a)</sup>  |  | 1034 |  | 853650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(a)</sup>  |  | 1084 |  | 973389 |
|  Parker-Hannifin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 (Call 03/14/29) |  | 1088 |  | 945200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 (Call 07/15/29) |  | 1315 |  | 1228775 |
|  Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29) |  | 463 |  | 410186 |
|  Textron Inc., 3.90%, 09/17/29 (Call 06/17/29) |  | 314 |  | 276816 |
|  Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28) |  | 963 |  | 858774 |
|  |  |  |  | 5546790 |
| **Media — 2.8%** |  |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 (Call 11/15/28) |  | 1340 |  | 1054794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 (Call 12/30/28) |  | 1611 |  | 1483183 |
|  Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29) |  | 892 |  | 753580 |
|  Fox Corp., 4.71%, 01/25/29 (Call 10/25/28) |  | 2444 |  | 2275144 |
|  Paramount Global, 4.20%, 06/01/29 (Call 03/01/29) |  | 577 |  | 503617 |
|  Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29) |  | 2437 |  | 1989689 |
|  |  |  |  | 8060007 |
| **Mining — 0.5%** |  |  |  |  |
|  Freeport-McMoRan Inc., 5.25%, 09/01/29 (Call 09/01/24) |  | 700 |  | 651070 |
|  Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29) |  | 926 |  | 765533 |
|  |  |  |  | 1416603 |
| **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** |
|  CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 (Call 08/15/23) |  | 694 |  | 568913 |
| **Oil & Gas — 3.4%** |  |  |  |  |
|  Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29) |  | 648 |  | 581438 |
|  ConocoPhillips Co., 6.95%, 04/15/29 |  | 1283 |  | 1394390 |
|  Coterra Energy Inc., 4.38%, 03/15/29<sup>(b)</sup>  |  | 574 |  | 528706 |
|  Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29) |  | 1391 |  | 1201949 |
|  EQT Corp., 5.00%, 01/15/29 (Call 07/15/28) |  | 435 |  | 404180 |
|  Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)<sup>(a)</sup>  |  | 1466 |  | 1255043 |
|  Hess Corp., 7.88%, 10/01/29 |  | 569 |  | 619004 |
|  Phillips 66 Co., 3.15%, 12/15/29 (Call 09/15/29)<sup>(b)</sup>  |  | 685 |  | 578277 |
|  Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)<sup>(a)</sup> |  | 1796 |  | 1513956 |
|  TotalEnergies Capital International SA, 3.45%, 02/19/29 (Call 11/19/28)<sup>(a)</sup>  |  | 1537 |  | 1396564 |

---

S C H E D U L E O F I N V E S T M E N T S 77

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
|  Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31948 |
|  |  | 9505455 |
| **Oil & Gas Services — 0.4%** |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29) | 540 | 458201 |
|  NOV Inc., 3.60%, 12/01/29 (Call 09/01/29) | 658 | 560451 |
|  |  | 1018652 |
| **Packaging & Containers — 0.5%** |  |  |
|  Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29) | 472 | 392888 |
|  WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 982 | 922550 |
|  |  | 1315438 |
| **Pharmaceuticals — 6.1%** |  |  |
|  AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)<sup>(a)</sup>  | 6356 | 5548915 |
|  AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28) | 1395 | 1312848 |
|  Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29) | 2407 | 2186808 |
|  CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 2189 | 1900731 |
|  Eli Lilly & Co., 3.38%, 03/15/29<br>(Call 12/15/28)<sup>(a)</sup>  | 1149 | 1062940 |
|  GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29) | 1251 | 1128427 |
|  Johnson & Johnson, 6.95%, 09/01/29 | 140 | 158666 |
|  Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)<sup>(a)</sup>  | 1929 | 1761466 |
|  Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28) | 2335 | 2139047 |
|  |  | 17199848 |
| **Pipelines — 4.1%** |  |  |
|  Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29) | 457 | 416099 |
|  Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29) | 1827 | 1596469 |
|  DCP Midstream Operating LP, 5.13%, 05/15/29 (Call 02/15/29) | 625 | 586156 |
|  Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29) | 522 | 441675 |
|  Enbridge Inc., 3.13%, 11/15/29<br>(Call 08/15/29)<sup>(a)</sup>  | 1237 | 1055260 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/29 (Call 06/15/29)<sup>(a)</sup>  | 658 | 572407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 01/15/29)<sup>(a)</sup>  | 1798 | 1684960 |
|  Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29) | 1496 | 1286500 |
|  MPLX LP, 4.80%, 02/15/29 (Call 11/15/28) | 904 | 837384 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 (Call 06/01/29) | 859 | 718674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 719 | 639414 |
|  Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29) | 1142 | 952816 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 01/15/29 (Call 01/15/24) | 810 | 807894 |
|  |  | 11595708 |
| **Real Estate Investment Trusts — 9.0%** |  |  |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29 (Call 09/15/29) | 605 | 492283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 (Call 04/30/29) | 338 | 308827 |
|  American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)<sup>(a)</sup> | 564 | 520741 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 (Call 05/15/29) | 1916 | 1672342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 (Call 12/15/28) | 848 | 751023 |
|  AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29) | 489 | 428882 |
|  Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29) | 829 | 686661 |
|  Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29) | 415 | 359755 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683177 |
|  Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29) | 834 | 714621 |
|  Corporate Office Properties LP, 2.00%, 01/15/29 (Call 11/15/28) | 418 | 311820 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 (Call 08/15/29) | 729 | 607177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 (Call 11/15/28) | 442 | 402286 |
|  CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28) | 467 | 422430 |
|  Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)<sup>(a)</sup>  | 1178 | 1015778 |
|  EPR Properties, 3.75%, 08/15/29 (Call 05/15/29) | 365 | 267600 |
|  Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)<sup>(a)</sup>  | 1423 | 1194452 |
|  ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29) | 776 | 659740 |
|  Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28) | 702 | 623123 |
|  Extra Space Storage LP, 3.90%, 04/01/29 (Call 02/01/29) | 243 | 212870 |
|  Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29) | 545 | 460481 |
|  GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28) | 886 | 801972 |
|  Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29) | 715 | 617617 |
|  Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29) | 333 | 281841 |
|  Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 | 933 | 748807 |
|  Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)<sup>(a)</sup>  | 513 | 440000 |
|  Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29) | 362 | 313601 |
|  Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29) | 484 | 421922 |
|  Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28) | 743 | 668373 |
|  Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29) | 484 | 385608 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 | 92 | 76868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 11/01/28) | 424 | 396567 |
|  Public Storage, 3.39%, 05/01/29 (Call 02/01/29) | 597 | 527706 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 (Call 09/15/29)<sup>(a)</sup>  | 753 | 633559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/29 (Call 03/15/29) | 618 | 533007 |
|  Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29) | 467 | 379470 |
|  Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29) | 489 | 390423 |
|  Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29) | 1514 | 1213259 |
|  Spirit Realty LP, 4.00%, 07/15/29 (Call 04/15/29) | 385 | 325263 |
|  STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 383 | 355757 |
|  UDR Inc., 4.40%, 01/26/29 (Call 10/26/28) | 315 | 285985 |
|  Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28) | 907 | 819583 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 (Call 11/15/28) | 633 | 498823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 | 687 | 610489 |
|  Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29) | 710 | 628137 |
|  WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29) | 417 | 361426 |
|  |  | 25512132 |
| **Retail — 2.9%** |  |  |
|  AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29) | 331 | 296407 |
|  Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)<sup>(a)</sup>  | 2055 | 1812716 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 (Call 01/05/29)<sup>(a)</sup>  | 1768 | 1590369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/29<sup>(a)</sup>  | 325 | 339443 |
|  McDonald's Corp., 2.63%, 09/01/29 (Call 06/01/29)<sup>(a)</sup>  | 1020 | 871794 |
|  O'Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)<sup>(a)</sup>  | 556 | 502763 |
|  Starbucks Corp., 3.55%, 08/15/29<br>(Call 05/15/29)<sup>(a)</sup>  | 1092 | 983051 |
|  Target Corp., 3.38%, 04/15/29 (Call 01/15/29) | 1164 | 1051581 |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/24/29 (Call 06/24/29)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 (Call 04/08/29) | 777 | 709595 |
|  |  | 8330471 |
| **Semiconductors — 4.1%** |  |  |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)(b)</sup>  | 1090 | 956584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 (Call 01/15/29)<sup>(a)</sup>  | 1941 | 1802374 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 2485 | 2061780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29) | 930 | 858771 |
|  KLA Corp., 4.10%, 03/15/29 (Call<br>12/15/28)<sup>(a)</sup>  | 1075 | 1011425 |
|  Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28) | 1185 | 1098886 |
|  Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28) | 672 | 624429 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)<sup>(a)</sup>  | 1177 | 1056675 |
|  Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24) | 856 | 731820 |
|  Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29) | 958 | 806607 |
|  TSMC Arizona Corp., 4.13%, 04/22/29 (Call 02/22/29) | 500 | 461895 |
|  |  | 11471246 |
| **Software — 2.1%** |  |  |
|  Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29) | 1014 | 835942 |
|  Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)<sup>(a)</sup>  | 665 | 593054 |
|  Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29) | 3575 | 3106425 |
|  Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29) | 715 | 596381 |
|  Workday Inc., 3.70%, 04/01/29 (Call 02/01/29) | 850 | 757503 |
|  |  | 5889305 |
| **Telecommunications — 4.9%** |  |  |
|  America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29) | 950 | 839325 |
|  AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28) | 3490 | 3239837 |
|  Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29) | 427 | 366106 |
|  Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29) | 817 | 750905 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 (Call 01/15/29) | 945 | 772131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 (Call 02/15/24) | 1040 | 863054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 2070 | 1791647 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28) | 1304 | 1184801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29)<sup>(b)</sup>  | 50 | 45173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29) | 4578 | 4135994 |
|  |  | 13988973 |
| **Toys, Games & Hobbies — 0.3%** |  |  |
|  Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) | 1114 | 963075 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Transportation — 2.0%** |  |  |  |
|  CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144272 |
|  FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)<sup>(a)</sup>  |  | 918 | 784055 |
|  Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29) |  | 671 | 564754 |
|  Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29) |  | 622 | 518518 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28) |  | 751 | 690612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/29<sup>(a)</sup>  |  | 535 | 573279 |
|  United Parcel Service Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 (Call 06/01/29) |  | 616 | 523852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28) |  | 877 | 799105 |
|  |  |  | 5598447 |
| **Trucking & Leasing — 0.2%** |  |  |  |
|  GATX Corp., 4.70%, 04/01/29 (Call 01/01/29) |  | 597 | 548918 |
| **Water — 0.3%** |  |  |  |
|  American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29) |  | 691 | 611473 |
|  Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)<sup>(a)</sup>  |  | 413 | 360937 |
|  |  |  | 972410 |
|  **Total Long-Term Investments — 98.0% (Cost: $314,083,332)** |  |  | 277137806 |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 9.9%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  |  | 27125 | 27119990 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  |  | 1063 | 1063000 |
|  **Total Short-Term Securities — 9.9%<br>(Cost: $28,183,662)** |  |  | 28182990 |
|  **Total Investments — 107.9%<br>(Cost: $342,266,994)** |  |  | 305320796 |
|  **Liabilities in Excess of Other Assets — (7.9)%** | **Liabilities in Excess of Other Assets — (7.9)%** | **Liabilities in Excess of Other Assets — (7.9)%** | (22484355) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;282836441 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $11169250 | $15962113 <sup>(a)</sup> | $— | $(9110) | $(2263) | $27119990 | 27125 | $45727 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 593000 | 470000 <sup>(a)</sup> |  |  |  | 1063000 | 1063 | 15294 |  |
|  |  |  |  | $(9110) | $(2263) | $28182990 |  | $61021 | $— |

---

S C H E D U L E O F I N V E S T M E N T S 79

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

**Affiliates (continued)** 

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $277137806 | $— | $277137806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 28182990 |  |  | 28182990 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;28182990 | $277137806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $305320796 |

---

*See notes to financial statements.* 

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.6%** |  |  |
|  Interpublic Group of Companies Inc. (The), 4.75%, 03/30/30 (Call 12/30/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337657 |
|  Omnicom Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/30/30 (Call 01/30/30) | 452 | 360185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 387 | 348393 |
|  |  | 1046235 |
| **Aerospace & Defense — 2.3%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 (Call 11/01/29) | 360 | 288439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30) | 2325 | 2149416 |
|  General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30) | 690 | 628445 |
|  Lockheed Martin Corp., 1.85%, 06/15/30 (Call 03/15/30) | 205 | 163894 |
|  Northrop Grumman Corp., 4.40%, 05/01/30 (Call 02/01/30) | 557 | 524087 |
|  Raytheon Technologies Corp., 2.25%, 07/01/30 (Call 04/01/30)<sup>(a)</sup>  | 590 | 475841 |
|  |  | 4230122 |
| **Agriculture — 1.2%** |  |  |
|  Altria Group Inc., 3.40%, 05/06/30 (Call 02/06/30) | 470 | 381875 |
|  Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29) | 651 | 574690 |
|  BAT Capital Corp., 4.91%, 04/02/30 (Call 01/02/30) | 615 | 537590 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(a)</sup>  | 459 | 337121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30) | 512 | 390861 |
|  |  | 2222137 |
| **Airlines — 0.2%** |  |  |
|  Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29) | 367 | 292143 |
|  United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 09/01/31 | 142 | 119854 |
|  |  | 411997 |
| **Apparel — 0.7%** |  |  |
|  NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29) | 863 | 748713 |
|  Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30) | 283 | 236520 |
|  VF Corp., 2.95%, 04/23/30 (Call 01/23/30)<sup>(a)</sup>  | 285 | 230252 |
|  |  | 1215485 |
| **Auto Manufacturers — 1.0%** |  |  |
|  Cummins Inc., 1.50%, 09/01/30 (Call<br>06/01/30)<sup>(a)</sup>  | 520 | 397171 |
|  General Motors Financial Co. Inc., 3.60%, 06/21/30 (Call 03/21/30) | 690 | 564765 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30 | 334 | 273115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 | 690 | 613168 |
|  |  | 1848219 |
| **Auto Parts & Equipment — 0.3%** |  |  |
|  Lear Corp., 3.50%, 05/30/30 (Call 02/28/30) | 300 | 244962 |
|  Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30) | 451 | 361206 |
|  |  | 606168 |
| **Banks — 6.9%** |  |  |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30 | 763 | 527798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 580 | 457904 |
|  BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30) | 290 | 259660 |
|  Citizens Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/30 (Call 12/06/29) | 257 | 198527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/30 (Call 01/30/30) | 485 | 399771 |
|  Discover Bank, 2.70%, 02/06/30 (Call<br>11/06/29)<sup>(a)</sup>  | 325 | 247930 |
|  First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30) | 275 | 262532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29) | 1554 | 1340558 |
|  HSBC Holdings PLC, 4.95%, 03/31/30<sup>(a)</sup>  | 1275 | 1142540 |
|  Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 01/04/30) | 572 | 454254 |
|  JPMorgan Chase & Co., 8.75%, 09/01/30 | 158 | 181223 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30 | 480 | 359611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | 577 | 454411 |
|  Northern Trust Corp., 1.95%, 05/01/30 (Call 02/01/30) | 565 | 441581 |
|  PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29) | 1352 | 1097419 |
|  State Street Corp., 2.40%, 01/24/30 | 591 | 482493 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30<sup>(a)</sup>  | 670 | 502895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30 | 593 | 434212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30 | 584 | 466820 |
|  SVB Financial Group, 3.13%, 06/05/30<br>(Call 03/05/30)<sup>(a)</sup>  | 290 | 227348 |
|  Truist Bank, 2.25%, 03/11/30 (Call 12/11/29) | 572 | 444793 |
|  Truist Financial Corp., 1.95%, 06/05/30 (Call 03/05/30) | 351 | 270670 |
|  U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30) | 945 | 698005 |
|  Westpac Banking Corp., 2.65%, 01/16/30 | 603 | 506496 |
|  |  | 12715129 |
| **Beverages — 2.4%** |  |  |
|  Anheuser-Busch InBev Worldwide Inc., 3.50%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 1100 | 982443 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 | 832 | 661665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | 707 | 639948 |
|  Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29) | 162 | 136551 |
|  Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30) | 287 | 237358 |
|  Diageo Capital PLC, 2.00%, 04/29/30<br>(Call 01/29/30)<sup>(a)</sup>  | 442 | 351151 |
|  Keurig Dr Pepper Inc., 3.20%, 05/01/30 (Call 02/01/30) | 373 | 316397 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | 485 | 386031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 817 | 706942 |
|  |  | 4418486 |
| **Biotechnology — 1.5%** |  |  |
|  Amgen Inc., 2.45%, 02/21/30 (Call 11/21/29) | 690 | 568677 |
|  Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30) | 825 | 648533 |
|  Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30) | 670 | 515733 |
|  Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30) | 725 | 546541 |
|  Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30) | 698 | 529028 |
|  |  | 2808512 |
| **Building Materials — 1.2%** |  |  |
|  Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29) | 1137 | 934148 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)<sup>(a)</sup>  | 225 | 172834 |
|  Martin Marietta Materials Inc., Series CB, 2.50%, 03/15/30 (Call 12/15/29) | 305 | 242454 |
|  Masco Corp., 2.00%, 10/01/30 (Call 07/01/30) | 236 | 175633 |
|  Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 35 | 28755 |
|  Owens Corning, 3.88%, 06/01/30 (Call 03/01/30) | 265 | 227860 |
|  Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30) | 445 | 378909 |
|  |  | 2160593 |

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S C H E D U L E O F I N V E S T M E N T S 81

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Chemicals — 1.6%** |  |  |
|  Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516053 |
|  Dow Chemical Co. (The), 2.10%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 490 | 374527 |
|  Ecolab Inc., 4.80%, 03/24/30 (Call 12/24/29)<sup>(a)</sup>  | 359 | 348129 |
|  EI du Pont de Nemours and Co., 2.30%, 07/15/30 (Call 04/15/30) | 283 | 228503 |
|  Linde Inc./CT, 1.10%, 08/10/30 (Call 05/10/30) | 405 | 303066 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30)<sup>(a)</sup>  | 255 | 194891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/30 (Call 02/01/30) | 125 | 102533 |
|  Nutrien Ltd., 2.95%, 05/13/30 (Call 02/13/30)<sup>(a)</sup>  | 355 | 293507 |
|  PPG Industries Inc., 2.55%, 06/15/30 (Call 03/15/30) | 170 | 138492 |
|  Sherwin-Williams Co. (The), 2.30%, 05/15/30 (Call 02/15/30) | 360 | 286142 |
|  Westlake Corp., 3.38%, 06/15/30 (Call 03/15/30) | 294 | 244355 |
|  |  | 3030198 |
| **Commercial Services — 1.9%** |  |  |
|  Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30) | 687 | 526421 |
|  Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)<sup>(a)</sup>  | 470 | 394095 |
|  Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)<sup>(a)</sup>  | 218 | 175848 |
|  Equifax Inc., 3.10%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 348 | 284246 |
|  Global Payments Inc., 2.90%, 05/15/30 (Call 02/15/30) | 560 | 446130 |
|  PayPal Holdings Inc., 2.30%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 580 | 467352 |
|  Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30) | 565 | 446231 |
|  RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30) | 504 | 420089 |
|  S&P Global Inc., 1.25%, 08/15/30 (Call 05/15/30) | 322 | 239394 |
|  Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30) | 198 | 154575 |
|  |  | 3554381 |
| **Computers — 2.0%** |  |  |
|  Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30) | 390 | 305374 |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 638 | 489812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 922 | 737987 |
|  Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30) | 493 | 483396 |
|  HP Inc., 3.40%, 06/17/30 (Call 03/17/30) | 458 | 373261 |
|  International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30) | 590 | 464301 |
|  Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30) | 445 | 389433 |
|  NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30) | 465 | 373739 |
|  Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30) | 208 | 162654 |
|  |  | 3779957 |
| **Cosmetics & Personal Care — 1.0%** |  |  |
|  Estee Lauder Companies Inc. (The), 2.60%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 370 | 310101 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 | 966 | 736681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30 | 744 | 662123 |
|  Unilever Capital Corp., 1.38%, 09/14/30 (Call 06/14/30) | 275 | 207985 |
|  |  | 1916890 |
| **Diversified Financial Services — 3.4%** |  |  |
|  Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30) | 325 | 264475 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 (Call 11/01/29) | 370 | 288027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 (Call 09/01/30) | 385 | 299141 |
|  Brookfield Finance Inc., 4.35%, 04/15/30 (Call 01/15/30) | 513 | 450547 |
|  Cboe Global Markets Inc., 1.63%, 12/15/30 (Call 09/15/30) | 456 | 341106 |
|  Charles Schwab Corp. (The), 4.63%, 03/22/30 (Call 12/22/29) | 302 | 287145 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344889 |
|  Intercontinental Exchange Inc., 2.10%, 06/15/30 (Call 03/15/30) | 925 | 732905 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30 | 632 | 536378 |
|  Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29) | 860 | 773192 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30 | 415 | 312225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30 | 608 | 479694 |
|  Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30) | 426 | 396674 |
|  Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30) | 345 | 293585 |
|  Visa Inc., 2.05%, 04/15/30 (Call 01/15/30) | 683 | 564199 |
|  |  | 6364182 |
| **Electric — 7.2%** |  |  |
|  AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30) | 410 | 315688 |
|  Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) | 376 | 283579 |
|  Ameren Illinois Co., 1.55%, 11/15/30 (Call 08/15/30) | 155 | 117645 |
|  American Electric Power Co. Inc., 2.30%, 03/01/30 (Call 12/01/29) | 232 | 183099 |
|  Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30) | 701 | 628825 |
|  Black Hills Corp., 2.50%, 06/15/30 (Call 03/15/30) | 213 | 165380 |
|  CenterPoint Energy Inc., 2.95%, 03/01/30 (Call 12/01/29) | 245 | 204009 |
|  Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29) | 265 | 216243 |
|  Consolidated Edison Co. of New York Inc., Series 20A, 3.35%, 04/01/30 (Call 01/01/30) | 375 | 325275 |
|  Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 964 | 826987 |
|  DTE Electric Co., 2.25%, 03/01/30 (Call 12/01/29) | 423 | 344749 |
|  DTE Energy Co., 2.95%, 03/01/30 (Call 12/01/29) | 215 | 179005 |
|  Duke Energy Carolinas LLC, 2.45%, 02/01/30 (Call 11/01/29) | 345 | 285563 |
|  Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30) | 552 | 441313 |
|  Duke Energy Florida LLC, 1.75%, 06/15/30 (Call 03/15/30) | 295 | 227581 |
|  Duke Energy Ohio Inc., 2.13%, 06/01/30 (Call 03/01/30) | 250 | 197345 |
|  Entergy Corp., 2.80%, 06/15/30 (Call 03/15/30) | 315 | 252885 |
|  Entergy Louisiana LLC, 1.60%, 12/15/30 (Call 09/15/30) | 223 | 164822 |
|  Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 207 | 165819 |
|  Eversource Energy, Series R, 1.65%, 08/15/30 (Call 05/15/30) | 450 | 337594 |
|  Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30) | 535 | 481794 |
|  Interstate Power & Light Co., 2.30%, 06/01/30 (Call 03/01/30) | 167 | 132605 |
|  IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30) | 375 | 323543 |
|  National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/30 (Call 12/15/29) | 210 | 170367 |
|  Nevada Power Co., Series DD, 2.40%, 05/01/30 (Call 02/01/30) | 218 | 176791 |
|  NextEra Energy Capital Holdings Inc., 2.25%, 06/01/30 (Call 03/01/30) | 1013 | 804302 |
|  NSTAR Electric Co., 3.95%, 04/01/30 (Call 01/01/30) | 170 | 156111 |
|  Ohio Power Co., Series P, 2.60%, 04/01/30 (Call 01/01/30) | 282 | 230704 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/30 (Call 10/01/29) | 220 | 188197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/30 (Call 09/15/29) | 109 | 93579 |
|  Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 363 | 305947 |
|  Pacific Gas and Electric Co., 4.55%, 07/01/30 (Call 01/01/30) | 1721 | 1509265 |
|  PacifiCorp, 2.70%, 09/15/30 (Call 06/15/30) | 182 | 149795 |
|  PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 118 | 105016 |

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82 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Public Service Electric & Gas Co., 2.45%, 01/15/30 (Call 10/15/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183324 |
|  Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)<sup>(a)</sup>  | 207 | 153942 |
|  Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30) | 390 | 340595 |
|  San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30) | 547 | 418378 |
|  Southern California Edison Co., 2.25%, 06/01/30 (Call 03/01/30) | 490 | 386135 |
|  Southern Co. (The), Series A, 3.70%, 04/30/30 (Call 01/30/30) | 445 | 388961 |
|  Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30) | 190 | 141413 |
|  Union Electric Co., 2.95%, 03/15/30 (Call 12/15/29) | 257 | 220177 |
|  WEC Energy Group Inc., 1.80%, 10/15/30 (Call 07/15/30) | 222 | 167976 |
|  Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29) | 329 | 283512 |
|  |  | 13375835 |
| **Electrical Components & Equipment — 0.3%** |  |  |
|  Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30) | 310 | 228352 |
|  Emerson Electric Co., 1.95%, 10/15/30 (Call 07/15/30) | 475 | 373455 |
|  |  | 601807 |
| **Electronics — 0.9%** |  |  |
|  Agilent Technologies Inc., 2.10%, 06/04/30 (Call 03/04/30) | 405 | 317099 |
|  Amphenol Corp., 2.80%, 02/15/30 (Call 11/15/29) | 445 | 370320 |
|  Flex Ltd., 4.88%, 05/12/30 (Call 02/12/30) | 420 | 371347 |
|  Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30) | 544 | 441293 |
|  Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29) | 270 | 226052 |
|  |  | 1726111 |
| **Environmental Control — 0.3%** |  |  |
|  Republic Services Inc., 2.30%, 03/01/30 (Call 12/01/29) | 287 | 234978 |
|  Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29) | 341 | 283112 |
|  |  | 518090 |
| **Food — 2.7%** |  |  |
|  Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30) | 200 | 160194 |
|  Conagra Brands Inc., 8.25%, 09/15/30 | 220 | 243894 |
|  General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30) | 455 | 384493 |
|  Hershey Co. (The), 1.70%, 06/01/30 (Call 03/01/30) | 225 | 175759 |
|  Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30) | 453 | 360185 |
|  Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30) | 298 | 243359 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.50%, 01/15/30 (Call<br>01/15/25)<sup>(b)</sup>  | 750 | 684847 |
|  JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29) | 335 | 267977 |
|  Kellogg Co., 2.10%, 06/01/30 (Call 03/01/30) | 262 | 206545 |
|  Kraft Heinz Foods Co., 3.75%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 570 | 505869 |
|  Kroger Co. (The), 2.20%, 05/01/30 (Call 02/01/30) | 286 | 224676 |
|  McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30) | 460 | 370581 |
|  Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30) | 447 | 371676 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 (Call 11/15/29) | 440 | 356118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 490 | 499829 |
|  |  | 5056002 |
| **Forest Products & Paper — 0.2%** |  |  |
|  Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29) | 488 | 433227 |
| **Gas — 0.8%** |  |  |
|  CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30) | 282 | 214768 |
|  NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30) | 595 | 513170 |
|  ONE Gas Inc., 2.00%, 05/15/30 (Call 02/15/30) | 182 | 142451 |
|  Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29) | 376 | 310858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Gas (continued)** |  |  |
|  Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212610 |
|  |  | 1393857 |
| **Hand & Machine Tools — 0.2%** |  |  |
|  Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29) | 390 | 313151 |
| **Health Care - Products — 1.1%** |  |  |
|  Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30) | 320 | 247424 |
|  Baxter International Inc., 3.95%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 222 | 197231 |
|  Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30) | 501 | 414162 |
|  DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30) | 475 | 371231 |
|  Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)<sup>(a)</sup>  | 550 | 405471 |
|  Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30) | 462 | 362906 |
|  |  | 1998425 |
| **Health Care - Services — 2.8%** |  |  |
|  Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30) | 95 | 75525 |
|  Banner Health, 2.34%, 01/01/30 (Call 10/01/29) | 345 | 281996 |
|  Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30) | 346 | 261919 |
|  Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29) | 240 | 209822 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 466 | 374161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 227 | 188490 |
|  CommonSpirit Health, 2.78%, 10/01/30 (Call 04/01/30) | 167 | 129645 |
|  Elevance Health Inc., 2.25%, 05/15/30 (Call 02/15/30) | 527 | 423755 |
|  HCA Inc., 3.50%, 09/01/30 (Call 03/01/30)<sup>(a)</sup>  | 1545 | 1278225 |
|  Humana Inc., 4.88%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 301 | 286067 |
|  Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30) | 545 | 455484 |
|  Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30) | 112 | 95941 |
|  Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30) | 180 | 141613 |
|  UnitedHealth Group Inc., 2.00%, 05/15/30 | 730 | 585971 |
|  Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)<sup>(b)</sup>  | 435 | 324989 |
|  |  | 5113603 |
| **Home Builders — 0.3%** |  |  |
|  MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29) | 250 | 192825 |
|  NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) | 510 | 413661 |
|  |  | 606486 |
| **Household Products & Wares — 0.5%** |  |  |
|  Avery Dennison Corp., 2.65%, 04/30/30 (Call 01/30/30) | 340 | 269457 |
|  Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30) | 355 | 272697 |
|  Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29) | 407 | 356357 |
|  |  | 898511 |
| **Insurance — 4.6%** |  |  |
|  ACE Capital Trust II, Series N, 9.70%, 04/01/30 | 55 | 68557 |
|  Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30) | 637 | 565981 |
|  Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30) | 323 | 286814 |
|  Allstate Corp. (The), 1.45%, 12/15/30 (Call 09/15/30)<sup>(a)</sup>  | 304 | 223403 |
|  American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)<sup>(a)</sup> | 198 | 187421 |
|  American International Group Inc., 3.40%, 06/30/30 (Call 03/30/30) | 273 | 234848 |
|  Aon Corp., 2.80%, 05/15/30 (Call 02/15/30) | 473 | 388182 |
|  Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29) | 320 | 263162 |
|  Athene Holding Ltd., 6.15%, 04/03/30 (Call 01/03/30)<sup>(a)</sup>  | 295 | 285935 |
|  AXA SA, 8.60%, 12/15/30 | 5 | 5763 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  | 308 | 236150 |

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S C H E D U L E O F I N V E S T M E N T S 83

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 (Call 12/12/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388267 |
|  Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 425 | 395424 |
|  Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)<sup>(a)</sup>  | 400 | 297860 |
|  CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30) | 410 | 310887 |
|  Fairfax Financial Holdings Ltd., 4.63%, 04/29/30 (Call 01/29/30) | 375 | 330727 |
|  Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30) | 400 | 321372 |
|  First American Financial Corp., 4.00%, 05/15/30 (Call 02/15/30) | 330 | 269389 |
|  Globe Life Inc., 2.15%, 08/15/30 (Call 05/15/30) | 327 | 248330 |
|  Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30) | 302 | 226696 |
|  Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30) | 235 | 178443 |
|  Lincoln National Corp., 3.05%, 01/15/30 (Call 10/15/29) | 284 | 233601 |
|  Loews Corp., 3.20%, 05/15/30 (Call 02/15/30) | 316 | 268821 |
|  Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 499 | 392967 |
|  MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)<sup>(a)</sup>  | 569 | 541193 |
|  Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/12/30) | 299 | 231883 |
|  Progressive Corp. (The), 3.20%, 03/26/30 (Call 12/26/29) | 245 | 211910 |
|  Prudential Financial Inc., 2.10%, 03/10/30 (Call 12/10/29) | 302 | 239435 |
|  Prudential PLC, 3.13%, 04/14/30 | 520 | 426572 |
|  Reinsurance Group of America Inc., 3.15%, 06/15/30 (Call 03/15/30) | 415 | 341516 |
|  |  | 8601509 |
| **Internet — 2.2%** |  |  |
|  Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30) | 1002 | 770077 |
|  Amazon.com Inc., 1.50%, 06/03/30 (Call 03/03/30) | 940 | 735146 |
|  Baidu Inc., 3.43%, 04/07/30 (Call 01/07/30) | 240 | 192569 |
|  Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30) | 898 | 846859 |
|  eBay Inc., 2.70%, 03/11/30 (Call 12/11/29) | 592 | 481799 |
|  Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 592 | 477489 |
|  JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)<sup>(a)</sup>  | 120 | 95104 |
|  Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30) | 263 | 178422 |
|  Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30) | 400 | 276056 |
|  |  | 4053521 |
| **Iron & Steel — 0.8%** |  |  |
|  Nucor Corp., 2.70%, 06/01/30 (Call 03/01/30) | 335 | 273360 |
|  Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30) | 260 | 196243 |
|  Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30) | 387 | 325854 |
|  Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)<sup>(a)</sup>  | 793 | 653733 |
|  |  | 1449190 |
| **Lodging — 0.4%** |  |  |
|  Hyatt Hotels Corp., 6.00%, 04/23/30 (Call 01/23/30)<sup>(a)</sup>  | 292 | 278028 |
|  Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30) | 510 | 458245 |
|  |  | 736273 |
| **Machinery — 1.2%** |  |  |
|  Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30) | 501 | 423651 |
|  Deere & Co., 3.10%, 04/15/30 (Call 01/15/30) | 303 | 265698 |
|  Flowserve Corp., 3.50%, 10/01/30 (Call 07/01/30)<sup>(a)</sup>  | 260 | 207589 |
|  IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30) | 290 | 242762 |
|  John Deere Capital Corp., 2.45%, 01/09/30 | 497 | 415745 |
|  Oshkosh Corp., 3.10%, 03/01/30 (Call 12/01/29) | 260 | 207966 |
|  Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29) | 641 | 522114 |
|  |  | 2285525 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Manufacturing — 0.5%** |  |  |
|  3M Co., 3.05%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266885 |
|  Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29) | 440 | 354644 |
|  Textron Inc., 3.00%, 06/01/30 (Call 03/01/30) | 265 | 217088 |
|  |  | 838617 |
| **Media — 2.4%** |  |  |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 926 | 773710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 959 | 844054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 779 | 716127 |
|  Discovery Communications LLC, 3.63%, 05/15/30 (Call 02/15/30) | 595 | 480653 |
|  Fox Corp., 3.50%, 04/08/30 (Call 01/08/30)<sup>(a)</sup>  | 345 | 292739 |
|  Paramount Global, 7.88%, 07/30/30 | 540 | 562264 |
|  Walt Disney Co. (The), 3.80%, 03/22/30<sup>(a)</sup>  | 928 | 846225 |
|  |  | 4515772 |
| **Mining — 0.8%** |  |  |
|  AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30) | 250 | 192242 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 353 | 308554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 (Call 08/01/25)<sup>(a)</sup>  | 475 | 420470 |
|  Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30) | 547 | 422623 |
|  Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30) | 110 | 93521 |
|  |  | 1437410 |
| **Oil & Gas — 4.3%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30) | 495 | 383754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30) | 702 | 628332 |
|  Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)<sup>(a)</sup> | 350 | 288085 |
|  Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30) | 851 | 706585 |
|  Devon Energy Corp., 4.50%, 01/15/30 (Call 01/15/25) | 422 | 386058 |
|  EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 555 | 526712 |
|  EQT Corp., 7.00%, 02/01/30 (Call 11/01/29)<sup>(a)</sup>  | 375 | 384716 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30) | 1049 | 888230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29)<sup>(a)</sup>  | 1060 | 962893 |
|  HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30) | 202 | 171015 |
|  Ovintiv Inc., 8.13%, 09/15/30 | 140 | 149964 |
|  Phillips 66, 2.15%, 12/15/30 (Call 09/15/30) | 565 | 437903 |
|  Pioneer Natural Resources Co., 1.90%, 08/15/30 (Call 05/15/30) | 345 | 265854 |
|  Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)<sup>(a)</sup>  | 970 | 830582 |
|  Tosco Corp., 8.13%, 02/15/30 | 200 | 229088 |
|  TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29) | 730 | 627012 |
|  |  | 7866783 |
| **Oil & Gas Services — 0.8%** |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.49%, 05/01/30 (Call 02/01/30) | 350 | 323036 |
|  Halliburton Co., 2.92%, 03/01/30 (Call<br>12/01/29)<sup>(a)</sup>  | 664 | 557627 |
|  Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30) | 756 | 632923 |
|  |  | 1513586 |
| **Packaging & Containers — 0.5%** |  |  |
|  Amcor Flexibles North America Inc., 2.63%, 06/19/30 (Call 03/19/30) | 325 | 253009 |
|  Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30) | 390 | 321968 |

---

84 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Packaging & Containers (continued)** |  |  |
|  WestRock MWV LLC, 8.20%, 01/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252715 |
|  |  | 827692 |
| **Pharmaceuticals — 4.8%** |  |  |
|  AmerisourceBergen Corp., 2.80%, 05/15/30 (Call 02/15/30) | 265 | 217570 |
|  AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30) | 690 | 527836 |
|  Becton Dickinson and Co., 2.82%, 05/20/30 (Call 02/20/30)<sup>(a)</sup> | 484 | 403472 |
|  Bristol-Myers Squibb Co., 1.45%, 11/13/30 (Call 08/13/30) | 820 | 628169 |
|  Cigna Corp., 2.40%, 03/15/30 (Call 12/15/29) | 837 | 680749 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 (Call 05/21/30) | 745 | 567057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 940 | 829973 |
|  Johnson & Johnson, 1.30%, 09/01/30<br>(Call 06/01/30)<sup>(a)</sup>  | 919 | 727269 |
|  Merck & Co. Inc., 1.45%, 06/24/30 (Call 03/24/30) | 887 | 688773 |
|  Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30) | 675 | 558900 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30)<sup>(a)</sup>  | 754 | 601179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 583 | 497975 |
|  Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29) | 1162 | 917562 |
|  Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)<sup>(a)</sup>  | 913 | 683682 |
|  Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30) | 425 | 334998 |
|  |  | 8865164 |
| **Pipelines — 3.4%** |  |  |
|  DCP Midstream Operating LP, 8.13%, 08/16/30 | 190 | 203448 |
|  Energy Transfer LP, 3.75%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 950 | 807852 |
|  Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29) | 652 | 544237 |
|  Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 337 | 282032 |
|  MPLX LP, 2.65%, 08/15/30 (Call 05/15/30) | 868 | 683507 |
|  ONEOK Inc., 3.10%, 03/15/30 (Call 12/15/29)<sup>(a)</sup>  | 526 | 425571 |
|  Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 09/15/30 (Call 06/15/30)<sup>(a)</sup>  | 485 | 404912 |
|  Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)<sup>(a)</sup>  | 970 | 884669 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30 (Call 03/01/25) | 525 | 484134 |
|  TransCanada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 714 | 639451 |
|  Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30) | 420 | 353858 |
|  Williams Companies Inc. (The), 3.50%, 11/15/30 (Call 08/15/30) | 631 | 533214 |
|  |  | 6246885 |
| **Real Estate Investment Trusts — 6.7%** |  |  |
|  Agree LP, 2.90%, 10/01/30 (Call 07/01/30) | 265 | 208348 |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 (Call 04/01/30) | 260 | 239392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 (Call 09/15/30) | 429 | 400862 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 (Call 07/15/30) | 419 | 308723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30)<sup>(a)</sup>  | 493 | 374705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 (Call 10/15/29) | 528 | 430209 |
|  AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)<sup>(a)</sup>  | 404 | 327175 |
|  Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29) | 513 | 404172 |
|  Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30) | 355 | 295470 |
|  Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30) | 374 | 308000 |
|  Crown Castle Inc., 3.30%, 07/01/30 (Call 04/01/30) | 580 | 484532 |
|  CubeSmart LP, 3.00%, 02/15/30 (Call 11/15/29) | 202 | 163157 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  Equinix Inc., 2.15%, 07/15/30 (Call 04/15/30)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420663 |
|  ERP Operating LP, 2.50%, 02/15/30 (Call 11/15/29) | 403 | 324625 |
|  Essex Portfolio LP, 3.00%, 01/15/30 (Call 10/15/29) | 230 | 187156 |
|  Federal Realty Investment Trust, 3.50%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 213 | 177774 |
|  GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/30 (Call 10/17/29) | 506 | 417177 |
|  Healthcare Realty Holdings LP, 2.40%, 03/15/30 (Call 12/15/29) | 122 | 91805 |
|  Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29) | 306 | 246514 |
|  Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)<sup>(a)</sup>  | 441 | 363962 |
|  Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29) | 355 | 274958 |
|  Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30) | 363 | 285619 |
|  Hudson Pacific Properties LP, 3.25%, 01/15/30 (Call 10/15/29) | 342 | 262133 |
|  Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29) | 285 | 222531 |
|  Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30) | 248 | 195312 |
|  Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30) | 270 | 230059 |
|  Life Storage LP, 2.20%, 10/15/30 (Call 07/15/30) | 255 | 190745 |
|  LXP Industrial Trust, 2.70%, 09/15/30 (Call 06/15/30)<sup>(a)</sup>  | 315 | 241391 |
|  Mid-America Apartments LP, 2.75%, 03/15/30 (Call 12/15/29) | 195 | 160327 |
|  National Retail Properties Inc., 2.50%, 04/15/30 (Call 01/15/30) | 188 | 148306 |
|  Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30) | 273 | 206150 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30) | 400 | 293288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/30 (Call 04/01/30) | 229 | 175439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30) | 458 | 368663 |
|  Regency Centers LP, 3.70%, 06/15/30 (Call 03/15/30) | 255 | 215031 |
|  Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30) | 208 | 155734 |
|  Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)<sup>(a)</sup> | 536 | 425000 |
|  Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29) | 385 | 307742 |
|  STORE Capital Corp., 2.75%, 11/18/30 (Call 08/18/30) | 205 | 170150 |
|  UDR Inc., 3.20%, 01/15/30 (Call 10/15/29) | 277 | 228929 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 230 | 187917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 303 | 273167 |
|  VICI Properties LP, 4.95%, 02/15/30 (Call 12/15/29)<sup>(a)</sup>  | 290 | 260733 |
|  Welltower Inc., 3.10%, 01/15/30 (Call 10/15/29) | 287 | 234689 |
|  Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30) | 521 | 454968 |
|  |  | 12343402 |
| **Retail — 4.7%** |  |  |
|  Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 404 | 342281 |
|  AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30) | 398 | 343542 |
|  AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 388 | 348870 |
|  Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)<sup>(a)</sup>  | 475 | 353965 |
|  Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30) | 909 | 725246 |
|  Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)<sup>(a)</sup>  | 659 | 575814 |
|  Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30) | 380 | 281683 |
|  Home Depot Inc. (The), 2.70%, 04/15/30 (Call 01/15/30) | 876 | 744670 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  | 485 | 365258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 (Call 01/15/30) | 603 | 562225 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 (Call 12/01/29) | 499 | 406401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 (Call 04/01/30) | 591 | 530145 |
|  O'Reilly Automotive Inc., 4.20%, 04/01/30 (Call 01/01/30) | 375 | 341831 |

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S C H E D U L E O F I N V E S T M E N T S 85

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 (Call 12/12/29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 (Call 08/15/30) | 710 | 579821 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 431 | 356489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/30 (Call 06/15/30) | 417 | 349204 |
|  TJX Companies Inc. (The), 3.88%, 04/15/30 (Call 01/15/30) | 383 | 348373 |
|  Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30) | 447 | 332309 |
|  Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 175 | 146680 |
|  Walmart Inc., 7.55%, 02/15/30<sup>(a)</sup>  | 215 | 249574 |
|  |  | 8742830 |
| **Semiconductors — 3.2%** |  |  |
|  Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30) | 377 | 297781 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 (Call 08/15/30) | 1060 | 911918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/30 (Call 01/15/30) | 460 | 423940 |
|  Intel Corp., 3.90%, 03/25/30 (Call 12/25/29) | 868 | 786252 |
|  Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30) | 522 | 409692 |
|  Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29) | 502 | 447699 |
|  NVIDIA Corp., 2.85%, 04/01/30 (Call 01/01/30) | 764 | 650836 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 3.40%, 05/01/30 (Call 02/01/30) | 662 | 548977 |
|  QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)<sup>(a)</sup>  | 847 | 695209 |
|  Texas Instruments Inc., 1.75%, 05/04/30 (Call 02/04/30) | 473 | 376494 |
|  Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30) | 500 | 407680 |
|  |  | 5956478 |
| **Shipbuilding — 0.2%** |  |  |
|  Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30) | 395 | 348659 |
| **Software — 2.8%** |  |  |
|  Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30) | 494 | 375114 |
|  Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29) | 808 | 671391 |
|  Autodesk Inc., 2.85%, 01/15/30 (Call 10/15/29) | 397 | 331281 |
|  Fiserv Inc., 2.65%, 06/01/30 (Call 03/01/30) | 455 | 368627 |
|  Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30) | 490 | 378765 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 (Call 01/01/30) | 1658 | 1350458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 (Call 02/15/30) | 348 | 288308 |
|  Roper Technologies Inc., 2.00%, 06/30/30 (Call 03/30/30)<sup>(a)</sup>  | 505 | 383244 |
|  ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30) | 760 | 559869 |
|  VMware Inc., 4.70%, 05/15/30 (Call 02/15/30) | 536 | 480176 |
|  |  | 5187233 |
| **Telecommunications — 7.1%** |  |  |
|  America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30) | 359 | 296039 |
|  AT&T Inc., 4.30%, 02/15/30 (Call 11/15/29) | 1860 | 1697864 |
|  British Telecommunications PLC, 9.63%, 12/15/30 | 1200 | 1368792 |
|  Deutsche Telekom International Finance BV, 8.75%, 06/15/30 | 1868 | 2139701 |
|  Juniper Networks Inc., 2.00%, 12/10/30 (Call 09/10/30) | 305 | 220939 |
|  Koninklijke KPN NV, 8.38%, 10/01/30 | 392 | 427719 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Telecommunications (continued)** |  |  |  |
|  Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30) | $| 503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376274 |
|  Telefonica Europe BV, 8.25%, 09/15/30 |  | 815 | 884291 |
|  T-Mobile USA Inc., 3.88%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  |  | 3457 | 3058961 |
|  Verizon Communications Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) |  | 656 | 487414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 (Call 07/30/30) |  | 699 | 520273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 (Call 12/22/29) |  | 956 | 810325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/30 |  | 225 | 250825 |
|  Vodafone Group PLC, 7.88%, 02/15/30 |  | 510 | 553646 |
|  |  |  | 13093063 |
| **Transportation — 0.9%** |  |  |  |
|  Canadian Pacific Railway Co., 2.05%, 03/05/30 (Call 12/05/29) |  | 324 | 256958 |
|  CSX Corp., 2.40%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  |  | 311 | 254924 |
|  FedEx Corp., 4.25%, 05/15/30 (Call 02/15/30) |  | 397 | 358098 |
|  Union Pacific Corp., 2.40%, 02/05/30 (Call 11/05/29) |  | 486 | 404308 |
|  United Parcel Service Inc., 4.45%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> |  | 378 | 363258 |
|  |  |  | 1637546 |
| **Trucking & Leasing — 0.1%** |  |  |  |
|  GATX Corp., 4.00%, 06/30/30 (Call 03/30/30) |  | 258 | 222455 |
| **Water — 0.2%** |  |  |  |
|  American Water Capital Corp., 2.80%, 05/01/30 (Call 02/01/30) |  | 285 | 238440 |
|  Essential Utilities Inc., 2.70%, 04/15/30 (Call 01/15/30) |  | 263 | 213477 |
|  |  |  | 451917 |
|  **Total Long-Term Investments — 98.1%<br>(Cost: $213,854,748)** |  |  | 181585306 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 12.8%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;22179 | 22175064 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  |  | 1560 | 1560000 |
|  **Total Short-Term Securities — 12.8%<br>(Cost: $23,737,460)** |  |  | 23735064 |
|  **Total Investments — 110.9%<br>(Cost: $237,592,208)** |  |  | 205320370 |
|  **Liabilities in Excess of Other Assets — (10.9)%** | **Liabilities in Excess of Other Assets — (10.9)%** | **Liabilities in Excess of Other Assets — (10.9)%** | (20133081) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;185187289 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

86 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Corporate ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $12833695 | $9353841 <sup>(a)</sup> | $— | $(10076) | $(2396) | $22175064 | 22179 | $28391 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 180000 | 1380000 <sup>(a)</sup> |  |  |  | 1560000 | 1560 | 9119 |  |
|  |  |  |  | $(10076) | $(2396) | $23735064 |  | $37510 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $181585306 | $— | $181585306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23735064 |  |  | 23735064 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;23735064 | $181585306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $205320370 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 87

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.3%** |  |  |
|  Interpublic Group of Companies Inc. (The), 2.40%, 03/01/31 (Call 12/01/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123389 |
|  Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | 234299 |
|  |  | 357688 |
| **Aerospace & Defense — 1.7%** |  |  |
|  Boeing Co. (The), 3.63%, 02/01/31 (Call 11/01/30) | 730 | 607382 |
|  General Dynamics Corp., 2.25%, 06/01/31 (Call 03/01/31)<sup>(a)</sup>  | 202 | 164404 |
|  L3Harris Technologies Inc., 1.80%, 01/15/31 (Call 10/15/30) | 286 | 213782 |
|  Raytheon Technologies Corp., 1.90%, 09/01/31 (Call 06/01/31) | 513 | 389588 |
|  Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31) | 487 | 381092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756248 |
| **Agriculture — 0.8%** |  |  |
|  BAT Capital Corp., 2.73%, 03/25/31 (Call 12/25/30) | 615 | 449971 |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)<sup>(a)</sup> | 516 | 405741 |
|  |  | 855712 |
| **Airlines — 0.2%** |  |  |
|  United Airlines Pass Through Trust, Series 2019, Class AA, 4.15%, 08/25/31 | 278 | 245356 |
| **Auto Manufacturers — 2.3%** |  |  |
|  American Honda Finance Corp., 1.80%, 01/13/31<sup>(a)</sup>  | 240 | 183876 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 (Call 10/08/30) | 540 | 396106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 (Call 03/10/31) | 498 | 370662 |
|  Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31 | 764 | 890977 |
|  Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)<sup>(a)</sup>  | 152 | 123953 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31 | 295 | 224734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/31 | 303 | 231213 |
|  |  | 2421521 |
| **Banks — 3.5%** |  |  |
|  Banco Santander SA, 2.96%, 03/25/31 | 385 | 285416 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/31 (Call 10/28/30) | 235 | 176102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 (Call 04/28/31)<sup>(a)</sup>  | 270 | 201077 |
|  Bank of Nova Scotia (The), 2.15%, 08/01/31 | 330 | 245444 |
|  Mizuho Financial Group Inc., 2.56%, 09/13/31 | 485 | 349035 |
|  Royal Bank of Canada, 2.30%, 11/03/31 | 740 | 562392 |
|  State Street Corp., 2.20%, 03/03/31 | 410 | 315491 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/31 | 315 | 224576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31<sup>(a)</sup>  | 460 | 337019 |
|  SVB Financial Group, 1.80%, 02/02/31 (Call 11/02/30) | 290 | 199201 |
|  Toronto-Dominion Bank (The), 2.00%, 09/10/31 | 425 | 314551 |
|  Westpac Banking Corp., 2.15%, 06/03/31<sup>(a)</sup>  | 511 | 403072 |
|  |  | 3613376 |
| **Beverages — 2.5%** |  |  |
|  Anheuser-Busch InBev Worldwide Inc., 4.90%, 01/23/31 (Call 10/23/30)<sup>(a)</sup>  | 399 | 391607 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 | 679 | 516997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 332 | 266991 |
|  Constellation Brands Inc., 2.25%, 08/01/31 (Call 05/01/31)<sup>(a)</sup>  | 492 | 377497 |
|  Keurig Dr Pepper Inc., 2.25%, 03/15/31 (Call 12/15/30) | 250 | 193155 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Beverages (continued)** |  |  |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 (Call 11/25/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | 507014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553144 |
| **Biotechnology — 0.9%** |  |  |
|  Amgen Inc., 2.30%, 02/25/31 (Call 11/25/30) | 640 | 511219 |
|  Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30) | 278 | 212701 |
|  Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31) | 255 | 186305 |
|  |  | 910225 |
| **Building Materials — 1.2%** |  |  |
|  Carrier Global Corp., 2.70%, 02/15/31 (Call 11/15/30) | 358 | 286515 |
|  Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31) | 373 | 274065 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31) | 220 | 165260 |
|  Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31) | 430 | 330571 |
|  Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)<sup>(a)</sup>  | 265 | 195824 |
|  |  | 1252235 |
| **Chemicals — 0.5%** |  |  |
|  Ecolab Inc., 1.30%, 01/30/31 (Call 10/30/30) | 269 | 200607 |
|  Huntsman International LLC, 2.95%, 06/15/31 (Call 03/15/31) | 180 | 134464 |
|  NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30) | 172 | 129254 |
|  |  | 464325 |
| **Commercial Services — 1.0%** |  |  |
|  Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31) | 517 | 383123 |
|  Global Payments Inc., 2.90%, 11/15/31 (Call 08/15/31) | 368 | 281413 |
|  GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31) | 240 | 171526 |
|  Moody's Corp., 2.00%, 08/19/31 (Call<br>05/19/31)<sup>(a)</sup>  | 283 | 214415 |
|  |  | 1050477 |
| **Computers — 2.6%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 1334 | 1046536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31) | 528 | 410325 |
|  CGI Inc., 2.30%, 09/14/31 (Call 06/14/31) | 190 | 139589 |
|  Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30) | 252 | 189940 |
|  HP Inc., 2.65%, 06/17/31 (Call 03/17/31) | 480 | 353098 |
|  Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31) | 324 | 201609 |
|  Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30) | 470 | 346056 |
|  |  | 2687153 |
| **Cosmetics & Personal Care — 1.0%** |  |  |
|  Estee Lauder Companies Inc. (The), 1.95%, 03/15/31 (Call 12/15/30) | 300 | 235200 |
|  Procter & Gamble Co. (The), 1.95%, 04/23/31 | 537 | 432720 |
|  Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31) | 430 | 327561 |
|  |  | 995481 |
| **Diversified Financial Services — 4.9%** |  |  |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31 | 1064 | 1092228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31<sup>(a)</sup>  | 320 | 325254 |
|  Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31) | 265 | 205102 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30) | 492 | 365841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) | 510 | 382423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31) | 340 | 266601 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31) | 520 | 369054 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 262 | 207769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 (Call 08/18/31) | 334 | 262561 |

---

88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195438 |
|  Nomura Holdings Inc., 2.61%, 07/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | 407221 |
|  ORIX Corp., 2.25%, 03/09/31<sup>(a)</sup>  | 282 | 213429 |
|  Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31)<sup>(a)</sup>  | 327 | 231202 |
|  Visa Inc., 1.10%, 02/15/31 (Call 11/15/30) | 502 | 374773 |
|  Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30) | 154 | 112816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011712 |
| **Electric — 9.3%** |  |  |
|  AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30) | 475 | 358763 |
|  Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30) | 370 | 314519 |
|  Appalachian Power Co., Series AA, 2.70%, 04/01/31 (Call 01/01/31) | 223 | 176794 |
|  Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31) | 195 | 143637 |
|  Atlantic City Electric Co., 2.30%, 03/15/31 (Call 12/15/30) | 195 | 154953 |
|  Baltimore Gas & Electric Co., 2.25%, 06/15/31 (Call 03/15/31) | 305 | 240489 |
|  Berkshire Hathaway Energy Co., 1.65%, 05/15/31 (Call 02/15/31) | 245 | 183456 |
|  CenterPoint Energy Houston Electric LLC, Series AE, 2.35%, 04/01/31 (Call 01/01/31) | 260 | 208437 |
|  CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31) | 195 | 154658 |
|  Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)<sup>(a)</sup>  | 154 | 120363 |
|  Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31) | 423 | 333887 |
|  Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)<sup>(a)</sup>  | 505 | 389916 |
|  Dominion Energy South Carolina Inc., Series A, 2.30%, 12/01/31 (Call 09/01/31) | 76 | 59336 |
|  DTE Electric Co., Series C, 2.63%, 03/01/31 (Call 12/01/30) | 274 | 224754 |
|  Duke Energy Carolinas LLC, 2.55%, 04/15/31 (Call 01/15/31) | 275 | 223317 |
|  Duke Energy Corp., 2.55%, 06/15/31 (Call 03/15/31) | 514 | 402626 |
|  Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31) | 335 | 263092 |
|  Duke Energy Progress LLC, 2.00%, 08/15/31 (Call 05/15/31) | 310 | 236620 |
|  Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31) | 210 | 161177 |
|  Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31) | 260 | 197293 |
|  Entergy Louisiana LLC, 3.05%, 06/01/31 (Call 03/01/31) | 220 | 182083 |
|  Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30) | 280 | 208835 |
|  Eversource Energy, 2.55%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 196 | 155061 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/31 (Call 12/15/30) | 154 | 110951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 (Call 03/15/31) | 205 | 151087 |
|  Northern States Power Co./MN, 2.25%, 04/01/31 | 90 | 72528 |
|  NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31) | 155 | 119153 |
|  Ohio Power Co., Series Q, 1.63%, 01/15/31 (Call 10/15/30) | 290 | 215528 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30)<sup>(a)</sup>  | 790 | 589774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31) | 650 | 505928 |
|  PacifiCorp, 7.70%, 11/15/31<sup>(a)</sup>  | 130 | 147865 |
|  Progress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/31 | 175 | 184109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/31 | 325 | 357520 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 (Call 12/15/30) | 395 | 304458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 35, 1.90%, 01/15/31 (Call 07/15/30)<sup>(a)</sup>  | 265 | 207143 |
|  Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)<sup>(a)</sup>  | 175 | 138488 |
|  Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31) | 134 | 103661 |
|  Public Service Electric & Gas Co., 1.90%, 08/15/31 (Call 05/15/31) | 180 | 138438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324390 |
|  Southern California Edison Co., Series G, 2.50%, 06/01/31 (Call 03/01/31) | 223 | 175198 |
|  Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30) | 200 | 159024 |
|  Virginia Electric & Power Co., 2.30%, 11/15/31 (Call 08/15/31) | 375 | 294439 |
|  Wisconsin Power and Light Co., 1.95%, 09/16/31 (Call 06/16/31) | 155 | 118474 |
|  Xcel Energy Inc., 2.35%, 11/15/31 (Call 05/15/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | 117623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9629845 |
| **Electronics — 1.9%** |  |  |
|  Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30) | 430 | 335791 |
|  Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31) | 370 | 282902 |
|  Avnet Inc., 3.00%, 05/15/31 (Call 02/15/31) | 95 | 70858 |
|  Honeywell International Inc., 1.75%, 09/01/31 (Call 06/01/31) | 770 | 596234 |
|  Hubbell Inc., 2.30%, 03/15/31 (Call 12/15/30) | 170 | 133166 |
|  Jabil Inc., 3.00%, 01/15/31 (Call 10/15/30) | 250 | 194175 |
|  TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31) | 243 | 179580 |
|  Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31) | 245 | 172029 |
|  |  | 1964735 |
| **Environmental Control — 0.6%** |  |  |
|  Republic Services Inc., 1.45%, 02/15/31 (Call 11/15/30) | 293 | 218464 |
|  Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30) | 497 | 377690 |
|  |  | 596154 |
| **Food — 1.9%** |  |  |
|  Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 275 | 211018 |
|  General Mills Inc., 2.25%, 10/14/31 (Call 07/14/31)<sup>(a)</sup>  | 222 | 172299 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call<br>12/01/26)<sup>(a)(b)</sup>  | 225 | 175927 |
|  Kellogg Co., Series B, 7.45%, 04/01/31 | 286 | 311280 |
|  Kraft Heinz Foods Co., 4.25%, 03/01/31 (Call 12/01/30) | 200 | 181172 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 190 | 140929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/31 | 250 | 274915 |
|  McCormick & Co. Inc./MD, 1.85%, 02/15/31 (Call 11/15/30) | 275 | 203428 |
|  Mondelez International Inc., 1.50%, 02/04/31 (Call 11/04/30) | 217 | 159771 |
|  Sysco Corp., 2.45%, 12/14/31 (Call 09/14/31) | 224 | 174803 |
|  |  | 2005542 |
| **Forest Products & Paper — 0.8%** |  |  |
|  Georgia-Pacific LLC, 8.88%, 05/15/31 | 235 | 279700 |
|  Suzano Austria GmbH, 3.75%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 625 | 500956 |
|  |  | 780656 |
| **Gas — 0.9%** |  |  |
|  Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30) | 331 | 246668 |
|  National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30) | 245 | 183902 |
|  NiSource Inc., 1.70%, 02/15/31 (Call 11/15/30) | 345 | 253464 |
|  Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 (Call 12/15/30) | 200 | 157134 |
|  Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30) | 165 | 121029 |
|  |  | 962197 |
| **Hand & Machine Tools — 0.1%** |  |  |
|  Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30) | 92 | 69330 |
| **Health Care - Products — 1.6%** |  |  |
|  Baxter International Inc., 1.73%, 04/01/31 (Call 01/01/31) | 325 | 236837 |
|  PerkinElmer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/31 (Call 06/15/31)<sup>(a)</sup>  | 260 | 194197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 180 | 139259 |

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S C H E D U L E O F I N V E S T M E N T S 89

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Health Care - Products (continued)** |  |  |
|  STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292181 |
|  Thermo Fisher Scientific Inc., 2.00%, 10/15/31 (Call 07/15/31) | 603 | 473138 |
|  Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)<sup>(a)</sup> | 364 | 282089 |
|  |  | 1617701 |
| **Health Care - Services — 2.2%** |  |  |
|  Banner Health, 1.90%, 01/01/31 (Call 07/01/30) | 160 | 122127 |
|  Bon Secours Mercy Health Inc., Series 20-2, 2.10%, 06/01/31 (Call 12/01/30) | 167 | 126910 |
|  Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31) | 129 | 101951 |
|  Elevance Health Inc., 2.55%, 03/15/31 (Call 12/15/30) | 492 | 398141 |
|  HCA Inc., 2.38%, 07/15/31 (Call 04/15/31) | 410 | 305774 |
|  Laboratory Corp. of America Holdings, 2.70%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | 283 | 225562 |
|  Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30) | 90 | 67312 |
|  OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31) | 110 | 85390 |
|  Quest Diagnostics Inc., 2.80%, 06/30/31 (Call 03/30/31) | 274 | 219860 |
|  UnitedHealth Group Inc., 2.30%, 05/15/31 (Call 02/15/31) | 709 | 568249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221276 |
| **Holding Companies - Diversified — 0.3%** |  |  |
|  Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31) | 380 | 265996 |
| **Home Builders — 0.1%** |  |  |
|  MDC Holdings Inc., 2.50%, 01/15/31 (Call 07/15/30) | 190 | 129840 |
| **Home Furnishings — 0.1%** |  |  |
|  Whirlpool Corp., 2.40%, 05/15/31 (Call 02/15/31) | 165 | 124423 |
| **Household Products & Wares — 0.4%** |  |  |
|  Church & Dwight Co. Inc., 2.30%, 12/15/31 (Call 09/15/31) | 181 | 140805 |
|  Kimberly-Clark Corp., 2.00%, 11/02/31 (Call 08/02/31)<sup>(a)</sup> | 320 | 249936 |
|  |  | 390741 |
| **Insurance — 2.9%** |  |  |
|  Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/23/31 (Call 05/23/31) | 199 | 148534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/02/31 (Call 09/02/31) | 290 | 225089 |
|  Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31) | 238 | 179538 |
|  Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31) | 280 | 222522 |
|  Athene Holding Ltd., 3.50%, 01/15/31 (Call 10/15/30) | 291 | 227737 |
|  Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30) | 295 | 218020 |
|  Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31) | 270 | 186710 |
|  Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30) | 303 | 238000 |
|  Fidelity National Financial Inc., 2.45%, 03/15/31 (Call 12/15/30) | 263 | 191682 |
|  First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31) | 270 | 188541 |
|  Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)<sup>(a)</sup> | 229 | 169121 |
|  Lincoln National Corp., 3.40%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 282 | 232946 |
|  Marsh & McLennan Companies Inc., 2.38%, 12/15/31 (Call 09/15/31)<sup>(a)</sup> | 235 | 182642 |
|  Primerica Inc., 2.80%, 11/19/31 (Call<br>08/19/31)<sup>(a)</sup> | 307 | 240538 |
|  Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31) | 248 | 186503 |
|  |  | 3038123 |
| **Internet — 2.7%** |  |  |
|  Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30) | 720 | 518328 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Internet (continued)** |  |  |
|  Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277021 |
|  Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)<sup>(a)</sup> | 355 | 252267 |
|  eBay Inc., 2.60%, 05/10/31 (Call 02/10/31)<sup>(a)</sup> | 315 | 246614 |
|  Expedia Group Inc., 2.95%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 237 | 180058 |
|  VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)<sup>(a)</sup> | 354 | 274969 |
|  |  | 2749257 |
| **Iron & Steel — 0.2%** |  |  |
|  Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30) | 247 | 200883 |
| **Leisure Time — 0.2%** |  |  |
|  Brunswick Corp., 2.40%, 08/18/31 (Call 05/18/31) | 284 | 198828 |
| **Lodging — 0.5%** |  |  |
|  Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30) | 210 | 172152 |
|  Marriott International Inc./MD, Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 485 | 378004 |
|  |  | 550156 |
| **Machinery — 1.5%** |  |  |
|  Caterpillar Inc., 1.90%, 03/12/31 (Call 12/12/30) | 297 | 234312 |
|  Deere & Co., 7.13%, 03/03/31<sup>(a)</sup> | 125 | 140405 |
|  IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31) | 270 | 215455 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/31 | 335 | 252999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31 | 310 | 243055 |
|  nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31) | 179 | 131236 |
|  Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31) | 200 | 151658 |
|  Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)<sup>(a)</sup> | 287 | 225467 |
|  |  | 1594587 |
| **Manufacturing — 0.2%** |  |  |
|  Textron Inc., 2.45%, 03/15/31 (Call 12/15/30) | 292 | 223923 |
| **Media — 3.1%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31) | 718 | 545177 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30) | 862 | 642466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30) | 745 | 577256 |
|  Paramount Global, 4.95%, 01/15/31 | 556 | 485944 |
|  Walt Disney Co. (The), 2.65%, 01/13/31 | 1155 | 956883 |
|  |  | 3207726 |
| **Mining — 0.4%** |  |  |
|  Rio Tinto Alcan Inc., 7.25%, 03/15/31 | 220 | 244002 |
|  Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31) | 202 | 145769 |
|  |  | 389771 |
| **Office & Business Equipment — 0.4%** |  |  |
|  CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31) | 490 | 385998 |
| **Oil & Gas — 2.8%** |  |  |
|  Burlington Resources LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/31 | 232 | 255634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 12/01/31 | 250 | 280867 |
|  Conoco Funding Co., 7.25%, 10/15/31 | 145 | 160824 |
|  Devon Energy Corp., 7.88%, 09/30/31 | 310 | 341890 |
|  Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30) | 389 | 319540 |
|  Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31) | 230 | 180205 |
|  Hess Corp., 7.30%, 08/15/31 | 300 | 318339 |
|  Ovintiv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/01/31 | 177 | 180613 |

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90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205288 |
|  Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30) | 516 | 399869 |
|  Valero Energy Corp., 2.80%, 12/01/31 (Call 09/01/31) | 295 | 232495 |
|  |  | 2875564 |
| **Packaging & Containers — 0.4%** |  |  |
|  Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31) | 370 | 285229 |
|  WestRock MWV LLC, 7.95%, 02/15/31 | 156 | 170455 |
|  |  | 455684 |
| **Pharmaceuticals — 3.7%** |  |  |
|  AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30) | 485 | 386647 |
|  Astrazeneca Finance LLC, 2.25%, 05/28/31 (Call 02/28/31) | 387 | 311690 |
|  Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30)<sup>(a)</sup> | 538 | 412910 |
|  Cigna Corp., 2.38%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 757 | 601103 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30)<sup>(a)</sup> | 652 | 494914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 (Call 06/15/31)<sup>(a)</sup> | 508 | 388737 |
|  Merck & Co. Inc., 2.15%, 12/10/31 (Call 09/10/31) | 978 | 776933 |
|  Pfizer Inc., 1.75%, 08/18/31 (Call 05/18/31) | 536 | 417104 |
|  |  | 3790038 |
| **Pipelines — 2.7%** |  |  |
|  Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30) | 270 | 217833 |
|  Kinder Morgan Energy Partners LP, 7.40%, 03/15/31 | 134 | 140310 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 400 | 300404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31 | 262 | 284118 |
|  ONEOK Inc., 6.35%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 266 | 262728 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26) | 485 | 428600 |
|  TransCanada PipeLines Ltd., 2.50%, 10/12/31 (Call 07/12/31) | 491 | 377422 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30) | 757 | 593185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.50%, 01/15/31 | 195 | 207392 |
|  |  | 2811992 |
| **Real Estate — 0.2%** |  |  |
|  CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31) | 185 | 138765 |
|  Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31) | 144 | 102293 |
|  |  | 241058 |
| **Real Estate Investment Trusts — 11.4%** |  |  |
|  Alexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31) | 370 | 305683 |
|  American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30) | 240 | 186626 |
|  American Homes 4 Rent LP, 2.38%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 265 | 195938 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/31 (Call 06/15/31) | 295 | 219574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 (Call 01/15/31) | 317 | 246664 |
|  AvalonBay Communities Inc., 2.45%, 01/15/31 | 245 | 196284 |
|  Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30)<sup>(a)</sup> | 595 | 474108 |
|  Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31) | 235 | 168566 |
|  Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31) | 207 | 149526 |
|  Corporate Office Properties LP, 2.75%, 04/15/31 (Call 01/15/31) | 347 | 251114 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31) | 451 | 336897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 590 | 450335 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  Crown Castle International Corp., 2.50%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300405 |
|  CubeSmart LP, 2.00%, 02/15/31 (Call 11/15/30) | 260 | 189818 |
|  EPR Properties, 3.60%, 11/15/31 (Call 08/15/31) | 226 | 152609 |
|  Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31) | 490 | 373405 |
|  ERP Operating LP, 1.85%, 08/01/31 (Call 05/01/31)<sup>(a)</sup> | 285 | 212849 |
|  Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 125 | 88948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31) | 205 | 157370 |
|  Extra Space Storage LP, 2.55%, 06/01/31 (Call 03/01/31) | 199 | 150667 |
|  GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/31 (Call 10/15/30) | 301 | 243894 |
|  Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30) | 415 | 299991 |
|  Healthpeak Properties Inc., 2.88%, 01/15/31 (Call 10/15/30) | 285 | 227872 |
|  Highwoods Realty LP, 2.60%, 02/01/31 (Call 11/01/30) | 225 | 163348 |
|  Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31 (Call 09/15/31) | 245 | 177370 |
|  Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31) | 378 | 266002 |
|  Kimco Realty Corp., 2.25%, 12/01/31 (Call 09/01/31) | 285 | 209726 |
|  Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31) | 268 | 197409 |
|  LXP Industrial Trust, 2.38%, 10/01/31 (Call 07/01/31)<sup>(a)</sup> | 255 | 184658 |
|  Mid-America Apartments LP, 1.70%, 02/15/31 (Call 11/15/30) | 120 | 88762 |
|  National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30) | 150 | 103530 |
|  Office Properties Income Trust, 3.45%, 10/15/31 (Call 07/15/31) | 210 | 128526 |
|  Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30) | 300 | 225762 |
|  Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31) | 227 | 162350 |
|  Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)<sup>(a)</sup> | 212 | 157569 |
|  Prologis LP, 1.63%, 03/15/31 (Call 12/15/30) | 222 | 164768 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 (Call 08/09/31)<sup>(a)</sup> | 327 | 250907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 (Call 02/01/31) | 315 | 247666 |
|  Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31) | 196 | 150942 |
|  Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30) | 430 | 357893 |
|  Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31) | 180 | 132140 |
|  Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31) | 360 | 259596 |
|  Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31) | 220 | 162692 |
|  Simon Property Group LP, 2.20%, 02/01/31 (Call 11/01/30)<sup>(a)</sup> | 396 | 297986 |
|  Spirit Realty LP, 3.20%, 02/15/31 (Call 11/15/30) | 176 | 134769 |
|  STORE Capital Corp., 2.70%, 12/01/31 (Call 09/01/31) | 272 | 220029 |
|  Sun Communities Operating LP, 2.70%, 07/15/31 (Call 04/15/31) | 332 | 244677 |
|  Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31) | 220 | 150720 |
|  UDR Inc., 3.00%, 08/15/31 (Call 05/15/31)<sup>(a)</sup> | 265 | 208370 |
|  Ventas Realty LP, 2.50%, 09/01/31 (Call 06/01/31) | 305 | 231001 |
|  Vornado Realty LP, 3.40%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | 215 | 158760 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/31 (Call 10/15/30) | 350 | 269539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 (Call 03/01/31) | 320 | 246928 |
|  WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30) | 285 | 214668 |
|  |  | 11748206 |
| **Retail — 2.6%** |  |  |
|  AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31) | 251 | 173574 |
|  AutoZone Inc., 1.65%, 01/15/31 (Call 10/15/30) | 251 | 185903 |
|  Dollar Tree Inc., 2.65%, 12/01/31 (Call 09/01/31) | 430 | 335473 |

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S C H E D U L E O F I N V E S T M E N T S 91

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 (Call 12/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31)<sup>(a)</sup> | 582 | 449647 |
|  Kohl's Corp., 3.38%, 05/01/31 (Call 02/01/31) | 209 | 138097 |
|  Lowe's Companies Inc., 2.63%, 04/01/31 (Call 01/01/31) | 692 | 553912 |
|  O'Reilly Automotive Inc., 1.75%, 03/15/31 (Call 12/15/30) | 217 | 161231 |
|  Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)<sup>(a)</sup> | 275 | 205323 |
|  TJX Companies Inc. (The), 1.60%, 05/15/31 (Call 02/15/31) | 210 | 157147 |
|  |  | 2728436 |
| **Semiconductors — 3.8%** |  |  |
|  Analog Devices Inc., 2.10%, 10/01/31 (Call 07/01/31) | 510 | 400396 |
|  Broadcom Inc., 2.45%, 02/15/31 (Call<br>11/15/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | 1065552 |
|  Intel Corp., 2.00%, 08/12/31 (Call 05/12/31) | 613 | 468448 |
|  Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31) | 365 | 283076 |
|  NVIDIA Corp., 2.00%, 06/15/31 (Call 03/15/31) | 614 | 477901 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, 05/11/31 (Call 02/11/31) | 517 | 388438 |
|  Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31) | 220 | 163550 |
|  Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31) | 253 | 197909 |
|  TSMC Arizona Corp., 2.50%, 10/25/31 (Call 07/25/31) | 610 | 473323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918593 |
| **Software — 4.0%** |  |  |
|  Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31) | 485 | 374415 |
|  Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31) | 520 | 404721 |
|  Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30) | 230 | 177330 |
|  Fidelity National Information Services Inc., 2.25%, 03/01/31 (Call 12/01/30)<sup>(a)</sup> | 565 | 434378 |
|  Oracle Corp., 2.88%, 03/25/31 (Call 12/25/30) | 1621 | 1278094 |
|  Roper Technologies Inc., 1.75%, 02/15/31 (Call 11/15/30) | 465 | 341733 |
|  salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31) | 745 | 582054 |
|  VMware Inc., 2.20%, 08/15/31 (Call 05/15/31) | 731 | 532599 |
|  |  | 4125324 |
| **Telecommunications — 8.2%** |  |  |
|  AT&T Inc., 2.75%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | 1489 | 1191423 |
|  Motorola Solutions Inc., 2.75%, 05/24/31 (Call 02/24/31) | 404 | 308749 |
|  Orange SA, 9.00%, 03/01/31 | 1211 | 1446116 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 (Call 08/15/31) | 540 | 408915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 1310 | 1035607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 550 | 442992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26) | 1145 | 968899 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30) | 1260 | 936810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30) | 2203 | 1740260 |
|  |  | 8479771 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Transportation — 2.5%** |  |  |  |
|  Canadian Pacific Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 (Call 09/02/31) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/31<sup>(a)</sup> |  | 195 | 210512 |
|  FedEx Corp., 2.40%, 05/15/31 (Call<br>02/15/31)<sup>(a)</sup> |  | 505 | 392163 |
|  Norfolk Southern Corp., 2.30%, 05/15/31 (Call 02/15/31) |  | 280 | 222790 |
|  Union Pacific Corp., 2.38%, 05/20/31 (Call 02/20/31) |  | 585 | 473967 |
|  Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31) |  | 1024 | 810445 |
|  |  |  | 2562246 |
| **Trucking & Leasing — 0.2%** |  |  |  |
|  GATX Corp., 1.90%, 06/01/31 (Call 03/01/31) |  | 220 | 156598 |
| **Water — 0.4%** |  |  |  |
|  American Water Capital Corp., 2.30%, 06/01/31 (Call 03/01/31) |  | 315 | 247294 |
|  Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31) |  | 233 | 181675 |
|  |  |  | 428969 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $115,933,914)** |  |  | 101794820 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 11.5%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11812 | 11809184 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup> |  | 60 | 60000 |
|  **Total Short-Term Securities — 11.5%<br>(Cost: $11,869,961)** |  |  | 11869184 |
|  **Total Investments — 110.1%<br>(Cost: $127,803,875)** |  |  | 113664004 |
|  **Liabilities in Excess of Other Assets — (10.1)%** | **Liabilities in Excess of Other Assets — (10.1)%** | **Liabilities in Excess of Other Assets — (10.1)%** | (10400586) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;103263418 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Corporate ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1152311 | $10660112 <sup>(a)</sup> | $— | $(2462) | $(777) | $11809184 | 11812 | $13868 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  | 60000 <sup>(a)</sup> |  |  |  | 60000 | 60 | 4458 |  |
|  |  |  |  | $(2462) | $(777) | $11869184 |  | $18326 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $101794820 | $— | $101794820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 11869184 |  |  | 11869184 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;11869184 | $101794820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $113664004 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 93

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Aerospace & Defense — 0.9%** |  |  |
|  Lockheed Martin Corp., 3.90%, 06/15/32 (Call 03/15/32)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68604 |
|  Raytheon Technologies Corp., 2.38%, 03/15/32 (Call 12/15/31) | 95 | 74234 |
|  |  | 142838 |
| **Agriculture — 1.6%** |  |  |
|  Altria Group Inc., 2.45%, 02/04/32 (Call 11/04/31) | 155 | 110166 |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31) | 55 | 45955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 10/01/32 | 40 | 41835 |
|  BAT Capital Corp., 4.74%, 03/16/32 (Call 12/16/31)<sup>(a)</sup> | 80 | 67067 |
|  |  | 265023 |
| **Airlines — 1.0%** |  |  |
|  American Airlines Pass Through Trust, Series 2019-1, Class AA, 3.15%, 08/15/33 | 47 | 38748 |
|  JetBlue Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Class A, 4.00%, 05/15/34 | 68 | 59276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 2.75%, 11/15/33 | 27 | 21375 |
|  United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/01/33 | 59 | 46855 |
|  |  | 166254 |
| **Apparel — 0.2%** |  |  |
|  Tapestry Inc., 3.05%, 03/15/32 (Call 12/15/31) | 45 | 33184 |
| **Auto Manufacturers — 1.5%** |  |  |
|  General Motors Co., 5.60%, 10/15/32 (Call 07/15/32) | 95 | 86254 |
|  General Motors Financial Co. Inc., 3.10%, 01/12/32 (Call 10/12/31) | 110 | 83808 |
|  Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31) | 65 | 53826 |
|  Toyota Motor Credit Corp., 2.40%, 01/13/32 | 35 | 27865 |
|  |  | 251753 |
| **Auto Parts & Equipment — 0.5%** |  |  |
|  Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 (Call 12/01/31)<sup>(a)</sup> | 70 | 55828 |
|  Lear Corp., 2.60%, 01/15/32 (Call 10/15/31) | 35 | 25522 |
|  |  | 81350 |
| **Banks — 4.8%** |  |  |
|  Bank of New York Mellon Corp. (The), 2.50%, 01/26/32 (Call 10/26/31) | 45 | 34857 |
|  Bank of Nova Scotia (The), 2.45%, 02/02/32 | 80 | 60083 |
|  Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32) | 90 | 74290 |
|  Citigroup Inc., 6.63%, 06/15/32 | 90 | 91140 |
|  Citizens Financial Group Inc., 2.64%, 09/30/32 (Call 07/02/32) | 60 | 42716 |
|  Morgan Stanley, 7.25%, 04/01/32<sup>(a)</sup> | 90 | 97510 |
|  Royal Bank of Canada, 3.88%, 05/04/32 | 95 | 81903 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/32 | 55 | 41821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | 135 | 109900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 175 | 157253 |
|  |  | 791473 |
| **Beverages — 3.0%** |  |  |
|  Coca-Cola Co. (The), 2.25%, 01/05/32 | 185 | 149645 |
|  Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 (Call 06/01/32) | 60 | 43384 |
|  Constellation Brands Inc., 4.75%, 05/09/32 (Call 02/09/32) | 75 | 69872 |
|  Diageo Capital PLC, 2.13%, 04/29/32 (Call 01/29/32) | 65 | 49742 |
|  Keurig Dr Pepper Inc., 4.05%, 04/15/32 (Call 01/15/32) | 75 | 65789 |
|  PepsiCo Inc., 3.90%, 07/18/32 (Call 04/18/32) | 115 | 106529 |
|  |  | 484961 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Biotechnology — 1.4%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31) | 90 | 76662 |
|  Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31) | 70 | 58472 |
|  |  | 222679 |
| **Building Materials — 0.3%** |  |  |
|  Fortune Brands Home & Security Inc., 4.00%, 03/25/32 (Call 12/25/31) | 35 | 28711 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 4.90%, 12/01/32 (Call 09/01/32)<sup>(a)</sup> | 15 | 14114 |
|  |  | 42825 |
| **Chemicals — 1.6%** |  |  |
|  Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32) | 55 | 50395 |
|  Cabot Corp., 5.00%, 06/30/32 (Call 03/30/32) | 40 | 35743 |
|  Celanese U.S. Holdings LLC, 6.38%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> | 90 | 81996 |
|  Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)<sup>(a)</sup> | 55 | 43026 |
|  RPM International Inc., 2.95%, 01/15/32 (Call 10/15/31) | 30 | 23018 |
|  Sherwin-Williams Co. (The), 2.20%, 03/15/32 (Call 12/15/31) | 45 | 33914 |
|  |  | 268092 |
| **Commercial Services — 2.5%** |  |  |
|  Cintas Corp. No. 2, 4.00%, 05/01/32 (Call 02/01/32) | 60 | 54337 |
|  Global Payments Inc., 5.40%, 08/15/32 (Call 05/15/32) | 60 | 55458 |
|  PayPal Holdings Inc., 4.40%, 06/01/32 (Call 03/01/32) | 90 | 82626 |
|  Quanta Services Inc., 2.35%, 01/15/32 (Call 10/15/31) | 55 | 39852 |
|  RELX Capital Inc., 4.75%, 05/20/32 (Call 02/20/32) | 35 | 32585 |
|  S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 135 | 111133 |
|  Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31) | 55 | 39338 |
|  |  | 415329 |
| **Computers — 2.4%** |  |  |
|  Apple Inc., 3.35%, 08/08/32 (Call 05/08/32) | 100 | 88211 |
|  HP Inc., 4.20%, 04/15/32 (Call 01/15/32) | 90 | 73689 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 (Call 11/09/31) | 40 | 32147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32) | 100 | 91540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 | 70 | 71510 |
|  Western Digital Corp., 3.10%, 02/01/32 (Call 11/01/31) | 50 | 34677 |
|  |  | 391774 |
| **Cosmetics & Personal Care — 1.3%** |  |  |
|  Colgate-Palmolive Co., 3.25%, 08/15/32 (Call 05/15/32) | 45 | 39669 |
|  Procter & Gamble Co. (The), 2.30%, 02/01/32<sup>(a)</sup> | 85 | 69976 |
|  Unilever Capital Corp., 5.90%, 11/15/32 | 90 | 93904 |
|  |  | 203549 |
| **Diversified Financial Services — 5.4%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 (Call 10/30/31) | 350 | 262780 |
|  Air Lease Corp., 2.88%, 01/15/32 (Call 10/15/31) | 65 | 48594 |
|  Ameriprise Financial Inc., 4.50%, 05/13/32 (Call 02/13/32)<sup>(a)</sup> | 45 | 41773 |
|  Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) | 60 | 43732 |
|  Cboe Global Markets Inc., 3.00%, 03/16/32 (Call 12/16/31) | 40 | 32345 |
|  Charles Schwab Corp. (The), 2.90%, 03/03/32 (Call 12/03/31) | 100 | 81214 |
|  CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31) | 80 | 64441 |
|  Credit Suisse USA Inc., 7.13%, 07/15/32 | 70 | 69099 |
|  Intercontinental Exchange Inc., 1.85%, 09/15/32 (Call 06/15/32) | 145 | 105266 |
|  Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32) | 50 | 34653 |
|  Nomura Holdings Inc., 3.00%, 01/22/32 | 70 | 51902 |
|  ORIX Corp., 4.00%, 04/13/32 | 60 | 51078 |
|  |  | 886877 |

---

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electric — 10.9%** |  |  |
|  AEP Texas Inc., 4.70%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40987 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 (Call 12/15/31) | 70 | 58688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/01/32 (Call 03/01/32) | 30 | 26811 |
|  Ameren Illinois Co., 3.85%, 09/01/32 (Call 06/01/32) | 45 | 40084 |
|  Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32) | 45 | 40284 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG, 3.00%, 03/01/32 (Call 12/01/31) | 15 | 12528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ai., 4.45%, 10/01/32 (Call 07/01/32) | 25 | 23439 |
|  Commonwealth Edison Co., 3.15%, 03/15/32 (Call 12/15/31) | 25 | 21122 |
|  Consumers Energy Co., 3.60%, 08/15/32 (Call 02/15/32) | 30 | 26374 |
|  Dominion Energy Inc., 4.35%, 08/15/32 (Call 05/15/32) | 35 | 31587 |
|  Dominion Energy South Carolina Inc., 6.63%, 02/01/32 | 25 | 26448 |
|  DTE Electric Co., Series A, 3.00%, 03/01/32 (Call 12/01/31) | 50 | 41505 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 40 | 32721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32 | 40 | 41510 |
|  Duke Energy Corp., 4.50%, 08/15/32 (Call 05/15/32) | 105 | 94894 |
|  Duke Energy Progress LLC, 3.40%, 04/01/32 (Call 01/01/32) | 35 | 29962 |
|  Entergy Louisiana LLC, 2.35%, 06/15/32 (Call 03/15/32) | 50 | 38321 |
|  Eversource Energy, 3.38%, 03/01/32 (Call 12/01/31) | 65 | 54284 |
|  Exelon Corp., 3.35%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 65 | 54036 |
|  Florida Power & Light Co., 2.45%, 02/03/32 (Call 11/03/31) | 135 | 108786 |
|  Georgia Power Co., 4.70%, 05/15/32 (Call 02/15/32) | 65 | 61049 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 (Call 01/15/32) | 45 | 36150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/32 (Call 05/01/32) | 55 | 48601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.00%, 03/01/32 | 35 | 40465 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 (Call 10/15/31) | 90 | 69697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> | 90 | 85590 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 40 | 36760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/32 | 45 | 49302 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/32 (Call 12/01/31) | 40 | 33456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 (Call 03/15/32) | 55 | 51246 |
|  Public Service Co. of Colorado, 4.10%, 06/01/32 | 35 | 31947 |
|  Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31) | 50 | 42045 |
|  Puget Energy Inc., 4.22%, 03/15/32 (Call 12/15/31) | 40 | 34290 |
|  San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/32 (Call 12/15/31) | 45 | 36970 |
|  Southern California Edison Co., 2.75%, 02/01/32 (Call 11/01/31) | 35 | 27585 |
|  Southern Co. (The), 5.70%, 10/15/32 | 20 | 19787 |
|  Tucson Electric Power Co., 3.25%, 05/15/32 (Call 02/15/32) | 30 | 24693 |
|  Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31) | 50 | 38237 |
|  Virginia Electric & Power Co., 2.40%, 03/30/32 (Call 12/30/31)<sup>(a)</sup> | 60 | 47190 |
|  Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32) | 25 | 23817 |
|  Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32) | 55 | 48764 |
|  Xcel Energy Inc., 4.60%, 06/01/32 (Call 12/01/31) | 60 | 55331 |
|  |  | 1787343 |
| **Electronics — 0.9%** |  |  |
|  Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32) | 60 | 54981 |
|  Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)<sup>(a)</sup> | 40 | 30440 |
|  Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32) | 30 | 26831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Electronics (continued)** |  |  |
|  Tyco Electronics Group SA, 2.50%, 02/04/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39871 |
|  |  | 152123 |
| **Entertainment — 2.0%** |  |  |
|  Magallanes Inc., 4.28%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 405 | 327309 |
| **Environmental Control — 1.4%** |  |  |
|  Republic Services Inc., 1.75%, 02/15/32 (Call 11/15/31)<sup>(a)</sup> | 70 | 51992 |
|  Waste Connections Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 (Call 10/15/31) | 60 | 46264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 (Call 03/01/32) | 45 | 37557 |
|  Waste Management Inc., 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 95 | 87434 |
|  |  | 223247 |
| **Food — 1.9%** |  |  |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.00%, 05/15/32 (Call 02/15/32)<sup>(b)</sup> | 110 | 80430 |
|  JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31) | 45 | 33449 |
|  Kraft Heinz Foods Co., 6.75%, 03/15/32 | 30 | 31619 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/32 (Call 07/15/32) | 60 | 43611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/32 (Call 12/17/31) | 65 | 53221 |
|  Pilgrim's Pride Corp., 3.50%, 03/01/32 (Call 09/01/26)<sup>(b)</sup> | 80 | 61404 |
|  |  | 303734 |
| **Forest Products & Paper — 0.4%** |  |  |
|  Suzano Austria GmbH, 3.13%, 01/15/32 (Call 10/15/31) | 90 | 66503 |
| **Gas — 1.0%** |  |  |
|  Atmos Energy Corp., 5.45%, 10/15/32 (Call 07/15/32) | 25 | 25130 |
|  CenterPoint Energy Resources Corp., 4.40%, 07/01/32 (Call 04/01/32)<sup>(a)</sup> | 40 | 36896 |
|  ONE Gas Inc., 4.25%, 09/01/32 (Call 06/01/32)<sup>(a)</sup> | 25 | 22818 |
|  Southern Co. Gas Capital Corp., 5.15%, 09/15/32 (Call 03/15/32) | 25 | 23778 |
|  Southwest Gas Corp., 4.05%, 03/15/32 (Call 12/15/31) | 60 | 50140 |
|  |  | 158762 |
| **Hand & Machine Tools — 0.2%** |  |  |
|  Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | 45 | 36472 |
| **Health Care - Products — 0.7%** |  |  |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31)<sup>(b)</sup> | 15 | 11471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31)<sup>(a)</sup> | 125 | 95594 |
|  |  | 107065 |
| **Health Care - Services — 2.6%** |  |  |
|  Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32) | 55 | 49493 |
|  HCA Inc., 3.63%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 180 | 146171 |
|  Humana Inc., 2.15%, 02/03/32 (Call 11/03/31) | 65 | 48906 |
|  Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31) | 30 | 22240 |
|  UnitedHealth Group Inc., 4.20%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | 135 | 124482 |
|  Universal Health Services Inc., 2.65%, 01/15/32 (Call 10/15/31)<sup>(b)</sup> | 45 | 32128 |
|  |  | 423420 |
| **Home Builders — 0.2%** |  |  |
|  PulteGroup Inc., 7.88%, 06/15/32 | 25 | 26254 |
| **Home Furnishings — 0.2%** |  |  |
|  Whirlpool Corp., 4.70%, 05/14/32 (Call 02/14/32) | 35 | 31416 |
| **Household Products & Wares — 0.5%** |  |  |
|  Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31) | 50 | 36821 |
|  Clorox Co. (The), 4.60%, 05/01/32 (Call 02/01/32) | 55 | 51049 |
|  |  | 87870 |

---

S C H E D U L E O F I N V E S T M E N T S 95

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Insurance — 3.8%** |  |  |
|  Assurant Inc., 2.65%, 01/15/32 (Call 10/15/31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25225 |
|  Berkshire Hathaway Finance Corp., 2.88%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 95 | 79047 |
|  Brown & Brown Inc., 4.20%, 03/17/32 (Call 12/17/31) | 60 | 50390 |
|  Corebridge Financial Inc., 3.90%, 04/05/32 (Call 01/05/32)<sup>(b)</sup> | 135 | 113029 |
|  Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)<sup>(b)</sup> | 60 | 54528 |
|  Globe Life Inc., 4.80%, 06/15/32 (Call 03/15/32) | 35 | 31782 |
|  Jackson Financial Inc., 5.67%, 06/08/32 (Call 03/08/32) | 30 | 27340 |
|  Kemper Corp., 3.80%, 02/23/32 (Call 11/23/31) | 40 | 32533 |
|  Lincoln National Corp., 3.40%, 03/01/32 (Call 12/01/31) | 30 | 24337 |
|  Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)<sup>(a)</sup> | 50 | 42663 |
|  MetLife Inc., 6.50%, 12/15/32 | 55 | 57710 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31) | 40 | 33084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32 | 30 | 31354 |
|  Prudential PLC, 3.63%, 03/24/32 (Call 12/24/31) | 25 | 20471 |
|  |  | 623493 |
| **Internet — 2.5%** |  |  |
|  Amazon.com Inc., 3.60%, 04/13/32 (Call 01/13/32) | 220 | 196865 |
|  Meta Platforms Inc., 3.85%, 08/15/32 (Call 05/15/32)<sup>(b)</sup> | 255 | 217423 |
|  |  | 414288 |
| **Iron & Steel — 0.3%** |  |  |
|  Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32) | 55 | 44606 |
| **Leisure Time — 0.2%** |  |  |
|  Brunswick Corp., 4.40%, 09/15/32 (Call 06/15/32) | 40 | 31615 |
| **Lodging — 0.5%** |  |  |
|  Marriott International Inc./MD, Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 100 | 79985 |
| **Machinery — 0.5%** |  |  |
|  Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31) | 45 | 32263 |
|  John Deere Capital Corp., 3.90%, 06/07/32 | 50 | 45339 |
|  |  | 77602 |
| **Manufacturing — 2.5%** |  |  |
|  Carlisle Companies Inc., 2.20%, 03/01/32 (Call 12/01/31)<sup>(a)</sup> | 55 | 40469 |
|  Eaton Corp., 4.00%, 11/02/32 | 55 | 48600 |
|  GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32) | 65 | 60072 |
|  General Electric Co., 6.75%, 03/15/32 | 220 | 239459 |
|  Pentair Finance Sarl, 5.90%, 07/15/32 (Call 04/15/32) | 25 | 23625 |
|  |  | 412225 |
| **Media — 1.5%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 02/01/32 (Call 11/01/31) | 95 | 67850 |
|  FactSet Research Systems Inc., 3.45%, 03/01/32 (Call 12/01/31) | 50 | 40181 |
|  Grupo Televisa SAB, 8.50%, 03/11/32<sup>(a)</sup> | 20 | 22595 |
|  Paramount Global, 4.20%, 05/19/32 (Call 02/19/32)<sup>(a)</sup> | 90 | 72066 |
|  TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32 | 45 | 49301 |
|  |  | 251993 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Timken Co. (The), 4.13%, 04/01/32 (Call 01/01/32) | 25 | 21743 |
| **Mining — 0.4%** |  |  |
|  Newmont Corp., 2.60%, 07/15/32 (Call 04/15/32) | 85 | 64822 |
| **Oil & Gas — 2.8%** |  |  |
|  BP Capital Markets America Inc., 2.72%, 01/12/32 (Call 10/12/31) | 170 | 138004 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
|  Canadian Natural Resources Ltd., 7.20%, 01/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26238 |
|  Cenovus Energy Inc., 2.65%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | 45 | 34763 |
|  ConocoPhillips Co., 5.90%, 10/15/32 | 50 | 51864 |
|  Devon Energy Corp., 7.95%, 04/15/32 | 35 | 38764 |
|  Marathon Oil Corp., 6.80%, 03/15/32 | 50 | 50940 |
|  Suncor Energy Inc., 7.15%, 02/01/32 | 45 | 46779 |
|  Valero Energy Corp., 7.50%, 04/15/32 | 70 | 76114 |
|  |  | 463466 |
| **Packaging & Containers — 0.6%** |  |  |
|  AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31) | 30 | 24094 |
|  Sonoco Products Co., 2.85%, 02/01/32 (Call 11/01/31) | 50 | 39059 |
|  WRKCo Inc., 4.20%, 06/01/32 (Call 03/01/32) | 45 | 38788 |
|  |  | 101941 |
| **Pharmaceuticals — 1.0%** |  |  |
|  Becton Dickinson and Co., 4.30%, 08/22/32 (Call 05/22/32) | 25 | 22617 |
|  Bristol-Myers Squibb Co., 2.95%, 03/15/32 (Call 12/15/31) | 155 | 131435 |
|  |  | 154052 |
| **Pipelines — 3.0%** |  |  |
|  Boardwalk Pipelines LP, 3.60%, 09/01/32 (Call 06/01/32) | 50 | 39692 |
|  Kinder Morgan Energy Partners LP, 7.75%, 03/15/32 | 30 | 32076 |
|  Kinder Morgan Inc., 7.75%, 01/15/32 | 90 | 97984 |
|  MPLX LP, 4.95%, 09/01/32 (Call 06/01/32) | 90 | 81521 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 (Call 07/15/26) | 85 | 70040 |
|  Texas Eastern Transmission LP, 7.00%, 07/15/32 | 45 | 47267 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 90 | 81086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 40 | 46001 |
|  |  | 495667 |
| **Real Estate Investment Trusts — 7.5%** |  |  |
|  Alexandria Real Estate Equities Inc., 2.00%, 05/18/32 (Call 02/18/32) | 85 | 61368 |
|  American Homes 4 Rent LP, 3.63%, 04/15/32 (Call 01/15/32) | 60 | 48455 |
|  American Tower Corp., 4.05%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 60 | 51350 |
|  AvalonBay Communities Inc., 2.05%, 01/15/32 (Call 10/15/31) | 65 | 49492 |
|  Boston Properties LP, 2.55%, 04/01/32 (Call 01/01/32) | 75 | 54016 |
|  CubeSmart LP, 2.50%, 02/15/32 (Call 11/15/31) | 45 | 33016 |
|  Equinix Inc., 3.90%, 04/15/32 (Call 01/15/32) | 105 | 88498 |
|  Essex Portfolio LP, 2.65%, 03/15/32 (Call 12/15/31) | 60 | 45556 |
|  Extra Space Storage LP, 2.35%, 03/15/32 (Call 12/15/31) | 55 | 39797 |
|  GLP Capital LP/GLP Financing II Inc., 3.25%, 01/15/32 (Call 10/15/31) | 70 | 51880 |
|  Invitation Homes Operating Partnership LP, 4.15%, 04/15/32 (Call 01/15/32) | 55 | 45755 |
|  Kilroy Realty LP, 2.50%, 11/15/32 (Call 08/15/32) | 40 | 27790 |
|  Kimco Realty Corp., 3.20%, 04/01/32 (Call 01/01/32) | 55 | 43783 |
|  Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32) | 20 | 13804 |
|  Prologis LP, 2.25%, 01/15/32 | 30 | 22653 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 (Call 09/15/32) | 60 | 46940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 30 | 29376 |
|  Safehold Operating Partnership LP, 2.85%, 01/15/32 | 30 | 21947 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 (Call 10/15/31) | 65 | 47554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 | 60 | 45611 |
|  Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31) | 35 | 24769 |
|  Sun Communities Operating LP, 4.20%, 04/15/32 (Call 01/15/32) | 55 | 45400 |
|  UDR Inc., 2.10%, 08/01/32 (Call 05/01/32) | 40 | 28246 |

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96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
|  VICI Properties LP, 5.13%, 05/15/32 (Call 02/15/32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115244 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/32 (Call 10/15/31) | 45 | 34004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 (Call 03/15/32) | 30 | 24831 |
|  Weyerhaeuser Co., 7.38%, 03/15/32 | 60 | 63859 |
|  WP Carey Inc., 2.45%, 02/01/32 (Call 11/01/31) | 35 | 25628 |
|  |  | 1230622 |
| **Retail — 5.8%** |  |  |
|  Advance Auto Parts Inc., 3.50%, 03/15/32 (Call 12/15/31) | 30 | 23735 |
|  AutoNation Inc., 3.85%, 03/01/32 (Call 12/01/31) | 60 | 46804 |
|  AutoZone Inc., 4.75%, 08/01/32 (Call 05/01/32) | 45 | 41961 |
|  Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32) | 105 | 80524 |
|  Dick's Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | 65 | 49298 |
|  Dollar General Corp., 5.00%, 11/01/32 (Call 08/01/32) | 25 | 23847 |
|  Genuine Parts Co., 2.75%, 02/01/32 (Call 11/01/31) | 40 | 31015 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 130 | 112004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 150 | 142185 |
|  Lowe's Companies Inc., 3.75%, 04/01/32 (Call 01/01/32) | 130 | 112160 |
|  McDonald's Corp., 4.60%, 09/09/32 (Call 06/09/32) | 25 | 23742 |
|  O'Reilly Automotive Inc., 4.70%, 06/15/32 (Call 03/15/32) | 75 | 70159 |
|  Starbucks Corp., 3.00%, 02/14/32 (Call<br>11/14/31)<sup>(a)</sup> | 90 | 74521 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 75 | 70692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/01/32 | 25 | 26618 |
|  Walmart Inc., 4.15%, 09/09/32 (Call 06/09/32) | 20 | 18935 |
|  |  | 948200 |
| **Semiconductors — 5.3%** |  |  |
|  Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32) | 45 | 40175 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 110 | 92281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32) | 160 | 135018 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32 | 65 | 57336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32)<sup>(a)</sup> | 100 | 89442 |
|  KLA Corp., 4.65%, 07/15/32 (Call 04/15/32) | 90 | 85419 |
|  Micron Technology Inc., 2.70%, 04/15/32 (Call 01/15/32) | 90 | 65929 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 2.65%, 02/15/32 (Call 11/15/31) | 95 | 70858 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32) | 105 | 78948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/32 (Call 02/20/32) | 50 | 46952 |
|  Texas Instruments Inc., 3.65%, 08/16/32 (Call 05/16/32) | 30 | 26891 |
|  TSMC Arizona Corp., 4.25%, 04/22/32 (Call 01/22/32) | 90 | 80369 |
|  |  | 869618 |
| **Software — 1.1%** |  |  |
|  Fidelity National Information Services Inc., 5.10%, 07/15/32 (Call 04/15/32) | 60 | 56447 |
|  Take-Two Interactive Software Inc., 4.00%, 04/14/32 (Call 01/14/32) | 50 | 43098 |
|  Workday Inc., 3.80%, 04/01/32 (Call 01/01/32) | 90 | 76981 |
|  |  | 176526 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Telecommunications — 5.7%** |  |  |
|  AT&T Inc., 2.25%, 02/01/32 (Call 11/01/31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169232 |
|  Bell Telephone Co. of Canada or Bell Canada (The), Series US-5, 2.15%, 02/15/32 (Call 11/15/31) | 55 | 41413 |
|  Deutsche Telekom International Finance BV, 9.25%, 06/01/32 | 45 | 54400 |
|  Motorola Solutions Inc., 5.60%, 06/01/32 (Call 03/01/32) | 50 | 47080 |
|  Rogers Communications Inc., 3.80%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 180 | 153108 |
|  TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32) | 80 | 65650 |
|  T-Mobile USA Inc., 2.70%, 03/15/32 | 90 | 70425 |
|  Verizon Communications Inc., 2.36%, 03/15/32 (Call 12/15/31) | 385 | 291518 |
|  Vodafone Group PLC, 6.25%, 11/30/32 | 45 | 44413 |
|  |  | 937239 |
| **Transportation — 1.5%** |  |  |
|  Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32) | 25 | 22579 |
|  CSX Corp., 4.10%, 11/15/32 (Call 08/15/32) | 75 | 67583 |
|  Norfolk Southern Corp., 3.00%, 03/15/32 (Call 12/15/31) | 65 | 53862 |
|  Union Pacific Corp., 2.80%, 02/14/32 | 115 | 95282 |
|  |  | 239306 |
| **Trucking & Leasing — 0.2%** |  |  |
|  GATX Corp., 3.50%, 06/01/32 (Call 03/01/32) | 35 | 27887 |
| **Water — 0.4%** |  |  |
|  American Water Capital Corp., 4.45%, 06/01/32 (Call 03/01/32) | 70 | 64750 |
|  **Total Long-Term Investments — 98.5%<br>(Cost: $17,315,101)** |  | 16111125 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 10.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup> | 1615 | 1614258 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup> | 30 | 30000 |
|  **Total Short-Term Securities — 10.0%<br>(Cost: $1,644,757)** |  | 1644258 |
|  **Total Investments — 108.5%<br>(Cost: $18,959,858)** |  | 17755383 |
|  **Liabilities in Excess of Other Assets — (8.5)%** |  | (1394479) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;16360904 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 97

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Corporate ETF** |

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**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br> *06/28/22<sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $1615008 <sup>(b)</sup> | $— | $(251) | $(499) | $1614258 | 1615 | $1115 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  | 30000 <sup>(b)</sup> |  |  |  | 30000 | 30 | 753 |  |
|  |  |  |  | $(251) | $(499) | $1644258 |  | $1868 | $— |

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<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $16111125 | $— | $16111125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1644258 |  |  | 1644258 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;1644258 | $16111125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $17755383 |

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*See notes to financial statements.* 

98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities

October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2022<br>Term Corporate<br>ETF | iShares<br>iBonds Dec 2023<br>Term Corporate<br>ETF | iShares<br> iBonds Dec 2024<br>Term Corporate<br>ETF | iShares<br>iBonds Dec 2025<br>Term Corporate<br>ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $569029569 | $1894685059 | $1933676186 | $1459192969 |
|  Investments, at value — affiliated<sup>(c)</sup> | 779109317 | 359383583 | 99026694 | 119212366 |
|  Cash | 47310 | 113324 | 10629 | 1707 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 9079996 | 754787 |  | 8440633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 64043 | 63038 | 25916 | 25034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  |  | 164166 | 23232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1618614 | 136662 | 26606 | 12750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 6909252 | 14457143 | 15518783 | 13095831 |
|  Total assets | 1365858101 | 2269593596 | 2048448980 | 1600004522 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned, at value | 32212834 | 293085931 | 90188931 | 112755823 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 4024929 | 8432945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 46560 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 66170 | 160921 | 161124 | 123581 |
|  Total liabilities | 32325564 | 293246852 | 94374984 | 121312349 |
|  NET ASSETS | $1333532537 | $1976346744 | $1954073996 | $1478692173 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $1332363183 | $2010110425 | $2046613150 | $1587954683 |
|  Accumulated earnings (loss) | 1169354 | (33763681) | (92539154) | (109262510) |
|  NET ASSETS | $1333532537 | $1976346744 | $1954073996 | $1478692173 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 53200000 | 79300000 | 80500000 | 61500000 |
|  Net asset value | $25.07 | $24.92 | $24.27 | $24.04 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $569823054 | $1929869198 | $2023569658 | $1565520711 |
|  <sup>(b) </sup>Securities loaned, at value | $10441161 | $283732116 | $87143956 | $109054182 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $779095732 | $359404717 | $99018777 | $119203118 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 99

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2026<br>Term Corporate<br>ETF | iShares<br>iBonds Dec<br>2027 Term<br>Corporate<br>ETF | iShares<br> iBonds Dec<br> 2028 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br> 2029 Term<br>Corporate<br> ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1222228932 | $870512926 | $545608088 | $277137806 |
|  Investments, at value — affiliated<sup>(c)</sup> | 59689169 | 90473217 | 39698990 | 28182990 |
|  Cash | 1816 | 329 | 5471 | 9235 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1308912 | 1105722 | 276153 | 2414280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 10526 | 27044 | 7868 | 7103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 277223 | 175993 | 24163 | 15894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 10284 | 10158 | 4359 | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 9840333 | 8189429 | 5354940 | 2844212 |
|  Total assets | 1293367195 | 970494818 | 590980032 | 310615470 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned, at value | 52975945 | 86160941 | 37815477 | 27135947 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3831859 | 2402827 | 24163 | 616284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 100775 | 73000 | 47238 | 26798 |
|  Total liabilities | 56908579 | 88636768 | 37886878 | 27779029 |
|  NET ASSETS | $1236458616 | $881858050 | $553093154 | $282836441 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $1360188502 | $978811749 | $618263905 | $322964140 |
|  Accumulated loss | (123729886) | (96953699) | (65170751) | (40127699) |
|  NET ASSETS | $1236458616 | $881858050 | $553093154 | $282836441 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 53950000 | 38650000 | 23400000 | 13100000 |
|  Net asset value | $22.92 | $22.82 | $23.64 | $21.59 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1343560252 | $961729495 | $608257717 | $314083332 |
|  <sup>(b)</sup> Securities loaned, at value | $51594591 | $83328067 | $36569867 | $26174452 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $59686572 | $90477615 | $39698965 | $28183662 |

---

*See notes to financial statements.* 

100 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br>2030 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2031 Term<br>Corporate<br> ETF | iShares<br>iBonds Dec<br>2032 Term<br>Corporate<br>ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $181585306 | $101794820 | $16111125 |
|  Investments, at value — affiliated<sup>(c)</sup> | 23735064 | 11869184 | 1644258 |
|  Cash | 4690 |  | 6271 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1101144 | 504911 | 43103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 4694 | 4164 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  |  | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 3472 | 926 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1690519 | 914145 | 171847 |
|  Total assets | 208124889 | 115088150 | 18002765 |
|  **LIABILITIES** |  |  |  |
|  Bank overdraft |  | 1348 |  |
|  Collateral on securities loaned, at value | 22188247 | 11812423 | 1615008 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 733802 |  | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 1263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 15551 | 9698 | 1385 |
|  Total liabilities | 22937600 | 11824732 | 1641861 |
|  NET ASSETS | $185187289 | $103263418 | $16360904 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $218283804 | $117602693 | $17522853 |
|  Accumulated loss | (33096515) | (14339275) | (1161949) |
|  NET ASSETS | $185187289 | $103263418 | $16360904 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 9200000 | 5350000 | 700000 |
|  Net asset value | $20.13 | $19.30 | $23.37 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $213854748 | $115933914 | $17315101 |
|  <sup>(b)</sup> Securities loaned, at value | $21448024 | $11414318 | $1559265 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $23737460 | $11869961 | $1644757 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 101

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br>2022 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2023 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2024 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2025 Term<br>Corporate<br> ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2891592 | $319982 | $95873 | $51338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 21952095 | 30721356 | 32971306 | 27787310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 347948 | 375976 | 216153 | 167937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated |  | 3610 |  | 33840 |
|  Total investment income | 25191635 | 31420924 | 33283332 | 28040425 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1500878 | 1734234 | 1665134 | 1310660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 | 217 | 217 |
|  Total expenses | 1501095 | 1734451 | 1665351 | 1310877 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (138013) | (23562) | (7259) | (5125) |
|  Total expenses after fees waived | 1363082 | 1710889 | 1658092 | 1305752 |
|  Net investment income | 23828553 | 29710035 | 31625240 | 26734673 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (29950) | (491913) | (2420207) | (4956709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (40150) | (48478) | (30776) | (26970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 636816 | 821940 | (523808) | (2876196) |
|  | 566716 | 281549 | (2974791) | (7859875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (11085597) | (60717131) | (117923581) | (127285115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (15371) | (48371) | (9407) | (10866) |
|  | (11100968) | (60765502) | (117932988) | (127295981) |
|  Net realized and unrealized loss | (10534252) | (60483953) | (120907779) | (135155856) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $13294301 | $(30773918) | $(89282539) | $(108421183) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

102 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br>2026 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2027 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2028 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2029 Term<br>Corporate<br> ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $40527 | $34683 | $17044 | $16147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 24115519 | 18661228 | 12506820 | 7158188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 110487 | 177943 | 47781 | 44874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 933 | 78886 | 774 | 297 |
|  Total investment income | 24267466 | 18952740 | 12572419 | 7219506 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1026567 | 670524 | 395343 | 218615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 | 217 |  |
|  Total expenses | 1026784 | 670741 | 395560 | 218615 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (2513) | (2067) | (829) | (891) |
|  Total expenses after fees waived | 1024271 | 668674 | 394731 | 217724 |
|  Net investment income | 23243195 | 18284066 | 12177688 | 7001782 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (2073043) | (5868315) | (3214796) | (3757639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (37624) | (40155) | (11393) | (9110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (3474751) | (410228) | (227941) | (3355982) |
|  | (5585418) | (6318698) | (3454130) | (7122731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (136157054) | (100104246) | (70368795) | (38334680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (7561) | (12202) | (4291) | (2263) |
|  | (136164615) | (100116448) | (70373086) | (38336943) |
|  Net realized and unrealized loss | (141750033) | (106435146) | (73827216) | (45459674) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(118506838) | $(88151080) | $(61649528) | $(38457892) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 103

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br>2030 Term<br>Corporate<br> ETF | iShares<br> iBonds Dec<br>2031 Term<br>Corporate<br> ETF | iShares<br>iBonds Dec<br>2032 Term<br>Corporate<br>ETF<sup>(a)</sup> |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $9650 | $4602 | $753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4220093 | 2251005 | 248861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 27860 | 13724 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 229 | 110 | 7302 |
|  Total investment income | 4257832 | 2269441 | 258031 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 150130 | 59419 | 5095 |
|  Total expenses | 150130 | 59419 | 5095 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (522) | (225) | (12) |
|  Total expenses after fees waived | 149608 | 59194 | 5083 |
|  Net investment income | 4108224 | 2210247 | 252948 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (1264930) | (649740) | (27755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (10076) | (2462) | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(b)</sup> | (2357470) | (1060457) |  |
|  | (3632476) | (1712659) | (28006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (30543620) | (13983913) | (1203976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2396) | (777) | (499) |
|  | (30546016) | (13984690) | (1204475) |
|  Net realized and unrealized loss | (34178492) | (15697349) | (1232481) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(30070268) | $(13487102) | $(979533) |

---

<sup>(a)</sup> For the period from June 28, 2022 (commencement of operations) to October 31, 2022.

<sup>(b)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

104 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2022 Term Corporate ETF | iShares<br>iBonds Dec 2022 Term Corporate ETF | iShares<br>iBonds Dec 2023 Term Corporate ETF | iShares<br>iBonds Dec 2023 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $23828553 | $25856563 | $29710035 | $27729325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 566716 | 5836853 | 281549 | 6483286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11100968) | (24344146) | (60765502) | (24749443) |
|  Net increase (decrease) in net assets resulting from operations | 13294301 | 7349270 | (30773918) | 9463168 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (25538071) | (26878634) | (33412700) | (28379197) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (232810868) | 178335129 | 374059008 | 378694260 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (245054638) | 158805765 | 309872390 | 359778231 |
|  Beginning of year | 1578587175 | 1419781410 | 1666474354 | 1306696123 |
|  End of year | $1333532537 | $1578587175 | $1976346744 | $1666474354 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 105

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2024 Term Corporate ETF | iShares<br>iBonds Dec 2024 Term Corporate ETF | iShares<br>iBonds Dec 2025 Term Corporate ETF | iShares<br>iBonds Dec 2025 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $31625240 | $24228083 | $26734673 | $20433172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2974791) | 5165635 | (7859875) | 2546969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (117932988) | (20730262) | (127295981) | (20630453) |
|  Net increase (decrease) in net assets resulting from operations | (89282539) | 8663456 | (108421183) | 2349688 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (30641920) | (24776110) | (27936378) | (21101206) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 569682147 | 485551282 | 358919259 | 429517243 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 449757688 | 469438628 | 222561698 | 410765725 |
|  Beginning of year | 1504316308 | 1034877680 | 1256130475 | 845364750 |
|  End of year | $1954073996 | $1504316308 | $1478692173 | $1256130475 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

106 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2026 Term Corporate ETF | iShares<br>iBonds Dec 2026 Term Corporate ETF | iShares<br>iBonds Dec 2027 Term Corporate ETF | iShares<br>iBonds Dec 2027 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $23243195 | $14742966 | $18284066 | $9867596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5585418) | 4790605 | (6318698) | 2051207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (136164615) | (20266018) | (100116448) | (9529418) |
|  Net increase (decrease) in net assets resulting from operations | (118506838) | (732447) | (88151080) | 2389385 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (22178867) | (14647816) | (16945371) | (9842292) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 515725970 | 324940441 | 464085708 | 192817053 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 375040265 | 309560178 | 358989257 | 185364146 |
|  Beginning of year | 861418351 | 551858173 | 522868793 | 337504647 |
|  End of year | $1236458616 | $861418351 | $881858050 | $522868793 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 107

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2028 Term Corporate ETF | iShares<br>iBonds Dec 2028 Term Corporate ETF | iShares<br>iBonds Dec 2029 Term Corporate ETF | iShares<br>iBonds Dec 2029 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $12177688 | $6138084 | $7001782 | $2495581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3454130) | 1385189 | (7122731) | 110814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (70373086) | (5443045) | (38336943) | (1676120) |
|  Net increase (decrease) in net assets resulting from operations | (61649528) | 2080228 | (38457892) | 930275 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (11114352) | (6052855) | (6234703) | (2422442) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 320736916 | 102419523 | 185847584 | 58517144 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 247973036 | 98446896 | 141154989 | 57024977 |
|  Beginning of year | 305120118 | 206673222 | 141681452 | 84656475 |
|  End of year | $553093154 | $305120118 | $282836441 | $141681452 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

108 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2030 Term Corporate ETF | iShares<br>iBonds Dec 2030 Term Corporate ETF | iShares<br>iBonds Dec 2031 Term Corporate ETF | iShares<br>iBonds Dec 2031 Term Corporate ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Period From<br> 06/22/21to 10/31/21<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4108224 | $1555085 | $2210247 | $96628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (3632476) | (68954) | (1712659) | (4108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (30546016) | (1528867) | (13984690) | (155181) |
|  Net decrease in net assets resulting from operations | (30070268) | (42736) | (13487102) | (62661) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (3750977) | (1432581) | (1780923) | (69045) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 79353399 | 105347022 | 102350752 | 16312397 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 45532154 | 103871705 | 87082727 | 16180691 |
|  Beginning of period | 139655135 | 35783430 | 16180691 |  |
|  End of period | $185187289 | $139655135 | $103263418 | $16180691 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 109

------

Statements of Changes in Net Assets (continued)

---

| | |
|:---|:---|
|  | iShares<br>iBonds Dec<br>2032 Term<br>Corporate ETF |
|  | Period From<br> 06/28/22to 10/31/22<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $252948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (28006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1204475) |
|  Net decrease in net assets resulting from operations | (979533) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |
|  Decrease in net assets resulting from distributions to shareholders | (182416) |
|  **CAPITAL SHARE TRANSACTIONS** |  |
|  Net increase in net assets derived from capital share transactions | 17522853 |
|  *NET ASSETS* |  |
|  Total increase in net assets | 16360904 |
|  Beginning of period |  |
|  End of period | $16360904 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

110 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2022 Term Corporate ETF | iShares iBonds Dec 2022 Term Corporate ETF | iShares iBonds Dec 2022 Term Corporate ETF | iShares iBonds Dec 2022 Term Corporate ETF | iShares iBonds Dec 2022 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $25.26 | $25.58 | $25.33 | $24.17 | $25.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.40 | 0.43 | 0.62 | 0.74 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.16) | (0.30) | 0.28 | 1.14 | (0.99) |
|  Net increase (decrease) from investment operations | 0.24 | 0.13 | 0.90 | 1.88 | (0.29) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.45) | (0.63) | (0.72) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.04) |  | (0.02) |  | (0.00)<sup>(d)</sup> |
|  Total distributions | (0.43) | (0.45) | (0.65) | (0.72) | (0.67) |
|  **Net asset value, end of year** | $25.07 | $25.26 | $25.58 | $25.33 | $24.17 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.93% | 0.52% | 3.63% | 7.90% | (1.14)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.09% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 1.59% | 1.69% | 2.44% | 2.98% | 2.85% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1333533 | $1578587 | $1419781 | $1046218 | $535445 |
|  Portfolio turnover rate<sup>(g)</sup> | 0 %<sup>(h)</sup> | 6% | 16% | 9% | 2% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Rounds to less than $0.01. 

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 111

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds Dec 2023 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $25.88 | $26.19 | $25.59 | $24.09 | $25.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.43 | 0.48 | 0.68 | 0.79 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.90) | (0.29) | 0.61 | 1.48 | (1.16) |
|  Net increase (decrease) from investment operations | (0.47) | 0.19 | 1.29 | 2.27 | (0.40) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.50) | (0.69) | (0.77) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.06) |  |  |  | (0.01) |
|  Total distributions | (0.49) | (0.50) | (0.69) | (0.77) | (0.74) |
|  **Net asset value, end of year** | $24.92 | $25.88 | $26.19 | $25.59 | $24.09 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (1.81)% | 0.72% | 5.13% | 9.59% | (1.61)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 1.71% | 1.83% | 2.62% | 3.18% | 3.12% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1976347 | $1666474 | $1306696 | $872725 | $478261 |
|  Portfolio turnover rate<sup>(f)</sup> | 14% | 12% | 12% | 5% | 8% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

112 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds Dec 2024 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.09 | $26.37 | $25.71 | $23.84 | $25.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.48 | 0.49 | 0.70 | 0.84 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (1.83) | (0.25) | 0.67 | 1.85 | (1.32) |
|  Net increase (decrease) from investment operations | (1.35) | 0.24 | 1.37 | 2.69 | (0.51) |
|  Distributions from net investment income<sup>(c)</sup> | (0.47) | (0.52) | (0.71) | (0.82) | (0.78) |
|  **Net asset value, end of year** | $24.27 | $26.09 | $26.37 | $25.71 | $23.84 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (5.22)% | 0.90% | 5.44% | 11.48% | (2.06)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 1.90% | 1.88% | 2.69% | 3.37% | 3.35% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1954074 | $1504316 | $1034878 | $649122 | $299203 |
|  Portfolio turnover rate<sup>(f)</sup> | 9% | 9% | 8% | 14% | 6% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 113

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds Dec 2025 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.64 | $27.05 | $25.95 | $23.62 | $25.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.51 | 0.52 | 0.71 | 0.85 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (2.57) | (0.38) | 1.11 | 2.32 | (1.48) |
|  Net increase (decrease) from investment operations | (2.06) | 0.14 | 1.82 | 3.17 | (0.64) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.50) | (0.53) | (0.72) | (0.84) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.04) | (0.02) |  |  |  |
|  Total distributions | (0.54) | (0.55) | (0.72) | (0.84) | (0.81) |
|  **Net asset value, end of year** | $24.04 | $26.64 | $27.05 | $25.95 | $23.62 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (7.80)% | 0.51% | 7.16% | 13.68% | (2.58)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 2.04% | 1.92% | 2.70% | 3.42% | 3.48% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1478692 | $1256130 | $845365 | $508532 | $330724 |
|  Portfolio turnover rate<sup>(f)</sup> | 11% | 8% | 14% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

114 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds Dec 2026 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.22 | $26.72 | $25.50 | $22.94 | $24.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.55 | 0.57 | 0.74 | 0.86 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (3.32) | (0.49) | 1.22 | 2.54 | (1.63) |
|  Net increase (decrease) from investment operations | (2.77) | 0.08 | 1.96 | 3.40 | (0.80) |
|  Distributions from net investment income<sup>(c)</sup> | (0.53) | (0.58) | (0.74) | (0.84) | (0.79) |
|  **Net asset value, end of year** | $22.92 | $26.22 | $26.72 | $25.50 | $22.94 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (10.69)% | 0.29% | 7.84% | 15.11% | (3.31)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 2.26% | 2.14% | 2.84% | 3.53% | 3.54% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1236459 | $861418 | $551858 | $368465 | $152530 |
|  Portfolio turnover rate<sup>(f)</sup> | 5% | 7% | 5% | 9% | 3% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 115

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2027 Term Corporate ETF | iShares iBonds Dec 2027 Term Corporate ETF | iShares iBonds Dec 2027 Term Corporate ETF | iShares iBonds Dec 2027 Term Corporate ETF | iShares iBonds Dec 2027 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.68 | $27.00 | $25.94 | $23.18 | $24.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.67 | 0.59 | 0.77 | 0.89 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (3.92) | (0.30) | 1.07 | 2.75 | (1.79) |
|  Net increase (decrease) from investment operations | (3.25) | 0.29 | 1.84 | 3.64 | (0.90) |
|  Distributions from net investment income<sup>(c)</sup> | (0.61) | (0.61) | (0.78) | (0.88) | (0.88) |
|  **Net asset value, end of year** | $22.82 | $26.68 | $27.00 | $25.94 | $23.18 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (12.31)% | 1.01% | 7.21% | 16.00% | (3.67)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 2.73% | 2.18% | 2.94% | 3.60% | 3.75% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $881858 | $522869 | $337505 | $250336 | $136744 |
|  Portfolio turnover rate<sup>(f)</sup> | 10% | 4% | 10% | 4% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

116 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2028 Term Corporate ETF | iShares iBonds Dec 2028 Term Corporate ETF | iShares iBonds Dec 2028 Term Corporate ETF | iShares iBonds Dec 2028 Term Corporate ETF | iShares iBonds Dec 2028 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Period From<br>09/18/18<br> to 10/31/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $28.52 | $28.91 | $27.76 | $24.77 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.79 | 0.71 | 0.86 | 1.01 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (4.94) | (0.38) | 1.13 | 3.06 | (0.35) |
|  Net increase (decrease) from investment operations | (4.15) | 0.33 | 1.99 | 4.07 | (0.23) |
|  **Distributions<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.73) | (0.72) | (0.84) | (1.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.00)<sup>(e)</sup> |  |  |
|  Total distributions | (0.73) | (0.72) | (0.84) | (1.08) |  |
|  **Net asset value, end of period** | $23.64 | $28.52 | $28.91 | $27.76 | $24.77 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |
|  Based on net asset value | (14.77)% | 1.09% | 7.33% | 16.87% | (0.92)%<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(i)</sup> |
|  Net investment income | 3.08% | 2.45% | 3.04% | 3.79% | 4.22 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $553093 | $305120 | $206673 | $112437 | $38399 |
|  Portfolio turnover rate<sup>(j)</sup> | 8% | 10% | 7% | 6% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Rounds to less than $0.01. 

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 117

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2029 Term Corporate ETF | iShares iBonds Dec 2029 Term Corporate ETF | iShares iBonds Dec 2029 Term Corporate ETF | iShares iBonds Dec 2029 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Period From<br> 09/17/19<br> to 10/31/19<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $26.48 | $26.88 | $25.53 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.75 | 0.61 | 0.70 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (4.98) | (0.40) | 1.35 | 0.44 |
|  Net increase (decrease) from investment operations | (4.23) | 0.21 | 2.05 | 0.53 |
|  Distributions from net investment income<sup>(d)</sup> | (0.66) | (0.61) | (0.70) |  |
|  **Net asset value, end of period** | $21.59 | $26.48 | $26.88 | $25.53 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |
|  Based on net asset value | (16.19)% | 0.78% | 8.17% | 2.12 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(h)</sup> |
|  Net investment income | 3.20% | 2.28% | 2.69% | 2.84 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $282836 | $141681 | $84656 | $17872 |
|  Portfolio turnover rate<sup>(i)</sup> | 12% | 4% | 9% | 1% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

118 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2030 Term Corporate ETF | iShares iBonds Dec 2030 Term Corporate ETF | iShares iBonds Dec 2030 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Period From<br> 06/23/20<br> to 10/31/20<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.16 | $25.56 | $25.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.62 | 0.51 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (5.08) | (0.42) | 0.33 |
|  Net increase (decrease) from investment operations | (4.46) | 0.09 | 0.51 |
|  Distributions from net investment income<sup>(d)</sup> | (0.57) | (0.49) | (0.12) |
|  **Net asset value, end of period** | $20.13 | $25.16 | $25.56 |
|  **Total Return<sup>(e)</sup>** |  |  |  |
|  Based on net asset value | (17.98)% | 0.36% | 2.03 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |
|  Total expenses | 0.10% | 0.10% | 0.10 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10 %<sup>(h)</sup> |
|  Net investment income | 2.74% | 2.01% | 1.93 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $185187 | $139655 | $35783 |
|  Portfolio turnover rate<sup>(i)</sup> | 7% | 4% | 4% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 119

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares iBonds Dec 2031 Term Corporate ETF | iShares iBonds Dec 2031 Term Corporate ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Period From<br> 06/22/21<br> to 10/31/21<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $24.89 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.79 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup> | (5.75) | (0.17) |
|  Net increase (decrease) from investment operations | (4.96) | 0.03 |
|  Distributions from net investment income<sup>(d)</sup> | (0.63) | (0.14) |
|  **Net asset value, end of period** | $19.30 | $24.89 |
|  **Total Return<sup>(e)</sup>** |  |  |
|  Based on net asset value | (20.24)% | 0.16 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |
|  Total expenses | 0.10% | 0.10 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10% | 0.10 %<sup>(h)</sup> |
|  Net investment income | 3.72% | 2.21 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $103263 | $16181 |
|  Portfolio turnover rate<sup>(i)</sup> | 5% | 15% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

120 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br>iBonds<br>Dec 2032<br>Term<br>Corporate<br>ETF |
|  | <br> Period From<br> 06/28/22<br> to 10/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $24.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup> | (1.74) |
|  Net decrease from investment operations | (1.32) |
|  Distributions from net investment income<sup>(d)</sup> | (0.29) |
|  **Net asset value, end of period** | $23.37 |
|  **Total Return<sup>(e)</sup>** |  |
|  Based on net asset value | (5.34)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |
|  Total expenses | 0.10 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10 %<sup>(h)</sup> |
|  Net investment income | 4.97 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $16361 |
|  Portfolio turnover rate<sup>(i)</sup> | 4% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 121

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Diversification<br>Classification* |
|  <br> iBonds Dec 2022 Term Corporate | Diversified |
|  iBonds Dec 2023 Term Corporate | Diversified |
|  iBonds Dec 2024 Term Corporate | Diversified |
|  iBonds Dec 2025 Term Corporate | Diversified |
|  iBonds Dec 2026 Term Corporate | Diversified |
|  iBonds Dec 2027 Term Corporate | Diversified |
|  iBonds Dec 2028 Term Corporate | Diversified |
|  iBonds Dec 2029 Term Corporate | Diversified <sup>(a)</sup> |
|  iBonds Dec 2030 Term Corporate | Non-diversified |
|  iBonds Dec 2031 Term Corporate | Non-diversified |
|  iBonds Dec 2032 Term Corporate | Non-diversified |

---

<sup>(a)</sup> The Fund's classification changed from non-diversified to diversified during the reporting period.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

122 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.

N O T E S T O F I N A N C I A L S T A T E M E N T S 123

------

*Notes to Financial Statements* (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty*<br>| *Securities Loaned<br>at Value*  | *Cash Collateral<br>Received* <br>*<br><sup>(a)</sup>*  | *Non-Cash Collateral<br>Received, at Fair Value*  | *<br><sup>(a)</sup>*  | *Net Amount*  |  |
|  iBonds Dec 2022 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $661747 | $(661747) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 9699552 | (9699552) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 79862 | (79862) |  |  |  |  |
|  | $10441161 | $(10441161) | $— |  | $— |  |
|  iBonds Dec 2023 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $25535867 | $(25535867) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 3626350 | (3626350) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1061880 | (1061880) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 13758074 | (13758074) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 4037526 | (4037526) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 517943 | (517943) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 416432 | (416432) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 50751961 | (50751961) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 1901485 | (1901485) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 116341935 | (116341935) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 50665404 | (50665404) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 3662474 | (3662474) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 7403954 | (7403954) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 479955 | (479955) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 3570876 | (3570876) |  |  |  |  |
|  | $283732116 | $(283732116) | $— |  | $— |  |
|  iBonds Dec 2024 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2745664 | $(2745664) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 4320125 | (4320125) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 2168997 | (2168997) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 2422900 | (2422900) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 3408342 | (3408342) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2943787 | (2943787) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 478293 | (478293) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 5766671 | (5766671) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 17773376 | (17773376) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 198630 | (198630) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 17300106 | (17300106) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 894894 | (894894) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 23723390 | (23723390) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 990612 | (990612) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 514539 | (514539) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 60106 | (60106) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 1433524 | (1433524) |  |  |  |  |
|  | $87143956 | $(87143956) | $— |  | $— |  |

---

124 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty*<br>| *Securities Loaned<br>at Value*  | *Cash Collateral<br>Received* <br>*<br><sup>(a)</sup>*  | *Non-Cash Collateral<br>Received, at Fair Value*  | *<br><sup>(a)</sup>*  | *Net Amount*  |  |
|  <br> iBonds Dec 2025 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $4642474 | $(4642474) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 2077847 | (2077847) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 6877906 | (6877906) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 13702893 | (13702893) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 1312048 | (1312048) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 808670 | (808670) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 17612222 | (17612222) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 15815096 | (15815096) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 2461203 | (2461203) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 20379709 | (20379709) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 9577496 | (9577496) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 49117 | (49117) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 2022692 | (2022692) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1187368 | (1187368) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 3585974 | (3585974) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 2101265 | (2101265) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 28979 | (28979) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 4811223 | (4811223) |  |  |  |  |
|  | $109054182 | $(109054182) | $— |  | $— |  |
|  iBonds Dec 2026 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $1424577 | $(1424577) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 2763698 | (2763698) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 751993 | (751993) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2600277 | (2600277) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 6936971 | (6936971) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 11343029 | (11343029) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 541455 | (541455) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 11401087 | (11401087) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4120998 | (4120998) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 2483480 | (2483480) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 777510 | (777510) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 1110498 | (1110498) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 3183254 | (3183254) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 2155764 | (2155764) |  |  |  |  |
|  | $51594591 | $(51594591) | $— |  | $— |  |
|  iBonds Dec 2027 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $15988524 | $(15988524) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 3029646 | (3029646) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 92656 | (92656) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1634650 | (1634650) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2197024 | (2197024) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 2393123 | (2393123) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 18022014 | (18022014) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 18000146 | (18000146) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 69516 | (69516) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 8397820 | (8397820) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 3583137 | (3583137) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 505399 | (505399) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 4764278 | (4764278) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 1137272 | (1137272) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1108158 | (1108158) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 8683 | (8683) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 1531760 | (1531760) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 864261 | (864261) |  |  |  |  |
|  | $83328067 | $(83328067) | $— |  | $— |  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 125

------

*Notes to Financial Statements* (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty*<br>| *Securities Loaned<br>at Value*  | *Cash Collateral<br>Received* <br>*<br><sup>(a)</sup>*  | *Non-Cash Collateral<br>Received, at Fair Value*  | *<br><sup>(a)</sup>*  | *Net Amount*  |  |
|  <br> iBonds Dec 2028 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $1508519 | $(1508519) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 363971 | (363971) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 251126 | (251126) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 8881623 | (8881623) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 813085 | (813085) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 350072 | (350072) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 8215202 | (8215202) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 1002668 | (1002668) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 12317932 | (12317932) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 160634 | (160634) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 2011029 | (2011029) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 694006 | (694006) |  |  |  |  |
|  | $36569867 | $(36569867) | $— |  | $— |  |
|  iBonds Dec 2029 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2128615 | $(2128615) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 1034858 | (1034858) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 217927 | (217927) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 5210836 | (5210836) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 4726619 | (4726619) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 1628862 | (1628862) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 4434233 | (4434233) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 5386975 | (5386975) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 137133 | (137133) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 872158 | (872158) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 107213 | (107213) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 289023 | (289023) |  |  |  |  |
|  | $26174452 | $(26174452) | $— |  | $— |  |
|  iBonds Dec 2030 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $3371306 | $(3371306) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 242444 | (242444) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 1199935 | (1199935) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 4650810 | (4650810) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 3346668 | (3346668) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 41 | (41) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 279505 | (279505) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 1770 | (1770) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3409480 | (3409480) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 89915 | (89915) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 335881 | (335881) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 2537069 | (2537069) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 82627 | (82627) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1193938 | (1193938) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 706635 | (706635) |  |  |  |  |
|  | $21448024 | $(21448024) | $— |  | $— |  |
|  iBonds Dec 2031 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $650733 | $(650733) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 248531 | (248531) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 287095 | (287095) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 2141000 | (2141000) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 2674788 | (2674788) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 290301 | (290301) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 546665 | (546665) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2934244 | (2934244) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 1459412 | (1459412) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 181549 | (181549) |  |  |  |  |
|  | $11414318 | $(11414318) | $— |  | $— |  |

---

126 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty*<br>| *Securities Loaned<br>at Value*  | *Cash Collateral<br>Received* <br>*<br><sup>(a)</sup>*  | *Non-Cash Collateral<br>Received, at Fair Value*  | *<br><sup>(a)</sup>*  | *Net Amount*  |  |
|  <br> iBonds Dec 2032 Term Corporate |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | $173036 | $(173036) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 915038 | (915038) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 113363 | (113363) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 316473 | (316473) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 41355 | (41355) |  |  |  |  |
|  | $1559265 | $(1559265) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Amounts Waived* |
|  <br> iBonds Dec 2022 Term Corporate | $138013 |
|  iBonds Dec 2023 Term Corporate | 23562 |
|  iBonds Dec 2024 Term Corporate | 7259 |
|  iBonds Dec 2025 Term Corporate | 5125 |
|  iBonds Dec 2026 Term Corporate | 2513 |
|  iBonds Dec 2027 Term Corporate | 2067 |
|  iBonds Dec 2028 Term Corporate | 829 |
|  iBonds Dec 2029 Term Corporate | 891 |
|  iBonds Dec 2030 Term Corporate | 522 |
|  iBonds Dec 2031 Term Corporate | 225 |
|  iBonds Dec 2032 Term Corporate | 12 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

N O T E S T O F I N A N C I A L S T A T E M E N T S 127

------

*Notes to Financial Statements* (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Amounts* |
|  <br> iBonds Dec 2022 Term Corporate | $&nbsp;&nbsp;&nbsp;&nbsp;121415 |
|  iBonds Dec 2023 Term Corporate | 144002 |
|  iBonds Dec 2024 Term Corporate | 81284 |
|  iBonds Dec 2025 Term Corporate | 64340 |
|  iBonds Dec 2026 Term Corporate | 45085 |
|  iBonds Dec 2027 Term Corporate | 64362 |
|  iBonds Dec 2028 Term Corporate | 18967 |
|  iBonds Dec 2029 Term Corporate | 16669 |
|  iBonds Dec 2030 Term Corporate | 10995 |
|  iBonds Dec 2031 Term Corporate | 4994 |
|  iBonds Dec 2032 Term Corporate | 349 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF*<br>| *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  <br> iBonds Dec 2023 Term Corporate | $8500471 | $— | $— |
|  iBonds Dec 2024 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;11463105 |  |  |
|  iBonds Dec 2025 Term Corporate | 14246476 | &nbsp;&nbsp;&nbsp;&nbsp;2999062 | &nbsp;&nbsp;&nbsp;&nbsp;(721180) |
|  iBonds Dec 2026 Term Corporate | 12259965 | 671302 | (168802) |
|  iBonds Dec 2027 Term Corporate | 6497141 | 367269 | (114235) |
|  iBonds Dec 2028 Term Corporate | 2280403 | 2110813 | (641579) |
|  iBonds Dec 2029 Term Corporate | 587647 | 825800 | (211953) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

128 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Purchases* | *Sales* |
|  <br> iBonds Dec 2022 Term Corporate | $1015140 | $&nbsp;&nbsp;&nbsp;&nbsp;1036178579 |
|  iBonds Dec 2023 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;265052614 | 306750043 |
|  iBonds Dec 2024 Term Corporate | 205287355 | 150736332 |
|  iBonds Dec 2025 Term Corporate | 182686927 | 159092303 |
|  iBonds Dec 2026 Term Corporate | 70007535 | 56676095 |
|  iBonds Dec 2027 Term Corporate | 87864642 | 77278148 |
|  iBonds Dec 2028 Term Corporate | 37241811 | 31988770 |
|  iBonds Dec 2029 Term Corporate | 29012913 | 29929970 |
|  iBonds Dec 2030 Term Corporate | 16351265 | 10789185 |
|  iBonds Dec 2031 Term Corporate | 3424082 | 4290361 |
|  iBonds Dec 2032 Term Corporate | 9209482 | 516680 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *In-kind<br>Purchases* | *In-kind<br>Sales* |
|  <br> iBonds Dec 2022 Term Corporate | $158490588 | $&nbsp;&nbsp;&nbsp;&nbsp;269989764 |
|  iBonds Dec 2023 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;580994667 | 207127941 |
|  iBonds Dec 2024 Term Corporate | 760008591 | 226373992 |
|  iBonds Dec 2025 Term Corporate | 564944291 | 218741536 |
|  iBonds Dec 2026 Term Corporate | 687756914 | 183210299 |
|  iBonds Dec 2027 Term Corporate | 488567109 | 34008192 |
|  iBonds Dec 2028 Term Corporate | 326469315 | 11504409 |
|  iBonds Dec 2029 Term Corporate | 251185950 | 66599033 |
|  iBonds Dec 2030 Term Corporate | 94664744 | 22169580 |
|  iBonds Dec 2031 Term Corporate | 127765061 | 25828240 |
|  iBonds Dec 2032 Term Corporate | 8607329 |  |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  <br> iBonds Dec 2022 Term Corporate | $592158 | $(592158) |
|  iBonds Dec 2023 Term Corporate | 820881 | (820881) |
|  iBonds Dec 2024 Term Corporate | (548245) | 548245 |
|  iBonds Dec 2025 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;(2876240) | &nbsp;&nbsp;&nbsp;&nbsp;2876240 |
|  iBonds Dec 2026 Term Corporate | (3475332) | 3475332 |
|  iBonds Dec 2027 Term Corporate | (410241) | 410241 |
|  iBonds Dec 2028 Term Corporate | (227941) | 227941 |
|  iBonds Dec 2029 Term Corporate | (3355982) | 3355982 |
|  iBonds Dec 2030 Term Corporate | (2357470) | 2357470 |
|  iBonds Dec 2031 Term Corporate | (1060456) | 1060456 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 129

------

*Notes to Financial Statements* (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  <br> iBonds Dec 2022 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $23168285 | $26878634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 2369786 |  |
|  | $25538071 | $26878634 |
|  iBonds Dec 2023 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $29326791 | $28379197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 4085909 |  |
|  | $33412700 | $28379197 |
|  iBonds Dec 2024 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $30641920 | $24776110 |
|  iBonds Dec 2025 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $26033510 | $20526833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 1902868 | 574373 |
|  | $27936378 | $21101206 |
|  iBonds Dec 2026 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $22178867 | $14647816 |
|  iBonds Dec 2027 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $16945371 | $9842292 |
|  iBonds Dec 2028 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $11114352 | $6052855 |
|  iBonds Dec 2029 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6234703 | $2422442 |
|  iBonds Dec 2030 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3750977 | $1432581 |
| *iShares ETF*<br>| *Year Ended<br>10/31/22* | *Period Ended<br>10/31/21* |
|  <br> iBonds Dec 2031 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1780923 | $69045 |
| *iShares ETF* |  | *Period Ended<br>10/31/22* |
|  <br> iBonds Dec 2032 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income |  | $182416 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* <br>| *Undistributed*<br>*Ordinary Income*  | *Non-expiring*<br>*Capital Loss*<br>*Carryforwards* <br>*<sup>(a)</sup>*  | *Net Unrealized*<br>*Gains (Losses)* <br>*<sup>(b)</sup>*  | *Total*  |
|  iBonds Dec 2022 Term Corporate | $2879817 | $(776483) | $(933980) | $1169354 |
|  iBonds Dec 2023 Term Corporate | 3514546 | (829310) | (36448917) | (33763681) |
|  iBonds Dec 2024 Term Corporate | 3800629 | (4975778) | (91364005) | (92539154) |
|  iBonds Dec 2025 Term Corporate | 3155850 | (5160941) | (107257419) | (109262510) |
|  iBonds Dec 2026 Term Corporate | 2859040 | (4544315) | (122044611) | (123729886) |
|  iBonds Dec 2027 Term Corporate | 2474757 | (7877147) | (91551309) | (96953699) |
|  iBonds Dec 2028 Term Corporate | 1763658 | (4102089) | (62832320) | (65170751) |
|  iBonds Dec 2029 Term Corporate | 1067899 | (4158568) | (37037030) | (40127699) |
|  iBonds Dec 2030 Term Corporate | 567019 | (1313151) | (32350383) | (33096515) |
|  iBonds Dec 2031 Term Corporate | 458164 | (650362) | (14147077) | (14339275) |
|  iBonds Dec 2032 Term Corporate | 70404 | (27619) | (1204734) | (1161949) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

130 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* <br>| *Tax Cost*  | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  <br> iBonds Dec 2022 Term Corporate | $&nbsp;&nbsp;&nbsp;&nbsp;1349072866 | $134295 | $(1068275) | $(933980) |
|  iBonds Dec 2023 Term Corporate | 2290517559 | 1241709 | (37690626) | (36448917) |
|  iBonds Dec 2024 Term Corporate | 2124066885 | 1373884 | (92737889) | (91364005) |
|  iBonds Dec 2025 Term Corporate | 1685662754 | 948228 | (108205647) | (107257419) |
|  iBonds Dec 2026 Term Corporate | 1403962712 | 577648 | (122622259) | (122044611) |
|  iBonds Dec 2027 Term Corporate | 1052537452 | 335871 | (91887180) | (91551309) |
|  iBonds Dec 2028 Term Corporate | 648139398 | 182475 | (63014795) | (62832320) |
|  iBonds Dec 2029 Term Corporate | 342357826 | 66585 | (37103615) | (37037030) |
|  iBonds Dec 2030 Term Corporate | 237670753 | 40468 | (32390851) | (32350383) |
|  iBonds Dec 2031 Term Corporate | 127811081 | 874 | (14147951) | (14147077) |
|  iBonds Dec 2032 Term Corporate | 18960117 | 139 | (1204873) | (1204734) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically

N O T E S T O F I N A N C I A L S T A T E M E N T S 131

------

*Notes to Financial Statements* (continued)

low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF*<br>| *Shares* | *Amount* | *Shares* | *Amount* |
|  <br> iBonds Dec 2022 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6600000 | $165335965 | 9900000 | $252129326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15900000) | (398146833) | (2900000) | (73794197) |
|  | (9300000) | $(232810868) | 7000000 | $178335129 |
|  iBonds Dec 2023 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 23650000 | $594523386 | 15050000 | $393034180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8750000) | (220464378) | (550000) | (14339920) |
|  | 14900000 | $374059008 | 14500000 | $378694260 |
|  iBonds Dec 2024 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 32250000 | $803251027 | 18950000 | $500015695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9400000) | (233568880) | (550000) | (14464413) |
|  | 22850000 | $569682147 | 18400000 | $485551282 |
|  iBonds Dec 2025 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 23350000 | $584219375 | 16400000 | $442892667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9000000) | (225300116) | (500000) | (13375424) |
|  | 14350000 | $358919259 | 15900000 | $429517243 |
|  iBonds Dec 2026 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 28950000 | $704648594 | 14100000 | $375323989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7850000) | (188922624) | (1900000) | (50383548) |
|  | 21100000 | $515725970 | 12200000 | $324940441 |
|  iBonds Dec 2027 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 20550000 | $499361459 | 7950000 | $215513155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1500000) | (35275751) | (850000) | (22696102) |
|  | 19050000 | $464085708 | 7100000 | $192817053 |
|  iBonds Dec 2028 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13200000 | $332466369 | 3850000 | $110885062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (500000) | (11729453) | (300000) | (8465539) |
|  | 12700000 | $320736916 | 3550000 | $102419523 |
|  iBonds Dec 2029 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10900000 | $254511977 | 2200000 | $58517144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3150000) | (68664393) |  |  |
|  | 7750000 | $185847584 | 2200000 | $58517144 |

---

132 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF*<br>| *Shares* | *Amount* | *Shares* | *Amount* |
|  <br> iBonds Dec 2030 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4700000 | $102471945 | 4150000 | $105347022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1050000) | (23118546) |  |  |
|  | 3650000 | $79353399 | 4150000 | $105347022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF*<br>| *Shares* | *Amount* | *Shares* | *Amount* |
|  <br> iBonds Dec 2031 Term Corporate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6100000 | $128940921 | 650000 | $16312397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1400000) | (26590169) |  |  |
|  | 4700000 | $102350752 | 650000 | $16312397 |

---

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>10/31/22 | Period Ended<br>10/31/22 |
| *iShares ETF*<br>| *Shares* | *Amount* |
|  <br> iBonds Dec 2032 Term Corporate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 700000 | $17522853 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

**Planned Fund Liquidation:** In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2022 Term Corporate ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund's underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.

N O T E S T O F I N A N C I A L S T A T E M E N T S 133

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the eleven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> iShares iBonds Dec 2022 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2023 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2024 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2025 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2026 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2027 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2028 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2029 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2030 Term Corporate ETF<sup>(1)</sup><br> iShares iBonds Dec 2031 Term Corporate ETF<sup>(2)</sup><br> iShares iBonds Dec 2032 Term Corporate ETF<sup>(3)</sup><br>

<sup>(1)</sup> Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

<sup>(2)</sup> Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period June 22, 2021 (commencement of operations) to October 31, 2021.

<sup>(3)</sup> Statement of operations and statement of changes in net assets for the period June 28, 2022 (commencement of operations) to October 31, 2022.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

134 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Federal Obligation<br>Interest* |
|  <br> iBonds Dec 2022 Term Corporate | $117701 |
|  iBonds Dec 2023 Term Corporate | 8981 |
|  iBonds Dec 2024 Term Corporate | 541 |
|  iBonds Dec 2025 Term Corporate | 865 |
|  iBonds Dec 2026 Term Corporate | 310 |
|  iBonds Dec 2027 Term Corporate | 295 |
|  iBonds Dec 2028 Term Corporate | 184 |
|  iBonds Dec 2029 Term Corporate | 119 |
|  iBonds Dec 2030 Term Corporate | 99 |
|  iBonds Dec 2031 Term Corporate | 44 |
|  iBonds Dec 2032 Term Corporate | 6 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Interest Dividends* |
|  <br> iBonds Dec 2022 Term Corporate | $22056372 |
|  iBonds Dec 2023 Term Corporate | 28881678 |
|  iBonds Dec 2024 Term Corporate | 30813175 |
|  iBonds Dec 2025 Term Corporate | 26075141 |
|  iBonds Dec 2026 Term Corporate | 22499259 |
|  iBonds Dec 2027 Term Corporate | 17421736 |
|  iBonds Dec 2028 Term Corporate | 11634310 |
|  iBonds Dec 2029 Term Corporate | 6682641 |
|  iBonds Dec 2030 Term Corporate | 3911812 |
|  iBonds Dec 2031 Term Corporate | 2061496 |
|  iBonds Dec 2032 Term Corporate | 220332 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Interest-Related<br>Dividends* |
|  <br> iBonds Dec 2022 Term Corporate | $18572171 |
|  iBonds Dec 2023 Term Corporate | 23617524 |
|  iBonds Dec 2024 Term Corporate | 27145946 |
|  iBonds Dec 2025 Term Corporate | 23323249 |
|  iBonds Dec 2026 Term Corporate | 19349482 |
|  iBonds Dec 2027 Term Corporate | 16824732 |
|  iBonds Dec 2028 Term Corporate | 10630146 |
|  iBonds Dec 2029 Term Corporate | 6426929 |
|  iBonds Dec 2030 Term Corporate | 3620131 |
|  iBonds Dec 2031 Term Corporate | 2003722 |
|  iBonds Dec 2032 Term Corporate | 211559 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *20% Rate Long-Term<br>Capital Gain Dividends* |
|  iBonds Dec 2022 Term Corporate | $2369786 |
|  iBonds Dec 2023 Term Corporate | 4085909 |
|  iBonds Dec 2025 Term Corporate | 1902868 |

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I M P O R T A N T T A X I N F O R M A T I O N 135

------

Board Review and Approval of Investment Advisory Contract

**iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

136 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 137

------

Board Review and Approval of Investment Advisory Contract (continued)

**iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds Dec 2031 Term Corporate ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

138 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 139

------

Board Review and Approval of Investment Advisory Contract (continued)

**iShares iBonds Dec 2026 Term Corporate ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares iBonds Dec 2032 Term Corporate ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment

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Board Review and Approval of Investment Advisory Contract (continued)

Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on March 16-17, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Contract.

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other

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Board Review and Approval of Investment Advisory Contract (continued)

Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under theAdvisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Contract.

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br> Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  iBonds Dec 2022 Term Corporate | $0.387191 | $0.037917 | $— | $0.425108 | 91% | 9% | — % | 100% |
|  iBonds Dec 2023 Term Corporate<sup>(a)</sup> | 0.429862 | 0.062957 | 0.000039 | 0.492858 | 87 | 13 | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2024 Term Corporate | &nbsp;&nbsp;&nbsp;&nbsp;0.465388 |  |  | 0.465388 | 100 |  |  | 100 |
|  iBonds Dec 2025 Term Corporate<sup>(a)</sup> | 0.500046 | &nbsp;&nbsp;&nbsp;&nbsp;0.040828 | 0.000673 | &nbsp;&nbsp;&nbsp;&nbsp;0.541547 | 92 | 8 | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2026 Term Corporate<sup>(a)</sup> | 0.529525 |  | 0.001204 | 0.530729 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2027 Term Corporate<sup>(a)</sup> | 0.611997 |  | 0.000456 | 0.612453 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2028 Term Corporate<sup>(a)</sup> | 0.722128 |  | 0.002975 | 0.725103 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2029 Term Corporate<sup>(a)</sup> | 0.663386 |  | 0.000805 | 0.664191 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2030 Term Corporate<sup>(a)</sup> | 0.563939 |  | 0.001990 | 0.565929 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2031 Term Corporate<sup>(a)</sup> | 0.628391 |  | 0.002502 | 0.630893 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2032 Term Corporate<sup>(a)</sup> | 0.283816 |  | 0.002606 | 0.286422 | 99 |  | 1 | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52<sup>nd</sup> Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)**<br>| **Position(s)**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Other Directorships Held by Trustee**<br>|
| Robert S. Kapito<sup>(a)</sup> <br> (65) | Trustee (since 2009).<br>| President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002).<br>| Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup><br> (52) | Trustee (since 2019).<br>| Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).<br>| Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

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<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)**<br>| **Position(s)**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Other Directorships Held by Trustee**<br>|
| John E. Kerrigan<br> (67) | Trustee (since 2005); Independent Board Chair (since 2022).<br>| Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).<br>|
| Jane D. Carlin<br> (66) | Trustee (since 2015); Risk Committee Chair (since 2016).<br>| Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).<br>|
| Richard L. Fagnani<br> (67) | Trustee (since 2017); Audit Committee Chair (since 2019).<br>| Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)**<br>| **Position(s)**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Other Directorships Held by Trustee**<br>|
| Cecilia H. Herbert<br> (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).<br>| Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).<br>| Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton<br> (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017).<br>| Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez<br> (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019).<br>| Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan<br> (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).<br>| Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

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| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)**<br>| **Position(s)**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Armando Senra<br> (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).<br>|
| Trent Walker<br> (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.<br>|
| Charles Park<br> (55) | Chief Compliance Officer (since 2006).<br>| Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).<br>|
| Marisa Rolland<br> (42)<br>| Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre<br> (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).<br>|
| Jennifer Hsui<br> (46) | Executive Vice President (since 2022).<br>| Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro<br> (52) | Executive Vice President (since 2022).<br>| Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).<br>|

---

146 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 147

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com.** Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

148 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

<sup>©</sup>2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1012-1022

---

| | |
|:---|:---|
| ![LOGO](g397161g24u50.jpg)  | ![LOGO](g397161g48v93.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g397657g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**

**iShares Trust** 

· iShares iBonds Dec 2022 Term Muni Bond ETF \| IBMK \| NYSE Arca

· iShares iBonds Dec 2023 Term Muni Bond ETF \| IBML \| Cboe BZX

· iShares iBonds Dec 2024 Term Muni Bond ETF \| IBMM \| Cboe BZX

· iShares iBonds Dec 2025 Term Muni Bond ETF \| IBMN \| Cboe BZX

· iShares iBonds Dec 2026 Term Muni Bond ETF \| IBMO \| Cboe BZX

· iShares iBonds Dec 2027 Term Muni Bond ETF \| IBMP \| Cboe BZX

· iShares iBonds Dec 2028 Term Muni Bond ETF \| IBMQ \| Cboe BZX

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397657sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397657photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month*  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | &nbsp;&nbsp;&nbsp;&nbsp;(12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | &nbsp;&nbsp;&nbsp;&nbsp;(19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx397657_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397657_3) | 4 |
|  [Fund Summary](#tx397657_4) | 5 |
|  [About Fund Performance](#tx397657_5) | 19 |
|  [Disclosure of Expenses](#tx397657_6) | 19 |
|  [Schedules of Investments](#tx397657_7) | 20 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397657_9) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397657_10) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397657_11) | 109 |
|  [Financial Highlights](#tx397657_12) | 113 |
|  [Notes to Financial Statements](#tx397657_13) | 120 |
|  [Report of Independent Registered Public Accounting Firm](#tx397657_14) | 126 |
|  [Important Tax Information](#tx397657_15) | 127 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397657_16) | 128 |
|  [Supplemental Information](#tx397657_17) | 130 |
|  [Trustee and Officer Information](#tx397657_18) | 131 |
|  [General Information](#tx397657_19) | 134 |
|  [Glossary of Terms Used in this Report](#tx397657_20) | 135 |

---

------

Market Overview

**iShares Trust** 

**Municipal Bond Market Overview** 

Municipal bonds posted losses for the 12 months ended October 31, 2021 (the "reporting period"). The Bloomberg Municipal Bond Index returned 11.98%, outpacing the 15.68% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further disrupted global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained elevated throughout the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. Evidence emerged later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy; however, consumer price inflation remained elevated.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.49% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.04%. Municipal bonds declined along with Treasuries, and the downturn was exacerbated by heavy outflows from the category. However, tax-exempt issues outperformed both Treasuries and the broader bond market, as municipal bonds benefited from sharply reduced new-issue supply and improved finances for states and municipalities. The reopening of the economy, pandemic-era federal aid, and increasing tax receipts all played a role in bolstering the financial health of municipal issuers. As a result, default rates remained historically low on the low end of the historical range, boosting investor confidence in the asset class despite the broader "risk-off" tone. Notably, the sell-off led to a sizable increase in tax-equivalent yields and caused the ratio of municipal to U.S. Treasury yields to climb above the long-term average.

Higher-rated issues generally outperformed their lower-quality counterparts, reflecting the "flight to safety" brought about by the challenging market environment. The relative weakness in Puerto Rico bonds was an additional headwind for the high-yield category. Shorter-term securities strongly outpaced longer-term debt due to their lower degree of interest-rate sensitivity.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2022 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2021 and before December 2, 2022, as represented by the S&P AMT-Free Municipal Series Dec 2022 Index<sup>TM</sup> (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 0.32% | 1.33% | 1.89% | 0.32% | 6.85% | 14.38% |
|  Fund Market | 0.21 | 1.29 | 1.88 | 0.21 | 6.61 | 14.29 |
|  Index | 0.63 | 1.55 | 2.02 | 0.63 | 7.99 | 15.38 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397657g38s62.jpg)

The inception date of the Fund was September 1, 2015. The first day of secondary market trading was September 3, 2015.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1006.40 | $0.91 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 39.7% |
|  AA+ | 22.6 |
|  AA | 15.6 |
|  AA- | 9.8 |
|  A+ | 1.9 |
|  A | — <sup>(b)</sup> |
|  A- | 0.1 |
|  BBB+ | 1.2 |
|  Not Rated | 10.5 |
|  Short-Term and Other Assets | (1.4) |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  New York | 15.6% |
|  California | 13.1 |
|  Ohio | 13.1 |
|  Texas | 6.7 |
|  Maryland | 6.5 |
|  Massachusetts | 6.5 |
|  Michigan | 4.2 |
|  Washington | 3.8 |
|  Pennsylvania | 3.6 |
|  Colorado | 3.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds. <sup></sup>

<sup>(b)</sup> Rounds to less than 0.1% 

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2023 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 Index<sup>TM</sup> (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (1.76)% | 1.28% | 1.57% | (1.76)% | 6.58% | 9.05% |
|  Fund Market | (1.77) | 1.27 | 1.57 | (1.77) | 6.52 | 9.03 |
|  Index | (1.49) | 1.49 | 1.71 | (1.49) | 7.69 | 9.86 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397657g00h42.jpg)

The inception date of the Fund was April 11, 2017. The first day of secondary market trading was April 13, 2017.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1002.20 | $0.91 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 30.6% |
|  AA+ | 21.1 |
|  AA | 16.4 |
|  AA- | 10.6 |
|  A+ | 5.9 |
|  A | 0.8 |
|  A- | 1 |
|  BBB+ | 2.6 |
|  BBB | 0.2 |
|  Not Rated | 9.2 |
|  Short-Term and Other Assets | 1.6 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 11.4% |
|  Texas | 10.1 |
|  New York | 9.3 |
|  Washington | 5.9 |
|  Virginia | 4.8 |
|  Maryland | 4.7 |
|  Florida | 3.5 |
|  Ohio | 3.5 |
|  Wisconsin | 2.9 |
|  Nevada | 2.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2024 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2023 and before December 2, 2024, as represented by the S&P AMT-Free Municipal Series Dec 2024 Index<sup>TM</sup> (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (4.20)% | 1.77% | (4.20)% | 8.46% |
|  Fund Market | (4.22) | 1.78 | (4.22) | 8.48 |
|  Index | (4.08) | 1.88 | (4.08) | 8.95 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397657g60x51.jpg)

The inception date of the Fund was March 20, 2018. The first day of secondary market trading was March 22, 2018.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $996.90 | $0.91 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 30.0% |
|  AA+ | 22.1 |
|  AA | 14.2 |
|  AA- | 10.2 |
|  A+ | 6.9 |
|  A | 0.7 |
|  A- | 0.6 |
|  BBB+ | 2.3 |
|  Not Rated | 11.4 |
|  Short-Term and Other Assets | 1.6 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 12.2% |
|  Texas | 11.8 |
|  New York | 8.7 |
|  Washington | 4.7 |
|  Maryland | 4.1 |
|  Virginia | 4.1 |
|  Ohio | 3.6 |
|  Massachusetts | 3.4 |
|  North Carolina | 2.8 |
|  Florida | 2.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2025 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024 and before December 2, 2025, as represented by the S&P AMT-Free Municipal Series Dec 2025 Index<sup>TM</sup> (the"Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (6.31)% | 2.01% | (6.31)% | 8.20% |
|  Fund Market | (6.60) | 1.94 | (6.60) | 7.93 |
|  Index | (6.18) | 1.89 | (6.18) | 7.71 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397657g84w83.jpg)

The inception date of the Fund was November 13, 2018. The first day of secondary market trading was November 15, 2018.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $990.60 | $0.90 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 33.5% |
|  AA+ | 19.3 |
|  AA | 15 |
|  AA- | 11.8 |
|  A+ | 6.1 |
|  A | 1 |
|  A- | 1 |
|  BBB+ | 2.3 |
|  Not Rated | 8.6 |
|  Short-Term and Other Assets | 1.4 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 13.3% |
|  Texas | 11.6 |
|  New York | 7.5 |
|  Washington | 5.0 |
|  Virginia | 4.7 |
|  Maryland | 4.1 |
|  Massachusetts | 3.2 |
|  Illinois | 3.1 |
|  Tennessee | 3.1 |
|  Florida | 2.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF** |

---

**Investment Objective** 

The iShares **iBonds Dec 2026 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2026, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index<sup>TM</sup> (the"Index").The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (7.55)% | 0.44% | (7.55)% | 1.58% |
|  Fund Market | (7.89) | 0.38 | (7.89) | 1.35 |
|  Index | (7.65) | 0.50 | (7.65) | 1.79 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397657g64l11.jpg)

The inception date of the Fund was April 2, 2019. The first day of secondary market trading was April 4, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $986.70 | $0.90 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 29.9% |
|  AA+ | 19.8 |
|  AA | 14.9 |
|  AA- | 14.1 |
|  A+ | 6.3 |
|  A | 1 |
|  A- | 0.7 |
|  BBB+ | 2.7 |
|  Not Rated | 9.1 |
|  Short-Term and Other Assets | 1.5 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 13.3% |
|  Texas | 11.0 |
|  New York | 9.2 |
|  Washington | 5.0 |
|  Virginia | 4.7 |
|  Maryland | 4.3 |
|  Massachusetts | 3.6 |
|  Florida | 3.0 |
|  Tennessee | 2.8 |
|  Ohio | 2.6 |

---

\* Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2027 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index<sup>TM</sup> (the"Index").The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (8.60)% | 0.32% | (8.60)% | 1.13% |
|  Fund Market | (8.68) | 0.35 | (8.68) | 1.27 |
|  Index | (9.00) | 0.33 | (9.00) | 1.17 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397657g71i53.jpg)

The inception date of the Fund was April 9, 2019. The first day of secondary market trading was April 11, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $984.30 | $0.90 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 26.6% |
|  AA+ | 22.6 |
|  AA | 14.6 |
|  AA- | 13.5 |
|  A+ | 4.2 |
|  A | 0.7 |
|  A- | 0.8 |
|  BBB+ | 3.1 |
|  Not Rated | 12.1 |
|  Short-Term and Other Assets | 1.8 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 13.3% |
|  New York | 11.7 |
|  Texas | 8.3 |
|  Washington | 5.4 |
|  Maryland | 5.0 |
|  Illinois | 3.7 |
|  Virginia | 3.4 |
|  Ohio | 3.0 |
|  Massachusetts | 2.9 |
|  Tennessee | 2.7 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2028 Term Muni Bond ETF (the "Fund")** seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2028, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index<sup>TM</sup> (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (9.82)% | 0.20% | (9.82)% | 0.72% |
|  Fund Market | (9.94) | 0.20 | (9.94) | 0.72 |
|  Index | (10.22) | 0.10 | (10.22) | 0.35 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397657g78o28.jpg)

The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $980.50 | $0.90 | $1000.00 | $1024.30 | $0.92 | 0.18% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 17

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *S&P Credit Rating\** | *Percent of<br>Net Assets <br><sup>(a)</sup>* |
|  AAA | 29.1% |
|  AA+ | 19.2 |
|  AA | 13.9 |
|  AA- | 12.6 |
|  A+ | 4.4 |
|  A | 1.3 |
|  A- | 0.5 |
|  BBB+ | 2.4 |
|  Not Rated | 15.2 |
|  Short-Term and Other Assets | 1.4 |

---

**TEN LARGEST STATES** 

---

| | |
|:---|:---|
| State<sup>(a)</sup> | Percent of<br>Net Assets |
|  California | 12.4% |
|  New York | 11.4 |
|  Texas | 11.2 |
|  Maryland | 5.9 |
|  Washington | 5.2 |
|  Virginia | 5.0 |
|  Florida | 3.7 |
|  Ohio | 3.3 |
|  Illinois | 2.5 |
|  Tennessee | 2.5 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 19

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
|  **Alabama — 0.5%** |  |  |
|  Alabama Public School and College Authority RB, Series A, 5.00%, 11/01/22 | $1610 | $1610000 |
|  City of Huntsville AL GOL, Series C, 5.00%, 11/01/22 | 170 | 170000 |
|  City of Huntsville AL Water Revenue RB, 5.00%, 11/01/22 | 180 | 180000 |
|  |  | 1960000 |
| **Arizona — 0.1%** |  |  |
|  Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 12/01/22 | 200 | 200302 |
|  **Arkansas — 0.0%** |  |  |
|  University of Arkansas RB, Series A, 5.00%, 11/01/22 | 135 | 135000 |
|  **California — 13.1%** |  |  |
|  Bay Area Toll Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.80%, 04/01/53 (Put 11/07/22)<sup>(a)</sup>  | 3100 | 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.83%, 04/01/47 (Put 11/07/22)<sup>(a)</sup>  | 3800 | 3800000 |
|  California Educational Facilities Authority RB, VRDN, 1.85%, 10/01/36 (Put 11/07/22)<sup>(a)</sup>  | 1500 | 1500000 |
|  California Health Facilities Financing Authority RB, Series C, VRDN, 5.00%, 08/01/31 Put<sup>(a)</sup>  | 355 | 355000 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 | 135 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 11/01/22 | 95 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/22 | 860 | 861261 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/29 (PR 11/01/22) | 1750 | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 1005 | 1005000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 11/01/22 | 200 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 1710 | 1710000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 (AGM) | 30 | 30000 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/22 | 50 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 295 | 295000 |
|  Las Virgenes Unified School District GO, 0.00%, 11/01/22 (AGM)<sup>(b)</sup> | 55 | 55000 |
|  Los Angeles County Public Works Financing Authority RB, Series D, 5.00%, 12/01/22 | 50 | 50079 |
|  Los Angeles County Redevelopment Refunding Authority TA, Series C, 5.00%, 12/01/22 | 25 | 25038 |
|  Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/22 | 185 | 185000 |
|  Orange County Water District COP, Series A, VRDN, 1.82%, 08/01/42 (Put 11/07/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450000 |
|  Sacramento County Sanitation Districts Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 325 | 325490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/22 (NPFGC) | 145 | 145247 |
|  San Diego County Regional Transportation Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.85%, 04/01/38 (Put 11/07/22)<sup>(a)</sup>  | 5100 | 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, VRDN, 1.82%, 04/01/38<br>(Put 11/07/22)<sup>(a)</sup>  | 4000 | 4000000 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB, VRDN, 1.90%, 05/01/58 (Put 11/07/22)<sup>(a)</sup>  | 4585 | 4585000 |
|  San Rafael Redevelopment Agency TA, 0.00%, 12/01/22 (AMBAC)<sup>(b)</sup>  | 75 | 74792 |
|  Santa Clara County Financing Authority RB, Series A, 5.00%, 11/15/22 | 515 | 515347 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AM, 5.00%, 12/01/22 | $430 | $430701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AR, 5.00%, 12/01/22 | 65 | 65106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AS, 5.00%, 12/01/22 | 75 | 75122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/22 | 505 | 505824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/01/22 | 1100 | 1101794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/01/22 | 215 | 215351 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/22 | 5450 | 5450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 645 | 645482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 410 | 410000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 2495 | 2498844 |
|  University of California RB, Series AL-2, VRDN, 1.24%, 05/15/48 Put<sup>(a)</sup>  | 2000 | 2000000 |
|  |  | 53795478 |
|  **Colorado — 3.6%** |  |  |
|  Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/22 (SAW) | 1550 | 1552248 |
|  City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/22 | 325 | 325213 |
|  City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/22 | 190 | 190125 |
|  City of Colorado Springs Co. Utilities System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.19%, 11/01/37 (Put 11/07/22)<sup>(a)</sup>  | 7650 | 7650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.19%, 11/01/41 (Put 11/07/22)<sup>(a)</sup>  | 2145 | 2145000 |
|  Denver City & County School District No. 1 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 (SAW) | 100 | 100075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/22 (SAW) | 275 | 275208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW) | 1100 | 1100750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 (PR 12/01/22) (SAW) | 225 | 225337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/26 (PR 12/01/22) (SAW) | 480 | 480720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW) | 465 | 465697 |
|  Summit County School District No. Re-1 Summit GO, 5.00%, 12/01/22 (SAW) | 75 | 75113 |
|  |  | 14585486 |
| **Connecticut — 2.7%** |  |  |
|  Connecticut State Health & Educational Facilities Authority, VRDN, 2.00%, 07/01/42 (Put 11/07/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/22 | 150 | 150101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.00%, 11/15/22 | 675 | 675215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/22 | 130 | 130088 |
|  |  | 10955404 |
| **Delaware — 0.9%** |  |  |
|  University of Delaware RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 105 | 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, VRDN, 1.62%, 11/01/37 (Put 11/01/22)<sup>(a)</sup>  | 3700 | 3700000 |
|  |  | 3805000 |
| **District of Columbia — 1.0%** |  |  |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/22 | 195 | 195139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 1415 | 1417134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 12/01/22 | 150 | 150107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/22 | 2350 | 2353543 |
|  |  | 4115923 |
| **Florida — 0.1%** |  |  |
|  County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/22 | 160 | 160000 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  County of Palm Beach FL RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | $45 | $45000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 50 | 50000 |
|  School Board of Miami-Dade County (The) COP, Series D, 5.00%, 11/01/22 | 160 | 160000 |
|  |  | 415000 |
| **Georgia — 1.0%** |  |  |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 950 | 950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 150 | 150000 |
|  Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/22 | 135 | 135000 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/22 | 1985 | 1988156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise H, 5.00%, 12/01/22 | 650 | 651033 |
|  |  | 3874189 |
| **Hawaii — 1.7%** |  |  |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 (ETM) | 25 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/25 (PR 11/01/22) | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/33 (PR 11/01/22) | 1175 | 1175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 225 | 225000 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 4.00%, 11/01/22 (ETM) | 35 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.00%, 11/01/23 (PR 11/01/22) | 580 | 580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.00%, 11/01/27 (PR 11/01/22) | 115 | 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EF, 5.00%, 11/01/22 | 320 | 320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EF, 5.00%, 11/01/24 (PR 11/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 |
|  |  | 6905000 |
| **Illinois — 1.2%** |  |  |
|  Illinois State Toll Highway Authority RB, Series A, 5.00%, 12/01/22 | 3645 | 3650345 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 500 | 500424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/22 | 800 | 800000 |
|  |  | 4950769 |
| **Indiana — 0.1%** |  |  |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 210 | 210287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 12/01/22 | 245 | 245365 |
|  Indiana Transportation Finance Authority RB, Series B, 5.75%, 12/01/22 | 115 | 115244 |
|  |  | 570896 |
| **Kentucky — 0.0%** |  |  |
|  Kentucky State Property & Building Commission RB, Series B, 5.00%, 11/01/22 | 100 | 100000 |
|  **Louisiana — 0.0%** |  |  |
|  Louisiana Office Facilities Corp. RB, 5.00%, 11/01/22 | 110 | 110000 |
|  **Maine — 0.2%** |  |  |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 100 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 85 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 | 320 | 320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/22 | 160 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/22 (ETM) | 10 | 10000 |
|  |  | 675000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Maryland — 6.5%** |  |  |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | $15000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 110 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 250 | 250377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 120 | 120181 |
|  Maryland Health & Higher Educational Facilities Authority RB, VRDN, 2.22%, 07/01/36 (Put 11/07/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10200 | 10200000 |
|  Washington Suburban Sanitary Commission RB, VRDN, 2.19%, 06/01/23 (Put 11/07/22)<br>(GTD)<sup>(a)</sup>  | 1000 | 1000000 |
|  |  | 26680558 |
| **Massachusetts — 6.5%** |  |  |
|  Boston Water & Sewer Commission RB, Series A, 4.25%, 11/01/22 | 440 | 440000 |
|  City of Boston MA GO, Series A, 5.00%, 11/01/22 | 750 | 750000 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 12/01/22 (AMBAC) | 485 | 485923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/22 | 510 | 510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/01/23 (PR 11/01/22) | 570 | 570000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/01/25 (PR 11/01/22) | 150 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/01/26 (PR 11/01/22) | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/22 | 1215 | 1216832 |
|  Massachusetts Health & Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-1, VRDN, 2.10%, 07/01/31<br>(Put 11/07/22)<sup>(a)</sup>  | 8175 | 8175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-2, VRDN, 2.12%, 07/01/31<br>(Put 11/07/22)<sup>(a)</sup>  | 4000 | 4000000 |
|  Massachusetts Water Resources Authority, VRDN, 2.23%, 08/01/37 (Put 11/07/22)<sup>(a)</sup>  | 2520 | 2520000 |
|  University of Massachusetts Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/22 | 50 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/39 (PR 11/01/22) | 6900 | 6900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/22 | 405 | 405000 |
|  |  | 26672755 |
| **Michigan — 4.2%** |  |  |
|  Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/22 | 250 | 250000 |
|  State of Michigan GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 470 | 470708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 710 | 710000 |
|  State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/22 | 2970 | 2971971 |
|  University of Michigan RB, VRDN, 2.19%, 04/01/36 (Put 11/07/22)<sup>(a)</sup>  | 12940 | 12940000 |
|  |  | 17342679 |
| **Minnesota — 1.8%** |  |  |
|  City of Minneapolis MN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 510 | 510364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 190 | 190286 |
|  County of Hennepin MN, 5.00%, 12/01/22 | 3500 | 3505852 |
|  County of Hennepin MN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 395 | 395661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 140 | 140234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 105 | 105176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/22 | 100 | 100167 |
|  University of Minnesota RB, 5.00%, 12/01/22 | 2570 | 2573832 |
|  |  | 7521572 |
| **Mississippi — 1.0%** |  |  |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 (PR 11/01/22) | 3600 | 3600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.00%, 11/01/22 | 260 | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/22 | 300 | 300452 |
|  |  | 4160452 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Missouri — 2.7%** |  |  |
|  Curators of the University of Missouri (The) RB, VRDN, 2.20%, 11/01/31 (Put 11/07/22)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;10525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525000 |
|  Health & Educational Facilities Authority of the State of Missouri RB, Series A, 5.00%, 11/15/22 | 75 | 75037 |
|  University of Missouri RB, Series A, 5.00%, 11/01/22 | 405 | 405000 |
|  |  | 11005037 |
| **Nebraska — 0.3%** |  |  |
|  City of Omaha NE GO, Series B, 5.00%, 11/15/22 | 695 | 695456 |
|  City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/22 | 115 | 115077 |
|  Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/22 | 360 | 360540 |
|  |  | 1171073 |
| **Nevada — 1.5%** |  |  |
|  County of Clark Department of Aviation RB, VRDN, 2.37%, 07/01/40 (Put 11/07/22)<sup>(a)</sup>  | 3725 | 3725000 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 395 | 395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 400 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 450 | 450000 |
|  County of Clark NV RB, 5.00%, 11/01/22 | 315 | 315000 |
|  State of Nevada GOL, Series B, 5.00%, 11/01/22 | 80 | 80000 |
|  State of Nevada Highway Improvement Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 550 | 550393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 120 | 120181 |
|  |  | 6035574 |
| **New Hampshire — 0.0%** |  |  |
|  State of New Hampshire GO, 5.00%, 12/01/22 | 170 | 170258 |
|  **New Jersey — 0.4%** |  |  |
|  Monmouth County Improvement Authority (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 (GTD) | 125 | 125090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 (GTD) | 775 | 776168 |
|  New Jersey Economic Development Authority RB, Series B, 5.00%, 11/01/22 | 905 | 905000 |
|  |  | 1806258 |
| **New York — 15.6%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.20%, 03/01/39 (Put 11/07/22)<sup>(a)</sup>  | 8100 | 8100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 12/01/22 | 660 | 660995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F6, VRDN, 1.59%, 06/01/44 (Put 11/01/22)<sup>(a)</sup>  | 500 | 500000 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/22 | 110 | 110071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 11/15/22 | 230 | 230134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/15/22 | 300 | 300175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/22 | 700 | 700409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 11/15/22 (AMBAC) | 35 | 35027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/22 | 595 | 595348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/22 | 290 | 290169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/22 (ETM) | 20 | 20013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/22 | 45 | 45026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 11/01/22 | 680 | 680000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/15/22 | 125 | 125073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/22 | 515 | 515301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.00%, 11/15/22 | 115 | 115026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.00%, 11/15/22 (ETM) | 40 | 40013 |
|  Nassau County Interim Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/22 | 5 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/22 (ETM) | 120 | 120033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  New York City Municipal Water Finance Authority, VRDN, 2.20%, 06/15/35 (Put 11/07/22)<sup>(a)</sup>  | $5000 | $5000000 |
|  New York City Municipal Water Finance Authority RB, VRDN, 2.20%, 06/15/51 (Put 11/07/22)<sup>(a)</sup>  | 7355 | 7355000 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/22 | 115 | 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 1155 | 1155000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.60%, 11/01/42 (Put 11/01/22)<sup>(a)</sup>  | 8100 | 8100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 11/01/22 | 440 | 440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 385 | 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/01/22 | 110 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 | 1565 | 1565000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/22 | 205 | 205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-6, VRDN, 1.60%, 05/01/34<br>(Put 11/01/22)<sup>(a)</sup>  | 2800 | 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise C-1, 4.00%, 11/01/22 | 100 | 100000 |
|  New York Convention Center Development Corp. RB, 5.00%, 11/15/22 | 205 | 205127 |
|  New York Municipal Bond Bank Agency RB, 5.00%, 12/01/22 (SAW) | 65 | 65098 |
|  New York Power Authority RB, Series A, 5.00%, 11/15/22 | 25 | 25017 |
|  New York State Dormitory Authority RB, VRDN, 2.05%, 09/01/39 (Put 11/07/22)<sup>(a)</sup>  | 8925 | 8925000 |
|  New York State Environmental Facilities Corp. RB, Series B, 4.00%, 11/15/22 | 80 | 80027 |
|  New York State Urban Development Corp., VRDN, 2.22%, 03/15/33 (Put 11/07/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | 12000000 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 100 | 100065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 179, 5.00%, 12/01/22 | 275 | 275397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 205, 5.00%, 11/15/22 | 200 | 200129 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/22 | 200 | 200064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/22 | 460 | 460269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/22 | 765 | 765516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/15/22 | 235 | 235158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64054682 |
| **North Carolina — 0.5%** |  |  |
|  City of Charlotte NC GO, 5.00%, 12/01/22 | 270 | 270407 |
|  County of Forsyth NC GO, 5.00%, 12/01/22 | 275 | 275403 |
|  County of Mecklenburg NC, 5.00%, 12/01/22 | 1000 | 1001549 |
|  County of Mecklenburg NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/22 | 100 | 100175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 120 | 120186 |
|  County of Wake NC RB, Series A, 5.00%, 12/01/22 | 330 | 330497 |
|  |  | 2098217 |
| **Ohio — 13.1%** |  |  |
|  City of Cincinnati OH GO, Series A, 4.00%, 12/01/22 | 50 | 50036 |
|  City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/22 | 90 | 90140 |
|  City of Columbus OH Sewerage Revenue RB, VRDN, 2.16%, 06/01/32 (Put 11/07/22)<sup>(a)</sup>  | 10000 | 10000000 |
|  County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/22 | 1995 | 1997942 |
|  Ohio Higher Educational Facility Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 115 | 115168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 60 | 60086 |
|  Ohio State University (The), VRDN, 2.15%, 12/01/44 (Put 11/07/22)<sup>(a)</sup>  | 5600 | 5600000 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Ohio (continued)** |  |  |
|  Ohio State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | $315 | $315477 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.15%, 12/01/39 (Put 11/07/22)<sup>(a)</sup>  | 2375 | 2375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/22 | 1065 | 1066614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 12/01/22 | 625 | 625947 |
|  Ohio University RB, 5.00%, 12/01/43 (PR 12/01/22) | 2425 | 2428636 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 175 | 175264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/22 | 175 | 175333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 120 | 120181 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;12820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12839327 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.20%, 12/01/36 (Put 11/07/22)<sup>(a)</sup>  | 11700 | 11700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, 5.00%, 12/01/22 | 230 | 230347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 90 | 90136 |
|  State of Ohio, VRDN, 2.24%, 03/15/24 (Put 11/07/22)<sup>(a)</sup>  | 2590 | 2590000 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/01/22 | 100 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 | 100 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T, 5.00%, 11/01/22 | 160 | 160000 |
|  State of Ohio RB, Series A, 5.00%, 12/01/22 | 500 | 500713 |
|  |  | 53506347 |
| **Oregon — 0.2%** |  |  |
|  Clackamas County Service District No. 1 RB, 5.00%, 12/01/22 | 75 | 75113 |
|  State of Oregon Department of Transportation RB, Series A, 5.00%, 11/15/22 | 635 | 635435 |
|  State of Oregon GO, 4.00%, 11/01/22 | 175 | 175000 |
|  |  | 885548 |
| **Pennsylvania — 3.6%** |  |  |
|  Pennsylvania Higher Educational Facilities Authority RB, Series A, 4.00%, 12/01/22 | 110 | 110070 |
|  Pennsylvania Turnpike Commission, VRDN, 2.40%, 12/01/39 (Put 11/07/22)<sup>(a)</sup>  | 10300 | 10300000 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 1800 | 1802477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/37 (PR 12/01/22) | 2000 | 2002999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/22 | 415 | 415571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 120 | 120165 |
|  |  | 14751282 |
| **Rhode Island — 0.5%** |  |  |
|  Rhode Island Health & Educational Building Corp., VRDN, 2.22%, 05/01/35<br>(Put 11/07/22)<sup>(a)</sup>  | 2035 | 2035000 |
|  **South Carolina — 2.4%** |  |  |
|  Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/22 | 300 | 300445 |
|  County of Charleston SC GO, 5.00%, 11/01/22 | 2200 | 2200000 |
|  Greenville County School District RB, 5.00%, 12/01/22 | 180 | 180271 |
|  SCAGO Educational Facilities Corp. for Pickens School District RB, 5.00%, 12/01/22 | 70 | 70088 |
|  South Carolina Jobs-Economic Development Authority RB, 5.00%, 11/01/29 (PR 11/01/22) | 7000 | 7000000 |
|  South Carolina Public Service Authority RB, Series A, 5.00%, 12/01/22 | 195 | 195230 |
|  |  | 9946034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Tennessee — 0.5%** |  |  |
|  City of Memphis TN Electric System Revenue, 5.00%, 12/01/22 | $100 | $100146 |
|  City of Memphis TN Electric System Revenue RB, 4.00%, 12/01/22 | 135 | 135090 |
|  City of Memphis TN GO, 5.00%, 12/01/22 | 1000 | 1001458 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 175 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 360 | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 165 | 165000 |
|  |  | 1936694 |
| **Texas — 6.7%** |  |  |
|  Board of Regents of the University of Texas System RB, VRDN, 2.15%, 08/01/25 (Put 11/07/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
|  City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/22 | 715 | 715429 |
|  City of Austin TX Water & Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/22 | 270 | 270176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/22 | 725 | 725497 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/22 | 370 | 370241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/22 | 125 | 125082 |
|  Dallas Area Rapid Transit RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 460 | 460690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/22 | 150 | 150106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/22 | 1420 | 1422129 |
|  Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 60 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 (ETM) | 95 | 95000 |
|  Dallas/Fort Worth International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/22 | 360 | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/01/22 | 295 | 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 11/01/22 | 25 | 25000 |
|  Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 11/15/22 | 25 | 25014 |
|  Metropolitan Transit Authority of Harris County RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 120 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/22 | 120 | 120000 |
|  State of Texas GO, VRDN, 2.24%, 04/01/36 (Put 11/07/22)<sup>(a)</sup>  | 10000 | 10000000 |
|  Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/22 | 45 | 45057 |
|  |  | 27384421 |
| **Utah — 0.1%** |  |  |
|  County of Utah UT Transportation Sales Tax Revenue RB, 5.00%, 12/01/22 | 220 | 220328 |
|  **Vermont — 0.1%** |  |  |
|  Vermont Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 12/01/22 | 325 | 325477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5, 5.00%, 12/01/22 | 60 | 60088 |
|  |  | 385565 |
| **Virginia — 1.6%** |  |  |
|  City of Norfolk VA Water Revenue RB, 5.00%, 11/01/22 | 2000 | 2000000 |
|  County of Loudoun VA GO, Series A, 5.00%, 12/01/22 (SAW) | 75 | 75119 |
|  Virginia Beach Development Authority RB, Series B, 5.00%, 12/01/22 | 45 | 45067 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/41 (PR 11/01/22) | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 620 | 620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 (ETM) | 50 | 50000 |

---

S C H E D U L E O F I N V E S T M E N T S 23

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise S, 5.00%, 11/01/22 | 165 | 165000 |
|  |  | 6360186 |
| **Washington — 3.8%** |  |  |
|  Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/22 | 170 | 170000 |
|  City of Seattle WA GOL, Series A, 5.00%, 12/01/22 | 100 | 100151 |
|  City of Vancouver WA GOL, Series B, 5.00%, 12/01/22 | 330 | 330498 |
|  Clark County School District No. 119 Battleground GO, 4.00%, 12/01/22 (GTD) | 155 | 155113 |
|  County of King WA GO, 5.00%, 12/01/22 | 600 | 600905 |
|  County of King WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 20 | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/22 | 210 | 210317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/22 | 1235 | 1236862 |
|  County of Snohomish WA, 5.00%, 12/01/22 | 3300 | 3304975 |
|  County of Snohomish WA GOL, 5.00%, 12/01/22 | 140 | 140211 |
|  County of Spokane WA, 5.00%, 12/01/22 | 1025 | 1026562 |
|  King & Snohomish Counties School District No. 417 Northshore GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 225 | 225330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 (GTD) | 565 | 565829 |
|  King County Rural Library District GO, 4.00%, 12/01/22 | 355 | 355245 |
|  King County School District No 405 Bellevue GO, 5.00%, 12/01/22 | 100 | 100153 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/22 (GTD) | 455 | 455697 |
|  King County School District No. 409 Tahoma GO, 5.00%, 12/01/22 (GTD) | 220 | 220324 |
|  King County School District No. 414 Lake Washington GO, 5.00%, 12/01/22 (GTD) | 1145 | 1146717 |
|  North Thurston Public Schools, 4.00%, 12/01/22 | 1000 | 1000714 |
|  Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/22 (GTD) | 845 | 846239 |
|  Port of Seattle WA RB, 5.00%, 12/01/22 | 1125 | 1126511 |
|  Port of Tacoma WA RB, Series A, 5.00%, 12/01/22 | 135 | 135192 |
|  Snohomish County Public Utility District No. 1 Electric System Revenue, 5.00%, 12/01/22 | 190 | 190286 |
|  Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/22 (GTD) | 230 | 230337 |
|  Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/22 (GTD) | 250 | 250369 |
|  State of Washington GO, Series F, 0.00%, 12/01/22 (NPFGC)<sup>(b)</sup> | 65 | 64828 |
|  University of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/22 | 75 | 75112 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/22 | $| 720 | $721074 |
|  Washington Health Care Facilities Authority RB, Series A, 5.00%, 11/15/22 |  | 125 | 125075 |
|  Yakima County School District No. 7 Yakima GO, 5.00%, 12/01/22 (GTD) |  | 200 | 200293 |
|  Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/22 (GTD) |  | 130 | 130187 |
|  |  |  | 15461120 |
| **West Virginia — 1.0%** |  |  |  |
|  State of West Virginia, 5.00%, 12/01/22 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | 3616036 |
|  State of West Virginia GO, Series A, 5.00%, 11/01/22 |  | 575 | 575000 |
|  |  |  | 4191036 |
| **Wisconsin — 0.6%** |  |  |  |
|  State of Wisconsin GO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 |  | 205 | 205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/22 |  | 125 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 4.00%, 11/01/22 |  | 140 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/22 |  | 955 | 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 4.00%, 11/01/22 |  | 125 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 5.00%, 11/01/22 |  | 685 | 685000 |
|  Wisconsin Health & Educational Facilities Authority RB, Series E, 4.00%, 11/15/22 |  | 125 | 125032 |
|  |  |  | 2360032 |
|  **Total Long-Term Investments — 101.4% (Cost: $415,406,346)** |  |  | 415296155 |
| **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 1.2%** |  |  |  |
|  BlackRock Liquidity Funds: MuniCash,<br>1.83%<sup>(c)(d)</sup>  |  | 4842 | 4841340 |
|  **Total Short-Term Securities — 1.2%<br>(Cost: $4,841,340)** |  |  | 4841340 |
|  **Total Investments — 102.6%<br>(Cost: $420,247,686)** |  |  | 420137495 |
|  **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | (10626221) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;409511274 |

---

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $346035 | $4490415 <sup>(a)</sup> | $– $| 4908 | $(18) | $4841340 | 4842 | $63710 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Muni Bond ETF** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $415296155 | $— | $415296155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4841340 |  |  | 4841340 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;4841340 | $415296155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $420137495 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
|  **Alabama — 1.0%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | $300 | $304199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 325 | 329816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/23 | 540 | 548003 |
|  Alabama Public School & College Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/23 | 100 | 101054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 06/01/23 | 335 | 334567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 505 | 507285 |
|  Alabama Public School and College Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 170 | 172978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 290 | 290872 |
|  City of Huntsville AL GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/23 | 130 | 131170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/23 | 115 | 116035 |
|  State of Alabama GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 255 | 258519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 400 | 407245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 170 | 172346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 | 290 | 295253 |
|  University of Alabama (The) RB, Series B, 5.00%, 07/01/23 | 255 | 258046 |
|  University of Alabama at Birmingham RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 700 | 710198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 135 | 136967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074553 |
| **Alaska — 0.1%** |  |  |
|  Municipality of Anchorage AK GO, Series D, 5.00%, 09/01/23 | 165 | 167309 |
|  State of Alaska GO, Series B, 5.00%, 08/01/23 | 100 | 101358 |
|  |  | 268667 |
| **Arizona — 2.8%** |  |  |
|  Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/23 | 460 | 465616 |
|  Arizona Health Facilities Authority RB, Series A, 5.00%, 01/01/23 | 35 | 35099 |
|  Arizona School Facilities Board COP, Series A, 5.00%, 09/01/23 | 365 | 370409 |
|  Arizona State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 150 | 151970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 220 | 222613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/23 | 295 | 298504 |
|  Arizona Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2105 | 2130702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 100 | 101221 |
|  Arizona Water Infrastructure Finance Authority RB, Series A, 5.00%, 10/01/23 | 170 | 172784 |
|  City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/23 | 35 | 35416 |
|  City of Phoenix AZ GO, 5.00%, 07/01/23 | 120 | 121449 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 735 | 743707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/23 (NPFGC) | 85 | 86298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 575 | 581832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 640 | 647651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/23 | 505 | 510666 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeriesB, 5.00%, 07/01/23 | 140 | 141682 |
|  City of Scottsdale AZ GO, 5.00%, 07/01/23 | 120 | 121433 |
|  City of Tucson AZ Water System Revenue RB, Series A, 5.00%, 07/01/23 | 420 | 424962 |
|  County of Pima AZ GOL, 4.00%, 07/01/23 | 310 | 311705 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Arizona (continued)** |  |  |
|  County of Pima Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | $405 | $409865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 (ETM) | 175 | 176871 |
|  Maricopa County Community College District GO, 5.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2200 | 2225990 |
|  Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/23 | 75 | 75906 |
|  Maricopa County Unified School District No. 80 Chandler GOL, 4.50%, 07/01/23 | 40 | 40342 |
|  Maricopa County Union High School District No. 210-Phoenix GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 330 | 333986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 175 | 177114 |
|  Phoenix AZ, 4.00%, 07/01/23 | 685 | 688744 |
|  Regional Public Transportation Authority RB, 5.25%, 07/01/23 | 135 | 136814 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | 365 | 366116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 | 610 | 611865 |
|  State of Arizona |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 75 | 76056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 (ETM) | 185 | 187589 |
|  University of Arizona (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 215 | 217290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 55 | 55722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455989 |
| **Arkansas — 0.3%** |  |  |
|  State of Arkansas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/23 | 80 | 80514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 315 | 317428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 925 | 940151 |
|  University of Arkansas RB, Series A, 5.00%, 11/01/23 | 105 | 106859 |
|  |  | 1444952 |
| **California — 11.4%** |  |  |
|  Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/23 (AGM)<sup>(a)</sup>  | 50 | 48724 |
|  Anaheim Housing & Public Improvements Authority RB, Series A, 5.00%, 10/01/23 | 175 | 177946 |
|  Bay Area Toll Authority, 5.00%, 04/01/28 (PR 04/01/23) | 250 | 252041 |
|  Bay Area Toll Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 100 | 100754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4, 5.00%, 04/01/43 (PR 04/01/23) | 100 | 100816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4, 5.25%, 04/01/53 (PR 04/01/23) | 135 | 136240 |
|  Benicia Unified School District GO, Series B, 0.00%, 08/01/23 (NPFGC)<sup>(a)</sup>  | 80 | 77929 |
|  California Educational Facilities Authority RB, Series T-5, 5.00%, 03/15/23 | 590 | 594057 |
|  California Health Facilities Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 25 | 25462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/23 | 70 | 70122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 15 | 15287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 110 | 111784 |
|  California Infrastructure & Economic Development Bank RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 185 | 188131 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 200 | 202915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 170 | 171017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 175 | 177550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/23 (ETM NPFGC) | 15 | 15187 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | $665 | $675591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 | 65 | 66126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/23 | 600 | 608744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/01/23 | 940 | 948459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 09/01/23 | 255 | 258716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 09/01/23 | 20 | 20291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 06/01/23 | 195 | 197032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/23 | 125 | 127335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 11/01/23 | 545 | 554441 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 170 | 173180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 (AGM) | 120 | 122245 |
|  Chabot-Las Positas Community College District GO, 4.00%, 08/01/23 | 210 | 211392 |
|  City of Los Angeles CA GO, 5.00%, 09/01/23 | 350 | 355245 |
|  City of Los Angeles CA Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/23 | 100 | 100501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 125 | 126339 |
|  City of Los Angeles Department of Airports, 5.00%, 05/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2019648 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 745 | 758567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 100 | 101821 |
|  Coast Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (PR 08/01/23) | 1200 | 1216828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 100 | 101336 |
|  Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/23 | 320 | 322053 |
|  Contra Costa Water District RB, Series T, 5.00%, 10/01/23 | 230 | 233746 |
|  East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/23 | 185 | 186982 |
|  Eastern Municipal Water District RB, Series A, 5.00%, 07/01/23 | 50 | 50607 |
|  Escondido Union High School District GO, Series A, 0.00%, 08/01/23 (AGC)<sup>(a)</sup>  | 150 | 146117 |
|  Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/23 (NPFGC)<sup>(a)</sup>  | 195 | 188804 |
|  Foothill-De Anza Community College District GO, 5.00%, 08/01/23 | 140 | 141880 |
|  Grossmont Union High School District GO, 4.00%, 08/01/23 | 125 | 125865 |
|  Huntington Beach Union High School District GO, 5.00%, 08/01/23 | 135 | 136883 |
|  Irvine Ranch Water District SA, 5.00%, 02/01/23 | 30 | 30132 |
|  Laguna Beach Unified School District GO, 4.00%, 08/01/23 | 155 | 155970 |
|  Las Virgenes Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 11/01/23 (NPFGC)<sup>(a)</sup>  | 50 | 48266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 09/01/23 (NPFGC)<sup>(a)</sup>  | 105 | 101974 |
|  Long Beach Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 115 | 116604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 05/01/23 (NPFGC)<sup>(a)</sup>  | 165 | 162296 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 450 | 456578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 535 | 542821 |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 125 | 126567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 585 | 591467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 1470 | 1488433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/23 | 185 | 187320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/23 | $410 | $416715 |
|  Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/23 | 135 | 136702 |
|  Los Angeles Department of Water & Power System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 250 | 253151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 445 | 450669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/23 | 150 | 150914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 165 | 167080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 07/01/23 | 205 | 206249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 07/01/23 | 165 | 167080 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/23 | 595 | 598820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 07/01/23 | 1000 | 1012937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/23 | 185 | 187393 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 995 | 1007280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 150 | 151851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/23 | 75 | 76142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | 2532507 |
|  Modesto Irrigation District RB, 5.00%, 10/01/23 | 220 | 223364 |
|  Mount Diablo Unified School District/CA GO, Series F, 5.00%, 08/01/23 | 20 | 20272 |
|  Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/23 | 475 | 483651 |
|  Newport Mesa Unified School District GO, Series 2007, 0.00%, 08/01/23 (NPFGC)<sup>(a)</sup>  | 50 | 48763 |
|  Northern California Power Agency RB, 5.00%, 08/01/23 | 75 | 76018 |
|  Orange County Water District RB, 5.00%, 08/15/23 | 375 | 380572 |
|  Palomar Community College District GO, Series B, 0.00%, 08/01/23<sup>(a)</sup>  | 200 | 194838 |
|  Rancho Santiago Community College District GO, 4.00%, 09/01/23 | 50 | 50343 |
|  Riverside County Transportation Commission RB, Series A, 5.00%, 06/01/23 | 1010 | 1020817 |
|  Sacramento Municipal Utility District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | 250 | 253735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/15/23 | 125 | 126867 |
|  San Diego Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/23<sup>(a)</sup>  | 35 | 34139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 125 | 126697 |
|  San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/23 | 75 | 75594 |
|  San Diego County Water Authority RB, 5.00%, 05/01/23 | 100 | 100949 |
|  San Diego Public Facilities Financing Authority RB, 5.00%, 10/15/23 | 65 | 66078 |
|  San Diego Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 335 | 339312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/23 (NPFGC)<sup>(a)</sup>  | 150 | 146784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H-2, 3.00%, 07/01/23 | 200 | 199957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H-2, 5.00%, 07/01/23 | 350 | 354505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-2, 5.00%, 07/01/23 | 135 | 136737 |
|  San Diego Unified School District/CA RB, Series N-2, 5.00%, 07/01/23 | 225 | 227896 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/23 | 135 | 136255 |

---

S C H E D U L E O F I N V E S T M E N T S 27

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  San Jose Evergreen Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | $180 | $182697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 285 | 289271 |
|  San Jose Financing Authority RB, Series A, 5.00%, 06/01/23 | 25 | 25269 |
|  San Mateo County Community College District GO, Series A, 0.00%, 09/01/23 (NPFGC)<sup>(a)</sup>  | 160 | 155859 |
|  San Mateo Joint Powers Financing Authority RB, Series A, 5.00%, 07/15/23 | 180 | 182243 |
|  San Mateo Union High School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/23 | 140 | 140960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 125 | 126873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 09/01/23 (NPFGC)<sup>(a)</sup>  | 160 | 155350 |
|  San Ramon Valley Unified School District/CA GO, 5.00%, 08/01/23 | 500 | 506789 |
|  Santa Clara County Financing Authority RB, Series Q, 5.00%, 05/15/23 | 105 | 106043 |
|  Santa Clara Unified School District GO, 5.00%, 07/01/23 | 850 | 860603 |
|  Santa Monica Community College District GO, Series A, 5.00%, 08/01/23 | 290 | 294153 |
|  Santa Monica-Malibu Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/23 (NPFGC)<sup>(a)</sup>  | 100 | 97412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/23 | 200 | 201370 |
|  Southern California Public Power Authority RB, Series A, 5.00%, 07/01/23 | 390 | 394942 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 125 | 127549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 (PR 06/01/23) | 1000 | 1011056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AS, 5.00%, 12/01/23 | 370 | 377545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/23 | 215 | 219384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/01/23 | 415 | 423463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BA, 5.00%, 12/01/23 | 235 | 239792 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/23 | 75 | 75227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/23 | 230 | 231046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 | 315 | 317459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 100 | 100470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2015 | 2042958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 2630 | 2670278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 1030 | 1047244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 1820 | 1853145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 945 | 963561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 715 | 724921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/23 | 660 | 670108 |
|  Torrance Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 115 | 116561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 (PR 08/01/23) | 230 | 233225 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, 5.00%, 05/15/23 | 335 | 338362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AK, VRDN, 5.00%, 05/15/48<sup>(b)</sup>  | 4825 | 4872400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AO, 5.00%, 05/15/23 | 495 | 499968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AR, 4.00%, 05/15/23 | 210 | 211000 |
|  West Valley-Mission Community College District GO, 5.00%, 08/01/23 | 500 | 506789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55901411 |
| **Colorado — 1.1%** |  |  |
|  Adams County School District No. 1 GO, 4.00%, 12/01/23 (SAW) | 250 | 252037 |
|  Arapahoe County School District No. 6 Littleton GO, 5.00%, 12/01/23 (SAW) | 1070 | 1089987 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Colorado (continued)** |  |  |
|  Board of Water Commissioners City & County of Denver (The) RB, Series B, 5.00%, 09/15/23 | $130 | $132032 |
|  City & County of Denver Co. Airport System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 455 | 462704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 200 | 203386 |
|  City & County of Denver Co. GO, 5.00%, 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1013949 |
|  City of Boulder Water & Sewer Revenue, 5.00%, 12/01/23 | 100 | 101921 |
|  City of Colorado Springs Co. Utilities System Revenue RB, Series C, 5.00%, 11/15/23 | 100 | 101796 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/23 | 400 | 404690 |
|  Denver City & County School District No. 1 GO, 5.00%, 12/01/23 (SAW) | 415 | 423196 |
|  E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/23 (NPFGC)<sup>(a)</sup>  | 120 | 116323 |
|  Metro Wastewater Reclamation District RB, Series A, 5.00%, 04/01/23 | 500 | 503792 |
|  University of Colorado RB, Series A-2, 5.00%, 06/01/23 | 390 | 394064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199877 |
| **Connecticut — 2.0%** |  |  |
|  City of Stamford CT GO, 5.00%, 06/01/23 | 100 | 101042 |
|  Connecticut State Health & Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 214-A, VRDN, 1.10%, 07/01/48<sup>(b)</sup>  | 500 | 496176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, VRDN, 5.00%, 07/01/57<sup>(b)</sup>  | 1030 | 1034634 |
|  State of Connecticut Clean Water Fund - State Revolving Fund RB, Series B, 5.00%, 06/01/23 | 125 | 126360 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 | 1000 | 1012813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 275 | 276891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/23 | 520 | 524381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/23 | 535 | 544121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 06/01/23 | 150 | 149845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/23 | 200 | 201685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/23 | 335 | 338327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/23 | 120 | 121365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/15/23 | 400 | 406254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/01/23 | 190 | 192847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/15/23 | 100 | 101705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 09/15/23 | 175 | 177736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/23 | 200 | 203694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 11/15/23 | 120 | 122216 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 | 145 | 145414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 275 | 278489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 190 | 192659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 775 | 786852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 240 | 243045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 100 | 101529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/23 | 1800 | 1805144 |
|  University of Connecticut RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/23 | 50 | 50121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 | 100 | 100524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/23 | 100 | 100829 |
|  |  | 9936698 |
| **Delaware — 0.7%** |  |  |
|  City of Wilmington DE GO, 3.00%, 06/01/23 | 160 | 159737 |
|  County of New Castle DE GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 120 | 120935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 215 | 218560 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Delaware (continued)** |  |  |
|  Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/23 | $40 | $40114 |
|  Delaware Transportation Authority RB, 5.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1325 | 1341265 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 405 | 406863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/23 | 640 | 643936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 90 | 90414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 165 | 167004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/23 | 140 | 140861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/23 | 210 | 212550 |
|  |  | 3542239 |
| **District of Columbia — 0.9%** |  |  |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 2080 | 2102276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 350 | 353748 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 | 20 | 20187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 470 | 479031 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 150 | 152443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 215 | 218288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 130 | 132117 |
|  Washington Metropolitan Area Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 100 | 101168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/23 | 500 | 506162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 07/01/23 | 170 | 171986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 220 | 222570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459976 |
| **Florida — 3.5%** |  |  |
|  City of Jacksonville FL RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 110 | 111583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 100 | 101448 |
|  City of Orlando FL RB, Series B, 5.00%, 10/01/23 | 135 | 137199 |
|  City of Tallahassee FL Utility System Revenue RB, 5.00%, 10/01/23 | 35 | 35557 |
|  City of Tampa FL Sales Tax Revenue RB, 5.00%, 10/01/23 | 100 | 101584 |
|  County of Broward FL Airport System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 110 | 111553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/28 (PR 10/01/23) | 800 | 814745 |
|  County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/23 | 330 | 334659 |
|  County of Miami-Dade FL GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 25 | 25287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D, 5.00%, 07/01/23 | 290 | 293330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 390 | 394479 |
|  County of Miami-Dade FL Transit System RB, 5.00%, 07/01/23 | 460 | 465374 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 1050 | 1066247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 215 | 218327 |
|  County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/23 | 130 | 130397 |
|  County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/23 | 110 | 111802 |
|  County of Palm Beach FL Water & Sewer Revenue RB, 5.00%, 10/01/28 (PR 10/01/23) | 1240 | 1260085 |
|  County of Seminole FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/23 | 180 | 182916 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Florida Department of Environmental Protection RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | $625 | $632218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 765 | 773835 |
|  Florida Department of Management Services COP, Series A, 5.00%, 08/01/23 | 210 | 212649 |
|  Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/23 | 125 | 126946 |
|  Florida's Turnpike Enterprise RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 700 | 708270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 625 | 632383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/23 | 25 | 25295 |
|  Hillsborough County School Board COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 100 | 100977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 60 | 60586 |
|  Jacksonville Transportation Authority RB, 5.00%, 08/01/23 | 185 | 187210 |
|  Miami-Dade County Expressway Authority RB, Series A, 4.00%, 07/01/23 | 115 | 115234 |
|  Orange County School Board COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 90 | 91102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/23 | 50 | 50612 |
|  Orlando Utilities Commission RB, Series A, 5.00%, 10/01/23 | 270 | 274300 |
|  Orlando-Orange County Convention Center RB, 5.00%, 10/01/23 | 285 | 289410 |
|  Orlando-Orange County Expressway Authority RB, Series B, 5.00%, 07/01/23 | 150 | 151535 |
|  Palm Beach County School District COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 115 | 116433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 250 | 253116 |
|  Pasco County School Board COP, Series A, 5.00%, 08/01/23 | 20 | 20234 |
|  Reedy Creek Improvement District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 125 | 126288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 255 | 257628 |
|  School Board of Miami-Dade County (The) COP, Series D, 5.00%, 02/01/23 | 150 | 150634 |
|  School Board of Miami-Dade County (The) GO, 5.00%, 03/15/23 | 260 | 261653 |
|  School District of Broward County/FL COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 270 | 272745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 170 | 171728 |
|  Seminole County School Board COP, Series C, 5.00%, 07/01/23 | 20 | 20226 |
|  State of Florida Department of Transportation RB, 5.00%, 07/01/23 | 100 | 101201 |
|  State of Florida Department of Transportation Turnpike System Revenue RB, Series B, 5.00%, 07/01/23 | 140 | 141654 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1010710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 50 | 50591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 705 | 712550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 950 | 961222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 640 | 646854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/23 | 355 | 358802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/23 | 210 | 212249 |
|  State of Florida Lottery Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 255 | 257962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 700 | 708131 |
|  Volusia County School Board COP, Series A, 5.00%, 08/01/23 (BAM) | 110 | 111412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17253157 |

---

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Georgia — 1.2%** |  |  |
|  City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/23. | $390 | $394504 |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 160 | 162787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 125 | 127178 |
|  City of Gainesville GA Water & Sewerage Revenue RB, 5.00%, 11/15/23 | 60 | 61084 |
|  County of DeKalb GA Water & Sewerage Revenue RB, 5.00%, 10/01/23 | 135 | 137150 |
|  County of Forsyth GA GO, Series B, 5.00%, 03/01/23 | 190 | 191150 |
|  Development Authority for Fulton County RB, 5.00%, 11/01/23 | 125 | 127153 |
|  Forsyth County School District GO, 5.00%, 02/01/23 | 130 | 130598 |
|  Georgia State Road & Tollway Authority RB, Series A, 5.00%, 06/01/23 | 150 | 151520 |
|  Gwinnett County Development Authority COP, 5.25%, 01/01/23 (NPFGC) | 115 | 115398 |
|  Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/23 | 500 | 506789 |
|  Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/23 | 125 | 126435 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 785 | 794585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 02/01/23 | 450 | 452182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/23 | 75 | 75916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 07/01/23 | 175 | 177137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/23 | 355 | 356721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/23 | 870 | 886809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1003223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978319 |
| **Hawaii — 1.4%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB, Series B, 5.00%, 07/01/23 | 555 | 561593 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 275 | 278321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 220 | 222971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 355 | 360290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 200 | 203258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/23 | 100 | 100736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/23 | 360 | 365365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 185 | 188013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 145 | 147362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 09/01/23 | 145 | 145983 |
|  County of Hawaii HI GO, Series D, 5.00%, 09/01/23 | 75 | 76093 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EH, 5.00%, 08/01/29 (PR 08/01/23) | 500 | 506715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EH, 5.00%, 08/01/30 (PR 08/01/23) | 325 | 329244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EH-2017, 5.00%, 08/01/23 (ETM) | 520 | 526790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EO, 5.00%, 08/01/23 (ETM) | 50 | 50634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EP, 5.00%, 08/01/23 | 455 | 461144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EY, 5.00%, 10/01/23 | 385 | 391271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EZ, 5.00%, 10/01/23 | 160 | 162606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FE, 5.00%, 10/01/23 | 300 | 304887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FG, 4.00%, 10/01/23 | 135 | 135993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FG, 5.00%, 10/01/23 | 70 | 71140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/23 | 115 | 116873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FK, 4.00%, 05/01/23 | 160 | 160688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FK, 5.00%, 05/01/23 | 215 | 216977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FN, 5.00%, 10/01/23 | 130 | 132118 |
|  State of Hawaii State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 | 100 | 100306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/01/23 | 165 | 165238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Hawaii (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | $280 | $280856 |
|  |  | 6763465 |
| **Idaho — 0.1%** |  |  |
|  Idaho Housing & Finance Association RB, 5.00%, 07/15/23 | 330 | 333883 |
|  **Illinois — 1.7%** |  |  |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/01/23 | 50 | 50049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/23 | 100 | 100293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 500 | 501462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 01/01/23 | 90 | 90263 |
|  Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/23 | 200 | 201727 |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | 335 | 335857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 700 | 707531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 275 | 280137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 280 | 284409 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 120 | 120305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/23 | 625 | 628137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 165 | 165933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 235 | 236469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 380 | 382559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/23 | 145 | 145993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 250 | 251053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 200 | 201513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/23 | 765 | 767586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 460 | 463479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 50 | 50403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930153 |
|  State of Illinois RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 | 325 | 326953 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 6.00%, 06/15/23 (NPFGC) | 90 | 91060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 06/15/23 | 25 | 24999 |
|  |  | 8338323 |
| **Indiana — 0.8%** |  |  |
|  Ball State University, Series R, 5.00%, 07/01/23 | 240 | 242756 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 425 | 431691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 10/01/23 | 255 | 259015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 60 | 60276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 120 | 121237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 110 | 111914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/23 | 55 | 55253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/23 | 1285 | 1309415 |
|  Indiana Municipal Power Agency RB, Series A, 5.00%, 01/01/23 | 130 | 130382 |
|  Indiana University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 175 | 176864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 5.00%, 08/01/23 | 185 | 187498 |
|  Purdue University COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/23 | 145 | 146911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 215 | 217483 |
|  Purdue University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 130 | 131502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/23 | 85 | 85429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 07/01/23 | 75 | 75866 |
|  |  | 3743492 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Iowa — 0.3%** |  |  |
|  County of Polk IA GO, Series C, 5.00%, 06/01/23 | $220 | $222229 |
|  Iowa City Community School District Infrastructure Sales Services & Use Tax, RB, 5.00%, 06/01/23 | 55 | 55538 |
|  Iowa Finance Authority RB, 5.00%, 08/01/23 | 255 | 258463 |
|  State of Iowa RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 | 145 | 146489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 690 | 696673 |
|  |  | 1379392 |
| **Kansas — 0.3%** |  |  |
|  City of Wichita KS GO, Series 811, 5.00%, 06/01/23 | 135 | 136430 |
|  Johnson County Water District No. 1 RB, Series A, 5.00%, 01/01/23 | 210 | 210635 |
|  Kansas Development Finance Authority RB, Series B, 5.00%, 05/01/23 | 190 | 191625 |
|  Sedgwick County Unified School District No. 259 Wichita GO, Series A, 4.00%, 10/01/23 | 70 | 70502 |
|  State of Kansas Department of Transportation RB, Series A, 5.00%, 09/01/23 | 690 | 699829 |
|  Wyandotte County-Kansas City Unified Government GO, Series D, 5.00%, 08/01/23 | 100 | 101350 |
|  |  | 1410371 |
| **Kentucky — 0.1%** |  |  |
|  Kentucky Asset Liability Commission RB, 5.25%, 09/01/23 | 500 | 507889 |
|  Louisville & Jefferson County Metropolitan Sewer District RB, Series C, 5.00%, 05/15/23 | 125 | 126308 |
|  |  | 634197 |
| **Louisiana — 0.7%** |  |  |
|  State of Louiliana RB, Series A, 5.00%, 06/15/23 | 25 | 25261 |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 (PR 05/15/23) | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 120 | 121576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/23 | 75 | 75478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 210 | 210934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 35 | 35261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/15/23 | 150 | 151859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 500 | 506566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 12/01/23 | 275 | 280108 |
|  State of Louisiana RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 365 | 370018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/23 | 300 | 303136 |
|  |  | 3586817 |
| **Maine — 0.8%** |  |  |
|  City of Portland ME GOL, 4.00%, 04/01/23 | 115 | 115413 |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 135 | 137285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 860 | 872249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 125 | 127116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 | 225 | 228809 |
|  Maine Turnpike Authority RB, 5.00%, 07/01/23 | 90 | 91040 |
|  State of Maine GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 990 | 1000946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/23 | 1250 | 1263531 |
|  |  | 3836389 |
| **Maryland — 4.7%** |  |  |
|  City of Baltimore MD GO, Series A, 5.00%, 10/15/23 | 200 | 203315 |
|  City of Baltimore MD RB, Series D, 5.00%, 07/01/23 | 330 | 333790 |
|  County of Anne Arundel MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 115 | 115886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 1565 | 1590633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Maryland (continued)** |  |  |
|  County of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | $&nbsp;&nbsp;&nbsp;&nbsp;1235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 100 | 101358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 180 | 183207 |
|  County of Charles MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 1030 | 1046871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 10 | 10178 |
|  County of Frederick MD GO, Series A, 5.00%, 08/01/23 | 240 | 243170 |
|  County of Harford MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 1500 | 1518215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/23 | 260 | 264065 |
|  County of Howard MD, 5.00%, 02/15/23 | 390 | 392120 |
|  County of Howard MD GO, Series A, 5.00%, 02/15/23 | 155 | 155843 |
|  County of Montgomery MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 830 | 844788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 (PR 11/01/23) | 1000 | 1017619 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 125 | 127227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 590 | 600511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 675 | 687970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 465 | 473285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 620 | 631913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 295 | 299832 |
|  County of Prince George's MD COP, 5.00%, 10/15/23 | 25 | 25367 |
|  County of Prince George's MD GO, Series A, 5.00%, 09/15/23 | 120 | 121876 |
|  County of Prince George's MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 250 | 253036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 235 | 237854 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/23 | 355 | 357377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 | 790 | 794158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 200 | 202964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 910 | 924740 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 06/01/23 | 1715 | 1733664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 08/01/23 | 90 | 91242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 275 | 276719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 510 | 517038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/23 | 595 | 598856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 3340 | 3386095 |
|  Washington Suburban Sanitary Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 (GTD) | 85 | 85425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 (GTD) | 725 | 732743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 (GTD) | 575 | 581542 |
|  |  | 23003172 |
| **Massachusetts — 2.7%** |  |  |
|  City of Boston MA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 2000 | 2035436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 235 | 236438 |
|  Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/23 | 390 | 394461 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 5.00%, 07/01/23 | 175 | 177125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 08/01/23 (AMBAC) | 100 | 100772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 260 | 261599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 1965 | 1983168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 430 | 435221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 100 | 100306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/23 | 70 | 71078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 09/01/23 (AGM) | 990 | 1006846 |

---

S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 04/01/23 | $445 | $448430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 110 | 111802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 12/01/23 (AMBAC) | 500 | 512241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/23 | 280 | 283400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/23 | 985 | 1002549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/23 | 120 | 122306 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/23 | 375 | 378800 |
|  Massachusetts Bay Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 250 | 253035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/23 | 485 | 491679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 07/01/23 | 75 | 76155 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 160 | 161922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 325 | 328947 |
|  Massachusetts Clean Water Trust (The) RB, 5.00%, 08/01/23 | 255 | 258462 |
|  Massachusetts Department of Transportation RB, Series C, 0.00%, 01/01/23 (NPFGC)<sup>(a)</sup>  | 85 | 84501 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/23 | 425 | 429184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 (ETM) | 85 | 86554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/38 (PR 05/15/23) | 325 | 328113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/15/23 (ETM) | 60 | 60386 |
|  Massachusetts State College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/23 (ST HGR ED INTERCEPT PROG) | 140 | 140581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/23 (ETM) (ST HGR ED INTERCEPT PROG) | 10 | 10038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/23 (ST INTERCEPT) | 100 | 100905 |
|  Massachusetts Water Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 115 | 116519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/23 (AGM) | 275 | 279135 |
|  University of Massachusetts Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 100 | 101752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, 5.00%, 11/01/23 | 345 | 351045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320891 |
| **Michigan — 1.4%** |  |  |
|  County of Macomb MI GOL, 4.00%, 05/01/23 | 100 | 100435 |
|  Great Lakes Water Authority Water Supply System Revenue RB, Series A, 5.00%, 07/01/23 | 310 | 313458 |
|  Michigan Finance Authority, 5.00%, 10/01/23 | 195 | 197929 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 50 | 50719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 270 | 274056 |
|  Michigan State Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | 1103533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/23 | 330 | 335191 |
|  State of Michigan GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 75 | 76441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 55 | 55509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 190 | 193651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 20 | 20356 |
|  State of Michigan RB, 5.00%, 03/15/23 | 525 | 528377 |
|  State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/23 | 2070 | 2106744 |
|  University of Michigan RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 (ETM) | 500 | 503812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 265 | 267031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 (ETM) | 450 | 453245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Michigan (continued)** |  |  |
|  Wayne County Airport Authority RB, Series G, 5.00%, 12/01/23 | $100 | $101772 |
|  |  | 6682259 |
| **Minnesota — 1.9%** |  |  |
|  City of Rochester MN Electric Utility Revenue RB, Series E, 5.00%, 12/01/23 | 25 | 25462 |
|  County of Hennepin MN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 305 | 310860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/23 | 385 | 392398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 95 | 96825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/23 | 70 | 71345 |
|  Elk River Independent School District No. 728 GO, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 85 | 85389 |
|  Metropolitan Council GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 320 | 321989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 225 | 229371 |
|  Minnesota Municipal Power Agency RB, 5.00%, 10/01/23 | 30 | 30445 |
|  Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/23 | 480 | 482920 |
|  Southern Minnesota Municipal Power Agency RB, Series A, 5.00%, 01/01/23 | 115 | 115313 |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1770 | 1796524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 750 | 762284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 10/01/23 | 100 | 101638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 610 | 618283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 1000 | 1014985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 840 | 851406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 250 | 254095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/23 | 770 | 780455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 10/01/23 | 175 | 177866 |
|  State of Minnesota RB, Series A, 5.00%, 06/01/23 | 585 | 591265 |
|  University of Minnesota, 5.00%, 09/01/23 | 100 | 101482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212600 |
| **Mississippi — 0.2%** |  |  |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (PR 12/01/23) | 770 | 784630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, 10/01/23 | 215 | 219002 |
|  |  | 1003632 |
| **Missouri — 1.0%** |  |  |
|  City of Kansas City MO GO, Series A, 5.00%, 02/01/23 | 550 | 552406 |
|  City of Springfield MO Public Utility Revenue RB, 5.00%, 08/01/23 | 235 | 238016 |
|  Metropolitan St Louis Sewer District RB, Series B, 5.00%, 05/01/25 (PR 05/01/23) | 175 | 176557 |
|  Metropolitan St. Louis Sewer District Wastewater System RB, 5.00%, 05/01/23 | 660 | 666037 |
|  Missouri Highway & Transportation Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/23 | 100 | 100420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 330 | 333002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/23 | 125 | 126137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/23 | 620 | 622805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/23 | 690 | 696379 |
|  Missouri State Board of Public Buildings RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 425 | 431769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/23 | 295 | 296011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 155 | 157469 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Missouri (continued)** |  |  |
|  Missouri State Environmental Improvement & Energy Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | $160 | $161911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 80 | 80241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 440 | 445256 |
|  |  | 5084416 |
| **Nebraska — 0.7%** |  |  |
|  Nebraska Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | 455 | 456331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 235 | 235687 |
|  Omaha Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 1935 | 1943416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 740 | 743219 |
|  |  | 3378653 |
| **Nevada — 2.8%** |  |  |
|  City of Las Vegas NV GOL, Series A, 5.00%, 06/01/23 | 115 | 116165 |
|  Clark County School District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/23 | 300 | 303118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/23 | 300 | 303118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/23 | 260 | 262702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/23 | 2000 | 2020786 |
|  Clark County Water Reclamation District GOL, 5.00%, 07/01/23 | 1140 | 1153016 |
|  County of Clark Department of Aviation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 215 | 217412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 150 | 151683 |
|  County of Clark NV, 5.00%, 06/01/23 | 260 | 262664 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 75 | 75816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 580 | 590048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 100 | 101868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 355 | 361150 |
|  County of Clark NV Passenger Facility Charge Revenue RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 380 | 384264 |
|  County of Clark NV RB, 5.00%, 07/01/23 | 950 | 960909 |
|  Las Vegas Valley Water District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 570 | 575973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 155 | 157912 |
|  Nevada System of Higher Education COP, Series A, 5.00%, 07/01/23 | 40 | 40459 |
|  Nevada System of Higher Education RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 150 | 151594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 100 | 101063 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1017323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/01/23 | 380 | 382850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 03/01/23 | 675 | 679039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H-1, 5.00%, 06/01/23 | 210 | 212188 |
|  State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/23 | 1270 | 1294402 |
|  Truckee Meadows Water Authority RB, 5.00%, 07/01/23 | 305 | 308704 |
|  Washoe County School District/NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 (PSF) | 190 | 191980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 06/01/23 | 40 | 40417 |
|  |  | 13610988 |
| **New Hampshire — 0.2%** |  |  |
|  New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/23 | 125 | 126378 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Hampshire (continued)** |  |  |
|  New Hampshire Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | $315 | $319484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/23 | 100 | 101423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 08/15/23 (HERBIP) | 100 | 101616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/23 | 125 | 126730 |
|  State of New Hampshire GO, Series A, 5.00%, 03/01/23 | 200 | 201237 |
|  |  | 976868 |
| **New Jersey — 2.0%** |  |  |
|  County of Monmouth NJ GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/23 | 120 | 120478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 | 115 | 116554 |
|  Monmouth County Improvement Authority (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 | 160 | 162050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/23 (GTD) | 115 | 115720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 (GTD) | 245 | 249708 |
|  New Jersey Economic Development Authority, 5.00%, 11/01/23 | 100 | 101251 |
|  New Jersey Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 | 150 | 151209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 (SAP) | 470 | 475878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, 5.00%, 06/15/23 | 100 | 100806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N-1, 5.50%, 09/01/23 (NPFGC) | 200 | 202919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 5.00%, 03/01/23 | 800 | 803488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 5.00%, 06/15/23 | 50 | 50403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.00%, 06/15/23 (SAP) | 1005 | 1013101 |
|  New Jersey Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 (SAP) | 95 | 95722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 | 140 | 141128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 400 | 404857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 50 | 50607 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/23 | 405 | 408364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/23 (NPFGC) | 100 | 101261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/23 | 505 | 509071 |
|  New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 (ETM) | 10 | 10030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 255 | 255695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/23 | 170 | 170463 |
|  State of New Jersey GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 560 | 565189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T, 5.00%, 06/01/23 | 350 | 353244 |
|  |  | 9634536 |
| **New Mexico — 0.9%** |  |  |
|  County of Santa Fe NM GO, 5.00%, 07/01/23 | 205 | 207489 |
|  County of Santa Fe NM RB, 5.00%, 06/01/23 | 185 | 186981 |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/23 | 145 | 146641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 140 | 141491 |
|  State of New Mexico GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/23 | 100 | 100612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/23 | 600 | 603670 |
|  State of New Mexico Severance Tax Permanent Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 155 | 156872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 2090 | 2115243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/23 | 390 | 392171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 40 | 40465 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Mexico (continued)** |  |  |
|  University of New Mexico (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | $195 | $196863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/23 | 295 | 297819 |
|  |  | 4586317 |
| **New York — 9.3%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 08/01/23 | 375 | 380092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/23 | 150 | 150939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 345 | 349684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/23 | 320 | 324345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 2075 | 2103173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/23 | 35 | 35475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 08/01/23 | 50 | 50679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/01/23 | 210 | 212852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 08/01/23 | 705 | 714572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 08/01/23 | 765 | 775387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 03/01/23 | 65 | 65400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 03/01/23 (ETM) | 25 | 25148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 08/01/23 | 655 | 663893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/01/23 | 800 | 810863 |
|  County of Albany NY GOL, 4.00%, 08/01/23 | 105 | 105611 |
|  County of Nassau NY GOL, Series C, 5.00%, 04/01/28 (PR 04/01/23) (AGM) | 515 | 518927 |
|  Erie County Industrial Development Agency (The) RB, 5.00%, 05/01/23 (SAW) | 250 | 252225 |
|  Hudson Yards Infrastructure Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/23 | 155 | 155344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 | 175 | 175881 |
|  Long Island Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 400 | 405434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 150 | 152038 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 200 | 200560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 10 | 10169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 11/15/23 | 50 | 50644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/15/23 | 195 | 197510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 1635 | 1656236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, 5.00%, 11/15/23 | 55 | 55708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/23 | 395 | 400087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/23 | 915 | 926777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/23 | 400 | 405149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/23 | 140 | 141802 |
|  New York City Municipal Water Finance Authority RB, Series AA-2, 5.00%, 06/15/23 | 885 | 894991 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 07/15/23 (SAW) | 650 | 658126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-2, 5.00%, 07/15/23 (SAW) | 370 | 374534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 5.00%, 07/15/23 (SAW) | 200 | 202451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, 5.00%, 07/15/23 (SAW) | 250 | 253176 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 180 | 182471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (ETM) | 35 | 35418 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 800 | 813937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 08/01/23 | 125 | 125746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/23 | 1590 | 1611116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 08/01/23 | $100 | $100596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/01/23 | 100 | 101742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 | 645 | 656236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/23 | 315 | 320488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 02/01/23 | 25 | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 02/01/23 | 365 | 366642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 5.00%, 11/01/23 | 645 | 656237 |
|  New York City Water & Sewer System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/23 | 175 | 175912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB2, 4.00%, 06/15/23 | 135 | 135773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 5.00%, 06/15/23 | 385 | 389347 |
|  New York Convention Center Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 25 | 25393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 20 | 20273 |
|  New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/23 | 35 | 35242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/23 (ETM) | 240 | 241591 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 100 | 101148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015 B-A, 5.00%, 03/15/23 | 110 | 110760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/23 | 60 | 60202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/23 (SAW) | 240 | 241571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 1360 | 1369401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 110 | 111263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 (AGM) | 65 | 66012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 (SAW) | 150 | 152321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/36 (PR 02/15/23) | 1000 | 1005276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 05/15/23 (NPFGC) | 205 | 207511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/23 | 775 | 779060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 315 | 318721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 200 | 203276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/23 | 3335 | 3358055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/23 | 335 | 336767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/15/23 | 325 | 326729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/23 | 245 | 246715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/01/23 (SAW) | 50 | 50774 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/23 | 200 | 202029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 | 605 | 612033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/23 | 110 | 111279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/15/23 | 175 | 177736 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 2400 | 2416503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 01/01/23 | 160 | 160449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/23 | 260 | 260730 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 1665 | 1676558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 03/15/23 | 175 | 176216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 03/15/23 | 325 | 327259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/15/23 | 805 | 810595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/23 | 140 | 140973 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/23 | 165 | 166292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 | 355 | 359350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/23 | 130 | 132118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 310 | 315471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 179, 5.00%, 12/01/23 | 350 | 356426 |
|  Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/23 | 855 | 869844 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  State of New York GO, Series A, 4.00%, 03/01/23 | $240 | $240695 |
|  Town of Brookhaven NY GOL, Series A, 3.00%, 03/15/23 | 500 | 499705 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 285 | 290117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 140 | 142499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 700 | 712498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 (Call 05/15/23) | 100 | 100931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/15/23 | 380 | 382944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 345 | 351159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45621200 |
| **North Carolina — 2.4%** |  |  |
|  Cape Fear Public Utility Authority RB, Series A, 5.00%, 06/01/23 | 50 | 50527 |
|  City of Charlotte NC COP, Series C, 5.00%, 12/01/23 | 40 | 40760 |
|  City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2024287 |
|  City of Winston-Salem NC RB, Series C, 5.00%, 06/01/23 | 20 | 20214 |
|  County of Buncombe NC RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 335 | 338549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 200 | 202119 |
|  County of Durham NC GO, 5.00%, 10/01/23 | 200 | 203276 |
|  County of Forsyth NC GO, 5.00%, 12/01/23 | 255 | 259763 |
|  County of Guilford NC GO, Series A, 5.00%, 05/01/23 | 685 | 691198 |
|  County of Mecklenburg NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 100 | 101548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 65 | 66291 |
|  County of Mecklenburg NC RB, Series A, 5.00%, 10/01/23 | 295 | 299832 |
|  County of Union NC GO, 5.00%, 09/01/23 | 665 | 674965 |
|  County of Wake NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 120 | 120925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/23 | 125 | 125544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/23 | 1000 | 1006150 |
|  County of Wake NC RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 150 | 152248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 465 | 473935 |
|  North Carolina Medical Care Commission RB, 5.00%, 06/01/23 | 15 | 15149 |
|  North Carolina Municipal Power Agency No. 1 RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 110 | 110323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 01/01/23 | 10 | 10029 |
|  North Carolina State University at Raleigh, 5.00%, 10/01/42 (PR 10/01/23) | 1250 | 1269116 |
|  North Carolina State University at Raleigh RB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (PR 10/01/23) | 200 | 203059 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, 4.00%, 05/01/23 | 540 | 542322 |
|  State of North Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 65 | 65715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 1615 | 1632762 |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/23 | 720 | 724261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 260 | 262391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/23 | 155 | 156425 |
|  |  | 11843683 |
| **North Dakota — 0.0%** |  |  |
|  North Dakota Public Finance Authority RB, Series A, 5.00%, 10/01/23 | 105 | 106720 |
|  **Ohio — 3.5%** |  |  |
|  City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/23 | 190 | 193651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Ohio (continued)** |  |  |
|  City of Columbus OH GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (PR 07/01/23) | $&nbsp;&nbsp;&nbsp;&nbsp;1250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/23 | 175 | 177160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, 4.00%, 04/01/23 | 565 | 567122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5, 5.00%, 08/15/23 | 270 | 273906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/23 | 25 | 25146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 | 260 | 261406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 170 | 171331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 | 130 | 131881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/28 (PR 08/15/23) | 225 | 228178 |
|  City of Columbus OH GOL, Series B, 5.00%, 08/15/23 | 270 | 273906 |
|  County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/23 | 135 | 137536 |
|  County of Hamilton OH Sewer System Revenue RB, Series A, 5.00%, 12/01/23 | 320 | 325977 |
|  Miami University/Oxford OH RB, 5.00%, 09/01/23 | 165 | 167296 |
|  Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/28 (PR 05/15/23) | 625 | 631153 |
|  Ohio Higher Educational Facility Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 110 | 111996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 (ETM) | 45 | 45759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 165 | 167994 |
|  Ohio State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 610 | 621786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 395 | 402632 |
|  Ohio Turnpike & Infrastructure Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 | 425 | 427176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/48 (PR 02/15/23) | 2030 | 2040709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 02/15/23 | 290 | 291426 |
|  Ohio University RB, Series A, 5.00%, 12/01/23 | 120 | 122113 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 615 | 626817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 205 | 207195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 130 | 132498 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 180 | 181928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 255 | 259900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/23 | 235 | 238187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/23 | 150 | 153672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, 5.00%, 12/01/23 | 500 | 509607 |
|  State of Ohio Department of Administrative Services COP, 5.00%, 09/01/23 | 275 | 278894 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 155 | 155979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 135 | 135953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 370 | 373512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 345 | 349813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 500 | 507699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/23 | 270 | 274337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 09/01/23 | 200 | 201454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 185 | 187581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/23 | 90 | 91386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/23 | 110 | 112014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 04/01/23 | 50 | 50396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/23 | 165 | 166517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T, 5.00%, 11/01/23 | 150 | 152658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 5.00%, 05/01/23 | 500 | 504598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 4.00%, 05/01/23 | 150 | 150645 |
|  State of Ohio GOL, Series A, 5.00%, 09/01/23 | 115 | 116771 |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Ohio (continued)** |  |  |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1002725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 (ETM) | 125 | 127025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 100 | 100435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 230 | 231678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/23 | 440 | 447984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092112 |
| **Oklahoma — 0.7%** |  |  |
|  City of Oklahoma City OK GO, 5.00%, 03/01/23 | 215 | 216287 |
|  Grand River Dam Authority RB, Series A, 5.00%, 06/01/23 | 840 | 848657 |
|  Oklahoma Agricultural & Mechanical Colleges RB, Series C, 5.00%, 08/01/23 | 130 | 131746 |
|  Oklahoma Capitol Improvement Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 315 | 318825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 | 45 | 45137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 140 | 141700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 225 | 227732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/23 | 100 | 100306 |
|  Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/23 | 180 | 182162 |
|  Oklahoma Turnpike Authority RB, Series D, 4.00%, 01/01/23 | 180 | 180227 |
|  Oklahoma Water Resources Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 | 425 | 428165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 335 | 337582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 135 | 136029 |
|  |  | 3294555 |
| **Oregon — 1.9%** |  |  |
|  City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/23 | 225 | 227971 |
|  City of Portland OR Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 500 | 502992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 90 | 91433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/23 | 1205 | 1218339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 115 | 116832 |
|  City of Portland OR Water System Revenue RB, Series A, 5.00%, 04/01/23 | 220 | 221650 |
|  City of Salem OR GO, 5.00%, 06/01/23 | 100 | 101071 |
|  City of Salem OR Water & Sewer Revenue RB, 5.00%, 06/01/23 | 75 | 75803 |
|  Deschutes & Jefferson Counties School District No. 2J Redmond/OR GO, 0.00%, 06/15/23 (GTD)<sup>(a)</sup>  | 45 | 44044 |
|  Multnomah County School District No. 1 Portland/OR GO, 5.00%, 06/15/23 (GTD) | 460 | 465036 |
|  Oregon State Business Development Commission RB, Series 232, VRDN, 2.40%, 12/01/40 Put<sup>(b)</sup>  | 350 | 345063 |
|  Oregon State Lottery RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 400 | 403000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/23 | 135 | 136013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 04/01/23 | 145 | 146088 |
|  Port of Portland OR Airport Revenue RB, Series 23, 5.00%, 07/01/23 | 175 | 177010 |
|  Portland Community College District GO, 5.00%, 06/15/23 | 255 | 257901 |
|  Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/23 (GTD)<sup>(a)</sup>  | 150 | 146868 |
|  State of Oregon Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/23 | 160 | 162955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 11/15/34 (PR 11/15/23) | 850 | 858835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 795 | 809682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/29 (PR 11/15/23) | 1000 | 1018283 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oregon (continued)** |  |  |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | $50 | $50683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/23 | 100 | 101077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/23 | 295 | 297742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/01/23 | 100 | 100930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 11/01/23 | 45 | 45806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 05/01/23 | 495 | 499601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 08/01/23 | 460 | 466280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.00%, 08/01/23 | 70 | 70956 |
|  Tri-County Metropolitan Transportation District of Oregon RB, Series B, 5.00%, 09/01/23 | 20 | 20300 |
|  Washington County Clean Water Services, 5.00%, 10/01/23 | 310 | 315049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495293 |
| **Pennsylvania — 2.3%** |  |  |
|  City of Philadelphia PA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 650 | 658295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 115 | 116467 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/23 | 550 | 551636 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 02/01/23 | 110 | 110492 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 03/01/23 | 265 | 266586 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 03/15/23 | 200 | 201338 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 04/01/23 | 185 | 186388 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 06/15/23 | 160 | 161771 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 08/15/23 | 3040 | 3082086 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/23 | 290 | 294409 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 04/01/24 (PR 04/01/23) | 350 | 352669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/23 | 340 | 345169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 10/15/23 | 570 | 579449 |
|  County of Lehigh PA GO, 4.00%, 11/15/23 | 650 | 654969 |
|  Delaware County Authority, 5.00%, 08/01/23 | 105 | 106348 |
|  Delaware County Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 110 | 111412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 75 | 76361 |
|  Pennsylvania Intergovernmental Cooperation Authority ST, 5.00%, 06/15/23 | 225 | 227518 |
|  Pennsylvania State University (The) RB, Series B, 5.00%, 09/01/23 | 225 | 228316 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/23 | 180 | 183170 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 765 | 778391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 335 | 340864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/15/23 (AGM) | 175 | 177544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/23 | 225 | 228938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 35 | 35560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/43 (PR 12/01/23) | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 1222159 |
|  Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/23 | 120 | 121181 |
|  |  | 11399486 |
| **Rhode Island — 0.8%** |  |  |
|  Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/23 | 485 | 489474 |
|  Rhode Island Health & Educational Building Corp. RB, 5.00%, 09/01/23 | 215 | 218186 |
|  Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 295 | 299832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 525 | 533599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 25 | 25410 |

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36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Rhode Island (continued)** |  |  |
|  State of Rhode Island, 5.00%, 10/15/24 (PR 10/15/23) | $525 | $533867 |
|  State of Rhode Island COP, Series B, 5.00%, 10/01/23 | 145 | 147204 |
|  State of Rhode Island GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 50 | 50896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 08/01/23 | 500 | 499271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 150 | 151394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/23 | 585 | 592987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 120 | 121638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663758 |
| **South Carolina — 0.5%** |  |  |
|  Beaufort County School District/SC GO, 5.00%, 03/01/23 (SCSDE) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1005885 |
|  Charleston County School District, 5.00%, 02/01/23 (SCSDE) | 200 | 200920 |
|  Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/23 | 120 | 122306 |
|  Clemson University RB, 5.00%, 05/01/23 | 140 | 141218 |
|  South Carolina Transportation Infrastructure Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 310 | 314937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 245 | 248902 |
|  State of South Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 (SAW) | 295 | 297249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 (SAW) | 200 | 202686 |
|  |  | 2534103 |
| **Tennessee — 1.7%** |  |  |
|  City of Memphis TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/23 | 370 | 373311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 135 | 137325 |
|  County of Blount TN GO, Series B, 5.00%, 06/01/23 | 260 | 262634 |
|  County of Hamilton TN GO, Series A, 5.00%, 05/01/23 | 260 | 262494 |
|  County of Knox TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 50 | 50385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 175 | 176874 |
|  County of Shelby TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/23 | 260 | 260641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 160 | 160915 |
|  County of Sumner TN GO, 5.00%, 12/01/23 | 70 | 71308 |
|  County of Washington TN GO, Series A, 4.00%, 06/01/23 | 95 | 95443 |
|  County of Williamson TN GO, 5.00%, 04/01/23 | 70 | 70534 |
|  Metropolitan Government Nashville & Davidson County Sports Authority RB, 5.00%, 07/01/23 | 105 | 106033 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/23 | 215 | 217123 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 1405 | 1421969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 400 | 404831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (PR 01/01/23) | 60 | 60182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/33 (PR 01/01/23) | 1250 | 1253780 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 70 | 70846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 100 | 101208 |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 870 | 882136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 250 | 253849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 140 | 141953 |
|  Tennessee State School Bond Authority, 5.00%, 11/01/23 (ST INTERCEPT) | 300 | 305236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Tennessee (continued)** |  |  |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | $375 | $381792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 240 | 244347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 660 | 671955 |
|  |  | 8439104 |
| **Texas — 10.1%** |  |  |
|  Abilene Independent School District GO, 5.00%, 02/15/23 (PSF) | 175 | 175931 |
|  Aldine Independent School District GO, 5.00%, 02/15/23 (PSF) | 135 | 135711 |
|  Allen Independent School District GO, 5.00%, 02/15/23 (PSF) | 225 | 226165 |
|  Alvin Independent School District/TX GO, Series C, 5.00%, 02/15/23 (PSF) | 235 | 236244 |
|  Arlington Independent School District/TX GO, Series B, 5.00%, 02/15/23 (PSF) | 385 | 387049 |
|  Austin Community College District GOL, 5.00%, 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1290 | 1306749 |
|  Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/23 | 100 | 101298 |
|  Austin Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (PSF) | 550 | 557264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 460 | 465870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 (PSF) | 190 | 192467 |
|  Birdville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 (PSF) | 45 | 45236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/23 (PSF) | 40 | 40209 |
|  Board of Regents of the University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 | 240 | 243491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 08/15/23 | 375 | 380455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/15/23 | 610 | 618874 |
|  Bryan Independent School District GO, 4.00%, 02/15/23 (PSF) | 250 | 250626 |
|  Central Texas Regional Mobility Authority RB, Series A, 5.00%, 01/01/23 | 100 | 100267 |
|  Central Texas Turnpike System, 0.00%, 08/15/23 (AMBAC)<sup>(a)</sup>  | 705 | 686982 |
|  Central Texas Turnpike System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 08/15/23 (AMBAC)<sup>(a)</sup>  | 250 | 243055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/23 | 660 | 668365 |
|  City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/23 | 235 | 238739 |
|  City of Austin TX GOL, 5.00%, 09/01/23 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583376 |
|  City of Austin TX Water & Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/23 | 40 | 40404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 1015 | 1033392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/23 | 145 | 146463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 375 | 381849 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB, Series A, 5.00%, 10/01/23 | 100 | 101565 |
|  City of Denton TX GOL, 5.00%, 02/15/23 | 115 | 115585 |
|  City of Fort Worth TX GOL, 5.00%, 03/01/23 | 785 | 789698 |
|  City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/23 | 165 | 165859 |
|  City of Garland TX GOL, 5.00%, 02/15/23 | 165 | 165840 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 140 | 142499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/23 | 140 | 142500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/23 | 355 | 358412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/23 | 200 | 203570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serries C, 5.00%, 11/15/23 | 310 | 315535 |
|  City of Houston TX GOL, Series A, 5.00%, 03/01/23 | 135 | 135803 |
|  City of Lubbock TX GOL, 5.00%, 02/15/23 | 110 | 110554 |
|  City of Plano TX GOL, 5.00%, 09/01/23 | 180 | 182682 |

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S C H E D U L E O F I N V E S T M E N T S 37

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  City of Round Rock TX GOL, 5.00%, 08/15/23 | $75 | $76056 |
|  City of San Antonio Texas Electric & Gas Systems Revenue RB, Series REF, 5.00%, 02/01/23 | 175 | 175787 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 (ETM) | 675 | 678071 |
|  City of San Antonio TX GOL, 5.00%, 02/01/23 | 520 | 522392 |
|  City of Waco TX GOL, 5.00%, 02/01/23 | 75 | 75337 |
|  Clear Creek Independent School District GO, 5.00%, 02/15/23 (PSF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | 140709 |
|  Conroe Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 (PSF) | 225 | 226165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 (PSF) | 165 | 165854 |
|  County of Bexar TX GOL, 5.00%, 06/15/23 | 705 | 712891 |
|  County of Harris TX GOL, Series A, 5.00%, 10/01/23 | 90 | 91433 |
|  County of Harris TX RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | 275 | 278764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 | 300 | 304106 |
|  Cuero Independent School District GO, 5.00%, 08/15/30 (PR 08/15/23) (PSF) | 540 | 547205 |
|  Cypress-Fairbanks Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 (PSF) | 790 | 794136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 (PSF) | 35 | 35183 |
|  Dallas Area Rapid Transit RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 150 | 152866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 355 | 361783 |
|  Dallas Independent School District GO, 5.00%, 08/15/23 (PSF) | 100 | 101408 |
|  Dallas/Fort Worth International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 200 | 202913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 11/01/23 | 160 | 162331 |
|  Denton Independent School District GO, 5.00%, 08/15/23 (PSF) | 100 | 101416 |
|  Fort Bend Independent School District GO, Series A, 5.00%, 08/15/23 (PSF) | 135 | 136858 |
|  Frisco Independent School District GO, Series A, 5.00%, 08/15/23 (PSF) | 80 | 81145 |
|  Garland Independent School District GO, 5.00%, 02/15/23 (PSF) | 255 | 256357 |
|  Goose Creek Consolidated Independent School District GO, 5.00%, 02/15/28 (PR 02/15/23) (PSF) | 900 | 904748 |
|  Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/23 (PSF)<sup>(a)</sup>  | 100 | 97387 |
|  Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/23 | 385 | 390270 |
|  Houston Community College System GOL, 5.00%, 02/15/23 | 270 | 271437 |
|  Houston Independent School District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 (PSF) | 350 | 351832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 (PSF) | 185 | 185968 |
|  Humble Independent School District GO, Series B, 5.00%, 02/15/23 (PSF) | 50 | 50266 |
|  Katy Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/23 (PSF) | 95 | 95495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 (PSF) | 370 | 371926 |
|  Keller Independent School District/TX GO, Series A, 5.00%, 02/15/23 (PSF) | 50 | 50257 |
|  Killeen Independent School District GO, 5.00%, 02/15/23 (PSF) | 180 | 180958 |
|  Klein Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 (PSF) | 150 | 150656 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 (PSF) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395035 |
|  Laredo Independent School District GO, 5.00%, 08/01/23 (PSF) | 25 | 25308 |
|  Leander Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/23 (PSF)<sup>(a)</sup>  | 240 | 233711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 (PSF) | 20 | 20289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 (PSF) | 85 | 86230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 08/15/23 (PSF)<sup>(a)</sup>  | 50 | 48666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/23 | 75 | 76068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/15/23 (PSF)<sup>(a)</sup>  | 95 | 92511 |
|  Lewisville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | 200 | 202691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 (PSF) | 800 | 810763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/23 (PSF) | 35 | 35202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 (PSF) | 170 | 172287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/23 | 115 | 116547 |
|  Lone Star College System GOL, Series B, 5.00%, 02/15/23 | 335 | 336754 |
|  Lower Colorado River Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/23 | 320 | 322854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/23 | 355 | 358166 |
|  Magnolia Independent School District/TX GO, 5.00%, 08/15/23 (PSF) | 90 | 91267 |
|  Manor Independent School District GO, 5.00%, 08/01/23 (PSF) | 100 | 101269 |
|  Metropolitan Transit Authority of Harris County RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 365 | 371323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 375 | 381496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 415 | 422189 |
|  North East Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (PSF) | 730 | 739479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/23 (PSF) | 220 | 221102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/23 (PSF) | 175 | 175770 |
|  North Texas Municipal Water District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 305 | 308178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/23 | 75 | 76316 |
|  North Texas Municipal Water District Water System Revenue, 4.00%, 09/01/23 | 640 | 644075 |
|  North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/23 | 560 | 568115 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | 400 | 401184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 (ETM) | 190 | 190568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 | 570 | 571695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/23 | 280 | 280819 |
|  Northside Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/23 (PSF) | 115 | 114736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/23 (PSF) | 25 | 25277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (PSF) | 75 | 75991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 (PSF) | 390 | 395399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/23 (PSF) | 85 | 86177 |
|  Northwest Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/23 (PSF) | 200 | 201012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/23 (PSF) | 120 | 120607 |
|  Pasadena Independent School District GO, 5.00%, 02/15/23 (PSF) | 95 | 95478 |
|  Permanent University Fund - Texas A&M University System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 200 | 202429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 170 | 172064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/23 | 195 | 197685 |

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38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Permanent University Fund - University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | $50 | $50611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 140 | 141672 |
|  Plano Independent School District GO, 5.00%, 02/15/23 (PSF) | 385 | 387048 |
|  Prosper Independent School District GO, 5.00%, 02/15/23 (PSF) | 175 | 175881 |
|  Round Rock Independent School District GO, 5.00%, 08/01/23 (PSF) | 1715 | 1738158 |
|  San Angelo Independent School District GO, Series A, 5.00%, 02/15/23 (PSF) | 190 | 190973 |
|  San Antonio Water System, 5.00%, 05/15/23 | 260 | 262485 |
|  San Antonio Water System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/23 | 245 | 247342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/23 | 160 | 161529 |
|  Southwest Higher Education Authority Inc. RB, 5.00%, 10/01/23 | 100 | 101457 |
|  Spring Branch Independent School District GOL, Series A, 5.00%, 02/01/23 (PSF) | 185 | 185842 |
|  Spring Independent School District GO, 5.00%, 08/15/23 (PSF) | 420 | 425749 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 150 | 151156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 150 | 152037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 120 | 121966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 540 | 548845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/23 | 100 | 101358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/15/23 | 100 | 100993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/01/23 | 115 | 115886 |
|  State of Texas GOL, Series A, 5.00%, 08/01/23 | 175 | 177376 |
|  Tarrant County Cultural Education Facilities Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | 100 | 101373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 40 | 40662 |
|  Tarrant Regional Water District RB, 6.00%, 09/01/23 | 200 | 204523 |
|  Tarrant Regional Water District Water Supply System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/23 | 410 | 412426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/23 | 145 | 145858 |
|  Texas A&M University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/23 | 805 | 812994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/23 | 180 | 181787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/15/23 | 35 | 35348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 05/15/23 | 210 | 212085 |
|  Texas A&M University Revenue RB, 5.00%, 05/15/37 (PR 05/15/23) | 710 | 716990 |
|  Texas State Technical College RB, 5.00%, 10/15/23 | 20 | 20333 |
|  Texas State University System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/23 | 170 | 171188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 1300 | 1309083 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 10/01/23 | 630 | 640319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 160 | 161233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 | 170 | 172784 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/23 | 125 | 126059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 125 | 126707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/23 | 715 | 721055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/23 | 250 | 254286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/23 | 200 | 203429 |
|  Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/23 | 75 | 75985 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Trinity River Authority RB, 5.00%, 02/01/23 | $155 | $155678 |
|  Tyler Independent School District GO, 5.00%, 02/15/38 (PR 02/15/23) (PSF) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1004988 |
|  United Independent School District GO, 5.00%, 08/15/23 (PSF) | 25 | 25342 |
|  University of Houston RB, 4.00%, 02/15/23 | 85 | 85159 |
|  University of North Texas System RB, Series A, 5.00%, 04/15/23 | 100 | 100842 |
|  University of Texas System (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/23 | 375 | 380455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/15/23 | 460 | 466692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 08/15/23 | 25 | 25364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49621905 |
| **Utah — 1.4%** |  |  |
|  Alpine School District/UT GO, 5.00%, 03/15/23 (GTD) | 375 | 377509 |
|  Central Utah Water Conservancy District RB, Series A, 5.00%, 10/01/23 | 110 | 111802 |
|  City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/23 | 100 | 100467 |
|  County of Salt Lake UT RB, 5.00%, 08/15/30 (PR 08/15/23) | 1750 | 1774716 |
|  Davis School District GO, 5.00%, 06/01/23 (GTD) | 270 | 272892 |
|  Intermountain Power Agency RB, Series A, 5.00%, 07/01/23 | 280 | 282902 |
|  Jordan Valley Water Conservancy District RB, Series B, 5.00%, 10/01/23 | 75 | 76228 |
|  State of Utah GO, 5.00%, 07/01/23 | 40 | 40491 |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 (SAP) | 350 | 354882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 175 | 177441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 (PR 08/01/23) | 1075 | 1089037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (PR 08/01/23) | 565 | 572378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/23 | 205 | 207860 |
|  Utah Associated Municipal Power Systems RB, Series A, 5.00%, 09/01/23 | 620 | 628371 |
|  Utah State Building Ownership Authority RB, 5.00%, 05/15/23 | 405 | 409000 |
|  Utah Transit Authority RB, Series A, 5.00%, 06/15/23 | 245 | 247803 |
|  Washington County School District Board of Education/St George GO, 5.00%, 03/01/23 (GTD) | 110 | 110655 |
|  |  | 6834434 |
| **Vermont — 0.0%** |  |  |
|  State of Vermont GO, Series B, 5.00%, 08/15/23 | 100 | 101408 |
|  University of Vermont & State Agricultural College RB, 5.00%, 10/01/23 | 25 | 25375 |
|  Vermont Municipal Bond Bank RB, Series 4, 5.00%, 12/01/23 | 25 | 25467 |
|  |  | 152250 |
| **Virginia — 4.8%** |  |  |
|  Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 11/01/23 | 1000 | 1011235 |
|  City of Alexandria VA GO, 5.00%, 07/15/23 (SAW) | 635 | 643136 |
|  City of Falls Church VA GO, Series B, 5.00%, 07/15/23 | 250 | 253203 |
|  City of Hampton VA GO, Series A, 5.00%, 09/01/23 (SAW) | 10 | 10149 |
|  City of Newport News VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 (SAW) | 415 | 420230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 60 | 60801 |
|  City of Norfolk VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (SAW) | 425 | 430771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 (SAW) | 35 | 35475 |
|  City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/23 | 175 | 175668 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
|  Commonwealth of Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/23 | $500 | $502646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 100 | 101100 |
|  County of Arlington VA GO, 5.00%, 08/15/23 | 100 | 101431 |
|  County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/23 | 70 | 71247 |
|  County of Fairfax VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (SAW) | 275 | 277171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/23 (SAW) | 700 | 711339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/23 (SAW) | 75 | 75594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 (SAW) | 625 | 635520 |
|  County of Henrico VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (SAW) | 200 | 202716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 165 | 167240 |
|  County of Loudoun VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 140 | 142690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 (SAW) | 600 | 611528 |
|  County of Prince William VA COP, 5.00%, 10/01/23 | 120 | 121846 |
|  County of Prince William VA GO, 5.00%, 08/01/23 (SAW) | 100 | 101358 |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23 | 200 | 201848 |
|  Fairfax County Water Authority RB, 5.00%, 04/01/23 | 515 | 518969 |
|  Hampton Roads Sanitation District RB, Series A, 5.00%, 07/01/23 | 500 | 506072 |
|  Town of Leesburg VA GO, 5.00%, 01/15/23 (SAW) | 125 | 125472 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/23 | 800 | 803679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 (ST INTERCEPT) | 720 | 730789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 385 | 386771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/23 | 40 | 40599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/28 (PR 02/01/23) | 1025 | 1029663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 02/01/23 | 295 | 296357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-2, 5.00%, 02/01/23 | 555 | 557553 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/23 | 780 | 787829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/23 | 215 | 218361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/23 (PR 03/15/23) | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/23 | 305 | 308061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/23 | 90 | 90903 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 950 | 962405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/23 | 525 | 531856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/23 | 145 | 145833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 290 | 293787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 (PR 08/01/23) | 220 | 222954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 865 | 876295 |
|  Virginia Public School Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (SAW) | 100 | 100736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/23 (SAW) | 150 | 150923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/23 (SAW) | 45 | 45577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 1735 | 1758815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 (SAW) | 390 | 395353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 100 | 101373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 (SAW) | 280 | 283844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 (SAW) | 225 | 228088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VI, 5.00%, 04/15/23 | 155 | 156320 |
|  Virginia Resources Authority Clean Water Revolving Fund RB, 5.00%, 10/01/23 | 665 | 676133 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/23 | 100 | 100847 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | $&nbsp;&nbsp;&nbsp;&nbsp;1105 | $1125124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 200 | 203642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 11/01/23 | 390 | 397103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23331523 |
| **Washington — 5.9%** |  |  |
|  Central Puget Sound Regional Transit Authority TB, 5.00%, 11/01/23 | 115 | 116992 |
|  City of Bellevue WA GOL, 4.00%, 12/01/28 (PR 06/01/23) (AMBAC) | 1200 | 1205662 |
|  City of Seattle WA Drainage & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 145 | 146118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 300 | 303643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 1000 | 1014985 |
|  City of Seattle WA GO, 5.00%, 12/01/23 | 100 | 101921 |
|  City of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/23 | 1060 | 1069800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/23 | 445 | 448430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 100 | 101071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 100 | 101782 |
|  City of Seattle WA Municipal Light & Power Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | 400 | 405763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/23 | 350 | 352596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/23 | 290 | 294178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/23 | 280 | 284409 |
|  City of Seattle WA Water System Revenue RB, 5.00%, 05/01/23 | 390 | 393606 |
|  City of Spokane WA Water & Wastewater Revenue RB, 5.00%, 12/01/23 | 390 | 397369 |
|  City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/23 | 205 | 205620 |
|  Clark County Public Utility District No. 1 RB, Series 1, 5.00%, 01/01/23 | 235 | 235636 |
|  Clark County School District No. 117 Camas GO, 5.00%, 12/01/23 (GTD) | 115 | 117210 |
|  County of King WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 480 | 485671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/23 | 115 | 115388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/23 | 260 | 264857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/23 | 165 | 168082 |
|  County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/23 | 450 | 455346 |
|  County of Snohomish WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/43 (PR 06/01/23) | 2000 | 2009437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 125 | 127401 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 545 | 551618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/23 | 150 | 150845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 1540 | 1558701 |
|  Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project RB, Series A, 5.00%, 01/01/23 | 250 | 250756 |
|  Grant County Public Utility District No. 2 Electric Revenue RB, Series J, 5.00%, 01/01/38 (PR 07/01/23) | 1000 | 1012012 |
|  King County School District No. 216 Enumclaw GO, 5.00%, 12/01/23 (GTD) | 50 | 50934 |
|  King County School District No. 401 Highline GO, 5.00%, 12/01/23 (GTD) | 25 | 25480 |
|  King County School District No. 403 Renton GO, 5.00%, 12/01/23 (GTD) | 125 | 127335 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/23 (GTD) | 2870 | 2926066 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
|  King County School District No. 411 Issaquah GO, 5.00%, 12/01/23 (GTD) | $255 | $259900 |
|  King County School District No. 415 Kent GO, 5.00%, 12/01/23 (GTD) | 90 | 91633 |
|  Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/23 (GTD) | 175 | 178381 |
|  Pierce County School District No. 403 Bethel GO, 5.00%, 06/01/23 (GTD) | 65 | 65670 |
|  Pierce County School District No. 416 White River GO, 5.00%, 12/01/23 (GTD) | 70 | 71308 |
|  Port of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | 55 | 55168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 250 | 252677 |
|  Port of Seattle WA RB, Series B, 5.00%, 03/01/23 | 70 | 70384 |
|  Port of Tacoma WA GOL, Series A, 5.00%, 12/01/23 | 180 | 183401 |
|  Port of Tacoma WA RB, Series A, 4.00%, 12/01/23 | 125 | 125952 |
|  Skagit County School District No. 103 Anacortes GO, 5.00%, 12/01/23 (GTD) | 25 | 25467 |
|  Snohomish County School District No. 15 Edmonds GO, 4.00%, 12/01/23 (GTD) | 20 | 20163 |
|  Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/23 (GTD) | 165 | 168082 |
|  Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/23 (GTD) | 140 | 142615 |
|  Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/23 (GTD) | 245 | 249708 |
|  Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/23 (GTD) | 100 | 101868 |
|  State of Washington COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 485 | 490409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 235 | 237621 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 125 | 126526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/23 | 110 | 111502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/23 | 350 | 351619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 420 | 425734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/23 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/23 | 185 | 187526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/23 | 250 | 251156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 07/01/23 | 45 | 45696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/23 | 210 | 210971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/23 | 100 | 101077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 02/01/23 | 150 | 150785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 4.00%, 07/01/23 | 90 | 90513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 07/01/23 | 765 | 774340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2015, 5.00%, 07/01/23 | 545 | 551654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, 5.00%, 08/01/23 | 235 | 238208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018D, 5.00%, 08/01/23 | 100 | 101365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-C, 5.00%, 07/01/23 | 390 | 394762 |
|  State of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1015067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/23 | 1130 | 1147026 |
|  University of Washington, 5.00%, 07/01/25 (PR 07/01/23) | 100 | 101201 |
|  University of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/23 | 165 | 166397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/23 | 235 | 236149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/23 | 215 | 219085 |
|  Washington State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/23 | 315 | 317233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/23 | 120 | 121803 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
|  Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/23 (GTD) | $15 | $15272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29115423 |
| **West Virginia — 0.5%** |  |  |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/23 | 625 | 631693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/23 | 55 | 55980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 100 | 101921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/23 | 225 | 227410 |
|  West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/23 | 600 | 608991 |
|  West Virginia Parkways Authority RB, 5.00%, 06/01/23 | 260 | 262785 |
|  West Virginia State School Building Authority Lottery RB, Series A, 5.00%, 07/01/23 | 225 | 227436 |
|  West Virginia Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 100 | 101155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-II, 5.00%, 11/01/23 | 80 | 81425 |
|  |  | 2298796 |
| **Wisconsin — 2.9%** |  |  |
|  City of Madison WI GO, Series A, 4.00%, 10/01/23 | 500 | 503723 |
|  City of Madison WI Water Utility Revenue RB, 5.00%, 01/01/23 | 50 | 50149 |
|  City of Milwaukee WI GO, Series N1, 5.00%, 02/01/23 | 270 | 270872 |
|  Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/23 | 370 | 375960 |
|  Milwaukee Metropolitan Sewerage District GO, 4.00%, 10/01/23 | 205 | 206471 |
|  State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 06/01/24 (PR 06/01/23) | 1490 | 1505355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 06/01/23 | 115 | 116185 |
|  State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/23 | 930 | 940013 |
|  State of Wisconsin GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/23 | 1000 | 1009246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/23 | 565 | 575066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/23 | 360 | 363328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 05/01/23 | 475 | 479392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/23 | 320 | 325701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/23 | 255 | 259543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/23 | 100 | 100925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/28 (PR 05/01/23) | 1000 | 1008900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/29 (PR 05/01/23) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2017799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/23 | 55 | 55239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/23 | 40 | 40370 |
|  State of Wisconsin RB, Series A, 5.00%, 05/01/23 | 450 | 454072 |
|  Wisconsin Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 4.00%, 07/01/23 | 95 | 95541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/23 | 420 | 425128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/26 (PR 07/01/23) | 645 | 652535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/27 (PR 07/01/23) | 640 | 647687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/30 (PR 07/01/23) | 240 | 242883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/23 | 255 | 258114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 625 | 632631 |
|  Wisconsin Health & Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23 | 115 | 116547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/23 | 40 | 40673 |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Wisconsin (continued)** |  |  |
|  WPPI Energy RB, Series A, 5.00%, 07/01/23 | $230 | $232308 |
|  |  | 14002356 |
|  **Total Long-Term Investments — 98.4%<br>(Cost: $487,548,417)** |  | 481883200 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.5%** |  |  |
|  BlackRock Liquidity Funds: MuniCash,<br>1.83%<sup>(c)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;2259 | 2259207 |
|  **Total Short-Term Securities — 0.5%<br>(Cost: $2,259,207)** |  | 2259207 |
|  **Total Investments — 98.9%<br>(Cost: $489,807,624)** |  | &nbsp;&nbsp;&nbsp;&nbsp;484142407 |
|  **Other Assets Less Liabilities — 1.1%** |  | 5569897 |
|  **Net Assets — 100.0%** |  | $489712304 |

---

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $423667 | $1835274 <sup>(a)</sup> | $– $| 266 | $– $| 2259207 | 2259 | $11473 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $481883200 | $— | $481883200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2259207 |  |  | 2259207 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;2259207 | $481883200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $484142407 |

---

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
|  **Alabama — 0.7%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | $255 | $262908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/24 | 470 | 484577 |
|  Alabama Public School & College Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | 1047179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 115 | 117963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/24 | 520 | 530538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/24 | 100 | 102708 |
|  Auburn University RB, Series B, 5.00%, 06/01/24 | 265 | 271928 |
|  City of Huntsville AL GO, Series A, 5.00%, 08/01/24 | 15 | 15440 |
|  County of Mobile AL GOL, Series A, 5.00%, 06/01/24 | 50 | 51338 |
|  State of Alabama GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 285 | 293661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 185 | 191370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 125 | 128799 |
|  University of Alabama (The) RB, Series A, 5.00%, 07/01/24 | 130 | 133683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632092 |
| **Alaska — 0.2%** |  |  |
|  State of Alaska GO, Series B, 5.00%, 08/01/24 | 850 | 875685 |
| **Arizona — 2.4%** |  |  |
|  Arizona Board of Regents COP, Series A, 5.00%, 06/01/24 | 135 | 138298 |
|  Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/24 | 745 | 766637 |
|  Arizona State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 215 | 220998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 205 | 210719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 65 | 66813 |
|  Arizona Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 585 | 601991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 580 | 596845 |
|  Arizona Water Infrastructure Finance Authority RB, Series A, 5.00%, 10/01/24 | 1195 | 1234311 |
|  City of Peoria AZ GOL, Series B, 5.00%, 07/15/24 | 225 | 231638 |
|  City of Phoenix AZ GO, 5.00%, 07/01/24 | 215 | 221033 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 1105 | 1136272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 435 | 446988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 (PR 07/01/24) | 1210 | 1244349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 985 | 1012581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/24 | 275 | 281817 |
|  City of Scottsdale AZ GOL, 4.00%, 07/01/24 | 330 | 334067 |
|  City of Tempe AZ, 4.00%, 07/01/24 | 100 | 101216 |
|  City of Tucson AZ COP, 5.00%, 07/01/24 (AGM) | 85 | 87177 |
|  City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/24 | 95 | 97666 |
|  County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/24 | 335 | 344400 |
|  Maricopa County Unified School District No. 97-Deer Valley/AZ GO, 4.00%, 07/01/24 | 20 | 20240 |
|  Maricopa County Union High School District No. 210-Phoenix GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 150 | 154307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 07/01/24 | 165 | 163188 |
|  Maricopa County Union High School District No. 210-Phoenix GOL, 4.00%, 07/01/24 | 260 | 263288 |
|  Phoenix AZ, 4.00%, 07/01/24 | 675 | 682982 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Arizona (continued)** |  |  |
|  Regional Public Transportation Authority RB, 5.25%, 07/01/24 | $320 | $330264 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 300 | 306080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | 130 | 132634 |
|  State of Arizona |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 105 | 108106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 (ETM) | 270 | 277889 |
|  State of Arizona COP, 5.00%, 10/01/24 | 160 | 165173 |
|  University of Arizona (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 100 | 102661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 150 | 153991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12236619 |
| **Arkansas — 0.2%** |  |  |
|  State of Arkansas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/24 | 605 | 612414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 220 | 225457 |
|  |  | 837871 |
| **California — 12.2%** |  |  |
|  Allan Hancock Joint Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 205 | 211371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (ETM) | 10 | 10302 |
|  Beverly Hills Unified School District CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/24<sup>(a)</sup>  | 725 | 683117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 | 110 | 111564 |
|  California Educational Facilities Authority RB, 0.00%, 10/01/24 (AMBAC)<sup>(a)</sup>  | 160 | 149151 |
|  California Health Facilities Financing Authority RB, Series A, 5.00%, 11/15/24 | 135 | 139841 |
|  California Infrastructure & Economic Development Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 550 | 569336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 355 | 367012 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 185 | 189712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 105 | 107810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 250 | 257664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 635 | 655292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/24 | 135 | 138071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/24 | 270 | 278277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/01/24 | 320 | 328150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 05/01/24 | 245 | 251240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/24 | 75 | 77591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 03/01/24 | 145 | 148299 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/24 | 70 | 71066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 860 | 889783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 (PR 11/01/24) | 815 | 844185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/32 (PR 11/01/24) | 300 | 310743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/39 (PR 11/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | 455756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 4.00%, 11/01/24 | 150 | 152285 |
|  Cerritos Community College District GO, Series D, 0.00%, 08/01/24<sup>(a)</sup> | 125 | 117435 |
|  City & County of San Francisco CA GO, 5.00%, 06/15/24 | 395 | 406694 |
|  City of Long Beach CA Harbor Revenue RB, Series B, 5.00%, 05/15/24 | 425 | 436210 |
|  City of Los Angeles CA Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 225 | 231197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 85 | 87341 |

---

S C H E D U L E O F I N V E S T M E N T S 43

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  City of Los Angeles Department of Airports RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/24 | $175 | $177040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/24 | 180 | 184775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/24 | 290 | 297693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/24 | 160 | 164244 |
|  City of Petaluma CA Wastewater Revenue RB, 5.00%, 05/01/24 | 130 | 133215 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/24 | 130 | 132081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 340 | 351908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/24 | 165 | 170779 |
|  City of San Francisco Public Utilities Commission Water Revenue, 5.00%, 11/01/45 (PR 11/01/24) | 2000 | 2070440 |
|  City of San Jose CA GO, 5.00%, 09/01/24 | 265 | 273362 |
|  Coast Community College District GO, Series D, 5.00%, 08/01/24 | 80 | 82417 |
|  Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/24 | 45 | 46101 |
|  Contra Costa Water District RB, Series T, 5.00%, 10/01/24 | 105 | 108632 |
|  East Bay Municipal Utility District Water System Revenue RB, 5.00%, 06/01/24 | 195 | 200371 |
|  Eastern Municipal Water District RB, Series A, 5.00%, 07/01/24 | 225 | 231387 |
|  Escondido Union High School District GO, Series A, 0.00%, 08/01/24 (AGC)<sup>(a)</sup>  | 255 | 239568 |
|  Evergreen School District GO, 0.00%, 08/01/24 (AGC)<sup>(a)</sup>  | 100 | 94353 |
|  Foothill-De Anza Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 | 160 | 162002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 325 | 334821 |
|  Grossmont Union High School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 150 | 154765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 0.00%, 08/01/24 (NPFGC)<sup>(a)</sup>  | 425 | 398938 |
|  Long Beach Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 05/01/24 (NPFGC)<sup>(a)</sup>  | 170 | 161362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 06/01/24 | 185 | 190095 |
|  Los Angeles Community College District/CA, 5.00%, 08/01/24 | 1000 | 1032630 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 720 | 743494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 (PR 08/01/24) | 1000 | 1031423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (PR 08/01/24) | 350 | 360998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/31 (PR 08/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 435 | 449194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 08/01/26 (PR 08/01/24) | 225 | 232070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.00%, 08/01/24 | 190 | 192993 |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 225 | 231719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 705 | 725077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 600 | 617919 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 100 | 102986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 140 | 144181 |
|  Los Angeles County Public Works Financing Authority RB, Series B, 5.00%, 12/01/24 | 305 | 315723 |
|  Los Angeles County Sanitation Districts Financing Authority RB, Series A, 5.00%, 10/01/24 | 195 | 201048 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  Los Angeles Department of Water & Power Power System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | $245 | $252416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 455 | 468715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 105 | 108153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 07/01/24 | 80 | 82442 |
|  Los Angeles Department of Water & Power, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 110 | 113303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 250 | 257507 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 295 | 304101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 07/01/24 | 510 | 517527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 1220 | 1257637 |
|  Los Rios Community College District GO, 4.00%, 08/01/24 | 200 | 202607 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 130 | 134032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 100 | 103535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 125 | 128671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/24 | 95 | 96606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 105 | 108257 |
|  Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/24 | 255 | 263931 |
|  Newport Mesa Unified School District GO, 5.00%, 08/01/24 | 175 | 180288 |
|  North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/24 (NPFGC)<sup>(a)</sup>  | 120 | 112738 |
|  Orange County Water District RB, Series C, 5.00%, 08/15/24 | 235 | 242578 |
|  Pajaro Valley Unified School District GO, Series B, 0.00%, 08/01/24 (AGM)<sup>(a)</sup>  | 100 | 93787 |
|  Pasadena Unified School District GO, Series B, 5.00%, 08/01/24 | 30 | 30922 |
|  Placer Union High School District/CA GO, Series A, 0.00%, 08/01/24 (NPFGC)<sup>(a)</sup>  | 25 | 23487 |
|  Port of Los Angeles RB, Series A, 5.00%, 08/01/24 | 20 | 20632 |
|  Poway Unified School District GO, Series A, 0.00%, 08/01/24<sup>(a)</sup>  | 100 | 94110 |
|  Riverside County Transportation Commission RB, Series B, 5.00%, 06/01/24 | 155 | 159269 |
|  Sacramento Municipal Utility District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 | 60 | 61945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/24 | 275 | 283917 |
|  Salinas Union High School District GO, Series A, 0.00%, 10/01/24 (NPFGC)<sup>(a)</sup>  | 20 | 18675 |
|  San Diego Community College District GO, 5.00%, 08/01/24 | 445 | 458447 |
|  San Diego Unified School District/CA, 5.50%, 07/01/24 (AGM) | 400 | 415492 |
|  San Diego Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/24<sup>(a)</sup>  | 440 | 415853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/24 (ETM)<sup>(a)</sup>  | 160 | 151219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.50%, 07/01/24 (AGM) | 255 | 264876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 07/01/24 (NPFGC) | 395 | 410168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 07/01/38 (PR 01/01/24)<sup>(a)</sup>  | 600 | 259713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-4, 5.00%, 07/01/24 | 240 | 247286 |
|  San Francisco Bay Area Rapid Transit District GO, Series A, 5.00%, 08/01/24 | 155 | 159844 |
|  San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/24 | 330 | 339855 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/24 | 250 | 256183 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue RB, Series A, 5.00%, 10/01/24 | $295 | $305260 |
|  San Joaquin Delta Community College District GO, Series C, 5.00%, 08/01/39 (PR 08/01/24) | 1000 | 1030217 |
|  San Jose Evergreen Community College District, 5.00%, 09/01/34 (PR 09/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032457 |
|  San Jose Unified School District GO, 5.00%, 08/01/24 | 450 | 463597 |
|  San Marcos Unified School District GO, 0.00%, 08/01/24<sup>(a)</sup>  | 40 | 37573 |
|  San Mateo County Community College District GO, Series B, 0.00%, 09/01/24 (NPFGC)<sup>(a)</sup>  | 120 | 112983 |
|  San Mateo Union High School District GO, 4.00%, 09/01/24 | 210 | 213111 |
|  San Ramon Valley Unified School District/CA GO, 5.00%, 08/01/24 | 125 | 128885 |
|  Santa Clara County Financing Authority RB, Serise A, 5.00%, 11/15/24 | 445 | 460601 |
|  Santa Clara Valley Transportation Authority, 5.00%, 06/01/24 | 340 | 349789 |
|  Santa Clara Valley Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 100 | 102592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 150 | 154319 |
|  Santa Clara Valley Water District COP, Series C, 5.00%, 06/01/24 | 295 | 302666 |
|  Santa Monica-Malibu Unified School District GO, Series C, 4.00%, 07/01/24 | 85 | 86199 |
|  Simi Valley Unified School District GO, 5.00%, 08/01/24 | 250 | 257899 |
|  Southern California Public Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 140 | 144227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 335 | 345115 |
|  State of California, 5.00%, 09/01/24 | 1500 | 1548145 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 310 | 321723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AR, 5.00%, 12/01/24 (PR 06/01/24) | 35 | 35991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AS, 5.00%, 12/01/24 | 610 | 633068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AV, 5.00%, 12/01/24 | 75 | 77836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/24 | 105 | 108971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/01/24 | 160 | 166051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BA, 5.00%, 12/01/24 | 265 | 275021 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 | 115 | 116323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/24 | 445 | 451196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/24 | 55 | 55795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 445 | 455591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 400 | 410090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 525 | 538991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 490 | 505060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 995 | 1026936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 1125 | 1162644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 3195 | 3306274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 175 | 180856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 400 | 412293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/24 | 880 | 908245 |
|  Sunnyvale Elementary School District GO, 5.00%, 09/01/24 | 195 | 201153 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/44 (PR 05/15/24) | 2500 | 2578338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AM, 5.00%, 05/15/24 | 460 | 472690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AO, 5.00%, 05/15/24 | 600 | 616553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AR, 4.00%, 05/15/24 | 300 | 303812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AV, 5.00%, 05/15/24 | 230 | 236345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 05/15/24 | 185 | 190104 |
|  Upper Santa Clara Valley Joint Powers Authority, 5.00%, 08/01/24, (ETM) | 275 | 283546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  Walnut Valley Unified School District GO, 0.00%, 08/01/24 (NPFGC)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | $1103167 |
|  West Basin Municipal Water District/CA RB, Series A, 5.00%, 08/01/24 | 245 | 252403 |
|  William S Hart Union High School District GO, Series B, 0.00%, 08/01/24 (AGM)<sup>(a)</sup>  | 125 | 117718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61529222 |
| **Colorado — 0.5%** |  |  |
|  Board of Governors of Colorado State University System RB, Series E-2, 5.00%, 03/01/24 (NPFGC) | 150 | 153275 |
|  City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/24 | 210 | 216483 |
|  City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/24 | 25 | 25847 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/24 | 100 | 102043 |
|  County of Boulder CO, 5.00%, 12/01/24 | 390 | 402678 |
|  Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/24 | 70 | 72347 |
|  Denver City & County School District No. 1 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 (SAW) | 375 | 387954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/01/24 (SAW) | 405 | 423031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/24 (SAW) | 155 | 160355 |
|  E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/24 (NPFGC)<sup>(a)</sup>  | 25 | 23290 |
|  Metro Wastewater Reclamation District RB, Series A, 5.00%, 04/01/24 | 240 | 245853 |
|  University of Colorado RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 06/01/24 | 195 | 200067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, VRDN, 2.00%, 06/01/54 (Put 10/15/24)<sup>(b)</sup>  | 250 | 241403 |
|  |  | 2654626 |
| **Connecticut — 1.7%** |  |  |
|  Hartford County Metropolitan District Clean Water Project Revenue RB, Series A, 5.00%, 11/01/34 (PR 11/01/24) | 250 | 258413 |
|  State of Connecticut, 5.00%, 01/15/24 | 200 | 204252 |
|  State of Connecticut Clean Water Fund-State Revolving Fund, 5.00%, 03/01/24 | 140 | 143332 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/24 | 500 | 504781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/24 | 85 | 87164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 105 | 107458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/24 | 190 | 194570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/24 | 85 | 87164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/24 | 330 | 338401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/24 | 280 | 287512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/15/24 | 710 | 728074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/24 | 130 | 133661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/15/24 | 1500 | 1544254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/15/24 | 295 | 304098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/24 | 155 | 159988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/15/24 | 225 | 232542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/24 | 350 | 361781 |
|  State of Connecticut Special Tax Obligation RB, 5.00%, 09/01/24 | 100 | 102976 |
|  State of Connecticut Special Tax Revenue, 5.00%, 01/01/24 | 440 | 448461 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 135 | 139187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/24 | 60 | 60614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 525 | 537984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 415 | 426827 |

---

S C H E D U L E O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | $795 | $818657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 440 | 452539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664690 |
| **Delaware — 0.7%** |  |  |
|  City of Wilmington DE GO, 4.00%, 12/01/24 | 100 | 101195 |
|  County of New Castle DE GO, 5.00%, 10/01/24 | 265 | 273468 |
|  Delaware Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/24 | 335 | 339291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 805 | 828248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 500 | 514609 |
|  State of Delaware, 5.00%, 07/01/24 | 550 | 565884 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 570 | 583342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009C, 5.00%, 10/01/24 | 220 | 227237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 100 | 103290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/27 (PR 07/01/24) | 85 | 87413 |
|  |  | 3623977 |
| **District of Columbia — 1.4%** |  |  |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/24 | 55 | 55674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 410 | 421293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/24 | 150 | 155028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 645 | 662765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/24 | 715 | 734693 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1023406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 125 | 129089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 460 | 475797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 595 | 614573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 805 | 831481 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 380 | 392143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 385 | 396869 |
|  Metropolitan Washington Airports Authority Aviation Revenue RB, Series B, 5.00%, 10/01/24 | 35 | 36053 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/24 | 1000 | 1028497 |
|  Washington Metropolitan Area Transit Authority RB, 5.00%, 07/15/24 | 315 | 323977 |
|  |  | 7281338 |
| **Florida — 2.8%** |  |  |
|  Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/24 | 130 | 133521 |
|  Central Florida Expressway Authority RB, 5.00%, 07/01/24 | 60 | 61487 |
|  City of Jacksonville FL RB, Series B, 5.00%, 10/01/24 | 25 | 25724 |
|  City of Tampa FL Water & Wastewater System Revenue RB, 5.00%, 10/01/24 | 25 | 25822 |
|  County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/24 | 50 | 51487 |
|  County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/24 | 150 | 154231 |
|  County of Miami-Dade FL GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 335 | 344103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 100 | 102724 |
|  County of Miami-Dade FL Transit System RB, 5.00%, 07/01/24 | 410 | 421236 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 1195 | 1232065 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | $130 | $134032 |
|  County of Sarasota FL RB, 5.00%, 10/01/24 | 45 | 46396 |
|  Florida Department of Environmental Protection RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 530 | 544785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264312 |
|  Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/24 | 20 | 20590 |
|  Florida State Development Commission RB, Series A, 5.00%, 07/01/24 | 100 | 102757 |
|  Florida's Turnpike Enterprise RB, Series A, 5.00%, 07/01/24 | 870 | 894127 |
|  Hillsborough County School Board COP, Series A, 5.00%, 07/01/24 | 120 | 122760 |
|  Lee County School Board (The) COP, 5.00%, 08/01/24 | 100 | 102850 |
|  Miami-Dade County Expressway Authority RB, Series B, 5.00%, 07/01/24 | 280 | 285576 |
|  Orange County Convention Center/Orlando RB, 5.00%, 10/01/24 | 190 | 195359 |
|  Orange County School Board COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 15 | 15407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/24 | 50 | 51356 |
|  Orlando Utilities Commission RB, Series A, 5.00%, 10/01/24 | 440 | 453730 |
|  Palm Beach County School District, 5.00%, 08/01/24 | 500 | 513820 |
|  Palm Beach County School District COP, Series B, 5.00%, 08/01/24 | 280 | 287739 |
|  Pasco County School Board COP, Series A, 5.00%, 08/01/2 | 60 | 61648 |
|  Reedy Creek Improvement District GOL, Series A, 5.00%, 06/01/24 | 190 | 194672 |
|  School Board of Miami-Dade County (The) COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 315 | 322558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/24 | 680 | 693709 |
|  School Board of Miami-Dade County (The) GO, 5.00%, 03/15/24 | 210 | 214655 |
|  School District of Broward County/FL COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 615 | 629945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 20 | 20486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 130 | 133159 |
|  State of Florida Department of Transportation RB, Series A, 5.00%, 07/01/24 | 365 | 374347 |
|  State of Florida Department of Transportation Turnpike System Revenue RB, Series A, 5.00%, 07/01/24 | 235 | 241517 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 830 | 853290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seires E, 5.00%, 06/01/24 | 200 | 205509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | 195 | 199019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 155 | 159349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 250 | 256886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/24 | 220 | 226060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 06/01/24 | 485 | 498358 |
|  State of Florida Lottery Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 680 | 698747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 525 | 539474 |
|  Volusia County School Board RB, 5.00%, 10/01/24 | 20 | 20553 |
|  |  | 14131937 |
| **Georgia — 2.3%** |  |  |
|  City of Atlanta Department of Aviation, 5.00%, 07/01/24 | 250 | 256851 |
|  City of Atlanta GA, 5.00%, 12/01/24 | 250 | 258829 |
|  City of Atlanta GA Airport Passenger Facility Charge RB, Series A, 5.00%, 01/01/24 | 695 | 708604 |
|  City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/24 | 100 | 102740 |

---

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Georgia (continued)** |  |  |
|  City of Atlanta GA GOL, 5.00%, 12/01/32 (PR 12/01/24) | $930 | $962887 |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 600 | 620073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 130 | 134349 |
|  County of DeKalb GA GO, 5.00%, 12/01/24 | 130 | 134464 |
|  County of Forsyth GA GO, 5.00%, 09/01/24 | 280 | 288684 |
|  County of Henry GA GO, 5.00%, 05/01/24 | 200 | 205241 |
|  Fayette County School District/GA GO, 5.25%, 09/01/24 (SAW) | 105 | 108776 |
|  Forsyth County School District, 4.00%, 02/01/33 (PR 02/01/24) | 3030 | 3060319 |
|  Georgia Ports Authority RB, 5.00%, 07/01/24 | 200 | 205678 |
|  Gwinnett County School District GO, 5.00%, 02/01/24 | 100 | 102275 |
|  Gwinnett County Water & Sewerage Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1520049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 500 | 515109 |
|  Metropolitan Atlanta Rapid Transit Authority RB, Series A, 4.00%, 07/01/24 | 290 | 293245 |
|  Private Colleges & Universities Authority RB, Series B, 5.00%, 10/01/24 | 100 | 103177 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/24 | 175 | 178873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 02/01/24 | 655 | 669496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/24 | 165 | 170014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 220 | 226390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 01/01/24 | 190 | 193938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 07/01/24 | 405 | 416763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/24 | 320 | 331447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/24 | 100 | 102073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870344 |
| **Hawaii — 2.4%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 75 | 77104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 480 | 493469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 225 | 231313 |
|  City & County Honolulu Wastewater System Revenue, 5.00%, 07/01/24 | 250 | 257015 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/24 | 210 | 212520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 325 | 334541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 480 | 494715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 100 | 103196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 105 | 108355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 95 | 98036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/24 | 240 | 247357 |
|  County of Hawaii HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 670 | 690419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 115 | 118505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 09/01/24 | 45 | 45578 |
|  County of Maui HI GO, 5.00%, 09/01/24 | 35 | 36073 |
|  Honolulu City & County Board of Water Supply RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (PR 07/01/24) | 275 | 282807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 150 | 154086 |
|  State of Hawaii, 5.00%, 08/01/33 (PR 08/01/24) | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633655 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 500 | 512333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EO, 5.00%, 08/01/24 | 180 | 185408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ET, 5.00%, 10/01/24 | 135 | 139415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EY, 5.00%, 10/01/24 | 90 | 92944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EZ, 5.00%, 10/01/24 | 815 | 841657 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Hawaii (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FE, 5.00%, 10/01/24 | $395 | $407920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/24 | 415 | 428574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FN, 5.00%, 10/01/24 | 35 | 36145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/24 | 600 | 612297 |
|  State of Hawaii State Highway Fund RB, Series B, 5.00%, 01/01/24 | 230 | 234740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12110177 |
| **Idaho — 0.3%** |  |  |
|  Idaho Housing & Finance Association RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | 1756153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/24 | 25 | 25675 |
|  |  | 1781828 |
| **Illinois — 2.2%** |  |  |
|  Chicago O'Hare International Airport, Series B, 5.00%, 01/01/24 | 130 | 132560 |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/24 | 625 | 637306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/24 | 265 | 270217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 01/01/24 | 175 | 178446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 01/01/24 | 940 | 958508 |
|  Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/24 | 130 | 132854 |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 510 | 519397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 960 | 984739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 375 | 386843 |
|  Illinois State Toll Highway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 160 | 163169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 01/01/24 | 1645 | 1677579 |
|  Metropolitan Water Reclamation District of Greater Chicago GOL, Series C, 5.00%, 12/01/24 | 375 | 386429 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 725 | 731106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 500 | 504270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 605 | 610214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 720 | 726234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/24 | 295 | 293326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 130 | 131110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 65 | 65569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 250 | 252172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 50 | 50420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/24 | 150 | 151261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/24 | 1135 | 1144860 |
|  State of Illinois RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 06/15/24 | 25 | 24964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/24 | 200 | 202812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/24 | 75 | 76054 |
|  |  | 11392419 |
| **Indiana — 1.4%** |  |  |
|  Ball State University RB, 5.00%, 07/01/24 | 195 | 200121 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 1150 | 1186533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/24 | 320 | 327043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 230 | 237306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/24 | 335 | 342373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/24 | 1755 | 1818137 |
|  Indiana Municipal Power Agency RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 270 | 275347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/24 | 465 | 474209 |

---

S C H E D U L E O F I N V E S T M E N T S 47

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Indiana (continued)** |  |  |
|  Indiana Transportation Finance Authority RB, Series C, 5.50%, 12/01/24 (NPFGC) | $300 | $313541 |
|  Indiana University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 175 | 179793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W-2, 5.00%, 08/01/24 | 190 | 195709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 5.00%, 08/01/24 | 160 | 164807 |
|  Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/24 | 345 | 352171 |
|  Purdue University COP, Series A, 5.00%, 07/01/24 | 205 | 210584 |
|  Purdue University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/24 | 100 | 103125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 200 | 205547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 5.00%, 07/01/24 | 280 | 287765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6874111 |
| **Iowa — 0.3%** |  |  |
|  Iowa Finance Authority RB, 5.00%, 08/01/24 | 875 | 901441 |
|  State of Iowa RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 | 375 | 384486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 155 | 158835 |
|  |  | 1444762 |
| **Kansas — 0.4%** |  |  |
|  City of Merriam KS GO, 5.00%, 10/01/24 | 125 | 129065 |
|  City of Wichita KS Water & Sewer Utility Revenue RB, Series A, 5.00%, 10/01/24 | 200 | 206203 |
|  Johnson County Unified School District No. 229 Blue Valley GO, Series B, 5.00%, 10/01/24 | 70 | 72250 |
|  Johnson County Water District No. 1 RB, 5.00%, 01/01/24 | 105 | 107067 |
|  Kansas Development Finance Authority RB, 5.00%, 05/01/24 | 400 | 410482 |
|  Sedgwick County Unified School District No. 259 Wichita GO, Series A, 4.00%, 10/01/24 | 130 | 131738 |
|  Sedgwick County Unified School District No. 262 Valley Center GO, 3.00%, 09/01/36 (PR 09/01/24) | 240 | 238351 |
|  State of Kansas Department of Transportation RB, Series A, 5.00%, 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | 793051 |
|  |  | 2088207 |
| **Kentucky — 0.1%** |  |  |
|  Kentucky Turnpike Authority RB, 5.00%, 07/01/24 | 175 | 179682 |
|  Louisville & Jefferson County Metropolitan Sewer District RB, 5.00%, 05/15/24 | 280 | 287512 |
|  |  | 467194 |
| **Louisiana — 1.1%** |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Authority RB, 5.00%, 10/01/33 (PR 10/01/24) | 2000 | 2064663 |
|  Louisiana State University & Agricultural & Mechanical College RB, 5.00%, 07/01/34 (PR 07/01/24) | 1000 | 1027569 |
|  St Tammany Parish Wide School District No. 12 GO, 5.00%, 03/01/27 (PR 03/01/24) | 1125 | 1150888 |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 225 | 230697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 500 | 511984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 140 | 144267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/24 | 25 | 25633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 100 | 102919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 5.00%, 12/01/24 | 150 | 155212 |
|  State of Louisiana RB, 5.00%, 09/01/24 | 110 | 113234 |
|  |  | 5527066 |
| **Maine — 0.6%** |  |  |
|  City of Portland ME GO, 5.00%, 10/01/24 | 170 | 175496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Maine (continued)** |  |  |
|  Maine Municipal Bond Bank, 5.00%, 09/01/24 | $105 | $107936 |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 130 | 133542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 165 | 170552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 110 | 113702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/24 | 435 | 449528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/24 | 75 | 77524 |
|  Maine Turnpike Authority, 5.00%, 07/01/24 | 195 | 200344 |
|  Maine Turnpike Authority RB, 5.00%, 07/01/24 | 125 | 128426 |
|  State of Maine GO, Series B, 5.00%, 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | 1264069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821119 |
| **Maryland — 4.1%** |  |  |
|  City of Baltimore MD RB, Series A, 5.00%, 07/01/24 | 300 | 307437 |
|  County of Anne Arundel MD GOL, 5.00%, 10/01/24 | 1275 | 1316942 |
|  County of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 100 | 102201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 705 | 721501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 320 | 329670 |
|  County of Carroll MD GO, 5.00%, 11/01/24 | 225 | 232704 |
|  County of Charles MD GO, 5.00%, 10/01/24 | 100 | 103290 |
|  County of Frederick MD GO, Series A, 5.00%, 08/01/24 | 25 | 25734 |
|  County of Howard MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 | 1300 | 1330117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 | 295 | 301834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 | 250 | 257886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/24 | 50 | 51158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/24 | 75 | 76737 |
|  County of Montgomery MD, 5.00%, 11/01/27 (PR 11/01/24) | 830 | 858418 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/31 (PR 11/01/24) | 1000 | 1014463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 750 | 775679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 125 | 129446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 (PR 11/01/24) | 465 | 480921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 235 | 241473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 50 | 51712 |
|  County of Montgomery MD Water Quality Protection Charge Revenue RB, 5.00%, 04/01/24 | 120 | 122893 |
|  County of Prince George's MD, 5.00%, 07/01/24 | 900 | 925992 |
|  County of Prince George's MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/24 | 430 | 435987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/24 | 470 | 483866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/15/24 | 225 | 231638 |
|  Maryland Health & Higher Educational Facilities Authority RB, 5.25%, 07/01/27 (PR 07/01/24) | 1500 | 1547374 |
|  Maryland State Transportation Authority RB, Series A, 5.00%, 07/01/24 | 155 | 159476 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/24 | 235 | 238188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 205 | 210312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 240 | 247487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 730 | 753739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 340 | 351308 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 06/01/24 | 460 | 472670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/24 | 485 | 496668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 220 | 226648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/24 | 375 | 380012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 2430 | 2503428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 1025 | 1055973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.00%, 08/01/24 | 535 | 551166 |

---

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Maryland (continued)** |  |  |
|  Washington Suburban Sanitary Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/24 | $90 | $91103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 555 | 570286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 (GTD) | 145 | 149084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20914621 |
| **Massachusetts — 3.4%** |  |  |
|  City of Boston MA, 5.00%, 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1024526 |
|  City of Boston MA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 95 | 97199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 700 | 724242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/24 | 85 | 87085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/01/24 | 250 | 255786 |
|  Commonwealth of Massachusetts, 5.00%, 04/01/24 | 155 | 158845 |
|  Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/24 | 280 | 287752 |
|  Commonwealth of Massachusetts GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 100 | 103290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 12/01/24 (AMBAC) | 135 | 141121 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 1700 | 1735038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7, 5.00%, 07/01/24 | 130 | 133754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | 250 | 255153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 80 | 82310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 1310 | 1347832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 1000 | 1034239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 09/01/24 (AGM) | 1355 | 1403731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 60 | 61733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 375 | 387336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/01/24 | 100 | 102621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/24 | 375 | 388261 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/24 | 215 | 220587 |
|  Massachusetts Bay Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 1475 | 1517598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 105 | 108032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 07/01/24 | 300 | 311074 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue RB, Series B, 5.50%, 07/01/24 (NPFGC) | 215 | 222937 |
|  Massachusetts Clean Water Trust (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 435 | 448144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 5.00%, 08/01/24 | 375 | 386331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21, 5.00%, 08/01/24 | 200 | 206043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22, 5.00%, 08/01/24 | 675 | 695397 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/24 | 380 | 392866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/24 | 255 | 262640 |
|  Massachusetts State College Building Authority, 5.00%, 05/01/24 (ST INTERCEPT) | 200 | 204976 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/24 | 175 | 178446 |
|  Massachusetts Water Resources Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 155 | 159623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (ETM) | 310 | 319017 |
|  Massachusetts Water Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (ETM) | 285 | 293465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 345 | 355135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 655 | 674077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Massachusetts (continued)** |  |  |
|  University of Massachusetts Building Authority RB, Series 2021-1, 5.00%, 11/01/24 | $285 | $294479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062721 |
| **Michigan — 1.5%** |  |  |
|  Chippewa Valley Schools GO, Series B, 5.00%, 05/01/24 (Q-SBLF) | 250 | 255447 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 140 | 144132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 195 | 200756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-3, 5.00%, 07/01/24 (AGM) | 115 | 118020 |
|  Michigan State Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/24 | 150 | 151615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/24 | 380 | 388912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/24 | 720 | 736886 |
|  Oxford Area Community School District GO, Series A, 5.00%, 05/01/24 | 15 | 15353 |
|  Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39 (PR 03/01/24) | 2050 | 2095827 |
|  State of Michigan Comprehensive Transportation Revenue RB, 5.00%, 11/15/24 | 130 | 134272 |
|  State of Michigan GO, Series A, 5.00%, 12/01/24 | 220 | 227825 |
|  State of Michigan RB, 5.00%, 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | 1773927 |
|  State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/24 | 780 | 806722 |
|  University of Michigan, 5.00%, 04/01/24 | 250 | 256167 |
|  University of Michigan RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 140 | 143453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 04/01/24 | 185 | 189563 |
|  Wayne County Airport Authority RB, Series C, 5.00%, 12/01/24 | 50 | 51443 |
|  |  | 7690320 |
| **Minnesota — 1.2%** |  |  |
|  City of Minneapolis MN GO, 5.00%, 12/01/24 | 400 | 414227 |
|  County of Hennepin MN GO, Series A, 5.00%, 12/01/24 | 350 | 361449 |
|  Metropolitan Council GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 50 | 51183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/24 | 235 | 240563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/24 | 255 | 263965 |
|  Minneapolis-St Paul Metropolitan Airports Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 200 | 203547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/24 | 265 | 269700 |
|  Minnesota Municipal Power Agency RB, Series A, 5.00%, 10/01/24 | 155 | 159633 |
|  Minnesota Public Facilities Authority RB, Series B, 3.00%, 03/01/24 | 500 | 498012 |
|  Rosemount-Apple Valley-Eagan Independent School District No. 196 GO, Series A, 5.00%, 02/01/24 | 115 | 117432 |
|  Southern Minnesota Municipal Power Agency RB, Series A, 4.00%, 01/01/24 | 100 | 100700 |
|  State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 110 | 113324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 250 | 257889 |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 1860 | 1916204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 205 | 211195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 155 | 160099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/24 | 710 | 731454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/01/24 | 75 | 77467 |
|  |  | 6148043 |

---

S C H E D U L E O F I N V E S T M E N T S 49

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Mississippi — 0.1%** |  |  |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/24 | $50 | $51578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 10/01/24 | 45 | 45568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 505 | 521612 |
|  |  | 618758 |
| **Missouri — 0.9%** |  |  |
|  City of Springfield MO Public Utility Revenue RB, 5.00%, 08/01/24 | 200 | 205700 |
|  Metropolitan St Louis Sewer District RB, 5.00%, 05/01/24 | 150 | 153887 |
|  Missouri Highway & Transportation Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 775 | 794852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Series A, 5.00%, 05/01/24 | 130 | 133330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/24 | 110 | 112818 |
|  Missouri State Board of Public Buildings RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/24 | 280 | 282912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 1070 | 1095795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/24 | 125 | 128013 |
|  Missouri State Environmental Improvement & Energy Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1020265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/24 | 95 | 96171 |
|  University of Missouri RB, Series A, 5.00%, 11/01/24 | 465 | 480010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503753 |
| **Nebraska — 0.8%** |  |  |
|  City of Omaha NE GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/15/24 | 150 | 153100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/24 | 175 | 179330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/24 | 25 | 25836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/26 (PR 11/15/24) | 50 | 51714 |
|  Nebraska Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 01/01/24 | 340 | 346694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/24 | 1100 | 1121658 |
|  Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/24 | 155 | 158125 |
|  Omaha Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/24 | 475 | 485130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/31 (PR 08/01/24) | 1240 | 1275764 |
|  University of Nebraska Facilities Corp. RB, 5.00%, 07/15/24 | 490 | 503799 |
|  |  | 4301150 |
| **Nevada — 2.0%** |  |  |
|  Clark County School District, 5.00%, 06/15/24 (AGM) | 880 | 901981 |
|  Clark County School District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/24 | 185 | 189474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/24 | 610 | 624752 |
|  Clark County Water Reclamation District GOL, 5.00%, 07/01/24 | 215 | 220751 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 90 | 92409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 195 | 201371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 265 | 273993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 165 | 169339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 210 | 216861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 255 | 263331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 12/01/24 | 100 | 103393 |
|  County of Clark NV Passenger Facility Charge Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 840 | 862333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 365 | 374704 |
|  County of Clark NV RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 985 | 1011833 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Nevada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | $155 | $159222 |
|  Las Vegas Valley Water District, 5.00%, 12/01/24 | 150 | 155121 |
|  Las Vegas Valley Water District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 515 | 528864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/24 | 150 | 153227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | 1324727 |
|  Nevada System of Higher Education RB, Series A, 5.00%, 07/01/24 | 140 | 143608 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 170 | 174330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 270 | 278980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/01/24 | 775 | 793683 |
|  State of Nevada Highway Improvement Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 495 | 512100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Series A, 5.00%, 12/01/24 | 100 | 103557 |
|  Washoe County School District/NV GOL, Series A, 5.00%, 06/01/24 | 105 | 107729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941673 |
| **New Hampshire — 0.1%** |  |  |
|  New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/24 | 50 | 51338 |
|  New Hampshire Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/24 | 50 | 51533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/24 | 15 | 15452 |
|  State of New Hampshire GO, Series B, 5.00%, 12/01/24 | 210 | 217469 |
|  |  | 335792 |
| **New Jersey — 1.9%** |  |  |
|  County of Essex NJ GO, Series B, 5.00%, 09/01/24 (SCH BD RES FD) | 110 | 113372 |
|  County of Monmouth NJ, 5.00%, 07/15/24 | 145 | 149521 |
|  County of Monmouth NJ Go, 5.00%, 07/15/24 | 470 | 484656 |
|  Monmouth County Improvement Authority (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 (GTD) | 90 | 93201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/24 | 400 | 405346 |
|  New Jersey Economic Development Authority, 5.00%, 11/01/24 | 110 | 112609 |
|  New Jersey Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 4.00%, 06/15/24 | 120 | 120483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N-1, 5.50%, 09/01/24 (AMBAC) | 55 | 56686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PP, 5.00%, 06/15/27 (PR 06/15/24) | 2280 | 2343193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 5.00%, 06/15/24 | 190 | 193722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 4.00%, 06/15/24 (SAP) | 725 | 727920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.00%, 06/15/24 (SAP) | 135 | 137645 |
|  New Jersey Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 105 | 108032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 270 | 275910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 110 | 113177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 07/01/24 | 170 | 174910 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/24 | 840 | 856802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/15/24 | 400 | 408089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/24 | 165 | 165664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/24 | 180 | 183527 |
|  New Jersey Turnpike Authority RB, Series C, 5.00%, 01/01/24 | 140 | 142563 |
|  State of New Jersey GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 470 | 481119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 1575 | 1612260 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **New Jersey (continued)** |  |  |
|  Township of Union NJ/Union County GO, 3.00%, 01/15/24 | $150 | $149679 |
|  |  | 9610086 |
| **New Mexico — 1.0%** |  |  |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 150 | 154108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 260 | 267121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/24 | 800 | 822404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/24 | 95 | 97661 |
|  State of New Mexico GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 145 | 148375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 675 | 690710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/24 | 265 | 271168 |
|  State of New Mexico Severance Tax Permanent Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 1439284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 670 | 688800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/24 | 570 | 576839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156470 |
| **New York — 8.7%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 08/01/24 | 645 | 664490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 1430 | 1473211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/24 | 295 | 303914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2015, 2.50%, 08/01/24 | 300 | 294737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2015, 5.00%, 08/01/24 | 230 | 236950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 100 | 103022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 12/01/24 | 50 | 51697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 2220 | 2287082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 08/01/24 | 120 | 121462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/01/24 | 685 | 705699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 03/01/24 | 180 | 184213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/01/24 | 525 | 540864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-4, 4.00%, 08/01/24 | 100 | 101219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-4, 5.00%, 08/01/24 | 125 | 128777 |
|  County of Monroe NY GOL, 5.00%, 06/01/24 | 1000 | 1027076 |
|  County of Nassau NY, 5.00%, 04/01/26 (PR 04/01/24) | 465 | 476340 |
|  County of Onondaga NY GOL, 5.00%, 05/01/24 | 60 | 61519 |
|  County of Westchester NY GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | 445 | 454172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 125 | 129599 |
|  Erie County Industrial Development Agency (The) RB, 5.00%, 05/01/24 (SAW) | 250 | 256293 |
|  Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/24 | 245 | 250240 |
|  Long Island Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/24 (AGM)<sup>(a)</sup>  | 50 | 46444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 155 | 159584 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 11/15/24 | 130 | 130206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 11/15/24 | 280 | 285872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 11/15/24 | 25 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/15/24 | 90 | 91888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/24 | 645 | 658528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 11/15/24 (AMBAC) | 100 | 102726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/15/24 | 190 | 196053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/24 | 185 | 190893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/24 | 190 | 193985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/24 | 855 | 872932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/24 | 145 | 148041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **New York (continued)** |  |  |
|  Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/24 | $200 | $207012 |
|  New York City Municipal Water Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 | 515 | 530081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/24 | 120 | 121634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | 2151201 |
|  New York City Transitional Finance Authority Building Aid Revenue, 5.00%, 07/15/24 (SAW) | 545 | 560348 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 4.00%, 07/15/24 (SAW) | 140 | 141764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 07/15/24 (SAW) | 115 | 118239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 07/15/24 (ETM) (SAW) | 435 | 446900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S1, 5.00%, 07/15/24 (SAW) | 105 | 107957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 07/15/24 (SAW) | 310 | 318935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 5.00%, 07/15/24 (SAW) | 100 | 102816 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 280 | 286024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 2950 | 3045803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/24 | 670 | 689784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 5.00%, 08/01/24 | 180 | 185315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/24 | 1560 | 1610661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C1, 5.00%, 05/01/24 | 460 | 471783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 02/01/24 | 100 | 102151 |
|  New York State Dormitory Authority, 5.00%, 03/15/24 | 300 | 307218 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 110 | 112637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/24 | 145 | 146507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 | 230 | 235334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/24 | 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 815 | 835603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 15 | 15462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 03/15/24 (AMBAC) | 1130 | 1164694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/24 | 935 | 957749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/24 | 2205 | 2254896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/15/24 | 430 | 439590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/24 | 450 | 461081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 10/01/24 (SAW) | 100 | 103102 |
|  New York State Environmental Facilities Corp., 5.00%, 06/15/24 | 75 | 77112 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 | 1470 | 1511401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/24 | 65 | 65813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/15/24 | 135 | 139344 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 01/01/24 | 165 | 168116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.00%, 01/01/24 | 160 | 161211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 01/01/24 | 120 | 122266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/24 | 185 | 188494 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | 435 | 445348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/24 | 3110 | 3183979 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/24 | 100 | 102816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 194, 5.00%, 10/15/24 | 1220 | 1259025 |
|  Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/24 | 815 | 842974 |
|  State of New York, 5.00%, 03/15/24 | 375 | 384022 |
|  State of New York GO, Series A, 5.00%, 03/01/24 | 360 | 368426 |

---

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **New York (continued)** |  |  |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | $1183540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/24 | 180 | 186059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43825232 |
| **North Carolina — 2.8%** |  |  |
|  City of Charlotte NC COP, 5.00%, 06/01/24 | 125 | 128346 |
|  City of Charlotte NC GO, Series A, 5.00%, 06/01/24 | 140 | 143856 |
|  City of Charlotte NC Storm Water Revenue RB, 5.00%, 12/01/24 | 15 | 15537 |
|  City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/24 | 275 | 282942 |
|  City of Durham NC Water & Sewer Utility System Revenue RB, 4.00%, 08/01/24 | 170 | 172099 |
|  City of Raleigh NC RB, Series A, 5.00%, 06/01/24 | 160 | 164282 |
|  City of Winston-Salem NC RB, Series C, 5.00%, 06/01/24 | 215 | 220754 |
|  City of Winston-Salem NC Water & Sewer System Revenue RB, Series A, 5.00%, 06/01/24 | 10 | 10272 |
|  City of Winston-Salem Water & Sewer System Revenue, 5.00%, 06/01/33 (PR 06/01/24) | 2350 | 2413628 |
|  County of Alamance NC, 5.00%, 05/01/24 | 1000 | 1025763 |
|  County of Buncombe NC RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 125 | 128346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 06/01/24 | 175 | 179684 |
|  County of Durham NC GO, 5.00%, 10/01/24 | 45 | 46480 |
|  County of Forsyth NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 100 | 102411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 365 | 378056 |
|  County of Guilford NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 520 | 531966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/24 | 235 | 241054 |
|  County of Mecklenburg NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 | 235 | 237438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 285 | 291821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 125 | 128967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 175 | 181224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/24 | 210 | 217469 |
|  County of Orange NC GO, 4.00%, 04/01/24 | 200 | 201997 |
|  County of Wake NC GO, Series A, 5.00%, 03/01/24 | 295 | 301905 |
|  County of Wake NC RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 135 | 139079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 110 | 113890 |
|  North Carolina State University at Raleigh RB, 5.00%, 10/01/24 | 45 | 46413 |
|  State of North Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 1175 | 1208279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/24 | 3230 | 3317030 |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 635 | 649029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/24 | 125 | 128257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 590 | 606158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/24 | 290 | 297557 |
|  University of North Carolina at Greensboro RB, 5.00%, 04/01/24 | 175 | 178975 |
|  |  | 14430964 |
| **Ohio — 3.6%** |  |  |
|  American Municipal Power Inc. RB, 5.00%, 02/15/24 | 530 | 540663 |
|  City of Columbus OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 400 | 410090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 5.00%, 08/15/24 | 280 | 288783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Ohio (continued)** |  |  |
|  City of Columbus OH GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, 5.00%, 04/01/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1025224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/24 | 455 | 461437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 175 | 180140 |
|  Cleveland Department of Public Utilities Division of Water RB, Series Y, 4.00%, 01/01/29 (PR 01/01/24) | 1040 | 1048940 |
|  County of Franklin OH GOL, 5.00%, 12/01/24 | 20 | 20711 |
|  County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/24 | 225 | 232269 |
|  Miami University/Oxford OH RB, 5.00%, 09/01/24 | 485 | 499170 |
|  Northeast Ohio Regional Sewer District, 5.00%, 11/15/44 (PR 11/15/24) | 1250 | 1292840 |
|  Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/49 (PR 11/15/24) | 1000 | 1034272 |
|  Ohio Higher Educational Facility Commission RB, 5.00%, 12/01/24 | 80 | 82422 |
|  Ohio State University (The), 5.00%, 12/01/24 | 100 | 103434 |
|  Ohio State University (The) RB, Series A, 5.00%, 12/01/24 | 300 | 310302 |
|  Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/24 | 100 | 102177 |
|  Ohio University RB, Series A, 5.00%, 12/01/24 | 110 | 113464 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 275 | 284781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/24 | 210 | 217469 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 255 | 262023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 160 | 165691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, 5.00%, 06/01/24 | 770 | 791208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, 5.00%, 12/01/24 | 225 | 233003 |
|  State of Ohio, 5.00%, 05/01/27 (PR 05/01/24) | 945 | 969346 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/24 | 110 | 111367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/24 (ETM) | 5 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 360 | 371188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 215 | 221978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/24 | 500 | 516550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 195 | 201060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/15/24 | 1650 | 1704613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/24 | 170 | 174430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 5.00%, 05/01/24 | 165 | 169300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 05/01/24 | 150 | 154042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 06/15/24 | 200 | 205793 |
|  State of Ohio GOL, 5.00%, 09/01/24 | 895 | 924049 |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 505 | 516823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 250 | 257754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 440 | 454751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 | 35 | 36086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/24 | 165 | 170532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17995521 |
| **Oklahoma — 0.5%** |  |  |
|  City of Oklahoma City OK GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24 | 250 | 252459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 10 | 10228 |
|  Grand River Dam Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/24 | 460 | 463304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 875 | 897602 |
|  Oklahoma Capitol Improvement Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 220 | 226353 |

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52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Oklahoma (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/24 | $15 | $15309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 55 | 56588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 | 30 | 30866 |
|  Oklahoma Turnpike Authority RB, Series D, 5.00%, 01/01/24 | 270 | 275223 |
|  Oklahoma Water Resources Board RB, 5.00%, 04/01/24 | 105 | 107605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335537 |
| **Oregon — 1.9%** |  |  |
|  Chemeketa Community College District GO, 5.00%, 06/15/24 (GTD) | 195 | 200181 |
|  City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/24 | 175 | 179987 |
|  City of Portland OR, 5.00%, 02/01/24 | 500 | 511127 |
|  City of Portland OR GOL, Series B, 5.00%, 06/15/24 | 175 | 179985 |
|  City of Portland OR Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 | 100 | 102737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 500 | 511374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 80 | 82037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 50 | 51598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 140 | 143747 |
|  City of Portland OR Water System Revenue RB, Series A, 5.00%, 05/01/24 | 250 | 256367 |
|  County of Multnomah OR GOL, 5.00%, 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | 1053232 |
|  Multnomah County School District No. 1 Portland/OR GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/24 (GTD) | 170 | 174598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/24 (GTD) | 300 | 308114 |
|  Oregon State Lottery RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 560 | 573500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 04/01/24 | 220 | 225304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 04/01/24 (MO) | 170 | 174098 |
|  Portland Community College District GO, 5.00%, 06/15/24 | 290 | 297705 |
|  Portland Oregon Water System RB, 5.00%, 05/01/24 | 180 | 184584 |
|  Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/24 (GTD)<sup>(a)</sup>  | 125 | 118002 |
|  State of Oregon Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/24 | 850 | 878781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/28 (PR 11/15/24) | 700 | 723991 |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 400 | 410541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 350 | 359695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 900 | 923718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 165 | 170014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 05/01/24 | 145 | 148821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 08/01/24 | 90 | 92735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 11/01/24 | 200 | 206848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 08/01/24 | 105 | 108191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.00%, 08/01/24 | 25 | 25760 |
|  Washington & Clackamas Counties School District No. 23J Tigard-Tualatin GO, Series J, 5.00%, 06/15/24 (GTD) | 200 | 205633 |
|  |  | 9583005 |
| **Pennsylvania — 2.6%** |  |  |
|  City of Philadelphia PA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 230 | 236515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/34 (PR 01/15/24) | 440 | 450494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 365 | 375340 |
|  City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 11/01/24 | 430 | 442872 |
|  Commonwealth of Pennsylvania, 5.00%, 10/01/24 | 325 | 335386 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/24 | 1265 | 1301260 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/24 | $180 | $183606 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 03/01/24 | 105 | 107389 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 03/15/24 | 245 | 250729 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 06/15/24 | 170 | 174652 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 07/01/24 | 450 | 462627 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 08/15/24 | 810 | 834269 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/24 | 520 | 536255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 01/15/24 | 105 | 107170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | 1361263 |
|  County of Berks PA GO, 5.00%, 11/15/24 | 100 | 103226 |
|  County of Chester PA GO, 5.00%, 07/15/24 | 90 | 92655 |
|  County of Montgomery PA GO, Series A, 5.00%, 04/01/24 | 20 | 20496 |
|  Delaware County Authority RB, 5.00%, 08/01/24 | 45 | 46121 |
|  Delaware River Joint Toll Bridge Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 195 | 200408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 125 | 128467 |
|  Delaware River Port Authority RB, 5.00%, 01/01/33 (PR 01/01/24) | 3000 | 3061486 |
|  Pennsylvania Infrastructure Investment Authority RB, Series A, 5.00%, 01/15/24 | 195 | 199146 |
|  Pennsylvania State University (The) RB, 5.00%, 09/01/24 | 50 | 51551 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/24 | 90 | 93017 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 105 | 107403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 1100 | 1138000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 80 | 82050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/24 | 220 | 227600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 12/01/24 | 180 | 186218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/24 | 180 | 186218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13083889 |
| **Rhode Island — 0.4%** |  |  |
|  Rhode Island Commerce Corp. RB, Series A, 4.00%, 06/15/24 | 430 | 432337 |
|  Rhode Island Infrastructure Bank Water Pollution Control |  |  |
|  Revolving Fund RB, Series B, 5.00%, 10/01/24 | 230 | 237480 |
|  Rhode Island Turnpike & Bridge Authority RB, Series A, 5.00%, 10/01/24 | 215 | 221265 |
|  State of Rhode Island GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/24 | 465 | 474887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 195 | 200892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 175 | 179586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/24 | 295 | 303914 |
|  |  | 2050361 |
| **South Carolina — 0.6%** |  |  |
|  Beaufort County School District/SC GO, 5.00%, 03/01/24 (SCSDE) | 500 | 511177 |
|  Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/24 | 70 | 72418 |
|  City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/24 | 170 | 173504 |
|  County of Charleston SC GO, Series C, 5.00%, 11/01/24 (SAW) | 160 | 165492 |
|  Horry County School District/SC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 (SCSDE) | 400 | 409100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/24 | 170 | 173867 |
|  Lancaster County School District/SC GO, 5.00%, 03/01/24 | 100 | 102341 |
|  Richland County School District No. 1/SC GO, Series C, 5.00%, 03/01/24 | 110 | 112531 |

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S C H E D U L E O F I N V E S T M E N T S 53

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **South Carolina (continued)** |  |  |
|  South Carolina Transportation Infrastructure Bank RB, Series A, 5.00%, 10/01/24 | $800 | $824513 |
|  State of South Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/24 (SAW) | 475 | 486650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 04/01/24 (SAW) | 155 | 158802 |
|  |  | 3190395 |
| **Tennessee — 2.3%** |  |  |
|  City of Chattanooga TN GO, Series B, 5.00%, 03/01/24 | 100 | 102275 |
|  City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/24 | 175 | 181046 |
|  City of Memphis TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 245 | 251240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/40 (PR 04/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995108 |
|  County of Blount TN GO, Series B, 5.00%, 06/01/24 | 180 | 184677 |
|  County of Knox TN GO, 5.00%, 06/01/24 | 120 | 123305 |
|  County of Williamson TN GO, 5.00%, 04/01/24 | 275 | 281745 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/24 | 315 | 323404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/24 | 200 | 205336 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/24 | 750 | 756875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 315 | 321456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 615 | 632660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 210 | 216030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 07/01/24 | 175 | 177213 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/24 | 165 | 169738 |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 125 | 129057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 145 | 149506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 700 | 721754 |
|  Tennessee State School Bond Authority, 5.00%, 11/01/24 (ST INTERCEPT) | 475 | 491247 |
|  Tennessee State School Bond Authority GO, Series B, 5.00%, 09/01/26 (PR 09/01/24) | 1065 | 1097074 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 (ST INTERCEPT) | 85 | 87960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 11/01/24 (ST INTERCEPT) | 180 | 186128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 370 | 382596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 425 | 439802 |
|  |  | 11607232 |
| **Texas — 11.8%** |  |  |
|  Alamo Community College District, 5.00%, 02/15/24 | 500 | 510884 |
|  Alamo Community College District GOL, 5.00%, 02/15/24 | 40 | 40871 |
|  Aldine Independent School District GO, 5.00%, 02/15/24 (PSF) | 295 | 301608 |
|  Alief Independent School District GO, 5.00%, 02/15/24 (PSF) | 170 | 173679 |
|  Allen Independent School District GO, 5.00%, 02/15/24 (PSF) | 100 | 102202 |
|  Arlington Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 (PSF) | 40 | 40906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/24 (PSF) | 180 | 184078 |
|  Austin Community College District, 5.00%, 08/01/24 | 475 | 488863 |
|  Austin Independent School District, 5.00%, 08/01/24 (PSF) | 1170 | 1204348 |
|  Austin Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (PSF) | 145 | 149257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/24 (PSF) | 125 | 126564 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 (PSF) | $55 | $56615 |
|  Birdville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 (PSF) | 10 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 (PSF) | 105 | 107339 |
|  Board of Regents of the University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/24 | 330 | 340410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/15/24 | 120 | 123785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/24 | 175 | 180520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 08/15/24 | 270 | 278517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 08/15/24 | 395 | 407460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/15/24 | 165 | 170205 |
|  Central Texas Turnpike System, 0.00%, 08/15/24<sup>(a)</sup>  | 565 | 531935 |
|  Central Texas Turnpike System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 08/15/24 (AMBAC)<sup>(a)</sup>  | 90 | 84212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/24 | 125 | 127415 |
|  City of Arlington TX GOL, Series A, 5.00%, 08/15/24 | 205 | 211142 |
|  City of Arlington TX Water & Wastewater System Revenue RB, 5.00%, 06/01/24 | 700 | 718735 |
|  City of Austin TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 540 | 557040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 230 | 237258 |
|  City of Austin TX Water & Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/24 | 160 | 165066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/24 | 155 | 159112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/24 | 360 | 371400 |
|  City of Brownsville TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 | 10 | 10208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 (ETM) | 5 | 5108 |
|  City of Carrollton TX GOL, 5.00%, 08/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287452 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 360 | 371369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 240 | 247579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 390 | 402389 |
|  City of Denton TX GOL, 5.00%, 02/15/24 | 80 | 81752 |
|  City of El Paso TX GOL, 5.00%, 08/15/24 | 135 | 138879 |
|  City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/24 | 265 | 270870 |
|  City of Frisco TX GOL, 5.00%, 02/15/24 | 150 | 153284 |
|  City of Grand Prairie TX GOL, 5.00%, 02/15/24 | 315 | 321577 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/24 | 370 | 382306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/24 | 590 | 605294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/24 | 540 | 557961 |
|  City of Lubbock TX GOL, 5.00%, 02/15/24 | 295 | 301309 |
|  City of Pflugerville TX GOL, 5.00%, 08/01/24 | 60 | 61700 |
|  City of Plano TX GOL, 5.00%, 09/01/24 | 50 | 51569 |
|  City of Round Rock TX GOL, 5.00%, 08/15/24 | 100 | 102996 |
|  City of San Antonio Texas Electric & Gas Systems Revenue RB, Series REF, 5.25%, 02/01/24 | 580 | 594021 |
|  City of San Antonio TX, 5.00%, 08/01/24 | 735 | 757210 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 275 | 280815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 (ETM) | 155 | 158354 |
|  City of San Antonio TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 515 | 526334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 715 | 736605 |
|  Clear Creek Independent School District GO, 5.00%, 02/15/24 (PSF) | 95 | 97020 |
|  Comal Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 (PSF) | 550 | 561969 |

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54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/24 (PSF) | $110 | $112394 |
|  Conroe Independent School District, 5.00%, 02/15/24 (PSF) | 120 | 122643 |
|  Conroe Independent School District GO, 5.00%, 02/15/24 (PSF) | 105 | 107312 |
|  Conroe Independent School District RB, 5.00%, 02/15/24 | 525 | 536562 |
|  County of Bexar TX GOL, 5.00%, 06/15/24 | 315 | 323872 |
|  County of Collin TX GOL, 5.00%, 02/15/24 | 105 | 107352 |
|  County of Denton TX GOL, 5.00%, 07/15/24 | 105 | 107887 |
|  County of Harris TX GOL, 5.00%, 10/01/24 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652031 |
|  County of Travis TX GOL, 5.00%, 03/01/24 | 275 | 281292 |
|  Crowley Independent School District GO, Series A, 5.00%, 08/01/24 (PSF) | 80 | 82390 |
|  Cypress-Fairbanks Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 (PSF) | 440 | 449801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 (PSF) | 105 | 107339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/24 (PSF) | 100 | 102228 |
|  Dallas Area Rapid Transit RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 200 | 205831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 785 | 812119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 (PR 12/01/24) | 2500 | 2587385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 915 | 946610 |
|  Denton Independent School District GO, 0.00%, 08/15/24 (PSF)<sup>(a)</sup>  | 200 | 188356 |
|  Fort Bend Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 (PSF) | 300 | 308936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/24 (PSF) | 25 | 25547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/24 (PSF) | 105 | 108128 |
|  Fort Worth Independent School District GO, 5.00%, 02/15/24 (PSF) | 400 | 408808 |
|  Frisco Independent School District GO, 5.00%, 08/15/24 (PSF) | 320 | 329812 |
|  Garland Independent School District GO, Series A, 5.00%, 02/15/24 (PSF) | 300 | 306797 |
|  Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/24 (PSF)<sup>(a)</sup>  | 150 | 141093 |
|  Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/24 | 355 | 365512 |
|  Katy Independent School District GO, Series D, 5.00%, 02/15/24 (PSF) | 125 | 127832 |
|  Keller Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 (PSF) | 160 | 163524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 (PSF) | 170 | 175093 |
|  Klein Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (PSF) | 65 | 66908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 (PSF) | 430 | 442624 |
|  Lamar Consolidated Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 (PSF) | 145 | 148046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.00%, 02/15/24 (PSF) | 50 | 48870 |
|  Laredo Independent School District GO, 0.00%, 08/01/24 (PSF)<sup>(a)</sup>  | 150 | 140570 |
|  Leander Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 08/15/37 (PR 08/15/24)<sup>(a)</sup>  | 700 | 334852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 08/15/47 (PR 08/15/24) (PSF)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 2671641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/15/24 (PSF)<sup>(a)</sup>  | 125 | 117392 |
|  Lewisville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 | 400 | 411563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 (PSF) | 260 | 267516 |
|  Lone Star College System, 5.00%, 02/15/24 | 105 | 107339 |
|  Lone Star College System GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/24 | 185 | 190851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 | $170 | $173787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 | 135 | 139092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/24 | 545 | 557141 |
|  Lower Colorado River Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/24 | 320 | 327522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/24 | 160 | 163761 |
|  McKinney Independent School District GO, 5.00%, 02/15/24 (PSF) | 160 | 163524 |
|  Metropolitan Transit Authority of Harris County RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 195 | 201371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 185 | 191044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/24 | 285 | 294311 |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/24 | 100 | 103267 |
|  North East Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (PSF) | 565 | 581296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/24 (PSF) | 300 | 307215 |
|  North Texas Municipal Water District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 135 | 138592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 | 50 | 51712 |
|  North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/24 | 375 | 386428 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 160 | 163206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/24 | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/24 | 165 | 168249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 01/01/24 (ETM) | 75 | 76477 |
|  Northside Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (PSF) | 275 | 283073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 (PSF) | 225 | 231741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 (PSF) | 500 | 511011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 (PSF) | 165 | 169944 |
|  Northwest Independent School District GO, Series A, 5.00%, 02/15/24 (PSF) | 275 | 280916 |
|  Pasadena Independent School District GO, 5.00%, 02/15/24 (PSF) | 150 | 153284 |
|  Permanent University Fund - University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 110 | 113195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | 1363483 |
|  Pflugerville Independent School District GO, 5.00%, 02/15/24 (PSF) | 250 | 255314 |
|  Rockwall Independent School District GO, Series A, 0.00%, 02/15/24 (PSF)<sup>(a)</sup>  | 35 | 33189 |
|  Round Rock Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 170 | 174991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (PSF) | 165 | 169816 |
|  San Antonio Independent School District/TX GO, 5.00%, 02/15/24 (PSF) | 405 | 414176 |
|  San Antonio Water System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/24 | 580 | 594947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/24 | 120 | 123092 |
|  Spring Branch Independent School District GO, 5.00%, 02/01/24 (PSF) | 885 | 904259 |
|  Spring Branch Independent School District GOL, 5.00%, 02/01/24 (PSF) | 115 | 117502 |
|  Spring Independent School District GO, 5.00%, 08/15/24 (PSF) | 580 | 597174 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 295 | 302318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 2285 | 2360167 |

---

S C H E D U L E O F I N V E S T M E N T S 55

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/39 (PR 10/01/24) | $1000 | $1032332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/24 | 230 | 236950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/15/24 | 425 | 436403 |
|  Tarrant Regional Water District RB, Series A, 5.00%, 03/01/24 | 250 | 255654 |
|  Tarrant Regional Water District Water Supply System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/24 | 465 | 475517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (PR 03/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2044709 |
|  Texas A&M University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/24 | 495 | 508280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 05/15/24 | 25 | 25299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 05/15/24 | 740 | 759854 |
|  Texas Public Finance Authority RB, 5.00%, 02/01/24 | 250 | 255502 |
|  Texas State Technical College, 5.00%, 08/01/24 (AGM) | 150 | 153761 |
|  Texas State University System RB, Series A, 5.00%, 03/15/24 | 490 | 501788 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 10/01/24 | 550 | 568093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 895 | 917201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 | 745 | 769507 |
|  Texas Water Development Board, 5.00%, 08/01/24 | 755 | 777165 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/24 | 430 | 440639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 560 | 576440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/24 | 280 | 289117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/24 | 75 | 76856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/24 | 110 | 113582 |
|  Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/24 | 160 | 164670 |
|  Tyler Independent School District GO, 5.00%, 02/15/24 (PSF) | 30 | 30623 |
|  United Independent School District/TX GO, 5.00%, 08/15/24 (PSF) | 20 | 20592 |
|  University of Houston RB, Series A, 5.00%, 02/15/24 | 405 | 413251 |
|  University of North Texas System RB, Series A, 5.00%, 04/15/24 | 640 | 656293 |
|  Ysleta Independent School District GO, 5.00%, 08/15/24 (PSF) | 125 | 128723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59690533 |
| **Utah — 1.0%** |  |  |
|  Central Utah Water Conservancy District RB, 5.00%, 10/01/24 | 100 | 103196 |
|  City of Ogden City UT Sewer & Water Revenue RB, 5.00%, 06/15/24 | 90 | 92391 |
|  Metropolitan Water District of Salt Lake & Sandy RB, Series A, 5.00%, 07/01/24 | 135 | 138788 |
|  Nebo School District GO, Series C, 4.00%, 07/01/24 (GTD) | 100 | 101200 |
|  State of Utah GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | 2408346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 270 | 277886 |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 320 | 329669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 (SAP) | 370 | 381180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/24 | 100 | 103022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 220 | 226648 |
|  Utah State Building Ownership Authority RB, 5.00%, 05/15/24 | 275 | 282337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Utah (continued)** |  |  |
|  Utah Transit Authority RB, Series A, 5.00%, 06/15/24 | $450 | $462746 |
|  |  | 4907409 |
| **Vermont — 0.2%** |  |  |
|  State of Vermont GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/24 | 165 | 168697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 | 1000 | 1030489 |
|  |  | 1199186 |
| **Virginia — 4.0%** |  |  |
|  City of Alexandria VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/24 (SAW) | 105 | 108098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/24 (SAW) | 435 | 447563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/15/24 (SAW) | 100 | 102950 |
|  City of Chesapeake VA GO, Series C, 5.00%, 12/01/24 | 250 | 258637 |
|  City of Hampton VA GO, Series A, 5.00%, 09/01/24 | 355 | 366202 |
|  City of Newport News VA GO, Series A, 5.00%, 08/01/24 | 100 | 102970 |
|  City of Norfolk VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/35 (PR 09/01/24) (SAW) | 150 | 154652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37 (PR 09/01/24) (SAW) | 600 | 618609 |
|  City of Norfolk VA Water Revenue RB, 5.00%, 11/01/24 | 230 | 237469 |
|  City of Richmond VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/15/24 | 205 | 211117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/15/24 (SAW) | 240 | 247161 |
|  City of Virginia Beach VA GO, Series B, 5.00%, 09/15/24 (SAW) | 730 | 753490 |
|  Commonwealth of Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 55 | 56558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 (SAW) | 105 | 107974 |
|  County of Arlington VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 | 125 | 128855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/24 (SAW) | 75 | 77313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/24 | 50 | 51542 |
|  County of Chesterfield, 5.00%, 01/01/24 | 500 | 510305 |
|  County of Fairfax VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/24 (SAW) | 250 | 253528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/24 (SAW) | 525 | 542073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/24 (SAW) | 500 | 512682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/24 (SAW) | 130 | 134228 |
|  County of Henrico VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (SAW) | 50 | 51502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 400 | 412018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 (SAW) | 245 | 252361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 (SAW) | 205 | 211159 |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/24 | 500 | 512432 |
|  Fairfax County Water Authority RB, 5.00%, 04/01/24 | 75 | 76839 |
|  Hampton Roads Sanitation District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 165 | 169765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 150 | 154533 |
|  Virginia College Building Authority, 5.00%, 02/01/24 | 2430 | 2482580 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 100 | 102164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/24 | 120 | 119492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/01/28 (PR 02/01/24) | 250 | 252288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 570 | 587679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 (SAW) | 50 | 51551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/24 | 350 | 360855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/24 (NPFGC) | 275 | 280950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 02/01/24 | 300 | 306491 |

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56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Virginia (continued)** |  |  |
|  Virginia Commonwealth Transportation Board, 5.00%, 05/15/24 | $195 | $200232 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | 200 | 204812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/24 | 370 | 379927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/24 | 500 | 516090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/24 | 1035 | 1062769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/24 | 170 | 174561 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/24 | 1065 | 1095899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 | 165 | 169787 |
|  Virginia Public School Authority, 5.00%, 08/01/24 | 285 | 293612 |
|  Virginia Public School Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24 | 75 | 76651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 | 160 | 164835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/24 (SAW) | 1265 | 1303225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 | 120 | 123626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/24 (SAW) | 315 | 324518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/24 (SAW) | 275 | 283310 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 | 205 | 211624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/24 (MO) | 105 | 108287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 275 | 284523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/24 | 145 | 150021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20525267 |
|  **Washington — 4.7%** |  |  |
|  Cascade Water Alliance RB, 5.00%, 01/01/24 | 90 | 91824 |
|  Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/24 | 945 | 976430 |
|  City of Bellevue WA GOL, 5.00%, 12/01/24 | 200 | 207113 |
|  City of Marysville WA Water & Sewer Revenue RB, 5.00%, 04/01/24 | 55 | 56334 |
|  City of Seattle WA Drainage & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 425 | 435542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1031556 |
|  City of Seattle WA GO, 5.00%, 12/01/24 | 215 | 222647 |
|  City of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/24 | 45 | 45526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 290 | 297987 |
|  City of Seattle WA Municipal Light & Power Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/24 | 75 | 76888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/24 | 220 | 226665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/24 | 100 | 102383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/24 | 355 | 365755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/24 | 125 | 128947 |
|  City of Seattle WA Water System Revenue RB, 5.00%, 08/01/24 | 215 | 221497 |
|  Clark & Skamania Counties School District No. 112-6 Washougal GO, 5.00%, 12/01/24 (GTD) | 25 | 25864 |
|  Clark County Public Utility District No. 1 RB, 5.00%, 01/01/24 | 225 | 229093 |
|  Clark County School District No. 37 Vancouver GO, Series C, 5.00%, 12/01/24 (GTD) | 100 | 103455 |
|  County of King WA GO, 5.00%, 07/01/24 | 110 | 113087 |
|  County of King WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 630 | 646861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 125 | 128507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/24 | 55 | 56900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/24 | 125 | 128346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/24 | 70 | 72418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Washington (continued)** |  |  |
|  County of King WA Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | $275 | $282762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 880 | 904837 |
|  County of Pierce WA GO, Series A, 5.00%, 08/01/24 | 260 | 267812 |
|  County of Snohomish WA, 5.00%, 12/01/24 | 105 | 108584 |
|  County of Spokane WA GOL, 5.00%, 12/01/24 | 265 | 274155 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 865 | 889981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/24 | 285 | 288651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172923 |
|  King County Rural Library District GO, 4.00%, 12/01/24 | 150 | 151913 |
|  King County School District No. 210 Federal Way GO, 4.00%, 12/01/24 (GTD) | 80 | 81087 |
|  King County School District No. 403 Renton GO, 4.00%, 12/01/24 (GTD) | 195 | 197846 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/24 (GTD) | 200 | 207113 |
|  King County School District No. 411 Issaquah GO, 5.00%, 12/01/24 (GTD) | 175 | 181046 |
|  King County School District No. 414 Lake Washington GO, 5.00%, 12/01/24 (GTD) | 130 | 134491 |
|  Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/24 (GTD) | 375 | 388261 |
|  Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/24 (GTD) | 75 | 77591 |
|  Pierce County School District No. 83 University Place GO, 5.00%, 12/01/24 (GTD) | 100 | 103455 |
|  Port of Seattle WA GOL, 5.00%, 06/01/24 | 400 | 411017 |
|  Port of Seattle WA RB, Series B, 5.00%, 03/01/24 | 220 | 224572 |
|  Port of Tacoma WA RB, Series A, 5.00%, 12/01/24 | 85 | 87763 |
|  Snohomish County School District No. 103 Monroe GO, 5.00%, 12/01/24 (GTD) | 215 | 222427 |
|  Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/24 (GTD) | 150 | 155182 |
|  Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/24 (GTD) | 100 | 103455 |
|  Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/24 (GTD) | 85 | 87936 |
|  Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/24 (GTD) | 150 | 155182 |
|  Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/24 (GTD) | 255 | 264070 |
|  State of Washington, 5.00%, 06/01/24 | 500 | 513849 |
|  State of Washington COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 120 | 123171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 395 | 405438 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | 80 | 82323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, 5.00%, 07/01/24 | 105 | 108050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/24 | 425 | 437915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/24 | 1140 | 1173110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 06/01/24 (AMBAC)<sup>(a)</sup>  | 100 | 94579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 06/01/24 (NPFGC)<sup>(a)</sup>  | 25 | 23645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/24 | 1315 | 1344103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/24 | 140 | 143098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.00%, 12/01/24<sup>(a)</sup>  | 60 | 55687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/24 | 1000 | 1027699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2015C, 5.00%, 07/01/24 | 60 | 61743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2015E, 5.00%, 07/01/24 | 145 | 149211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018C, 5.00%, 08/01/24 | 695 | 716121 |

---

S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018D, 5.00%, 08/01/24 | $110 | $113343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2020A, 5.00%, 01/01/24 | 800 | 816581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-F, 5.00%, 07/01/24 | 100 | 102904 |
|  State of Washington RB, 5.00%, 09/01/24 | 900 | 928562 |
|  University of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | 589103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 75 | 77042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/24 | 130 | 134491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 12/01/24 | 395 | 408646 |
|  Washington State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 | 320 | 327090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/24 | 180 | 185110 |
|  Whatcom County School District No. 503 Blaine GO, 5.00%, 12/01/24 (GTD) | 25 | 25864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23584215 |
| **West Virginia — 0.4%** |  |  |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 75 | 77066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 11/01/24 (NPFGC)<sup>(a)</sup>  | 140 | 130534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 505 | 518909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/24 | 25 | 25864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/24 | 40 | 41102 |
|  West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/24 | 800 | 821508 |
|  West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/24 | 320 | 327881 |
|  West Virginia Water Development Authority RB, Series A, 5.00%, 07/01/24 | 265 | 272436 |
|  |  | 2215300 |
| **Wisconsin — 2.0%** |  |  |
|  City of Madison WI GO, Series A, 4.00%, 10/01/24 | 270 | 273709 |
|  Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/24 | 105 | 108139 |
|  State of Wisconsin, 5.00%, 05/01/24 | 210 | 215503 |
|  State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 (PR 06/01/24) | 150 | 153945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 (PR 06/01/24) | 60 | 61438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 06/01/24 | 85 | 87235 |
|  State of Wisconsin Environmental Improvement Fund Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 240 | 246648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serise A, 5.00%, 06/01/24 | 435 | 447049 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Wisconsin (continued)** |  |  |  |
|  State of Wisconsin GO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/24 | $| 200 | $206848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | 2089162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 |  | 450 | 461793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/24 |  | 230 | 236027 |
|  State of Wisconsin RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 |  | 650 | 666650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/24 |  | 140 | 143586 |
|  Wisconsin Department of Transportation, 5.00%, 07/01/24 |  | 230 | 236680 |
|  Wisconsin Department of Transportation RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/36 (PR 07/01/24) |  | 1830 | 1881949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/24 |  | 385 | 396182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/32 (PR 07/01/24) |  | 850 | 874130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/24 |  | 955 | 982736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 |  | 160 | 164647 |
|  |  |  | 9934056 |
|  **Total Long-Term Investments — 98.4%<br>(Cost: $511,343,020)** | **Total Long-Term Investments — 98.4%<br>(Cost: $511,343,020)** | **Total Long-Term Investments — 98.4%<br>(Cost: $511,343,020)** | 498286773 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
|  BlackRock Liquidity Funds: MuniCash,<br>1.83%<sup>(c)(d)</sup>  |  | 1856 | 1855612 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $1,855,612)** | **Total Short-Term Securities — 0.4%<br>(Cost: $1,855,612)** | **Total Short-Term Securities — 0.4%<br>(Cost: $1,855,612)** | 1855612 |
|  **Total Investments — 98.8%<br>(Cost: $513,198,632)** | **Total Investments — 98.8%<br>(Cost: $513,198,632)** | **Total Investments — 98.8%<br>(Cost: $513,198,632)** | 500142385 |
|  **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 5934999 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;506077384 |

---

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $935081 | $920210 <sup>(a)</sup> | $– $| 330 | $(9) | $1855612 | 1856 | $18792 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Muni Bond ETF** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $498286773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $498286773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1855612 |  |  | 1855612 |
|  | $1855612 | $498286773 | $— | $500142385 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
| **Alabama — 0.4%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB, Series H, 5.00%, 09/01/25 | $385 | $402958 |
|  Alabama Public School & College Authority RB, Series B, 5.00%, 05/01/25 | 410 | 426832 |
|  City of Huntsville AL GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 165 | 171774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/25 | 115 | 120594 |
|  University of Alabama (The) RB, Series B, 5.00%, 07/01/25 | 130 | 135461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257619 |
| **Alaska — 0.1%** |  |  |
|  City of Anchorage AK Water Revenue RB, Series B, 5.00%, 05/01/25 | 85 | 88469 |
|  Municipality of Anchorage AK GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/25 | 65 | 67906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/25 | 30 | 31342 |
|  State of Alaska GO, Series B, 5.00%, 08/01/25 | 160 | 166958 |
|  |  | 354675 |
| **Arizona — 2.4%** |  |  |
|  Arizona Health Facilities Authority RB, 5.00%, 01/01/25 | 340 | 350890 |
|  Arizona State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 145 | 151241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 220 | 229470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 100 | 104304 |
|  Arizona Transportation Board RB, Series A, 5.00%, 07/01/25 | 335 | 349594 |
|  City of Phoenix AZ GO, 5.00%, 07/01/25 | 490 | 511091 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 1035 | 1078705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 615 | 641661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/25 | 245 | 253330 |
|  City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1075 | 1121830 |
|  City of Tucson Water System Revenue, 5.00%, 07/01/25 | 175 | 182623 |
|  County of Pima AZ GOL, 4.00%, 07/01/25 | 120 | 122258 |
|  County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/25 | 390 | 406787 |
|  Maricopa County Community College District GO, 5.00%, 07/01/25 | 355 | 370465 |
|  Maricopa County High School District No. 210-Phoenix GO, 5.00%, 07/01/25 | 135 | 140706 |
|  Maricopa County Unified School District No. 48 Scottsdale GO, Series A, 5.00%, 07/01/25 | 15 | 15634 |
|  Maricopa County Unified School District No. 69 Paradise Valley GO, 5.00%, 07/01/25 | 115 | 120010 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 175 | 181272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/25 | 880 | 911536 |
|  State of Arizona Lottery Revenue RB, 5.00%, 07/01/25 | 200 | 208557 |
|  University of Arizona (The) RB, 4.00%, 06/01/25 | 160 | 162455 |
|  |  | 7614419 |
| **California — 13.4%** |  |  |
|  Bay Area Toll Authority RB, 5.00%, 04/01/25 | 200 | 208279 |
|  Beverly Hills Unified School District CA GO, 0.00%, 08/01/25<sup>(a)</sup>  | 50 | 45407 |
|  California Educational Facilities Authority RB,<br>Series A, 5.00%, 10/01/25 | 65 | 68263 |
|  California Infrastructure & Economic Development Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/25 | 200 | 202603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | $245 | $257789 |
|  California State Public Works Board, 5.00%, 05/01/25 | 265 | 275879 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/25 | 115 | 117304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 220 | 230140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 580 | 608214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 280 | 293961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 80 | 83385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/25 | 25 | 25994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 230 | 240894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/25 | 75 | 78648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/01/25 | 200 | 207948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/25 | 200 | 208461 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 125 | 131336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/25 | 80 | 81757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922757 |
|  Campbell Union High School District GO, Series B, 5.00%, 08/01/25 | 100 | 104858 |
|  Carmel Unified School District Go, 4.00%, 08/01/25 | 100 | 102247 |
|  City & County of San Francisco CA GO, Series R1, 5.00%, 06/15/25 | 580 | 607405 |
|  City of Los Angeles CA GO, 5.00%, 09/01/25 | 190 | 198967 |
|  City of Los Angeles CA Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 200 | 208865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 335 | 349849 |
|  City of Los Angeles Department of Airports, 5.00%, 05/15/25 | 100 | 104164 |
|  City of Los Angeles Department of Airports RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 195 | 203120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/25 | 110 | 114580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/25 | 160 | 166662 |
|  City of Redding CA Electric System Revenue RB, 5.00%, 06/01/25 | 100 | 103979 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/25 | 515 | 542158 |
|  Coast Community College District GO, 5.00%, 08/01/25 | 50 | 52375 |
|  Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/25 | 180 | 186918 |
|  County of Monterey CA COP, 5.00%, 10/01/25 | 270 | 282406 |
|  East Bay Municipal Utility District Water System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/25 | 270 | 275534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 395 | 412808 |
|  Eastern Municipal Water District RB, Series A, 5.00%, 07/01/25 | 70 | 73268 |
|  El Camino Community College District Foundation (The), 5.00%, 08/01/25 | 15 | 15713 |
|  El Camino Community College District Foundation (The) GO, Series-C, 0.00%, 08/01/25<sup>(a)</sup>  | 300 | 272662 |
|  Escondido Union High School District GO, Series A, 0.00%, 08/01/25 (AGC)<sup>(a)</sup>  | 60 | 54034 |
|  Foothill-De Anza Community College District GO, Series B, 0.00%, 08/01/25 (NPFGC)<sup>(a)</sup>  | 135 | 122764 |
|  Hillsborough City School District RB, 0.00%, 09/01/25<sup>(a)</sup>  | 250 | 226804 |
|  Imperial Irrigation District Electric System Revenue RB, 5.00%, 11/01/25 | 125 | 130717 |
|  Long Beach Unified School District GO, 5.00%, 08/01/25 | 175 | 183314 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/25 | 110 | 112442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/25 | 330 | 346210 |

---

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | $535 | $559682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 560 | 585097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 110 | 115050 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 06/01/25 | 955 | 997572 |
|  Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/25 | 300 | 313106 |
|  Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/25 | 165 | 172532 |
|  Los Angeles Department of Water & Power RB,<br>Series A, 5.00%, 07/01/25 | 160 | 167303 |
|  Los Angeles Department of Water & Power System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 80 | 83652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/25 | 125 | 130706 |
|  Los Angeles Department of Water & Power Water System Revenue RB, 5.00%, 07/01/25 | 75 | 78502 |
|  Los Angeles Department of Water RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 105 | 109902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 590 | 617546 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 460 | 481357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061461 |
|  Los Rios Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 100 | 104751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/25 | 100 | 102275 |
|  Manhattan Beach Unified School District GO, 0.00%, 09/01/25 (NPFGC)<sup>(a)</sup>  | 170 | 153670 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 120 | 125446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 70 | 73614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 07/01/25 | 375 | 363771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 350 | 366114 |
|  Mount San Antonio Community College District GO, Series A, 0.00%, 08/01/25<sup>(a)</sup>  | 100 | 91035 |
|  Newport Mesa Unified School District GO, 0.00%, 08/01/25 (NPFGC)<sup>(a)</sup>  | 225 | 203835 |
|  Oak Grove School District GO, Series A, 0.00%, 08/01/25<sup>(a)</sup>  | 25 | 22581 |
|  Orange County Water District RB, Series C, 5.00%, 08/15/25 | 220 | 230830 |
|  Palo Alto Unified School District GO, 0.00%, 08/01/25<sup>(a)</sup>  | 560 | 509519 |
|  Palomar Community College District, 5.00%, 08/01/44 (PR 08/01/25) | 500 | 524292 |
|  Palomar Community College District GO, Series B, 0.00%, 08/01/25<sup>(a)</sup> | 325 | 293240 |
|  Pasadena Area Community College District GO, Series A, 5.00%, 08/01/25 | 30 | 31425 |
|  Rancho Water District Financing Authority RB,<br>Series A, 5.00%, 08/01/25 | 190 | 199231 |
|  Rio Hondo Community College District/CA GO, 5.00%, 08/01/25 | 75 | 78362 |
|  Riverside Community College District, 0.00%, 08/01/35 (PR 02/01/25)<sup>(a)</sup>  | 2935 | 1635675 |
|  Riverside Community College District GO, Series D, 0.00%, 08/01/25<sup>(a)</sup>  | 105 | 94560 |
|  Riverside County Transportation Commission Sales Tax Revenue RB, 5.00%, 06/01/25 | 110 | 114931 |
|  Sacramento City Financing Authority RB, 5.25%, 12/01/25 (AMBAC) | 25 | 26406 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  Sacramento County Sanitation Districts Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | $100 | $104643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 335 | 352306 |
|  Sacramento Municipal Utility District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 230 | 240439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 50 | 52461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/25 | 210 | 220337 |
|  San Diego Community College District GO, 5.00%, 08/01/25 | 220 | 230689 |
|  San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/25 | 255 | 266099 |
|  San Diego Public Facilities Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 100 | 104509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 140 | 146238 |
|  San Diego Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 235 | 246094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.50%, 07/01/25 (AGM) | 280 | 297138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 07/01/25 (NPFGC) | 140 | 148384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-2, 4.00%, 07/01/25 | 135 | 137713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-2, 5.00%, 07/01/25 | 140 | 146609 |
|  San Francisco Bay Area Rapid Transit District GO, 5.00%, 08/01/25 | 290 | 303933 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB, 5.00%, 05/01/25 | 345 | 358828 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/25 | 275 | 281279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 195 | 205012 |
|  San Francisco County Transportation Authority RB, 4.00%, 02/01/25 | 115 | 117049 |
|  San Jose Evergreen Community College District GO, 5.00%, 09/01/25 | 90 | 94397 |
|  San Jose Unified School District GO, Series C, 0.00%, 08/01/25 (NPFGC)<sup>(a)</sup>  | 170 | 154300 |
|  San Mateo County Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/25 (NPFGC)<sup>(a)</sup>  | 130 | 118037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 09/01/25 (NPFGC)<sup>(a)</sup>  | 425 | 385889 |
|  San Mateo Foster City Public Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-A, 5.00%, 08/01/25 | 305 | 319244 |
|  San Mateo Union High School District GO, 0.00%, 09/01/25 (NPFGC)<sup>(a)</sup>  | 300 | 269979 |
|  Santa Clara Valley Transportation Authority RB,<br>Series A, 5.00%, 06/01/25 | 640 | 669501 |
|  Santa Monica-Malibu Unified School District GO, 4.00%, 08/01/25 | 125 | 127676 |
|  Sequoia Union High School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25 | 220 | 224808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 510 | 534077 |
|  Southern California Public Power Authority RB, 5.00%, 07/01/25 | 150 | 156925 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 460 | 485146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/25 | 100 | 105466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/01/25 | 240 | 253120 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/25 | 20 | 20317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/25 | 465 | 473960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/25 | 200 | 203952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/25 | 250 | 255062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 150 | 155971 |

---

S C H E D U L E O F I N V E S T M E N T S 61

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | $285 | $296730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 1265 | 1323739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 2020 | 2116453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;2130 | 2234517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 570 | 598725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 770 | 805754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/25 | 185 | 193834 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 235 | 245543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AO, 5.00%, 05/15/25 | 335 | 350030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 05/15/25 | 180 | 188076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 05/15/25 | 445 | 464412 |
|  Upper Santa Clara Valley Joint Powers Authority RB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 85 | 89038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41636349 |
| **Colorado — 0.9%** |  |  |
|  Board of Governors of Colorado State University System RB, Series C, 2.50%, 03/01/25 | 25 | 24482 |
|  Board of Water Commissioners City & County of Denver (The) RB, Series A, 4.00%, 09/15/25 | 80 | 81627 |
|  City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/25 | 185 | 193287 |
|  City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/25 | 255 | 267549 |
|  City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/25 | 425 | 445914 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/25 | 100 | 102848 |
|  County of Adams Co. COP, 5.00%, 12/01/25 | 130 | 135977 |
|  Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/25 | 100 | 104687 |
|  Denver City & County School District No. 1 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 (SAW) | 235 | 246717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/01/25 (SAW) | 305 | 324640 |
|  E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/25 (NPFGC)<sup>(a)</sup>  | 270 | 241301 |
|  State of Colorado COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 03/15/25 | 140 | 145045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 03/15/25 | 25 | 25901 |
|  University of Colorado RB, Series A, 5.00%, 06/01/25 (NPFGC) | 375 | 390487 |
|  |  | 2730462 |
| **Connecticut — 2.1%** |  |  |
|  State of Connecticut Clean Water Fund - State Revolving Fund RB, 5.00%, 02/01/25 | 100 | 103823 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 | 285 | 289092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/25 | 1100 | 1149817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/15/25 | 1500 | 1553043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/25 | 170 | 176656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 06/01/25 | 100 | 98173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/25 | 300 | 312120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/25 | 100 | 104161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/25 | 240 | 249987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/25 | 275 | 287454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/15/25 | 150 | 156936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/25 | 390 | 408502 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/25 | 185 | 191395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 100 | 104322 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | $445 | $464775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 160 | 166915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 225 | 235275 |
|  University of Connecticut RB, Series A, 5.00%, 02/15/25 | 500 | 517640 |
|  |  | 6570086 |
| **Delaware — 1.9%** |  |  |
|  City of Wilmington DE GO, 5.00%, 12/01/25 | 20 | 20967 |
|  County of New Castle DE GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 (PR 10/01/25) | 1565 | 1640015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 (PR 10/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;2260 | 2368328 |
|  Delaware Transportation Authority, 5.00%, 09/01/25 | 170 | 177041 |
|  Delaware Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25 | 50 | 50913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 510 | 532217 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 160 | 166332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 165 | 173050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009C, 5.00%, 10/01/25 | 790 | 828540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/25 | 100 | 103823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061226 |
| **District of Columbia — 2.0%** |  |  |
|  District of Columbia, Series C, 5.00%, 05/01/25 | 230 | 239386 |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 630 | 653810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 320 | 333780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/25 | 660 | 692223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 385 | 401579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/25 | 165 | 172105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/25 | 250 | 260766 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 150 | 157165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/25 | 75 | 77866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/25 | 250 | 262390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 485 | 507835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 815 | 853371 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 550 | 576207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 270 | 282942 |
|  Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/25 | 200 | 208624 |
|  Washington Metropolitan Area Transit Authority, 5.00%, 07/01/25 | 225 | 234568 |
|  Washington Metropolitan Area Transit Authority RB, Series A1, 5.00%, 07/01/25 | 335 | 349246 |
|  |  | 6263863 |
| **Florida — 2.9%** |  |  |
|  Central Florida Expressway Authority RB, 5.00%, 07/01/25 | 140 | 145409 |
|  County of Miami-Dade FL Aviation Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 120 | 124163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 275 | 284541 |
|  County of Miami-Dade FL GO, Series-D, 5.00%, 07/01/25 | 215 | 224031 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/25 | 855 | 887296 |
|  County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/25 | 385 | 403017 |
|  County of Seminole FL Sales Tax Revenue RB,<br>Series B, 5.25%, 10/01/25 (NPFGC) | 60 | 63341 |
|  Florida Department of Environmental Protection RB 5.00%, 07/01/25 | 918 | 957991 |

---

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | $230 | $240020 |
|  Florida Department of Management Services COP, Series A, 5.00%, 08/01/25 | 245 | 255720 |
|  Florida State Development Commission/Everglades Parkway RB, Series A, 5.00%, 07/01/25 | 60 | 62567 |
|  Hillsborough County Aviation Authority RB, 5.00%, 10/01/25 | 200 | 208624 |
|  Hillsborough County School Board COP, Series A, 5.00%, 07/01/25 | 185 | 190957 |
|  Orange County School Board COP, 5.00%, 08/01/25 | 50 | 52014 |
|  Palm Beach County School District, 5.00%, 08/01/25 | 500 | 518015 |
|  Palm Beach County School District COP, Series B, 5.00%, 08/01/25 | 165 | 170945 |
|  School Board of Miami-Dade County (The) COP,<br>Series A, 5.00%, 05/01/25 | 265 | 274912 |
|  School Board of Miami-Dade County (The) GO, 5.00%, 03/15/25 | 245 | 253886 |
|  School District of Broward County/FL COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 165 | 171205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/25 | 165 | 171205 |
|  School District of Broward County/FL GO, 5.00%, 07/01/25 | 180 | 187608 |
|  State of Florida Department of Transportation RB, 5.00%, 07/01/25 | 375 | 391150 |
|  State of Florida Department of Transportation Turnpike System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 235 | 245115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 695 | 724915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-B, 5.00%, 07/01/25 | 145 | 151241 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 277 | 288998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 50 | 52165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 190 | 198230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 35 | 36516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/25 | 295 | 307778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/25 | 85 | 88682 |
|  State of Florida Lottery Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 340 | 354370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 260 | 270989 |
|  Tampa Bay Water RB, Series C, 5.00%, 10/01/25 | 85 | 88569 |
|  Volusia County School Board COP, Series A, 5.00%, 08/01/25 (BAM) | 90 | 94034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9140219 |
| **Georgia — 2.5%** |  |  |
|  City of Atlanta GA, 5.00%, 12/01/25 | 250 | 262754 |
|  City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 311902 |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/25 (AGM) | 195 | 208570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/25 | 245 | 256846 |
|  County of Forsyth GA GO, 5.00%, 09/01/25 | 110 | 115222 |
|  Forsyth County School District GO, 5.00%, 02/01/25 | 105 | 109038 |
|  Georgia State Road & Tollway Authority RB, 5.00%, 06/01/25 | 715 | 744169 |
|  Gwinnett County School District GO, 5.00%, 02/01/25 | 620 | 643705 |
|  Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/25 | 295 | 308619 |
|  Henry County School District, 4.00%, 08/01/25 (SAW) | 100 | 101877 |
|  Metropolitan Atlanta Rapid Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 (NPFGC) | 100 | 104989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/25 | 250 | 254565 |
|  Municipal Electric Authority of Georgia RB, 5.00%, 01/01/25 | 145 | 148517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Georgia (continued)** |  |  |
|  Private Colleges & Universities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/25 | $1115 | $1165471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 395 | 413373 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/25 | 435 | 451728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 85 | 88836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 5.00%, 02/01/25 | 730 | 758072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 02/01/25 | 85 | 88269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C1, 4.00%, 01/01/25 | 650 | 660507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C1, 4.00%, 07/01/25 | 165 | 168224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/25 | 125 | 131457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 07/01/25 | 125 | 130641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7627351 |
| **Hawaii — 1.5%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 725 | 756194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 185 | 193059 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 200 | 209218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 175 | 183289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/25 | 225 | 235371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 65 | 68079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/01/25 | 200 | 209218 |
|  County of Hawaii HI GO, Series D, 5.00%, 09/01/25 | 450 | 470493 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 295 | 309224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EZ, 5.00%, 10/01/25 | 355 | 372117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FE, 5.00%, 10/01/25 | 140 | 146750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/25 | 170 | 178197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FK, 5.00%, 05/01/25 | 175 | 182313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FN, 5.00%, 10/01/25 | 350 | 366876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/25 | 185 | 191748 |
|  State of Hawaii State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/25 | 125 | 126759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/25 | 315 | 325955 |
|  University of Hawaii RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 90 | 94008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 115 | 120121 |
|  |  | 4738989 |
| **Idaho — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association RB, 5.00%, 07/15/25 | 910 | 946586 |
| **Illinois — 3.1%** |  |  |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 540 | 555475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/25 | 155 | 159344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/25 | 150 | 154204 |
|  County of Will IL GO, 5.00%, 11/15/41 (PR 11/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2099645 |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25 | 720 | 732043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 130 | 134576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 405 | 422327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 390 | 408279 |
|  Illinois State Toll Highway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 115 | 118683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/25 | 405 | 417971 |
|  Sales Tax Securitization Corp. RB, Series A, 5.00%, 01/01/25 | 500 | 512128 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 155 | 156254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 320 | 322545 |

---

S C H E D U L E O F I N V E S T M E N T S 63

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | $100 | $100777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 | 210 | 214113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/25 | 460 | 463589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/25 | 500 | 503901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/25 | 1925 | 1939893 |
|  State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/25 | 200 | 203868 |
|  |  | 9619615 |
| **Indiana — 1.7%** |  |  |
|  City of Indianapolis Department of Public Utilities Water System Revenue RB, 5.00%, 10/01/25 | 275 | 287333 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 285 | 296148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 (PR 02/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;2230 | 2313789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/25 | 365 | 379278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/25 | 670 | 704008 |
|  Indiana University RB, 5.00%, 06/01/25 | 580 | 604100 |
|  Indianapolis Local Public Improvement Bond Bank RB, 5.00%, 01/01/25 | 110 | 113709 |
|  Purdue University COP, Series A, 5.00%, 07/01/25 | 115 | 119860 |
|  Purdue University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 295 | 307238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/25 | 190 | 199231 |
|  |  | 5324694 |
| **Iowa — 0.5%** |  |  |
|  County of Polk IA GO, 5.00%, 06/01/25 | 175 | 182228 |
|  Iowa Finance Authority RB, 5.00%, 08/01/25 | 480 | 501645 |
|  State of Iowa GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 | 445 | 463291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-A, 5.00%, 06/01/25 | 250 | 260199 |
|  State of Iowa RB, Series A, 5.00%, 06/01/25 | 185 | 192547 |
|  |  | 1599910 |
| **Kansas — 0.8%** |  |  |
|  County of Johnson KS, 5.00%, 09/01/25 | 105 | 109811 |
|  Johnson County Public Building Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 180 | 187801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 240 | 250401 |
|  Johnson County Unified School District No. 512 Shawnee Mission GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 (PR 10/01/25) | 800 | 838346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 205 | 214943 |
|  Sedgwick County Unified School District No. 265 Goddard GO, Series B, 5.00%, 10/01/25 | 20 | 20930 |
|  State of Kansas Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 690 | 720283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 275 | 287069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629584 |
| **Louisiana — 0.4%** |  |  |
|  State of Louisiana Gasoline & Fuels Tax Revenue RB, Series B, 5.00%, 05/01/25 | 395 | 410928 |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/25 | 110 | 114203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 200 | 208833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/25 | 40 | 41613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 315 | 328698 |
|  State of Louisiana RB, 5.00%, 09/01/25 | 245 | 256157 |
|  |  | 1360432 |
| **Maine — 0.4%** |  |  |
|  Maine Governmental Facilities Authority RB, 5.00%, 10/01/25 | 105 | 109468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Maine (continued)** |  |  |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | $400 | $418875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 250 | 260766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/25 | 125 | 130898 |
|  State of Maine GO, Series B, 5.00%, 06/01/25 | 285 | 297058 |
|  |  | 1217065 |
| **Maryland — 4.1%** |  |  |
|  City of Baltimore MD RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 295 | 306557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 190 | 197981 |
|  County of Anne Arundel MD GOL, 5.00%, 10/01/25 | 1230 | 1290006 |
|  County of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 500 | 519788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 125 | 130771 |
|  County of Charles MD GO, 5.00%, 10/01/25 | 60 | 62927 |
|  County of Frederick MD, 5.00%, 08/01/25 | 300 | 313683 |
|  County of Howard MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 285 | 298331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/25 | 365 | 379183 |
|  County of Montgomery MD COP, Series B, 5.00%, 04/01/25 | 100 | 103856 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 1000 | 1050102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 175 | 183537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/01/25 | 490 | 500519 |
|  County of Prince George's MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 | 1500 | 1568205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/25 | 305 | 318868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/15/25 | 45 | 47046 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/25 | 400 | 407169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 315 | 329519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 390 | 408472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 130 | 136093 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series A, 5.00%, 08/01/25 | 435 | 454849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series B, 5.00%, 08/01/25 | 365 | 381655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/25 | 175 | 181954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 155 | 162073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/25 | 335 | 341464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1945 | 2033749 |
|  Washington Suburban Sanitary Commission GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (GTD) | 65 | 66219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 (GTD) | 520 | 542655 |
|  Washington Suburban Sanitary Commission RB, 5.00%, 06/01/25 (GTD) | 180 | 187843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12905074 |
| **Massachusetts — 3.2%** |  |  |
|  City of Boston MA GO, Series A, 5.00%, 11/01/25 | 200 | 210137 |
|  Commonwealth of Massachusetts GO, Series A, 5.00%, 01/01/25 | 235 | 243521 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 100 | 104408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 225 | 234919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/25 | 160 | 166434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 235 | 245360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 09/01/25 (AGM) | 375 | 395006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/25 | 840 | 878103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/25 | 135 | 141297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 780 | 817388 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/25 | $360 | $375870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/25 (AMBAC) | 90 | 94430 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/25 | 240 | 250154 |
|  Massachusetts Bay Transportation Authority RB, Series A, 5.00%, 07/01/25 | 990 | 1033900 |
|  Massachusetts Clean Water Trust (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1520 | 1589356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22, 5.00%, 08/01/25 | 85 | 88947 |
|  Massachusetts Development Finance Agency RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/25 | 685 | 716328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/25 | 250 | 262422 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/25 | 130 | 134737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/25 | 150 | 155661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/41 (PR 11/15/25) | 250 | 262456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/25 | 250 | 261354 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/25 | 445 | 460476 |
|  Massachusetts Water Resources Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 110 | 114931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 (ETM) | 25 | 26067 |
|  Massachusetts Water Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 300 | 313447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/25 (AGM) | 15 | 15786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/25 | 10 | 10448 |
|  Town of Watertown MA GOL, 5.00%, 02/01/25 | 225 | 233652 |
|  University of Massachusetts Building Authority RB, 5.00%, 11/01/25 | 25 | 26201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863196 |
| **Michigan — 1.0%** |  |  |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/25 | 185 | 193230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 465 | 487025 |
|  Michigan State Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 | 210 | 217871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/25 | 370 | 383868 |
|  State of Michigan GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/25 | 130 | 135496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/01/25 | 120 | 122576 |
|  State of Michigan RB, 5.00%, 03/15/25 | 770 | 799171 |
|  State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/25 | 45 | 47228 |
|  University of Michigan RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | 380 | 395281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/25 | 290 | 301662 |
|  Wayne County Airport Authority RB, Series A, 5.00%, 12/01/25 | 25 | 25890 |
|  |  | 3109298 |
| **Minnesota — 1.7%** |  |  |
|  City of Minneapolis MN GO, 4.00%, 12/01/25 | 150 | 153163 |
|  County of Hennepin MN GO, Series A, 5.00%, 12/01/25 | 250 | 261419 |
|  Metropolitan Council GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 130 | 135086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/25 | 90 | 93418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | 1000 | 1049261 |
|  Minneapolis-St Paul Metropolitan Airports Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/25 | 135 | 139352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/25 | 125 | 129004 |
|  Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/25 | 125 | 129890 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Minnesota (continued)** |  |  |
|  Southern Minnesota Municipal Power Agency RB, Series A, 0.00%, 01/01/25 (NPFGC)<sup>(a)</sup>  | $55 | $50699 |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 495 | 517453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 165 | 172909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 265 | 277021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 135 | 141471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/25 | 530 | 554041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/01/25 | 100 | 104793 |
|  University of Minnesota RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 150 | 157020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1015 | 1065000 |
|  |  | 5131000 |
| **Mississippi — 0.4%** |  |  |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | 240 | 251966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 505 | 528920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/01/32 (PR 11/01/25) | 300 | 314768 |
|  |  | 1095654 |
| **Missouri — 0.3%** |  |  |
|  Metropolitan St Louis Sewer District RB, Series B, 5.00%, 05/01/25 | 85 | 88510 |
|  Missouri Highway & Transportation Commission RB, 5.00%, 05/01/25 | 340 | 353959 |
|  Missouri State Board of Public Buildings RB, Series A, 5.00%, 04/01/25 | 375 | 389196 |
|  |  | 831665 |
| **Nebraska — 0.4%** |  |  |
|  Nebraska Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/25 | 260 | 268547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/25 | 260 | 268547 |
|  Omaha Public Facilities Corp. RB, Series A, 5.00%, 06/01/25 | 50 | 52065 |
|  Omaha Public Power District Nebraska City Station<br>Unit 2 RB, Series A, 5.00%, 02/01/25 | 85 | 87932 |
|  Omaha Public Power District RB, Series A, 5.00%, 02/01/25 | 385 | 399381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076472 |
| **Nevada — 1.7%** |  |  |
|  Clark County School District GOL, Series A, 5.00%, 06/15/25 | 870 | 902880 |
|  Clark County Water Reclamation District GOL, 5.00%, 07/01/25 | 585 | 610485 |
|  County of Clark Department of Aviation RB, 5.00%, 07/01/25 | 650 | 674947 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 325 | 340335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 215 | 223825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/25 | 215 | 225145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 50 | 52052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | 270 | 283058 |
|  County of Clark NV RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 475 | 494460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 115 | 119711 |
|  Las Vegas Valley Water District GOL, 5.00%, 06/01/25 | 185 | 192641 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 145 | 150953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/25 | 130 | 135337 |
|  State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/25 | 765 | 803143 |

---

S C H E D U L E O F I N V E S T M E N T S 65

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Nevada (continued)** |  |  |
|  Washoe County School District/NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | $140 | $145571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/25 | 55 | 57449 |
|  |  | 5411992 |
| **New Hampshire — 0.4%** |  |  |
|  City of Manchester NH GO, 4.00%, 06/15/25 | 310 | 314581 |
|  City of Nashua NH GO, 5.00%, 09/01/25 | 140 | 146724 |
|  New Hampshire Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 265 | 277035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (ST INTERCEPT) | 70 | 73179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/25 | 175 | 183043 |
|  New Hampshire State Turnpike System RB, 4.00%, 11/01/25 | 160 | 163102 |
|  State of New Hampshire GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 40 | 41994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | 175 | 183725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383383 |
| **New Jersey — 2.5%** |  |  |
|  County of Essex NJ GO, 5.00%, 08/01/25 | 150 | 156724 |
|  County of Monmouth NJ GO, 5.00%, 07/15/25 | 170 | 178090 |
|  Monmouth County Improvement Authority (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/25 (GTD) | 100 | 103886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 (GTD) | 270 | 283867 |
|  New Jersey Economic Development Authority, 5.00%, 11/01/25 | 170 | 175035 |
|  New Jersey Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 | 305 | 312986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 06/15/25 | 170 | 170784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/01/25 (SAP) | 860 | 861382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/15/25 | 30 | 30785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1050675 |
|  New Jersey Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 300 | 313694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/25 | 460 | 480997 |
|  New Jersey Infrastructure Bank RB, Series A-1, 5.00%, 09/01/25 (GTD) | 110 | 115161 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 | 105 | 107986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/25 | 25 | 25655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/25 (NPFGC) | 220 | 230834 |
|  New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/25 | 115 | 118805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.50%, 01/01/25 (AMBAC) | 590 | 615998 |
|  State of New Jersey GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 1015 | 1053350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/32 (PR 06/01/25) | 500 | 520776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 915 | 949572 |
|  |  | 7857042 |
| **New Mexico — 0.5%** |  |  |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 200 | 208210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/25 | 210 | 218739 |
|  Santa Fe Public School District GO, 5.00%, 08/01/25 (SAW) | 85 | 88583 |
|  State of New Mexico GO, 5.00%, 03/01/25 | 275 | 285569 |
|  State of New Mexico Severance Tax Permanent Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 700 | 730494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/25 | 50 | 52178 |
|  |  | 1583773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York — 7.5%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | $510 | $532178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 08/01/25 | 470 | 490439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 1510 | 1575665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/25 | 150 | 156523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/25 | 235 | 239228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/25 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 08/01/25 | 500 | 521743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/01/25 | 225 | 234784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 06/01/25 | 115 | 119721 |
|  County of Monroe NY GOL, 5.00%, 06/01/25 (AGM) | 25 | 26058 |
|  Erie County Industrial Development Agency (The) RB, 5.00%, 05/01/25 (SAW) | 260 | 270611 |
|  Hudson Yards Infrastructure Corp. RB, 4.00%, 02/15/25 | 100 | 101435 |
|  Long Island Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/25 (AGM)<sup>(a)</sup>  | 200 | 182288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 140 | 146260 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 70 | 73201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/25 | 105 | 109801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 11/15/25 | 150 | 153654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/25 | 650 | 665835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2, 5.00%, 11/15/25 | 265 | 277117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/25 | 65 | 66584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/25 | 230 | 235604 |
|  New York City Municipal Water Finance Authority RB, 5.00%, 06/15/25 | 395 | 412245 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/25 | 175 | 177783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 (SAW) | 35 | 36444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 (ETM) (SAW) | 185 | 192781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 5.00%, 07/15/25 (SAW) | 650 | 676816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, 5.00%, 07/15/25 (SAW) | 140 | 145776 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 11/01/25 | 40 | 41864 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 | 100 | 101558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 95 | 98381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 100 | 103935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 455 | 474543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 230 | 240719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/25 | 10 | 10430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/25 | 250 | 260738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | 1172198 |
|  New York City Water & Sewer System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 | 540 | 550124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 | 205 | 213950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.00%, 06/15/25 | 50 | 50937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 5.00%, 06/15/25 | 300 | 313098 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 | 125 | 127044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/25 | 250 | 259881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 155 | 163047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/37 (PR 07/01/25) | 15 | 15642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 03/15/25 | 305 | 317054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/25 | 365 | 378803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/25 | 855 | 888791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 300 | 312022 |

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66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/25 | $365 | $378944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 03/15/25 (AMBAC) | 160 | 167683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/25 | 650 | 674197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/15/25 | 60 | 62292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/25 | 540 | 560919 |
|  New York State Environmental Facilities Corp., 5.00%, 06/15/25 | 135 | 140929 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/25 | 70 | 73438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/25 | 100 | 101900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/25 | 300 | 313174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/15/25 | 215 | 223594 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 220 | 227418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 03/15/25 | 200 | 207253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/25 | 160 | 165395 |
|  New York State Urban Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | 471817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/25 (ETM) | 5 | 5192 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/25 | 335 | 347381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/25 | 955 | 990296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/25 | 105 | 108881 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/25 | 145 | 147546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 189, 5.00%, 05/01/25 | 120 | 124634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 205, 5.00%, 11/15/25 | 480 | 502206 |
|  State of New York GO, Series-A, 5.00%, 03/15/25 | 50 | 52022 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/25 | 170 | 178316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/25 | 510 | 534947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/25 | 260 | 272641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23515325 |
| **North Carolina — 2.0%** |  |  |
|  City of Charlotte NC COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 50 | 52433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 50 | 52065 |
|  City of Charlotte NC GO, Series A, 5.00%, 07/01/25 | 85 | 88813 |
|  City of Charlotte NC Water & Sewer System RB, 5.00%, 07/01/25 | 180 | 188076 |
|  City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/25 | 405 | 423170 |
|  City of Raleigh NC GO, Series A, 5.00%, 09/01/25 | 245 | 256698 |
|  City of Winston-Salem NC Water & Sewer System Revenue RB, 5.00%, 06/01/25 | 100 | 104357 |
|  County of Buncombe NC, 5.00%, 06/01/25 | 205 | 213673 |
|  County of Durham NC GO, 5.00%, 10/01/25 | 275 | 288494 |
|  County of Forsyth NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 185 | 192364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 70 | 73159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 200 | 210332 |
|  County of Guilford NC GO, 5.00%, 03/01/25 | 350 | 363852 |
|  County of Iredell NC RB, 5.00%, 12/01/25 | 25 | 26239 |
|  County of Johnston NC GO, 4.00%, 02/01/25 | 145 | 147269 |
|  County of Mecklenburg NC GO, 5.00%, 03/01/25 | 110 | 114353 |
|  County of New Hanover NC GO, 5.00%, 08/01/25 | 100 | 104643 |
|  County of Wake NC, 5.00%, 03/01/25 | 500 | 519788 |
|  County of Wake NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/25 | 175 | 181926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/25 | 370 | 384643 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **North Carolina (continued)** |  |  |
|  County of Wake NC RB, 5.00%, 08/01/25 | $150 | $156724 |
|  North Carolina Municipal Power Agency No. 1 RB,<br>Series A, 5.00%, 01/01/25 | 500 | 515381 |
|  State of North Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 160 | 167011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 200 | 208764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 755 | 788084 |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 | 165 | 170966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 170 | 176896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 156085 |
|  |  | 6326258 |
| **Ohio — 2.7%** |  |  |
|  American Municipal Power Inc. RB, Series-A, 5.00%, 02/15/25 | 135 | 139642 |
|  City of Cincinnati OH GO, Series A, 4.00%, 12/01/25 | 150 | 153083 |
|  City of Cleveland OH GO, 5.00%, 12/01/25 | 110 | 115156 |
|  City of Columbus OH GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/25 | 575 | 600049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/25 | 195 | 198260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/25 | 175 | 181955 |
|  City of Columbus OH GOL, Series B, 4.00%, 07/01/25 | 35 | 35639 |
|  City of Columbus OH RB, Series A, 5.00%, 07/01/25 | 140 | 146099 |
|  Cleveland Department of Public Utilities Division of Water RB, 5.00%, 01/01/25 | 780 | 807126 |
|  County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/25 | 155 | 161558 |
|  County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/25 | 120 | 125481 |
|  Ohio State University (The) RB, 5.00%, 12/01/25 | 505 | 530028 |
|  Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/25 | 105 | 108822 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 125 | 130288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/25 | 230 | 241468 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 400 | 416923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 195 | 204723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, 5.00%, 12/01/25 | 450 | 472302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/25 | 55 | 57742 |
|  State of Ohio, 5.00%, 11/01/25 | 100 | 104894 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 | 150 | 152625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 485 | 506740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 (ETM) | 5 | 5213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 165 | 172605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/25 | 250 | 260723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 240 | 251062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/25 | 135 | 141302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/37 (PR 05/01/25) | 295 | 307255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/25 | 225 | 235371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/15/25 | 195 | 204103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/25 | 65 | 67684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 5.00%, 05/01/25 | 130 | 135369 |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | 290 | 301047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/25 | 50 | 51780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/25 | 145 | 151926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-A, 5.00%, 06/01/25 | 430 | 447434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323477 |

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S C H E D U L E O F I N V E S T M E N T S 67

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oklahoma — 0.5%** |  |  |
|  City of Oklahoma City OK GO, 5.00%, 03/01/25 | $95 | $98543 |
|  Grand River Dam Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/25 | 125 | 126359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 385 | 399451 |
|  Oklahoma Capitol Improvement Authority RB, Series A, 4.00%, 07/01/25 | 110 | 111648 |
|  Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/25 | 385 | 401972 |
|  Oklahoma Turnpike Authority RB, Series E, 5.00%, 01/01/25 | 210 | 216770 |
|  Oklahoma Water Resources Board RB, 5.00%, 04/01/25 | 300 | 311781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666524 |
| **Oregon — 1.4%** |  |  |
|  City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/25 | 15 | 15632 |
|  City of Portland OR GOL, 5.00%, 06/15/25 | 50 | 52170 |
|  City of Portland OR Sewer System Revenue RB,<br>Series A, 5.00%, 06/15/25 | 220 | 229155 |
|  City of Portland Sewer System Revenue, 5.00%, 06/01/25 | 140 | 145747 |
|  Clackamas & Washington Counties School District No. 3 GO, 5.00%, 06/15/29 (PR 06/15/25) (GTD) | 300 | 313026 |
|  Multnomah County School District No. 1 Portland/OR GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 (GTD) | 100 | 104161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/25 (GTD) | 225 | 234363 |
|  Multnomah County School District No. 7 Reynolds, 0.00%, 06/15/36 (PR 06/15/25) (GTD)<sup>(a)</sup>  | 650 | 364978 |
|  Portland Community College District GO, 5.00%, 06/15/25 | 310 | 322900 |
|  Salem-Keizer School District No. 24J GO, Series-B, 5.00%, 06/15/25 (GTD) | 275 | 286444 |
|  State of Oregon Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/25 | 300 | 314763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/25 | 100 | 104921 |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 930 | 968181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 (PR 08/01/25) | 500 | 522681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 08/01/25 | 195 | 203741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 08/01/25 | 185 | 193293 |
|  |  | 4376156 |
| **Pennsylvania — 2.2%** |  |  |
|  City of Philadelphia PA GO, Series A, 5.00%, 08/01/25 | 255 | 264593 |
|  City of Philadelphia PA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 600 | 623675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/25 | 125 | 130065 |
|  Commonwealth of Pennsylvania, 5.00%, 10/01/25 | 500 | 523116 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 | 70 | 73017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/25 (AGM) | 20 | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/25 | 320 | 331196 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 02/01/25 (AGM) | 370 | 384147 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 08/15/25 | 735 | 767582 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/25 | 720 | 752808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/25 | 640 | 669163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/15/25 | 140 | 146206 |
|  County of Bucks PA GO, 5.00%, 06/01/25 | 140 | 146099 |
|  Delaware County Authority RB, 5.00%, 12/01/25 | 60 | 62526 |
|  Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/25 | 105 | 109220 |
|  Delaware River Port Authority RB, Series B, 5.00%, 01/01/25 | 220 | 226305 |
|  Pennsylvania State University (The) RB, 5.25%, 08/15/25 | 250 | 262800 |
|  Pennsylvania Turnpike Commission, 5.00%, 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 104538 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pennsylvania (continued)** |  |  |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/25 | $410 | $428605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 12/01/25 | 480 | 501782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 170 | 175320 |
|  Philadelphia Authority for Industrial Development RB, 5.00%, 07/01/25 | 100 | 103890 |
|  Township of Lower Merion PA GO, 5.00%, 01/15/25 | 50 | 51844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859459 |
| **Rhode Island — 0.6%** |  |  |
|  Narragansett Bay Commission, 5.00%, 02/01/30<br>(PR 02/01/25) | 400 | 415029 |
|  Rhode Island Commerce Corp., 5.00%, 06/15/25 | 190 | 196747 |
|  Rhode Island Commerce Corp. RB,<br>Series B, 5.00%, 06/15/25 | 445 | 460689 |
|  Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 130 | 136268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 135 | 141509 |
|  State of Rhode Island GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/25 | 380 | 392865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 95 | 98953 |
|  |  | 1842060 |
| **South Carolina — 0.4%** |  |  |
|  City of Columbia SC Waterworks & Sewer System Revenue RB, Series B, 5.00%, 02/01/25 | 265 | 274840 |
|  County of Charleston SC GO, 5.00%, 11/01/25 (SAW) | 400 | 420139 |
|  Fort Mill School District No. 4 GO, Series A, 5.00%, 03/01/25, (SCSDE) | 100 | 103844 |
|  South Carolina Transportation Infrastructure Bank RB, Series-B, 5.00%, 10/01/25 | 180 | 187609 |
|  State of South Carolina GO, 5.00%, 04/01/25 | 125 | 130145 |
|  |  | 1116577 |
| **Tennessee — 3.1%** |  |  |
|  City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/25 | 85 | 89213 |
|  City of Memphis TN GO, Series A, 5.00%, 12/01/25 | 210 | 220408 |
|  City of Memphis TN Sanitary Sewerage System Revenue RB, 5.00%, 10/01/25 | 470 | 492262 |
|  County of Blount TN GO, 5.00%, 06/01/25 | 535 | 557499 |
|  County of Hamilton TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/25 | 335 | 340646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/25 | 150 | 156174 |
|  County of Montgomery TN GO, 5.00%, 04/01/25 | 350 | 363497 |
|  County of Shelby TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | 250 | 259994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/25 | 345 | 358711 |
|  County of Sumner TN GO, 5.00%, 12/01/25 | 150 | 157254 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 80 | 83311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/25 | 145 | 151002 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 640 | 662935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 945 | 986167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 270 | 281762 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 45 | 46949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 109547 |

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68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Tennessee (continued)** |  |  |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | $580 | $602304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 125 | 130969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (PR 08/01/25) | 2000 | 2090722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 405 | 423806 |
|  Tennessee State School Bond Authority, 5.00%, 11/01/25 (ST INTERCEPT) | 270 | 283291 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 (ST HGR ED INTERCEPT PROG) | 135 | 141724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/25 (NPFGC) | 280 | 293947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/25 | 285 | 299196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9583290 |
| **Texas — 11.6%** |  |  |
|  Alamo Regional Mobility Authority RB, 5.00%, 06/15/25 | 180 | 187169 |
|  Aldine Independent School District GOL, 5.00%, 02/15/25 | 200 | 207145 |
|  Alvin Independent School District/TX GO, 5.00%, 02/15/25 (PSF) | 230 | 238525 |
|  Arlington Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/25 (PSF) | 70 | 72642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/25 (PSF) | 100 | 103774 |
|  Austin Community College District, 5.00%, 08/01/25 | 295 | 307750 |
|  Austin Community College District GOL, 5.00%, 08/01/25 | 100 | 104322 |
|  Austin Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 (PSF) | 635 | 663464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 (PSF) | 195 | 203741 |
|  Birdville Independent School District GO, Series B, 5.00%, 02/15/25 (PSF) | 170 | 176301 |
|  Board of Regents of the University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/25 | 205 | 214366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/15/25 | 245 | 256193 |
|  Central Texas Regional Mobility Authority RB, 5.00%, 01/01/25 | 135 | 138529 |
|  City of Arlington TX GOL, 5.00%, 08/15/25 | 130 | 135904 |
|  City of Austin TX GOL, 5.00%, 09/01/25 | 240 | 250864 |
|  City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/25 | 240 | 251033 |
|  City of Austin/TX GOL, 5.00%, 09/01/25 | 240 | 250864 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 300 | 314039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 100 | 104680 |
|  City of Frisco TX GOL, 5.00%, 02/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | 274823 |
|  City of Houston TX Airport System Revenue RB, Series D, 5.00%, 07/01/25 | 65 | 67478 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/25 | 100 | 104744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/25 (AGM)<sup>(a)</sup>  | 20 | 17792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/25 | 300 | 314232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/25 | 230 | 240167 |
|  City of McKinney TX Waterworks & Sewer System Revenue RB, 5.00%, 03/15/25 | 15 | 15551 |
|  City of Plano TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 170 | 177789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/25 | 95 | 99353 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 555 | 575975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ETM, 5.00%, 02/01/25 (ETM) | 50 | 51879 |
|  City of San Antonio TX GOL, 5.00%, 08/01/25 | 600 | 627699 |
|  Clear Creek Independent School District GO, 5.00%, 02/15/25 (PSF) | 165 | 171153 |
|  County of Bexar TX GOL, 5.00%, 06/15/25 | 70 | 72913 |
|  County of Bexar TX RB, 5.00%, 06/15/25 | 300 | 312484 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  County of Denton TX GOL, 5.00%, 05/15/25 | $185 | $192703 |
|  County of Fort Bend TX GO, Series A, 5.00%, 03/01/25 | 110 | 114027 |
|  County of Harris TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 145 | 151662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/25 | 405 | 423609 |
|  County of Harris TX RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 405 | 423503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/25 | 370 | 386904 |
|  County of Montgomery TX GO, Series A, 5.00%, 03/01/25 | 120 | 124448 |
|  Cypress-Fairbanks Independent School District GO, 5.00%, 02/15/25 (PSF) | 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000985 |
|  Dallas Area Rapid Transit RB, 5.00%, 12/01/25 | 915 | 959253 |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/25 | 250 | 260636 |
|  Dallas Fort Worth International Airport RB, 5.00%, 11/01/25 | 230 | 238723 |
|  Dallas Independent School District, 5.00%, 02/15/25 (PSF) | 500 | 517751 |
|  Dallas Independent School District GO, Series A, 5.00%, 02/15/25 (PSF) | 395 | 409023 |
|  Denton Independent School District GO, 5.00%, 08/15/25 (PSF) | 325 | 339495 |
|  Fort Bend Independent School District GO, 5.00%, 02/15/25 (PSF) | 150 | 155560 |
|  Fort Worth Independent School District GO, 5.00%, 02/15/25 (PSF) | 465 | 482028 |
|  Frisco Independent School District GO, Series A, 5.00%, 08/15/25 (PSF) | 395 | 412617 |
|  Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/25 (PSF)<sup>(a)</sup>  | 200 | 181426 |
|  Irving Independent School District GO, 5.00%, 02/15/25 (PSF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | 767595 |
|  Judson Independent School District GO, 5.00%, 02/01/25 (PSF) | 135 | 139954 |
|  Katy Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/25 (PSF) | 105 | 108657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/25 (PSF) | 35 | 36219 |
|  Keller Independent School District/TX GO, Series A, 5.00%, 02/15/25 (PSF) | 105 | 108962 |
|  Killeen Independent School District GO, 5.00%, 02/15/25 (PSF) | 65 | 67438 |
|  Klein Independent School District GO, Series A, 5.00%, 08/01/25 (PSF) | 40 | 41772 |
|  Leander Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/25 (PSF)<sup>(a)</sup>  | 330 | 298372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/25 (PSF) | 125 | 130847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 08/15/25<sup>(a)</sup>  | 100 | 90169 |
|  Lewisville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (PSF) | 230 | 240445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/25 | 130 | 135833 |
|  Lone Star College System GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/25 | 175 | 181252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 40 | 41719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/25 | 390 | 403933 |
|  Lower Colorado River Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 210 | 217397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/15/25 | 140 | 144931 |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Series B, 5.00%, 11/01/25 | 180 | 188599 |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 220 | 230509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-A, 5.00%, 11/01/25 | 120 | 125732 |

---

S C H E D U L E O F I N V E S T M E N T S 69

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  North East Independent School District/TX GO, 5.00%, 08/01/25 (PSF) | $305 | $318917 |
|  North Texas Municipal Water District RB, 5.00%, 06/01/25 | 200 | 207432 |
|  North Texas Municipal Water District Upper East Fork Wastewater Interceptor System, 5.00%, 06/01/25 | 25 | 26070 |
|  North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/25 | 670 | 701251 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/43 (PR 01/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2126929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/25 | 205 | 211782 |
|  Northside Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 (PSF) | 100 | 104034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/25 (PSF) | 100 | 104270 |
|  Northwest Independent School District, 5.00%, 02/15/28 (PR 02/15/25) | 45 | 46669 |
|  Northwest Independent School District GO, Series B, 5.00%, 02/15/25 (PSF) | 50 | 51820 |
|  Permanent University Fund - Texas A&M University System RB, Series A, 5.00%, 07/01/25 | 215 | 223975 |
|  Permanent University Fund - University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 230 | 240020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/25 | 180 | 187841 |
|  Plano Independent School District GO, 5.00%, 02/15/25 | 150 | 155459 |
|  Rockwall Independent School District GO, 5.00%, 02/15/25 (PSF) | 110 | 114028 |
|  Round Rock Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 70 | 73100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 (PSF) | 60 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 (PR 08/01/25) (PSF) | 600 | 627217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 (PSF) | 120 | 125347 |
|  San Antonio Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/25 (PSF) | 290 | 300879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (PSF) | 170 | 177675 |
|  San Antonio Water System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/25 | 125 | 130298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/25 | 70 | 72967 |
|  Spring Independent School District GO, 5.00%, 08/15/25 (PSF) | 215 | 224531 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | 245 | 254563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 1210 | 1266282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/25 | 155 | 161050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 195 | 203584 |
|  State of Texas GOL, Series A, 5.00%, 08/01/25 | 235 | 245345 |
|  Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/25 | 145 | 150507 |
|  Texas A&M University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/25 | 695 | 722735 |
|  Texas State Technical College, 5.00%, 08/01/25 (AGM) | 300 | 311303 |
|  Texas State Technical College RB, 4.00%, 10/15/25 | 100 | 101947 |
|  Texas State University System RB, 5.00%, 03/15/25 | 425 | 441200 |
|  Texas Tech University System, 5.00%, 02/15/25 | 210 | 217549 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 | 285 | 297427 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 10/01/25 | 85 | 88833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/25 | 1415 | 1478815 |
|  Texas Water Development Board, 5.00%, 04/15/25 | 500 | 519937 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/25 | 125 | 129984 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/25 | $255 | $267084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/25 | 185 | 192377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/25 | 815 | 853620 |
|  Trinity River Authority Central Regional Wastewater System Revenue, 5.00%, 08/01/25 | 280 | 292476 |
|  Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/25 | 950 | 992329 |
|  Tyler Independent School District GO, 5.00%, 02/15/25 (PSF) | 240 | 248413 |
|  University of North Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 | 175 | 181142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/25 | 300 | 310529 |
|  University of Texas System (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 170 | 177767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/15/25 | 120 | 125482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 08/15/25 | 260 | 271879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36053665 |
| **Utah — 1.1%** |  |  |
|  Davis School District GO, Series B, 5.00%, 06/01/25 | 40 | 41702 |
|  Ogden City School District GO, 5.00%, 06/15/25 (GTD) | 110 | 114718 |
|  State of Utah GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 930 | 972693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 (PR 01/01/25) | 200 | 207252 |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/25 | 250 | 254362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/25 | 75 | 76348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 160 | 167129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 5.00%, 08/01/25 (SAP) | 75 | 78342 |
|  Utah State Building Ownership Authority RB, 5.00%, 05/15/25 | 520 | 541652 |
|  Utah Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/25 | 330 | 343312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/35 (PR 06/15/25) | 295 | 307809 |
|  Utah Water Finance Agency RB, Series A, 5.00%, 03/01/25 | 195 | 202273 |
|  |  | 3307592 |
| **Vermont — 0.1%** |  |  |
|  University of Vermont & State Agricultural College RB, 5.00%, 10/01/25 | 40 | 41781 |
|  Vermont Municipal Bond Bank RB, Series 5, 5.00%, 12/01/25 | 115 | 120562 |
|  |  | 162343 |
| **Virginia — 4.7%** |  |  |
|  City of Alexandria VA GO, Series D, 5.00%, 07/01/25 (SAW) | 140 | 146062 |
|  City of Charlottesville VA GO, 4.00%, 07/15/25 (SAW) | 125 | 127247 |
|  City of Hampton VA GO, 5.00%, 09/01/25 (SAW) | 165 | 172514 |
|  City of Norfolk VA GO, Series A, 5.00%, 10/01/25 | 145 | 151950 |
|  City of Norfolk VA Water Revenue RB, Series B, 5.00%, 11/01/25 | 125 | 130935 |
|  City of Richmond VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 (SAW) | 125 | 129747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/15/25 (SAW) | 35 | 36527 |
|  City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/25 | 105 | 108781 |
|  City of Virginia Beach VA Water & Sewer System Revenue RB, 5.00%, 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 104651 |
|  Commonwealth of Virginia GO, Series B, 5.00%, 06/01/25 | 75 | 78305 |
|  County of Arlington VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | 150 | 156853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 (SAW) | 50 | 52255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/25 | 75 | 78427 |
|  County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/25 | 200 | 210021 |

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70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
|  County of Fairfax VA GO, Series A, 5.00%, 10/01/25 (SAW) | $245 | $256952 |
|  County of Henrico VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 | 130 | 135945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 (SAW) | 550 | 575539 |
|  County of Loudoun VA GO, Series A, 5.00%, 12/01/25 (SAW) | 1000 | 1050759 |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/25 | 285 | 295881 |
|  Hampton Roads Sanitation District RB, Series A, 4.00%, 08/01/25 | 105 | 106971 |
|  Loudoun County Sanitation Authority RB, 5.00%, 01/01/25 | 35 | 36254 |
|  Upper Occoquan Sewage Authority RB, 4.00%, 07/01/39 (PR 07/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2036010 |
|  Virginia Beach Development Authority RB, 5.00%, 04/01/25 | 155 | 161050 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 525 | 549198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/25 | 150 | 155405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/28 (PR 02/01/25) | 125 | 129697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/30 (PR 02/01/25) | 300 | 311272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/25 | 280 | 292751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/25 | 595 | 616440 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/25 | 930 | 965233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | 30 | 31212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/25 | 130 | 135887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/25 | 555 | 577423 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 1195 | 1247926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 175 | 182751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 965 | 1007740 |
|  Virginia Public School Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/25 (SAW) | 240 | 249170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 430 | 448814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 (SAW) | 50 | 52228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 200 | 208751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 255 | 266157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/25 | 385 | 401845 |
|  Virginia Resources Authority Clean Water Revolving Fund RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 65 | 68190 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 410 | 429437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/25 | 30 | 31512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/01/25 | 55 | 55960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14754635 |
| **Washington — 5.0%** |  |  |
|  Central Puget Sound Regional Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 150 | 157297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 11/01/25 | 585 | 613457 |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB, SERIES S-1, 5.00%, 11/01/30 (PR 11/01/25) | 290 | 304276 |
|  City of Seattle Municipal Light & Power Revenue, 5.00%, 07/01/25 | 500 | 521132 |
|  City of Seattle WA Drainage & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 90 | 93921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | 750 | 784569 |
|  City of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 535 | 558309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 335 | 352105 |
|  City of Seattle WA Municipal Light & Power Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/25 | 185 | 191666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/25 | $125 | $129820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/25 | 240 | 250731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-A, 5.00%, 07/01/25 | 135 | 140706 |
|  City of Seattle WA Water System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 320 | 333215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 225 | 235146 |
|  City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/25 | 110 | 113825 |
|  City of Vancouver WA GOL, Series B, 5.00%, 12/01/25 | 190 | 199473 |
|  Clark County Public Utility District No. 1 RB, 5.00%, 01/01/25 | 220 | 227207 |
|  Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/25 (SCH BD GTY) | 235 | 246717 |
|  Clark County School District No. 122 Ridgefield GO, 5.00%, 12/01/25 | 55 | 57759 |
|  County of King WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 95 | 99139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 180 | 188975 |
|  County of King WA Sewer Revenue, 5.00%, 01/01/25 | 200 | 207167 |
|  County of King WA Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 (PR 01/01/25) | 400 | 414674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series-B, 5.00%, 07/01/25 | 165 | 172188 |
|  County of Kitsap WA GOL, 5.00%, 06/01/25 | 140 | 145923 |
|  County of Pierce WA GO, 5.00%, 08/01/25 | 150 | 156523 |
|  County of Pierce WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 100 | 104349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | 50 | 52113 |
|  County of Spokane WA GOL, Series B, 5.00%, 12/01/25 | 115 | 120734 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/25 | 820 | 854657 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/25 (GTD) | 110 | 115550 |
|  Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/25 | 140 | 146980 |
|  Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/25 | 250 | 262615 |
|  Pierce County School District No 402 Franklin Pierce GO, 5.00%, 12/01/25 | 105 | 110235 |
|  Port of Seattle WA RB, 4.00%, 02/01/25 | 130 | 131611 |
|  Port of Tacoma WA RB, Series A, 4.00%, 12/01/25 | 115 | 116958 |
|  Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/25, (SCH BD GTY) | 165 | 172980 |
|  Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/25 | 50 | 52493 |
|  Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/25 | 65 | 68241 |
|  State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 255 | 264469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 210 | 219148 |
|  State of Washington COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 | 175 | 181086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 (ST INTERCEPT) | 350 | 364793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/25 | 45 | 46902 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 240 | 248912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/25 | 155 | 161948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/25 | 165 | 172396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/25 | 160 | 166769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/25 | 100 | 104482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/25 | 50 | 51857 |

---

S C H E D U L E O F I N V E S T M E N T S 71

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/25 | $750 | $781730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/25 | 700 | 729615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 0.00%, 12/01/25 (AMBAC)<sup>(a)</sup>  | 240 | 214408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018C, 5.00%, 08/01/25 | 135 | 141051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018D, 5.00%, 08/01/25 | 375 | 391809 |
|  University of Washington, 5.00%, 04/01/25 | 400 | 415708 |
|  University of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | 160 | 166283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 125 | 131158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | 244919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629540 |
| **West Virginia — 0.4%** |  |  |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/25 | 115 | 119865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 150 | 157479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/25 | 455 | 474250 |
|  West Virginia Commissioner of Highways RB,<br>Series A, 5.00%, 09/01/25 | 315 | 327787 |
|  West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/25 | 240 | 249957 |
|  |  | 1329338 |
| **Wisconsin — 1.8%** |  |  |
|  State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/25 | 855 | 892035 |
|  State of Wisconsin GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 | 95 | 99016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 (PR 05/01/25) | 135 | 140608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 4.00%, 11/01/25 | 135 | 137704 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Wisconsin (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/25 | $| &nbsp;&nbsp;&nbsp;&nbsp;2120 | $2226216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/25 |  | 470 | 489869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/25 |  | 250 | 260569 |
|  State of Wisconsin RB, Series A, 5.00%, 05/01/25 |  | 180 | 187346 |
|  Wisconsin Department of Transportation RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/25 |  | 500 | 522302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/25 |  | 675 | 705108 |
|  |  |  | 5660773 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $322,495,665)** | **Total Long-Term Investments — 98.6%<br>(Cost: $322,495,665)** | **Total Long-Term Investments — 98.6%<br>(Cost: $322,495,665)** | 307448705 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
|  BlackRock Liquidity Funds: MuniCash, 1.83%<sup>(b)(c)</sup>  |  | 1305 | 1305035 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $1,305,035)** | **Total Short-Term Securities — 0.4%<br>(Cost: $1,305,035)** | **Total Short-Term Securities — 0.4%<br>(Cost: $1,305,035)** | 1305035 |
|  **Total Investments — 99.0%<br>(Cost: $323,800,700)** | **Total Investments — 99.0%<br>(Cost: $323,800,700)** | **Total Investments — 99.0%<br>(Cost: $323,800,700)** | &nbsp;&nbsp;&nbsp;&nbsp;308753740 |
|  **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 3257889 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $312011629 |

---

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $160825 | $1144114 <sup>(a)</sup> | $– $| 96 | $– $| 1305035 | 1305 | $9204 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $307448705 | $— | $307448705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1305035 |  |  | 1305035 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305035 | $307448705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $308753740 |

---

*See notes to financial statements.* 

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
| **Alabama — 1.2%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | $110 | $116766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/36 (PR 09/01/26) | 250 | 265377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/26 | 605 | 642213 |
|  Alabama Highway Finance Corp., 5.00%, 08/01/26 | 115 | 121435 |
|  Alabama Public School & College Authority, 5.00%, 05/01/26 (Call 05/01/25) | 10 | 10406 |
|  Alabama Public School and College Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 | 130 | 138213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/26 (Call 07/01/24) | 300 | 308249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/26 (Call 12/01/24) | 150 | 155105 |
|  Black Belt Energy Gas District RB, VRDN, 4.00%, 10/01/52 (Put 12/01/26)<sup>(a)</sup>  | 300 | 288781 |
|  State of Alabama GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 (Call 02/01/26) | 100 | 105253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 08/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | 349574 |
|  University of Alabama (The) RB, Series C, 5.00%, 07/01/26 | 125 | 131944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633316 |
| **Arizona — 2.1%** |  |  |
|  Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/26 | 225 | 238136 |
|  Arizona State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 35 | 36994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/29 (Call 07/01/26) | 105 | 110094 |
|  Arizona Transportation Board RB, Series A, 5.00%, 07/01/26 | 430 | 454342 |
|  City of Phoenix AZ GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/26 | 155 | 158473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 545 | 575853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 185 | 195735 |
|  City of Phoenix Civic Improvement Corp., 5.00%, 07/01/26 | 100 | 105803 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 320 | 336873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 (Call 07/01/26) | 325 | 342824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/26 (NPFGC) | 40 | 42763 |
|  City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/26 | 100 | 105661 |
|  County of Pima Sewer System Revenue, 5.00%, 07/01/26 | 240 | 253586 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 340 | 357366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 845 | 888162 |
|  State of Arizona Lottery Revenue RB, 5.00%, 07/01/26 | 100 | 105732 |
|  University of Arizona (The) RB, Series A, 4.00%, 06/01/28 (Call 06/01/26) | 220 | 223537 |
|  |  | 4531934 |
| **Arkansas — 0.1%** |  |  |
|  State of Arkansas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/26 (Call 10/01/24) | 115 | 118653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 (Call 10/01/24) | 20 | 20636 |
|  |  | 139289 |
| **California — 13.3%** |  |  |
|  Alvord Unified School District GO, Series B, 0.00%, 08/01/26 (AGM)<sup>(b)</sup>  | 55 | 47632 |
|  Anaheim Housing & Public Improvements Authority RB, 5.00%, 10/01/26 | 500 | 531552 |
|  Beverly Hills Unified School District CA GO, 0.00%, 08/01/26<sup>(b)</sup> | 100 | 87371 |
|  California Health Facilities Financing Authority RB, 5.00%, 11/15/26 (Call 11/15/25) | 115 | 120702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  California Infrastructure & Economic Development Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | $75 | $80131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 (Call 04/01/26) | 130 | 137743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 (PR 10/01/26) | 100 | 106500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 04/01/26) | 40 | 42356 |
|  California State Public Works Board, 5.00%, 08/01/26 | 190 | 201250 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/28 (Call 10/01/26) | 175 | 178075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | 75 | 79530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 (Call 10/01/26) | 225 | 238556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/26 (Call 09/01/24) | 210 | 217727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/26 | 50 | 52739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/26 (Call 10/01/24) | 125 | 129796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/27 (Call 11/01/26) | 160 | 170004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 04/01/28 (Call 10/01/26) | 250 | 254631 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 180 | 191789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | 399560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 (Call 11/01/25) | 130 | 136561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 (Call 05/01/26) | 205 | 216584 |
|  Carlsbad Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26) | 80 | 84716 |
|  City of Los Angeles Department of Airports RB, 5.00%, 05/15/26 | 210 | 221878 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/26) | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 (Call 11/01/26) | 195 | 207570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 (Call 11/01/26) | 285 | 303283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/26 | 240 | 256183 |
|  Contra Costa Transportation Authority Sales Tax Revenue RB, 4.00%, 03/01/26 (Call 03/01/25) | 80 | 81444 |
|  Contra Costa Water District RB, Series U, 5.00%, 10/01/26 | 50 | 53288 |
|  East Bay Municipal Utility District Water System Revenue RB, 5.00%, 06/01/26 | 150 | 158892 |
|  East Side Union High School District GO, 5.00%, 08/01/28 (Call 08/01/26) | 275 | 292019 |
|  El Camino Community College District Foundation (The) GO, 5.00%, 08/01/28 (Call 08/01/26) | 180 | 191140 |
|  El Camino Community College District GO, Series C, 0.00%, 08/01/26<sup>(b)</sup>  | 150 | 131346 |
|  Escondido Union High School District GO, Series A, 0.00%, 08/01/26 (AGC)<sup>(b)</sup>  | 50 | 43238 |
|  Evergreen School District GO, 0.00%, 08/01/26<br>(AGC)<sup>(b)</sup>  | 80 | 70051 |
|  Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/26 (NPFGC)<sup>(b)</sup>  | 100 | 85482 |
|  Grossmont Union High School District GO, 0.00%, 08/01/26 (AGM)<sup>(b)</sup>  | 90 | 78172 |
|  Long Beach Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26) | 215 | 228455 |
|  Los Angeles Community College District/CA, 5.00%, 08/01/26 | 400 | 426154 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/26 | 150 | 159414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 08/01/26 (PR 08/01/24) | 70 | 72200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.00%, 08/01/26 | 100 | 102958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.00%, 08/01/29 (Call 08/01/26) | 100 | 102408 |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 170 | 180408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 07/01/25) | 140 | 146365 |

---

S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | $135 | $143063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 (Call 06/01/26) | 140 | 148271 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 07/01/26 | 215 | 228162 |
|  Los Angeles County Public Works Financing Authority, 5.00%, 12/01/26 (Call 12/01/25) | 100 | 105024 |
|  Los Angeles County Public Works Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 (Call 12/01/24) | 70 | 72504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 10/01/29 (Call 10/01/26) | 300 | 316845 |
|  Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/26 | 175 | 185714 |
|  Los Angeles Department of Water & Power RB, Series A, 5.00%, 07/01/26 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291836 |
|  Los Angeles Department of Water & Power System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | 403264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/26 (Call 06/01/26) | 30 | 31798 |
|  Los Angeles Department of Water & Power Water System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 145 | 154083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 01/01/26) | 440 | 463984 |
|  Los Angeles Department of Water RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 150 | 159397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 (Call 07/01/24) | 85 | 87622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 01/01/26) | 130 | 136868 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 200 | 212315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 615 | 652869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28 (Call 07/01/26) | 620 | 654969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/26 | 105 | 111465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/26 (Call 07/01/24) | 215 | 221209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/26 (Call 07/01/24) | 170 | 174910 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 07/01/26 | 230 | 219747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 260 | 275825 |
|  Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/26 | 410 | 436219 |
|  Newport Mesa Unified School District GO, 0.00%, 08/01/26 (NPFGC)<sup>(b)</sup>  | 190 | 165456 |
|  Ohlone Community College District GO, Series C, 4.00%, 08/01/29 (Call 08/01/26) | 65 | 66566 |
|  Palo Alto Unified School District GO, 0.00%, 08/01/26<sup>(b)</sup>  | 170 | 148914 |
|  Palos Verdes Peninsula Unified School District GO, 0.00%, 11/01/26 (NPFGC)<sup>(b)</sup>  | 165 | 142733 |
|  Pasadena Area Community College District GO, Series A, 4.00%, 08/01/29 (Call 08/01/26) | 165 | 168974 |
|  Port of Los Angeles RB, Series C2, 5.00%, 08/01/26 | 120 | 127584 |
|  Rancho Water District Financing Authority RB,<br>Series B, 5.00%, 08/01/28 (PR 08/15/26) | 40 | 42523 |
|  Sacramento County Sanitation Districts Financing Authority RB, 5.00%, 08/01/26 (Call 08/01/25) | 80 | 83678 |
|  Sacramento Municipal Utility District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 07/01/25) | 150 | 156780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 | 65 | 69242 |
|  San Diego Community College District GO, 4.00%, 08/01/28 (Call 08/01/26) | 100 | 102474 |
|  San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/29 (Call 04/01/26) | 260 | 275065 |
|  San Diego County Water Authority RB, 5.00%, 05/01/26 (Call 05/01/25) | 100 | 104284 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  San Diego Unified School District/CA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/26 (AGM) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/26 (ETM) (AGM) | 25 | 26870 |
|  San Diego Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/26<sup>(b)</sup>  | 20 | 17584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/26 (ETM)<sup>(b)</sup>  | 30 | 26377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-5, 4.00%, 07/01/29 (Call 07/01/26) | 215 | 219166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-5, 5.00%, 07/01/26 | 100 | 106336 |
|  San Francisco Bay Area Rapid Transit District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/26 | 55 | 56549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 200 | 212786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/26 (Call 08/01/25) | 60 | 62871 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB, Series A, 5.00%, 05/01/26 | 240 | 251985 |
|  San Jose Evergreen Community College District GO, Series A, 5.00%, 09/01/26 (PR 09/01/24) | 100 | 103246 |
|  San Mateo County Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/26 (NATL)<sup>(b)</sup>  | 275 | 240168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 09/01/26 (NPFGC)<sup>(b)</sup>  | 95 | 82967 |
|  Santa Barbara Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 100 | 106258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/26) | 120 | 127427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (Call 08/01/26) | 50 | 53061 |
|  Santa Clara County Financing Authority RB, 5.00%, 05/01/26 | 150 | 158707 |
|  Santa Clara Unified School District GO, 5.00%, 07/01/26 (Call 07/01/24) | 95 | 97697 |
|  Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/26 | 95 | 100995 |
|  Santa Clara Valley Water District COP, Series A, 5.00%, 02/01/29 (Call 02/01/26) | 320 | 336695 |
|  Santa Monica-Malibu Unified School District GO, Series D, 4.00%, 08/01/26 (PR 08/01/25) | 40 | 40888 |
|  Southern California Public Power Authority RB,<br>Series C, 5.00%, 07/01/26 (Call 01/01/25) | 65 | 67433 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 155 | 165765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/26) | 150 | 159962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AV, 5.00%, 12/01/26 (Call 06/01/26) | 80 | 84913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/27 (Call 12/01/26) | 155 | 165598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AW, 5.00%, 12/01/28 (Call 12/01/26) | 315 | 336047 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/26 | 100 | 102239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/26 | 750 | 768680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/27 (Call 09/01/26) | 130 | 133029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/26) | 80 | 81739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/28 (Call 09/01/26) | 415 | 424149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 385 | 408493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (Call 08/01/25) | 445 | 465221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | 125 | 132781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 490 | 521106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 (Call 04/01/26) | 140 | 147813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 335 | 356682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 305 | 323091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/26) | 370 | 391424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/26) | 905 | 958446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (Call 08/01/26) | 200 | 211447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/26) | 615 | 650905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/26 | 525 | 557681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 08/01/26) | 560 | 593216 |

---

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/28 (Call 08/01/26) | $720 | $761690 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/26 | 170 | 174221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 (Call 05/15/26) | 360 | 380460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AM, 5.00%, 05/15/26 (Call 05/15/24) | 210 | 215730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AV, 5.00%, 05/15/26 | 205 | 217228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 05/15/26 (Call 05/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | 365035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28174867 |
| **Colorado — 0.8%** |  |  |
|  Board of Governors of Colorado State University System, 5.00%, 03/01/26 (ST HGR ED INTERCEPT PROG) | 425 | 446382 |
|  City & County of Denver Co. Airport System Revenue RB, 5.00%, 11/15/26 | 190 | 200268 |
|  City & County of Denver Co. GO, Series A, 5.00%, 08/01/26 | 45 | 47730 |
|  City of Colorado Springs CO Utilities System Revenue RB, Series A2, 5.00%, 11/15/26 | 50 | 53186 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/26 | 200 | 206948 |
|  Denver City & County School District No. 1 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/26 (Call 12/01/25) (SAW) | 115 | 117366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 215 | 228661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/26 (SAW) | 195 | 211237 |
|  University of Colorado RB, Series A-2, 5.00%, 06/01/26 | 225 | 237479 |
|  |  | 1749257 |
| **Connecticut — 1.9%** |  |  |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/26 | 105 | 106664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/26 | 235 | 247103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/26 | 560 | 589499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/26 | 100 | 101584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/26 | 180 | 189689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/27 (Call 05/15/26) | 155 | 163253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/15/26 | 355 | 375712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/15/26 | 180 | 190708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 09/15/26 | 205 | 216960 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/26 | 445 | 469023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 (Call 09/01/26) | 470 | 497050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (Call 09/01/26) | 160 | 168859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/28 (Call 09/01/26) | 150 | 158306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/26 | 80 | 84777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/26 | 425 | 450870 |
|  |  | 4010057 |
| **Delaware — 0.7%** |  |  |
|  Delaware Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 245 | 259303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 275 | 290762 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 | 80 | 84311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/26) | 155 | 164049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 235 | 247365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/27 (Call 07/01/26) | 360 | 381400 |
|  |  | 1427190 |
| **District of Columbia — 1.2%** |  |  |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 (Call 06/01/25) | 250 | 260136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/26 | 160 | 170066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 (Call 06/01/26) | 175 | 184464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/26 (Call 06/01/25) | 125 | 130068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/26 | 80 | 84603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **District of Columbia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/27 (Call 12/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $212238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/28 (Call 12/01/26) | 190 | 201477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/29 (Call 12/01/26) | 215 | 227819 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 345 | 365975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/26 | 455 | 482853 |
|  District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/26 | 95 | 100887 |
|  Washington Metropolitan Area Transit Authority RB, Series A, 5.00%, 07/15/26 | 150 | 158626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579212 |
| **Florida — 3.0%** |  |  |
|  County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/26 (Call 10/01/25) | 290 | 299921 |
|  County of Miami-Dade FL Transit System RB, 5.00%, 07/01/27 (Call 07/01/26) | 315 | 332721 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/26 (Call 10/01/25) | 705 | 733810 |
|  Florida Department of Environmental Protection RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 07/01/25) | 255 | 265447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 (Call 07/01/25) | 165 | 171760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/26) | 350 | 369690 |
|  Hillsborough County Aviation Authority RB, 5.00%, 10/01/26 | 200 | 210516 |
|  Orange County School Board COP, 5.00%, 08/01/26 | 160 | 168550 |
|  Palm Beach County School District, 5.00%, 08/01/26 | 300 | 314310 |
|  Reedy Creek Improvement District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | 300 | 314572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 | 130 | 136806 |
|  School Board of Miami-Dade County (The) COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/29 (Call 02/01/26) | 275 | 285258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/27 (Call 02/01/26) | 160 | 167013 |
|  School Board of Miami-Dade County (The) GO, 5.00%, 03/15/28 (Call 03/15/26) | 100 | 104501 |
|  School District of Broward County/FL COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/26) | 160 | 167706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/26 | 110 | 115452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/27 (Call 07/01/26) | 150 | 157224 |
|  State of Florida Department of Transportation Turnpike System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/27 (Call 07/01/26) | 185 | 194755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/29 (Call 07/01/26) | 195 | 205145 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 55 | 58191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/26 (Call 06/01/24) | 40 | 41039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/26 | 225 | 238056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/26 | 115 | 121737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/28 (Call 06/01/26) | 50 | 52739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 06/01/29 (Call 06/01/26) | 135 | 136718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/26 (Call 06/01/25) | 275 | 286565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 06/01/29 (Call 06/01/26) | 100 | 105443 |
|  State of Florida Lottery Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 325 | 342824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 255 | 268985 |
|  |  | 6367454 |
| **Georgia — 1.7%** |  |  |
|  City of Atlanta GA, 5.00%, 12/01/26 | 200 | 212936 |
|  City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/26. | 100 | 104957 |
|  City of Atlanta GA Water & Wastewater Revenue RB, 5.00%, 11/01/26 | 235 | 249304 |

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S C H E D U L E O F I N V E S T M E N T S 75

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Georgia (continued)** |  |  |
|  County of Carroll GA GO, 5.00%, 06/01/26 | $85 | $89832 |
|  Forsyth County School District GO, 5.00%, 02/01/27 (Call 02/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | 258068 |
|  Georgia Ports Authority RB, 5.00%, 07/01/26 | 160 | 169398 |
|  Georgia State Road & Tollway Authority RB, 5.00%, 06/01/26 | 190 | 200210 |
|  Gwinnett County School District GO, Series B, 5.00%, 08/01/26 | 500 | 530692 |
|  Metropolitan Atlanta Rapid Transit Authority RB, Series C, 5.00%, 07/01/29 (Call 07/01/26) | 390 | 408995 |
|  Private Colleges & Universities Authority RB, 5.00%, 09/01/26 | 220 | 233044 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 | 500 | 530874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 02/01/26 | 135 | 142317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/26 | 160 | 170670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/27 (Call 12/01/26) | 105 | 111931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/28 (Call 12/01/26) | 220 | 234353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/26 | 25 | 26323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673904 |
| **Hawaii — 1.8%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 260 | 274627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 (Call 07/01/26) | 370 | 390684 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 (Call 10/01/25) | 150 | 156850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/26 (Call 10/01/25) | 100 | 104566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/26 | 65 | 68950 |
|  County of Hawaii HI GO, Series A, 5.00%, 09/01/27 (Call 03/01/26) | 100 | 105257 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 100 | 105108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 380 | 403549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 (Call 10/01/25) | 90 | 94110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/26) | 100 | 105971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EY, 5.00%, 10/01/26 (Call 10/01/25) | 120 | 125480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FE, 5.00%, 10/01/27 (Call 10/01/26) | 460 | 488159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FG, 5.00%, 10/01/27 (Call 10/01/26) | 175 | 185713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FG, 5.00%, 10/01/29 (Call 10/01/26) | 100 | 105820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/27 (Call 10/01/26) | 160 | 169794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/28 (Call 10/01/26) | 200 | 211941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/26 | 255 | 268025 |
|  State of Hawaii State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 125 | 131193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 07/01/26) | 75 | 79166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 (Call 07/01/26) | 125 | 132032 |
|  |  | 3706995 |
| **Idaho — 0.3%** |  |  |
|  Idaho Housing & Finance Association RB, 5.00%, 07/15/26 | 520 | 546937 |
| **Illinois — 2.5%** |  |  |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 (Call 01/01/26) | 170 | 175816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/26 (Call 01/01/25) | 100 | 102768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 01/01/26 | 180 | 187160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 01/01/26 | 275 | 285939 |
|  Illinois Finance Authority, 5.00%, 01/01/26 | 335 | 351494 |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/26 (Call 01/01/26) | 195 | 198744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/26 | 60 | 63128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 900 | 950631 |
|  Illinois State Toll Highway Authority RB, 5.00%, 01/01/26 | 350 | 365947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Illinois (continued)** |  |  |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $100418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/26 | 470 | 473406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 | 250 | 251755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/26 | 620 | 624493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.13%, 09/01/26 | 150 | 151703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/26 | 735 | 740020 |
|  State of Illinois Sales Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 | 65 | 66686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/26 | 235 | 233287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323395 |
| **Indiana — 1.4%** |  |  |
|  City of Indianapolis Department of Public Utilities Water System Revenue RB, 5.00%, 10/01/26 | 295 | 311837 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/29 (PR 02/01/26) | 260 | 273763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/26 | 290 | 305351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 | 80 | 84536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 (Call 10/01/24) | 100 | 102540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/27 (Call 12/01/26) | 605 | 643918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/26 | 190 | 200058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/29 (Call 08/01/26) | 235 | 248319 |
|  Indiana Municipal Power Agency RB, 5.00%, 01/01/27 (Call 07/01/26) | 145 | 151679 |
|  Indiana University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 | 125 | 132020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 (Call 06/01/26) | 195 | 205277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 (Call 06/01/26) | 220 | 230989 |
|  |  | 2890287 |
| **Iowa — 0.3%** |  |  |
|  Iowa Finance Authority RB, 5.00%, 08/01/26 | 360 | 381185 |
|  State of Iowa RB, 4.00%, 06/01/26 | 330 | 336231 |
|  |  | 717416 |
| **Kansas — 0.4%** |  |  |
|  State of Kansas Department of Transportation, 5.00%, 09/01/26 (Call 09/01/24) | 250 | 257125 |
|  State of Kansas Department of Transportation RB, 5.00%, 09/01/26 (Call 09/01/25) | 525 | 547897 |
|  |  | 805022 |
| **Kentucky — 0.1%** |  |  |
|  Kentucky Infrastructure Authority RB, Series A, 5.00%, 02/01/26 (Call 02/01/25) | 100 | 103801 |
| **Louisiana — 0.8%** |  |  |
|  State of Louisiana Gasoline & Fuels Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/26 | 100 | 105365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/26 (Call 05/01/25) | 65 | 67463 |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 09/01/26) | 100 | 105781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/26 | 150 | 157691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/26 | 50 | 52854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/26 | 435 | 459655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/29 (Call 08/01/26) | 275 | 288806 |
|  State of Louisiana RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | 95 | 100668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/26 | 225 | 238423 |
|  |  | 1576706 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Maine — 0.8%** |  |  |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | $200 | $210900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 250 | 265313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 (Call 11/01/26) | 220 | 232632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/29 (Call 09/01/26) | 105 | 109954 |
|  Maine Turnpike Authority RB, 5.00%, 07/01/26 | 435 | 459472 |
|  State of Maine GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/26 | 60 | 61052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 115 | 121538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/26 | 205 | 216654 |
|  |  | 1677515 |
| **Maryland — 4.3%** |  |  |
|  City of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/26 | 90 | 95594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/26 | 135 | 143390 |
|  City of Baltimore MD RB, 5.00%, 07/01/26 | 215 | 226716 |
|  County of Anne Arundel MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 (Call 10/01/25) | 110 | 115281 |
|  County of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 | 195 | 205692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (Call 08/01/25) | 80 | 83635 |
|  County of Charles MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/26 | 50 | 51277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 500 | 531741 |
|  County of Frederick MD, 5.00%, 08/01/26 | 200 | 211922 |
|  County of Frederick MD GO, 5.00%, 02/01/26 | 150 | 157846 |
|  County of Howard MD, 5.00%, 02/15/26 | 150 | 158123 |
|  County of Howard MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 | 180 | 191087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/26 | 500 | 530796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/26 | 265 | 279350 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 230 | 244886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/26 (Call 12/01/24) | 25 | 25348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 | 790 | 841130 |
|  County of Prince George's MD GO, Series A, 5.00%, 09/15/26 | 235 | 249763 |
|  County of Prince George's MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 500 | 529900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/26 | 270 | 286299 |
|  Maryland State Transportation Authority RB, 5.00%, 07/01/26 | 70 | 73938 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | 90 | 95403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 270 | 286528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 110 | 116570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/26) | 480 | 508361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/26) | 240 | 253926 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 | 225 | 238648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/26 | 175 | 179430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/26 | 550 | 583362 |
|  Washington Suburban Sanitary Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 300 | 317575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 (GTD) | 100 | 105858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) (GTD) | 100 | 105764 |
|  |  | 9125843 |
| **Massachusetts — 3.6%** |  |  |
|  City of Boston MA GO, Series B, 4.00%, 03/01/26 | 60 | 61334 |
|  City of Cambridge MA GOL, Series B, 5.00%, 02/15/26 | 165 | 174040 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts (continued)** |  |  |
|  City of Cambridge MA RB, 5.00%, 02/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $205684 |
|  Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/27 (Call 06/15/26) | 205 | 216428 |
|  Commonwealth of Massachusetts GO, Series C, 5.25%, 11/01/26 (AGM) | 50 | 53527 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/26 | 100 | 105312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 560 | 587744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 825 | 871704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/26 | 20 | 20991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/26 | 155 | 164133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/26 | 150 | 158492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 5.00%, 12/01/26 | 485 | 515246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 12/01/28 (Call 12/01/26) | 100 | 105975 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB,<br>Series A, 5.00%, 06/01/26 | 180 | 190295 |
|  Massachusetts Bay Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (PR 07/01/25) | 150 | 156223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/26 | 115 | 117936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 545 | 576817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/26 (PR 07/01/25) | 450 | 468669 |
|  Massachusetts Clean Water Trust (The), 5.25%, 08/01/26 | 230 | 245712 |
|  Massachusetts Development Finance Agency RB, Series A, 5.00%, 10/15/26 | 205 | 218132 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 (Call 08/15/25) | 385 | 402306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/26 (Call 11/15/25) | 90 | 94383 |
|  Massachusetts State College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/26 (Call 05/01/25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ST HGR ED INTERCEPT PROG) | 100 | 101216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/26 (PR 05/01/25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ST HGR ED INTERCEPT PROG) | 5 | 5073 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/26 | 165 | 173175 |
|  Massachusetts Water Resources Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 115 | 121851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (ETM) | 345 | 363932 |
|  Massachusetts Water Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (PR 08/01/24) | 115 | 118416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/26 (AGM) | 400 | 427471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/35 (PR 08/01/26) | 200 | 211697 |
|  University of Massachusetts Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/26 | 175 | 184743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 150 | 159419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578076 |
| **Michigan — 1.2%** |  |  |
|  Great Lakes Water Authority Water Supply System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 220 | 231933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/26 | 110 | 115645 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 100 | 106197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/26) | 555 | 588556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/29 (Call 10/01/26) | 240 | 253698 |
|  Michigan State Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/29 (Call 10/15/26) | 350 | 368506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/26 (Call 10/15/25) | 105 | 109468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/27 (Call 10/15/26) | 140 | 147594 |
|  State of Michigan RB, 5.00%, 03/15/26 | 620 | 652334 |

---

S C H E D U L E O F I N V E S T M E N T S 77

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Michigan (continued)** |  |  |
|  University of Michigan RB, 5.00%, 04/01/26 | $50 | $52772 |
|  |  | 2626703 |
| **Minnesota — 1.5%** |  |  |
|  County of Hennepin MN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 280 | 296475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 | 125 | 132355 |
|  Metropolitan Council GO, 5.00%, 12/01/26 | 605 | 644137 |
|  Minneapolis-St Paul Metropolitan Airports Commission RB, 5.00%, 01/01/26 | 100 | 103978 |
|  Minnesota Public Facilities Authority RB,<br>Series A, 5.00%, 03/01/28 (Call 03/01/26) | 175 | 184143 |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 420 | 445325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/26 | 300 | 306424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/26 (Call 08/01/24) | 100 | 101267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/26 | 305 | 323390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 10/01/26 | 230 | 244427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.00%, 08/01/26 | 130 | 126456 |
|  University of Minnesota, 5.00%, 12/01/26 | 225 | 239208 |
|  |  | 3147585 |
| **Mississippi — 1.0%** |  |  |
|  State of Mississippi, 5.00%, 12/01/33 (PR 12/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421927 |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 | 140 | 148676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/29 (PR 12/01/26) | 285 | 303557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/26 (Call 10/01/25) | 260 | 272188 |
|  |  | 2146348 |
| **Missouri — 1.0%** |  |  |
|  City of Kansas City MO Water Revenue RB, Series A, 5.00%, 12/01/26 | 235 | 249287 |
|  Metropolitan St Louis Sewer District RB, Series C, 5.00%, 05/01/27 (Call 05/01/26) | 125 | 129160 |
|  Missouri Highway & Transportation Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 530 | 563281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/26 | 510 | 538394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/26 (Call 05/01/24) | 120 | 122985 |
|  Missouri State Board of Public Buildings RB, Series A, 4.00%, 04/01/26 (Call 04/01/24) | 195 | 196759 |
|  Missouri State Environmental Improvement & Energy Resources Authority RB, Series B, 5.00%, 07/01/26 (Call 07/01/25) | 340 | 354635 |
|  |  | 2154501 |
| **Nebraska — 0.3%** |  |  |
|  Nebraska Public Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 385 | 402894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 01/01/26) | 110 | 114443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/29 (Call 01/01/26) | 105 | 109241 |
|  |  | 626578 |
| **Nevada — 2.4%** |  |  |
|  Clark County School District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/26 | 145 | 152110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/15/26 | 135 | 141620 |
|  Clark County Water Reclamation District, 5.00%, 07/01/26 | 625 | 661266 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 (PR 11/01/24) | 80 | 82614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 | 175 | 185719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/27 (Call 11/01/26) | 305 | 324035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/29 (Call 11/01/26) | 290 | 307207 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Nevada (continued)** |  |  |
|  County of Clark NV Passenger Facility Charge Revenue RB, Series C, 5.00%, 07/01/26 | $355 | $372098 |
|  County of Clark NV RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 445 | 469405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 (Call 07/01/24) | 400 | 410635 |
|  Las Vegas Valley Water District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 50 | 52790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 09/15/25) | 125 | 130591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | 75 | 79108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 | 350 | 369534 |
|  State of Nevada GO, Series D, 5.00%, 04/01/26 (Call 04/01/25) | 45 | 46725 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/26 (Call 08/01/25) | 60 | 61020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 (Call 05/01/25) | 105 | 109132 |
|  State of Nevada Highway Improvement Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 (Call 06/01/26) | 545 | 575039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 06/01/26) | 210 | 221067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 (Call 06/01/26) | 230 | 241567 |
|  Washoe County School District/NV GOL, Series A, 5.00%, 06/01/26 (Call 06/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | 119547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112829 |
| **New Hampshire — 0.1%** |  |  |
|  New Hampshire Municipal Bond Bank, 5.00%, 08/15/26 (ST INTERCEPT) | 125 | 132379 |
|  New Hampshire Municipal Bond Bank RB, 4.00%, 08/15/29 (Call 08/15/26) | 100 | 100914 |
|  |  | 233293 |
| **New Jersey — 1.8%** |  |  |
|  County of Union New Jersey GO, 4.00%, 03/01/26 | 35 | 35679 |
|  Essex County Improvement Authority RB, 5.50%, 10/01/26 (NPFGC GTD) | 150 | 162200 |
|  Monmouth County Improvement Authority (The) RB, 4.00%, 08/01/26 | 205 | 209970 |
|  New Jersey Economic Development Authority, 5.00%, 11/01/26 | 100 | 103698 |
|  New Jersey Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.00%, 06/15/26 | 100 | 103391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 (SAP) | 515 | 534045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PP, 5.00%, 06/15/26 (Call 06/15/24) | 150 | 152362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 4.25%, 06/15/26 (Call 06/15/25) | 485 | 487808 |
|  New Jersey Educational Facilities Authority RB, Series B, 5.00%, 07/01/26 | 325 | 344897 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/26 | 330 | 341189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/28 (Call 06/15/26) | 400 | 412259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/29 (Call 06/15/26) | 80 | 82293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.25%, 06/15/26 (Call 06/15/25) | 200 | 201158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/26 (Call 06/15/24) | 100 | 101575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/26 (Call 06/15/25) | 25 | 25625 |
|  State of New Jersey GO, Series A, 5.00%, 06/01/26 | 565 | 592832 |
|  |  | 3890981 |
| **New Mexico — 0.7%** |  |  |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 | 500 | 527999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/26 (Call 06/15/24) | 100 | 102609 |
|  State of New Mexico GO, 5.00%, 03/01/26 | 305 | 321328 |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Mexico (continued)** |  |  |
|  State of New Mexico Severance Tax Permanent Fund RB, 5.00%, 07/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | $481563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433499 |
|  **New York — 9.2%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 | 115 | 120934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 (Call 03/01/24) | 225 | 229587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (Call 08/01/24) | 175 | 179597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (Call 08/01/26) | 340 | 356218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 | 190 | 200906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/26 | 495 | 523413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/26 | 500 | 528700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 12/01/28 (Call 12/01/26) | 50 | 52864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 12/01/29 (Call 12/01/26) | 250 | 262862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/26 | 165 | 174471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 02/01/26) | 180 | 189245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/28 (Call 02/01/26) | 165 | 172697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J9, 5.00%, 08/01/27 (Call 08/01/26) | 305 | 322838 |
|  County of Nassau NY GOL, 5.00%, 04/01/26 | 135 | 141106 |
|  Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/26 | 315 | 330353 |
|  Long Island Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/26 | 40 | 42357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/26 | 195 | 206489 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/26 | 100 | 102079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 500 | 512052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/26 | 430 | 440237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/26 | 125 | 132272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/26 | 685 | 701511 |
|  New York City Municipal Water Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-2, 5.00%, 06/15/26 (Call 12/15/24) | 130 | 134461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 5.00%, 06/15/26 | 525 | 555685 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (SAW) | 220 | 231944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (ETM) (SAW) | 285 | 301090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 01/15/26) (SAW) | 60 | 62671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S1, 5.00%, 07/15/26 (SAW) | 425 | 448074 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 08/01/26 | 200 | 210975 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 465 | 492055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 205 | 216176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/26) | 325 | 339487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 11/01/26 | 105 | 111109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/29 (Call 08/01/26) | 340 | 356096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/26 (Call 05/01/24) | 145 | 148479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E1, 4.00%, 02/01/26 | 185 | 188281 |
|  New York City Water & Sewer System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 | 165 | 174644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 (PR 06/15/25) | 365 | 380848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG-2, 5.00%, 06/15/26 (Call 12/15/24) | 200 | 206863 |
|  New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 | 70 | 73434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (ETM) | 105 | 110487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 130 | 138647 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/28 (Call 08/15/26) | 145 | 153560 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/26 (PR 02/15/24) | $130 | $133015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/26 | 755 | 794694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/26 (PR 03/15/24) | 100 | 102368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 09/15/26) | 575 | 607906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/29 (Call 08/15/26) | 430 | 455226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/29 (Call 09/15/26) | 630 | 663715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 4.00%, 10/01/26 | 115 | 118449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 04/01/26) | 110 | 115952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/27 (PR 08/15/26) | 165 | 174805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/28 (Call 08/15/26) | 580 | 614238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/26 (Call 09/15/25) | 115 | 119888 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 (Call 05/15/24) | 105 | 107706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (Call 06/15/26) | 285 | 300561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/15/26 (Call 03/15/25) | 220 | 228335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/15/26 | 50 | 52957 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 125 | 130467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/28 (Call 01/01/26) | 150 | 154789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/26 | 50 | 52370 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/26 | 80 | 81490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/26 | 140 | 147028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/26 | 355 | 372820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 (PR 03/15/26) | 210 | 221231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 03/15/26) | 545 | 570059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/26 | 160 | 168032 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/26 | 85 | 86727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 | 100 | 105394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | 110 | 116116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 (Call 09/01/24) | 195 | 200838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 189, 5.00%, 05/01/26 (Call 05/01/25) | 160 | 166101 |
|  Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/26 (PR 10/15/24) | 295 | 305125 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/26 | 320 | 339642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 413939 |
|  Utility Debt Securitization Authority RB, Series A, 5.00%, 06/15/28 (Call 06/15/26) | 275 | 290303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19470140 |
|  **North Carolina — 1.5%** |  |  |
|  City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/26 (Call 07/01/25) | 100 | 104442 |
|  County of Buncombe NC RB, 5.00%, 06/01/26 | 70 | 74004 |
|  County of Forsyth NC RB, Series A, 4.00%, 04/01/26 | 105 | 107217 |
|  County of Orange NC GO, 5.00%, 08/01/26 | 500 | 530874 |
|  County of Union NC, 5.00%, 09/01/26 | 150 | 159448 |
|  County of Wake NC, 5.00%, 12/01/26 | 150 | 159355 |
|  County of Wake NC GO, 5.00%, 03/01/26 | 340 | 358752 |
|  North Carolina Capital Facilities Finance Agency RB, 5.00%, 10/01/26 | 200 | 212470 |
|  North Carolina Municipal Power Agency No. 1 RB, Series A, 5.00%, 01/01/29 (Call 07/01/26) | 125 | 130690 |
|  State of North Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | 150 | 158802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 | 260 | 275412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 (Call 06/01/26) | 155 | 163996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/26 | 110 | 116385 |

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S C H E D U L E O F I N V E S T M E N T S 79

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **North Carolina (continued)** |  |  |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 | $300 | $315093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/26 | 175 | 184888 |
|  Town of Cary NC, 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | 180708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232536 |
|  **Ohio — 2.6%** |  |  |
|  American Municipal Power Inc. RB, 5.00%, 02/15/26 | 500 | 523260 |
|  City of Cincinnati OH Water System Revenue RB, 5.00%, 12/01/29 (Call 12/01/26) | 145 | 154043 |
|  City of Columbus OH GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/26 | 190 | 201092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/26 (Call 08/15/25) | 355 | 362059 |
|  City of Columbus OH Sewerage Revenue RB, 5.00%, 06/01/29 (Call 06/01/26) | 230 | 241488 |
|  County of Franklin OH GOL, 5.00%, 12/01/26 (Call 12/01/25) | 65 | 68124 |
|  County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/26 | 230 | 243155 |
|  County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/26 | 110 | 116258 |
|  Miami University/Oxford OH RB, 5.00%, 09/01/26 | 100 | 105487 |
|  Ohio State University (The) RB, 5.00%, 12/01/26 | 105 | 111713 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 300 | 319180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 (Call 12/01/26) | 130 | 138260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/26) | 150 | 159296 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB, 5.00%, 06/01/26 | 585 | 618459 |
|  State of Ohio, 5.00%, 11/01/26 | 115 | 122266 |
|  State of Ohio COP, 5.00%, 09/01/26 | 235 | 248413 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 | 265 | 280303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 | 100 | 106133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/26 | 160 | 168962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 09/01/26 (Call 03/01/24) | 100 | 100904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/26 | 215 | 227043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/28 (Call 05/01/26) | 110 | 115938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 5.00%, 05/01/26 | 285 | 300964 |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 (Call 06/15/26) | 395 | 414505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/26 | 110 | 116402 |
|  |  | 5563707 |
|  **Oklahoma — 0.5%** |  |  |
|  Grand River Dam Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 | 310 | 325590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 (Call 12/01/26) | 115 | 121408 |
|  Oklahoma Capitol Improvement Authority RB, 5.00%, 07/01/29 (Call 07/01/26) | 150 | 157329 |
|  Oklahoma Turnpike Authority RB, 5.00%, 01/01/26 | 175 | 183027 |
|  Oklahoma Water Resources Board RB, 5.00%, 04/01/27 (Call 04/01/26) | 175 | 184354 |
|  |  | 971708 |
|  **Oregon — 2.0%** |  |  |
|  City of Portland OR GOL, Series B, 5.00%, 06/15/26 | 195 | 206397 |
|  City of Portland OR Sewer System Revenue RB 5.00%, 03/01/26 | 370 | 389808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 (Call 05/01/26) | 200 | 211135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/26 (Call 10/01/24) | 90 | 92842 |
|  City of Portland Sewer System Revenue, 5.00%, 03/01/26 | 220 | 231778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oregon (continued)** |  |  |
|  Multnomah County School District No. 1 Portland/OR GO, 5.00%, 06/15/26 (GTD) | $265 | $279839 |
|  Oregon State Lottery RB, Series C, 5.00%, 04/01/26 (Call 04/01/25) (MO) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | 670025 |
|  Portland Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 | 150 | 158399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 (Call 06/15/26) | 140 | 147790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (Call 06/15/26) | 150 | 158138 |
|  Salem-Keizer School District No. 24J GO, Series B, 5.00%, 06/15/26 (GTD) | 350 | 369599 |
|  State of Oregon, 5.00%, 06/01/26 | 165 | 174437 |
|  State of Oregon Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 160 | 170132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/26 | 180 | 191398 |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/26 | 130 | 137282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (Call 08/01/25) | 125 | 130570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/26) | 100 | 105374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/26 | 65 | 68718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/29 (Call 12/01/26) | 145 | 153815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.00%, 08/01/26 (PR 08/01/25) | 70 | 73175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120651 |
|  **Pennsylvania — 2.6%** |  |  |
|  City of Philadelphia PA GO, Series A, 5.00%, 08/01/26 | 185 | 193824 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 | 640 | 672668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/26) | 125 | 131736 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/26 | 260 | 275557 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/27 (Call 09/15/26) | 205 | 216351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/26 | 405 | 429233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/28 (Call 09/15/26) | 570 | 601138 |
|  County of Bucks PA GO, 5.00%, 06/01/26 | 250 | 264732 |
|  County of Chester PA GO, Series A, 4.00%, 07/15/27 (Call 07/15/26) | 265 | 271946 |
|  Delaware River Port Authority RB, Series B, 5.00%, 01/01/26 | 240 | 249766 |
|  Pennsylvania State University (The) RB, 5.00%, 03/01/26 | 640 | 672198 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 405 | 422041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 110 | 116258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A 1, 5.00%, 12/01/26 | 150 | 158533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/26 (Call 06/01/25) | 180 | 186821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 12/01/26 | 345 | 364627 |
|  School District of Philadelphia (The) GOL, Series A, 5.00%, 09/01/26 (SAW) | 100 | 103885 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26) | 150 | 152207 |
|  |  | 5483521 |
|  **Rhode Island — 0.2%** |  |  |
|  Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/26 | 125 | 130956 |
|  Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, 5.00%, 10/01/26 (Call 10/01/25) | 125 | 131062 |
|  State of Rhode Island GO, 5.00%, 05/01/26 | 125 | 131453 |
|  |  | 393471 |
|  **South Carolina — 0.5%** |  |  |
|  Horry County School District/SC GO, 5.00%, 03/01/26 (Call 03/01/25) (SCSDE) | 150 | 155742 |
|  South Carolina Public Service Authority RB, 5.00%, 12/01/26 | 200 | 207979 |
|  State of South Carolina, 5.00%, 04/01/26 (SAW) | 600 | 634056 |
|  |  | 997777 |

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80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Tennessee — 2.8%** |  |  |
|  City of Knoxville TN Electric System Revenue RB, Series HH, 5.00%, 07/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $201025 |
|  City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25) | 400 | 415267 |
|  County of Blount TN Go, Series B, 5.00%, 06/01/26 | 85 | 89832 |
|  County of Blount TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 (Call 06/01/26) | 175 | 184551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/27 (Call 06/01/26) | 160 | 169056 |
|  County of Montgomery TN GO, 5.00%, 04/01/26 | 200 | 210294 |
|  County of Shelby TN GO, 5.00%, 04/01/26 | 290 | 305884 |
|  County of Washington TN GO, Series A, 4.00%, 06/01/29 (Call 06/01/26) | 150 | 152768 |
|  County of Williamson TN, 5.00%, 04/01/26 | 150 | 158216 |
|  County of Williamson TN GO, 5.00%, 04/01/26 | 120 | 126572 |
|  County of Wilson TN, 5.00%, 04/01/26 | 150 | 158216 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series B, 5.00%, 05/15/26 | 455 | 480581 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/28 (Call 07/01/26) | 220 | 224730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 135 | 141896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 (Call 07/01/26) | 235 | 248648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/26 | 180 | 189194 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/26 | 265 | 280377 |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 235 | 249511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 | 165 | 175188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 (Call 08/01/26) | 100 | 106113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (Call 08/01/26) | 190 | 201483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 (Call 08/01/26) | 520 | 551786 |
|  Tennessee State School Bond Authority, 5.00%, 11/01/26 (ST INTERCEPT) | 280 | 297430 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 (ST INTERCEPT) | 245 | 260384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 | 385 | 409175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988177 |
| **Texas — 11.0%** |  |  |
|  Alamo Community College District, 5.00%, 02/15/26 | 500 | 525482 |
|  Aldine Independent School District GO, 5.00%, 02/15/26 (PSF) | 75 | 78703 |
|  Allen Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (PSF) | 120 | 126039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 100 | 105001 |
|  Alvin Independent School District/TX GO, 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 305 | 320253 |
|  Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/26 (Call 08/01/25) | 65 | 67693 |
|  Austin Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (PSF) | 100 | 105849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/26) (PSF) | 90 | 94874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/26 | 150 | 158448 |
|  Board of Regents of the University of Texas System, Series C, 5.00%, 08/15/26 | 140 | 148162 |
|  Board of Regents of the University of Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 08/15/26) | 235 | 248444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/28 (Call 08/15/26) | 120 | 126690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/15/26 | 470 | 497745 |
|  City of Austin TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/26) | 250 | 264085 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131950 |
|  City of Austin TX RB, 5.00%, 09/01/26 | 220 | 232638 |
|  City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/26 | 335 | 354396 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/27 (Call 10/01/26) | 140 | 148359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/29 (Call 10/01/26) | 320 | 337424 |
|  City of Fort Worth TX GOL, 5.00%, 03/01/26 | 95 | 99841 |
|  City of Fort Worth TX Water & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 02/15/25) | 115 | 119108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/26 | 170 | 178556 |
|  City of Houston TX Airport System Revenue RB, 5.00%, 07/01/26 | 165 | 172485 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/26 | 135 | 142764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/28 (Call 11/15/26) | 100 | 105648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/26 (Call 05/15/24) | 780 | 798334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/26 (Call 11/15/24) | 50 | 51534 |
|  City of Houston TX GOL, Series A, 5.00%, 03/01/26 (Call 03/01/24) | 100 | 101944 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 (Call 02/01/24) | 125 | 127582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/26 | 135 | 142019 |
|  City of San Antonio TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 (Call 02/01/25) | 200 | 207559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 235 | 249425 |
|  Clear Creek Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/26 (Call 02/15/25) (PSF) | 60 | 62144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/26 (Call 02/15/24) (PSF) | 70 | 71506 |
|  Conroe Independent School District GO, 5.00%, 02/15/26 (PSF) | 220 | 231422 |
|  County of Bexar TX, 5.00%, 06/15/32 (PR 06/15/26) | 185 | 195817 |
|  County of Bexar TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/26 (PR 06/15/24) | 90 | 92494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (PR 06/15/26) | 250 | 264618 |
|  County of Fort Bend TX GOL, Series B, 5.00%, 03/01/28 (Call 03/01/26) | 120 | 125921 |
|  County of Harris TX GO, Series A, 5.00%, 10/01/26 | 120 | 127210 |
|  County of Harris TX RB, 5.00%, 08/15/26 (Call 08/15/25) | 400 | 417406 |
|  County of Travis TX GOL, 5.00%, 03/01/29 (Call 03/01/26) | 240 | 251534 |
|  Crowley Independent School District GO, Series A, 5.00%, 08/01/26 (Call 08/01/25) (PSF) | 50 | 52174 |
|  Cypress-Fairbanks Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (PSF) | 295 | 309940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 920 | 964839 |
|  Dallas Area Rapid Transit RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 185 | 196537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 (PR 12/01/24) | 60 | 62097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/28 (Call 12/01/26) | 210 | 221865 |
|  Dallas Fort Worth International Airport RB, Series A, 5.00%, 11/01/26 | 200 | 209883 |
|  Dallas/Fort Worth International Airport RB, 5.00%, 11/01/26 | 160 | 168576 |
|  Denton Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 02/15/26) (PSF) | 195 | 204628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/29 (Call 02/15/26) (PSF) | 150 | 156788 |
|  Keller Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 02/15/25) (PSF) | 80 | 82947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (PR 02/15/25) (PSF) | 70 | 72674 |
|  Klein Independent School District, 5.00%, 08/01/26 (PSF) | 200 | 211769 |
|  Klein Independent School District GO, 5.00%, 08/01/26 (PSF) | 100 | 105885 |

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S C H E D U L E O F I N V E S T M E N T S 81

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Leander Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/28 (Call 02/15/26) (PSF) | $100 | $104620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/27 (Call 08/15/26) (PSF) | 115 | 121579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/26 (PSF) | 170 | 180222 |
|  Lewisville Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/26 (Call 08/15/25) (PSF) | 100 | 101468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 (PSF) | 140 | 148213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 (Call 08/15/25) (PSF) | 135 | 141094 |
|  Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26) | 295 | 309004 |
|  Lower Colorado River Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | 245 | 256689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 (Call 05/15/24) | 135 | 137970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/26 (Call 05/15/25) | 140 | 145080 |
|  Mansfield Independent School District GO, Series B, 5.00%, 02/15/26 (PSF) | 100 | 105160 |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/26) | 230 | 243382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 (Call 11/01/26) | 215 | 226934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 (Call 11/01/26) | 135 | 142184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 (Call 11/01/25) | 250 | 261651 |
|  North East Independent School District/TX GO, 4.00%, 08/01/27 (Call 08/01/26) (PSF) | 150 | 152276 |
|  North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26) | 200 | 210196 |
|  North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/26 | 330 | 350053 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 | 250 | 261773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 (Call 01/01/25) | 115 | 118765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 (Call 01/01/26) | 255 | 265960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 55 | 57590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/28 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/26 (Call 01/01/25) | 140 | 144583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 (Call 01/01/26) | 185 | 193614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/29 (Call 01/01/26) | 210 | 218136 |
|  Northside Independent School District GO, 4.00%, 08/15/26 (PSF) | 190 | 194307 |
|  Northside Independent School District RB, 5.00%, 08/15/26 (Call 08/15/25) | 130 | 135446 |
|  Northwest Independent School District GO, 5.00%, 02/15/29 (PR 02/15/26) (PSF) | 230 | 241947 |
|  Permanent University Fund - Texas A&M University System RB, Series A, 5.50%, 07/01/26 (Call 07/01/25) | 210 | 221420 |
|  Permanent University Fund - University of Texas System RB, 5.00%, 07/01/26 (Call 07/01/25) | 325 | 339158 |
|  Plano Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF) | 150 | 157549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/29 (Call 02/15/26) | 100 | 105001 |
|  San Antonio Independent School District/TX GO, 5.00%, 08/15/26 (PSF) | 170 | 179911 |
|  San Antonio Water System, 5.00%, 05/15/27 (Call 11/15/26) | 190 | 202265 |
|  San Jacinto Community College District, 5.00%, 02/15/26 (Call 02/15/25) | 155 | 160722 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/26 | 380 | 400436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/26 | 215 | 228080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 (Call 04/01/26) | 180 | 189442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/29 (Call 04/01/26) | 110 | 115770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/27 (Call 08/01/26) | $155 | $164009 |
|  State of Texas GOL, 5.00%, 08/01/26 (Call 08/01/25) | 100 | 104375 |
|  Texas A&M University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/27 (Call 05/15/26) | 100 | 101452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/28 (Call 05/15/26) | 180 | 182862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/26 | 75 | 79012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 05/15/27 (Call 05/15/26) | 100 | 101452 |
|  Texas State Technical College, 5.00%, 08/01/26 (AGM) | 300 | 313969 |
|  Texas State University System RB, Series A, 5.00%, 03/15/26 | 750 | 789358 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/26 | 105 | 111313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/26 | 500 | 529477 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 | 505 | 531770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 10/15/25) | 90 | 94136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/26 | 280 | 296763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/26 | 70 | 73711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/26 | 420 | 445144 |
|  |  | 23177989 |
| **Utah — 1.2%** |  |  |
|  Intermountain Power Agency, Series A, 5.00%, 07/01/26 | 70 | 73839 |
|  Metropolitan Water District of Salt Lake & Sandy, 5.00%, 07/01/26 (Call 01/01/26) | 200 | 209541 |
|  State of Utah GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | 940 | 998216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/26 | 320 | 339818 |
|  University of Utah (The), 5.00%, 08/01/26 | 195 | 206405 |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 211697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/26) | 180 | 189554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/26 (SAP) | 120 | 127018 |
|  Utah Transit Authority RB, Series A, 5.00%, 06/15/26 (PR 06/15/25) | 65 | 67822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423910 |
| **Vermont — 0.1%** |  |  |
|  Vermont Municipal Bond Bank RB, Series 4, 5.00%, 12/01/26 | 100 | 106236 |
| **Virginia — 4.7%** |  |  |
|  City of Chesapeake VA GO, 5.00%, 08/01/26 (SAW) | 120 | 127279 |
|  City of Falls Church VA GO, Series B, 5.00%, 07/15/27 (Call 07/15/26) | 175 | 185502 |
|  City of Newport News VA GO, Series A, 4.00%, 08/01/26 | 185 | 188569 |
|  City of Norfolk VA GO, Series B, 4.00%, 10/01/28 (Call 10/01/26) | 185 | 189202 |
|  City of Richmond VA GO, Series D, 5.00%, 03/01/26 (SAW) | 60 | 63173 |
|  City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/27 (Call 01/15/26) | 245 | 257578 |
|  City of Suffolk VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 | 80 | 84361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 (PR 02/01/25) (SAW) | 225 | 233454 |
|  Commonwealth of Virginia, 5.00%, 06/01/26 | 125 | 132453 |
|  Commonwealth of Virginia GO, 5.00%, 06/01/26 | 50 | 52981 |
|  County of Arlington VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/26 | 80 | 84840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/30 (PR 08/15/26) | 160 | 169742 |
|  County of Chesterfield VA GO, Series B, 5.00%, 01/01/26 | 185 | 194620 |
|  County of Fairfax VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/26 | 95 | 97426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/26 (Call 04/01/26) (SAW) | 160 | 163074 |

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82 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
|  County of Fairfax VA Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 | $350 | $371254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/29 (Call 07/15/26) | 230 | 242569 |
|  County of Henrico VA GO, 5.00%, 08/01/26 | 100 | 106175 |
|  County of Loudoun VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 (SAW) | 120 | 127861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 | 165 | 175809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 (Call 12/01/25) | 175 | 183726 |
|  Hampton Roads Sanitation District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 55 | 58078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/37 (PR 08/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590444 |
|  Prince William County Industrial Development Authority RB, 5.00%, 10/01/26 | 100 | 106046 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/29 (Call 02/01/26) | 150 | 157232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/26) (ST INTERCEPT) | 285 | 300219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (PR 09/01/26) (ST INTERCEPT) | 15 | 15867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/26 | 160 | 168117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 (Call 09/01/26) (ST INTERCEPT) | 265 | 280418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/26 (Call 09/01/25) | 75 | 78374 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 (Call 05/15/24) | 100 | 102607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 | 280 | 296649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/27 (Call 09/15/26) | 315 | 333848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/26 | 260 | 274262 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/26 | 615 | 650080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/26 | 215 | 227264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/26 (Call 08/01/24) | 100 | 101132 |
|  Virginia Public School Authority, 5.00%, 08/01/26 | 110 | 116394 |
|  Virginia Public School Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (SAW) | 215 | 227497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/26 | 215 | 227496 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 410 | 436219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 (Call 11/01/25) | 215 | 225772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/26) | 215 | 227839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 | 315 | 335144 |
|  |  | 9968646 |
| **Washington — 5.0%** |  |  |
|  Cascade Water Alliance, 5.00%, 09/01/26 | 325 | 344750 |
|  Central Puget Sound Regional Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 11/01/26 (PR 11/01/25) | 70 | 73446 |
| &nbsp;&nbsp;&nbsp;&nbsp; SERIES S-1, 5.00%, 11/01/26 | 250 | 265602 |
|  City of Seattle Municipal Light & Power Revenue, 5.00%, 02/01/26 | 270 | 283697 |
|  City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 07/01/26 | 120 | 127006 |
|  City of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 (Call 04/01/26) | 80 | 81727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/26 (Call 06/01/25) | 175 | 182139 |
|  City of Seattle WA Municipal Light & Power Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 10/01/26) | 110 | 112533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 (Call 04/01/26) | 160 | 162965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/26 | 285 | 300139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/27 (Call 04/01/26) | 205 | 216025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/28 (Call 04/01/26) | 165 | 173656 |
|  City of Seattle WA Water System Revenue RB, 5.00%, 08/01/26 | 145 | 153638 |
|  City of Spokane WA GO, 5.00%, 12/01/26 | 160 | 170167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
|  Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/26 (GTD) | $165 | $175420 |
|  County of King WA GOL, 5.00%, 07/01/26 (Call 01/01/25) | 200 | 206871 |
|  County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/26 | 420 | 444074 |
|  County of Pierce WA GOL, Series A, 5.00%, 07/01/26 | 110 | 116227 |
|  County of Spokane WA GOL, 5.00%, 12/01/26 | 60 | 63812 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 07/01/25) | 280 | 292125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/26) | 120 | 126836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 07/01/26 (Call 07/01/24) | 275 | 282311 |
|  King County School District No. 401 Highline GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD) | 320 | 339831 |
|  King County School District No. 414 Lake Washington GO, 4.00%, 12/01/26 (Call 06/01/26) (GTD) | 440 | 450292 |
|  Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/26 (Call 12/01/25) (GTD) | 145 | 151926 |
|  Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/27 (Call 12/01/26) (GTD) | 100 | 106354 |
|  Port of Seattle WA RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 | 530 | 555222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 55 | 57861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 310 | 326788 |
|  Port of Tacoma WA GOL, Series A, 5.00%, 12/01/29 (Call 12/01/26) | 100 | 106001 |
|  State of Washington, 5.00%, 07/01/26 | 485 | 513314 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/26 (AMBAC)<sup>(b)</sup>  | 100 | 87597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 (Call 01/01/26) | 170 | 178631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 440 | 466212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 (Call 08/01/25) | 115 | 120124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 155 | 164177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, 5.00%, 08/01/26 | 155 | 164234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/26 (Call 02/01/25) | 410 | 425044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/26) | 120 | 126888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/26 | 85 | 89446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 08/01/28 (Call 08/01/26) | 290 | 306646 |
|  University of Washington RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/26 | 225 | 239032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/28 (Call 12/01/26) | 140 | 147873 |
|  |  | 10615986 |
| **West Virginia — 0.5%** |  |  |
|  School Building Authority of West Virginia RB, Series A, 5.00%, 07/01/26 (Call 07/01/24) | 145 | 149187 |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/26 | 150 | 158268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 110 | 116817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 11/01/26 (NPFGC)<sup>(b)</sup>  | 100 | 86573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/26 | 130 | 138056 |
|  West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26 | 255 | 268523 |
|  West Virginia Parkways Authority RB, 5.00%, 06/01/26 | 155 | 162529 |
|  |  | 1079953 |
| **Wisconsin — 1.8%** |  |  |
|  State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/26 | 210 | 221938 |
|  State of Wisconsin GO 4.00%, 05/01/26 (Call 05/01/24) | 100 | 101086 |

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S C H E D U L E O F I N V E S T M E N T S 83

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | $480 | $511251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 4.00%, 11/01/26 (Call 05/01/25) | 190 | 193346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 05/01/26 | 75 | 79328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/01/26 (Call 05/01/25) | 380 | 395230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/26 | 350 | 372788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 5.00%, 11/01/26 | 110 | 117162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, 5.00%, 05/01/26 (Call 11/01/24) | 30 | 30992 |
|  State of Wisconsin RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/26 | 450 | 474141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/28 (Call 05/01/26) | 235 | 246262 |
|  Wisconsin Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 300 | 316347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/26) | 145 | 152238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/26 (Call 07/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 301956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/26 | 185 | 195800 |
|  WPPI Energy RB, Series A, 5.00%, 07/01/26 (Call 07/01/24) | 35 | 35623 |
|  |  | 3745488 |
|  **Total Long-Term Investments — 98.5%<br>(Cost: $222,097,423)** |  | &nbsp;&nbsp;&nbsp;&nbsp;208050686 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.6%** |  |  |
|  BlackRock Liquidity Funds: MuniCash, 1.83%<sup>(c)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1315 | $1314764 |
|  **Total Short-Term Securities — 0.6%<br>(Cost: $1,314,764)** |  | 1314764 |
|  **Total Investments — 99.1%<br>(Cost: $223,412,187)** |  | 209365450 |
|  **Other Assets Less Liabilities — 0.9%** |  | 1967984 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;211333434 |

---

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $604744 | $709748 <sup>(a)</sup> | $– $| 278 | $(6) | $1314764 | 1315 | $7240 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $208050686 | $— | $208050686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1314764 |  |  | 1314764 |
|  | $1314764 | $208050686 | $— | $209365450 |

---

*See notes to financial statements.* 

84 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
| **Alabama — 1.5%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 | $135 | $145139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/29 (PR 09/01/27) | 100 | 107510 |
|  Alabama Highway Finance Corp. RB, 5.00%, 08/01/27 | 130 | 138673 |
|  Alabama Public School and College Authority RB, Series A, 5.00%, 11/01/27 | 930 | 1001537 |
|  City of Huntsville AL, 5.00%, 11/01/27 (CALL 05/01/27) | 100 | 106978 |
|  City of Huntsville AL GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 (Call 05/01/26) | 80 | 84435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/28 (Call 11/01/27) | 60 | 64587 |
|  State of Alabama GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 170 | 183158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 08/01/26) | 185 | 195973 |
|  University of Alabama (The), 5.00%, 07/01/27 | 60 | 64129 |
|  Water Works Board of the City of Birmingham (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/32 (PR 01/01/27) | 200 | 212376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/43 (PR 01/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 265470 |
|  |  | 2569965 |
| **Alaska — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska GO, 5.00%, 08/01/27 | 135 | 144312 |
| **Arizona — 1.5%** |  |  |
|  Arizona Department of Transportation State Highway Fund Revenue, 5.00%, 07/01/27 (Call 07/01/26) | 300 | 317408 |
|  Arizona State University RB, Series B, 5.00%, 07/01/30 (Call 07/01/27) | 150 | 159039 |
|  City of Chandler AZ GOL, 5.00%, 07/01/27 | 85 | 90963 |
|  City of Phoenix AZ GO, 5.00%, 07/01/27 (Call 07/01/26) | 435 | 460241 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 150 | 159856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 260 | 274239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/29 (CALL 07/01/27) | 235 | 246541 |
|  Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/28 (Call 07/01/27) | 40 | 42770 |
|  Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/27 | 110 | 117472 |
|  Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/27 | 165 | 175804 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | 55 | 58601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 | 210 | 223751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 01/01/27) | 190 | 202441 |
|  State of Arizona COP, Series A, 5.00%, 10/01/27 | 115 | 123769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652895 |
| **California — 13.3%** |  |  |
|  Anaheim Housing & Public Improvements Authority RB, 5.00%, 10/01/27 | 215 | 231494 |
|  Bay Area Toll Authority RB, 4.00%, 04/01/29 (Call 04/01/27) | 570 | 582968 |
|  California Health Facilities Financing Authority RB, 5.00%, 11/01/27 | 780 | 842610 |
|  California Infrastructure & Economic Development Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 (Call 04/01/27) | 50 | 53771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 04/01/27) | 185 | 198799 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/27) | 265 | 284320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 (CALL 10/01/27) | 150 | 160805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/28 (Call 03/01/27) | 320 | 341458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 10/01/31 (Call 10/01/27) | $235 | $251598 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 (Call 05/01/27) | 245 | 262437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 (Call 11/01/25) | 95 | 99748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 (Call 05/01/26) | 410 | 433443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/30 (Call 05/01/27) | 205 | 219374 |
|  Carlsbad Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 211791 |
|  City of Foster City CA GO, 4.00%, 08/01/30 (Call 08/01/27) | 100 | 102836 |
|  City of Los Angeles CA Wastewater System Revenue RB, Series B, 5.00%, 06/01/27 | 275 | 295687 |
|  City of Los Angeles Department of Airports RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 | 170 | 181866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/27 | 250 | 267232 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 125 | 134974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 05/01/25) | 50 | 52184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/26) | 250 | 266210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/30 (Call 11/01/27) | 230 | 247777 |
|  Coast Community College District GO, Series D, 5.00%, 08/01/28 (Call 08/01/27) | 120 | 129264 |
|  Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/27 (Call 03/01/25) | 110 | 114193 |
|  County of Santa Clara CA, 5.00%, 08/01/27 | 170 | 183582 |
|  County of Santa Clara CA GO, Series C, 5.00%, 08/01/31 (Call 08/01/27) | 195 | 209151 |
|  East Bay Municipal Utility District Wastewater System Revenue RB, Series A, 5.00%, 06/01/28 (Call 06/01/27) | 130 | 139616 |
|  East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/27 | 60 | 64461 |
|  El Camino Community College District Foundation (The), 0.00%, 08/01/27<sup>(a)</sup>  | 200 | 168502 |
|  Foothill-De Anza Community College District, 0.00%, 08/01/27 (NATL)<sup>(a)</sup>  | 415 | 349642 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/30 (Call 08/01/27) | 100 | 102836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 08/01/28 (Call 08/01/27) | 100 | 107857 |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (CALL 07/01/27) | 140 | 150177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | 740 | 796321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/27) | 235 | 252248 |
|  Los Angeles Department of Water & Power, 5.00%, 07/01/27 | 315 | 338788 |
|  Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/31 (CALL 01/01/27) | 90 | 95769 |
|  Los Angeles Department of Water & Power RB, 5.00%, 07/01/27 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322656 |
|  Los Angeles Department of Water & Power System Revenue RB, Series C, 5.00%, 07/01/28 (Call 07/01/27) | 270 | 290162 |
|  Los Angeles Department of Water RB, Series A, 5.00%, 07/01/30 (Call 01/01/27) | 330 | 352383 |
|  Los Angeles Unified School District/CA, 5.00%, 07/01/27 (Call 07/01/25) | 55 | 57347 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 500 | 537311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 315 | 338506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 5.00%, 07/01/27 | 195 | 209551 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 485 | 521626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/27 | 55 | 59557 |

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S C H E D U L E S O F I N V E S T M E N T S 85

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  Modesto Irrigation District RB, Series A, 5.00%, 10/01/27 (CALL 10/01/25) | $40 | $41867 |
|  Mountain View Los Altos Union High School District/CA GO, Series C, 0.00%, 08/01/27<sup>(a)</sup>  | 150 | 125379 |
|  Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/27 (Call 11/01/26) | 225 | 239241 |
|  Newport Mesa Unified School District GO, 0.00%, 08/01/27 (NPFGC)<sup>(a)</sup>  | 215 | 179627 |
|  Palo Alto Unified School District GO, 0.00%, 08/01/27<sup>(a)</sup>  | 130 | 109424 |
|  Riverside County Transportation Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 (CALL 12/01/27) | 360 | 388030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/28 (Call 12/01/27) | 120 | 129885 |
|  Sacramento Municipal Utility District RB, 5.00%, 08/15/27 | 40 | 43145 |
|  San Diego County Regional Airport Authority RB, 5.00%, 07/01/27 | 100 | 105775 |
|  San Diego Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (Call 07/01/27) | 185 | 199195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.00%, 07/01/29 (Call 07/01/27) | 100 | 107833 |
|  San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 (Call 07/01/27) | 190 | 203521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/27) | 100 | 107116 |
|  San Francisco City & County Airport Commission San Francisco International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 (Call 05/01/26) | 140 | 146911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/27 (Call 05/01/26) | 100 | 104936 |
|  San Francisco County Transportation Authority Sales Tax Revenue RB, 4.00%, 02/01/29 (Call 02/01/27) | 180 | 184940 |
|  San Jose Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 150 | 161985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 08/01/27 (NPFGC)<sup>(a)</sup>  | 95 | 80039 |
|  San Mateo County Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/27 (NPFGC)<sup>(a)</sup>  | 355 | 297890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 09/01/27 (NPFGC)<sup>(a)</sup>  | 100 | 84152 |
|  San Mateo Union High School District GO, Series C, 0.00%, 09/01/27 (NPFGC)<sup>(a)</sup>  | 170 | 141105 |
|  Santa Monica Public Financing Authority RB, 5.00%, 07/01/31 (Call 07/01/27) | 65 | 69456 |
|  Southern California Public Power Authority, 4.00%, 07/01/27 (Call 01/01/25) | 210 | 213283 |
|  Southern California Public Power Authority RB, Series C, 5.00%, 07/01/27 (Call 01/01/25) | 85 | 88168 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, 4.00%, 09/01/27 | 200 | 205785 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/01/31 (Call 12/01/27) | 130 | 140408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/01/27 | 105 | 113802 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/27 (Call 08/01/26) | 45 | 46012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | 225 | 240424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 350 | 375569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 205 | 217160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 230 | 247321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 880 | 947271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | 334028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/27) | 385 | 412793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 (Call 11/01/27) | 365 | 392559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (Call 08/01/27) | 345 | 369617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 (Call 08/01/27) | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 (Call 11/01/27) | 255 | 273374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/31 (Call 11/01/27) | 320 | 342266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 08/01/26) | $280 | $296608 |
|  University of California, 5.00%, 05/15/27 | 100 | 107285 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 (Call 05/15/27) | 125 | 134121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/30 (CALL 05/15/27) | 285 | 305394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AO, 5.00%, 05/15/27 (Call 05/15/25) | 35 | 36523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 05/15/30 (Call 05/15/27) | 550 | 589357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 05/15/27 (Call 05/15/25) | 280 | 291909 |
|  West Valley-Mission Community College District GO, Series B, 5.00%, 08/01/27 (Call 08/01/25) | 75 | 78575 |
|  Western Municipal Water District Facilities Authority RB, 5.00%, 10/01/27 | 175 | 189086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22956300 |
| **Colorado — 0.9%** |  |  |
|  Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/27 (SAW) | 150 | 161772 |
|  City & County of Denver Co. Airport System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | 100 | 106358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/27 | 45 | 47710 |
|  City & County of Denver Co. GO, 5.00%, 08/01/27 | 55 | 59093 |
|  City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/27 | 300 | 323226 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/27 | 200 | 207996 |
|  Denver City & County School District No. 1, 5.50%, 12/01/28 (Call 12/01/27) (SAW) | 185 | 203629 |
|  Denver City & County School District No. 1 GO, Series B, 4.00%, 12/01/27 (SAW) | 200 | 206320 |
|  State of Colorado COP, Series K, 5.00%, 03/15/27 | 175 | 185862 |
|  |  | 1501966 |
| **Connecticut — 1.6%** |  |  |
|  City of Danbury CT GO, 5.00%, 11/01/27 (CALL 11/01/26) | 50 | 53082 |
|  State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/29 (Call 05/01/27) | 155 | 165491 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/27 | 50 | 50765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 08/15/26) | 225 | 237732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 A, 4.00%, 01/15/27 | 105 | 106493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/29 (Call 04/15/27) | 325 | 344867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/27 | 210 | 213213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/27 (Call 06/15/25) | 185 | 192396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 11/15/27 (Call 11/15/25) | 180 | 188251 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 09/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | 195647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 | 105 | 111414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 | 410 | 437524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 | 135 | 144787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/27 | 200 | 214717 |
|  University of Connecticut, 5.00%, 11/01/27 | 65 | 69629 |
|  |  | 2726008 |
| **Delaware — 0.8%** |  |  |
|  County of New Castle, 5.00%, 04/01/27 | 100 | 106897 |
|  Delaware Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 220 | 235925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 65 | 68726 |
|  State of Delaware, 5.00%, 02/01/27 | 150 | 160303 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 | 500 | 533743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/27 (Call 07/01/26) | 260 | 275455 |
|  |  | 1381049 |

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86 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **District of Columbia — 1.9%** |  |  |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/27 | $100 | $107631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/27 | 535 | 573127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/27 | 345 | 367990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 06/01/27 (Call 12/01/26) | 290 | 307745 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/27 | 245 | 261408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 | 305 | 327826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/27 | 50 | 53464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/27 | 410 | 440684 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/27 (Call 10/01/25) | 115 | 120545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 | 50 | 53789 |
|  Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/27 | 135 | 143404 |
|  Washington Metropolitan Area Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 55 | 58883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | 342754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 07/01/29 (Call 07/01/27) | 120 | 127898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287148 |
| **Florida — 2.3%** |  |  |
|  Broward County FL Water & Sewer Utility Revenue RB, 5.00%, 10/01/27 (Call 10/01/25) | 180 | 187660 |
|  County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/27 (Call 10/01/26) | 150 | 155845 |
|  County of Miami-Dade FL GO, Series A, 5.00%, 07/01/27 | 100 | 106659 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB, Series B, 5.00%, 10/01/27 | 170 | 180190 |
|  Florida Department of Environmental Protection RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 185 | 197731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/26) | 150 | 158439 |
|  Florida Department of Management Services RB, Series A, 3.00%, 09/01/31 (Call 09/01/27) | 100 | 91797 |
|  Hillsborough County Aviation Authority RB, 5.00%, 10/01/27 | 200 | 212451 |
|  Hillsborough County School Board COP, Series B, 5.00%, 07/01/27 | 30 | 31405 |
|  Orlando Utilities Commission RB, 5.00%, 10/01/27 | 200 | 213565 |
|  Palm Beach County School District, 5.00%, 08/01/27 | 200 | 211726 |
|  Palm Beach County School District COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 | 105 | 111156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 | 115 | 121742 |
|  School Board of Miami-Dade County (The), 5.00%, 05/01/27 (Call 05/01/25) (AGM) | 175 | 181291 |
|  School Board of Miami-Dade County (The) GO, 5.00%, 03/15/27 | 65 | 69035 |
|  School District of Broward County/FL GO, 5.00%, 07/01/27 | 70 | 74848 |
|  State of Florida, 5.00%, 07/01/27 | 165 | 176870 |
|  State of Florida Department of Transportation RB, 5.00%, 07/01/27 | 100 | 107104 |
|  State of Florida Department of Transportation Turnpike System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 275 | 294660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/27) | 60 | 64056 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (CALL 07/01/27) | 255 | 273471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 60 | 64316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/30 (Call 06/01/27) | 75 | 80014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/27 | 125 | 133908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/27 | 90 | 96414 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  State of Florida Lottery Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (CALL 07/01/26) | $150 | $158332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 163 | 174072 |
|  |  | 3928757 |
| **Georgia — 2.4%** |  |  |
|  City of Atlanta GA, 5.00%, 12/01/27 | 60 | 64706 |
|  City of Atlanta GA Department of Aviation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 100 | 105951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 195 | 206605 |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/31 (Call 11/01/27) | 125 | 132696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/29 (Call 11/01/27) | 120 | 128444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/28 (Call 11/01/27) | 215 | 230722 |
|  County of Columbia GA GO, 5.00%, 01/01/27 | 20 | 21358 |
|  Georgia Ports Authority RB, 5.00%, 07/01/27 | 700 | 750669 |
|  Georgia State Road & Tollway Authority RB, 5.00%, 06/01/27 | 370 | 394423 |
|  Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/27 | 500 | 537893 |
|  Metropolitan Atlanta Rapid Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/27 (NPFGC) | 100 | 107862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 07/01/27 | 80 | 82186 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 01/01/27) | 665 | 709416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/29 (Call 02/01/27) | 100 | 106758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/27 (Call 02/01/26) | 55 | 57951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 | 135 | 145293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/29 (Call 07/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | 241514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 07/01/27 (Call 01/01/27) | 95 | 101417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125864 |
| **Hawaii — 1.9%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (CALL 07/01/26) | 315 | 332165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/25) | 285 | 296676 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 355 | 379904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 175 | 187658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 (Call 10/01/25) | 100 | 104510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/27 | 245 | 251789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/31 (Call 09/01/27) | 135 | 143896 |
|  County of Hawaii HI GO, 5.00%, 09/01/27 (Call 03/01/26) | 100 | 105289 |
|  County of Maui HI, 5.00%, 03/01/27 | 135 | 144153 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 205 | 220342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FE, 5.00%, 10/01/27 (Call 10/01/26) | 445 | 472241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FH, 5.00%, 10/01/27 (Call 10/01/26) | 120 | 127346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FK, 5.00%, 05/01/28 (Call 05/01/27) | 150 | 160264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FN, 5.00%, 10/01/30 (Call 10/01/27) | 305 | 326113 |
|  |  | 3252346 |
| **Idaho — 0.2%** |  |  |
|  Idaho Housing & Finance Association RB, Series A, 5.00%, 07/15/27 | 320 | 339037 |
| **Illinois — 3.7%** |  |  |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/28 (Call 01/01/27) | 125 | 131112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 (Call 01/01/25) | 175 | 179707 |
|  Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/27 | 100 | 103047 |

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S C H E D U L E O F I N V E S T M E N T S 87

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Illinois (continued)** |  |  |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | $275 | $294169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 (Call 01/01/27) | 685 | 727226 |
|  Illinois State Toll Highway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 | 150 | 158744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 | 375 | 396860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 (Call 07/01/26) | 125 | 131377 |
|  Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/01/27 (CALL 12/01/26) | 175 | 185708 |
|  Sales Tax Securitization Corp. RB, 5.00%, 01/01/27 | 140 | 145299 |
|  State of Illinois, 5.00%, 02/01/27 | 145 | 145926 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/26) | 100 | 100418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 325 | 326249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/27 | 160 | 160979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/27 | 400 | 401318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/27 | 255 | 256560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/27 | 150 | 150628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/27 | 1115 | 1118898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 (Call 11/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001311 |
|  State of Illinois Sales Tax Revenue RB, Series C, 5.00%, 06/15/27 | 200 | 206421 |
|  |  | 6321957 |
| **Indiana — 0.9%** |  |  |
|  Indiana Finance Authority, 5.00%, 02/01/27 | 125 | 133432 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/27 | 300 | 320237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 210 | 224790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/27 (Call 12/01/26) | 380 | 404445 |
|  Indiana University RB, 5.00%, 08/01/29 (CALL 08/01/27) | 165 | 176474 |
|  Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/29 (Call 01/15/27) | 325 | 344009 |
|  |  | 1603387 |
| **Iowa — 0.1%** |  |  |
|  City of Des Moines IA GO, 5.00%, 06/01/27 | 45 | 48128 |
|  Iowa Finance Authority, 5.00%, 08/01/27 (Call 08/01/25) | 80 | 83564 |
|  |  | 131692 |
| **Kansas — 0.6%** |  |  |
|  County of Johnson KS GO, 5.00%, 09/01/27 | 140 | 150256 |
|  State of Kansas Department of Transportation, 5.00%, 09/01/30 (Call 09/01/27) | 150 | 160039 |
|  State of Kansas Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 09/01/25) | 475 | 495586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (Call 09/01/27) | 285 | 305099 |
|  |  | 1110980 |
| **Kentucky — 0.1%** |  |  |
|  Louisville/Jefferson County Metropolitan Government GO, Series A, 5.00%, 04/01/27 | 150 | 160346 |
| **Louisiana — 0.7%** |  |  |
|  State of Louisiana, 5.00%, 10/01/29 (Call 10/01/27) | 190 | 204419 |
|  State of Louisiana Gasoline & Fuels Tax Revenue RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/27 | 200 | 213169 |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 125 | 133319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 (Call 04/01/27) | 35 | 37387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/27 | 165 | 175502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 (Call 08/01/26) | 280 | 295164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 | 95 | 101709 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Louisiana (continued)** |  |  |
|  State of Louisiana RB, 5.00%, 09/01/27 | $110 | $118007 |
|  |  | 1278676 |
| **Maine — 0.7%** |  |  |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 455 | 487833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/26) | 200 | 211943 |
|  State of Maine, 5.00%, 06/01/27 | 500 | 534974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234750 |
| **Maryland — 5.0%** |  |  |
|  City of Baltimore MD GO, Series A, 5.00%, 10/15/27 | 120 | 129044 |
|  City of Baltimore MD RB, Series B, 5.00%, 07/01/31 (Call 01/01/27) | 100 | 105375 |
|  County of Anne Arundel MD, 5.00%, 04/01/27 | 250 | 267561 |
|  County of Anne Arundel MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | 200 | 214049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 130 | 140035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/27) | 220 | 236489 |
|  County of Baltimore MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 105 | 112251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 215 | 231098 |
|  County of Charles MD GO, 5.00%, 10/01/27 | 100 | 107719 |
|  County of Howard MD, 5.00%, 02/15/27 | 650 | 694469 |
|  County of Howard MD GO, Series B, 5.00%, 02/15/28 (Call 02/15/27) | 310 | 330853 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/27 | 420 | 432331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/28 (CALL 11/01/27) | 55 | 56565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 120 | 128985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 | 195 | 210279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/27 | 150 | 161578 |
|  County of Prince George's MD GOL,<br>Series A, 5.00%, 07/15/27 | 640 | 687527 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/27 | 85 | 87197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 330 | 354697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 (Call 10/01/26) | 245 | 259840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 65 | 70007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 100 | 105973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/27) | 290 | 310853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/27) | 325 | 346751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/27 | 105 | 112858 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | 472945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 08/01/27 | 220 | 236472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 | 355 | 379711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 | 325 | 349334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 03/15/27) | 310 | 331344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (Call 08/01/27) | 150 | 161101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/29 (CALL 08/01/27) | 460 | 493658 |
|  Washington Suburban Sanitary Commission, 5.00%, 06/01/27 (GTD) | 75 | 80444 |
|  Washington Suburban Sanitary Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/27 (GTD) | 75 | 72857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 (Call 06/15/27) (GTD) | 105 | 112543 |
|  |  | 8584793 |
| **Massachusetts — 2.9%** |  |  |
|  City of Boston MA, 5.00%, 11/01/27 | 115 | 124231 |
|  City of Boston MA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | 525 | 562771 |

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88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 | $90 | $96586 |
|  Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/27 (Call 06/15/26) | 100 | 105575 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | 185 | 196743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 510 | 546890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/27 | 120 | 128418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/27 | 235 | 250979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/27 | 80 | 85612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/27 | 180 | 193417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 09/01/27 | 230 | 246637 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/30 (Call 12/01/27) | 100 | 107161 |
|  Massachusetts Bay Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 405 | 433592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 07/01/28 (Call 07/01/27) | 110 | 117625 |
|  Massachusetts Clean Water Trust (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/27 | 720 | 769747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/27 | 20 | 21688 |
|  Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/27 (Call 08/15/25) | 245 | 255567 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00%, 01/01/27 | 200 | 211897 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/27 | 305 | 324361 |
|  Massachusetts Water Resources Authority RB, Series B, 5.00%, 08/01/29 (Call 08/01/27) | 135 | 144266 |
|  University of Massachusetts Building Authority RB, 5.00%, 11/01/27 | 60 | 64615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988378 |
| **Michigan — 1.2%** |  |  |
|  Michigan Finance Authority RB, 5.00%, 12/01/28 (CALL 06/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | 281242 |
|  Michigan State Building Authority, 5.00%, 04/15/27 (Call 10/15/25) | 175 | 182412 |
|  Michigan State Building Authority RB, 5.00%, 10/15/27 | 345 | 368401 |
|  State of Michigan, 5.00%, 05/01/27 | 85 | 91110 |
|  State of Michigan RB, 5.00%, 03/15/27 | 270 | 287661 |
|  State of Michigan Trunk Line Revenue RB, Series B, 5.00%, 11/15/27 | 430 | 462671 |
|  University of Michigan RB, Series A, 5.00%, 04/01/29 (Call 04/01/27) | 110 | 117274 |
|  Wayne County Airport Authority RB, 5.00%, 12/01/27 (CALL 12/01/25) | 200 | 207448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998219 |
| **Minnesota — 1.2%** |  |  |
|  County of Hennepin MN GO, 5.00%, 12/01/27 | 230 | 246383 |
|  State of Minnesota, 5.00%, 08/01/27 | 280 | 300837 |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 345 | 370675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 (Call 10/01/27) | 160 | 172204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/31 (Call 10/01/27) | 130 | 139304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/27) | 100 | 107627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/27 (Call 08/01/26) | 265 | 280882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 10/01/27 | 160 | 172275 |
|  University of Minnesota, 5.00%, 12/01/27 | 65 | 69912 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Minnesota (continued)** |  |  |
|  University of Minnesota RB, Series B, 5.00%, 12/01/29 (Call 12/01/27) | $140 | $149704 |
|  |  | 2009803 |
| **Mississippi — 0.4%** |  |  |
|  State of Mississippi GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 (Call 10/01/27) | 225 | 241317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/32 (PR 10/01/27) | 325 | 349780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/27 (PR 10/01/25) | 90 | 94314 |
|  |  | 685411 |
| **Missouri — 0.4%** |  |  |
|  Metropolitan St Louis Sewer District RB, Series A, 5.00%, 05/01/28 (Call 05/01/27) | 210 | 224293 |
|  Missouri State Board of Public Buildings GO, 5.00%, 10/01/27 | 405 | 432281 |
|  Missouri State Environmental Improvement & Energy Resources Authority RB, 5.00%, 01/01/27 (Call 07/01/25) | 45 | 46914 |
|  |  | 703488 |
| **Montana — 0.1%** |  |  |
|  State of Montana, 5.00%, 08/01/27 | 225 | 242052 |
| **Nebraska — 0.7%** |  |  |
|  City of Lincoln NE Electric System Revenue RB, 5.00%, 09/01/27 (Call 03/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | 356760 |
|  Nebraska Public Power District RB<br>5.00%, 01/01/27 | 100 | 105829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 (Call 01/01/26) | 135 | 141027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/28 (Call 01/01/27) | 50 | 52721 |
|  Omaha Public Power District, 5.00%, 02/01/27 (Call 02/01/26) . | 400 | 420670 |
|  Omaha Public Power District RB, Series A, 5.00%, 02/01/30 (Call 12/01/27) | 90 | 96814 |
|  University of Nebraska Facilities Corp. RB, 5.00%, 07/15/27 | 100 | 107471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281292 |
| **Nevada — 2.0%** |  |  |
|  Clark County School District, 5.00%, 06/15/27 (Call 12/15/25) | 180 | 187881 |
|  Clark County School District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 | 125 | 132324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/27 (Call 12/15/25) | 215 | 223768 |
|  County of Clark NV, 5.00%, 07/01/27 | 150 | 159856 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/31 (Call 11/01/27) | 160 | 162016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 25 | 26727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 240 | 257889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/27 (Call 11/01/26) | 75 | 79681 |
|  County of Clark NV Passenger Facility Charge RB, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 160 | 169522 |
|  County of Clark NV RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 440 | 469310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (Call 07/01/27) | 50 | 53241 |
|  County of Washoe NV RB, 5.00%, 02/01/27 | 35 | 37048 |
|  Las Vegas Valley Water District GO, 5.00%, 06/01/27 | 140 | 149731 |
|  Las Vegas Valley Water District GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/29 (Call 02/01/27) | 60 | 63778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 (Call 06/01/25) | 55 | 57202 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 150 | 161026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/01/27 (Call 04/01/25) | 345 | 358060 |
|  State of Nevada Highway Improvement Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 100 | 107316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 06/01/26) | 465 | 489506 |

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S C H E D U L E O F I N V E S T M E N T S 89

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Nevada (continued)** |  |  |
|  Washoe County School District/NV GOL, 5.00%, 04/01/27 | $100 | $106137 |
|  |  | 3452019 |
| **New Hampshire — 0.2%** |  |  |
|  State of New Hampshire GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/30 (Call 12/01/27) | 120 | 122887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/27 | 215 | 231769 |
|  |  | 354656 |
| **New Jersey — 2.1%** |  |  |
|  New Jersey Economic Development Authority, 5.00%, 11/01/27 | 65 | 67599 |
|  New Jersey Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 | 70 | 72622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/27 (SAP) | 255 | 253438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 | 145 | 150797 |
|  New Jersey Educational Facilities Authority, 5.00%, 07/01/27 | 155 | 166705 |
|  New Jersey Educational Facilities Authority RB, 5.00%, 03/01/27 | 470 | 503239 |
|  New Jersey Transportation Trust Fund Authority RB, Series B, 5.00%, 06/15/27 | 510 | 529104 |
|  New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | 190 | 201454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 01/01/27) | 210 | 221102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/27 (AGM) | 350 | 374888 |
|  State of New Jersey GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 10 | 10603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (Call 06/01/25) | 45 | 46583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1025 | 1086857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684991 |
| **New Mexico — 0.3%** |  |  |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 100 | 106907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | 35 | 37418 |
|  State of New Mexico GO, 5.00%, 03/01/27 | 150 | 160170 |
|  State of New Mexico Severance Tax Permanent Fund RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 285 | 305247 |
|  |  | 609742 |
| **New York — 11.7%** |  |  |
|  City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 75 | 80241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 90 | 95264 |
|  City of New York NY, 5.00%, 11/01/27 | 440 | 472169 |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 350 | 374458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 02/01/27) | 235 | 249621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 08/01/27 | 180 | 192171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 08/01/29 (Call 08/01/27) | 300 | 317354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 | 295 | 314947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (Call 08/01/27) | 345 | 368343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/27 | 200 | 213976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 (Call 02/01/26) | 60 | 63082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/28 (Call 02/01/27) | 215 | 228123 |
|  County of Nassau NY GOL, 5.00%, 07/01/27 (AGM) | 400 | 424864 |
|  Hudson Yards Infrastructure Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/27 | 275 | 291666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/29 (Call 02/15/27) | 190 | 200376 |
|  Long Island Power Authority RB, Series A, 5.00%, 09/01/27 | 100 | 107141 |
|  Metropolitan Transportation Authority, 5.00%, 11/15/27 (Call 11/15/26) | 100 | 105163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/15/27 (Call 11/15/26) | $50 | $50679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/27 (CALL 11/15/26) | 180 | 189293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/27 | 250 | 255572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/27 (Call 11/15/25) | 70 | 70894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 0.00%, 11/15/27<sup>(a)</sup>  | 375 | 301223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/27 (Call 11/15/26) | 55 | 55747 |
|  New York City Municipal Water Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (Call 12/15/25) | 605 | 636610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD-2, 5.00%, 06/15/27 (Call 12/15/25) | 580 | 610304 |
|  New York City Transitional Finance Authority Building Aid Revenue, 5.00%, 07/15/31 (Call 07/15/27) (SAW) | 180 | 191122 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/27) (SAW) | 265 | 282786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/31 (Call 07/15/27) (SAW) | 200 | 212358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 07/15/27 (SAW) | 200 | 213414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW) | 190 | 202340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 5.00%, 07/15/27 (SAW) | 295 | 314785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, 5.00%, 07/15/27 (SAW) | 150 | 160060 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 11/01/30 (Call 05/01/27) | 405 | 425958 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 05/01/27) | 220 | 234500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 (Call 11/01/27) | 130 | 137983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/28 (Call 08/01/27) | 190 | 202000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/29 (Call 08/01/27) | 275 | 291154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/27 (Call 05/01/25) | 255 | 265096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/29 (Call 05/01/27) | 240 | 253380 |
|  New York City Water & Sewer System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (PR 06/15/25) | 125 | 130427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/27 | 450 | 482502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-2, 5.00%, 06/15/31 (Call 06/15/27) | 200 | 211250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 5.00%, 06/15/27 (PR 06/15/25) | 80 | 83474 |
|  New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | 150 | 159436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (ETM) | 85 | 90883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 185 | 198556 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 235 | 250336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/28 (Call 03/15/27) | 215 | 225426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/30 (Call 03/15/27) | 280 | 291780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/27 (PR 08/15/26) | 140 | 148575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 | 655 | 696991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 (PR 09/15/26) | 90 | 95623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 (Call 07/01/25) | 200 | 207728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/29 (Call 02/15/27) | 310 | 327560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/30 (Call 02/15/27) | 240 | 252562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/27 | 165 | 175885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/27 (PR 02/15/25) | 135 | 140157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/15/27 (PR 09/15/25) | 355 | 371778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/31 (Call 08/15/27) | 250 | 263333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/27 (PR 08/15/26) | 340 | 360204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/27 | 420 | 449071 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 | 60 | 64387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (CALL 06/15/26) | 125 | 131956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (Call 06/15/27) | 860 | 918794 |

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90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  New York State Thruway Authority RB, 5.00%, 01/01/27 | $155 | $164282 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | 190 | 201873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 (PR 03/15/26) | 625 | 658425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 03/15/27) | 260 | 275835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/29 (Call 03/15/27) | 265 | 280268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/31 (Call 09/15/27) | 150 | 158911 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 | 85 | 87086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/27) | 260 | 275108 |
|  State of New York GO, Series A, 5.00%, 03/01/27 | 55 | 58844 |
|  Triborough Bridge & Tunnel Authority, 5.00%, 11/15/27 Call | 365 | 389649 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/27 (Call 05/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 320046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/31 (Call 05/15/27) | 115 | 121367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/27 | 325 | 348914 |
|  Utility Debt Securitization Authority RB, 5.00%, 06/15/27 (Call 06/15/25) | 335 | 349112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20181533 |
| **North Carolina — 2.2%** |  |  |
|  City of Charlotte NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 120 | 128816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | 375 | 402549 |
|  City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/27 | 20 | 21493 |
|  County of Forsyth NC RB, 5.00%, 04/01/27 | 120 | 128023 |
|  County of Guilford NC, 5.00%, 03/01/27 | 100 | 106989 |
|  County of Guilford NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/27 | 150 | 160846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/28 (Call 05/01/27) | 100 | 107108 |
|  County of Mecklenburg NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 130 | 139085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/27 | 45 | 48199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/28 (Call 04/01/27) | 240 | 256776 |
|  County of Wake NC, 5.00%, 08/01/27 | 695 | 744511 |
|  County of Wake NC RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 115 | 122558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 35 | 37532 |
|  Mecklenburg County Public Facilities Corp. RB, 5.00%, 02/01/27 | 50 | 53230 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina GO, 5.00%, 06/01/27 (Call 06/01/26) | 125 | 132335 |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 295 | 313166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 (Call 05/01/27) | 260 | 276022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/27 | 230 | 245639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/28 (Call 05/01/27) | 325 | 346701 |
|  Town of Cary NC GO, 5.00%, 09/01/27 | 75 | 80806 |
|  |  | 3852384 |
| **Ohio — 3.0%** |  |  |
|  City of Columbus OH GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 (Call 10/01/27) | 115 | 116900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | 125 | 133622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 07/01/26) | 550 | 581914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 5.00%, 02/15/27 | 210 | 224107 |
|  City of Columbus OH GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, 5.00%, 02/15/27 | 85 | 90710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, 5.00%, 02/15/28 (Call 02/15/27) | 120 | 128012 |
|  County of Hamilton OH Sales Tax Revenue RB, 5.00%, 12/01/27 | 230 | 245719 |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Ohio (continued)** |  |  |
|  Ohio State University (The) RB, Series A, 5.00%, 12/01/27 | $190 | $204727 |
|  Ohio Turnpike & Infrastructure Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 | 80 | 84881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/30 (Call 02/15/27) | 110 | 115994 |
|  Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 135 | 144561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 75 | 79795 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 50 | 53197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/27 | 280 | 301703 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 (Call 06/01/27) | 100 | 106645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 (Call 06/01/27) | 240 | 256682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/29 (Call 06/01/27) | 300 | 320721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/27 (Call 12/01/25) | 140 | 147022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/27 | 170 | 183177 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 100 | 106780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 | 300 | 321535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 145 | 155823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/27 | 140 | 150291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T, 5.00%, 05/01/30 (Call 05/01/27) | 285 | 303643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 5.00%, 05/01/27 | 295 | 315694 |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 (Call 12/01/26) | 220 | 233548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/27 | 35 | 37439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144842 |
| **Oklahoma — 0.4%** |  |  |
|  Grand River Dam Authority RB, Series A, 5.00%, 06/01/27 (Call 12/01/26) | 310 | 328120 |
|  Oklahoma Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 01/01/31 (Call 01/01/27) | 110 | 110434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 01/01/27 | 120 | 126947 |
|  University of Oklahoma (The) RB, Series B, 5.00%, 07/01/27 (Call 07/01/26) | 100 | 105132 |
|  |  | 670633 |
| **Oregon — 2.0%** |  |  |
|  City of Portland OR GOL, 5.00%, 06/01/27 | 615 | 659368 |
|  City of Portland OR Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (CALL 06/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 105565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 (Call 05/01/26) | 435 | 459218 |
|  County of Multnomah OR GO, Series A, 5.00%, 06/15/27 | 110 | 117799 |
|  County of Multnomah OR GOL, 5.00%, 06/01/29 (Call 06/01/27) | 155 | 164961 |
|  Hillsboro School District No. 1J GO, 5.00%, 06/15/28 (Call 06/15/27) (GTD) | 150 | 159973 |
|  Oregon State Lottery RB, Series D, 5.00%, 04/01/27 (Call 04/01/25) (MO) | 130 | 134952 |
|  Portland Community College District GO, 5.00%, 06/15/27 (Call 06/15/26) | 300 | 317219 |
|  State of Oregon, 5.00%, 11/01/27 | 60 | 64615 |
|  State of Oregon Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/27 (Call 05/15/27) | 305 | 325759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/29 (Call 05/15/27) | 205 | 217800 |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 | 345 | 369201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 (Call 05/01/26) | 155 | 163577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, 08/01/28 (Call 08/01/27) | 155 | 166253 |

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S C H E D U L E O F I N V E S T M E N T S 91

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oregon (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 08/01/30 (Call 08/01/27) | $90 | $96085 |
|  |  | 3522345 |
| **Pennsylvania — 2.3%** |  |  |
|  City of Philadelphia PA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 (Call 08/01/25) | 190 | 197654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 (Call 08/01/25) | 160 | 166445 |
|  Commonwealth of Pennsylvania, 5.00%, 10/01/27 | 200 | 214780 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 | 425 | 455220 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/27 | 140 | 148943 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 02/01/27 (Call 02/01/26) | 145 | 151855 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 09/15/27 (Call 09/15/26) | 285 | 300780 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/28 (Call 01/01/27) | 715 | 756751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/27 (Call 09/15/26) | 135 | 142475 |
|  County of Northampton PA GO, 4.00%, 10/01/27 (Call 04/01/26) | 150 | 153382 |
|  Lower Merion School District GOL, 5.00%, 11/15/27 (SAW) | 290 | 312731 |
|  Pennsylvania State University (The), 4.00%, 09/01/27 (Call 09/01/26) | 285 | 289401 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 130 | 136778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 (CALL 12/01/25) | 50 | 52052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 12/01/27 | 100 | 106547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 12/01/29 (CALL 12/01/27) | 195 | 207210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 5.00%, 12/01/30 (Call 12/01/27) | 125 | 132133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925137 |
| **Rhode Island — 0.3%** |  |  |
|  Rhode Island Commerce Corp. RB,<br>Series B, 5.00%, 06/15/27 (Call 06/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | 295385 |
|  Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, Series B, 5.00%, 10/01/30 (Call 10/01/27) | 50 | 53719 |
|  State of Rhode Island GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/27) | 150 | 160285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/29 (Call 08/01/27) | 25 | 26671 |
|  |  | 536060 |
| **South Carolina — 0.6%** |  |  |
|  City of Charleston SC Waterworks & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | 125 | 133386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 (Call 01/01/27) | 100 | 106390 |
|  County of Charleston SC, 4.00%, 11/01/28 (Call 11/01/27) (SAW) | 200 | 205596 |
|  State of South Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 (Call 10/01/27) (SAW) | 410 | 441114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/31 (Call 10/01/27) (SAW) | 80 | 81358 |
|  |  | 967844 |
| **Tennessee — 2.7%** |  |  |
|  City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/27 | 140 | 148702 |
|  City of Franklin TN GO, 5.00%, 06/01/27 | 235 | 252367 |
|  City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/28 (Call 12/01/27) | 145 | 155821 |
|  City of Memphis TN GO, 5.00%, 05/01/27 | 390 | 416518 |
|  County of Blount TN GO, Series B, 5.00%, 06/01/27 (Call 06/01/26) | 100 | 105660 |
|  County of Hamilton TN GO, Series A, 5.00%, 04/01/27 | 110 | 117727 |
|  County of Montgomery TN GO, 5.00%, 04/01/27 | 125 | 133093 |
|  County of Rutherford, 5.00%, 04/01/27 | 150 | 160664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Tennessee (continued)** |  |  |
|  County of Shelby TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | $100 | $106813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 (Call 04/01/27) | 310 | 329977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/27 | 105 | 112153 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/27 | 150 | 160274 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 297294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 (Call 07/01/26) | 360 | 380907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 145 | 155496 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (Call 07/01/27) | 235 | 250305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/30 (Call 07/01/27) | 145 | 154443 |
|  Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, 5.00%, 07/01/31 (Call 07/01/27) | 180 | 191220 |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 | 105 | 113378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/27 (Call 08/01/26) | 140 | 148558 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/31 (Call 11/01/27) (NPFGC) | 290 | 308946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/27 (ST INTERCEPT) | 295 | 317410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/28 (Call 11/01/27) (ST INTERCEPT). | 210 | 225057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742783 |
| **Texas — 8.3%** |  |  |
|  Alamo Community College District GOL, 5.00%, 08/15/30 (Call 08/15/27) | 160 | 170849 |
|  Aldine Independent School District GO, 5.00%, 02/15/31 (Call 02/15/27) (PSF) | 155 | 164295 |
|  Arlington Independent School District/TX, 5.00%, 02/15/27 (PSF) | 125 | 133500 |
|  Austin Independent School District, 5.00%, 08/01/27 (PSF) | 135 | 144740 |
|  Austin Independent School District GO, 5.00%, 08/01/27 (PSF) | 565 | 605762 |
|  Board of Regents of the University of Texas System RB, Series E, 5.00%, 08/15/27 | 210 | 225163 |
|  City of Austin TX, 5.00%, 09/01/27 | 85 | 90992 |
|  City of Austin TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 60 | 64229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/27) | 110 | 117656 |
|  City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/27 | 120 | 128314 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB, Series A, 5.00%, 10/01/27 (Call 10/01/26) | 155 | 164255 |
|  City of Fort Worth Water & Sewer System Revenue, 5.00%, 02/15/27 | 100 | 106347 |
|  City of Houston Combined Utility System Revenue, 0.00%, 12/01/27 (AGM)<sup>(a)</sup>  | 215 | 175476 |
|  City of Houston TX Combined Utility System Revenue RB, Series B, 5.00%, 11/15/27 | 120 | 128371 |
|  City of Plano TX GOL, 5.00%, 09/01/31 (Call 03/01/27) | 100 | 105771 |
|  City of San Antonio Texas Electric & Gas Systems Revenue RB, 5.00%, 02/01/27 | 75 | 79814 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/27 | 75 | 79814 |
|  City of San Antonio TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 60 | 64356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/27) | 150 | 160285 |

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92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Clear Creek Independent School District RB, 5.00%, 02/15/27 (PSF) | $115 | $122441 |
|  College Station Independent School District GO, 5.00%, 08/15/27 (CALL 08/15/26) | 105 | 111007 |
|  Conroe Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 100 | 105065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/30 (Call 02/15/27) (PSF) | 110 | 116609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/27 (PSF) | 470 | 500992 |
|  County of Fort Bend TX GOL, Series B, 5.00%, 03/01/27 (Call 03/01/26) | 305 | 320246 |
|  Cypress-Fairbanks Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (PSF) | 160 | 169762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 530 | 555831 |
|  Dallas Area Rapid Transit RB, 5.00%, 12/01/27 | 220 | 236413 |
|  Dallas Fort Worth International Airport RB, Series A, 5.00%, 11/01/27 | 185 | 195994 |
|  Fort Bend Independent School District GO, 4.00%, 08/15/31 (Call 08/15/27) (PSF) | 110 | 111262 |
|  Harris County Toll Road Authority (The) RB, 5.00%, 08/15/27 | 300 | 321387 |
|  Katy Independent School District GO, 5.00%, 02/15/27 (PSF) | 65 | 68727 |
|  Lewisville Independent School District, 5.00%, 08/15/27 (Call 08/15/26) (PSF) | 200 | 211733 |
|  Lewisville Independent School District GO, Series A, 4.00%, 08/15/27 (Call 08/15/25) (PSF) | 110 | 111318 |
|  Mesquite Independent School District GO, 5.00%, 08/15/29 (Call 08/15/27) (PSF) | 215 | 229568 |
|  North Texas Municipal Water District, 5.00%, 06/01/27 | 100 | 106557 |
|  North Texas Municipal Water District RB, 5.00%, 06/01/27 (Call 06/01/26) | 150 | 157854 |
|  North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Contract Revenue Refunding Bonds RB, 5.00%, 06/01/27 | 55 | 58606 |
|  North Texas Municipal Water District Water System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 70 | 75193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 09/01/25) | 70 | 72938 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 (Call 01/01/26) | 310 | 324435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/27 (Call 01/01/26) | 160 | 167450 |
|  Northside Independent School District GO, Series A, 5.00%, 08/15/27 (PSF) | 100 | 106947 |
|  Northside Independent School District RB, 5.00%, 08/15/27 (PSF) | 225 | 240630 |
|  Northwest Independent School District GO, 5.00%, 02/15/28 (Call 08/15/27) (PSF) | 145 | 154747 |
|  Permanent University Fund - Texas A&M University System RB, Series B, 5.00%, 07/01/27 (Call 07/01/25) | 25 | 26024 |
|  Permanent University Fund - University of Texas System RB, 5.00%, 07/01/27 (CALL 07/01/26) | 130 | 137267 |
|  Permanent University Fund-Texas A&M University System, 5.00%, 07/01/27 (Call 07/01/25) | 30 | 31229 |
|  Permanent University Fund-University of Texas System, 5.00%, 07/01/27 | 250 | 267761 |
|  Plano Independent School District RB, 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 140 | 147313 |
|  Round Rock Independent School District GO, Series A, 5.00%, 08/01/27 (PSF) | &nbsp;&nbsp;&nbsp;&nbsp;1035 | 1110612 |
|  San Antonio Independent School District/TX GO, 5.00%, 08/15/27 (PSF) | 60 | 64223 |
|  San Antonio Water System, 5.00%, 05/15/27 (Call 11/15/26) | 185 | 196942 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  San Antonio Water System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/27 | $170 | $182236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/30 (Call 05/15/27) | 255 | 270926 |
|  Socorro Independent School District GO, Series B, 5.00%, 08/15/30 (Call 08/15/27) (PSF) | 70 | 74334 |
|  Spring Independent School District GO, Series A, 5.00%, 08/15/27 (Call 08/15/26) | 120 | 126485 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 150 | 161015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/27 (Call 04/01/26) | 30 | 31613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/30 (Call 10/01/27) | 135 | 144220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/29 (Call 10/01/27) | 170 | 181946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/30 (Call 10/01/27) | 170 | 181611 |
|  Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF) | 100 | 101400 |
|  Texas A&M University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/27 (Call 05/15/26) | 150 | 152178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/28 (Call 05/15/27) | 180 | 190941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 05/15/27 (Call 05/15/26) | 85 | 86234 |
|  Texas Public Finance Authority RB, 5.00%, 02/01/27 | 200 | 212756 |
|  Texas State University System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | 165 | 175517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/27 (Call 03/15/25) | 215 | 222054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/30 (Call 03/15/27) | 130 | 137934 |
|  Texas Tech University System RB, 5.00%, 02/15/27 | 175 | 186108 |
|  Texas Transportation Commission State Highway Fund RB, 5.00%, 10/01/27 (CALL 10/01/26) | 100 | 105858 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 40 | 42777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/28 (Call 10/15/27) | 365 | 393549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 (Call 08/01/27) | 410 | 439667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 (Call 08/01/27) | 85 | 91053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/27 | 150 | 160809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/31 (Call 10/15/27) | 155 | 166373 |
|  University of North Texas System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/27 | 60 | 63382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/30 (Call 04/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | 168162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14296210 |
| **Utah — 1.0%** |  |  |
|  Alpine School District/UT GO, 5.00%, 03/15/27 (GTD) | 290 | 309821 |
|  Central Utah Water Conservancy District RB, Series B, 5.00%, 10/01/30 (Call 10/01/27) | 195 | 208135 |
|  City of Salt Lake City Public Utilities Revenue, 5.00%, 02/01/27 | 100 | 106623 |
|  Intermountain Power Agency RB, Series A, 5.00%, 07/01/27 | 75 | 80094 |
|  Salt Lake City Corp. RB, 5.00%, 02/01/30 (Call 02/01/27) | 135 | 143391 |
|  State of Utah, 5.00%, 07/01/27 | 90 | 96918 |
|  State of Utah GO, 5.00%, 07/01/28 (Call 07/01/27) | 315 | 338930 |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (SAP) | 95 | 101854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 (Call 08/01/25) | 60 | 62481 |
|  Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27) | 250 | 265188 |
|  |  | 1713435 |
| **Vermont — 0.1%** |  |  |
|  State of Vermont GO, Series B, 5.00%, 08/15/27 | 100 | 107541 |
| **Virginia — 3.4%** |  |  |
|  City of Newport News VA GO, Series A, 4.00%, 08/01/31 (Call 08/01/27) | 180 | 183792 |

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S C H E D U L E O F I N V E S T M E N T S 93

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
|  City of Norfolk VA GO, Series B, 4.00%, 10/01/27 (Call 10/01/26) | $75 | $76757 |
|  City of Richmond VA, 5.00%, 07/15/28 (Call 07/15/27) | 125 | 134120 |
|  City of Richmond VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/27 | 155 | 165251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 | 60 | 64186 |
|  County of Arlington VA GO, 5.00%, 06/15/27 | 155 | 166058 |
|  County of Fairfax VA GO, 4.00%, 10/01/27 | 375 | 386543 |
|  County of Henrico VA GO, Series A, 5.00%, 08/01/27 (SAW) | 65 | 69867 |
|  County of Loudoun VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 90 | 97150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/27 (SAW) | 460 | 496547 |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/27 | 200 | 212143 |
|  Hampton Roads Sanitation District RB, Series A, 5.00%, 10/01/29 (Call 10/01/27) | 210 | 225247 |
|  Virginia College Building Authority, 5.00%, 02/01/27 | 240 | 255797 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/27 | 360 | 383696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 | 100 | 107141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 (Call 09/01/26) (ST INTERCEPT) | 290 | 306873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 (PR 09/01/26) (ST INTERCEPT) | 5 | 5289 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 40 | 42423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/27 | 120 | 128741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/27 (Call 09/15/26) | 110 | 116582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/31 (Call 11/15/27) | 140 | 149430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/27 | 390 | 416713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/29 (Call 11/15/27) | 315 | 337596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/30 (Call 11/15/27) | 185 | 197985 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 08/01/26) | 160 | 169184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/27 | 30 | 30845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/31 (CALL 08/01/27) | 265 | 270002 |
|  Virginia Public School Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 260 | 278286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 (SAW) | 110 | 118284 |
|  Virginia Public School Authority RB, 5.00%, 08/01/27 (SAW) | 105 | 112385 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 60 | 64673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 (Call 11/01/25) | 110 | 114967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884553 |
| **Washington — 5.4%** |  |  |
|  Auburn School District No. 408 of King & Pierce Counties GOL, 5.00%, 12/01/31 (Call 12/01/27) (GTD) | 160 | 170399 |
|  Central Puget Sound Regional Transit Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 112826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 5.00%, 11/01/27 (Call 11/01/26) | 100 | 106241 |
|  City of Seattle GO, 5.00%, 06/01/27 (Call 06/01/25) | 170 | 176850 |
|  City of Seattle Municipal Light & Power Revenue, 5.00%, 09/01/27 | 95 | 101872 |
|  City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 04/01/27 (Call 04/01/26) | 145 | 152798 |
|  City of Seattle WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 85 | 91629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 | 280 | 299642 |
|  City of Seattle WA Municipal Light & Power Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 205 | 218925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/27 (Call 04/01/26) | 340 | 358285 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Washington (continued)** |  |  |
|  Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/27 (GTD) | $155 | $167089 |
|  County of King WA GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 01/01/25) | 210 | 217348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 120 | 129185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/27 (Call 12/01/25) | 90 | 94407 |
|  County of King WA Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 01/01/26) | 55 | 57657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/27 (Call 07/01/26) | 510 | 538691 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 60 | 63942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 (Call 07/01/27) | 455 | 486716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/27) | 300 | 320111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/27 | 425 | 452924 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/27 (Call 12/01/26) (GTD) | 205 | 217946 |
|  King County School District No. 414 Lake Washington GO, 4.00%, 12/01/27 (GTD) | 330 | 339649 |
|  Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/27 (GTD) | 40 | 43081 |
|  Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/29 (Call 12/01/27) (GTD) | 170 | 182355 |
|  Port of Seattle WA, 5.00%, 01/01/29 (Call 01/01/27) | 200 | 211738 |
|  Port of Seattle WA RB, 5.00%, 02/01/27 (Call 02/01/26) | 240 | 250146 |
|  Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) | 125 | 134326 |
|  Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) | 220 | 236413 |
|  State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 400 | 428596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 (Call 01/01/25) | 315 | 326021 |
|  State of Washington COP, Series B, 5.00%, 07/01/27 | 115 | 122811 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/27 | 295 | 314417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 140 | 150164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/31 (Call 08/01/27) | 135 | 143824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/27 | 100 | 106582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 07/01/27 (Call 01/01/25) | 130 | 134549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 08/01/27 | 370 | 396862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 08/01/27 (Call 08/01/26) | 245 | 259506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27) | 420 | 449349 |
|  University of Washington, 5.00%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | 314473 |
|  University of Washington RB, Series B, 5.00%, 06/01/27 (Call 06/01/25) | 95 | 98804 |
|  Washington State University RB, 5.00%, 04/01/27 (Call 04/01/25) | 70 | 72239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9251388 |
| **West Virginia — 0.8%** |  |  |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | 250 | 267158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/27 | 115 | 123635 |
|  West Virginia Commissioner of Highways RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | 200 | 212997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/27) | 210 | 222904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/29 (Call 09/01/27) | 295 | 312723 |
|  West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/27 (Call 07/01/25) | 245 | 254910 |
|  |  | 1394327 |

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94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Wisconsin — 2.3%** |  |  |
|  Milwaukee Metropolitan Sewerage District GO, Series A, 5.00%, 10/01/27 (Call 10/01/26) | $150 | $158561 |
|  State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/27 (Call 05/01/26) | 85 | 86983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 (Call 05/01/27) | 270 | 287653 |
|  State of Wisconsin GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 (Call 05/01/25) | 115 | 119469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/31 (Call 05/01/27) | 150 | 159536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 4.00%, 11/01/27 (Call 05/01/26) | 130 | 132737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/27 (Call 05/01/26) | 380 | 400514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 5.00%, 11/01/30 (Call 05/01/27) | 315 | 335596 |
|  State of Wisconsin RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/27 | 350 | 372444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/29 (Call 05/01/27) | 350 | 372937 |
|  Wisconsin Department of Transportation, 5.00%, 07/01/29 (Call 07/01/27) | 190 | 203097 |
|  Wisconsin Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | 155431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 07/01/28 (Call 07/01/27) | 175 | 186740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/30 (Call 07/01/27) | 570 | 608387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 07/01/31 (Call 07/01/27) | 390 | 414311 |
|  |  | 3994396 |
|  **Total Long-Term Investments — 98.2%<br>(Cost: $179,482,280)** |  | &nbsp;&nbsp;&nbsp;&nbsp;169487690 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
|  BlackRock Liquidity Funds: MuniCash,<br>1.83%<sup>(b)(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1192 | $1191388 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $1,191,388)** | **Total Short-Term Securities — 0.7%<br>(Cost: $1,191,388)** | 1191388 |
|  **Total Investments — 98.9% (Cost: $180,673,668)** | **Total Investments — 98.9% (Cost: $180,673,668)** | 170679078 |
|  **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | 1894181 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;172573259 |

---

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $281268 | $909772 <sup>(a)</sup> | $– $| 348 | $– $| 1191388 | 1192 | $9112 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $169487690 | $— | $169487690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1191388 |  |  | 1191388 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191388 | $169487690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $170679078 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 95

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Debt Obligations** |  |  |
| **Alabama — 1.2%** |  |  |
|  Alabama Federal Aid Highway Finance Authority RB, Series A, 5.00%, 09/01/28 (PR 09/01/27) | $90 | $96759 |
|  Alabama Highway Finance Corp. RB, Series A, 5.00%, 08/01/28 | 70 | 75489 |
|  Alabama Public School and College Authority RB, Series A, 5.00%, 11/01/28 | 485 | 527148 |
|  City of Huntsville AL GOL, Series B, 5.00%, 05/01/28 (Call 11/01/27) | 75 | 80734 |
|  State of Alabama GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/28 (Call 02/01/26) | 20 | 20374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 (Call 11/01/28) | 60 | 65221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/32 (Call 11/01/28) | 70 | 75255 |
|  University of Alabama (The) RB, Series C, 5.00%, 07/01/28 | 255 | 275438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216418 |
| **Arizona — 1.7%** |  |  |
|  City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/29 (Call 07/01/28) | 80 | 86418 |
|  City of Phoenix Civic Improvement Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/26) | 100 | 105590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/28) | 110 | 119002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/28 (Call 07/01/27) | 290 | 305618 |
|  Maricopa County Unified School District No 80 Chandler GO, 5.00%, 07/01/28 | 90 | 97454 |
|  Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/28 (Call 07/01/27) | 70 | 74848 |
|  Salt River Project Agricultural Improvement & Power District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 (Call 01/01/28) | 345 | 371271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/31 (Call 01/01/28) | 130 | 139507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/28 (Call 01/01/27) | 210 | 223919 |
|  State of Arizona Lottery Revenue RB, 5.00%, 07/01/28 | 150 | 162504 |
|  |  | 1686131 |
| **California — 12.4%** |  |  |
|  Beverly Hills Unified School District CA GO, 0.00%, 08/01/28<sup>(a)</sup>  | 35 | 28141 |
|  California Infrastructure & Economic Development Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 04/01/26) | 75 | 79418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 04/01/27) | 135 | 145069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 04/01/28) | 75 | 81679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 (Call 04/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 162062 |
|  California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/28 (Call 10/01/26) | 50 | 50879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/27) | 240 | 257700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/28 | 100 | 107978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/28 | 165 | 179152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/28 (Call 11/01/26) | 25 | 26544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/31 (Call 11/01/28) | 75 | 81328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 10/01/28 (Call 10/01/27) | 80 | 85989 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 (Call 05/01/26) | 260 | 274692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/30 (Call 11/01/28) | 95 | 103781 |
|  City of Los Angeles CA GO, Series B, 5.00%, 09/01/28 | 50 | 54298 |
|  City of Los Angeles CA Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/31 (Call 06/01/28) | 150 | 162568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/32 (Call 06/01/28) | 100 | 108048 |
|  City of Los Angeles Department of Airports RB, Series E, 5.00%, 05/15/28 | 25 | 27045 |
|  City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/29 (Call 08/01/28) | 125 | 135354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  City of Riverside CA Water Revenue RB, Series A, 5.00%, 10/01/28 | $130 | $142257 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/28 (Call 11/01/26) | 125 | 133058 |
|  Coast Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 08/01/28 (AGM)<sup>(a)</sup>  | 330 | 266376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/28 (Call 08/01/27) | 105 | 113106 |
|  Fairfield-Suisun Unified School District GO, 4.00%, 08/01/31 (Call 08/01/28) | 100 | 102047 |
|  Long Beach Community College District GO, 5.00%, 08/01/28 (Call 08/01/27) | 125 | 134081 |
|  Long Beach Unified School District GO, 5.00%, 08/01/28 (Call 08/01/26) | 175 | 185703 |
|  Los Angeles Community College District/CA GO, Series J, 5.00%, 08/01/28 (Call 08/01/27) | 40 | 43143 |
|  Los Angeles County Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 (Call 06/01/26) | 40 | 42363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 (Call 07/01/27) | 100 | 107423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 (Call 07/01/28) | 250 | 270995 |
|  Los Angeles Department of Water & Power System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 (Call 01/01/28) | 95 | 102146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/30 (Call 07/01/28) | 100 | 108797 |
|  Los Angeles Department of Water RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 (Call 01/01/26) | 35 | 36858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 (Call 01/01/28) | 60 | 64723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/31 (Call 07/01/28) | 95 | 103138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 (Call 07/01/28) | 175 | 189321 |
|  Los Angeles Unified School District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 5.00%, 07/01/28 (Call 01/01/28) | 195 | 209558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 07/01/30 (Call 01/01/28) | 105 | 112560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 07/01/32 (Call 01/01/28) | 145 | 154562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M1, 5.00%, 07/01/28 (Call 01/01/28) | 100 | 107465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M-1, 5.00%, 07/01/31 (Call 01/01/28) | 165 | 176373 |
|  Metropolitan Water District of Southern California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/31 (Call 07/01/28) | 115 | 125198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/28 | 435 | 474797 |
|  Napa Valley Community College District GO, Series B, 0.00%, 08/01/28 (NPFGC)<sup>(a)</sup>  | 100 | 79411 |
|  Newport Mesa Unified School District GO, 0.00%, 08/01/28 (NPFGC)<sup>(a)</sup>  | 300 | 239985 |
|  North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/28 (NPFGC)<sup>(a)</sup>  | 315 | 250851 |
|  Poway Unified School District GO, Series A, 0.00%, 08/01/28<sup>(a)</sup>  | 120 | 96537 |
|  Sacramento Municipal Utility District RB, 5.00%, 08/15/28 | 20 | 21840 |
|  San Diego Community College District GO, 4.00%, 08/01/28 (Call 08/01/26) | 115 | 117845 |
|  San Francisco Bay Area Rapid Transit District GO, Series A, 5.00%, 08/01/28 (Call 08/01/27) | 50 | 53928 |
|  San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, 4.00%, 07/01/28 (Call 07/01/26) | 50 | 51214 |
|  San Jose Evergreen Community College District GO, Series B, 0.00%, 09/01/28 (AGM)<sup>(a)</sup>  | 50 | 39819 |
|  San Jose Unified School District GO, Series C, 0.00%, 08/01/28 (NPFGC)<sup>(a)</sup>  | 170 | 137379 |
|  San Marcos Unified School District GO, 0.00%, 08/01/28<sup>(a)</sup>  | 80 | 63672 |
|  San Mateo County Community College District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/01/28<sup>(a)</sup>  | 140 | 112647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/28 | 70 | 76677 |

---

96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **California (continued)** |  |  |
|  Santa Clara Valley Transportation Authority RB, Series B, 5.00%, 06/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $136490 |
|  State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 100 | 109651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 (Call 12/01/28) | 110 | 120191 |
|  State of California Department of Water Resources RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/28) | 125 | 136918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 (Call 12/01/28) | 70 | 76401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BA, 5.00%, 12/01/28 | 175 | 191890 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/28 (Call 09/01/26) | 150 | 153307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 | 125 | 135227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 | 500 | 543006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/27) | 135 | 144746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/26) | 385 | 407737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 385 | 418923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | 160 | 174267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 (Call 08/01/28) | 435 | 471979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 (Call 10/01/28) | 225 | 243940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 (Call 11/01/28) | 310 | 334661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/28 (Call 08/01/26) | 380 | 402003 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AZ, 5.00%, 05/15/31 (Call 05/15/28) | 70 | 75909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.00%, 05/15/30 (Call 05/15/28) | 100 | 108385 |
|  William S Hart Union High School District GO, Series B, 0.00%, 09/01/28 (AGM)<sup>(a)</sup>  | 210 | 169067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12121241 |
| **Colorado — 1.4%** |  |  |
|  Board of Governors of Colorado State University System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/28 | 110 | 117881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/01/29 (Call 03/01/28) | 80 | 85654 |
|  City & County of Denver Co. Airport System Revenue RB, Series B, 5.00%, 12/01/32 (Call 12/01/28) | 225 | 234160 |
|  Colorado Health Facilities Authority, 5.00%, 11/01/28 | 250 | 260283 |
|  Denver City & County School District No. 1 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 (Call 12/01/26) (SAW) | 90 | 95577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/28 (SAW) | 150 | 155420 |
|  Regional Transportation District Sales Tax Revenue RB, 5.00%, 11/01/28 | 225 | 243285 |
|  University of Colorado RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 06/01/30 (Call 06/01/28) | 100 | 107434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 06/01/31 (Call 06/01/28) | 95 | 101611 |
|  |  | 1401305 |
| **Connecticut — 2.0%** |  |  |
|  State of Connecticut, 5.00%, 04/15/28 | 215 | 231477 |
|  State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/28 (Call 05/01/27) | 100 | 106850 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/28 | 100 | 108145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 A, 4.00%, 01/15/28 | 100 | 101366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/28 | 105 | 113047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/28 | 115 | 124035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/28 | 75 | 81109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/30 (Call 09/15/28) | 115 | 123486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/31 (Call 09/15/28) | 205 | 218687 |
|  State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/28 | 125 | 134208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (Call 09/01/26) | 125 | 131922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 01/01/28) | 210 | 224860 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/28 (Call 09/01/26) | $50 | $52769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 | 75 | 81264 |
|  University of Connecticut, 5.00%, 04/15/30 (Call 04/15/28) | 165 | 175292 |
|  |  | 2008517 |
| **Delaware — 0.4%** |  |  |
|  Delaware Transportation Authority RB, 5.00%, 07/01/28 | 125 | 135554 |
|  State of Delaware GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.13%, 03/01/28 (Call 03/01/26) | 15 | 13717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/29 (Call 01/01/28) | 125 | 135072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/32 (Call 02/01/28) | 100 | 107450 |
|  |  | 391793 |
| **District of Columbia — 1.9%** |  |  |
|  District of Columbia, 5.00%, 06/01/32 (Call 06/01/28) | 140 | 150236 |
|  District of Columbia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 185 | 200529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/28 | 65 | 70759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/28 (Call 12/01/26) | 85 | 90134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/28 (Call 06/01/27) | 110 | 117508 |
|  District of Columbia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 325 | 351519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/28 | 510 | 553796 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 | 150 | 163890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 04/01/27) | 25 | 26652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/30 (Call 04/01/28) | 65 | 69851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/32 (Call 04/01/28) | 60 | 63968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858842 |
| **Florida — 3.7%** |  |  |
|  Central Florida Expressway Authority RB, Series B, 5.00%, 07/01/28 (Call 07/01/26) | 130 | 136216 |
|  County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/28 (Call 10/01/26) | 165 | 170706 |
|  County of Miami-Dade FL GO, Series D, 5.00%, 07/01/28 (Call 07/01/26) | 100 | 105202 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 (Call 10/01/28) | 95 | 101945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 319379 |
|  Florida Department of Environmental Protection RB, Series A, 5.00%, 07/01/28 | 225 | 243033 |
|  Florida Department of Management Services COP, Series A, 5.00%, 11/01/28 | 165 | 177484 |
|  Hillsborough County School Board COP, Series A, 5.00%, 07/01/28 (Call 07/01/26) | 310 | 322336 |
|  Orange County School Board COP, Series C, 5.00%, 08/01/28 | 100 | 107734 |
|  Palm Beach County School District, 5.00%, 08/01/28 | 150 | 160311 |
|  Palm Beach County School District COP, Series B, 5.00%, 08/01/28 | 195 | 208405 |
|  School District of Broward County/FL GO, 5.00%, 07/01/30 (Call 07/01/28) | 60 | 64795 |
|  State of Florida, 5.00%, 06/01/28 | 100 | 108447 |
|  State of Florida Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 (Call 07/01/28) | 100 | 107656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 (Call 07/01/28) | 300 | 322789 |
|  State of Florida Department of Transportation Turnpike System Revenue RB, Series A, 5.00%, 07/01/28 | 75 | 81333 |
|  State of Florida GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/32 (Call 07/01/28) | 350 | 346155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/28 (Call 06/01/27) | 125 | 133642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/30 (Call 06/01/28) | 220 | 237395 |

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S C H E D U L E O F I N V E S T M E N T S 97

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Florida (continued)** |  |  |
|  State of Florida Lottery Revenue RB, Series A, 5.00%, 07/01/28 | $115 | $124217 |
|  |  | 3579180 |
| **Georgia — 1.7%** |  |  |
|  City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/28 | 200 | 214010 |
|  City of Atlanta GA Water & Wastewater Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 (Call 11/01/27) | 60 | 64387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/28 (Call 11/01/27) | 100 | 107312 |
|  Forsyth County School District GO, 5.00%, 02/01/30 (Call 02/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 270113 |
|  State of Georgia, 5.00%, 07/01/28 | 295 | 321179 |
|  State of Georgia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 | 195 | 212518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 (Call 07/01/28) | 205 | 222010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/28 (Call 12/01/26) | 260 | 276962 |
|  |  | 1688491 |
| **Hawaii — 1.6%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 60 | 64809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/28 | 100 | 102880 |
|  City & County of Honolulu HI, 5.00%, 11/01/28 | 100 | 108408 |
|  City & County of Honolulu HI GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 | 145 | 156905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/30 (Call 09/01/28) | 230 | 248778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/28 | 250 | 257344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/28 (Call 09/01/27) | 30 | 32142 |
|  County of Maui HI GO, 5.00%, 09/01/28 | 35 | 38047 |
|  State of Hawaii GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/29 (Call 01/01/28) | 185 | 198543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/31 (Call 01/01/28) | 105 | 112064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FT, 5.00%, 01/01/32 (Call 01/01/28) | 230 | 244698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564618 |
| **Illinois — 2.5%** |  |  |
|  Chicago O'Hare International Airport RB, Series C, 5.00%, 01/01/28 (Call 01/01/26) | 155 | 160862 |
|  Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/28 | 65 | 67304 |
|  Illinois Finance Authority, 5.00%, 01/01/28 (Call 01/01/26) | 280 | 292672 |
|  Illinois Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 01/01/26) | 25 | 26078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 75 | 81334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/28 | 100 | 106927 |
|  Illinois State Toll Highway Authority, 5.00%, 01/01/28 (Call 01/01/26) | 40 | 41756 |
|  Illinois State Toll Highway Authority RB, 5.00%, 01/01/28 | 155 | 165737 |
|  Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00%, 12/01/28 (Call 12/01/26) | 150 | 158358 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/27) | 100 | 100239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/28 | 105 | 105285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 | 155 | 155268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/29 (Call 05/01/28) | 310 | 310265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/30 (Call 10/01/28) | 200 | 199836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/01/28 | 50 | 50136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 (Call 11/01/27) | 300 | 300393 |
|  State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/28 | 150 | 155248 |
|  |  | 2477698 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Indiana — 1.4%** |  |  |
|  City of Indianapolis Department of Public Utilities Water System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 (Call 10/01/28) | $100 | $108140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 | 65 | 70328 |
|  Indiana Finance Authority, 5.00%, 02/01/28 | 185 | 199828 |
|  Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/26) | 100 | 105670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/28 | 125 | 135019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/28 (Call 12/01/26) | 100 | 106354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 02/01/28 | 280 | 302442 |
|  Indianapolis Local Public Improvement Bond Bank RB, Series E, 5.00%, 01/01/28 (PR 01/01/26) | 175 | 184046 |
|  Purdue University RB, 5.00%, 07/01/28 | 125 | 134752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346579 |
| **Iowa — 0.3%** |  |  |
|  Iowa Finance Authority, 5.00%, 08/01/32 (Call 08/01/28) | 130 | 138233 |
|  Iowa Finance Authority RB, Series A, 5.00%, 08/01/31 (Call 08/01/28) | 120 | 128882 |
|  State of Iowa RB, Series A, 5.00%, 06/01/28 (Call 06/01/26) | 30 | 31540 |
|  |  | 298655 |
| **Kansas — 0.3%** |  |  |
|  Sedgwick County Unified School District No. 266 Maize GO, Series A, 4.00%, 09/01/28 (Call 09/01/27) | 50 | 50765 |
|  State of Kansas Department of Transportation RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) | 195 | 208753 |
|  |  | 259518 |
| **Louisiana — 0.6%** |  |  |
|  State of Louisiana GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/26) | 110 | 115720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/27) | 150 | 161300 |
|  State of Louisiana RB, Series A, 5.00%, 09/01/29 (Call 09/01/28) | 310 | 335480 |
|  |  | 612500 |
| **Maine — 0.6%** |  |  |
|  Maine Municipal Bond Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (Call 09/01/26) | 80 | 83950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 | 150 | 162612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/28 (Call 11/01/27) | 75 | 80306 |
|  State of Maine GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | 129692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/28 | 100 | 108076 |
|  |  | 564636 |
| **Maryland — 5.9%** |  |  |
|  City of Baltimore MD GO, Series A, 5.00%, 10/15/28 | 45 | 48911 |
|  County of Anne Arundel MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 320 | 348733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/27) | 140 | 150612 |
|  County of Baltimore MD, 5.00%, 03/01/29 (Call 03/01/28) | 580 | 627144 |
|  County of Baltimore MD GO, 5.00%, 03/01/28 | 65 | 70346 |
|  County of Howard MD, 5.00%, 08/15/29 (Call 08/15/28) | 100 | 108714 |
|  County of Howard MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/28 | 55 | 59491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/28 | 220 | 239392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/15/28 | 75 | 81125 |
|  County of Montgomery MD GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | 225 | 245446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 | 265 | 289081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 (Call 11/01/28) | 130 | 141680 |

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98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Maryland (continued)** |  |  |
|  County of Prince George's MD GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/32 (Call 07/15/28) | $200 | $203043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/31 (Call 07/15/28) | 330 | 356610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/15/28 | 215 | 234181 |
|  State of Maryland Department of Transportation RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/30 (Call 05/01/28) | 80 | 81876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 (Call 09/01/27) | 135 | 144707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/26) | 200 | 211817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 135 | 146941 |
|  State of Maryland GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 | 95 | 103378 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | 568722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 08/01/29 (Call 08/01/28) | 265 | 288105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 08/01/30 (Call 08/01/28) | 115 | 124789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/29 (Call 03/15/28) | 340 | 367984 |
|  Washington Suburban Sanitary Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 | 200 | 217106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 (GTD) | 125 | 135691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 (Call 06/01/28) (GTD) | 125 | 135346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730971 |
| **Massachusetts — 2.1%** |  |  |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28 | 350 | 378427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/30 (Call 01/01/28) | 320 | 342761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/28 | 350 | 383303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/01/28 | 100 | 107926 |
|  Massachusetts Bay Transportation Authority RB, Series A, 5.25%, 07/01/28 | 250 | 274038 |
|  Massachusetts Department of Transportation RB, Series A, 0.00%, 01/01/28 (NPFGC)<sup>(a)</sup>  | 50 | 40341 |
|  Massachusetts Health & Educational Facilities Authority RB, Series M, 5.25%, 07/01/28 | 100 | 109994 |
|  Massachusetts Water Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/26) | 105 | 110966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/28 (AGM) | 135 | 148363 |
|  University of Massachusetts Building Authority RB, Series 2019-1, 5.00%, 05/01/28 | 150 | 162279 |
|  |  | 2058398 |
| **Michigan — 1.0%** |  |  |
|  Great Lakes Water Authority Water Supply System Revenue RB, Series C, 5.00%, 07/01/28 (Call 07/01/26) | 35 | 36654 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 120 | 130640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 (Call 10/01/28) | 150 | 163213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/26) | 170 | 180279 |
|  Michigan State Building Authority RB, Series I, 5.00%, 04/15/28 | 260 | 278990 |
|  Michigan State University RB, Series B, 5.00%, 02/15/28 | 135 | 144738 |
|  University of Michigan RB, 5.00%, 04/01/32 (Call 04/01/28) | 75 | 80409 |
|  |  | 1014923 |
| **Minnesota — 1.4%** |  |  |
|  Metropolitan Council GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 | 200 | 216553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 100 | 109248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 03/01/28 (Call 03/01/27) | 25 | 25696 |
|  Minneapolis-St Paul Metropolitan Airports Commission RB, Series A, 5.00%, 01/01/28 (Call 01/01/27) | 100 | 104890 |
|  Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/28 (Call 03/01/26) | 100 | 105224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Minnesota (continued)** |  |  |
|  State of Minnesota GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 (Call 10/01/27) | $100 | $107627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/29 (Call 08/01/28) | 310 | 337028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/32 (Call 08/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | 274014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/28 (Call 10/01/27) | 115 | 123771 |
|  |  | 1404051 |
| **Mississippi — 0.2%** |  |  |
|  State of Mississippi GO, Series A, 5.00%, 10/01/28 (Call 10/01/27) | 205 | 219867 |
| **Missouri — 0.5%** |  |  |
|  City of Kansas City MO Sanitary Sewer System Revenue RB, Series A, 5.00%, 01/01/29 (Call 01/01/28) | 140 | 150386 |
|  Missouri State Board of Public Buildings RB, Series B, 4.00%, 10/01/28 | 345 | 353486 |
|  |  | 503872 |
| **Nebraska — 0.5%** |  |  |
|  Omaha Public Power District, 5.00%, 02/01/29 (Call 02/01/28) | 110 | 118710 |
|  Omaha Public Power District RB, Series A, 5.00%, 02/01/28 (Call 02/01/26) | 130 | 136677 |
|  University of Nebraska Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 | 55 | 59730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/30 (Call 07/15/28) | 150 | 161404 |
|  |  | 476521 |
| **Nevada — 2.3%** |  |  |
|  Clark County School District GOL, Series C, 5.00%, 06/15/28 (Call 12/15/27) | 145 | 154902 |
|  County of Clark Department of Aviation RB, Series B, 5.00%, 07/01/28 | 150 | 160825 |
|  County of Clark NV, 5.00%, 12/01/28 | 280 | 304606 |
|  County of Clark NV GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 (Call 12/01/28) | 155 | 167145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 (Call 12/01/28) | 175 | 188011 |
|  County of Clark NV RB, Series B, 5.00%, 07/01/28 | 335 | 360956 |
|  County of Washoe NV RB, 5.00%, 02/01/28 | 195 | 208690 |
|  Las Vegas Valley Water District GOL, 5.00%, 06/01/28 | 240 | 259891 |
|  State of Nevada GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/28 | 40 | 43190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/28 | 75 | 81062 |
|  State of Nevada Highway Improvement Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 (Call 06/01/26) | 100 | 105029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 (Call 06/01/28) | 160 | 171604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205911 |
| **New Hampshire — 0.4%** |  |  |
|  New Hampshire Municipal Bond Bank RB, Series B, 5.00%, 08/15/28 | 265 | 286907 |
|  State of New Hampshire GO, Series A, 5.00%, 12/01/31 (Call 12/01/28) | 65 | 70349 |
|  |  | 357256 |
| **New Jersey — 1.9%** |  |  |
|  County of Monmouth NJ GO, 5.00%, 07/15/28 (Call 07/15/27) | 100 | 107612 |
|  New Jersey Economic Development Authority, 5.00%, 11/01/28 | 100 | 104059 |
|  New Jersey Economic Development Authority RB, 5.00%, 06/15/28 | 60 | 62319 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/30 (Call 12/15/28) | 75 | 77419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/28 (Call 06/15/26) | 100 | 103065 |
|  New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/31 (Call 01/01/28) | 105 | 111149 |

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S C H E D U L E O F I N V E S T M E N T S 99

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/32 (Call 01/01/28) | $330 | $347908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 01/01/29 (Call 01/01/28) | 425 | 452386 |
|  State of New Jersey GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 (Call 06/01/27) | 135 | 142921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 300 | 321080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829918 |
| **New Mexico — 0.6%** |  |  |
|  New Mexico Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 | 100 | 108229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/29 (Call 06/01/28) | 70 | 75474 |
|  State of New Mexico Severance Tax Permanent Fund, 5.00%, 07/01/28 | 230 | 249296 |
|  State of New Mexico Severance Tax Permanent Fund RB, 5.00%, 07/01/28 | 105 | 113809 |
|  |  | 546808 |
| **New York — 11.4%** |  |  |
|  City of New York NY GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 (Call 02/01/28) | 100 | 106815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (Call 08/01/27) | 140 | 149473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/29 (Call 02/01/28) | 110 | 118059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 08/01/29 (Call 02/01/28) | 195 | 209286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 10/01/28 | 80 | 86647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/28 (Call 02/01/27) | 150 | 159155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/01/29 (Call 02/01/28) | 210 | 225385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 08/01/28 (Call 02/01/26) | 210 | 219796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 08/01/28 | 235 | 254064 |
|  Long Island Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 (Call 09/01/28) | 165 | 176671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/28 (AGM)<sup>(a)</sup>  | 170 | 133951 |
|  Metropolitan Transportation Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/28 | 435 | 443147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/28 (Call 05/15/28) | 195 | 199246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/29 (Call 05/15/28) | 290 | 295591 |
|  New York City Municipal Water Finance Authority, 5.00%, 06/15/28 (Call 12/15/26) | 125 | 132120 |
|  New York City Municipal Water Finance Authority RB, Series EE, 5.00%, 06/15/28 | 125 | 135552 |
|  New York City Transitional Finance Authority Building Aid Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 07/15/30 (Call 07/15/28) (SAW) | 135 | 144400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-2A, 5.00%, 07/15/31 (Call 07/15/28) (SAW) | 195 | 207604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-2A, 5.00%, 07/15/32 (Call 07/15/28) (SAW) | 145 | 153527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, 5.00%, 07/15/28 (SAW) | 55 | 59315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW) | 175 | 186311 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | 468642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 (Call 11/01/27) | 200 | 213205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 5.00%, 08/01/32 (Call 08/01/28) | 50 | 52875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/28 (Call 08/01/27) | 100 | 106316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/01/28 | 25 | 26933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.00%, 05/01/32 (Call 05/01/28) | 155 | 163683 |
|  New York City Water & Sewer System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 | 195 | 211461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 (Call 06/15/27) | 130 | 138822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 06/15/28 | 135 | 146396 |
|  New York State Dormitory Authority, 5.00%, 03/15/29 (Call 09/15/28) | 120 | 129317 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **New York (continued)** |  |  |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | $200 | $217209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/28 (Call 02/15/27) | 200 | 211812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 | 125 | 134327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 09/15/26) | 30 | 31717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/29 (Call 03/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | 225999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 (Call 07/01/28) | 170 | 180846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/31 (Call 03/15/28) | 185 | 197385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/32 (Call 03/15/28) | 210 | 223258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/32 (Call 09/15/28) | 145 | 154683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/28 (Call 08/15/27) | 320 | 340783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/29 (Call 03/15/28) | 190 | 204476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/31 (Call 03/15/28) | 80 | 85356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/32 (Call 03/15/28) | 65 | 69104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/30 (Call 09/15/28) | 480 | 516268 |
|  New York State Environmental Facilities Corp., 5.00%, 06/15/29 (Call 06/15/28) | 100 | 108129 |
|  New York State Environmental Facilities Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 (Call 06/15/26) | 100 | 105565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/28 (Call 06/15/27) | 145 | 155289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/28 | 250 | 271505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/32 (Call 06/15/28) | 75 | 79879 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/30 (Call 01/01/28) | 230 | 245240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/31 (Call 01/01/28) | 110 | 116920 |
|  New York State Urban Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 03/15/26) | 350 | 366093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/28 (Call 03/15/27) | 120 | 127308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.00%, 03/15/28 (Call 09/15/27) | 100 | 106685 |
|  Port Authority of New York & New Jersey, 5.00%, 09/01/29 (Call 09/01/28) | 100 | 107836 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 205TH, 5.00%, 11/15/28 (Call 11/15/27) | 120 | 128259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 209TH, 5.00%, 07/15/30 (Call 07/15/28) | 100 | 107442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 211TH, 5.00%, 09/01/32 (Call 09/01/28) | 170 | 181232 |
|  Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 11/15/28<sup>(a)</sup>  | 180 | 141329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/28 | 240 | 260420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/28 | 70 | 75956 |
|  Utility Debt Securitization Authority RB, Series A, 5.00%, 06/15/28 (Call 06/15/26) | 165 | 174182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11106257 |
| **North Carolina — 1.6%** |  |  |
|  City of Charlotte NC GO, Series A, 5.00%, 06/01/28 | 115 | 125019 |
|  County of Guilford NC GO, Series B, 5.00%, 05/01/28 (Call 05/01/27) | 100 | 107108 |
|  County of Wake NC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 | 100 | 107870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 | 60 | 65095 |
|  County of Wake NC GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/28 | 15 | 16274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/31 (Call 03/01/28) | 105 | 113265 |
|  County of Wake NC RB, Series A, 5.00%, 12/01/28 (Call 12/01/26) | 75 | 79599 |
|  North Carolina State University at Raleigh RB, 5.00%, 10/01/28 | 75 | 81148 |
|  State of North Carolina, 5.00%, 05/01/28 | 100 | 108030 |
|  State of North Carolina GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 230 | 250160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 (Call 06/01/28) | 150 | 162999 |

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100 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **North Carolina (continued)** |  |  |
|  State of North Carolina RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | $230836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/28 (Call 05/01/27) | 150 | 160016 |
|  |  | 1607419 |
| **North Dakota — 0.1%** |  |  |
|  North Dakota Building Authority, 5.00%, 12/01/28 | 100 | 108388 |
| **Ohio — 3.3%** |  |  |
|  American Municipal Power Inc. RB, Series A, 5.00%, 02/15/28 (Call 02/15/26) | 105 | 109652 |
|  City of Columbus OH, 5.00%, 04/01/29 (Call 10/01/28) | 120 | 130579 |
|  City of Columbus OH GO, Series A, 5.00%, 04/01/31 (Call 10/01/28) | 410 | 443513 |
|  County of Franklin OH Sales Tax Revenue RB, 4.00%, 06/01/31 (Call 06/01/28) | 145 | 148338 |
|  Ohio Turnpike & Infrastructure Commission RB, Series A, 5.00%, 02/15/28 (Call 02/15/27) | 150 | 159337 |
|  Ohio Water Development Authority, 5.00%, 06/01/28 | 85 | 91955 |
|  Ohio Water Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 (Call 03/01/28) | 190 | 205388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 100 | 108788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 (Call 12/01/26) | 95 | 101036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 145 | 156864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/28 | 375 | 407954 |
|  State of Ohio, 5.00%, 05/01/28 | 120 | 129698 |
|  State of Ohio GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/28 | 150 | 162728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/28 | 130 | 141102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/15/28 | 40 | 43413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 05/01/28 (Call 05/01/26) | 260 | 274036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 5.00%, 05/01/32 (Call 05/01/28) | 100 | 106930 |
|  State of Ohio RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/28 | 115 | 123701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/28 (Call 12/01/26) | 135 | 143049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188061 |
| **Oklahoma — 0.1%** |  |  |
|  Oklahoma Capitol Improvement Authority RB, 5.00%, 07/01/28 | 25 | 26844 |
|  Oklahoma Department of Transportation RB, Series A, 5.00%, 09/01/28 | 50 | 53613 |
|  |  | 80457 |
| **Oregon — 0.9%** |  |  |
|  City of Portland OR GOL, Series B, 5.00%, 06/15/29 (Call 06/15/28) | 145 | 157406 |
|  City of Portland OR Sewer System Revenue RB, Series A, 5.00%, 05/01/28 (Call 05/01/26) | 100 | 105365 |
|  County of Multnomah OR GO, Series A, 5.00%, 06/15/28 | 120 | 130066 |
|  Oregon Health & Science University RB, Series A, 5.00%, 07/01/28 | 135 | 145172 |
|  Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/28 (GTD)<sup>(a)</sup>  | 90 | 72125 |
|  State of Oregon GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/28 | 40 | 43337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/28 | 155 | 168092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 5.00%, 05/01/28 (Call 05/01/26) | 60 | 63300 |
|  |  | 884863 |
| **Pennsylvania — 2.0%** |  |  |
|  City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 11/01/28 (Call 11/01/27) | 120 | 127302 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Pennsylvania (continued)** |  |  |
|  Commonwealth of Pennsylvania, 5.00%, 01/15/28 (Call 01/15/27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $285893 |
|  Commonwealth of Pennsylvania GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 5.00%, 01/01/28 (Call 01/01/27) | 305 | 322810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 09/15/28 (Call 09/15/26) | 250 | 263657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 02/01/28 (Call 02/01/26) | 140 | 146443 |
|  County of Chester PA GO, Series A, 4.00%, 07/15/28 (Call 07/15/26) | 105 | 107682 |
|  Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Series, 5.00%, 12/01/28 (Call 12/01/27) | 150 | 157900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/15/28 (AGM) | 320 | 349384 |
|  Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) (AGM) | 30 | 31937 |
|  West Chester Area School District/PA, 5.00%, 05/15/28 | 200 | 216993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010001 |
| **Rhode Island — 0.5%** |  |  |
|  Rhode Island Commerce Corp. RB, 5.00%, 05/15/28 | 200 | 213550 |
|  State of Rhode Island GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 | 100 | 106676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/27) | 125 | 133571 |
|  |  | 453797 |
| **South Carolina — 0.7%** |  |  |
|  County of Beaufort SC GO, Series A, 5.00%, 02/01/28 (Call 02/01/27) (SAW) | 120 | 127714 |
|  County of Charleston SC GO, Series B, 5.00%, 11/01/28 | 100 | 109258 |
|  South Carolina Transportation Infrastructure Bank RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 150 | 160803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/29 (Call 10/01/28) | 130 | 138948 |
|  State of South Carolina GO, Series A, 5.00%, 04/01/28 (Call 10/01/27) (SAW) | 110 | 118596 |
|  |  | 655319 |
| **Tennessee — 2.5%** |  |  |
|  City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/28 (Call 02/01/26) | 100 | 104649 |
|  City of Memphis TN Sanitary Sewerage System Revenue RB, Series B, 5.00%, 10/01/28 | 190 | 206316 |
|  County of Hamilton TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 (Call 04/01/28) | 100 | 108135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/28 | 180 | 194820 |
|  County of Montgomery TN, 5.00%, 04/01/28 | 55 | 59387 |
|  County of Shelby TN, 5.00%, 04/01/28 | 40 | 43211 |
|  County of Williamson TN, 5.00%, 05/01/28 | 275 | 297943 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/28 (Call 05/15/27) | 110 | 117446 |
|  Metropolitan Government of Nashville & Davidson County TN GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/28 (Call 07/01/26) | 90 | 91935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/28 | 110 | 113199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 (Call 07/01/26) | 170 | 179467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 (Call 07/01/28) | 200 | 215771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 (Call 07/01/28) | 130 | 138842 |
|  State of Tennessee GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/29 (Call 02/01/28) | 105 | 113630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/32 (Call 02/01/28) | 75 | 80625 |
|  Tennessee State School Bond Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 (Call 11/01/27) | 115 | 123246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/28 (Call 11/01/27) (ST INTERCEPT) | 220 | 235774 |
|  |  | 2424396 |

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S C H E D U L E O F I N V E S T M E N T S 101

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas — 11.2%** |  |  |
|  Abilene Independent School District GO, 5.00%, 02/15/28 | $55 | $59022 |
|  Aldine Independent School District GO, 5.00%, 02/15/28 (Call 02/15/27) (PSF) | 90 | 95684 |
|  Alvin Independent School District/TX GO, Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF) | 95 | 99510 |
|  Austin Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/26) (PSF) | 100 | 105416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 (Call 08/01/28) (PSF) | 210 | 225770 |
|  Board of Regents of the University of Texas System, 5.00%, 08/15/28 | 350 | 379125 |
|  Board of Regents of the University of Texas System RB, Series H, 5.00%, 08/15/28 (Call 08/15/26) | 75 | 79181 |
|  City of Austin TX GOL, 5.00%, 09/01/28 | 235 | 254423 |
|  City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/28 (Call 11/15/26) | 175 | 184749 |
|  City of Dallas TX Waterworks & Sewer System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/27) | 150 | 160948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/29 (Call 10/01/28) | 50 | 54271 |
|  City of Fort Worth Water & Sewer System Revenue, 4.00%, 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | 246171 |
|  City of Houston TX Combined Utility System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/28 (AGM)<sup>(a)</sup>  | 170 | 132917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/28 (Call 11/15/27) | 105 | 112276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/30 (Call 11/15/28) | 145 | 156151 |
|  City of Houston TX GOL, Series A, 5.00%, 03/01/28 | 150 | 160370 |
|  City of Lewisville TX GOL, 5.00%, 02/15/30 (Call 02/15/28) | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348847 |
|  City of San Antonio TX Electric & Gas Systems Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/28 (Call 08/01/26) | 55 | 55936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 | 60 | 64331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 08/01/26) | 125 | 132147 |
|  City of San Antonio TX GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 | 75 | 81125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (Call 08/01/27) | 95 | 101514 |
|  County of Bexar TX, 5.00%, 06/15/30 (Call 06/15/28) | 100 | 107681 |
|  County of Harris TX GOL, 5.00%, 10/01/28 | 250 | 270633 |
|  Dallas Fort Worth International Airport RB, 5.00%, 11/01/28 | 105 | 112068 |
|  Dallas Independent School District, GO, Series A, 5.00%, 02/15/28 | 250 | 268157 |
|  Fort Bend Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 02/15/32 (Call 02/15/28) (PSF) | 75 | 75707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/28 (PSF) | 50 | 53997 |
|  Frisco Independent School District GO, 5.00%, 08/15/28 (PSF) | 300 | 324309 |
|  Georgetown Independent School District GO, Series A, 5.00%, 08/15/29 (Call 08/15/28) (PSF) | 105 | 113518 |
|  Grand Parkway Transportation Corp. RB, Series A, 5.00%, 10/01/30 (Call 04/01/28) | 130 | 138841 |
|  Grand Prairie Independent School District GO, Series A, 5.00%, 02/15/28 (Call 08/15/26) (PSF) | 80 | 84431 |
|  Harris County Toll Road Authority (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/28 | 200 | 216424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/32 (Call 02/15/28) | 160 | 170010 |
|  Houston Independent School District GOL, 5.00%, 07/15/29 (Call 07/15/28) | 120 | 129617 |
|  Katy Independent School District GO, 5.00%, 02/15/31 (Call 02/15/28) (PSF) | 125 | 133657 |
|  Killeen Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF) | 335 | 360083 |
|  Klein Independent School District GO, 5.00%, 08/01/28 (Call 08/01/26) (PSF) | 185 | 194752 |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Texas (continued)** |  |  |
|  Laredo Independent School District GO, 5.00%, 08/01/28 (Call 08/01/27) (PSF) | $110 | $117145 |
|  Leander Independent School District GO, Series A, 5.00%, 08/15/31 (Call 02/15/28) (PSF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 203577 |
|  Lewisville Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF) | 375 | 402478 |
|  Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26) | 15 | 15712 |
|  North East Independent School District/TX GO, 5.00%, 08/01/30 (Call 08/01/28) (PSF) | 50 | 54175 |
|  North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26) | 95 | 99843 |
|  North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/28 | 405 | 439588 |
|  North Texas Tollway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Series, 0.00%, 01/01/28<sup>(a)</sup>  | 220 | 175539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/28 | 170 | 181528 |
|  Northside Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/28 (Call 08/15/27) (PSF) | 150 | 160562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/31 (Call 08/15/28) (PSF) | 150 | 161066 |
|  Pflugerville Independent School District GO, Series A, 5.00%, 02/15/30 (Call 02/15/28) (PSF) | 100 | 107338 |
|  Richardson Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF) | 200 | 213977 |
|  Round Rock Independent School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 (Call 08/01/28) (PSF) | 105 | 113111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/32 (Call 08/01/28) (PSF) | 100 | 107295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (PSF) | 145 | 157472 |
|  San Antonio Independent School District/TX GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/29 (Call 08/15/28) (PSF) | 100 | 108003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/32 (Call 08/15/28) (PSF) | 250 | 267509 |
|  San Antonio Water System RB, 5.00%, 05/15/28 | 195 | 210544 |
|  Spring Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF) | 215 | 231569 |
|  State of Texas GO, Series A, 5.00%, 08/01/29 (Call 08/01/28) | 150 | 162181 |
|  Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF) | 110 | 111540 |
|  Texas A&M University RB, Series E, 5.00%, 05/15/28 (Call 05/15/27) | 100 | 106078 |
|  Texas Transportation Commission State Highway Fund RB, 5.00%, 10/01/28 (Call 10/01/26) | 200 | 211340 |
|  Texas Water Development Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/28 (Call 04/15/28) | 100 | 108026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/31 (Call 04/15/28) | 100 | 107498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/28 | 100 | 107818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/29 (Call 10/15/28) | 35 | 38006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/31 (Call 10/15/28) | 85 | 92071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/15/31 (Call 10/15/28) | 200 | 216235 |
|  Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/32 (Call 08/01/28) | 100 | 107295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10939888 |
| **Utah — 1.7%** |  |  |
|  Alpine School District/UT GO, Series B, 5.00%, 03/15/28 (Call 03/15/27) (GTD) | 225 | 240189 |
|  City of Provo UT, 5.00%, 02/01/28 | 240 | 259236 |
|  City of Provo UT GO, 5.00%, 02/01/30 (Call 08/01/28) | 100 | 108470 |
|  Salt Lake City Corp. RB, 5.00%, 02/01/28 (Call 02/01/27) | 265 | 281902 |
|  State of Utah GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 250 | 272726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28 | 110 | 119999 |

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102 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Utah (continued)** |  |  |
|  University of Utah (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 (Call 08/01/27) (SAP) | $150 | $159811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/28 (Call 08/01/27) (SAP) | 155 | 165138 |
|  Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27) | 45 | 47734 |
|  |  | 1655205 |
| **Virginia — 5.0%** |  |  |
|  City of Virginia Beach VA GO, 5.00%, 04/01/30 (Call 04/01/28) | 185 | 199679 |
|  Commonwealth of Virginia GO, Series A, 5.00%, 06/01/30 (Call 06/01/28) | 220 | 238558 |
|  County of Arlington VA GO, 5.00%, 08/15/29 (Call 08/15/28) | 125 | 135686 |
|  County of Chesterfield VA GO, Series A, 5.00%, 01/01/29 (Call 01/01/28) (SAW) | 55 | 59350 |
|  County of Fairfax VA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 (Call 04/01/27) (ST AID WITHHLDG) | 250 | 267477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 (Call 04/01/28) (SAW) | 150 | 162274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/30 (Call 04/01/28) (SAW) | 100 | 107616 |
|  County of Loudoun VA GO, 5.00%, 12/01/28 (SAW) | 75 | 81936 |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/28 | 200 | 213756 |
|  Hampton Roads Transportation Accountability Commission, 5.00%, 07/01/52 (PR 01/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1080548 |
|  Hampton Roads Transportation Accountability Commission RB, Series A, 5.00%, 07/01/28 | 155 | 165939 |
|  Virginia College Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/27) | 110 | 116713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (Call 09/01/26) (ST INTERCEPT) | 75 | 79198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 (PR 09/01/26) (ST INTERCEPT) | 5 | 5289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/28 | 135 | 144879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/29 (Call 02/01/28) | 160 | 171238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 02/01/30 (Call 02/01/28) | 240 | 256564 |
|  Virginia Commonwealth Transportation Board, 5.00%, 05/15/28 | 105 | 113535 |
|  Virginia Commonwealth Transportation Board RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/32 (Call 09/15/28) | 85 | 91279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/28 (Call 11/15/27) | 30 | 32179 |
|  Virginia Public Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 | 130 | 140616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/28 | 400 | 432666 |
|  Virginia Public School Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 (SAW) | 45 | 48633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/27) (SAW) | 215 | 230716 |
|  Virginia Resources Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | 95 | 103256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28 | 80 | 86952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/30 (Call 11/01/28) | 115 | 125238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891770 |
| **Washington — 5.2%** |  |  |
|  Auburn School District No. 408 of King & Pierce Counties GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) | 165 | 177469 |
|  Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/28 (Call 11/01/26) | 100 | 106049 |
|  City of Everett WA Water & Sewer Revenue RB, 5.00%, 12/01/28 (Call 12/01/26) | 50 | 52883 |
|  City of Seattle WA Drainage & Wastewater Revenue RB, 4.00%, 07/01/28 (Call 07/01/27) | 185 | 190307 |
|  City of Seattle WA GOL, 5.00%, 12/01/28 | 75 | 81806 |
|  City of Seattle WA Municipal Light & Power Revenue RB Series A, 5.00%, 04/01/28 | 125 | 134649 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/28 (Call 04/01/26) | $70 | $73672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 10/01/28 (Call 10/01/26) | 65 | 66405 |
|  City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/28 (Call 01/01/27) | 30 | 31809 |
|  Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/28 (GTD) | 145 | 157742 |
|  County of King WA GOL, 5.00%, 07/01/28 | 120 | 129939 |
|  County of King WA Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28 | 100 | 108015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/29 (Call 07/01/28) | 385 | 416505 |
|  County of Spokane WA GOL, Series B, 5.00%, 12/01/28 | 130 | 141424 |
|  Energy Northwest RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | 571064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 (Call 07/01/27) | 205 | 218834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/30 (Call 07/01/28) | 125 | 134990 |
|  King & Snohomish Counties School District No. 417 Northshore GO, 5.00%, 12/01/29 (Call 06/01/28) (GTD) | 145 | 156634 |
|  King County School District No. 405 Bellevue GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD) | 55 | 58409 |
|  King County School District No. 414 Lake Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/28 (GTD) | 165 | 170319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 (Call 06/01/27) | 100 | 106339 |
|  King County School District No. 414 Lake Washington GO, 4.00%, 12/01/28 (Call 06/01/26) (GTD) | 50 | 51056 |
|  Port of Seattle WA RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 (Call 05/01/27) | 100 | 105687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 | 100 | 107131 |
|  State of Washington COP, Series B, 5.00%, 07/01/30 (Call 07/01/28) | 230 | 245938 |
|  State of Washington GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, 5.00%, 08/01/28 (Call 08/01/26) | 120 | 126888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/28 (Call 08/01/26) | 120 | 126888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 06/01/28 (NPFGC)<sup>(a)</sup>  | 75 | 60199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/30 (Call 02/01/28) | 260 | 279621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/31 (Call 02/01/28) | 105 | 112656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.00%, 08/01/28 (Call 08/01/26) | 130 | 137462 |
|  University of Washington RB, Series C, 5.00%, 04/01/28 | 240 | 258527 |
|  Washington State University RB, 5.00%, 10/01/28 (Call 04/01/26) | 145 | 151368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048684 |
| **West Virginia — 0.9%** |  |  |
|  State of West Virginia GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 (Call 06/01/28) | 125 | 134000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 60 | 64846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/31 (Call 06/01/28) | 235 | 251477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/32 (Call 06/01/28) | 180 | 191762 |
|  West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) | 185 | 196775 |
|  West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/30 (Call 07/01/28) | 75 | 80994 |
|  |  | 919854 |
| **Wisconsin — 1.0%** |  |  |
|  Milwaukee Metropolitan Sewerage District GO, 4.00%, 10/01/28 | 75 | 77047 |
|  State of Wisconsin, 5.00%, 05/01/31 (Call 05/01/28) | 130 | 139976 |
|  State of Wisconsin GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 (Call 05/01/27) | 50 | 53425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 5.00%, 11/01/28 (Call 05/01/26) | 125 | 131537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 5.00%, 11/01/28 (Call 05/01/27) | 245 | 261783 |

---

S C H E D U L E O F I N V E S T M E N T S 103

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Muni Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Wisconsin (continued)** |  |  |  |
|  State of Wisconsin RB, 5.00%, 05/01/28 (Call 05/01/27) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $293244 |
|  |  |  | 957012 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $104,553,887)** | **Total Long-Term Investments — 98.6%<br>(Cost: $104,553,887)** | **Total Long-Term Investments — 98.6%<br>(Cost: $104,553,887)** | 96355989 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
|  BlackRock Liquidity Funds: MuniCash, 1.83%<sup>(b)(c)</sup>  |  | 161 | 160840 |
|  **Total Short-Term Securities — 0.1%<br>(Cost: $160,840)** | **Total Short-Term Securities — 0.1%<br>(Cost: $160,840)** | **Total Short-Term Securities — 0.1%<br>(Cost: $160,840)** | 160840 |
|  **Total Investments — 98.7%<br>(Cost: $104,714,727)** | **Total Investments — 98.7%<br>(Cost: $104,714,727)** | **Total Investments — 98.7%<br>(Cost: $104,714,727)** | 96516829 |
|  **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | 1240980 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;97757809 |

---

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $450507 | $– $| (289459)<sup>(a)</sup> | $(201) | $(7) | $160840 | 161 | $4188 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $96355989 | $— | $96355989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 160840 |  |  | 160840 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160840 | $96355989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $96516829 |

---

*See notes to financial statements.* 

104 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec<br>2022 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2023 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2024 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2025 Term<br>Muni Bond<br>ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $415296155 | $481883200 | $498286773 | $307448705 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 4841340 | 2259207 | 1855612 | 1305035 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 29015 | 4346 | 8679 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4454614 | 6962636 | 6903293 | 4159560 |
|  <br> Total assets | 424621124 | 491109389 | 507054357 | 312915245 |
|  **LIABILITIES** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 7270639 | 1323451 | 903591 | 856914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 7775542 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 63669 | 73634 | 73382 | 46702 |
|  <br> Total liabilities | 15109850 | 1397085 | 976973 | 903616 |
|  NET ASSETS | $409511274 | $489712304 | $506077384 | $312011629 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $409071949 | $494947735 | $518592940 | $326745909 |
|  Accumulated earnings (loss) | 439325 | (5235431) | (12515556) | (14734280) |
|  <br> NET ASSETS | $409511274 | $489712304 | $506077384 | $312011629 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 15800000 | 19400000 | 19850000 | 12050000 |
|  <br> Net asset value | $25.92 | $25.24 | $25.50 | $25.89 |
|  <br> Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  <br> Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $415406346 | $487548417 | $511343020 | $322495665 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $4841340 | $2259207 | $1855612 | $1305035 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 105

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Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec<br>2026 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2027 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2028 Term<br>Muni Bond<br>ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $208050686 | $169487690 | $96355989 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 1314764 | 1191388 | 160840 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2232 | 3673 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 2821017 | 2368311 | 1252578 |
|  <br> Total assets | 212188699 | 173051062 | 97771621 |
|  **LIABILITIES** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 823817 | 453102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 31448 | 24701 | 13812 |
|  <br> Total liabilities | 855265 | 477803 | 13812 |
|  NET ASSETS | $211333434 | $172573259 | $97757809 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $225370926 | $182346027 | $105859095 |
|  Accumulated loss | (14037492) | (9772768) | (8101286) |
|  <br> NET ASSETS | $211333434 | $172573259 | $97757809 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 8600000 | 7100000 | 4050000 |
|  <br> Net asset value | $24.57 | $24.31 | $24.14 |
|  <br> Shares authorized | Unlimited | Unlimited | Unlimited |
|  <br> Par value |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $222097423 | $179482280 | $104553887 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $1314764 | $1191388 | $160840 |

---

*See notes to financial statements.* 

106 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec<br>2022 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2023 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2024 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2025 Term<br>Muni Bond<br>ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $63710 | $11473 | $18792 | $9204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 5441099 | 5271741 | 4218570 | 2593709 |
|  <br> Total investment income | 5504809 | 5283214 | 4237362 | 2602913 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 724781 | 724679 | 603136 | 423340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |  |  |
|  <br> Total expenses | 724998 | 724896 | 603136 | 423340 |
|  <br> Net investment income | 4779811 | 4558318 | 3634226 | 2179573 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (64820) | (39606) | (16418) | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 4908 | 266 | 330 | 96 |
|  | (59912) | (39340) | (16088) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (3311634) | (10987665) | (16971254) | (17069417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (18) |  | (9) |  |
|  | (3311652) | (10987665) | (16971263) | (17069417) |
|  <br> Net realized and unrealized loss | (3371564) | (11027005) | (16987351) | (17069717) |
|  <br> NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1408247 | $(6468687) | $(13353125) | $(14890144) |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 107

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec<br>2026 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2027 Term<br>Muni Bond<br>ETF | iShares<br>iBonds Dec<br>2028 Term<br>Muni Bond<br>ETF |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $7240 | $9112 | $4188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1663312 | 1451218 | 1078567 |
|  <br> Total investment income | 1670552 | 1460330 | 1082755 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 299135 | 183030 | 143437 |
|  <br> Total expenses | 299135 | 183030 | 143437 |
|  <br> Net investment income | 1371417 | 1277300 | 939318 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (202098) | (8485) | (10342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 278 | 348 | (201) |
|  | (201820) | (8137) | (10543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (14541895) | (10458420) | (9129516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (6) |  | (7) |
|  | (14541901) | (10458420) | (9129523) |
|  <br> Net realized and unrealized loss | (14743721) | (10466557) | (9140066) |
|  <br> NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(13372304) | $(9189257) | $(8200748) |

---

*See notes to financial statements.* 

108 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2022 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2022 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2023 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2023 Term<br>Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4779811 | $4669814 | $4558318 | $3591126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (59912) | 4697 | (39340) | (2551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3311652) | (3578887) | (10987665) | (2371071) |
|  <br> Net increase (decrease) in net assets resulting from operations | 1408247 | 1095624 | (6468687) | 1217504 |
|  **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup>  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (4660420) | (4579553) | (4402542) | (3555641) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 33656716 | 26361381 | 164108809 | 62734199 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 30404543 | 22877452 | 153237580 | 60396062 |
|  Beginning of year | 379106731 | 356229279 | 336474724 | 276078662 |
|  <br> End of year | $409511274 | $379106731 | $489712304 | $336474724 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 109

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2024 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2024 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2025 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2025 Term<br>Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3634226 | $1952590 | $2179573 | $1107607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (16088) | 343 | (300) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16971263) | (1200840) | (17069417) | (996091) |
|  <br> Net increase (decrease) in net assets resulting from operations | (13353125) | 752093 | (14890144) | 111338 |
|  **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (3252271) | (1922743) | (1962656) | (1083369) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 279449453 | 64837544 | 146374083 | 64441736 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 262844057 | 63666894 | 129521283 | 63469705 |
|  Beginning of period | 243233327 | 179566433 | 182490346 | 119020641 |
|  <br> End of period | $506077384 | $243233327 | $312011629 | $182490346 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

110 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>iBonds Dec 2026 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2026 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2027 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2027 Term<br>Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1371417 | $639208 | $1277300 | $441621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (201820) | 41109 | (8137) | (893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14541901) | (581422) | (10458420) | (362379) |
|  <br> Net increase (decrease) in net assets resulting from operations | (13372304) | 98895 | (9189257) | 78349 |
|  **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup>  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1245087) | (601032) | (1087220) | (428577) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 102749159 | 60707292 | 121047488 | 24465240 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 88131768 | 60205155 | 110771011 | 24115012 |
|  Beginning of year | 123201666 | 62996511 | 61802248 | 37687236 |
|  <br> End of year | $211333434 | $123201666 | $172573259 | $61802248 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 111

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | iShares<br>iBonds Dec 2028 Term<br>Muni Bond ETF | iShares<br>iBonds Dec 2028 Term<br>Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $939318 | $682129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (10543) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9129523) | (391177) |
|  <br> Net increase (decrease) in net assets resulting from operations | (8200748) | 290905 |
|  **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup>  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (895195) | (668473) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 35120500 | 20585468 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 26024557 | 20207900 |
|  Beginning of year | 71733252 | 51525352 |
|  <br> End of year | $97757809 | $71733252 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

112 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2022 Term Muni Bond ETF | iShares iBonds Dec 2022 Term Muni Bond ETF | iShares iBonds Dec 2022 Term Muni Bond ETF | iShares iBonds Dec 2022 Term Muni Bond ETF | iShares iBonds Dec 2022 Term Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $26.15 | $26.39 | $26.16 | $25.29 | $25.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.31 | 0.33 | 0.38 | 0.41 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.24) | (0.25) | 0.23 | 0.86 | (0.70) |
|  <br> Net increase (decrease) from investment operations | 0.07 | 0.08 | 0.61 | 1.27 | (0.31) |
|  <br> Distributions from net investment income<sup>(c)</sup> | (0.30) | (0.32) | (0.38) | (0.40) | (0.37) |
|  <br> **Net asset value, end of year** | $25.92 | $26.15 | $26.39 | $26.16 | $25.29 |
|  **Total Return**<sup>(d)</sup>  |  |  |  |  |  |
|  Based on net asset value | 0.32% | 0.27% | 2.33% | 5.04% | (1.18)% |
|  **Ratios to Average Net Assets**<sup>(e)</sup>  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  <br> Net investment income | 1.19% | 1.24% | 1.43% | 1.56% | 1.52% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $409511 | $379107 | $356229 | $329633 | $232703 |
|  <br> Portfolio turnover rate<sup>(f)</sup>  | 87% | 0 %<sup>(g)</sup> | 0 %<sup>(g)</sup> | 0 %<sup>(g)</sup> | 0 %<sup>(g)</sup> |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 113

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2023 Term Muni Bond ETF | iShares iBonds Dec 2023 Term Muni Bond ETF | iShares iBonds Dec 2023 Term Muni Bond ETF | iShares iBonds Dec 2023 Term Muni Bond ETF | iShares iBonds Dec 2023 Term Muni Bond ETF |
|  | <br> Year Ended<br>10/31/22 | <br> Year Ended<br>10/31/21 | <br> Year Ended<br>10/31/20 | <br> Year Ended<br>10/31/19 | <br> Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $25.98 | $26.17 | $25.79 | $24.68 | $25.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.29 | 0.30 | 0.39 | 0.45 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.75) | (0.19) | 0.38 | 1.10 | (0.78) |
|  <br> Net increase (decrease) from investment operations | (0.46) | 0.11 | 0.77 | 1.55 | (0.35) |
|  <br> Distributions from net investment income<sup>(c)</sup>  | (0.28) | (0.30) | (0.39) | (0.44) | (0.38) |
|  **Net asset value, end of year** | $25.24 | $25.98 | $26.17 | $25.79 | $24.68 |
|  **Total Return**<sup>(d)</sup>  |  |  |  |  |  |
|  Based on net asset value | (1.76)% | 0.43% | 3.02% | 6.31% | (1.37)% |
|  **Ratios to Average Net Assets**<sup>(e)</sup>  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  <br> Net investment income | 1.13% | 1.15% | 1.49% | 1.75% | 1.72% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $489712 | $336475 | $276079 | $215376 | $115977 |
|  <br> Portfolio turnover rate<sup>(f)</sup>  | 1% | 0 %<sup>(g)</sup> | 1% | 0 %<sup>(g)</sup> | 0 %<sup>(g)</sup> |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

114 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2024 Term Muni Bond ETF | iShares iBonds Dec 2024 Term Muni Bond ETF | iShares iBonds Dec 2024 Term Muni Bond ETF | iShares iBonds Dec 2024 Term Muni Bond ETF | iShares iBonds Dec 2024 Term Muni Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Period From<br> 03/20/18to 10/31/18<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $26.88 | $27.00 | $26.38 | $24.90 | $24.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.28 | 0.24 | 0.36 | 0.48 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.41) | (0.12) | 0.62 | 1.48 | (0.15) |
|  <br> Net increase (decrease) from investment operations | (1.13) | 0.12 | 0.98 | 1.96 | 0.17 |
|  **Distributions**<sup>(d)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.25) | (0.24) | (0.36) | (0.48) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.00)<sup>(e)</sup> |  |  |
|  <br> Total distributions | (0.25) | (0.24) | (0.36) | (0.48) | (0.25) |
|  **Net asset value, end of period** | $25.50 | $26.88 | $27.00 | $26.38 | $24.90 |
|  **Total Return**<sup>(f)</sup>  |  |  |  |  |  |
|  Based on net asset value | (4.20)% | 0.42% | 3.75% | 7.91% | 0.70 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets**<sup>(h)</sup>  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(i)</sup> |
|  <br> Net investment income | 1.08% | 0.90% | 1.35% | 1.85% | 2.08 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $506077 | $243233 | $179566 | $104214 | $23654 |
|  <br> Portfolio turnover rate<sup>(j)</sup>  | 0% | 0% | 0 %<sup>(k)</sup> | 0 %<sup>(k)</sup> | 0 %<sup>(k)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Rounds to less than $0.01. 

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(k)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 115

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2025 Term Muni Bond ETF | iShares iBonds Dec 2025 Term Muni Bond ETF | iShares iBonds Dec 2025 Term Muni Bond ETF | iShares iBonds Dec 2025 Term Muni Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 11/13/18to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $27.86 | $28.00 | $27.13 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.25 | 0.20 | 0.34 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.00) | (0.13) | 0.88 | 2.08 |
|  <br> Net increase (decrease) from investment operations | (1.75) | 0.07 | 1.22 | 2.54 |
|  <br> Distributions from net investment income<sup>(d)</sup>  | (0.22) | (0.21) | (0.35) | (0.41) |
|  <br> **Net asset value, end of period** | $25.89 | $27.86 | $28.00 | $27.13 |
|  **Total Return**<sup>(e)</sup>  |  |  |  |  |
|  Based on net asset value | (6.31)% | 0.23% | 4.53% | 10.22 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets** |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
|  <br> Net investment income | 0.93% | 0.73% | 1.21% | 1.76 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $312012 | $182490 | $119021 | $43407 |
|  <br> Portfolio turnover rate<sup>(h)</sup>  | 0% | 0 %<sup>(i)</sup> | 0 %<sup>(i)</sup> | 0 %<sup>(i)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(i)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

116 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2026 Term Muni Bond ETF | iShares iBonds Dec 2026 Term Muni Bond ETF | iShares iBonds Dec 2026 Term Muni Bond ETF | iShares iBonds Dec 2026 Term Muni Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 04/02/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $26.78 | $26.81 | $25.89 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.21 | 0.18 | 0.30 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.23) | (0.03) | 0.92 | 0.87 |
|  <br> Net increase (decrease) from investment operations | (2.02) | 0.15 | 1.22 | 1.08 |
|  <br> Distributions from net investment income<sup>(d)</sup>  | (0.19) | (0.18) | (0.30) | (0.19) |
|  <br> **Net asset value, end of period** | $24.57 | $26.78 | $26.81 | $25.89 |
|  **Total Return**<sup>(e)</sup>  |  |  |  |  |
|  Based on net asset value | (7.55)% | 0.54% | 4.80% | 4.28 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets**<sup>(g)</sup>  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(h)</sup> |
|  <br> Net investment income | 0.83% | 0.66% | 1.13% | 1.42 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $211333 | $123202 | $62997 | $20711 |
|  <br> Portfolio turnover rate<sup>(i)</sup>  | 2% | 2% | 0% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 117

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2027 Term Muni Bond ETF | iShares iBonds Dec 2027 Term Muni Bond ETF | iShares iBonds Dec 2027 Term Muni Bond ETF | iShares iBonds Dec 2027 Term Muni Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 04/09/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $26.87 | $26.92 | $25.97 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.32 | 0.24 | 0.33 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.62) | (0.05) | 0.95 | 0.95 |
|  <br> Net increase (decrease) from investment operations | (2.30) | 0.19 | 1.28 | 1.17 |
|  <br> Distributions from net investment income<sup>(d)</sup>  | (0.26) | (0.24) | (0.33) | (0.20) |
|  <br> **Net asset value, end of period** | $24.31 | $26.87 | $26.92 | $25.97 |
|  **Total Return**<sup>(e)</sup>  |  |  |  |  |
|  Based on net asset value | (8.60)% | 0.72% | 5.00% | 4.63 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets**<sup>(g)</sup>  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(h)</sup> |
|  <br> Net investment income | 1.26% | 0.89% | 1.24% | 1.53 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $172573 | $61802 | $37687 | $16877 |
|  <br> Portfolio turnover rate<sup>(i)</sup>  | 0% | 0 %<sup>(j)</sup> | 0% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

118 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares iBonds Dec 2028 Term Muni Bond ETF | iShares iBonds Dec 2028 Term Muni Bond ETF | iShares iBonds Dec 2028 Term Muni Bond ETF | iShares iBonds Dec 2028 Term Muni Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Period From<br> 04/16/19to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $27.07 | $27.12 | $26.10 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.30 | 0.30 | 0.36 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.94) | (0.05) | 1.00 | 1.08 |
|  <br> Net increase (decrease) from investment operations | (2.64) | 0.25 | 1.36 | 1.29 |
|  <br> Distributions from net investment income<sup>(d)</sup>  | (0.29) | (0.30) | (0.34) | (0.19) |
|  <br> **Net asset value, end of period** | $24.14 | $27.07 | $27.12 | $26.10 |
|  **Total Return**<sup>(e)</sup>  |  |  |  |  |
|  Based on net asset value | (9.82)% | 0.90% | 5.26% | 5.15 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets**<sup>(g)</sup>  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(h)</sup> |
|  <br> Net investment income | 1.18% | 1.08% | 1.33% | 1.49 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $97758 | $71733 | $51525 | $24796 |
|  <br> Portfolio turnover rate<sup>(i)</sup>  | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 119

------

*Notes to Financial Statements*

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  iBonds Dec 2022 Term Muni Bond | Diversified |
|  iBonds Dec 2023 Term Muni Bond | Diversified |
|  iBonds Dec 2024 Term Muni Bond | Diversified |
|  iBonds Dec 2025 Term Muni Bond | Diversified |
|  iBonds Dec 2026 Term Muni Bond | Diversified |
|  iBonds Dec 2027 Term Muni Bond | Diversified |
|  iBonds Dec 2028 Term Muni Bond | Diversified |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows

120 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

N O T E S T O F I N A N C I A L S T A T E M E N T S 121

------

*Notes to Financial Statements* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF*<br>| *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  iBonds Dec 2022 Term Muni Bond | $2175211 | $3393396 | $— |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Purchases* | *Sales* |
|  <br> iBonds Dec 2022 Term Muni Bond | $&nbsp;&nbsp;&nbsp;&nbsp;308822382 | $&nbsp;&nbsp;&nbsp;&nbsp;343312196 |
|  iBonds Dec 2023 Term Muni Bond | 136793779 | 4046464 |
|  iBonds Dec 2024 Term Muni Bond | 286682795 | 577567 |
|  iBonds Dec 2025 Term Muni Bond | 152040183 | 5406 |
|  iBonds Dec 2026 Term Muni Bond | 110608532 | 4073477 |
|  iBonds Dec 2027 Term Muni Bond | 122023886 | 225194 |
|  iBonds Dec 2028 Term Muni Bond | 37317328 | 138340 |

---

There were no in-kind transactions for the year ended October 31, 2022.

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to undistributed capital gains were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  iBonds Dec 2026 Term Muni Bond | $28758 | $(28758) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* <br>| *Year Ended<br>10/31/22*  | *Year Ended<br>10/31/21*  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> iBonds Dec 2022 Term Muni Bond<br>Tax-exempt income | $4660248 | $4579334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | 172 | 219 |
|  | $4660420 | $4579553 |
|  iBonds Dec 2023 Term Muni Bond<br>Tax-exempt income | $4402542 | $3555641 |

---

122 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* <br>| *Year Ended<br>10/31/22*  | *Year Ended<br>10/31/21*  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> iBonds Dec 2024 Term Muni Bond<br>Tax-exempt income | $3251981 | $1922500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | 290 | 243 |
|  | $3252271 | $1922743 |
| &nbsp;&nbsp;&nbsp;&nbsp; iBonds Dec 2025 Term Muni Bond<br>Tax-exempt income | $1962320 | $1083369 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Ordinary income | 336 |  |
|  | $1962656 | $1083369 |
| &nbsp;&nbsp;&nbsp;&nbsp; iBonds Dec 2026 Term Muni Bond<br>Tax-exempt income | $1232856 | $601032 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Ordinary income | 12231 |  |
|  | $1245087 | $601032 |
| &nbsp;&nbsp;&nbsp;&nbsp; iBonds Dec 2027 Term Muni Bond<br>Tax-exempt income | $1087220 | $428577 |
| &nbsp;&nbsp;&nbsp;&nbsp; iBonds Dec 2028 Term Muni Bond<br>Tax-exempt income | $895191 | $668473 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Ordinary income | 4 |  |
|  | $895195 | $668473 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* <br>| *Undistributed*<br>*Ordinary Income*  | *Non-expiring*<br>*Capital Loss*<br>*Carryforwards* <br>*<sup>(a)</sup>*  | *Net Unrealized*<br>*Gains (Losses)* <br>*<sup>(b)</sup>*  | *Total*  |
|  <br> iBonds Dec 2022 Term Muni Bond | $620915 | $(69671) | $(111919) | $439325 |
|  iBonds Dec 2023 Term Muni Bond | 473056 | (41991) | (5666496) | (5235431) |
|  iBonds Dec 2024 Term Muni Bond | 556989 | (15753) | (13056792) | (12515556) |
|  iBonds Dec 2025 Term Muni Bond | 313547 |  | (15047827) | (14734280) |
|  iBonds Dec 2026 Term Muni Bond | 211105 | (201606) | (14046991) | (14037492) |
|  iBonds Dec 2027 Term Muni Bond | 230855 | (1825) | (10001798) | (9772768) |
|  iBonds Dec 2028 Term Muni Bond | 107352 | (10611) | (8198027) | (8101286) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

For the year ended October 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Utilized* |
|  iBonds Dec 2025 Term Muni Bond<br>| $28  |

---

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* <br>| *Tax Cost*  | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  <br> iBonds Dec 2022 Term Muni Bond | $&nbsp;&nbsp;&nbsp;&nbsp;420249414 | $45 | $(111964) | $(111919) |
|  iBonds Dec 2023 Term Muni Bond | 489808903 | 55 | (5666551) | (5666496) |
|  iBonds Dec 2024 Term Muni Bond | 513199177 | 750 | (13057542) | (13056792) |
|  iBonds Dec 2025 Term Muni Bond | 323801567 | 2267 | (15050094) | (15047827) |
|  iBonds Dec 2026 Term Muni Bond | 223412441 | 8228 | (14055219) | (14046991) |
|  iBonds Dec 2027 Term Muni Bond | 180680876 | 3446 | (10005244) | (10001798) |
|  iBonds Dec 2028 Term Muni Bond | 104714856 | 3023 | (8201050) | (8198027) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 123

------

*Notes to Financial Statements* (continued)

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

124 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF*<br>| *Shares* | *Amount* | *Shares* | *Amount* |
|  <br> iBonds Dec 2022 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3450000 | $89386269 | 1300000 | $34238031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2150000) | (55729553) | (300000) | (7876650) |
|  | 1300000 | $33656716 | 1000000 | $26361381 |
|  iBonds Dec 2023 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6800000 | $172974951 | 2400000 | $62734199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (350000) | (8866142) |  |  |
|  | 6450000 | $164108809 | 2400000 | $62734199 |
|  iBonds Dec 2024 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10850000 | $280775548 | 2400000 | $64837544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (1326095) |  |  |
|  | 10800000 | $279449453 | 2400000 | $64837544 |
|  iBonds Dec 2025 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5600000 | $149014398 | 2350000 | $65849082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2640315) | (50000) | (1407346) |
|  | 5500000 | $146374083 | 2300000 | $64441736 |
|  iBonds Dec 2026 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4000000 | $102749159 | 2250000 | $60707292 |
|  iBonds Dec 2027 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4800000 | $121047488 | 900000 | $24465240 |
|  iBonds Dec 2028 Term Muni Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1550000 | $38871360 | 750000 | $20585468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (150000) | (3750860) |  |  |
|  | 1400000 | $35120500 | 750000 | $20585468 |

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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

**Planned Fund Liquidation:** In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2022 Term Muni Bond ETF ceased trading after the close of business on December 1, 2022, when all of the bonds included in the Fund's underlying index matured. Proceeds of the liquidation were sent to shareholders on December 7, 2022.

N O T E S T O F I N A N C I A L S T A T E M E N T S 125

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the seven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares iBonds Dec 2022 Term Muni Bond ETF iShares iBonds Dec 2023 Term Muni Bond ETF iShares iBonds Dec 2024 Term Muni Bond ETF iShares iBonds Dec 2025 Term Muni Bond ETF iShares iBonds Dec 2026 Term Muni Bond ETF iShares iBonds Dec 2027 Term Muni Bond ETF iShares iBonds Dec 2028 Term Muni Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF*<br>| *Interest Dividends* |
|  iBonds Dec 2022 Term Muni Bond | $172 |
|  iBonds Dec 2024 Term Muni Bond | 289 |
|  iBonds Dec 2028 Term Muni Bond | 4 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Interest-Related<br>Dividends* |
|  iBonds Dec 2022 Term Muni Bond | $172 |
|  iBonds Dec 2024 Term Muni Bond | 289 |
|  iBonds Dec 2028 Term Muni Bond | 4 |

---

I M P O R T A N T T A X I N F O R M A T I O N 127

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Board Review and Approval of Investment Advisory Contract

**iShares iBonds Dec 2022 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, , iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Muni Bond ETFiShares, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Muni Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged

BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 129

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* <br>| *Net<br>Investment<br>Income*  | *Net Realized<br>Capital Gains* | *Return of<br>Capital*  | *Total Per<br>Share*  | *Net<br>Investment<br>Income*  | *Net Realized<br>Capital Gains* | *Return of<br>Capital*  | *Total Per* <br> *Share*  |
|  iBonds Dec 2022 Term Muni Bond | $0.303198 | $— | $— | $0.303198 | 100% | —% | — % | 100% |
|  iBonds Dec 2023 Term Muni Bond<sup>(a)</sup>  | 0.281568 |  | 0.000570 | 0.282138 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2024 Term Muni Bond | 0.251050 |  |  | 0.251050 | 100 |  |  | 100 |
|  iBonds Dec 2025 Term Muni Bond | 0.216904 |  |  | 0.216904 | 100 |  |  | 100 |
|  iBonds Dec 2026 Term Muni Bond | 0.191077 |  |  | 0.191077 | 100 |  |  | 100 |
|  iBonds Dec 2027 Term Muni Bond<sup>(a)</sup>  | 0.263448 |  | 0.001029 | 0.264477 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2028 Term Muni Bond<sup>(a)</sup>  | 0.289128 |  | 0.001448 | 0.290576 | 100 |  | 0 <sup>(b)</sup> | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52<sup>nd</sup> Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> <br> (65) | Trustee<br>(since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup><br> (52) | Trustee<br>(since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

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<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
| John E. Kerrigan (67) | Trustee<br>(since 2005);<br>Independent Board Chair<br>(since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin<br> (66) | Trustee<br>(since 2015);<br>Risk Committee Chair<br>(since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani<br> (67) | Trustee<br>(since 2017);<br>Audit Committee Chair<br>(since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 131

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
| Cecilia H. Herbert<br> (73) | Trustee<br>(since 2005);<br>Nominating and Governance and Equity Plus Committee Chairs<br>(since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton<br> (63) | Trustee<br>(since 2017);<br>15(c) Committee Chair<br>(since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez<br> (61) | Trustee<br>(since 2003);<br>Securities Lending Committee Chair<br>(since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan<br> (58) | Trustee<br>(since 2011);<br>Fixed-Income Plus Committee Chair<br>(since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |

---

---

| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra<br> (51) | President<br>(since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker<br> (48) | Treasurer and Chief Financial Officer<br>(since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park<br> (55) | Chief Compliance Officer<br>(since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland<br> (42) | Secretary<br>(since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre<br> (40) | Executive Vice President<br>(since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui<br> (46) | Executive Vice President<br>(since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro<br> (52) | Executive Vice President<br>(since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

---

132 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 133

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

134 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | Ambac Assurance Corp. |
| BAM | Build America Mutual Assurance Co. |
| COP | Certificates of Participation |
| ETM | Escrowed to Maturity |
| GO | General Obligation |
| GOL | General Obligation Limited |
| GTD | Guaranteed |
| HERBIP | Higher Education Revenue Bond Intercept Program |
| MO | Moral Obligation |
| NPFGC | National Public Finance Guarantee Corp. |
| PR | Prerefunded |
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Bond Loan Fund |
| RB | Revenue Bond |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SCH BD GTY | School Board Guaranty |
| SCH BD RES FD | School Board Resolution Fund |
| SCSDE | South Carolina State Department of Education |
| ST | Special Tax |
| TA | Tax Allocation |

---

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 135

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

<sup>©</sup>2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1015-1022

---

| | |
|:---|:---|
| ![LOGO](g397657g24u50.jpg)  | ![LOGO](g397657g48v93.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g397673g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**<br>

**iShares Trust** 

· iShares iBonds Dec 2022 Term Treasury ETF \| IBTB \| NASDAQ

· iShares iBonds Dec 2023 Term Treasury ETF \| IBTD \| NASDAQ

· iShares iBonds Dec 2024 Term Treasury ETF \| IBTE \| NASDAQ

· iShares iBonds Dec 2025 Term Treasury ETF \| IBTF \| NASDAQ

· iShares iBonds Dec 2026 Term Treasury ETF \| IBTG \| NASDAQ

· iShares iBonds Dec 2027 Term Treasury ETF \| IBTH \| NASDAQ

· iShares iBonds Dec 2028 Term Treasury ETF \| IBTI \| NASDAQ

· iShares iBonds Dec 2029 Term Treasury ETF \| IBTJ \| NASDAQ

· iShares iBonds Dec 2030 Term Treasury ETF \| IBTK \| NASDAQ

· iShares iBonds Dec 2031 Term Treasury ETF \| IBTL \| NASDAQ

· iShares iBonds Dec 2032 Term Treasury ETF \| IBTM \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397673sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397673photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | <br> (5.50)% | <br> (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | <br> (0.20)  | <br> (18.54)  |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities (MSCI Europe, Australasia, Far East Index) | <br> (12.70)  | <br> (23.00)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market<br>equities (MSCI Emerging Markets Index) | <br> (19.66)  | <br> (31.03)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills (ICE BofA 3-Month<br>U.S. Treasury Bill Index) | <br> 0.72  | <br> 0.79  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities (ICE BofA 10-Year<br>U.S. Treasury Index) | <br> (8.24)  | <br> (17.68)  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg<br>U.S. Aggregate Bond Index) | <br> (6.86)  | <br> (15.68)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | <br> (4.43)  | <br> (11.98)  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | <br> (4.71)  | <br> (11.76)  |

---

<u> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</u>

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx397673_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397673_2) | 4 |
|  [Fund Summary](#tx397673_3) | 5 |
|  [About Fund Performance](#tx397673_4) | 26 |
|  [Disclosure of Expenses](#tx397673_5) | 26 |
|  [Schedules of Investments](#tx397673_6) | 27 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397673_7) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397673_8) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397673_9) | 44 |
|  [Financial Highlights](#tx397673_10) | 50 |
|  [Notes to Financial Statements](#tx397673_11) | 61 |
|  [Report of Independent Registered Public Accounting Firm](#tx397673_12) | 70 |
|  [Important Tax Information](#tx397673_13) | 71 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397673_14) | 72 |
|  [Supplemental Information](#tx397673_15) | 76 |
|  [Trustee and Officer Information](#tx397673_16) | 77 |
|  [General Information](#tx397673_17) | 80 |

---

------

Market Overview

**iShares Trust** 

**U. S. Treasury Bond Market Overview** 

U. S. Treasuries experienced sizable price declines in the 12 months ended October 31, 2022 ("reporting period"). The ICE BofA 1 – 10 Year U.S. Treasury Index, which tracks short- and intermediate-maturity U.S. Treasuries, returned -8.96%%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on the U.S. Treasury market. The yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. At its peak on October 24, the 10-year note traded with its highest yield in nearly 15 years. These movements caused the yield curve to invert significantly over the last four months of the reporting period, a relatively rare scenario in which short-term yields trade above those on longer-term debt. The curve moved to its largest inversion since 1982 in late September, with the two-year trading with a yield more than half a percentage point above the 10-year. In the past, inversions have often—but not always—been a precursor to a recession. The past year was also notable for the extraordinarily high level of volatility. In fact, U.S. Treasuries suffered their highest volatility since the 2008 financial crisis based on the ICE BofA MOVE Index. Another unusual development was the extent of the market's decline: as of the end of October, Treasuries were on pace for one of their worst showings in a calendar year in history. Together, these factors help illustrate the atypical and difficult nature of market environment over the past 12 months.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2022 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represented by the ICE 2022 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | 0.48% | 1.10% | 0.48% | 2.99% |
|  Fund Market | 0.40 | 1.10 | 0.40 | 2.99 |
|  Index | 0.54 | 1.19 | 0.54 | 3.21 |

---

![LOGO](g397673g74l45.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2022 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1007.40 | $0.20 | $1000.00 | $1025.00 | $0.20 | 0.04% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 22.4% |
|  Short-Term and Other Assets | 77.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 2.00%, 11/30/22 | 7.2% |
|  U.S. Treasury Note/Bond, 1.63%, 11/15/22 | 6.7 |
|  U.S. Treasury Note/Bond, 1.63%, 12/15/22 | 4.5 |
|  U.S. Treasury Note/Bond, 0.13%, 11/30/22 | 4.0 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2023 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (2.39)% | 0.18% | (2.39)% | 0.49% |
|  Fund Market | (2.37) | 0.22 | (2.37) | 0.59 |
|  Index | (2.34) | 0.25 | (2.34) | 0.67 |

---

![LOGO](g397673g43l91.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $996.40 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 96.6% |
|  Short-Term and Other Assets | 3.4 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 0.13%, 06/30/23 | 8.8% |
|  U.S. Treasury Note/Bond, 2.88%, 11/30/23 | 8.4 |
|  U.S. Treasury Note/Bond, 0.25%, 09/30/23 | 7.6 |
|  U.S. Treasury Note/Bond, 2.50%, 08/15/23 | 7.4 |
|  U.S. Treasury Note/Bond, 2.75%, 05/31/23 | 6.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2024 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (5.43)% | (0.97)% | (5.43)% | (2.59)% |
|  Fund Market | (5.44) | (0.96) | (5.44) | (2.56) |
|  Index | (5.41) | (0.93) | (5.41) | (2.48) |

---

![LOGO](g397673g22t61.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $984.60 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 97.1% |
|  Not Rated | 2.3 |
|  Short-Term and Other Assets | 0.6 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 2.25%, 04/30/24 | 10.8% |
|  U.S. Treasury Note/Bond, 0.38%, 09/15/24 | 10.7 |
|  U.S. Treasury Note/Bond, 1.50%, 09/30/24 | 7.6 |
|  U.S. Treasury Note/Bond, 0.25%, 03/15/24 | 7.5 |
|  U.S. Treasury Note/Bond, 0.75%, 11/15/24 | 5.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2025 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (7.64)% | (2.03)% | (7.64)% | (5.35)% |
|  Fund Market | (7.66) | (2.02) | (7.66) | (5.33) |
|  Index | (7.62) | (1.99) | (7.62) | (5.25) |

---

![LOGO](g397673g72v23.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $975.80 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 99.1% |
|  Short-Term and Other Assets | 0.9 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 2.75%, 05/15/25 | 10.8% |
|  U.S. Treasury Note/Bond, 0.25%, 08/31/25 | 7.8 |
|  U.S. Treasury Note/Bond, 3.00%, 10/31/25 | 7.6 |
|  U.S. Treasury Note/Bond, 2.88%, 06/15/25 | 7.0 |
|  U.S. Treasury Note/Bond, 1.50%, 02/15/25 | 6.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2026 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (9.70)% | (2.94)% | (9.70)% | (7.70)% |
|  Fund Market | (9.75) | (2.93) | (9.75) | (7.67) |
|  Index | (9.69) | (2.92) | (9.69) | (7.64) |

---

![LOGO](g397673g40h46.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $964.90 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 99.0% |
|  Short-Term and Other Assets | 1 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 0.88%, 06/30/26 | 21.9% |
|  U.S. Treasury Note/Bond, 0.75%, 05/31/26 | 13.7 |
|  U.S. Treasury Note/Bond, 0.75%, 08/31/26 | 8.8 |
|  U.S. Treasury Note/Bond, 0.75%, 03/31/26 | 7.4 |
|  U.S. Treasury Note/Bond, 1.50%, 08/15/26 | 6.7 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2027 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since<br>Inception* |
|  <br> Fund NAV | <br> (11.18)%  | <br> (3.81)%  | <br> (11.18)%  | <br> (9.90)%  |
|  <br> Fund Market | <br> (11.22)  | <br> (3.80)  | <br> (11.22)  | <br> (9.87)  |
|  <br> Index | <br> (11.20)  | <br> (3.77)  | <br> (11.20)  | <br> (9.77)  |

---

![LOGO](g397673g77x82.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $957.30 | $0.35 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 15

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> Aaa | <br> 99.3%  |
|  <br> Short-Term and Other Assets | <br> 0.7 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> U.S. Treasury Note/Bond, 2.38%, 05/15/27 | <br> 10.1%  |
|  <br> U.S. Treasury Note/Bond, 1.50%, 01/31/27 | <br> 9.0 |
|  <br> U.S. Treasury Note/Bond, 2.25%, 08/15/27 | <br> 8.7 |
|  <br> U.S. Treasury Note/Bond, 0.50%, 10/31/27 | <br> 7.7 |
|  <br> U.S. Treasury Note/Bond, 3.25%, 06/30/27 | <br> 7.5 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2028 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  <br> Fund NAV | <br> (12.70)%  | <br> (4.54)%  | <br> (12.70)%  | <br> (11.73)%  |
|  <br> Fund Market | <br> (12.73)  | <br> (4.54)  | <br> (12.73)  | <br> (11.72)  |
|  <br> Index | <br> (12.69)  | <br> (4.51)  | <br> (12.69)  | <br> (11.61)  |

---

![LOGO](g397673g50n10.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $947.60 | $0.34 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 17

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued)<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> Aaa | 99.3% |
|  <br> Short-Term and Other Assets | 0.7 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> U.S. Treasury Note/Bond, 2.88%, 05/15/28 | <br> 10.4%  |
|  <br> U.S. Treasury Note/Bond, 2.88%, 08/15/28 | <br> 8.8 |
|  <br> U.S. Treasury Note/Bond, 1.13%, 08/31/28 | <br> 8.4 |
|  <br> U.S. Treasury Note/Bond, 1.25%, 06/30/28 | <br> 8.1 |
|  <br> U.S. Treasury Note/Bond, 1.00%, 07/31/28 | <br> 7.8 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2029 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  <br> Fund NAV | <br> (13.72)%  | <br> (4.98)%  | <br> (13.72)%  | <br> (12.82)%  |
|  <br> Fund Market | <br> (13.78)  | <br> (4.98)  | <br> (13.78)  | <br> (12.81)  |
|  <br> Index | <br> (13.74)  | <br> (4.96)  | <br> (13.74)  | <br> (12.73)  |

---

![LOGO](g397673g19y28.jpg)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $941.60 | $0.34 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 19

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> Aaa | <br> 98.7%  |
|  <br> Short-Term and Other Assets | <br> 1.3 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> U.S. Treasury Note/Bond, 2.38%, 05/15/29 | <br> 18.2%  |
|  <br> U.S. Treasury Note/Bond, 1.63%, 08/15/29 | <br> 14.6 |
|  <br> U.S. Treasury Note/Bond, 2.63%, 02/15/29 | <br> 14.5 |
|  <br> U.S. Treasury Note/Bond, 1.88%, 02/28/29 | <br> 14.0 |
|  <br> U.S. Treasury Note/Bond, 1.75%, 01/31/29 | <br> 10.5 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Treasury ETF** |

---

**Investment Objective** 

The i**Shares iBonds Dec 2030 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  <br> Fund NAV | <br> (15.69)%  | <br> (9.74)%  | <br> (15.69)%  | <br> (21.01)%  |
|  <br> Fund Market | <br> (15.71)  | <br> (9.72)  | <br> (15.71)  | <br> (20.96)  |
|  <br> Index | <br> (15.66)  | <br> (9.74)  | <br> (15.66)  | <br> (20.95)  |

---

![LOGO](g397673g92g54.jpg)

The inception date of the Fund was July 14, 2020. The first day of secondary market trading was July 16, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $933.20 | $0.34 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 21

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Treasury ETF** |

---

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> Aaa | <br> 98.8%  |
|  <br> Short-Term and Other Assets | <br> 1.2 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* <br>| <br> *Percent of<br>Net Assets* |
|  <br> U.S. Treasury Note/Bond, 0.88%, 11/15/30 | <br> 30.6%  |
|  <br> U.S. Treasury Note/Bond, 0.63%, 08/15/30 | <br> 28.3 |
|  <br> U.S. Treasury Note/Bond, 0.63%, 05/15/30 | <br> 22.7 |
|  <br> U.S. Treasury Note/Bond, 1.50%, 02/15/30 | <br> 17.2 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

**iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Treasury ETF**

**Investment Objective** 

The **iShares iBonds Dec 2031 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  <br> Fund NAV | <br> (16.73)%  | <br> (13.63)%  | <br> (16.73)%  | <br> (17.40)%  |
|  <br> Fund Market | <br> (16.79)  | <br> (13.63)  | <br> (16.79)  | <br> (17.39)  |
|  <br> Index | <br> (16.68)  | <br> (13.64)  | <br> (16.68)  | <br> (17.33)  |

---

![LOGO](g397673g50t30.jpg)

The inception date of the Fund was July 13, 2021. The first day of secondary market trading was July 15, 2021.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual  | Actual  | Actual  | Hypothetical 5% Return  | Hypothetical 5% Return  | Hypothetical 5% Return  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $926.80 | $0.34 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 23

------

(continued) **iShares** <sup>®</sup> **iBonds** <sup>®</sup> **Dec 2031 Term Treasury ETF** 

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 98.6% |
|  Short-Term and Other Assets | 1.4 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 1.38%, 11/15/31 | 25.2% |
|  U.S. Treasury Note/Bond, 1.25%, 08/15/31 | 25.1 |
|  U.S. Treasury Note/Bond, 1.63%, 05/15/31 | 24.7 |
|  U.S. Treasury Note/Bond, 1.13%, 02/15/31 | 23.5 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Treasury ETF** |

---

**Investment Objective** 

The **iShares iBonds Dec 2032 Term Treasury ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Treasury Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since*<br> *Inception* |
|  Fund NAV | (8.16)% |
|  Fund Market | (8.22) |
|  Index | (8.15) |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was July 6, 2022. The first day of secondary market trading was July 8, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(07/06/22)* *<br><sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $918.40 | $0.22 | $1000.00 | $1024.90 | $0.36 | 0.07% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 117/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Ratings<sup>\*</sup>* | *Percent of<br>Net Assets* |
|  Aaa | 98.7% |
|  Short-Term and Other Assets | 1.3 |

---

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  U.S. Treasury Note/Bond, 2.88%, 05/15/32 | 34.2% |
|  U.S. Treasury Note/Bond, 1.88%, 02/15/32 | 32.4 |
|  U.S. Treasury Note/Bond, 2.75%, 08/15/32 | 32.1 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

F U N D S U M M A R Y 25

------

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022<br>| **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2022 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 22.4%** | **U.S. Government Obligations — 22.4%** | **U.S. Government Obligations — 22.4%** |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/30/22 | $8205 | $8181887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/22 | 13470 | 13461862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/22 | 9050 | 9028314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/30/22 | 14535 | 14515965 |
|  |  | 45188028 |
|  **Total Long-Term Investments — 22.4%<br>(Cost: $45,234,969)** | **Total Long-Term Investments — 22.4%<br>(Cost: $45,234,969)** | 45188028 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 76.8%** | **Money Market Funds — 76.8%** | **Money Market Funds — 76.8%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;155220 | 155220000 |
|  **Total Short-Term Securities — 76.8%<br>(Cost: $155,220,000)** | **Total Short-Term Securities — 76.8%<br>(Cost: $155,220,000)** | 155220000 |
|  **Total Investments — 99.2%<br>(Cost: $200,454,969)** | **Total Investments — 99.2%<br>(Cost: $200,454,969)** | 200408028 |
|  **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 1523147 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $201931175 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $8459814 | $146760186 <sup>(a)</sup> | $– $– $– $| 155220000 | 155220 | $455465 <sup>(b)</sup> | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $45188028 | $— | $45188028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 155220000 |  |  | 155220000 |
|  | $155220000 | $45188028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $200408028 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2023 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |
| **U.S. Government Obligations — 96.6%** |  |  |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/31/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24660748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/30/23 | 50285 | 49216444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/31/23 | 32345 | 31518686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 06/30/23 | 102153 | 99172401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/31/23 | 37692 | 36443453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 08/15/23 | 10241 | 9884179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 08/31/23 | 25152 | 24210957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/23 | 274 | 262802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/23 | 59726 | 56812025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 04/15/23 | 50285 | 49357870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/23 | 88079 | 84638606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 | 1003 | 958340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/30/23 | 39696 | 37982942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/30/23 | 62908 | 61601085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/23<sup>(a)</sup>  | 54905 | 54620043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/23 | 31730 | 31265205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/23 | 43864 | 42678691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/31/23 | 76559 | 76226952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/23 | 84810 | 83375125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/23 | 78015 | 77237501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/23 | 53469 | 52773485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/31/23 | 3192 | 3140130 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares<br>(000)* | *Par/*<br> *Shares<br>(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;95584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93802511 |
|  |  |  | 1081840181 |
|  **Total Long-Term Investments — 96.6%<br>(Cost: $1,087,227,447)** | **Total Long-Term Investments — 96.6%<br>(Cost: $1,087,227,447)** | **Total Long-Term Investments — 96.6%<br>(Cost: $1,087,227,447)** | 1081840181 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)(d)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;81560 | 81560100 |
|  **Total Short-Term Securities — 7.3%<br>(Cost: $81,560,100)** | **Total Short-Term Securities — 7.3%<br>(Cost: $81,560,100)** | **Total Short-Term Securities — 7.3%<br>(Cost: $81,560,100)** | 81560100 |
|  **Total Investments — 103.9%<br>(Cost: $1,168,787,547)** | **Total Investments — 103.9%<br>(Cost: $1,168,787,547)** | **Total Investments — 103.9%<br>(Cost: $1,168,787,547)** | 1163400281 |
|  **Liabilities in Excess of Other Assets — (3.9)%** | **Liabilities in Excess of Other Assets — (3.9)%** | **Liabilities in Excess of Other Assets — (3.9)%** | (43786873) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;1119613408 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $397000 | $81163100 <sup>(a)</sup> | $– $– $– $| 81560100 | 81560 | $104923 <sup>(b)</sup> | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $1081840181 | $— | $1081840181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 81560100 |  |  | 81560100 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81560100 | $1081840181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1163400281 |

---

*See notes to financial statements.* 

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2024 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 99.4%** |  |  |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13786408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24 | 57431 | 54101608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24 | 16628 | 15499764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24 | 32462 | 30518460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24 | 4265 | 3971649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24 | 83808 | 77597604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24 | 46288 | 42914039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24 | 14495 | 13485640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/24 | 58654 | 55426117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24 | 22370 | 21041096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24 | 4568 | 4350318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24 | 38062 | 36603933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24 | 16263 | 15587417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/24 | 21330 | 20629276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24 | 81350 | 78531349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24 | 23712 | 22676357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24 | 13044 | 12666243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 43336 | 41673658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/24 | 16972 | 16531983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24 | 37340 | 36187517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24 | 29120 | 28177013 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28632 | $27948635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24 |  | 35859 | 34924900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 |  | 17374 | 16910467 |
|  |  |  | 721741451 |
|  **Total Long-Term Investments — 99.4%<br>(Cost: $732,079,002)** | **Total Long-Term Investments — 99.4%<br>(Cost: $732,079,002)** | **Total Long-Term Investments — 99.4%<br>(Cost: $732,079,002)** | 721741451 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  |  | 6958 | 6958000 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $6,958,000)** | **Total Short-Term Securities — 0.9%<br>(Cost: $6,958,000)** | **Total Short-Term Securities — 0.9%<br>(Cost: $6,958,000)** | 6958000 |
|  **Total Investments — 100.3%<br>(Cost: $739,037,002)** | **Total Investments — 100.3%<br>(Cost: $739,037,002)** | **Total Investments — 100.3%<br>(Cost: $739,037,002)** | 728699451 |
|  **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (2407470) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;726291981 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $58000 | $6900000 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6958000 | 6958 | $15540 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $721741451 | $— | $721741451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6958000 |  |  | 6958000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;6958000 | $721741451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $728699451 |

---

*See notes to financial statements* 

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2025 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |
| **U.S. Government Obligations — 99.1%** |  |  |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25 | $&nbsp;&nbsp;&nbsp;&nbsp;25550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22947094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25 | 10748 | 9641292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25 | 29553 | 26287518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25 | 1 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25 | 1811 | 1600401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25 | 10225 | 9258418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 | 24268 | 21457538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25 | 17929 | 16667667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25 | 3418 | 3166260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25 | 25120 | 23488555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25 | 19131 | 17971461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/25 | 7684 | 7368548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/25 | 12505 | 11974217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 | 38284 | 36713854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25 | 15722 | 15061568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25 | 5113 | 4912793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25 | 24755 | 23795648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 16794 | 16112864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25 | 14048 | 13529884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25 | 22221 | 21352316 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25 | $| &nbsp;&nbsp;&nbsp;&nbsp;26837 | $25756278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25 |  | 7000 | 6823906 |
|  |  |  | 335889145 |
|  **Total Long-Term Investments — 99.1%<br>(Cost: $342,169,406)** | **Total Long-Term Investments — 99.1%<br>(Cost: $342,169,406)** | **Total Long-Term Investments — 99.1%<br>(Cost: $342,169,406)** | 335889145 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> |  | 1600 | 1600000 |
|  **Total Short-Term Securities — 0.5%<br>(Cost: $1,600,000)** | **Total Short-Term Securities — 0.5%<br>(Cost: $1,600,000)** | **Total Short-Term Securities — 0.5%<br>(Cost: $1,600,000)** | 1600000 |
|  **Total Investments — 99.6%<br>(Cost: $343,769,406)** | **Total Investments — 99.6%<br>(Cost: $343,769,406)** | **Total Investments — 99.6%<br>(Cost: $343,769,406)** | 337489145 |
|  **Other Assets Less Liabilities — 0.4%.** | **Other Assets Less Liabilities — 0.4%.** | **Other Assets Less Liabilities — 0.4%.** | 1320604 |
|  **Net Assets — 100.0%.** | **Net Assets — 100.0%.** | **Net Assets — 100.0%.** | $&nbsp;&nbsp;&nbsp;&nbsp;338809749 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at*<br> *10/31/22<br>(000)* | *Income* | *Capital Gain*<br> *Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $140000 | $1460000 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1600000 | 1600 | $6510 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $335889145 | $— | $335889145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1600000 |  |  | 1600000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | $335889145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $337489145 |

---

*See notes to financial statements.* 

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2026 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |
| **U.S. Government Obligations — 99.0%** |  |  |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 | 8663 | 7619041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 1654 | 1440547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26 | 10137 | 8969838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26 | 7053 | 6223336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | 18961 | 16686245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | 12316 | 10753407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | 30223 | 26654353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26 | 2248 | 1968229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 845 | 745096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26 | 6812 | 6030305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26 | 1761 | 1576487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26 | 8999 | 8098577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/30/26 | 3510 | 3157989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/26 | 3828 | 3499538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 7195 | 6571150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/26 | 3583 | 3340308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/30/26 | 306 | 286170 |
|  |  | 120430790 |
| **Total Long-Term Investments — 99.0%<br>(Cost: $126,252,600)** |  | 120430790 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.7%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 870 | $870000 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $870,000)** | **Total Short-Term Securities — 0.7%<br>(Cost: $870,000)** | 870000 |
|  **Total Investments — 99.7%<br>(Cost: $127,122,600)** | **Total Investments — 99.7%<br>(Cost: $127,122,600)** | 121300790 |
|  **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 380142 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;121680932 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $30000 | $840000 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $870000 | 870 | $3044 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $120430790 | $— | $120430790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 870000 |  |  | 870000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | $120430790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $121300790 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2027 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | <br> *Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |  |
| **U.S. Government Obligations — 99.3%** |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | $4940747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 |  | 6200 | 5247719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 |  | 8074 | 6812184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 |  | 10590 | 8865067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27 |  | 12620 | 10497609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/27 |  | 5704 | 4868676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 |  | 4353 | 3635018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27 |  | 13802 | 12299776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27 |  | 7920 | 7165125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 |  | 6044 | 5554998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 |  | 12938 | 11808220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 |  | 8618 | 7831271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 |  | 14919 | 13737258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 |  | 5865 | 5441991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 |  | 7049 | 6605497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27 |  | 10689 | 9991897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/27 |  | 10689 | 10227393 |
|  |  |  | 135530446 |
|  **Total Long-Term Investments — 99.3%<br>(Cost: $138,280,721)** | **Total Long-Term Investments — 99.3%<br>(Cost: $138,280,721)** | **Total Long-Term Investments — 99.3%<br>(Cost: $138,280,721)** | 135530446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.1%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 190 | $190000 |
|  **Total Short-Term Securities — 0.1%<br>(Cost: $190,000)** | **Total Short-Term Securities — 0.1%<br>(Cost: $190,000)** | 190000 |
|  **Total Investments — 99.4%<br>(Cost: $138,470,721)** | **Total Investments — 99.4%<br>(Cost: $138,470,721)** | 135720446 |
|  **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | 827934 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $136548380 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $70000 | $120000 <sup>(a)</sup> | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $190000 | 190 | $1463 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $135530446 | $— | $135530446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 190000 |  |  | 190000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | $135530446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $135720446 |

---

*See notes to financial statements.* 

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2028 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | <br> *Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |  |
| **U.S. Government Obligations — 99.3%** |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28 | $| &nbsp;&nbsp;&nbsp;&nbsp;2782 | $2326506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28 |  | 3243 | 2707531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/28 |  | 2638 | 2244760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 |  | 3473 | 2913928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 |  | 2595 | 2218576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/28 |  | 1492 | 1272858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 |  | 3284 | 2790116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 |  | 2620 | 2210998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 |  | 2346 | 1991069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 |  | 2564 | 2189115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 |  | 2682 | 2488941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28 |  | 3886 | 3617354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 |  | 3274 | 3041134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 |  | 2529 | 2376583 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34389469 |
|  **Total Long-Term Investments — 99.3%<br>(Cost: $37,717,911)** | **Total Long-Term Investments — 99.3%<br>(Cost: $37,717,911)** | **Total Long-Term Investments — 99.3%<br>(Cost: $37,717,911)** | 34389469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.4%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 150 | $150000 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $150,000)** | **Total Short-Term Securities — 0.4%<br>(Cost: $150,000)** | 150000 |
|  **Total Investments — 99.7%<br>(Cost: $37,867,911)** | **Total Investments — 99.7%<br>(Cost: $37,867,911)** | 34539469 |
|  **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 97981 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;34637450 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $40000 | $110000 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $150000 | 150 | $957 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $34389469 | $— | $34389469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 150000 |  |  | 150000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | $34389469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $34539469 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2029 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | <br> *Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |  |
| **U.S. Government Obligations — 98.7%** |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 | $| 6588 | $5615324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/29 |  | 4646 | 4015160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/29 |  | 3302 | 2834862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;6156 | 5356790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 7812 | 6993319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 |  | 6107 | 5561777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/29 |  | 3273 | 2996602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 |  | 1559 | 1439977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 |  | 3273 | 3066528 |
|  |  |  | 37880339 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $40,897,179)** | **Total Long-Term Investments — 98.7%<br>(Cost: $40,897,179)** | **Total Long-Term Investments — 98.7%<br>(Cost: $40,897,179)** | &nbsp;&nbsp;&nbsp;&nbsp;37880339 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.6%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 220 | $220000 |
|  **Total Short-Term Securities — 0.6%<br>(Cost: $220,000)** | **Total Short-Term Securities — 0.6%<br>(Cost: $220,000)** | 220000 |
|  **Total Investments — 99.3%<br>(Cost: $41,117,179)** | **Total Investments — 99.3%<br>(Cost: $41,117,179)** | &nbsp;&nbsp;&nbsp;&nbsp;38100339 |
|  **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | 269876 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $38370215 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Proceeds<br>from Sale* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $180000 $40000<sup>(a)</sup> | $– $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $220000 | 220 | $1285 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $37880339 | $— | $37880339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 220000 |  |  | 220000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | $37880339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $38100339 |

---

*See notes to financial statements.* 

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2030 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 98.8%** | **U.S. Government Obligations — 98.8%** | **U.S. Government Obligations — 98.8%** |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 | $21696 | $16858081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 | 27258 | 21054830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30 | 28901 | 22727770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;15313 | 12829076 |
|  |  | 73469757 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $84,054,257)** | **Total Long-Term Investments — 98.8%<br>(Cost: $84,054,257)** | 73469757 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 330 | 330000 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $330,000)** | **Total Short-Term Securities — 0.4%<br>(Cost: $330,000)** | 330000 |
|  **Total Investments — 99.2%<br>(Cost: $84,384,257)** | **Total Investments — 99.2%<br>(Cost: $84,384,257)** | &nbsp;&nbsp;&nbsp;&nbsp;73799757 |
|  **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 578297 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $74378054 |

---

<sup>(a)</sup> Affiliate of the Fund. <sup></sup>

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $625040 | $– $| (295040)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $– $| 330000 | 330 | $5339 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $73469757 | $— | $73469757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 330000 |  |  | 330000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | $73469757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $73799757 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2031 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 98.6%** | **U.S. Government Obligations — 98.6%** | **U.S. Government Obligations — 98.6%** |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31 | $4147 | $3315738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31 | 4452 | 3538470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 4461 | 3559231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;4226 | 3492310 |
|  |  | 13905749 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $15,681,444)** | **Total Long-Term Investments — 98.6%<br>(Cost: $15,681,444)** | 13905749 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 30 | 30000 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $30,000)** | **Total Short-Term Securities — 0.2%<br>(Cost: $30,000)** | 30000 |
|  **Total Investments — 98.8%<br>(Cost: $15,711,444)** | **Total Investments — 98.8%<br>(Cost: $15,711,444)** | &nbsp;&nbsp;&nbsp;&nbsp;13935749 |
|  **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 175174 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14110923 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $– | $30000 <sup>(a)</sup> | $– $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $30000 | 30 | $895 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $13905749 | $— | $13905749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 30000 |  |  | 30000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | $13905749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13935749 |

---

*See notes to financial statements.* 

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **iBonds**<sup>®</sup> **Dec 2032 Term Treasury ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 98.7%** | **U.S. Government Obligations — 98.7%** | **U.S. Government Obligations — 98.7%** |
|  U.S. Treasury Note/Bond<br>1.88%, 02/15/32 | $1771 | $1472531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | 1631 | 1459938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1715 | 1553588 |
|  |  | 4486057 |
|  **Total Investments — 98.7%<br>(Cost: $4,837,134)** | **Total Investments — 98.7%<br>(Cost: $4,837,134)** | &nbsp;&nbsp;&nbsp;&nbsp;4486057 |
|  **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | 57268 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4543325 |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>07/06/22<sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(b)</sup>  | $– $| 0 <sup>(c)</sup> | $– $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $– – $| 62 <sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> Represents net amount purchased (sold). 

<sup>(d)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $4486057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $4486057 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 37

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF |  | | | | |
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF | **ASSETS** |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF | Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $45188028 | $1081840181 | $721741451 | $335889145 |
| | iShares<br> iBonds Dec<br> 2022<br> Term Treasury<br> ETF | iShares<br> iBonds Dec 2023<br> Term Treasury ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term Treasury<br> ETF | Investments, at value — affiliated<sup>(c)</sup>  | 155220000 | 81560100 | 6958000 | 1600000 |
|  Cash | 4143 | 9684 | 1913 | 9525 |  |  |  |  |  |
|  Receivables: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 9655289 | 6569431 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1025 | 3582 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 983863 | 14439466 | 193341 | 4626175 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 253743 | 63897 | 6553 | 2570 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 283601 | 4685898 | 2277167 | 1613383 |  |  |  |  |  |
|  Total assets | 201934403 | 1182602808 | 740833714 | 350310229 |  |  |  |  |  |
|  **LIABILITIES** |  |  |  |  |  |  |  |  |  |
|  Collateral on securities loaned, at value |  | 48863100 |  |  |  |  |  |  |  |
|  Payables: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 14071521 | 14506004 | 11482996 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3228 | 54779 | 35729 | 17484 |  |  |  |  |  |
|  Total liabilities | 3228 | 62989400 | 14541733 | 11500480 |  |  |  |  |  |
|  NET ASSETS | $201931175 | $1119613408 | $726291981 | $338809749 |  |  |  |  |  |
|  **NET ASSETS CONSIST OF** |  |  |  |  |  |  |  |  |  |
|  Paid-in capital | $201609889 | $1124596405 | $738265901 | $347215301 |  |  |  |  |  |
|  Accumulated earnings (loss) | 321286 | (4982997) | (11973920) | (8405552) |  |  |  |  |  |
|  NET ASSETS | $201931175 | $1119613408 | $726291981 | $338809749 |  |  |  |  |  |
|  **NET ASSETVALUE** |  |  |  |  |  |  |  |  |  |
|  Shares outstanding | 7950000 | 45300000 | 30450000 | 14600000 |  |  |  |  |  |
|  Net asset value | $25.40 | $24.72 | $23.85 | $23.21 |  |  |  |  |  |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |  |  |  |  |  |
|  Par value |  |  |  |  |  |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $45234969 | $1087227447 | $732079002 | $342169406 |  |  |  |  |  |
|  <sup>(b) </sup>Securities loaned, at value | $— | $47656720 | $— | $— |  |  |  |  |  |
|  <sup>(c)</sup> Investments, at cost — affiliated | $155220000 | $81560100 | $6958000 | $1600000 |  |  |  |  |  |

---

*See notes to financial statements.* 

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  | | | | |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF | **ASSETS** |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF | Investments, at value — unaffiliated<sup>(a)</sup>  | $120430790 | $135530446 | $34389469 | $37880339 |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF | Investments, at value — affiliated<sup>(b)</sup>  | 870000 | 190000 | 150000 | 220000 |
|  Cash | 291 | 8243 | 9742 | 5416 |  |  |  |  |  |
|  Receivables: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 1816888 | 1290675 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  |  |  | 3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 8645 |  | 5390 | 2130778 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1591 | 256 | 332 | 495 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 376924 | 669166 | 184832 | 266142 |  |  |  |  |  |
|  Total assets | 121688241 | 138214999 | 36030440 | 40503173 |  |  |  |  |  |
|  **LIABILITIES** |  |  |  |  |  |  |  |  |  |
|  Payables: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 1661675 | 1391077 | 2130778 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 7309 | 4944 | 1913 | 2180 |  |  |  |  |  |
|  Total liabilities | 7309 | 1666619 | 1392990 | 2132958 |  |  |  |  |  |
|  NET ASSETS | $121680932 | $136548380 | $34637450 | $38370215 |  |  |  |  |  |
|  **NET ASSETS CONSIST OF** |  |  |  |  |  |  |  |  |  |
|  Paid-in capital | $130904330 | $141802956 | $38745925 | $42566422 |  |  |  |  |  |
|  Accumulated loss | (9223398) | (5254576) | (4108475) | (4196207) |  |  |  |  |  |
|  NET ASSETS | $121680932 | $136548380 | $34637450 | $38370215 |  |  |  |  |  |
|  **NET ASSETVALUE** |  |  |  |  |  |  |  |  |  |
|  Shares outstanding | 5400000 | 6200000 | 1600000 | 1800000 |  |  |  |  |  |
|  Net asset value | $22.53 | $22.02 | $21.65 | $21.32 |  |  |  |  |  |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |  |  |  |  |  |
|  Par value |  |  |  |  |  |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $126252600 | $138280721 | $37717911 | $40897179 |  |  |  |  |  |
|  <sup>(b) </sup>Investments, at cost — affiliated | $870000 | $190000 | $150000 | $220000 |  |  |  |  |  |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 39

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br> 2030<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2031<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2032<br> Term Treasury<br> ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $73469757 | $13905749 | $4486057 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 330000 | 30000 |  |
|  Cash | 8022 | 4955 | 828 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 312229 | 89788 | 352217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1568 | 170 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 264257 | 81741 | 46711 |
|  Total assets | 74385833 | 14112403 | 4885816 |
|  **LIABILITIES** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 342219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 7779 | 1480 | 272 |
|  Total liabilities | 7779 | 1480 | 342491 |
|  NET ASSETS | $74378054 | $14110923 | $4543325 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $84958755 | $15891177 | $4982474 |
|  Accumulated loss | (10580701) | (1780254) | (439149) |
|  NET ASSETS | $74378054 | $14110923 | $4543325 |
|  **NET ASSETVALUE** |  |  |  |
|  Shares outstanding | 3850000 | 700000 | 200000 |
|  Net asset value | $19.32 | $20.16 | $22.72 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $84054257 | $15681444 | $4837134 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $330000 | $30000 | $— |

---

*See notes to financial statements.* 

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statement of Operations

Year Ended October 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | iShares<br> iBonds Dec<br> 2022<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2023<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term<br>Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2023<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term<br>Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2023<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term<br>Treasury<br> ETF |  | | | | |
| | iShares<br> iBonds Dec<br> 2022<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2023<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term<br>Treasury<br> ETF | **INVESTMENT INCOME** |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2022<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2023<br> Term<br>Treasury<br> ETF | iShares<br> iBonds Dec<br> 2024<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2025<br> Term<br>Treasury<br> ETF | &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $451450 | $96906 | $12939 | $6127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 620854 | 5779683 | 5090566 | 2202156 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 4015 | 8017 | 2601 | 383 |  |  |  |  |  |
|  Total investment income | 1076319 | 5884606 | 5106106 | 2208666 |  |  |  |  |  |
|  EXPENSES |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 64506 | 157057 | 142032 | 65254 |  |  |  |  |  |
|  Total expenses | 64506 | 157057 | 142032 | 65254 |  |  |  |  |  |
|  Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (16853) | (3568) | (563) | (327) |  |  |  |  |  |
|  Total expenses after fees waived | 47653 | 153489 | 141469 | 64927 |  |  |  |  |  |
|  Net investment income | 1028666 | 5731117 | 4964637 | 2143739 |  |  |  |  |  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (41) | (2451760) | (3283265) | (3012386) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (53599) | (129629) |  | (133761) |  |  |  |  |  |
|  | (53640) | (2581389) | (3283265) | (3146147) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (50890) | (5264971) | (10193140) | (6017310) |  |  |  |  |  |
|  | (50890) | (5264971) | (10193140) | (6017310) |  |  |  |  |  |
|  Net realized and unrealized loss | (104530) | (7846360) | (13476405) | (9163457) |  |  |  |  |  |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $924136 | $(2115243) | $(8511768) | $(7019718) |  |  |  |  |  |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 41

------

Statement of Operations (continued)

Year Ended October 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF |  | | | | |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF | **INVESTMENT INCOME** |  |  |  |  |
| | iShares<br> iBonds Dec<br> 2026<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2027<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2028<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2029<br> Term Treasury<br> ETF | &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2762 | $1151 | $953 | $1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1661741 | 826539 | 340088 | 358240 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 282 | 312 | 4 | 111 |  |  |  |  |  |
|  Total investment income | 1664785 | 828002 | 341045 | 359525 |  |  |  |  |  |
|  EXPENSES |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 53519 | 29111 | 14857 | 14352 |  |  |  |  |  |
|  Total expenses | 53519 | 29111 | 14857 | 14352 |  |  |  |  |  |
|  Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (130) | (66) | (46) | (80) |  |  |  |  |  |
|  Total expenses after fees waived | 53389 | 29045 | 14811 | 14272 |  |  |  |  |  |
|  Net investment income | 1611396 | 798957 | 326234 | 345253 |  |  |  |  |  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (3599576) | (2685649) | (620076) | (1269062) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (221296) | 127012 |  | (102203) |  |  |  |  |  |
|  | (3820872) | (2558637) | (620076) | (1371265) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (5559470) | (2213309) | (2780154) | (2134090) |  |  |  |  |  |
|  | (5559470) | (2213309) | (2780154) | (2134090) |  |  |  |  |  |
|  Net realized and unrealized loss | (9380342) | (4771946) | (3400230) | (3505355) |  |  |  |  |  |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(7768946) | $(3972989) | $(3073996) | $(3160102) |  |  |  |  |  |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statement of Operations (continued)

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec<br> 2030<br> Term Treasury<br> ETF | iShares<br> iBonds Dec<br> 2031<br> Term Treasury<br> ETF | iShares<br> iBonds<br> Dec 2032<br> Term Treasury<br> ETF <br><sup>(a)</sup>  |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $5320 | $850 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1825768 | 283142 | 41046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 19 | 45 | 46 |
|  Total investment income | 1831107 | 284037 | 41108 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 52758 | 7607 | 947 |
|  Total expenses | 52758 | 7607 | 947 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (260) | (35) | (1) |
|  Total expenses after fees waived | 52498 | 7572 | 946 |
|  Net investment income | 1778609 | 276465 | 40162 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (272542) | (77649) | (100405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(b)</sup>  | (6918487) | (1278686) |  |
|  | (7191029) | (1356335) | (100405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (10440330) | (1744029) | (351077) |
|  | (10440330) | (1744029) | (351077) |
|  Net realized and unrealized loss | (17631359) | (3100364) | (451482) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(15852750) | $(2823899) | $(411320) |

---

<sup>(a)</sup> For the period from July 6, 2022 (commencement of operations) to October 31, 2022.

<sup>(b)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 43

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> iShares<br> iBonds Dec 2022 Term Treasury ETF  | <br> iShares<br> iBonds Dec 2022 Term Treasury ETF  | <br> iShares<br> iBonds Dec 2023 Term Treasury ETF  | <br> iShares<br> iBonds Dec 2023 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1028666 | $43067 | $5731117 | $118413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53640) | 1788 | (2581389) | (13574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (50890) | (34822) | (5264971) | (316548) |
|  Net increase (decrease) in net assets resulting from operations | 924136 | 10033 | (2115243) | (211709) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (668348) | (51622) | (2873254) | (114767) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 120342500 | 77542926 | 1055605379 | 51326943 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 120598288 | 77501337 | 1050616882 | 51000467 |
|  Beginning of period | 81332887 | 3831550 | 68996526 | 17996059 |
|  End of period | $201931175 | $81332887 | $1119613408 | $68996526 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec 2024 Term Treasury ETF  | iShares<br> iBonds Dec 2024 Term Treasury ETF  | iShares<br> iBonds Dec 2025 Term Treasury ETF  | iShares<br> iBonds Dec 2025 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4964637 | $101861 | $2143739 | $115175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3283265) | (75949) | (3146147) | 40840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10193140) | (350886) | (6017310) | (555962) |
|  Net decrease in net assets resulting from operations | (8511768) | (324974) | (7019718) | (399947) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (3252740) | (110304) | (1262837) | (114346) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 690799667 | 34727789 | 325469098 | 6495478 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 679035159 | 34292511 | 317186543 | 5981185 |
|  Beginning of period | 47256822 | 12964311 | 21623206 | 15642021 |
|  End of period | $726291981 | $47256822 | $338809749 | $21623206 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 45

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec 2026 Term Treasury ETF  | iShares<br> iBonds Dec 2026 Term Treasury ETF  | iShares<br> iBonds Dec 2027 Term Treasury ETF  | iShares<br> iBonds Dec 2027 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1611396 | $117766 | $798957 | $153841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3820872) | (43584) | (2558637) | 147844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5559470) | (577405) | (2213309) | (629663) |
|  Net decrease in net assets resulting from operations | (7768946) | (503223) | (3972989) | (327978) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1311849) | (121486) | (605669) | (138686) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 114300076 | (5143801) | 109683926 | 17505219 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 105219281 | (5768510) | 105105268 | 17038555 |
|  Beginning of period | 16461651 | 22230161 | 31443112 | 14404557 |
|  End of period | $121680932 | $16461651 | $136548380 | $31443112 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec 2028 Term Treasury ETF  | iShares<br> iBonds Dec 2028 Term Treasury ETF  | iShares<br> iBonds Dec 2029 Term Treasury ETF  | iShares<br> iBonds Dec 2029 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $326234 | $199337 | $345253 | $146864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (620076) | 55690 | (1371265) | (6037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2780154) | (627887) | (2134090) | (1040934) |
|  Net decrease in net assets resulting from operations | (3073996) | (372860) | (3160102) | (900107) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (284375) | (181730) | (257403) | (151665) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 19144177 | 4938936 | 24275915 | (5081745) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 15785806 | 4384346 | 20858410 | (6133517) |
|  Beginning of period | 18851644 | 14467298 | 17511805 | 23645322 |
|  End of period | $34637450 | $18851644 | $38370215 | $17511805 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 47

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> iBonds Dec 2030 Term Treasury <br> ETF | iShares<br> iBonds Dec 2030 Term Treasury <br> ETF | iShares<br> iBonds Dec 2031 Term Treasury <br> ETF | iShares<br> iBonds Dec 2031 Term Treasury <br> ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Period From<br> 07/13/21to 10/31/21<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1778609 | $22877 | $276465 | $9743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7191029) | (32495) | (1356335) | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10440330) | (106668) | (1744029) | (31666) |
|  Net decrease in net assets resulting from operations | (15852750) | (116286) | (2823899) | (19774) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1460782) | (21081) | (218224) | (5964) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 88198943 | 1171868 | 14687889 | 2490895 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 70885411 | 1034501 | 11645766 | 2465157 |
|  Beginning of period | 3492643 | 2458142 | 2465157 |  |
|  End of period | $74378054 | $3492643 | $14110923 | $2465157 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | |
|:---|:---|
|  | <br> iShares<br> iBonds Dec<br>2032<br>Term Treasury<br>ETF |
|  | Period From<br> 07/06/22to 10/31/22<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $40162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (100405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (351077) |
|  Net decrease in net assets resulting from operations | (411320) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |
|  Decrease in net assets resulting from distributions to shareholders | (27829) |
|  **CAPITAL SHARE TRANSACTIONS** |  |
|  Net increase in net assets derived from capital share transactions | 4982474 |
|  *NET ASSETS* |  |
|  Total increase in net assets | 4543325 |
|  Beginning of period |  |
|  End of period | $4543325 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 49

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | <br> iShares iBonds Dec 2022 Term Treasury ETF  | <br> iShares iBonds Dec 2022 Term Treasury ETF  | <br> iShares iBonds Dec 2022 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $25.42 | $25.54 | $25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.28 | 0.02 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (0.17) | 0.01 | 0.47 |
|  Net increase from investment operations | 0.11 | 0.03 | 0.60 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.06) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.09) |  |
|  Total distributions | (0.13) | (0.15) | (0.11) |
|  **Net asset value, end of period** | $25.40 | $25.42 | $25.54 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | 0.48% | 0.09% | 2.41 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.05% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 1.12% | 0.09% | 0.76 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $201931 | $81333 | $3832 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0 %<sup>(j)</sup> | 5% | 29% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2023 Term Treasury ETF  | iShares iBonds Dec 2023 Term Treasury ETF  | iShares iBonds Dec 2023 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $25.55 | $25.71 | $24.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.64 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (1.24) | (0.15) | 0.70 |
|  Net increase (decrease) from investment operations | (0.60) | (0.08) | 0.81 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.23) | (0.08) | (0.09) |
|  **Net asset value, end of period** | $24.72 | $25.55 | $25.71 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (2.39)% | (0.30)% | 3.25 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.55% | 0.28% | 0.63 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $1119613 | $68997 | $17996 |
|  Portfolio turnover rate<sup>(i)</sup>  | 29% | 10% | 1% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 51

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2024 Term Treasury ETF  | iShares iBonds Dec 2024 Term Treasury ETF  | iShares iBonds Dec 2024 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br>02/25/20<br> to 10/31/20<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.54 | $25.93 | $25.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.59 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (1.97) | (0.35) | 0.87 |
|  Net increase (decrease) from investment operations | (1.38) | (0.23) | 0.99 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.31) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.02) |  |
|  Total distributions | (0.31) | (0.16) | (0.10) |
|  **Net asset value, end of period** | $23.85 | $25.54 | $25.93 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (5.43)% | (0.90)% | 3.95 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.45% | 0.46% | 0.69 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $726292 | $47257 | $12964 |
|  Portfolio turnover rate<sup>(i)</sup>  | 63% | 112% | 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2025 Term Treasury ETF  | iShares iBonds Dec 2025 Term Treasury ETF  | iShares iBonds Dec 2025 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.44 | $&nbsp;&nbsp;&nbsp;&nbsp;26.07 | $&nbsp;&nbsp;&nbsp;&nbsp;25.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.55 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.48) | (0.62) | 0.97 |
|  Net increase (decrease) from investment operations | (1.93) | (0.47) | 1.10 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.30) | (0.16) | (0.10) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.21 | $&nbsp;&nbsp;&nbsp;&nbsp;25.44 | $&nbsp;&nbsp;&nbsp;&nbsp;26.07 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (7.64)% | (1.83)% | 4.39 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.30% | 0.58% | 0.71 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $338810 | $21623 | $15642 |
|  Portfolio turnover rate<sup>(i)</sup>  | 63% | 15% | 2% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 53

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2026 Term Treasury ETF  | iShares iBonds Dec 2026 Term Treasury ETF  | iShares iBonds Dec 2026 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $25.33 | $26.15 | $25.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.50 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.95) | (0.82) | 1.11 |
|  Net increase (decrease) from investment operations | (2.45) | (0.66) | 1.23 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.35) | (0.16) | (0.10) |
|  **Net asset value, end of period** | $22.53 | $25.33 | $26.15 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (9.70)% | (2.55)% | 4.90 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.11% | 0.62% | 0.69 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $121681 | $16462 | $22230 |
|  Portfolio turnover rate<sup>(i)</sup>  | 76% | 41% | 5% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2027 Term Treasury ETF  | iShares iBonds Dec 2027 Term Treasury ETF  | iShares iBonds Dec 2027 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.15 | $&nbsp;&nbsp;&nbsp;&nbsp;26.19 | $&nbsp;&nbsp;&nbsp;&nbsp;25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.45 | 0.20 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.24) | (1.06) | 1.11 |
|  Net increase (decrease) from investment operations | (2.79) | (0.86) | 1.23 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.34) | (0.18) | (0.09) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | $&nbsp;&nbsp;&nbsp;&nbsp;25.15 | $&nbsp;&nbsp;&nbsp;&nbsp;26.19 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (11.18)% | (3.31)% | 4.92 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 1.92% | 0.78% | 0.66 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $136548 | $31443 | $14405 |
|  Portfolio turnover rate<sup>(i)</sup>  | 58% | 18% | 45% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2028 Term Treasury ETF  | iShares iBonds Dec 2028 Term Treasury ETF  | iShares iBonds Dec 2028 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;25.14 | $&nbsp;&nbsp;&nbsp;&nbsp;26.30 | $&nbsp;&nbsp;&nbsp;&nbsp;25.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.36 | 0.21 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.54) | (1.17) | 1.13 |
|  Net increase (decrease) from investment operations | (3.18) | (0.96) | 1.26 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.31) | (0.20) | (0.10) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;21.65 | $&nbsp;&nbsp;&nbsp;&nbsp;25.14 | $&nbsp;&nbsp;&nbsp;&nbsp;26.30 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (12.70)% | (3.71)% | 5.01 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 1.54% | 0.83% | 0.71 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $34637 | $18852 | $14467 |
|  Portfolio turnover rate<sup>(i)</sup>  | 34% | 73% | 10% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2029 Term Treasury ETF  | iShares iBonds Dec 2029 Term Treasury ETF  | iShares iBonds Dec 2029 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Year Ended<br> 10/31/21 | Period From<br> 02/25/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;25.02 | $26.27 | $&nbsp;&nbsp;&nbsp;&nbsp;25.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.39 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.81) | (1.25) | 1.20 |
|  Net increase (decrease) from investment operations | (3.42) | (1.06) | 1.34 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.28) | (0.19) | (0.11) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;21.32 | $25.02 | $&nbsp;&nbsp;&nbsp;&nbsp;26.27 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (13.72)% | (4.08)% | 5.35 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 1.68% | 0.74% | 0.78 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $38370 | $17512 | $23645 |
|  Portfolio turnover rate<sup>(i)</sup>  | 51% | 0 %<sup>(j)</sup> | 19% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 57

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares iBonds Dec 2030 Term Treasury ETF | iShares iBonds Dec 2030 Term Treasury ETF | iShares iBonds Dec 2030 Term Treasury ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Period From<br> 07/14/20to 10/31/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;23.28 | $&nbsp;&nbsp;&nbsp;&nbsp;24.58 | $&nbsp;&nbsp;&nbsp;&nbsp;25.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.49 | 0.20 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (4.11) | (1.32) | (0.49) |
|  Net decrease from investment operations | (3.62) | (1.12) | (0.45) |
|  Distributions from net investment income<sup>(d)</sup>  | (0.34) | (0.18) | (0.03) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;19.32 | $&nbsp;&nbsp;&nbsp;&nbsp;23.28 | $&nbsp;&nbsp;&nbsp;&nbsp;24.58 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | (15.69)% | (4.58)% | (1.81)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.36% | 0.83% | 0.53 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;74378 | $&nbsp;&nbsp;&nbsp;&nbsp;3493 | $&nbsp;&nbsp;&nbsp;&nbsp;2458 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0 %<sup>(j)</sup> | 37% | 36% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares iBonds Dec 2031 Term Treasury ETF  | iShares iBonds Dec 2031 Term Treasury ETF  |
|  | Year Ended<br>10/31/22 | Period From<br> 07/13/21to 10/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;24.65 | $24.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.55 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (4.63) | (0.30) |
|  Net decrease from investment operations | (4.08) | (0.20) |
|  **Distributions<sup>(d)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.02) |  |
|  Total distributions | (0.41) | (0.06) |
|  **Net asset value, end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;20.16 | $24.65 |
|  **Total Return<sup>(e)</sup>**  |  |  |
|  Based on net asset value | (16.73)% | (0.81)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |
|  Total expenses | 0.07% | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07% | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.54% | 1.29 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $14111 | $2465 |
|  Portfolio turnover rate<sup>(i)</sup>  | 10% | 26% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S : 59

------

Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | <br> iShares<br>iBonds Dec<br>2032<br>Term Treasury<br>ETF |
|  | Period From<br> 07/06/22to 10/31/22<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $24.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (2.25) |
|  Net decrease from investment operations | (2.02) |
|  Distributions from net investment income<sup>(d)</sup>  | (0.14) |
|  **Net asset value, end of period** | $22.72 |
|  **Total Return<sup>(e)</sup>**  |  |
|  Based on net asset value | (8.16)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |
|  Total expenses | 0.07 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.07 %<sup>(h)</sup> |
|  Net investment income | 2.97 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $4543 |
|  Portfolio turnover rate<sup>(i)</sup>  | 47% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  iBonds Dec 2022 Term Treasury | Non-diversified |
|  iBonds Dec 2023 Term Treasury | Non-diversified |
|  iBonds Dec 2024 Term Treasury | Non-diversified |
|  iBonds Dec 2025 Term Treasury | Non-diversified |
|  iBonds Dec 2026 Term Treasury | Non-diversified |
|  iBonds Dec 2027 Term Treasury | Non-diversified |
|  iBonds Dec 2028 Term Treasury | Non-diversified |
|  iBonds Dec 2029 Term Treasury | Non-diversified |
|  iBonds Dec 2030 Term Treasury | Diversified |
|  iBonds Dec 2031 Term Treasury | Diversified |
|  iBonds Dec 2032 Term Treasury<sup>(a)</sup>  | Diversified |

---

<sup>(a)</sup> The Fund commenced operations on July 6, 2022.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

N O T E S T O F I N A N C I A L S T A T E M E N T S 61

------

*Notes to Financial Statements* (continued) 

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned<br>at Value* | *Cash Collateral<br>Received<sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value<sup>(a)</sup>* | *Net Amount* |
|  iBonds Dec 2023 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $47656720 | $(47656720) | $— | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  iBonds Dec 2022 Term Treasury | $16853 |
|  iBonds Dec 2023 Term Treasury | 3568 |
|  iBonds Dec 2024 Term Treasury | 563 |
|  iBonds Dec 2025 Term Treasury | 327 |
|  iBonds Dec 2026 Term Treasury | 130 |
|  iBonds Dec 2027 Term Treasury | 66 |
|  iBonds Dec 2028 Term Treasury | 46 |
|  iBonds Dec 2029 Term Treasury | 80 |
|  iBonds Dec 2030 Term Treasury | 260 |
|  iBonds Dec 2031 Term Treasury | 35 |
|  iBonds Dec 2032 Term Treasury | 1 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for

N O T E S T O F I N A N C I A L S T A T E M E N T S 63

------

*Notes to Financial Statements* (continued)

securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  iBonds Dec 2022 Term Treasury | $1487 |
|  iBonds Dec 2023 Term Treasury | 3199 |
|  iBonds Dec 2024 Term Treasury | 920 |
|  iBonds Dec 2025 Term Treasury | 156 |
|  iBonds Dec 2026 Term Treasury | 112 |
|  iBonds Dec 2027 Term Treasury | 117 |
|  iBonds Dec 2028 Term Treasury | 1 |
|  iBonds Dec 2029 Term Treasury | 45 |
|  iBonds Dec 2030 Term Treasury | 1 |
|  iBonds Dec 2031 Term Treasury | 19 |
|  iBonds Dec 2032 Term Treasury | 18 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  iBonds Dec 2023 Term Treasury | $7698159 | $24894477 | $(180813) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* |
| *iShares ETF* | *Purchases* | *Sales* |
|  iBonds Dec 2022 Term Treasury | $— | $28294200 |
|  iBonds Dec 2023 Term Treasury | 38232822 | 140421674 |
|  iBonds Dec 2024 Term Treasury | 139781063 | 139190580 |
|  iBonds Dec 2025 Term Treasury | 66906175 | 65647874 |
|  iBonds Dec 2026 Term Treasury | 58599901 | 59342094 |
|  iBonds Dec 2027 Term Treasury | 26968726 | 27046442 |
|  iBonds Dec 2028 Term Treasury | 7437323 | 7225346 |
|  iBonds Dec 2029 Term Treasury | 10985807 | 10747264 |
|  iBonds Dec 2030 Term Treasury |  | 1248649 |
|  iBonds Dec 2031 Term Treasury | 1041028 | 1178598 |
|  iBonds Dec 2032 Term Treasury | 3130598 | 1907279 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  iBonds Dec 2022 Term Treasury | $117837095 | $38407198 |
|  iBonds Dec 2023 Term Treasury | 1060490574 | 28763853 |
|  iBonds Dec 2024 Term Treasury | 685648455 |  |
|  iBonds Dec 2025 Term Treasury | 396492266 | 74380316 |
|  iBonds Dec 2026 Term Treasury | 142525844 | 28869001 |
|  iBonds Dec 2027 Term Treasury | 144286744 | 35278177 |
|  iBonds Dec 2028 Term Treasury | 18970300 |  |
|  iBonds Dec 2029 Term Treasury | 33614218 | 9585349 |
|  iBonds Dec 2030 Term Treasury | 186330744 | 98523335 |
|  iBonds Dec 2031 Term Treasury | 32691287 | 18111445 |
|  iBonds Dec 2032 Term Treasury | 3707884 |  |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to undistributed capital gains, certain deemed distributions, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  iBonds Dec 2022 Term Treasury | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52350) | $52350 |
|  iBonds Dec 2023 Term Treasury | (129629) | 129629 |
|  iBonds Dec 2025 Term Treasury | (133761) | 133761 |
|  iBonds Dec 2026 Term Treasury | (221296) | 221296 |
|  iBonds Dec 2027 Term Treasury | 127012 | (127012) |
|  iBonds Dec 2029 Term Treasury | (102203) | 102203 |
|  iBonds Dec 2030 Term Treasury | (6918487) | 6918487 |
|  iBonds Dec 2031 Term Treasury | (1287607) | 1287607 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 65

------

*Notes to Financial Statements* (continued) 

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  iBonds Dec 2022 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $668348 | $51622 |
|  iBonds Dec 2023 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2873254 | $114767 |
|  iBonds Dec 2024 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3252740 | $110304 |
|  iBonds Dec 2025 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1262837 | $114346 |
|  iBonds Dec 2026 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1311849 | $121486 |
|  iBonds Dec 2027 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $605669 | $138686 |
|  iBonds Dec 2028 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $284375 | $181730 |
|  iBonds Dec 2029 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $257403 | $151665 |
|  iBonds Dec 2030 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1460782 | $21081 |

---

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Period Ended<br>10/31/21* |
|  iBonds Dec 2031 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $218224 | $5964 |

---

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended<br>10/31/22* |
|  iBonds Dec 2032 Term Treasury |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $27829 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* |
|  iBonds Dec 2022 Term Treasury | $368268 | $(41) | $(46941) | $321286 |
|  iBonds Dec 2023 Term Treasury | 2869603 | (2465334) | (5387266) | (4982997) |
|  iBonds Dec 2024 Term Treasury | 1723403 | (3359772) | (10337551) | (11973920) |
|  iBonds Dec 2025 Term Treasury | 894888 | (3020179) | (6280261) | (8405552) |
|  iBonds Dec 2026 Term Treasury | 308902 | (3710490) | (5821810) | (9223398) |
|  iBonds Dec 2027 Term Treasury | 215631 | (2719932) | (2750275) | (5254576) |
|  iBonds Dec 2028 Term Treasury | 67756 | (847789) | (3328442) | (4108475) |
|  iBonds Dec 2029 Term Treasury | 97735 | (1277102) | (3016840) | (4196207) |
|  iBonds Dec 2030 Term Treasury | 320944 | (316247) | (10585398) | (10580701) |
|  iBonds Dec 2031 Term Treasury | 64169 | (66828) | (1777595) | (1780254) |
|  iBonds Dec 2032 Term Treasury | 12333 | (100311) | (351171) | (439149) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  iBonds Dec 2022 Term Treasury | $200454969 | $— | $(46941) | $(46941) |
|  iBonds Dec 2023 Term Treasury | &nbsp;&nbsp;&nbsp;&nbsp;1168787547 |  | (5387266) | (5387266) |
|  iBonds Dec 2024 Term Treasury | 739037002 |  | (10337551) | (10337551) |
|  iBonds Dec 2025 Term Treasury | 343769406 |  | (6280261) | (6280261) |
|  iBonds Dec 2026 Term Treasury | 127122600 |  | (5821810) | (5821810) |
|  iBonds Dec 2027 Term Treasury | 138470721 | 14498 | (2764773) | (2750275) |
|  iBonds Dec 2028 Term Treasury | 37867911 |  | (3328442) | (3328442) |
|  iBonds Dec 2029 Term Treasury | 41117179 |  | (3016840) | (3016840) |
|  iBonds Dec 2030 Term Treasury | 84385155 |  | (10585398) | (10585398) |
|  iBonds Dec 2031 Term Treasury | 15713344 |  | (1777595) | (1777595) |
|  iBonds Dec 2032 Term Treasury | 4837228 |  | (351171) | (351171) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

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*Notes to Financial Statements* (continued)

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  iBonds Dec 2022 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6400000 | $162214977 | 3050000 | $77542926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1650000) | (41872477) |  |  |
|  | 4750000 | $120342500 | 3050000 | $77542926 |
|  iBonds Dec 2023 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 43750000 | $&nbsp;&nbsp;&nbsp;&nbsp;1084812929 | 2000000 | $51326943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1150000) | (29207550) |  |  |
|  | 42600000 | $1055605379 | 2000000 | $51326943 |
|  iBonds Dec 2024 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 28600000 | $690799667 | 1350000 | $34727789 |
|  iBonds Dec 2025 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16900000 | $400527356 | 350000 | $9067515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3150000) | (75058258) | (100000) | (2572037) |
|  | 13750000 | $325469098 | 250000 | $6495478 |
|  iBonds Dec 2026 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6050000 | $143475143 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1300000) | (29175067) | (200000) | (5143801) |
|  | 4750000 | $114300076 | (200000) | $(5143801) |
|  iBonds Dec 2027 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6500000 | $145216995 | 1200000 | $30414180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1550000) | (35533069) | (500000) | (12908961) |
|  | 4950000 | $109683926 | 700000 | $17505219 |
|  iBonds Dec 2028 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 850000 | $19144177 | 1250000 | $32040269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1050000) | (27101333) |
|  | 850000 | $19144177 | 200000 | $4938936 |
|  iBonds Dec 2029 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1550000 | $33986141 | 100000 | $2592414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (450000) | (9710226) | (300000) | (7674159) |
|  | 1100000 | $24275915 | (200000) | $(5081745) |
|  iBonds Dec 2030 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8850000 | $187513182 | 50000 | $1171868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5150000) | (99314239) |  |  |
|  | 3700000 | $88198943 | 50000 | $1171868 |

---

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Period Ended<br>10/31/21 | Period Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  iBonds Dec 2031 Term Treasury |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32943636 | 100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (900000) | (18255747) |  |  |
|  | 600000 | $14687889 | 100000 | $2490895 |

---

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>10/31/22 | Period Ended<br>10/31/22 |
| *iShares ETF* | *Shares* | *Amount* |
|  iBonds Dec 2032 Term Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $4982474 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

**Planned Fund Liquidation**: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2022 Term Treasury ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund's underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the eleven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2022 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2023 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2024 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2025 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2026 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2027 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2028 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2029 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2030 Term Treasury ETF<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2031 Term Treasury ETF<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;iShares iBonds Dec 2032 Term Treasury ETF<sup>(3)</sup>

<sup>(1)</sup> Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

<sup>(2)</sup> Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period July 13, 2021 (commencement of operations) to October 31, 2021.

<sup>(3)</sup> Statement of operations and statement of changes in net assets for the period July 6, 2022 (commencement of operations) to October 31, 2022.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation<br>Interest* |
|  iBonds Dec 2022 Term Treasury | $567763 |
|  iBonds Dec 2023 Term Treasury | 4493482 |
|  iBonds Dec 2024 Term Treasury | 4215931 |
|  iBonds Dec 2025 Term Treasury | 1795870 |
|  iBonds Dec 2026 Term Treasury | 1501670 |
|  iBonds Dec 2027 Term Treasury | 665954 |
|  iBonds Dec 2028 Term Treasury | 300722 |
|  iBonds Dec 2029 Term Treasury | 307710 |
|  iBonds Dec 2030 Term Treasury | 1718049 |
|  iBonds Dec 2031 Term Treasury | 262218 |
|  iBonds Dec 2032 Term Treasury | 35730 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  iBonds Dec 2022 Term Treasury | $1029200 |
|  iBonds Dec 2023 Term Treasury | 5731117 |
|  iBonds Dec 2024 Term Treasury | 4965195 |
|  iBonds Dec 2025 Term Treasury | 2143739 |
|  iBonds Dec 2026 Term Treasury | 1611396 |
|  iBonds Dec 2027 Term Treasury | 798957 |
|  iBonds Dec 2028 Term Treasury | 326234 |
|  iBonds Dec 2029 Term Treasury | 345253 |
|  iBonds Dec 2030 Term Treasury | 1778609 |
|  iBonds Dec 2031 Term Treasury | 276465 |
|  iBonds Dec 2032 Term Treasury | 40162 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* |
|  iBonds Dec 2022 Term Treasury | $1029200 |
|  iBonds Dec 2023 Term Treasury | 5731117 |
|  iBonds Dec 2024 Term Treasury | 4965195 |
|  iBonds Dec 2025 Term Treasury | 2143739 |
|  iBonds Dec 2026 Term Treasury | 1611396 |
|  iBonds Dec 2027 Term Treasury | 798957 |
|  iBonds Dec 2028 Term Treasury | 326234 |
|  iBonds Dec 2029 Term Treasury | 345253 |
|  iBonds Dec 2030 Term Treasury | 1778609 |
|  iBonds Dec 2031 Term Treasury | 276465 |
|  iBonds Dec 2032 Term Treasury | 40162 |

---

I M P O R T A N T T A X I N F O R M A T I O N 71

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Board Review and Approval of Investment Advisory Contract

**iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025TermTreasury ETF, iShares iBonds Dec 2026TermTreasury ETF, iShares iBonds Dec 2027TermTreasury ETF, iShares iBonds Dec 2028TermTreasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Treasury ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 73

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Board Review and Approval of Investment Advisory Contract (continued)

**iShares iBonds Dec 2032 Term Treasury ETF(each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on March 16-17, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Contract.

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Contract.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 75

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  iBonds Dec 2022 Term Treasury<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;0.128005 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.003404 | $&nbsp;&nbsp;&nbsp;&nbsp;0.131409 | 97% | —% | 3% | 100% |
|  iBonds Dec 2023 Term Treasury<sup>(a)</sup>  | 0.223678 |  | 0.001984 | 0.225662 | 99 |  | 1 | 100 |
|  iBonds Dec 2024 Term Treasury<sup>(a)</sup>  | 0.302185 |  | 0.004030 | 0.306215 | 99 |  | 1 | 100 |
|  iBonds Dec 2025 Term Treasury | 0.301590 |  |  | 0.301590 | 100 |  |  | 100 |
|  iBonds Dec 2026 Term Treasury<sup>(a)</sup>  | 0.344874 |  | 0.000808 | 0.345682 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  iBonds Dec 2027 Term Treasury<sup>(a)</sup>  | 0.326712 |  | 0.008548 | 0.335260 | 97 |  | 3 | 100 |
|  iBonds Dec 2028 Term Treasury | 0.314129 |  |  | 0.314129 | 100 |  |  | 100 |
|  iBonds Dec 2029 Term Treasury | 0.282377 |  |  | 0.282377 | 100 |  |  | 100 |
|  iBonds Dec 2030 Term Treasury | 0.339688 |  |  | 0.339688 | 100 |  |  | 100 |
|  iBonds Dec 2031 Term Treasury | 0.391884 | 0.021490 |  | 0.413374 | 95 | 5 |  | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S.<br>Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup>(52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
|  <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.<br> <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.<br> <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.<br> <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.<br> <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E.<br>Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D.<br>Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L.<br>Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 77

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H.<br>Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E.<br>Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E.<br>Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V.<br>Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
| <br> **Officers** | <br> **Officers** | <br> **Officers** | <br> **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Principal Occupation(s)<br>During Past 5 Years** |
| Armando<br>Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent<br>Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles<br>Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa<br>Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel<br>Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer<br>Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James<br>Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth

&nbsp;&nbsp;&nbsp;&nbsp;Leithead as Executive Vice Presidents.

&nbsp;&nbsp;&nbsp;&nbsp;Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 79

------

General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

<sup>©</sup>2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1024-1022

---

| | |
|:---|:---|
| ![LOGO](g397673g24u50.jpg)  | ![LOGO](g397673g48v93.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g397756g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**<br>

**iShares Trust** 

· iShares 0-5 Year High Yield Corporate Bond ETF \| SHYG \| NYSE Arca

· iShares Broad USD High Yield Corporate Bond ETF \| USHY \| Cboe BZX

· iShares ESG Advanced High Yield Corporate Bond ETF \| HYXF \| NASDAQ

· iShares Fallen Angels USD Bond ETF \| FALN \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397756sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397756photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;(5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br> (MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month<br>U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br>U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx397756_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397756_3) | 4 |
|  [Fund Summary](#tx397756_4) | 5 |
|  [About Fund Performance](#tx397756_5) | 13 |
|  [Disclosure of Expenses](#tx397756_6) | 13 |
|  [Schedules of Investments](#tx397756_7) | 14 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397756_9) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397756_10) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397756_11) | 70 |
|  [Financial Highlights](#tx397756_12) | 72 |
|  [Notes to Financial Statements](#tx397756_13) | 76 |
|  [Report of Independent Registered Public Accounting Firm](#tx397756_14) | 86 |
|  [Important Tax Information](#tx397756_15) | 87 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397756_16) | 88 |
|  [Supplemental Information](#tx397756_17) | 92 |
|  [Trustee and Officer Information](#tx397756_18) | 94 |
|  [General Information](#tx397756_19) | 97 |
|  [Glossary of Terms Used in this Report](#tx397756_20) | 98 |

---

------

Market Overview

**iShares Trust** 

**U.S. Bond Market Overview** 

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors' increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed's decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares 0-5 Year High Yield Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx<sup>®</sup> USD Liquid High Yield 0-5 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (5.55)% | 2.24% | 2.95% | (5.55)% | 11.74% | 30.14% |
|  Fund Market | (5.61) | 2.17 | 2.95 | (5.61) | 11.35 | 30.04 |
|  Index | (5.27) | 2.63 | 3.29 | (5.27) | 13.86 | 33.99 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g397756g44a01.jpg)

The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
| | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  | $1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;$980.10  | &nbsp;&nbsp;&nbsp;&nbsp;$1.50  | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;$1023.70  | &nbsp;&nbsp;&nbsp;&nbsp;$1.53  | 0.30%  |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

Short-term high yield corporate bonds experienced a sizable decline during the reporting period. The bond market, in general, came under pressure from the combination of rising inflation and the U.S. Federal Reserve's (the Fed's) aggressive tightening of monetary policy. The Fed wound down its stimulative quantitative easing program, and it raised interest rates by three full percentage points to a range of 3.0% to 3.25%. These developments fueled a sharp decline in U.S. Treasury yields, pressuring all segments of the bond market. High yield bonds were further pressured by an increase in spreads over U.S. Treasuries, which was brought about by both increasing investor risk aversion and concerns that tighter Fed policy could drive the economy into a recession.

While short-term high yield corporate issues lost ground, they outperformed the larger high yield category due to their lower duration (interest-rate sensitivity). In addition, the category outpaced the broader fixed-income market thanks to a greater contribution from income and its higher weighting in the strong-performing energy sector.

Of the three major sectors in the Index, Industrials posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows. However, the performance impact on the larger asset class was still negative due to the sector's large Index weighting. Utility and Financials experienced the largest decline. Within Industrials, Energy issues gained ground in the annual period and were one of only two industry groups to finish with a positive total return. Capital goods issues, while suffering losses in absolute terms, also outpaced the overall sector. The benefit was counterbalanced by underperformance for the basic industries, consumer non-cyclicals and technology industries. Although brokerages held up well in the downturn, finance companies and banks posted much weaker returns.

**Portfolio Information** 

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Aaa | 0.2% |
|  A | 0.2 |
|  Baa | 4.5 |
|  Ba | 39.8 |
|  B | 43.3 |
|  Caa | 10.9 |
|  Ca | 0.2 |
|  Not Rated | 0.9 |

---

---

| | | |
|:---|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** | |
| *Maturity* | *Percent of<br>Total Investments* | ** <br> <sup>(a)</sup> |
|  0-1 Year | 4.7 | % |
|  1-2 Years | 8.8 |  |
|  2-3 Years | 25.2 |  |
|  3-4 Years | 30.4 |  |
|  4-5 Years | 30.6 |  |
|  5-6 Years | 0.3 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares Broad USD High Yield Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the ICE BofA U.S. High Yield Constrained Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (11.59)% | 1.77% | 1.76% | (11.59)% | 9.15% | 9.15% |
|  Fund Market | (11.79) | 1.69 | 1.74 | (11.79) | 8.74 | 9.07 |
|  Index | (11.43) | 1.88 | 1.88 | (11.43) | 9.78 | 9.80 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397756g44a02.jpg)

The inception date of the Fund was October 25, 2017. The first day of secondary market trading was October 26, 2017.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US High Yield Constrained Index.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
| | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$953.20<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$0.74<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1024.40<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$0.77<br>| <br> 0.15% <br>|

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

High-yield bonds lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark fed funds rate to a range of 3.0% to 3.25%.

High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices. Higher-rated bonds in the Index generally outpaced lower-rated securities amid investors' search for relative "safe havens."

Of the three major sectors in the Index, utilities posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows. However, the performance impact on the larger asset class was relatively limited due to the sector's small Index weighting. Industrials, the largest sector in the Index, finished behind utilities. Energy issues, while losing ground, outperformed in relative terms thanks to rising energy prices. Transportation and capital goods issues also outpaced the overall sector. The positive relative performance for these market segments was counterbalanced by a poor showing for basic industries, consumer non-cyclicals and communications. Financials were the worst performer of the three major sectors. While the insurance and real estate industries held up well in the downturn, banks posted much weaker returns.

**Portfolio Information** 

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Moody's Credit Rating<sup>\*</sup>*  | *Percent of* <br> *Total Investments<sup>(a)</sup>* |
|  Aaa | 0.2% |
|  A | 0.5 |
|  Baa | 2.9 |
|  Ba | 41.2 |
|  B | 42.6 |
|  Caa | 11.3 |
|  Ca | 0.2 |
|  Not Rated | 1.1 |

---

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of* <br> *Total Investments*<sup>(a)</sup> |
|  1-5 Years | 41.3% |
|  5-10 Years | 53.9 |
|  10-15 Years | 1.7 |
|  15-20 Years | 0.8 |
|  More than 20 Years | 2.3 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares ESG Advanced HighYield Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated high yield corporate bonds from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US High Yield Choice ESG Screened Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since*<br> *Inception* | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | (12.03)% | 1.62% | 3.23% | (12.03)% | 8.39% | 22.49% |
|  Fund Market | (12.42) | 1.56 | 3.18 | (12.42) | 8.03 | 22.11 |
|  Index | (12.26) | 1.78 | 3.51 | (12.26) | 9.21 | 24.57 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397756g44a03.jpg)

The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.

Index performance through September 14, 2020 reflects the performance of the Markit iBoxx USD Liquid High Yield ex-Oil & Gas Index. Index performance beginning on September 15, 2020 reflects the performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
| *Beginning*<br> *Account Value*<br> *(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$957.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1.73<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1023.40<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1.79<br>| <br> 0.35% <br>|

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

High-yield corporate bonds experienced a sizable downturn in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates, which weighed on returns across the bond market. High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. The spread widening was the result of an increase in investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023.

Higher-rated bonds in the Index generally outperformed lower-rated securities amid investors' search for relatively better credit quality within the high yield sector. The energy industry was one of the top performing segments of the market in the past year due to the strong gains in the prices of oil and natural gas as a result of the Russia-Ukraine conflict.

Of the three major sectors by weight in the Index, utilities posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows during periods of high inflation. However, the performance impact on the Index was relatively limited due to the sector's small Index weighting. Industrials, the largest sector in the Index, finished behind utilities. Within Industrials, capital goods and transportation outperformed, while the consumer non-cyclical and communications industries lagged. Financials were the weakest performer of the three sectors, with banking and brokerage/asset management posting the largest declines.

**Portfolio Information** 

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of* <br> *Total Investments<sup>(a)</sup>* |
|  Aaa | 0.1% |
|  Baa | 1.7 |
|  Ba | 50.9 |
|  B | 40.1 |
|  Caa | 6.5 |
|  Ca | 0.1 |
|  Not Rated | 0.6 |

---

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of <br>Total Investments*<sup>(a)</sup> |
|  1-5 Years | 36.3% |
|  5-10 Years | 59.5 |
|  10-15 Years | 1.7 |
|  15-20 Years | 0.6 |
|  More than 20 Years | 1.9 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF** |

---

**Investment Objective** 

The **iShares Fallen Angels USD Bond ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade, as represented by the Bloomberg U.S. High Yield Fallen Angel 3% Capped Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (15.88)% | 2.61% | 4.98% | (15.88)% | 13.77% | 36.33% |
|  Fund Market | (16.46) | 2.41 | 4.89 | (16.46) | 12.63 | 35.63 |
|  Index | (15.68) | 3.30 | 5.56 | (15.68) | 17.62 | 41.18 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397756g44a04.jpg)

The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
| | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$935.60<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1.22<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1000.00<br>| <br> $1023.90<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;$1.28<br>| <br> 0.25% <br>|

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF** |

---

**Portfolio Management Commentary** 

High-yield corporate bonds experienced a sizable downturn in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates, which weighed on returns across the bond market. High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023.

Fallen angels; i.e., the high yield bonds of companies formerly rated as investment grade, underperformed in the annual period. The category tends to have more interest rate risk than traditional high yield bonds. Since they started out as investment-grade credits, fallen angels' bonds tend to have longer maturities—and thus higher interest rate sensitivity— versus debt originally issued as high yield. That can be beneficial in an environment of falling rates, but it has hindered the performance of fallen angels since the Fed started raising rates in March 2022. On the positive side, the Index benefited from its relatively high weighting of over 20% in the strong-performing energy sector.

The universe of fallen angel bonds has decreased from the highs of late 2020. The shutdown of the economy following the emergence of COVID-19 led to a wave of downgrades that caused the dollar value of fallen angels to double from its pre-shutdown levels. More recently, rating agencies have been upgrading more issuers back to investment grade as the economy has recovered. In the first half of 2022, in fact, about $69 billion of high yield bonds were upgraded to investment grade.

**Portfolio Information** 

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Baa | 16.8% |
|  Ba | 62.5 |
|  B | 14.4 |
|  Caa | 2.3 |
|  Ca | 0.8 |
|  C | 0.1 |
|  Not Rated | 3.1 |

---

---

| | |
|:---|:---|
| **MATURITY ALLOCATION** | **MATURITY ALLOCATION** |
| *Maturity* | *Percent of<br>Total Investments* ** <br> <sup>(a)</sup> |
|  1-5 Years | 42.3% |
|  5-10 Years | 27.9 |
|  10-15 Years | 10.6 |
|  15-20 Years | 7.8 |
|  More than 20 Years | 11.4 |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E OF E X P E N S E S 13

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.6%** |  |  |
|  Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | $5815 | $5505061 |
|  Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 16730 | 15057000 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 9100 | 8212750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5678 | 5627781 |
|  Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)<sup>(a)</sup>  | 6150 | 4921538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39324130 |
| **Aerospace & Defense — 3.8%** |  |  |
|  Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15865 | 14994170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(a)</sup>  | 7813 | 7804226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 17973 | 17699271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 25840 | 24538956 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 6535 | 5179921 |
|  Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26) | 5418 | 4933480 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24) | 14882 | 14695975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25)<sup>(b)</sup>  | 8527 | 8716385 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(a)</sup>  | 13861 | 12228173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 12900 | 11693334 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6900 | 6642975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 16578 | 16163550 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 56930 | 56165715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22)<sup>(b)</sup>  | 12462 | 12015860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22) | 9289 | 9172888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 14720 | 14977600 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) | 7482 | 7308137 |
|  Triumph Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(a)</sup>  | 7524 | 6969105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 6811 | 5160354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup>  | 6023 | 6087807 |
|  |  | 263147882 |
| **Agriculture — 0.2%** |  |  |
|  Darling Ingredients Inc., 5.25%, 04/15/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 7059 | 6809288 |
|  Vector Group Ltd., 10.50%, 11/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | 7925 | 7819994 |
|  |  | 14629282 |
| **Airlines — 2.8%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(a)</sup>  | 16997 | 14985009 |
|  Allegiant Travel Co., 7.25%, 08/15/27<br>(Call 08/15/24)<sup>(a)</sup>  | 7417 | 6981251 |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(a)(b)</sup>  | 7683 | 6737530 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)(b)</sup>  | 33633 | 36828387 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd., | American Airlines Inc./AAdvantage Loyalty IP Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)</sup>  | 48166 | 45757700 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24)<sup>(b)</sup>  | 12400 | 11703838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/19/23 (Call 03/19/23) | 3332 | 3313277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25)<sup>(b)</sup>  | 12386 | 12652299 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(a)(b)</sup>  | 16909 | 15620685 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Airlines (continued)** |  |  |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)<sup>(a)</sup>  | $6810 | $6913747 |
|  United Airlines Holdings Inc., 4.88%, 01/15/25<sup>(b)</sup>  | 5148 | 4901872 |
|  United Airlines Inc., 4.38%, 04/15/26<br>(Call 10/15/25)<sup>(a)</sup>  | 28064 | 25643587 |
|  |  | 192039182 |
| **Apparel — 0.5%** |  |  |
|  Hanesbrands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113 | 11752724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  | 12750 | 11698125 |
|  Under Armour Inc., 3.25%, 06/15/26<br>(Call 03/15/26)<sup>(b)</sup>  | 8562 | 7341059 |
|  William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7050 | 6762584 |
|  |  | 37554492 |
| **Auto Manufacturers — 3.5%** |  |  |
|  Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/14/22)<sup>(a)</sup>  | 5575 | 5122037 |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(a)(b)</sup>  | 15523 | 14902080 |
|  Ford Motor Co., 4.35%, 12/08/26<br>(Call 09/08/26)<sup>(b)</sup>  | 13750 | 12819015 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25)<sup>(b)</sup>  | 11270 | 10193715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26) | 14021 | 12096337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/04/23 | 2500 | 2464288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/22 | 7930 | 7930000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23<sup>(b)</sup>  | 7810 | 7556175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | 18431 | 16740509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 7275 | 6911250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 7258 | 7033609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24)<sup>(b)</sup>  | 12542 | 12023388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 11996 | 11156280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 10790 | 9585296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 02/15/23 (Call 01/15/23)<sup>(b)</sup>  | 1000 | 997450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 8008 | 7247240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/06/23<sup>(b)</sup>  | 5410 | 5340222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26<sup>(b)</sup>  | 11327 | 10523203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 6311 | 5808644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 5571 | 5278523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27)<sup>(b)</sup>  | 14027 | 12850965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 15025 | 14496120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24)<sup>(b)</sup>  | 14021 | 13849393 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(a)(b)</sup>  | 6700 | 4840750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/23 (Call 12/01/22)<sup>(a)(b)</sup>  | 5624 | 5549079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | 9640 | 8909577 |
|  JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 7770 | 7409394 |
|  Mclaren Finance PLC, 7.50%, 08/01/26<br>(Call 08/01/23)<sup>(a)</sup>  | 8165 | 6589301 |
|  Navistar International Corp., 9.50%, 05/01/25<sup>(a)</sup>  | 0 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246223840 |
| **Auto Parts & Equipment — 1.6%** |  |  |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 11202 | 9976314 |
|  American Axle & Manufacturing Inc., 6.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup>  | 7013 | 6466004 |
|  Clarios Global LP, 6.75%, 05/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 5658 | 5641705 |
|  Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 12081 | 11724510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 23685 | 23255709 |

---

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Parts & Equipment (continued)** |  |  |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | $5590 | $5449624 |
|  Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 9503 | 8646712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22)<sup>(b)</sup>  | 13150 | 12622028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) | 10990 | 11451456 |
|  Tenneco Inc., 5.00%, 07/15/26 (Call 11/07/22)<sup>(b)</sup>  | 5787 | 5765299 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14401 | 13555157 |
|  |  | 114554518 |
| **Banks — 1.4%** |  |  |
|  Commerzbank AG, 8.13%, 09/19/23<sup>(a)</sup>  | 13823 | 13787146 |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup>  | 14483 | 13470059 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup>  | 9105 | 6741494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  | 8580 | 6764729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(a)</sup>  | 5741 | 5058567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7340 | 6294833 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(a)</sup>  | 27902 | 26662094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(a)(b)</sup>  | 19640 | 18112959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96891881 |
| **Building Materials — 0.4%** |  |  |
|  Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)<sup>(a)(b)</sup>  | 7399 | 6918065 |
|  Jeld-Wen Inc., 4.63%, 12/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5122 | 4262328 |
|  Koppers Inc., 6.00%, 02/15/25 (Call 12/01/22)<sup>(a)</sup>  | 6822 | 6213989 |
|  Standard Industries Inc./NJ, 5.00%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 11891 | 10819247 |
|  |  | 28213629 |
| **Chemicals — 2.1%** |  |  |
|  Cerdia Finanz GmbH, 10.50%, 02/15/27<br>(Call 02/15/24)<sup>(a)</sup>  | 8275 | 6702750 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/23 | 5036 | 5040869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 9888 | 9637504 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  | 6755 | 6171162 |
|  Chemours Co. (The), 5.38%, 05/15/27<br>(Call 02/15/27)<sup>(b)</sup>  | 6521 | 5834665 |
|  Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 5943 | 4468393 |
|  GPD Companies Inc., 10.13%, 04/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | 7026 | 6262625 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)<sup>(a)</sup> | 7098 | 5997496 |
|  Mativ Holdings Inc., 6.88%, 10/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup> | 5085 | 4677522 |
|  Methanex Corp., 5.13%, 10/15/27<br>(Call 04/15/27)<sup>(b)</sup>  | 9650 | 8800800 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/24 (Call 03/03/24)<sup>(a)(b)</sup>  | 14569 | 14118728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 (Call 01/31/25)<sup>(a)(b)</sup>  | 7177 | 6818150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 03/03/27)<sup>(a)(b)</sup>  | 14360 | 12852200 |
|  Olin Corp., 5.13%, 09/15/27 (Call 12/01/22) | 6825 | 6398437 |
|  Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7685 | 6589887 |
|  Rayonier AM Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 (Call 12/01/22)<sup>(a)</sup>  | 2447 | 2404178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/26 (Call 01/15/24)<sup>(a)(b)</sup>  | 6725 | 5845841 |
|  SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)<sup>(a)</sup>  | 10055 | 7992418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)<sup>(a)</sup>  | $4975 | $4371781 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6583 | 5093596 |
|  Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 12/01/22)<sup>(a)</sup>  | 0 |  |
|  WR Grace Holdings LLC, 4.88%, 06/15/27<br>(Call 06/15/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10303 | 9015125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145094127 |
| **Coal — 0.1%** |  |  |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5215 | 5110280 |
| **Commercial Services — 4.4%** |  |  |
|  ADT Security Corp. (The), 4.13%, 06/15/23<sup>(b)</sup>  | 9248 | 9185384 |
|  Ahern Rentals Inc., 7.38%, 05/15/23<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5095 | 3586516 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 7795 | 6594570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 6231 | 5358037 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 26365 | 25211531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 14575 | 12671651 |
|  AMN Healthcare Inc., 4.63%, 10/01/27<br>(Call 12/01/22)<sup>(a)</sup>  | 6750 | 6302070 |
|  Aptim Corp., 7.75%, 06/15/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 5280 | 3653948 |
|  APX Group Inc., 6.75%, 02/15/27<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 8314 | 7991832 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 10280 | 9398161 |
|  Block Inc., 2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup>  | 12390 | 11089185 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 7775 | 7141532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(a)</sup>  | 5784 | 5622684 |
|  Cimpress PLC, 7.00%, 06/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6605 | 3946487 |
|  CoreCivic Inc., 8.25%, 04/15/26<br>(Call 04/15/24)<sup>(b)</sup>  | 9455 | 9600945 |
|  Garda World Security Corp., 4.63%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 8038 | 7171454 |
|  Graham Holdings Co., 5.75%, 06/01/26<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 6374 | 6224618 |
|  Grand Canyon University, 4.13%, 10/01/24<sup>(b)</sup>  | 6124 | 5741250 |
|  Herc Holdings Inc., 5.50%, 07/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 16480 | 15594200 |
|  Hertz Corp. (The), 4.63%, 12/01/26<br>(Call 12/01/23)<sup>(a)(b)</sup>  | 7005 | 5960087 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 5662 | 4921693 |
|  MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)<sup>(a)(b)</sup>  | 6130 | 6025407 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25<br>(Call 11/16/22)<sup>(a)</sup>  | 7571 | 7556085 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(a)(b)</sup>  | 13820 | 12002463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(a)(b)</sup>  | 10784 | 10675621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(a)</sup>  | 18595 | 18135133 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 6504 | 6415607 |
|  RR Donnelley & Sons Co., 6.13%, 11/01/26<br>(Call 11/01/23)<sup>(a)</sup> | 4234 | 3442393 |
|  Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 11548 | 10612612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)(b)</sup>  | 10549 | 10273061 |

---

S C H E D U L E O F I N V E S T M E N T S 15

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | $5960 | $5502487 |
|  Sotheby's, 7.38%, 10/15/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 10470 | 10129725 |
|  United Rentals North America Inc., 5.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup>  | 7320 | 7114967 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 15490 | 15531591 |
|  WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12035 | 11252725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307637712 |
| **Computers — 0.9%** |  |  |
|  Diebold Nixdorf Inc., 9.38%, 07/15/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 8099 | 6052383 |
|  NCR Corp., 5.75%, 09/01/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 6610 | 6378650 |
|  Presidio Holdings Inc., 4.88%, 02/01/27<br>(Call 02/01/23)<sup>(a)</sup>  | 7643 | 7057546 |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/23 | 5850 | 5790562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25<sup>(b)</sup>  | 6735 | 6476039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | 8303 | 8137079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27)<sup>(b)</sup>  | 7300 | 6734250 |
|  Vericast Corp., 11.00%, 09/15/26<br>(Call 09/15/23)<sup>(a)(b)</sup>  | 16317 | 15970626 |
|  |  | 62597135 |
| **Cosmetics & Personal Care — 0.3%** |  |  |
|  Coty Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 12310 | 11595091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 7665 | 7299379 |
|  |  | 18894470 |
| **Distribution & Wholesale — 0.5%** |  |  |
|  BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)<sup>(a)(b)</sup>  | 9018 | 8206380 |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup> | 5713 | 5413068 |
|  IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7230 | 6778125 |
|  KAR Auction Services Inc., 5.13%, 06/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5670 | 5473322 |
|  Wesco Aircraft Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/24 (Call 12/01/22)<sup>(a)</sup>  | 5948 | 3125922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 9254 | 5844826 |
|  |  | 34841643 |
| **Diversified Financial Services — 3.8%** |  |  |
|  Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 4615 | 4607370 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)<sup>(a)(b)</sup> | 7026 | 7052348 |
|  Ally Financial Inc., 5.75%, 11/20/25<br>(Call 10/21/25)<sup>(b)</sup>  | 14788 | 14314784 |
|  Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 5720 | 4861796 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/31/24<sup>(a)(b)</sup>  | 5529 | 5190570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22)<sup>(b)</sup>  | 5550 | 5239311 |
|  Enact Holdings Inc., 6.50%, 08/15/25<br>(Call 02/15/25)<sup>(a)</sup>  | 10285 | 10131753 |
|  Enova International Inc., 8.50%, 09/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5315 | 4820483 |
|  Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/22)<sup>(a)</sup>  | 3298 | 1991168 |
|  goeasy Ltd., 5.38%, 12/01/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7899 | 7436277 |
|  Home Point Capital Inc., 5.00%, 02/01/26<br>(Call 02/01/23)<sup>(a)</sup>  | 4839 | 2861059 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |  |
|  Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)</sup>  | $| 8721 | $7766869 |
|  Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26)<sup>(b)</sup>  |  | 9408 | 7964642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/23<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 | 11141638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 |  | 6490 | 6311493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 |  | 11502 | 11342949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 |  | 7277 | 6948516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26<sup>(b)</sup>  |  | 7542 | 7111729 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24)<sup>(b)</sup>  |  | 10590 | 8691848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/23<sup>(b)</sup>  |  | 9630 | 9631579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) |  | 17337 | 16925303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25<sup>(b)</sup>  |  | 16729 | 16227130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 |  | 21661 | 20859543 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27<br>(Call 02/01/24)<sup>(a)</sup>  |  | 5215 | 4828904 |
|  PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 9069 | 8196109 |
|  PHH Mortgage Corp., 7.88%, 03/15/26<br>(Call 03/15/23)<sup>(a)(b)</sup>  |  | 5280 | 4382400 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26<br>(Call 10/15/23)<sup>(a)(b)</sup>  |  | 15614 | 13057207 |
|  SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26) |  | 7103 | 6229828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) |  | 7269 | 6743815 |
|  TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 12/01/22)<sup>(a)</sup>  |  | 4096 | 3949158 |
|  United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 11501 | 10397479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup>  |  | 6500 | 5326750 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27<br>(Call 05/01/24)<sup>(a)(b)</sup>  |  | 6730 | 6097342 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268639150 |
| **Electric — 1.9%** |  |  |  |
|  Calpine Corp., 5.25%, 06/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  |  | 6090 | 5800421 |
|  DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)<sup>(b)</sup>  |  | 6114 | 5762445 |
|  Drax Finco PLC, 6.63%, 11/01/25<br>(Call 11/11/22)<sup>(a)</sup>  |  | 6580 | 6119400 |
|  Enerflex Ltd., 9.00%, 10/15/27 |  | 8610 | 8382792 |
|  FirstEnergy Corp., Series B, 4.15%, 07/15/27<br>(Call 04/15/27)<sup>(b)</sup>  |  | 20912 | 19638668 |
|  InterGen NV, 7.00%, 06/30/23<br>(Call 12/01/22)<sup>(a)(b)</sup>  |  | 4509 | 4440275 |
|  NextEra Energy Operating Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(a)(b)</sup>  |  | 6135 | 5684614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 10297 | 9999405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 07/15/24)<sup>(a)</sup>  |  | 5 | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  |  | 7834 | 7288313 |
|  NRG Energy Inc., 6.63%, 01/15/27<br>(Call 11/16/22)<sup>(b)</sup>  |  | 6153 | 6135590 |
|  Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)<sup>(a)</sup>  |  | 5730 | 5273949 |
|  TransAlta Corp., 4.50%, 11/15/22<sup>(b)</sup>  |  | 4522 | 4516046 |
|  Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 17764 | 16390251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(a)</sup>  |  | 13890 | 13312022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 16341 | 15577549 |
|  |  |  | 134326393 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |  |
|  WESCO Distribution Inc., 7.13%, 06/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  |  | 20202 | 20397959 |

---

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electronics — 0.3%** |  |  |
|  Likewize Corp., 9.75%, 10/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | $5624 | $5106037 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(a)(b)</sup>  | 9181 | 8915577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(a)(b)</sup>  | 5122 | 5104045 |
|  |  | 19125659 |
| **Energy - Alternate Sources — 0.2%** |  |  |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10452 | 10023689 |
|  Sunnova Energy Corp., 5.88%, 09/01/26<br>(Call 09/01/23)<sup>(a)(b)</sup>  | 5145 | 4535800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14559489 |
| **Engineering & Construction — 0.7%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 13338 | 12630686 |
|  Artera Services LLC, 9.03%, 12/04/25<br>(Call 02/04/23)<sup>(a)</sup>  | 10115 | 8461619 |
|  Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 13148 | 9466560 |
|  Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 5033 | 4599882 |
|  Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) | 5713 | 5421923 |
|  Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)<sup>(a)(b)</sup>  | 5840 | 5299800 |
|  Tutor Perini Corp., 6.88%, 05/01/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 6679 | 5360432 |
|  |  | 51240902 |
| **Entertainment — 4.1%** |  |  |
|  Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6405 | 5947427 |
|  Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(a)</sup>  | 46476 | 45372195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(a)(b)</sup>  | 24453 | 23766279 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 14757 | 14388813 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22)<sup>(b)</sup>  | 7235 | 6832553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | 13667 | 13581581 |
|  Churchill Downs Inc., 5.50%, 04/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8545 | 8167140 |
|  Cinemark USA Inc., 5.88%, 03/15/26<br>(Call 03/15/23)<sup>(a)(b)</sup> | 5565 | 4674044 |
|  International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup>  | 10505 | 9746889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup>  | 10870 | 10769561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(a)(b)</sup>  | 9127 | 9134667 |
|  Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 12275 | 10924750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 8381 | 8140046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(a)(b)</sup>  | 16780 | 16696100 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)<sup>(a)(b)</sup>  | 5840 | 5444523 |
|  Mohegan Gaming & Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 5749 | 5786728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 16511 | 13921745 |
|  Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup>  | 4000 | 3575000 |
|  Penn Entertainment Inc., 5.63%, 01/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5495 | 5022716 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 4875 | 4334484 |
|  Scientific Games International Inc., 8.63%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8021 | 8276049 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Entertainment (continued)** |  |  |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(a)(b)</sup> | $12650 | $12245684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7181 | 6462900 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6122 | 6160263 |
|  Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280 | 9399826 |
|  Vail Resorts Inc., 6.25%, 05/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8555 | 8512225 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8520 | 8262781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285546969 |
| **Environmental Control — 0.7%** |  |  |
|  Clean Harbors Inc., 4.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7580 | 7136949 |
|  GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 10291 | 9724995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7204 | 6861810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 7108 | 6770370 |
|  Harsco Corp., 5.75%, 07/31/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6455 | 4580791 |
|  Stericycle Inc., 5.38%, 07/15/24<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 8556 | 8431650 |
|  Waste Pro USA Inc., 5.50%, 02/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7065 | 6501213 |
|  |  | 50007778 |
| **Food — 1.7%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 10791 | 9711900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/23 (Call 12/15/22)<sup>(a)</sup>  | 7855 | 7805906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(a)(b)</sup>  | 17712 | 16383600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 8709 | 8920299 |
|  B&G Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22) | 13140 | 11952525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup>  | 7036 | 5905033 |
|  Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7745 | 7355039 |
|  H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/14/22)<sup>(a)</sup>  | 3801 | 2216843 |
|  Performance Food Group Inc., 5.50%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 12525 | 11836125 |
|  Pilgrim's Pride Corp., 5.88%, 09/30/27<sup>(a)</sup>  | 11595 | 11339860 |
|  Post Holdings Inc., 5.75%, 03/01/27<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 6449 | 6239408 |
|  Sigma Holdco BV, 7.88%, 05/15/26<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 2522 | 1545406 |
|  U.S. Foods Inc., 6.25%, 04/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 14799 | 14748000 |
|  |  | 115959944 |
| **Food Service — 0.4%** |  |  |
|  Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(a)</sup>  | 8423 | 8139364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 20602 | 20429458 |
|  |  | 28568822 |
| **Gas — 0.5%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/25 (Call 02/20/25) | 9905 | 9507413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24)<sup>(b)</sup>  | 9700 | 9479209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 7115 | 6553932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | 9644 | 9024710 |
|  |  | 34565264 |
| **Health Care - Services — 3.7%** |  |  |
|  Akumin Inc., 7.00%, 11/01/25<br>(Call 12/01/22)<sup>(a)</sup>  | 6770 | 5482752 |
|  Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7240 | 6796550 |

---

S C H E D U L E O F I N V E S T M E N T S 17

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(a)(b)</sup>  | $25495 | $20304218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 28303 | 24411337 |
|  Encompass Health Corp., 5.75%, 09/15/25 (Call 12/01/22)<sup>(b)</sup>  | 5275 | 5246985 |
|  Global Medical Response Inc., 6.50%, 10/01/25 (Call 11/03/22)<sup>(a)(b)</sup>  | 8054 | 6307960 |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14886 | 14213797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 14850 | 14111241 |
|  Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8095 | 6366539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8060 | 7133100 |
|  ModivCare Inc., 5.88%, 11/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7164 | 6827466 |
|  Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 11614 | 10122298 |
|  Quorum Health Corp., 11.63%, 04/15/23<sup>(c)(d)</sup>  | 2653 |  |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(a)</sup>  | 19866 | 15837722 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)<sup>(a)</sup>  | 10816 | 8187388 |
|  Select Medical Corp., 6.25%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 16486 | 15699618 |
|  Surgery Center Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5404 | 5102487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7500 | 7271025 |
|  Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 9709 | 7342674 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22)<sup>(b)</sup>  | 10812 | 10471530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 9441 | 9134167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(a)</sup>  | 27488 | 25976160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 20405 | 19591697 |
|  U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)<sup>(a)</sup>  | 10153 | 9205421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261144132 |
| **Holding Companies - Diversified — 1.1%** |  |  |
|  FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)<sup>(a)(b)</sup>  | 6917 | 6931037 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 15066 | 14581467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 19950 | 18429810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 16831 | 16166176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22)<sup>(b)</sup>  | 10533 | 10224910 |
|  Stena AB, 7.00%, 02/01/24<sup>(a)(b)</sup>  | 3662 | 3482562 |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/24<sup>(a)(b)</sup>  | 4653 | 4371608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 5425 | 5101308 |
|  |  | 79288878 |
| **Home Builders — 0.8%** |  |  |
|  Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 11/16/22)<sup>(b)</sup>  | 4700 | 3948000 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27 (Call 12/01/22)<sup>(a)</sup>  | 8372 | 7304570 |
|  Century Communities Inc., 6.75%, 06/01/27 (Call 12/01/22) | 7290 | 6950651 |
|  Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)<sup>(a)(b)</sup>  | 6830 | 5922464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Home Builders (continued)** |  |  |
|  Forestar Group Inc., 3.85%, 05/15/26<br>(Call 05/15/23)<sup>(a)(b)</sup>  | $5656 | $4861144 |
|  KB Home, 7.63%, 05/15/23 (Call 11/15/22)<sup>(b)</sup>  | 1693 | 1697336 |
|  Meritage Homes Corp., 6.00%, 06/01/25<br>(Call 03/01/25)<sup>(b)</sup>  | 5830 | 5655100 |
|  Taylor Morrison Communities Inc., 5.88%, 06/15/27 (Call 03/15/27)<sup>(a)</sup>  | 7040 | 6601760 |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)<sup>(a)(b)</sup>  | 4505 | 4456008 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24<sup>(b)</sup>  | 7015 | 6928189 |
|  |  | 54325222 |
| **Household Products & Wares — 0.2%** |  |  |
|  Kronos Acquisition Holdings Inc./KIK Custom Products Inc., 5.00%, 12/31/26 (Call 06/30/23)<sup>(a)</sup>  | 6786 | 6151305 |
|  Spectrum Brands Inc., 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup>  | 6544 | 6454053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12605358 |
| **Housewares — 0.7%** |  |  |
|  CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 9651 | 9174627 |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26470 | 24599122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | 6855 | 6602118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27)<sup>(b)</sup>  | 7525 | 7358482 |
|  |  | 47734349 |
| **Insurance — 1.3%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 12750 | 12064890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 5609 | 5545899 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 9525 | 8613775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 14176 | 12935600 |
|  AssuredPartners Inc., 7.00%, 08/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7430 | 7112367 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6947 | 6574467 |
|  Hub International Ltd., 7.00%, 05/01/26<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 23453 | 23159837 |
|  NMI Holdings Inc., 7.38%, 06/01/25<br>(Call 03/30/25)<sup>(a)</sup>  | 5946 | 5954585 |
|  USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | 8945 | 8747372 |
|  |  | 90708792 |
| **Internet — 1.8%** |  |  |
|  Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 09/15/23)<sup>(a)(b)</sup>  | 6555 | 5591894 |
|  Cogent Communications Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/26 (Call 02/01/26)<sup>(a)(b)</sup>  | 7125 | 6445479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27 (Call 06/15/24)<sup>(a)</sup>  | 6560 | 6229266 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 5419 | 3641717 |
|  Millennium Escrow Corp., 6.63%, 08/01/26<br>(Call 08/01/23)<sup>(a)(b)</sup>  | 10415 | 7498800 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 5265 | 4777988 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup>  | 14889 | 14489622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)(b)</sup>  | 12568 | 12547133 |

---

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)<sup>(a)</sup>  | $10772 | $7066798 |
|  TripAdvisor Inc., 7.00%, 07/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 7184 | 7136810 |
|  Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 14009 | 14005498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(a)</sup>  | 17511 | 17528122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 | 20154296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127113423 |
| **Iron & Steel — 0.5%** |  |  |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8030 | 7350573 |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup>  | 7279 | 6769470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 11990 | 11900075 |
|  Mineral Resources Ltd., 8.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 9955 | 9905225 |
|  |  | 35925343 |
| **Leisure Time — 1.1%** |  |  |
|  Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)<sup>(a)</sup>  | 5897 | 5249215 |
|  Life Time Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 12725 | 11834250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 6520 | 5719373 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup>  | 4527 | 4059021 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/24 (Call 11/14/22)<sup>(a)(b)</sup>  | 7748 | 6679745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(a)</sup>  | 18342 | 14930388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(a)</sup>  | 13867 | 12369364 |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10775 | 8615510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 9431 | 10138325 |
|  |  | 79595191 |
| **Lodging — 3.5%** |  |  |
|  Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)<sup>(a)</sup>  | 7380 | 6446158 |
|  Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 7495 | 7382575 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)<sup>(b)</sup>  | 8190 | 7761390 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25)<sup>(b)</sup>  | 7235 | 6546951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 21880 | 20777686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 14055 | 12223212 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25<sup>(a)(b)</sup>  | 13240 | 9507975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26<sup>(a)(b)</sup>  | 6782 | 4330307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27<sup>(a)</sup>  | 7720 | 4691984 |
|  MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/27 (Call 02/01/24)<sup>(a)(b)</sup>  | 9870 | 7402500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/25 (Call 11/11/22)<sup>(a)</sup>  | 6490 | 5194207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/24 (Call 11/11/22)<sup>(a)(b)</sup>  | 11049 | 9337786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/26 (Call 11/11/22)<sup>(a)(b)</sup>  | 9965 | 7644351 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 (Call 06/01/26) | 6020 | 5472029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27)<sup>(b)</sup>  | 8756 | 8064714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25)<sup>(b)</sup>  | 9444 | 9154069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/23 | 13646 | 13660830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup>  | 10262 | 10132699 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
|  Studio City Co. Ltd., 7.00%, 02/15/27<br>(Call 02/15/24)<sup>(a)(b)</sup>  | $5029 | $4023200 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/23 (Call 12/01/22) | 4483 | 4449130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 5604 | 5232735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 5260 | 5148225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(a)</sup>  | 9565 | 9337831 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/30/23 (Call 02/28/23)<sup>(a)(b)</sup>  | 5434 | 5355887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup>  | 12525 | 10912406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24256 | 22850365 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 11/11/22)<sup>(a)(b)</sup>  | 7973 | 6218940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 13120 | 9118400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 (Call 12/01/22)<sup>(a)</sup>  | 7950 | 5125922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243504464 |
| **Machinery — 0.6%** |  |  |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)<sup>(a)(b)</sup>  | 5600 | 5614000 |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 8915 | 7297373 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(a)(b)</sup>  | 21610 | 19350854 |
|  Weir Group PLC (The), 2.20%, 05/13/26<br>(Call 04/13/26)<sup>(a)(b)</sup>  | 11950 | 10224470 |
|  |  | 42486697 |
| **Manufacturing — 0.7%** |  |  |
|  Amsted Industries Inc., 5.63%, 07/01/27<br>(Call 12/01/22)<sup>(a)</sup>  | 5895 | 5490260 |
|  EnPro Industries Inc., 5.75%, 10/15/26<br>(Call 12/01/22)<sup>(b)</sup> | 5185 | 4993203 |
|  FXI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 7177 | 6233224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 10320 | 8969009 |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 8299 | 7997124 |
|  Hillenbrand Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 07/15/26) | 5110 | 4833208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 12/01/22) | 5805 | 5776432 |
|  Trinity Industries Inc., 4.55%, 10/01/24<br>(Call 07/01/24) | 5350 | 5047190 |
|  |  | 49339650 |
| **Media — 6.9%** |  |  |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup>  | 10898 | 9985293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22)<sup>(b)</sup>  | 7321 | 7145296 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/23 (Call 11/16/22)<sup>(a)</sup>  | 6872 | 6838300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 43440 | 40209150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 11025 | 10580784 |
|  Cengage Learning Inc., 9.50%, 06/15/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8552 | 8103020 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(b)</sup>  | 10447 | 10133590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 17785 | 16700115 |
|  Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 5680 | 4928460 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)<sup>(a)</sup>  | 49926 | 44829389 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/23<sup>(b)</sup>  | 18608 | 18423920 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 (Call 06/01/26)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37412 | $32501675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24<sup>(b)</sup>  | 27438 | 25345852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 27058 | 22901215 |
|  Gannett Holdings LLC, 6.00%, 11/01/26<br>(Call 11/01/23)<sup>(a)(b)</sup>  | 3384 | 2536943 |
|  Gray Television Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 9985 | 9406338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 10540 | 10039350 |
|  iHeartCommunications Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 9685 | 8755724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 11355 | 10868154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(b)</sup>  | 18355 | 16519821 |
|  LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 14775 | 13777688 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 4925 | 4495294 |
|  Nexstar Media Inc., 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 23941 | 22552422 |
|  Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup>  | 12160 | 10324853 |
|  Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6155 | 5576122 |
|  Sirius XM Radio Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)(b)</sup>  | 13806 | 12337042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 20301 | 18789081 |
|  TEGNA Inc., 4.75%, 03/15/26<br>(Call 03/15/23)<sup>(a)(b)</sup>  | 7335 | 7235420 |
|  Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 7515 | 7095588 |
|  Univision Communications Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(a)</sup>  | 19841 | 19147960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)(b)</sup>  | 20955 | 20661630 |
|  Videotron Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 9225 | 8686445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(a)(b)</sup>  | 8845 | 8766778 |
|  Ziggo Bond Co. BV, 6.00%, 01/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 9045 | 8086230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484284942 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 4875 | 4517382 |
| **Mining — 0.8%** |  |  |
|  Arconic Corp., 6.00%, 05/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 10270 | 10139715 |
|  FMG Resources August 2006 Pty Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup>  | 8383 | 7485181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | 10989 | 10763618 |
|  New Gold Inc., 7.50%, 07/15/27<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 5817 | 5006997 |
|  Novelis Corp., 3.25%, 11/15/26<br>(Call 11/15/23)<sup>(a)</sup>  | 10138 | 8923011 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6662 | 6153190 |
|  Taseko Mines Ltd., 7.00%, 02/15/26<br>(Call 02/15/23)<sup>(a)(b)</sup> | 5720 | 4762586 |
|  |  | 53234298 |
| **Office & Business Equipment — 0.3%** |  |  |
|  Pitney Bowes Inc., 6.88%, 03/15/27<br>(Call 03/15/24)<sup>(a)</sup>  | 5140 | 3296025 |
|  Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23) | 8356 | 8296255 |
|  Xerox Holdings Corp., 5.00%, 08/15/25<br>(Call 07/15/25)<sup>(a)(b)</sup>  | 10600 | 9593000 |
|  |  | 21185280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas — 7.9%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10755425 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 8555 | 8426675 |
|  Baytex Energy Corp., 8.75%, 04/01/27<br>(Call 04/01/23)<sup>(a)(b)</sup>  | 7020 | 7246980 |
|  Berry Petroleum Co. LLC, 7.00%, 02/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup> | 5618 | 5110695 |
|  California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 8421 | 8268757 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6955 | 7241700 |
|  Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 5130 | 4976100 |
|  Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)<sup>(a)(b)</sup>  | 7050 | 6811005 |
|  Citgo Holding Inc., 9.25%, 08/01/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 18415 | 18455513 |
|  CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 06/15/23)<sup>(a)(b)</sup>  | 9227 | 9066782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25<sup>(a)</sup>  | 15085 | 14854954 |
|  Civitas Resources Inc., 5.00%, 10/15/26<br>(Call 10/15/23)<sup>(a)</sup>  | 5788 | 5338967 |
|  CNX Resources Corp., 7.25%, 03/14/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5252 | 5210404 |
|  CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 16848 | 16262677 |
|  CVR Energy Inc., 5.25%, 02/15/25<br>(Call 11/16/22)<sup>(a)</sup>  | 8667 | 8355421 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 7485 | 7081484 |
|  Energean Israel Finance Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/24 (Call 12/30/23)<sup>(a)</sup>  | 8300 | 7935058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/26 (Call 12/30/25)<sup>(a)</sup>  | 8075 | 7275745 |
|  Ensign Drilling Inc., 9.25%, 04/15/24<br>(Call 12/01/22)<sup>(a)</sup>  | 5294 | 4791070 |
|  Gulfport Energy Corp., 8.00%, 05/17/26<br>(Call 05/17/24)<sup>(b)</sup>  | 1345 | 1342041 |
|  Gulfport Energy Operating Corp., 8.00%, 05/17/26 (Call 05/17/24)<sup>(a)(b)</sup>  | 7002 | 6986596 |
|  Harbour Energy PLC, 5.50%, 10/15/26<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 7230 | 6513868 |
|  Independence Energy Finance LLC, 7.25%, 05/01/26<br>(Call 05/01/23)<sup>(a)</sup>  | 9609 | 8935409 |
|  Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)<sup>(a)</sup>  | 9090 | 8952014 |
|  Laredo Petroleum Inc., 9.50%, 01/15/25<br>(Call 12/01/22)<sup>(b)</sup>  | 8588 | 8604102 |
|  Leviathan Bond Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/30/23 (Call 03/30/23)<sup>(a)</sup>  | 6882 | 6840786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/30/25 (Call 03/30/25)<sup>(a)</sup>  | 7741 | 7363626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/27 (Call 12/30/26)<sup>(a)</sup>  | 7640 | 7107683 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 5588 | 5462270 |
|  Matador Resources Co., 5.88%, 09/15/26<br>(Call 11/16/22)<sup>(b)</sup>  | 11914 | 11705505 |
|  MEG Energy Corp., 7.13%, 02/01/27<br>(Call 02/01/23)<sup>(a)(b)</sup> | 15565 | 15838166 |
|  Moss Creek Resources Holdings Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(a)</sup>  | 9491 | 8731720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7107 | 6842170 |
|  Murphy Oil Corp., 5.75%, 08/15/25<br>(Call 12/01/22)<sup>(b)</sup>  | 6823 | 6766369 |
|  Nabors Industries Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(b)</sup>  | 7256 | 6964853 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(a)</sup>  | $9481 | $9350636 |
|  Nabors Industries Ltd., 7.25%, 01/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7695 | 7407976 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 12710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424025 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26<br>(Call 06/01/23)<sup>(a)</sup> | 5880 | 5732000 |
|  Occidental Petroleum Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24) | 1150 | 1106906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25)<sup>(b)</sup>  | 10035 | 10058846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 14460 | 14658825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25)<sup>(b)</sup>  | 10810 | 10891075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24<sup>(b)</sup>  | 8080 | 8250892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 6928 | 7313266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27)<sup>(b)</sup>  | 6840 | 7436790 |
|  Parkland Corp., 5.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 6955 | 6578357 |
|  PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 (Call 12/01/22) | 8810 | 8721900 |
|  PDC Energy Inc., 5.75%, 05/15/26<br>(Call 12/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 | 9850807 |
|  Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)<sup>(a)(b)</sup>  | 5615 | 5539366 |
|  Petrofac Ltd., 9.75%, 11/15/26<br>(Call 11/15/23)<sup>(a)(b)</sup>  | 7820 | 5831061 |
|  Puma International Financing SA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/24/26 (Call 11/11/22)<sup>(a)</sup>  | 9752 | 8715850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/06/24 (Call 11/11/22)<sup>(a)</sup>  | 8153 | 7657959 |
|  Range Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25)<sup>(b)</sup>  | 10210 | 9875827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/23 (Call 12/15/22)<sup>(b)</sup>  | 7096 | 7073867 |
|  SM Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22)<sup>(b)</sup>  | 6100 | 5967020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22)<sup>(b)</sup>  | 5970 | 5878211 |
|  Southwestern Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24)<sup>(b)</sup>  | 6019 | 5938264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22) | 2375 | 2437344 |
|  Strathcona Resources Ltd., 6.88%, 08/01/26<br>(Call 08/01/23)<sup>(a)(b)</sup>  | 6785 | 5737283 |
|  Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 12/01/22) | 8720 | 8543856 |
|  Talos Production Inc., 12.00%, 01/15/26<br>(Call 01/15/23)  | 8158 | 8649927 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<br>(Call 10/01/23)<sup>(a)(b)</sup>  | 6960 | 6672610 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24<br>(Call 12/01/22)<sup>(a)</sup>  | 3925 | 3815636 |
|  Transocean Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25<sup>(a)(b)</sup>  | 5568 | 4856410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26<sup>(a)</sup>  | 6797 | 5798181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup>  | 7797 | 6365373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(a)</sup>  | 9485 | 9542903 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6522 | 6245054 |
|  Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)<sup>(a)</sup>  | 3995 | 3911771 |
|  W&T Offshore Inc., 9.75%, 11/01/23<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5203 | 5189993 |
|  |  | 548448657 |
| **Oil & Gas Services — 0.8%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7045 | 6733451 |
|  CGG SA, 8.75%, 04/01/27 (Call 04/01/24)<sup>(a)(b)</sup>  | 6840 | 6018995 |
|  CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4525 | 4083813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas Services (continued)** |  |  |
|  KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)<sup>(a)</sup>  | $5468 | $5103284 |
|  Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24)<sup>(b)</sup>  | 5515 | 5265336 |
|  USA Compression Partners LP/USA Compression Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350 | 9934655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22) | 10400 | 9932000 |
|  Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 11951 | 12310775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59382309 |
| **Packaging & Containers — 3.1%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 8190 | 7863628 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(a)</sup>  | 15856 | 13636160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(a)</sup>  | 9074 | 8571690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)</sup>  | 11070 | 7776675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 13150 | 9237875 |
|  Ball Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 12446 | 12202556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 10784 | 10347572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(b)</sup>  | 13897 | 13716478 |
|  Berry Global Inc., 5.63%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6755 | 6400362 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26<br>(Call 03/31/26) | 5192 | 4815580 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26<br>(Call 12/01/22)<sup>(b)</sup>  | 12215 | 11677627 |
|  LABL Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(a)</sup>  | 9881 | 9405702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 9050 | 8252469 |
|  Mauser Packaging Solutions Holding Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 19461 | 19060428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 18723 | 16880236 |
|  Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)(b)</sup>  | 8609 | 8267076 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 12900 | 11416500 |
|  Sealed Air Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(a)(b)</sup>  | 5948 | 5900664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup>  | 5565 | 5463279 |
|  Trivium Packaging Finance BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 14185 | 13054314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(a)(b)</sup>  | 9565 | 9073168 |
|  |  | 213020039 |
| **Pharmaceuticals — 2.8%** |  |  |
|  Bausch Health Cos. Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 20835 | 16703976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(a)</sup>  | 4250 | 2705338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 11700 | 7665767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28<sup>(b)</sup>  | 17150 | 13334125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30 | 2628 | 1504530 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 8203 | 7737526 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8415 | 8084711 |

---

S C H E D U L E O F I N V E S T M E N T S 21

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25<sup>(a)(b)</sup>  | $7025 | $6340062 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)<sup>(a)</sup>  | 6250 | 4822450 |
|  Perrigo Finance Unlimited Co.<br>3.90%, 12/15/24 (Call 09/15/24) | 9900 | 9430839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25) | 10071 | 9440455 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 7274 | 6622517 |
|  Teva Pharmaceutical Finance Netherlands III BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/21/23<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18958 | 18432725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26<sup>(b)</sup>  | 47092 | 39792740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 (Call 02/09/27)<sup>(b)</sup>  | 13190 | 11607200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/24 (Call 01/15/24)<sup>(b)</sup>  | 17435 | 17260650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 (Call 10/31/24) | 14210 | 14085662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195571273 |
| **Pipelines — 4.7%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)</sup>  | 9241 | 8800204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 7652 | 7799301 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 12/15/25 (Call 12/15/22)<sup>(a)(b)</sup>  | 8367 | 8286723 |
|  Buckeye Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26) | 8410 | 7377252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(a)</sup>  | 6957 | 6557042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/23 (Call 04/01/23)<sup>(b)</sup>  | 6754 | 6674708 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 8445 | 7965277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 7244 | 7062900 |
|  EnLink Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 6215 | 5864785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26)<sup>(b)</sup>  | 6895 | 6493366 |
|  EQM Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24) | 1750 | 1657425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26) | 6945 | 6164845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(a)(b)</sup>  | 6130 | 5944874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(a)</sup>  | 12375 | 12047062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)(b)</sup>  | 7165 | 7075437 |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)<sup>(a)(b)</sup>  | 7030 | 6892915 |
|  Genesis Energy LP/Genesis Energy Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup>  | 7065 | 6748841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24) | 13733 | 13338176 |
|  Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 11/16/22)<sup>(b)</sup>  | 5620 | 5376605 |
|  Hess Midstream Operations LP, 5.63%, 02/15/26 (Call 12/01/22)<sup>(a)</sup>  | 11335 | 11117028 |
|  Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 5595 | 5408966 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup>  | 5687 | 5174815 |
|  New Fortress Energy Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup>  | 20555 | 19938350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(a)</sup>  | 16855 | 16479976 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 27602 | 24979810 |
|  NGL Energy Partners LP/NGL Energy Finance Corp. 6.13%, 03/01/25 (Call 12/01/22)<sup>(b)</sup>  | 5005 | 3903900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/01/23 (Call 12/01/22)<sup>(b)</sup>  | $5494 | $5356650 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 7348 | 6946285 |
|  NuStar Logistics LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 6910 | 6389447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25)<sup>(b)</sup>  | 8455 | 8198898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26)<sup>(b)</sup>  | 8423 | 8162609 |
|  PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 12/01/22)<sup>(b)</sup>  | 7873 | 7871032 |
|  Rattler Midstream LP, 5.63%, 07/15/25<br>(Call 11/01/22)<sup>(a)(b)</sup>  | 5787 | 5941224 |
|  Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)<sup>(a)</sup>  | 5572 | 5200865 |
|  Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)<sup>(a)</sup>  | 3855 | 3473837 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 9820 | 9421799 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(a)(b)</sup>  | 6170 | 5848459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8594 | 8698675 |
|  Western Midstream Operating LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10365 | 9851622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25)<sup>(b)</sup>  | 6459 | 6124941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 6630 | 6272738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328889664 |
| **Real Estate — 0.4%** |  |  |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8437 | 7051570 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7593 | 7335597 |
|  Newmark Group Inc., 6.13%, 11/15/23<br>(Call 10/15/23) | 7458 | 7430033 |
|  Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23 (Call 11/17/22)<sup>(a)(b)</sup>  | 715 | 718172 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(a)</sup>  | 6205 | 3342168 |
|  |  | 25877540 |
| **Real Estate Investment Trusts — 3.7%** |  |  |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | 5971 | 5061206 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)(b)</sup>  | 10642 | 9019095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 13124 | 12160469 |
|  Diversified Healthcare Trust, 9.75%, 06/15/25<br>(Call 12/01/22)<sup>(b)</sup>  | 7232 | 6833372 |
|  HAT Holdings I LLC/HAT Holdings II LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup>  | 13927 | 11280870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5880 | 5605580 |
|  Iron Mountain Inc., 4.88%, 09/15/27<br>(Call 11/14/22)<sup>(a)</sup>  | 13925 | 12821211 |
|  iStar Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup>  | 6351 | 6152531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 9345 | 9249401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup>  | 830 | 828390 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27<br>(Call 02/01/23)<sup>(a)</sup>  | 9250 | 7783875 |
|  MPT Operating Partnership LP/MPT Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(b)</sup>  | 10375 | 8868965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22)<sup>(b)</sup>  | 6675 | 6023186 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | $7550 | $6625654 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25<br>(Call 12/01/22)<sup>(a)</sup>  | 9290 | 9313225 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 12/01/22) | 9000 | 8307360 |
|  RLJ Lodging Trust LP, 3.75%, 07/01/26<br>(Call 07/01/23)<sup>(a)</sup>  | 6905 | 6313518 |
|  SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23)<sup>(b)</sup>  | 21096 | 19091880 |
|  Service Properties Trust<br>4.35%, 10/01/24 (Call 09/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10672 | 9811570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/23 (Call 12/15/22) | 5970 | 5885674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 (Call 09/15/24) | 4974 | 4401990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) | 4565 | 4350513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 6090 | 4963350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26) | 5480 | 4431950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25) | 5180 | 4480700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 11021 | 10759251 |
|  Starwood Property Trust Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)(b)</sup>  | 5119 | 4454810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)(b)</sup>  | 5393 | 5042455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup>  | 7501 | 6574627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 6601 | 6178133 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%,<br>02/15/25 (Call 12/01/22)<sup>(a)</sup>  | 30497 | 30237471 |
|  XHR LP, 6.38%, 08/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 7055 | 6937752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259850034 |
| **Retail — 3.3%** |  |  |
|  1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7726 | 7728260 |
|  1375209 BC Ltd., 9.00%, 01/30/28<sup>(b)</sup>  | 9439 | 9203025 |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 5050 | 4748052 |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(a)(b)</sup>  | 5659 | 5486859 |
|  Carvana Co., 5.63%, 10/01/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 5394 | 3533070 |
|  CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  | 9136 | 8582084 |
|  Dave & Buster's Inc., 7.63%, 11/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6322 | 6312833 |
|  eG Global Finance PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 10540 | 9550391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(a)</sup>  | 8665 | 8056572 |
|  Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 9256 | 8399820 |
|  Guitar Center Inc., 8.50%, 01/15/26<br>(Call 01/15/23)<sup>(a)</sup>  | 7373 | 6474416 |
|  IRB Holding Corp., 7.00%, 06/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 10470 | 10484396 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10700 | 10186721 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 11015 | 10032777 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26<br>(Call 04/01/23)<sup>(a)(b)</sup>  | 15391 | 14624990 |
|  Nordstrom Inc., 4.00%, 03/15/27<br>(Call 12/15/26)<sup>(b)</sup>  | 5180 | 4425695 |
|  Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup>  | 7989 | 7451526 |
|  QVC Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 7902 | 6911247 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | $8335 | $6603320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24<sup>(b)</sup>  | 8468 | 8092233 |
|  Rite Aid Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6893 | 4846009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)</sup>  | 10254 | 6664136 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) | 9814 | 9290111 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4955 | 4354206 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 9721 | 7863743 |
|  Staples Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27026 | 23512620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 13085 | 9507626 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 (Call 12/01/22) | 5220 | 4965264 |
|  |  | 227892002 |
| **Semiconductors — 0.2%** |  |  |
|  Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8170 | 8069100 |
|  ams-OSRAM AG, 7.00%, 07/31/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6500 | 5832938 |
|  |  | 13902038 |
| **Software — 1.3%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5310 | 5138753 |
|  Boxer Parent Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8270 | 8133958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 5168 | 4921848 |
|  Camelot Finance SA, 4.50%, 11/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 10055 | 9361205 |
|  CDK Global Inc., 4.88%, 06/01/27 | 140 | 126735 |
|  CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)<sup>(a)(b)</sup>  | 8215 | 7041026 |
|  Fair Isaac Corp., 5.25%, 05/15/26<br>(Call 02/15/26)<sup>(a)(b)</sup>  | 6028 | 5871272 |
|  PTC Inc., 3.63%, 02/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 7297 | 6921248 |
|  SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 27402 | 25461522 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 23540 | 19714750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92692317 |
| **Telecommunications — 6.9%** |  |  |
|  Altice France Holding SA, 10.50%, 05/15/27 (Call 11/14/22)<sup>(a)</sup>  | 21539 | 16771127 |
|  Altice France SA/France, 8.13%, 02/01/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 23745 | 21774165 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27<sup>(a)(b)</sup>  | 16275 | 14153554 |
|  CommScope Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(a)</sup>  | 19675 | 19045400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 13370 | 11867643 |
|  CommScope Technologies LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 10180 | 8258525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 17787 | 16658415 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | 28750 | 27025000 |
|  DKT Finance ApS, 9.38%, 06/17/23<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 5214 | 5028258 |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/27<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 14375 | 13264531 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26<sup>(b)</sup>  | 10599 | 10111022 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup>  | $10745 | $10127162 |
|  Iliad Holding SASU, 6.50%, 10/15/26<br>(Call 10/15/23)<sup>(a)</sup>  | 16371 | 15171988 |
|  Intrado Corp., 8.50%, 10/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7715 | 6800130 |
|  Level 3 Financing Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)(b)</sup>  | 9500 | 8183143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 13486 | 11714960 |
|  LogMeIn Inc., 5.50%, 09/01/27<br>(Call 09/01/23)<sup>(a)</sup>  | 9345 | 5424850 |
|  Lumen Technologies Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup>  | 16272 | 13828294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 12615 | 10801594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/25 (Call 01/01/25)<sup>(b)</sup>  | 5169 | 4967086 |
|  Maxar Technologies Inc., 7.75%, 06/15/27<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 6950 | 6845750 |
|  Nokia OYJ, 4.38%, 06/12/27<sup>(b)</sup>  | 7107 | 6510012 |
|  Quebecor Media Inc., 5.75%, 01/15/23<sup>(b)</sup>  | 10370 | 10358947 |
|  Sprint Communications LLC, 6.00%, 11/15/22 | 22775 | 22777505 |
|  Sprint Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24<sup>(b)</sup>  | 32944 | 33256968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 20075 | 20717079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 20011 | 20881278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/23<sup>(b)</sup>  | 54952 | 55862923 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)(b)</sup>  | 21014 | 19805695 |
|  ViaSat Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup>  | 9970 | 9195331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(a)</sup>  | 8675 | 8019170 |
|  Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323 | 15699517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480907022 |
| **Toys, Games & Hobbies — 0.1%** |  |  |
|  Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 8531 | 7801460 |
| **Transportation — 0.3%** |  |  |
|  Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)<sup>(a)</sup>  | 8725 | 8297475 |
|  Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)<sup>(a)(b)</sup>  | 4106 | 3489279 |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 | 1115 | 1112212 |
|  XPO Logistics Inc., 6.25%, 05/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6714 | 6811353 |
|  |  | 19710319 |
| **Trucking & Leasing — 0.2%** |  |  |
|  Fortress Transportation and Infrastructure Investors LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(a)</sup>  | 8926 | 8580118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(a)(b)</sup>  | 5985 | 6088660 |
|  |  | 14668778 |
| **Water — 0.1%** |  |  |
|  Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 5637 | 5371121 |
|  **Total Corporate Bonds & Notes — 97.6%<br>(Cost: $7,165,795,602)** |  | 6810670506 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Common Stocks** |  |  |
|  **Health Care Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quincy Health LLC<sup>(c)(d)</sup>  | 26 | $37380 |
|  **Total Common Stocks — 0.0%<br>(Cost $2,673,769)** |  | 37380 |
|  **Warrants** |  |  |
| **Advertising — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinion Group Inc. (Expires 11/20/22) | 9 | 0 |
|  **Total Warrants — 0.0%<br>(Cost $0)** |  |  |
|  **Total Long-Term Investments — 97.6%<br>(Cost: $7,168,469,371)** |  | 6810707886 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 15.4%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015702 | 1015499020 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  | 57659 | 57659000 |
|  **Total Short-Term Securities — 15.4%<br>(Cost: $1,073,228,422)** |  | 1073158020 |
|  **Total Investments — 113.0%<br>(Cost: $8,241,697,793)** |  | 7883865906 |
|  **Liabilities in Excess of Other<br>Assets — (13.0)%** |  | (906718429) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;6977147477 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **0-5 Year High Yield Corporate Bond ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  | BlackRock Cash Funds: Institutional, SL Agency Shares | $527959918 | $487971462 <sup>(a)</sup> | $— | $(199165) | $(233195) | $1015499020 | 1015702 | $3953831 <sup>(b)</sup> | $— |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | 174829000 |  | (117170000)<sup>(a)</sup> |  |  | 57659000 | 57659 | 382363 |  |
|  |  |  |  |  | $(199165) | $(233195) | $1073158020 |  | $4336194 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $6810670506 | $— | $6810670506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  | 37380 | 37380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1073158020 |  |  | 1073158020 |
|  | $1073158020 | $6810670506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37380 | $7883865906 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.8%** |  |  |
|  Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)<sup>(a)(b)</sup>  | $5465 | $4648857 |
|  Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 2450 | 2334691 |
|  Clear Channel Outdoor Holdings Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8530 | 7677000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 7253 | 5701221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 6959 | 5678892 |
|  Lamar Media Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/31 (Call 01/15/26) | 3794 | 3092110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup>  | 3687 | 3235711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 (Call 02/15/25)<sup>(b)</sup>  | 3721 | 3159538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup>  | 2774 | 2509638 |
|  National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)<sup>(a)(b)</sup>  | 1776 | 713934 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 3579 | 2952675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 3420 | 2829058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 4676 | 4209382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1460 | 1439721 |
|  Stagwell Global LLC, 5.63%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 7714 | 6653325 |
|  Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)<sup>(a)</sup>  | 2790 | 2220313 |
|  Terrier Media Buyer Inc., 8.88%, 12/15/27<br>(Call 12/15/22)<sup>(a)</sup>  | 6938 | 5879955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64936021 |
| **Aerospace & Defense — 2.3%** |  |  |
|  Bombardier Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 5765 | 5130274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(a)</sup>  | 8360 | 7913304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/34<sup>(a)</sup>  | 3418 | 3195146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 3603 | 3584985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 7493 | 7364682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13268 | 12601018 |
|  Hexcel Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 (Call 11/15/26) | 2541 | 2314111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 (Call 05/15/25)<sup>(b)</sup>  | 1386 | 1328751 |
|  Howmet Aerospace Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28)<sup>(b)</sup>  | 4730 | 3937157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 5847 | 5773913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27 | 4561 | 4478993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/37 | 4329 | 3965617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/28<sup>(b)</sup>  | 2410 | 2406216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25) | 3769 | 3852710 |
|  Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 3654 | 3269819 |
|  Rolls-Royce PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(a)</sup>  | 6421 | 5648553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 7420 | 6714877 |
|  Spirit AeroSystems Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 (Call 03/15/26)<sup>(b)</sup>  | 2108 | 1897200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28)<sup>(b)</sup>  | 5312 | 3804454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2221 | 2143265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 8267 | 8031721 |
|  TransDigm Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup>  | 8669 | 7381914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup>  | 5167 | 4393268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*  | *Value* |
| **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 (Call 12/01/22) | $18199 | $16601128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 27639 | 27263386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22)<sup>(b)</sup>  | 6814 | 6575510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22)<sup>(b)</sup>  | 4224 | 4162245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(a)</sup>  | 6182 | 6290185 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)<sup>(b)</sup>  | 2947 | 2876316 |
|  Triumph Group Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 3030 | 2801174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 3871 | 2932592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup>  | 2635 | 2663353 |
|  |  | 183297837 |
| **Agriculture — 0.2%** |  |  |
|  Darling Ingredients Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(a)</sup>  | 3077 | 2953920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(a)</sup>  | 6822 | 6566175 |
|  Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)<sup>(a)</sup>  | 1781 | 1556907 |
|  Vector Group Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 6077 | 5317375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | 3513 | 3459655 |
|  |  | 19854032 |
| **Airlines — 1.6%** |  |  |
|  Air Canada, 3.88%, 08/15/26<br>(Call 02/15/26)<sup>(a)</sup>  | 8489 | 7511237 |
|  Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)<sup>(a)</sup>  | 4285 | 4028087 |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(a)(b)</sup>  | 3281 | 2886821 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17212 | 18823430 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)</sup>  | 23641 | 22513838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(a)</sup>  | 20472 | 18629975 |
|  Delta Air Lines Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24)<sup>(b)</sup>  | 5203 | 4916835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29)<sup>(b)</sup>  | 3322 | 2735934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(b)</sup>  | 3113 | 2776765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25)<sup>(b)</sup>  | 5107 | 5214196 |
|  Hawaiian Brand Intellectual Property<br>Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(a)</sup>  | 8519 | 7843177 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25<br>(Call 09/20/23)<sup>(a)(b)</sup>  | 3672 | 3730017 |
|  United Airlines Holdings Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/25<sup>(b)</sup>  | 3129 | 2987444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24<sup>(b)</sup>  | 583 | 568425 |
|  United Airlines Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(a)</sup>  | 13597 | 12409409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(a)</sup>  | 13598 | 11630233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129205823 |
| **Apparel — 0.3%** |  |  |
|  Crocs Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 08/15/26)<sup>(a)(b)</sup>  | 2697 | 2042735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  | 2359 | 1881303 |
|  Hanesbrands Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | 4023 | 3912367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  | 6305 | 5784837 |
|  Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 2725 | 2184868 |
|  Levi Strauss & Co., 3.50%, 03/01/31<br>(Call 03/01/26)<sup>(a)(b)</sup>  | 3437 | 2749445 |
|  Under Armour Inc., 3.25%, 06/15/26<br>(Call 03/15/26)<sup>(b)</sup>  | 4193 | 3616463 |

---

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Apparel (continued)** |  |  |
|  William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | $2600 | $2471759 |
|  Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 3934 | 3107860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27751637 |
| **Auto Manufacturers — 2.5%** |  |  |
|  Allison Transmission Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31 (Call 01/30/26)<sup>(a)</sup>  | 6712 | 5354536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 2613 | 2405603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 3121 | 2910333 |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(a)(b)</sup>  | 9575 | 9178329 |
|  Ford Holdings LLC, 9.30%, 03/01/30<sup>(b)</sup>  | 1141 | 1277920 |
|  Ford Motor Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 (Call 11/12/31)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042 | 9041374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(b)</sup>  | 7267 | 6758601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/43 | 9568 | 6663729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/08/46 (Call 06/08/46)<sup>(b)</sup>  | 6208 | 4595969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 (Call 05/19/32)<sup>(b)</sup>  | 8490 | 7770939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/28 | 2012 | 1984707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 11/01/46<sup>(b)</sup>  | 1910 | 1758671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 07/16/31<sup>(b)</sup>  | 5240 | 5258497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/22/30 (Call 01/22/30)<sup>(b)</sup>  | 2245 | 2506090 |
|  Ford Motor Credit Co. LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25) | 5930 | 5363685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26) | 7210 | 6247321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 (Call 12/16/27)<sup>(b)</sup>  | 3507 | 2846922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 (Call 12/10/28) | 3780 | 2963291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 2475 | 2388851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | 10135 | 9194573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 (Call 03/17/31) | 4805 | 3736728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 3165 | 3000119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23)<sup>(b)</sup>  | 2205 | 2129210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27) | 3616 | 3105969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 (Call 08/13/30)<sup>(b)</sup>  | 7879 | 6372378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24)<sup>(b)</sup>  | 6740 | 6461975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 6561 | 6100418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27)<sup>(b)</sup>  | 6065 | 5386023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 4327 | 3906805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26<sup>(b)</sup>  | 5869 | 5415263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 3900 | 3589170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 2707 | 2564883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 7160 | 6554694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29) | 7290 | 6517260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 8085 | 7800408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 5200 | 5121390 |
|  Jaguar Land Rover Automotive PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(a)(b)</sup>  | 3201 | 2268947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 3505 | 2477895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/28 (Call 01/15/24)<sup>(a)</sup>  | 4295 | 3177076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | 4940 | 4557348 |
|  JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)<sup>(a)</sup>  | 3349 | 3192367 |
|  Mclaren Finance PLC, 7.50%, 08/01/26<br>(Call 08/01/23)<sup>(a)</sup>  | 4450 | 3526759 |
|  PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 4139 | 3558350 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  Wabash National Corp., 4.50%, 10/15/28<br>(Call 10/15/24)<sup>(a)(b)</sup>  | $2727 | $2292433 |
|  |  | 199283809 |
| **Auto Parts & Equipment — 1.4%** |  |  |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 5022 | 4494690 |
|  American Axle & Manufacturing Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | 3990 | 3239371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup>  | 3401 | 3128920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 (Call 07/01/23) | 2848 | 2631111 |
|  Clarios Global LP, 6.75%, 05/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2219 | 2220132 |
|  Clarios Global LP/Clarios US Finance Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 5235 | 5064862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12963 | 12703740 |
|  Cooper-Standard Automotive Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/26 (Call 11/16/22)<sup>(a)(b)</sup>  | 2454 | 929907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 06/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 1068 | 1093703 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 2269 | 2206260 |
|  Dana Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26)<sup>(b)</sup>  | 2785 | 2230674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 (Call 02/15/27) | 2303 | 1760841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22)<sup>(b)</sup>  | 2852 | 2581060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup>  | 2674 | 2419970 |
|  Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  | 3517 | 3075965 |
|  Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)<sup>(a)(b)</sup>  | 4520 | 3077588 |
|  Goodyear Tire & Rubber Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 4804 | 4371640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22)<sup>(b)</sup>  | 6385 | 6149968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 (Call 04/15/29)<sup>(b)</sup>  | 5712 | 4953161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 (Call 01/30/31)<sup>(b)</sup>  | 3732 | 3140329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 (Call 04/15/31)<sup>(b)</sup>  | 4125 | 3494700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 (Call 01/30/33)<sup>(b)</sup>  | 2967 | 2483630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) | 3547 | 3686161 |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/26 (Call 11/11/22), (5.50%<br>PIK)<sup>(a)(b)(c)</sup>  | 3121 | 2628248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/27 (Call 11/11/22), (6.75%<br>PIK)<sup>(a)(c)</sup>  | 3121 | 2680159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)<sup>(a)(b)(c)</sup>  | 2752 | 2348364 |
|  Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 3945 | 2828270 |
|  Tenneco Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22)<sup>(b)</sup>  | 4878 | 4865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 3820 | 3776214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 2228 | 2201053 |
|  Titan International Inc., 7.00%, 04/30/28<br>(Call 04/30/24) | 2929 | 2738117 |
|  Wheel Pros Inc., 6.50%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  | 2376 | 1118367 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(a)</sup>  | 6424 | 6005653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112327828 |
| **Banks — 1.1%** |  |  |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup>  | 8450 | 7862511 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 (Call 10/14/30), (SOFR + 2.757%)<sup>(d)</sup>  | 5516 | 3885577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 (Call 12/01/27)<sup>(d)</sup>  | 6306 | 5000175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30), (SOFR + 5.438%)<sup>(d)</sup>  | 2265 | 1861834 |

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S C H E D U L E O F I N V E S T M E N T S 27

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)<sup>(a)(b)</sup>  | $6468 | $6605445 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup> | 3636 | 2713910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  | 3625 | 2863895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 2309 | 2031343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3983 | 3405378 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(a)(d)</sup> | 5085 | 3442203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/42 (Call 06/01/41)<sup>(a)(d)</sup>  | 5170 | 3025658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(a)</sup>  | 12262 | 11575198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10162 | 9466254 |
|  Standard Chartered PLC, 7.01%,<br>(Call 07/30/37), (3 mo. LIBOR US + 1.460%)<sup>(a)(b)(d)(e)</sup>  | 4690 | 4449991 |
|  Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)<sup>(b)(d)</sup>  | 875 | 856471 |
|  Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)<sup>(b)(d)</sup>  | 2201 | 1905881 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35 (Call 06/30/30)<sup>(a)(b)(d)</sup>  | 10170 | 7577470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)(d)</sup>  | 6695 | 5547025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(a)(b)(d)</sup>  | 8605 | 7300825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;91377044 |
| **Beverages — 0.1%** |  |  |
|  Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)<sup>(a)</sup>  | 5220 | 4373681 |
|  Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 4949 | 3748260 |
|  |  | 8121941 |
| **Biotechnology — 0.1%** |  |  |
|  Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 3170 | 1900542 |
|  Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 5010 | 3914062 |
|  |  | 5814604 |
| **Building Materials — 1.3%** |  |  |
|  Boise Cascade Co., 4.88%, 07/01/30<br>(Call 07/01/25)<sup>(a)(b)</sup>  | 2751 | 2301294 |
|  Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(a)</sup>  | 8595 | 6877719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 3908 | 3356327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(a)(b)</sup>  | 4900 | 4506530 |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)<sup>(a)</sup>  | 4757 | 3960203 |
|  Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)<sup>(a)(b)</sup>  | 2721 | 1700625 |
|  CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 3737 | 2690640 |
|  Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)<sup>(a)(b)</sup>  | 3406 | 3183111 |
|  Griffon Corp., 5.75%, 03/01/28<br>(Call 03/01/23) | 6545 | 5995351 |
|  James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 1841 | 1664939 |
|  Jeld-Wen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3102 | 2559150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 2659 | 1983295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1798 | 1681130 |
|  Koppers Inc., 6.00%, 02/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3187 | 2852365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Building Materials (continued)** |  |  |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | $1825622 |
|  Masonite International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/30 (Call 08/15/29)<sup>(a)(b)</sup> | 2076 | 1649797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 4097 | 3750640 |
|  MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30<br>(Call 02/01/25)<sup>(a)(b)</sup>  | 3500 | 2699655 |
|  New Enterprise Stone & Lime Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup> | 4075 | 3545250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 1791 | 1537238 |
|  Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30<br>(Call 04/15/25)<sup>(a)(b)</sup>  | 3971 | 3362700 |
|  PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 3885 | 3222025 |
|  SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 7665 | 6438600 |
|  Standard Industries Inc./NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 (Call 07/15/25)<sup>(a)</sup> | 7438 | 5565112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 (Call 07/15/25)<sup>(a)</sup>  | 10885 | 8801067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 7365 | 6453581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 5054 | 4573870 |
|  Summit Materials LLC/Summit Materials Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 07/15/23)<sup>(a)(b)</sup> | 4801 | 4384321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 1310 | 1256988 |
|  Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 3720 | 1912340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106291485 |
| **Chemicals — 2.4%** |  |  |
|  Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)<sup>(a)</sup>  | 3945 | 3193647 |
|  Ashland LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/31 (Call 06/01/31)<sup>(a)(b)</sup> | 2723 | 2130421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/43 (Call 02/15/43) | 1828 | 1720514 |
|  ASP Unifrax Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/28 (Call 09/30/24)<sup>(a)</sup> | 5385 | 4279734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/29 (Call 09/30/24)<sup>(a)(b)</sup>  | 2690 | 1802300 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 3556 | 3481040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(a)</sup>  | 5135 | 4910446 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 4602 | 3782269 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  | 3355 | 3057153 |
|  Cheever Escrow Issuer LLC, 7.13%, 10/01/27 (Call 10/01/24)<sup>(a)(b)</sup>  | 2225 | 2042550 |
|  Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)</sup> | 4435 | 3459300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 (Call 02/15/27)<sup>(b)</sup>  | 2977 | 2665665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 (Call 11/15/23)<sup>(a)</sup>  | 5674 | 4820063 |
|  Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 2697 | 2027807 |
|  CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28<br>(Call 06/15/24)<sup>(a)</sup>  | 3645 | 3297850 |
|  Diamond BC BV, 4.63%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  | 3817 | 2804006 |
|  Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)(b)</sup>  | 5226 | 4442100 |
|  EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)<sup>(a)(b)</sup>  | 4912 | 4017377 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  GPD Companies Inc., 10.13%, 04/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | $3289 | $2940494 |
|  HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | 1941 | 1776015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/28 (Call 10/15/23)<sup>(b)</sup>  | 1989 | 1720485 |
|  Herens Holdco Sarl, 4.75%, 05/15/28<br>(Call 05/15/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925210 |
|  Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 3186 | 2690736 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26<br>(Call 01/15/23)<sup>(a)</sup>  | 3155 | 2668247 |
|  Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 4056 | 3423735 |
|  Innophos Holdings Inc., 9.38%, 02/15/28<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 2366 | 2252574 |
|  Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)<sup>(a)</sup>  | 3100 | 2635000 |
|  LSF11 A5 HoldCo LLC, 6.63%, 10/15/29<br>(Call 10/15/24)<sup>(a)(b)</sup>  | 2293 | 1807457 |
|  Mativ Holdings Inc., 6.88%, 10/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2392 | 2191807 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/24 (Call 09/01/24)<sup>(b)</sup>  | 1304 | 1261920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27)<sup>(b)</sup>  | 4763 | 4343856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29) | 4834 | 4136749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/44 (Call 06/01/44) | 1948 | 1339250 |
|  Minerals Technologies Inc., 5.00%, 07/01/28<br>(Call 07/01/23)<sup>(a)</sup>  | 2988 | 2595825 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 4154 | 3387731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/24 (Call 03/03/24)<sup>(a)(b)</sup>  | 6029 | 5863202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 (Call 01/31/25)<sup>(a)</sup>  | 3639 | 3465747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 03/03/27)<sup>(a)(b)</sup>  | 7240 | 6462279 |
|  Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)<sup>(a)</sup>  | 2495 | 2110545 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 (Call 02/01/24)<sup>(b)</sup>  | 3376 | 3055280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/27 (Call 12/01/22) | 2611 | 2447813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup>  | 4791 | 4502582 |
|  Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 5420 | 4400027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 2705 | 1873091 |
|  Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 1916 | 914647 |
|  Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/01/22)<sup>(a)</sup>  | 4035 | 3460012 |
|  Rayonier AM Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 691 | 678908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/26 (Call 01/15/24)<sup>(a)</sup>  | 3591 | 3121549 |
|  SCIH Salt Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup>  | 7404 | 6426635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 4842 | 3886401 |
|  SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)<sup>(a)(b)</sup>  | 5010 | 3982599 |
|  SPCM SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 03/15/24)<sup>(a)</sup>  | 2435 | 2139756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/30 (Call 03/15/25)<sup>(a)</sup>  | 1950 | 1555125 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 2991 | 1697393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3814 | 2951082 |
|  Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  | 7628 | 5891033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Chemicals (continued)** |  |  |
|  Valvoline Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/31 (Call 06/15/26)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503 | $2763867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 2856 | 2748900 |
|  Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2492 | 822360 |
|  Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 5202 | 3427589 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(a)</sup>  | 5560 | 4865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24<sup>(a)</sup>  | 1321 | 1294844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 7861 | 6076396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193915995 |
| **Coal — 0.1%** |  |  |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1123 | 1101904 |
|  Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 2026 | 2109573 |
|  SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)<sup>(a)(b)</sup>  | 3571 | 2928220 |
|  Warrior Met Coal Inc., 7.88%, 12/01/28<br>(Call 12/01/24)<sup>(a)</sup>  | 2460 | 2425581 |
|  |  | 8565278 |
| **Commercial Services — 4.3%** |  |  |
|  ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 (Call 08/01/28)<sup>(a)</sup>  | 6937 | 5948547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(a)(b)</sup>  | 5031 | 4280526 |
|  Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)<sup>(a)</sup>  | 2602 | 2374325 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 3770 | 3218780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(a)</sup>  | 3190 | 2679600 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 6497 | 4510852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 12950 | 12367768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7130 | 6198893 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28<br>(Call 06/01/24)<sup>(a)</sup>  | 13715 | 11371997 |
|  Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup>  | 2008 | 1734330 |
|  AMN Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 2679 | 2305221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/27 (Call 12/01/22)<sup>(a)</sup>  | 3178 | 2973305 |
|  APi Escrow Corp., 4.75%, 10/15/29<br>(Call 10/15/24)<sup>(a)(b)</sup>  | 2050 | 1728329 |
|  APi Group DE Inc., 4.13%, 07/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 2509 | 2012193 |
|  Aptim Corp., 7.75%, 06/15/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 3362 | 2309358 |
|  APX Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  | 5635 | 4436717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup>  | 4314 | 4208323 |
|  ASGN Inc., 4.63%, 05/15/28<br>(Call 05/15/23)<sup>(a)(b)</sup>  | 3637 | 3234129 |
|  Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35<sup>(a)</sup>  | 1168 | 1008712 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup>  | 3546 | 3115200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 4207 | 3644416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 4818 | 4411195 |

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S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Commercial Services (continued)** |  |  |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31)<sup>(b)</sup>  | 6757 | 5439385 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3728 | 3447021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(a)</sup>  | 2413 | 2347668 |
|  Carriage Services Inc., 4.25%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  | 2870 | 2208695 |
|  Cimpress PLC, 7.00%, 06/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 4248 | 2538180 |
|  CoreCivic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 07/15/27)<sup>(b)</sup>  | 1707 | 1416402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/26 (Call 04/15/24)<sup>(b)</sup>  | 4055 | 4114306 |
|  CoreLogic Inc., 4.50%, 05/01/28<br>(Call 05/01/24)<sup>(a)(b)</sup>  | 5281 | 3552489 |
|  CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 2121 | 2000351 |
|  Deluxe Corp., 8.00%, 06/01/29<br>(Call 06/01/24)<sup>(a)(b)</sup>  | 3551 | 2960469 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 3754 | 3333967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 3505 | 2731517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 4172 | 3765230 |
|  Gartner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 4051 | 3443350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  | 5437 | 4567057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 4675 | 4332463 |
|  GEO Group Inc., 10.50%, 06/30/28 (Call 11/14/22)<sup>(b)</sup>  | 1471 | 1471000 |
|  Graham Holdings Co., 5.75%, 06/01/26<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 1548 | 1509300 |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24<sup>(b)</sup>  | 3090 | 2896875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28)<sup>(b)</sup>  | 2750 | 2457812 |
|  HealthEquity Inc., 4.50%, 10/01/29<br>(Call 10/01/24)<sup>(a)(b)</sup> . | 3885 | 3394519 |
|  Herc Holdings Inc., 5.50%, 07/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 7765 | 7347631 |
|  Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 (Call 12/01/23)<sup>(a)</sup>  | 3345 | 2851612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 6916 | 5478509 |
|  Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 2636 | 2397864 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 2965 | 2594375 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  | 5061 | 4061554 |
|  MoneyGram International Inc., 5.38%, 08/01/26<br>(Call 08/01/23)<sup>(a)</sup>  | 2430 | 2386386 |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/28 (Call 09/01/24)<sup>(a)</sup>  | 6980 | 6025490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 9051 | 6991897 |
|  NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 6480 | 5680174 |
|  Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 2983 | 2132845 |
|  PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 3662 | 2452295 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 2927 | 2921234 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(a)</sup>  | 6875 | 5950251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(a)</sup>  | 3330 | 3314216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(a)</sup>  | 8701 | 8469113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 9055 | 8321411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Commercial Services (continued)** |  |  |
|  PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | $4175 | $3408052 |
|  Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 3208 | 2499128 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2158 | 2125630 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/26 (Call 11/01/23)<sup>(a)</sup>  | 2539 | 2047196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/01/27 (Call 07/01/23) | 979 | 857687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/29<sup>(a)</sup>  | 25 | 38687 |
|  Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5829 | 5471566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)</sup>  | 5405 | 5234175 |
|  Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 (Call 08/15/25)<sup>(b)</sup>  | 5553 | 4482516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26) | 5355 | 4444312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup>  | 3625 | 3358664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24)<sup>(b)</sup>  | 4815 | 4484980 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3240 | 2986729 |
|  Signal Parent Inc., 6.13%, 04/01/29<br>(Call 04/01/24)<sup>(a)(b)</sup>  | 1895 | 815986 |
|  Sotheby's, 7.38%, 10/15/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 4919 | 4759132 |
|  Sotheby's/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 2305 | 1926440 |
|  StoneMor Inc., 8.50%, 05/15/29<br>(Call 05/15/24)<sup>(a)</sup>  | 2960 | 2497500 |
|  TriNet Group Inc., 3.50%, 03/01/29<br>(Call 03/01/24)<sup>(a)(b)</sup>  | 3717 | 3080464 |
|  United Rentals North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 07/15/26) | 5172 | 4189320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25)<sup>(b)</sup>  | 7828 | 6489412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25)<sup>(b)</sup>  | 4788 | 4075833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23) | 10823 | 10065390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25) | 5131 | 4759002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup>  | 2670 | 2605106 |
|  Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)<sup>(a)</sup>  | 6902 | 6922982 |
|  WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup>  | 5746 | 5357965 |
|  Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 3105 | 2804281 |
|  WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 3300 | 1814182 |
|  ZipRecruiter Inc., 5.00%, 01/15/30<br>(Call 01/15/25)<sup>(a)</sup>  | 4161 | 3404322 |
|  |  | <br>&nbsp;&nbsp;&nbsp;&nbsp;346077775 |
| **Computers — 1.2%** |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 2842 | 2307903 |
|  Booz Allen Hamilton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 (Call 09/01/23)(<sup>a)</sup> | 4087 | 3600974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 3233 | 2826001 |
|  Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13830 | 11438424 |
|  Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup>  | 3632 | 2978240 |
|  Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)<sup>(b)</sup>  | 4822 | 4064551 |
|  Diebold Nixdorf Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup>  | 2407 | 1208067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 4987 | 3708824 |

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30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Computers (continued)** |  |  |
|  Exela Intermediate LLC/Exela Finance Inc.,<br>11.50%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | $6424 | $1702360 |
|  KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)<sup>(a)(b)</sup>  | 2115 | 1849800 |
|  NCR Corp.<br>5.00%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 4662 | 3917475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 7921 | 6647789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  | 3418 | 2760035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 2933 | 2830345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 2831 | 2698192 |
|  Presidio Holdings Inc.<br>4.88%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup>  | 2978 | 2749885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 4218 | 3754020 |
|  Science Applications International Corp., 4.88%,<br>04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 2608 | 2374575 |
|  Seagate HDD Cayman<br>3.13%, 07/15/29 (Call 01/15/24)<sup>(b)</sup>  | 3610 | 2669342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26) | 3400 | 2426750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 3863 | 3093606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) | 3741 | 2813232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25<sup>(b)</sup>  | 3171 | 3060110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | 1392 | 1356917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27)<sup>(b)</sup>  | 3482 | 3219840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/34 (Call 06/01/34)<sup>(b)</sup>  | 3306 | 2688530 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance<br>Corp., 5.75%, 06/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 982 | 965033 |
|  Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)<sup>(a)(b)</sup>  | 3567 | 2984286 |
|  Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup>  | 8249 | 8094343 |
|  Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)<sup>(a)</sup>  | 2542 | 1823434 |
|  |  | 98612883 |
| **Cosmetics & Personal Care — 0.3%** |  |  |
|  Coty Inc.<br>5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 6238 | 5850086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 3566 | 3395902 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige<br>International U.S. LLC, 4.75%, 01/15/29<br>(Call 01/15/25)<sup>(a)(b)</sup>  | 3585 | 3113214 |
|  Edgewell Personal Care Co.<br>4.13%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 3325 | 2839733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  | 5007 | 4709234 |
|  Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 2675 | 1602325 |
|  |  | 21510494 |
| **Distribution & Wholesale — 0.4%** |  |  |
|  American Builders & Contractors Supply Co. Inc.<br>3.88%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 2922 | 2400131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 4425 | 3904576 |
|  BCPE Empire Holdings Inc., 7.63%, 05/01/27<br>(Call 05/01/23)<sup>(a)(b)</sup>  | 4783 | 4369023 |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2705 | 2561987 |
|  H&E Equipment Services Inc., 3.88%, 12/15/28<br>(Call 12/15/23)<sup>(a)</sup>  | 8458 | 7146756 |
|  IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)<sup>(a)</sup>  | 2710 | 2536010 |
|  KAR Auction Services Inc., 5.13%, 06/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1848 | 1779551 |
|  Resideo Funding Inc., 4.00%, 09/01/29<br>(Call 09/01/24)<sup>(a)(b)</sup>  | 2158 | 1769560 |
|  Univar Solutions USA Inc., 5.13%, 12/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2862 | 2647350 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Distribution & Wholesale (continued)** |  |  |
|  Wesco Aircraft Holdings Inc.<br>8.50%, 11/15/24 (Call 12/01/22)<sup>(a)</sup>  | $2885 | $1500200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4414 | 2780820 |
|  |  | 33395964 |
| **Diversified Financial Services — 3.6%** |  |  |
|  Advisor Group Holdings Inc., 10.75%, 08/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2940 | 2897742 |
|  AerCap Holdings NV, 5.88%, 10/10/79<br>(Call 10/10/24)<sup>(b)(d)</sup>  | 5300 | 4768410 |
|  AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 3343 | 3110084 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27<br>(Call 09/30/24)<sup>(a)</sup>  | 3430 | 3442862 |
|  Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)<sup>(b)</sup>  | 6928 | 6665284 |
|  Aretec Escrow Issuer Inc., 7.50%, 04/01/29<br>(Call 04/01/24)<sup>(a)</sup>  | 2906 | 2382920 |
|  Armor Holdco Inc., 8.50%, 11/15/29<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 2611 | 1946866 |
|  Brightsphere Investment Group Inc., 4.80%, 07/27/26 | 1922 | 1720190 |
|  Castlelake Aviation Finance DAC, 5.00%, 04/15/27<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 3054 | 2570685 |
|  Cobra AcquisitionCo LLC, 6.38%, 11/01/29<br>(Call 11/01/24)<sup>(a)</sup>  | 2585 | 1719025 |
|  Coinbase Global Inc.<br>3.38%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup>  | 6943 | 4538034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  | 6696 | 3964960 |
|  Credit Acceptance Corp.<br>5.13%, 12/31/24 (Call 11/14/22)<sup>(a)(b)</sup>  | 1674 | 1556620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22)<sup>(b)</sup>  | 2963 | 2802702 |
|  Curo Group Holdings Corp., 7.50%, 08/01/28<br>(Call 08/01/24)<sup>(a)</sup>  | 6695 | 3950050 |
|  Enact Holdings Inc., 6.50%, 08/15/25<br>(Call 02/15/25)<sup>(a)</sup>  | 4817 | 4745227 |
|  Enova International Inc.<br>8.50%, 09/01/24 (Call 12/01/22)<sup>(a)</sup>  | 785 | 734094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/25 (Call 12/01/22)<sup>(a)</sup>  | 2606 | 2337850 |
|  Finance of America Funding LLC, 7.88%, 11/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2469 | 1493745 |
|  Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24<br>(Call 12/01/22), (7.25% PIK)<sup>(a)(b)(c)</sup>  | 12429 | 9979248 |
|  goeasy Ltd.<br>4.38%, 05/01/26 (Call 05/01/23)<sup>(a)(b)</sup>  | 1925 | 1650687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 3692 | 3445707 |
|  GPS Hospitality Holding Co. LLC/GPS Finco Inc.,<br>7.00%, 08/15/28 (Call 08/15/24)<sup>(a)(b)</sup>  | 2975 | 2089937 |
|  Hightower Holding LLC, 6.75%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 2143 | 1744675 |
|  Home Point Capital Inc., 5.00%, 02/01/26<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 3810 | 2252053 |
|  Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 4160 | 3676858 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,<br>08/15/28 (Call 08/15/24)<sup>(a)</sup>  | 6875 | 5397081 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/26<br>(Call 08/15/23)<sup>(a)</sup>  | 2302 | 1916070 |
|  LD Holdings Group LLC<br>6.13%, 04/01/28 (Call 04/01/24)<sup>(a)</sup>  | 3862 | 2162720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3549 | 2413320 |
|  LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 2314 | 1808210 |
|  LPL Holdings Inc.<br>4.00%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 6103 | 5326637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(a)</sup>  | 2554 | 2224445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 2152 | 1981930 |

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S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Midcap Financial Issuer Trust<br>5.63%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | $2730 | $2102100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 7145 | 6072340 |
|  Nationstar Mortgage Holdings Inc.<br>5.13%, 12/15/30 (Call 12/15/25)<sup>(a)</sup>  | 4417 | 3302747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 6275 | 5089715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup>  | 4070 | 3122176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)</sup>  | 3783 | 3366870 |
|  Navient Corp.<br>4.88%, 03/15/28 (Call 06/15/27) | 3767 | 2994991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 5157 | 4346605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 (Call 06/15/28) | 5167 | 4099388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/33 | 4157 | 2929001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 | 2660 | 2572406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 | 4277 | 4197725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 | 3091 | 2958798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26<sup>(b)</sup>  | 3533 | 3334269 |
|  NFP Corp.<br>4.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  | 3930 | 3390452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  | 13883 | 11796177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  | 1910 | 1818822 |
|  OneMain Finance Corp.<br>3.50%, 01/15/27 (Call 01/15/24) | 5585 | 4577542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24)<sup>(b)</sup>  | 4118 | 3206687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25)<sup>(b)</sup>  | 5595 | 4224225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29)<sup>(b)</sup>  | 5363 | 4397660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | 6321 | 6175743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup>  | 5234 | 4754723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25<sup>(b)</sup>  | 8379 | 8127630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 | 10806 | 10406178 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.,<br>6.38%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 3090 | 2827350 |
|  PennyMac Financial Services Inc.<br>4.25%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 4020 | 3045150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4566 | 4132230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(a)</sup>  | 3838 | 2889988 |
|  PHH Mortgage Corp., 7.88%, 03/15/26<br>(Call 03/15/23)<sup>(a)(b)</sup>  | 3016 | 2503280 |
|  PRA Group Inc.<br>5.00%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 2362 | 1893143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1873 | 1791608 |
|  Provident Funding Associates LP/PFG Finance Corp.,<br>6.38%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2050 | 1783500 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. 2.88%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 7496 | 6254887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 5097 | 3950175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  | 8654 | 6434249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(a)(b)</sup>  | 6078 | 4245301 |
|  SLM Corp.<br>3.13%, 11/02/26 (Call 10/02/26)<sup>(b)</sup>  | 3301 | 2895208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 3398 | 3154907 |
|  StoneX Group Inc., 8.63%, 06/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1617 | 1596788 |
|  United Wholesale Mortgage LLC<br>5.50%, 11/15/25 (Call 12/01/22)<sup>(a)</sup>  | 5226 | 4718895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 4821 | 3637107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup>  | 3696 | 3028872 |
|  VistaJet Malta Finance PLC/XO Management<br>Holding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/30 (Call 02/01/25)<sup>(a)(b)</sup>  | 6882 | 5714436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/27 (Call 05/01/24)<sup>(a)(b)</sup>  | $3485 | $3141547 |
|  World Acceptance Corp., 7.00%, 11/01/26<br>(Call 11/01/23)<sup>(a)</sup>  | 2055 | 1285649 |
|  |  | 289706168 |
| **Electric — 2.5%** |  |  |
|  Algonquin Power & Utilities Corp., 4.75%, 01/18/82<br>(Call 01/18/27)<sup>(b)(d)</sup>  | 5230 | 4211327 |
|  Atlantica Sustainable Infrastructure PLC, 4.13%,<br>06/15/28 (Call 06/15/25)<sup>(a)</sup>  | 2495 | 2114513 |
|  Calpine Corp.<br>3.75%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  | 6229 | 5103261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 8274 | 7435783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 4357 | 3660857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 (Call 02/01/26)<sup>(a)</sup>  | 5875 | 4963923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup>  | 9609 | 8519474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 2214 | 2100819 |
|  Clearway Energy Operating LLC<br>3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 6317 | 5274695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 01/15/27)<sup>(a)</sup>  | 2300 | 1822175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup>  | 5534 | 5111740 |
|  DPL Inc.<br>4.13%, 07/01/25 (Call 04/01/25) | 2779 | 2623432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/29 (Call 01/15/29) | 2740 | 2342700 |
|  Drax Finco PLC, 6.63%, 11/01/25 (Call 11/11/22)<sup>(a)</sup>  | 3309 | 3077370 |
|  Electricite de France SA, 5.63%,<br>(Call 01/22/24)<sup>(a)(b)(d)(e)</sup>  | 10205 | 8973971 |
|  Emera Inc., Series 16-A, 6.75%, 06/15/76<br>(Call 06/15/26)<sup>(b)(d)</sup>  | 7886 | 7350714 |
|  Enerflex Ltd., 9.00%, 10/15/27 | 3230 | 3142144 |
|  FirstEnergy Corp.<br>2.05%, 03/01/25 (Call 02/01/25) | 560 | 514781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29)<sup>(b)</sup>  | 4548 | 3676694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.60%, 01/15/26 (Call 12/15/25) | 2350 | 2043727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 (Call 06/01/30)<sup>(b)</sup>  | 3151 | 2425356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) | 10265 | 9639964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 (Call 09/01/49) | 5355 | 3326794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.35%, 07/15/47 (Call 01/15/47) | 4263 | 3517316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.38%, 11/15/31<sup>(b)</sup>  | 5425 | 6035312 |
|  Leeward Renewable Energy Operations LLC, 4.25%,<br>07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 2850 | 2308500 |
|  NextEra Energy Operating Partners LP<br>3.88%, 10/15/26 (Call 07/15/26)<sup>(a)</sup>  | 3170 | 2938431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)(b)</sup>  | 3614 | 3503845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 07/15/24)<sup>(a)</sup>  | 226 | 212937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  | 3762 | 3498660 |
|  NRG Energy Inc.<br>3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 3445 | 2869585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 7063 | 5620523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup>  | 7794 | 6145179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 4722 | 4285215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup>  | 5293 | 5048199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 11/16/22)<sup>(b)</sup>  | 1953 | 1953879 |
|  Pattern Energy Operations LP/Pattern Energy<br>Operations Inc., 4.50%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 4545 | 4087376 |
|  PG&E Corp.<br>5.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup>  | 6681 | 6021552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 (Call 07/01/25)<sup>(b)</sup>  | 6846 | 6062099 |
|  Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)<sup>(a)(b)</sup>  | 5091 | 4347103 |

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32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Terraform Global Operating LP, 6.13%, 03/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | $2632 | $2422519 |
|  TransAlta Corp., 6.50%, 03/15/40 | 1853 | 1591517 |
|  Vistra Operations Co. LLC<br>4.38%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 8635 | 7385300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(a)</sup>  | 8943 | 8249917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 5846 | 5612160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 8441 | 8046636 |
|  |  | 201219974 |
| **Electrical Components & Equipment — 0.4%** |  |  |
|  Energizer Holdings Inc.<br>4.38%, 03/31/29 (Call 09/30/23)<sup>(a)(b)</sup>  | 5405 | 4327189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 4121 | 3421749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/27 (Call 08/31/24)<sup>(a)(b)</sup>  | 2486 | 2274566 |
|  EnerSys, 4.38%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup>  | 1703 | 1494382 |
|  WESCO Distribution Inc.<br>7.13%, 06/15/25 (Call 12/01/22)<sup>(a)</sup>  | 9145 | 9233706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 8885 | 9013477 |
|  |  | 29765069 |
| **Electronics — 0.6%** |  |  |
|  Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)<sup>(a)</sup>  | 2836 | 2297160 |
|  II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)<sup>(a)(b)</sup>  | 6763 | 5801842 |
|  Imola Merger Corp., 4.75%, 05/15/29<br>(Call 05/15/24)<sup>(a)</sup> . | 13590 | 11717298 |
|  Likewize Corp., 9.75%, 10/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 3083 | 2789357 |
|  Sensata Technologies BV<br>4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 6982 | 5880240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(a)</sup>  | 4824 | 4673983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(a)(b)</sup>  | 1725 | 1711509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(a)(b)</sup>  | 3195 | 3035250 |
|  Sensata Technologies Inc.<br>3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 5099 | 4060079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 2921 | 2512673 |
|  TTM Technologies Inc., 4.00%, 03/01/29<br>(Call 03/01/24)<sup>(a)(b)</sup>  | 3220 | 2689147 |
|  |  | 47168538 |
| **Energy - Alternate Sources — 0.2%** |  |  |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4555 | 4373802 |
|  Sunnova Energy Corp., 5.88%, 09/01/26<br>(Call 09/01/23)<sup>(a)(b)</sup>  | 3085 | 2714800 |
|  TerraForm Power Operating LLC<br>4.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 4786 | 4301418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 (Call 07/31/27)<sup>(a)</sup>  | 4137 | 3832336 |
|  Topaz Solar Farms LLC, 5.75%, 09/30/39<sup>(a)(b)</sup>  | 3513 | 3337687 |
|  |  | 18560043 |
| **Engineering & Construction — 0.7%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 6507 | 6160632 |
|  Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 3100 | 2672603 |
|  Artera Services LLC, 9.03%, 12/04/25<br>(Call 02/04/23)<sup>(a)</sup>  | 6528 | 5455189 |
|  ATP Tower Holdings LLC/Andean Tower Partners<br>Colombia SAS/Andean Telecom Par, 4.05%,<br>04/27/26 (Call 04/27/23)<sup>(a)(b)</sup>  | 772 | 620440 |
|  Brand Industrial Services Inc., 8.50%, 07/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup> | 6790 | 4881780 |
|  Brundage-Bone Concrete Pumping Holdings Inc.,<br>6.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 2612 | 2363860 |
|  Cellnex Finance Co. SA, 3.88%, 07/07/41<br>(Call 04/07/41)<sup>(a)</sup>  | 3905 | 2390251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Engineering & Construction (continued)** |  |  |
|  Dycom Industries Inc., 4.50%, 04/15/29<br>(Call 04/15/24)<sup>(a)</sup>  | $2747 | $2395741 |
|  Fluor Corp.<br>3.50%, 12/15/24 (Call 09/15/24) | 2741 | 2606115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/28 (Call 06/15/28)<sup>(b)</sup>  | 3820 | 3329932 |
|  Global Infrastructure Solutions Inc.<br>5.63%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 2849 | 2106680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32 (Call 04/15/27)<sup>(a)</sup>  | 2120 | 1568823 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29<br>(Call 06/01/24)<sup>(a)(b)</sup>  | 2215 | 1751542 |
|  INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 2540 | 1879600 |
|  MasTec Inc., 6.63%, 08/15/29 | 2090 | 1985804 |
|  Promontoria Holding 264 BV, 7.88%, 03/01/27<br>(Call 03/01/24)<sup>(a)(b)</sup>  | 2875 | 2616250 |
|  Railworks Holdings LP/Railworks Rally Inc., 8.25%,<br>11/15/28 (Call 11/15/24)<sup>(a)(b)</sup>  | 2355 | 2164335 |
|  TopBuild Corp.<br>3.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 3265 | 2594399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/32 (Call 10/15/26)<sup>(a)(b)</sup>  | 3233 | 2531353 |
|  Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 3237 | 2575815 |
|  VM Consolidated Inc., 5.50%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 2360 | 2060174 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%,<br>09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 2825 | 2275419 |
|  |  | 58986737 |
| **Entertainment — 3.2%** |  |  |
|  Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)<sup>(a)(b)</sup>  | 4077 | 3403285 |
|  Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%,<br>02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 3843 | 1557376 |
|  AMC Entertainment Holdings Inc.<br>7.50%, 02/15/29 (Call 02/15/25)<sup>(a)</sup> | 6549 | 4502437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/15/26 (Call 06/15/23),<br>(12.00% PIK)<sup>(a)(b)(c)</sup>  | 9398 | 4981197 |
|  Banijay Entertainment SASU, 5.38%, 03/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2425 | 2247454 |
|  Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | 4790 | 4191250 |
|  Caesars Entertainment Inc.<br>4.63%, 10/15/29 (Call 10/15/24)<sup>(a)(b)</sup>  | 8442 | 6753600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(a)</sup>  | 21667 | 21141190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(a)(b)</sup>  | 11006 | 10703335 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 7163 | 6996675 |
|  CCM Merger Inc., 6.38%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 1610 | 1468548 |
|  CDI Escrow Issuer Inc., 5.75%, 04/01/30<br>(Call 04/01/25)<sup>(a)</sup>  | 8217 | 7415925 |
|  Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)<sup>(b)</sup>  | 3703 | 3258677 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum<br>Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22)<sup>(b)</sup>  | 2682 | 2527785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | 5327 | 5286994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(b)</sup>  | 2235 | 2094207 |
|  Churchill Downs Inc.<br>4.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 5347 | 4725251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3053 | 2917996 |
|  Cinemark USA Inc.<br>5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup>  | 5285 | 4012293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 2891 | 2433673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 285 | 285793 |
|  Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)<sup>(a)</sup>  | 1895 | 1554351 |
|  Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 2818 | 2455182 |

---

S C H E D U L E O F I N V E S T M E N T S 33

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Entertainment (continued)** |  |  |
|  Golden Entertainment Inc., 7.63%, 04/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | $1853 | $1820573 |
|  International Game Technology PLC<br>4.13%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 4485 | 4162080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 5075 | 4708966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)</sup>  | 4585 | 4542635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(a)</sup>  | 5208 | 5212375 |
|  Jacobs Entertainment Inc., 6.75%, 02/15/29<br>(Call 02/15/25)<sup>(a)(b)</sup>  | 3491 | 3077910 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 7109 | 5395660 |
|  Live Nation Entertainment Inc.<br>3.75%, 01/15/28 (Call 01/15/24)<sup>(a)(b)</sup>  | 3391 | 2951047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6745 | 6002510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 3126 | 3036127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 1985 | 1895675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(a)(b)</sup>  | 8271 | 8226438 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26<br>(Call 03/17/26)<sup>(a)(b)</sup>  | 2255 | 2096913 |
|  Midwest Gaming Borrower LLC, 4.88%, 05/01/29<br>(Call 05/01/24)<sup>(a)(b)</sup>  | 5250 | 4439598 |
|  Mohegan Gaming & Entertainment<br>7.88%, 10/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 685 | 690206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 8258 | 6965871 |
|  Motion Bondco DAC, 6.63%, 11/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3355 | 2806726 |
|  Odeon Finco PLC, 12.75%, 11/01/27 | 2775 | 2479851 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27<br>(Call 11/01/22)<sup>(a)(b)</sup>  | 4448 | 4761591 |
|  Penn Entertainment Inc., 5.63%, 01/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3017 | 2743698 |
|  Penn National Gaming Inc., 4.13%, 07/01/29<br>(Call 07/01/24)<sup>(a)(b)</sup>  | 2609 | 2058070 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 5100 | 3774000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 (Call 09/01/26)<sup>(a)</sup>  | 5480 | 3883240 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 2235 | 1972387 |
|  Resorts World Las Vegas LLC, 4.63%, 04/06/31<br>(Call 01/06/31)<sup>(a)</sup>  | 1945 | 1318404 |
|  Resorts World Las Vegas LLC/RWLV Capital Inc.,<br>4.63%, 04/16/29 (Call 01/16/29)<sup>(a)</sup>  | 7170 | 5134073 |
|  Scientific Games Holdings LP/Scientific Games<br>U.S. FinCo Inc., 6.63%, 03/01/30<br>(Call 03/01/25)<sup>(a)(b)</sup>  | 5586 | 4800498 |
|  Scientific Games International Inc.<br>7.00%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup>  | 4740 | 4587040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 3617 | 3496554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 (Call 12/01/22)<sup>(a)</sup>  | 2507 | 2575565 |
|  SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 5298 | 4557041 |
|  Six Flags Entertainment Corp.<br>4.88%, 07/31/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 4986 | 4827694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3778 | 3400200 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2511 | 2535558 |
|  Speedway Motorsports LLC/Speedway Funding II Inc.,<br>4.88%, 11/01/27 (Call 12/01/22)<sup>(a)</sup>  | 2690 | 2337261 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Entertainment (continued)** |  |  |
|  Universal Entertainment Corp., 8.50%, 12/11/24<br>(Call 12/11/23)<sup>(a)(b)</sup> | $4700 | $4286776 |
|  Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3211 | 3194945 |
|  WMG Acquisition Corp.<br>3.00%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 5260 | 4104851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 3672 | 3056940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  | 3700 | 3161964 |
|  Wynn Resorts Finance LLC/Wynn Resorts<br>Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 (Call 07/01/29)<sup>(a)(b)</sup>  | 5445 | 4331307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3546 | 3457456 |
|  |  | 261782748 |
| **Environmental Control — 0.7%** |  |  |
|  Clean Harbors Inc.<br>4.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3094 | 2911578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  | 1574 | 1459350 |
|  Covanta Holding Corp.<br>4.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 5510 | 4691490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/25)<sup>(b)</sup>  | 2586 | 2153685 |
|  GFL Environmental Inc.<br>3.50%, 09/01/28 (Call 03/01/28)<sup>(a)</sup>  | 4987 | 4228078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(a)</sup>  | 4575 | 4323375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  | 5217 | 4514792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3032 | 2894832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 3732 | 3160892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 5193 | 4526102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 3488 | 3320157 |
|  Harsco Corp., 5.75%, 07/31/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3328 | 2361715 |
|  Madison IAQ LLC<br>4.13%, 06/30/28 (Call 06/30/24)<sup>(a)(b)</sup>  | 4733 | 3916558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 06/30/24)<sup>(a)</sup>  | 7155 | 4901175 |
|  Stericycle Inc.<br>3.88%, 01/15/29 (Call 11/15/23)<sup>(a)(b)</sup>  | 3641 | 3162536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 2902 | 2858470 |
|  Waste Pro USA Inc., 5.50%, 02/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3289 | 3043674 |
|  |  | 58428459 |
| **Food — 2.0%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New<br>Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 5048 | 4530176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 09/15/23)<sup>(a)</sup>  | 9198 | 7611345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(a)(b)</sup>  | 8953 | 8296835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 6853 | 6082038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 (Call 12/01/22)<sup>(a)</sup>  | 5103 | 4771305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 3590 | 3679750 |
|  Aragvi Finance International DAC, 8.45%, 04/29/26<br>(Call 04/29/24)<sup>(a)</sup>  | 600 | 416928 |
|  B&G Foods Inc.<br>5.25%, 04/01/25 (Call 12/01/22)<sup>(b)</sup>  | 6134 | 5574395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup>  | 4044 | 3392390 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/28<br>(Call 12/15/23)<sup>(a)(b)</sup>  | 2817 | 2082441 |
|  Chobani LLC/Chobani Finance Corp. Inc.<br>4.63%, 11/15/28 (Call 11/15/23)<sup>(a)(b)</sup>  | 2598 | 2256567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4100 | 3874078 |
|  FAGE International SA/FAGE USA Dairy Industry Inc.,<br>5.63%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 1942 | 1703276 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Food (continued)** |  |  |
|  H-Food Holdings LLC/Hearthside Finance Co. Inc.,<br>8.50%, 06/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | $2674 | $1559804 |
|  Ingles Markets Inc., 4.00%, 06/15/31<br>(Call 06/15/26)<sup>(a)(b)</sup>  | 2410 | 2001366 |
|  Lamb Weston Holdings Inc.<br>4.13%, 01/31/30 (Call 01/31/25)<sup>(a)</sup>  | 6630 | 5787791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(a)</sup>  | 4829 | 4146904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(a)</sup>  | 3149 | 2927210 |
|  Performance Food Group Inc.<br>4.25%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  | 7147 | 6054795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7081 | 6693103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 664 | 662440 |
|  Pilgrim's Pride Corp.<br>3.50%, 03/01/32 (Call 09/01/26)<sup>(a)(b)</sup>  | 5940 | 4548436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(a)</sup>  | 6814 | 5674778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/27 (Call 12/01/22)<sup>(a)</sup>  | 5141 | 5025019 |
|  Post Holdings Inc.<br>4.50%, 09/15/31 (Call 09/15/26)<sup>(a)(b)</sup>  | 8552 | 7074214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 (Call 04/15/25)<sup>(a)</sup>  | 10146 | 8561347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  | 8358 | 7521531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 6298 | 5888000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 3142 | 3037246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safeway Inc., 7.25%, 02/01/31<sup>(b)</sup>  | 1872 | 1805563 |
|  SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 1912 | 1766954 |
|  Sigma Holdco BV, 7.88%, 05/15/26<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 3262 | 1998856 |
|  Simmons Foods Inc./Simmons Prepared<br>Foods Inc./Simmons Pet Food Inc./Simmons Feed,<br>4.63%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 5977 | 4987407 |
|  TreeHouse Foods Inc., 4.00%, 09/01/28<br>(Call 09/01/23) | 3391 | 2861156 |
|  U.S. Foods Inc.<br>4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  | 3247 | 2816837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 6235 | 5525769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 5509 | 5482503 |
|  United Natural Foods Inc., 6.75%, 10/15/28<br>(Call 10/15/23)<sup>(a)</sup>  | 3257 | 3145839 |
|  |  | 161826392 |
| **Food Service — 0.3%** |  |  |
|  Aramark Services Inc.<br>5.00%, 04/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3455 | 3339925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 8001 | 7289751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 10055 | 9946984 |
|  TKC Holdings Inc.<br>6.88%, 05/15/28 (Call 05/15/24)<sup>(a)(b)</sup>  | 3164 | 2626120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 4553 | 3232964 |
|  |  | 26435744 |
| **Forest Products & Paper — 0.3%** |  |  |
|  Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28<br>(Call 02/04/24)<sup>(a)</sup>  | 1860 | 1480773 |
|  Clearwater Paper Corp.<br>4.75%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 2082 | 1817196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25<sup>(a)(b)</sup>  | 735 | 713547 |
|  Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 4420 | 3755781 |
|  Glatfelter Corp., 4.75%, 11/15/29<br>(Call 11/01/24)<sup>(a)(b)</sup>  | 3490 | 2246688 |
|  Mercer International Inc.<br>5.13%, 02/01/29 (Call 02/01/24) | 6136 | 5039190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22) | 1507 | 1411840 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Forest Products & Paper (continued)** |  |  |
|  Resolute Forest Products Inc., 4.88%, 03/01/26<br>(Call 03/01/23)<sup>(a)(b)</sup>  | $2525 | $2492528 |
|  Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 3114 | 2893705 |
|  |  | 21851248 |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.<br>5.50%, 05/20/25 (Call 02/20/25) | 4661 | 4463886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24) | 3207 | 3133827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 3798 | 3502440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | 5062 | 4735512 |
|  |  | 15835665 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 1730 | 1461850 |
| **Health Care - Products — 0.8%** |  |  |
|  Avantor Funding Inc.<br>3.88%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup>  | 5450 | 4598729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 10266 | 9277487 |
|  Garden Spinco Corp., 8.63%, 07/20/30<br>(Call 07/20/27)<sup>(a)</sup>  | 2900 | 2982810 |
|  Hologic Inc.<br>3.25%, 02/15/29 (Call 09/28/23)<sup>(a)(b)</sup>  | 6109 | 5191428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 2352 | 2199120 |
|  Mozart Debt Merger Sub Inc.<br>3.88%, 04/01/29 (Call 10/01/24)<sup>(a)</sup>  | 30352 | 24797584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 17214 | 13405402 |
|  Teleflex Inc.<br>4.25%, 06/01/28 (Call 06/01/23)<sup>(a)</sup>  | 3062 | 2770498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22)<sup>(b)</sup>  | 3138 | 2957094 |
|  |  | 68180152 |
| **Health Care - Services — 4.5%** |  |  |
|  Acadia Healthcare Co. Inc.<br>5.00%, 04/15/29 (Call 10/15/23)<sup>(a)(b)</sup>  | 3616 | 3263259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 3119 | 2893808 |
|  AHP Health Partners Inc., 5.75%, 07/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 2210 | 1690650 |
|  Air Methods Corp., 8.00%, 05/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2242 | 1160507 |
|  Akumin Escrow Inc., 7.50%, 08/01/28<br>(Call 08/01/24)<sup>(a)</sup>  | 2624 | 1885445 |
|  Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3235 | 2616124 |
|  Cano Health LLC, 6.25%, 10/01/28<br>(Call 10/01/24)<sup>(a)(b)</sup>  | 2205 | 1770784 |
|  Catalent Pharma Solutions Inc.<br>3.13%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 3659 | 2994160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 4841 | 3909108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3074 | 2890083 |
|  Centene Corp. 2.45%, 07/15/28 (Call 05/15/28)<sup>(b)</sup>  | 14272 | 11738720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 6217 | 4771548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 7765 | 5942011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 13424 | 10806320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 12346 | 10257057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 15244 | 14062590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 4050 | 3665250 |
|  Charles River Laboratories International Inc.<br>3.75%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 3035 | 2625275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  | 3250 | 2733989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 3657 | 3326773 |

---

S C H E D U L E O F I N V E S T M E N T S 35

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  CHS/Community Health Systems Inc.<br>4.75%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | $7183 | $4812107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 (Call 05/15/25)<sup>(a)(b)</sup>  | 10532 | 7293410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(a)(b)</sup>  | 12960 | 10327435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 6365 | 4724994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 8750 | 3587500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 4812 | 1831808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11208 | 4510086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 14344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12371700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 5041 | 4081345 |
|  DaVita Inc.<br>3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 10453 | 7557833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)</sup>  | 18415 | 14356794 |
|  Encompass Health Corp.<br>4.50%, 02/01/28 (Call 02/01/23)<sup>(b)</sup>  | 5895 | 5275435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 (Call 04/01/26) | 2542 | 2097150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 02/01/25)<sup>(b)</sup>  | 5406 | 4608615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/25 (Call 12/01/22)<sup>(b)</sup>  | 1007 | 997830 |
|  Envision Healthcare Corp., 8.75%, 10/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 3500 | 1050000 |
|  Global Medical Response Inc., 6.50%, 10/01/25<br>(Call 11/03/22)<sup>(a)(b)</sup>  | 4380 | 3482100 |
|  Hadrian Merger Sub Inc., 8.50%, 05/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2099 | 1910090 |
|  IQVIA Inc.<br>5.00%, 10/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 6471 | 6168675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7083 | 6749249 |
|  Legacy LifePoint Health LLC<br>4.38%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 4402 | 3470876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2710 | 2398350 |
|  Lifepoint Health Inc., 5.38%, 01/15/29<br>(Call 01/15/24)<sup>(a)(b)</sup>  | 3446 | 2201512 |
|  ModivCare Escrow Issuer Inc., 5.00%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  | 3465 | 2948908 |
|  ModivCare Inc., 5.88%, 11/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3390 | 3220247 |
|  Molina Healthcare Inc.<br>3.88%, 11/15/30 (Call 08/17/30)<sup>(a)</sup>  | 4075 | 3462924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(a)(b)</sup>  | 5162 | 4305108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 5165 | 4632282 |
|  Pediatrix Medical Group Inc., 5.38%, 02/15/30<br>(Call 02/15/25)<sup>(a)(b)</sup>  | 3029 | 2604940 |
|  Prime Healthcare Services Inc., 7.25%, 11/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6150 | 5360094 |
|  Quorum Health Corp., 11.63%, 04/15/23<sup>(f)(g)</sup>  | 1183 |  |
|  Radiology Partners Inc., 9.25%, 02/01/28<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 4881 | 2582049 |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 9827 | 7835067 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25<br>(Call 12/15/22)<sup>(a)(b)</sup>  | 5279 | 3947318 |
|  Select Medical Corp., 6.25%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8207 | 7823200 |
|  Surgery Center Holdings Inc.<br>6.75%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3108 | 2921842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 2689 | 2609123 |
|  Syneos Health Inc., 3.63%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 3870 | 3205080 |
|  Team Health Holdings Inc., 6.38%, 02/01/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 5004 | 3778020 |
|  Tenet Healthcare Corp.<br>4.25%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 9745 | 8210162 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 (Call 12/01/24)<sup>(a)</sup>  | $9860 | $8272540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22)<sup>(b)</sup>  | 4086 | 3983850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 3513 | 3391204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 4289 | 3763575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(a)</sup>  | 13715 | 12960675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(a)</sup>  | 10373 | 9556126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14657242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 (Call 06/15/25)<sup>(a)</sup>  | 13699 | 12646095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10274 | 9804684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31<sup>(b)</sup>  | 2558 | 2171103 |
|  U.S. Acute Care Solutions LLC, 6.38%, 03/01/26<br>(Call 03/01/23)<sup>(a)</sup>  | 4817 | 4367429 |
|  US Renal Care Inc., 10.63%, 07/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 2949 | 1170771 |
|  |  | 367060013 |
| **Holding Companies - Diversified — 0.6%** |  |  |
|  Compass Group Diversified Holdings LLC<br>5.00%, 01/15/32 (Call 01/15/27)<sup>(a)</sup>  | 2250 | 1639968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 6661 | 5728460 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>4.38%, 02/01/29 (Call 08/01/28)<sup>(b)</sup>  | 5302 | 4426481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 6576 | 6399303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 10080 | 9287611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 8688 | 8344824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 4686 | 4548934 |
|  Stena AB, 7.00%, 02/01/24<sup>(a)(b)</sup>  | 1706 | 1602150 |
|  Stena International SA<br>5.75%, 03/01/24<sup>(a)</sup>  | 1289 | 1208439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 3245 | 3035551 |
|  |  | 46221721 |
| **Home Builders — 1.1%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<br>4.63%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 2483 | 1865354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 (Call 04/01/25)<sup>(a)</sup>  | 2655 | 1970302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 1725 | 1464637 |
|  Beazer Homes USA Inc.<br>5.88%, 10/15/27 (Call 11/16/22)<sup>(b)</sup>  | 2302 | 1933680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29 (Call 10/15/24)<sup>(b)</sup>  | 2623 | 2170532 |
|  Brookfield Residential Properties Inc./Brookfield<br>Residential U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  | 3491 | 2684348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 2591 | 1951619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 4139 | 3611277 |
|  Century Communities Inc.<br>3.88%, 08/15/29 (Call 02/15/29)<sup>(a)</sup>  | 3410 | 2685511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 3497 | 3338236 |
|  Empire Communities Corp., 7.00%, 12/15/25<br>(Call 12/15/22)<sup>(a)</sup>  | 3332 | 2872254 |
|  Forestar Group Inc.<br>3.85%, 05/15/26 (Call 05/15/23)<sup>(a)</sup>  | 2735 | 2328087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 2097 | 1730628 |
|  Installed Building Products Inc., 5.75%, 02/01/28<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 2286 | 2020252 |
|  K Hovnanian Enterprises Inc., 10.50%, 02/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 55 | 53075 |
|  KB Home<br>4.00%, 06/15/31 (Call 12/15/30) | 2415 | 1829362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/29 (Call 05/15/29)<sup>(b)</sup>  | 2381 | 1943559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/27 (Call 12/15/26)<sup>(b)</sup>  | 1855 | 1794193 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Home Builders (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/30 (Call 07/15/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777 | $2565254 |
|  LGI Homes Inc., 4.00%, 07/15/29<br>(Call 01/15/29)<sup>(a)</sup>  | 2364 | 1812739 |
|  M/I Homes Inc.<br>3.95%, 02/15/30 (Call 08/15/29) | 2381 | 1768098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/28 (Call 02/01/23) | 2600 | 2230774 |
|  Mattamy Group Corp.<br>4.63%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 4286 | 3341998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 3056 | 2611199 |
|  Meritage Homes Corp.<br>3.88%, 04/15/29 (Call 10/15/28)<sup>(a)(b)</sup>  | 3234 | 2599166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/27 (Call 12/06/26) | 2208 | 1977051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 1827 | 1773917 |
|  New Home Co. Inc. (The), 7.25%, 10/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2090 | 1618739 |
|  Shea Homes LP/Shea Homes Funding Corp.<br>4.75%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 3090 | 2606384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 2095 | 1707886 |
|  Taylor Morrison Communities Inc.<br>5.13%, 08/01/30 (Call 02/01/30)<sup>(a)(b)</sup>  | 3501 | 2904731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(a)</sup>  | 3109 | 2849632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(a)</sup>  | 4036 | 3784759 |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)<sup>(a)(b)</sup>  | 587 | 574322 |
|  Thor Industries Inc., 4.00%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 3717 | 3006235 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24<sup>(b)</sup>  | 1964 | 1930198 |
|  Tri Pointe Homes Inc.<br>5.25%, 06/01/27 (Call 12/01/26)<sup>(b)</sup>  | 2184 | 1878270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/28 (Call 12/15/27) | 2607 | 2258653 |
|  Winnebago Industries Inc., 6.25%, 07/15/28<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 2290 | 2130966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86177877 |
| **Home Furnishings — 0.1%** |  |  |
|  Tempur Sealy International Inc.<br>3.88%, 10/15/31 (Call 10/15/26)<sup>(a)</sup>  | 5425 | 4073416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 5290 | 4254035 |
|  |  | 8327451 |
| **Household Products & Wares — 0.3%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 4164 | 3308298 |
|  Central Garden & Pet Co.<br>4.13%, 10/15/30 (Call 10/15/25)<sup>(b)</sup>  | 3415 | 2822741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31 (Call 04/30/26)<sup>(a)</sup>  | 2690 | 2232700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 (Call 01/01/23)<sup>(b)</sup>  | 1855 | 1697127 |
|  Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 (Call 06/30/23)<sup>(a)</sup>  | 3355 | 3041207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/27 (Call 12/31/23)<sup>(a)(b)</sup>  | 3500 | 2940000 |
|  Spectrum Brands Inc.<br>3.88%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  | 3288 | 2424900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 2366 | 1940120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  | 1961 | 1574226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup>  | 2300 | 2269364 |
|  |  | 24250683 |
| **Housewares — 0.5%** |  |  |
|  American Greetings Corp., 8.75%, 04/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 1559 | 1488830 |
|  CD&R Smokey Buyer Inc., 6.75%, 07/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4981 | 4735138 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Housewares (continued)** |  |  |
|  Newell Brands Inc.<br>4.45%, 04/01/26 (Call 01/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12211608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | 3052 | 2946583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/36 (Call 10/01/35) | 2880 | 2392992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/46 (Call 10/01/45) | 4602 | 3541239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27) | 3385 | 3307992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29)<sup>(b)</sup>  | 3500 | 3421250 |
|  Scotts Miracle-Gro Co. (The)<br>4.00%, 04/01/31 (Call 04/01/26)<sup>(b)</sup>  | 3512 | 2690543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 (Call 08/01/26) | 3108 | 2352242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (Call 10/15/24)<sup>(b)</sup>  | 2666 | 2160913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/26 (Call 11/16/22)<sup>(b)</sup>  | 574 | 533820 |
|  SWF Escrow Issuer Corp., 6.50%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  | 4296 | 2470200 |
|  |  | 44253350 |
| **Insurance — 1.3%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc.<br>4.25%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 4903 | 4003839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 3350 | 2777234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6908 | 6492825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 2554 | 2531022 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 4962 | 4466395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 3415 | 2877237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 9277 | 8465263 |
|  AmWINS Group Inc., 4.88%, 06/30/29<br>(Call 06/30/24)<sup>(a)(b)</sup>  | 5500 | 4701626 |
|  Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),<br>(3 mo. LIBOR US + 4.135%)<sup>(d)</sup>  | 3083 | 2934831 |
|  AssuredPartners Inc.<br>5.63%, 01/15/29 (Call 12/15/23)<sup>(a)(b)</sup>  | 3908 | 3214330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/15/25 (Call 12/01/22)<sup>(a)</sup>  | 3155 | 3023036 |
|  BroadStreet Partners Inc., 5.88%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 5310 | 4261665 |
|  Enstar Finance LLC<br>5.50%, 01/15/42 (Call 01/15/27)<sup>(b)(d)</sup>  | 4110 | 3229391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/40 (Call 09/01/25)<sup>(b)(d)</sup>  | 1633 | 1447462 |
|  Genworth Holdings Inc., 6.50%, 06/15/34 | 2230 | 1850900 |
|  Global Atlantic Fin Co., 4.70%, 10/15/51<br>(Call 07/15/26)<sup>(a)(d)</sup>  | 4855 | 3576170 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3475 | 3310576 |
|  Hub International Ltd.<br>5.63%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 4275 | 3665770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 9782 | 9659725 |
|  Liberty Mutual Group Inc.<br>4.13%, 12/15/51 (Call 09/15/26)<sup>(a)(b)(d)</sup>  | 3520 | 2640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61 (Call 02/01/26)<sup>(a)(b)</sup>  | 4860 | 2863123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/07/87<sup>(a)(b)</sup>  | 2997 | 3299113 |
|  MGIC Investment Corp., 5.25%, 08/15/28<br>(Call 08/15/23) | 4797 | 4351982 |
|  NMI Holdings Inc., 7.38%, 06/01/25<br>(Call 03/30/25)<sup>(a)(b)</sup> | 2272 | 2269819 |
|  Ohio National Financial Services Inc.<br>5.80%, 01/24/30 (Call 10/24/29)<sup>(a)</sup>  | 2850 | 2570350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/31<sup>(a)(b)</sup>  | 1650 | 1549861 |
|  Ryan Specialty Group LLC, 4.38%, 02/01/30<br>(Call 02/01/25)<sup>(a)</sup>  | 2713 | 2319615 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  USI Inc./NY, 6.88%, 05/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | $3524 | $3418224 |
|  |  | 101771384 |
| **Internet — 1.7%** |  |  |
|  Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 2870 | 2324700 |
|  ANGI Group LLC, 3.88%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 3623 | 2653956 |
|  Arches Buyer Inc.<br>4.25%, 06/01/28 (Call 12/01/23)<sup>(a)</sup>  | 6925 | 5680993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 3362 | 2592186 |
|  Cablevision Lightpath LLC<br>3.88%, 09/15/27 (Call 09/15/23)<sup>(a)(b)</sup>  | 2991 | 2543051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 2765 | 2198286 |
|  Cars.com Inc., 6.38%, 11/01/28<br>(Call 11/01/23)<sup>(a)(b)</sup>  | 2939 | 2546585 |
|  Cogent Communications Group Inc.<br>3.50%, 05/01/26 (Call 02/01/26)<sup>(a)(b)</sup>  | 2640 | 2382600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27 (Call 06/15/24)<sup>(a)</sup>  | 3375 | 3204216 |
|  Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 4659 | 3110251 |
|  Getty Images Inc., 9.75%, 03/01/27<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 1998 | 1976961 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc.<br>3.50%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 5366 | 4450185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3449 | 3229018 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27<br>(Call 11/14/22)<sup>(a)</sup>  | 3612 | 2421187 |
|  ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)<sup>(a)(b)</sup>  | 3310 | 2663160 |
|  Match Group Holdings II LLC<br>3.63%, 10/01/31 (Call 10/01/26)<sup>(a)</sup>  | 3745 | 2854664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 (Call 05/01/25)<sup>(a)</sup>  | 3462 | 2828471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  | 3292 | 2925370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 2922 | 2607198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 1894 | 1678137 |
|  Millennium Escrow Corp., 6.63%, 08/01/26<br>(Call 08/01/23)<sup>(a)(b)</sup>  | 5559 | 4002480 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc.<br>4.75%, 04/30/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 2530 | 2274315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 2080 | 1631843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  | 1665 | 1563019 |
|  NortonLifeLock Inc.<br>5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup>  | 6274 | 6088446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)</sup>  | 6250 | 6161219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(a)</sup>  | 4075 | 4005684 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)<sup>(a)</sup>  | 5209 | 3427887 |
|  Rakuten Group Inc.<br>5.13%, (Call 04/22/26)<sup>(a)(b)(d)(e)</sup>  | 5150 | 3746110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, (Call 04/22/31)<sup>(a)(b)(d)(e)</sup>  | 6975 | 4692082 |
|  TripAdvisor Inc., 7.00%, 07/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 2973 | 2938283 |
|  Twitter Inc.<br>3.88%, 12/15/27 (Call 09/15/27)<sup>(a)</sup>  | 4228 | 4264995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 12/01/29)<sup>(a)</sup>  | 6208 | 6242053 |
|  Uber Technologies Inc.<br>4.50%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10202 | 8745154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 3419 | 3248050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 5601 | 5603800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8322 | 8320076 |
|  Ziff Davis Inc., 4.63%, 10/15/30<br>(Call 10/15/25)<sup>(a)(b)</sup>  | 3213 | 2715692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136542363 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Iron & Steel — 0.7%** |  |  |
|  Allegheny Technologies Inc.<br>4.88%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | $2389 | $2008730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 (Call 10/01/26)<sup>(b)</sup>  | 2380 | 1962096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22) | 2510 | 2281429 |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3830 | 3479372 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)<sup>(a)(b)</sup>  | 5113 | 4808546 |
|  Carpenter Technology Corp.<br>6.38%, 07/15/28 (Call 07/15/23) | 2672 | 2468407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/30 (Call 03/15/25)<sup>(b)</sup>  | 2366 | 2312150 |
|  Cleveland-Cliffs Inc.<br>4.63%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 2950 | 2540098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  | 2240 | 1891904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup>  | 3691 | 3432630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 3918 | 3888615 |
|  Commercial Metals Co.<br>3.88%, 02/15/31 (Call 02/15/26)<sup>(b)</sup>  | 1978 | 1602180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 (Call 01/15/25) | 2413 | 2027399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/32 (Call 03/15/27) | 1810 | 1475814 |
|  Infrabuild Australia Pty Ltd., 12.00%, 10/01/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2488 | 2307620 |
|  Mineral Resources Ltd.<br>8.00%, 11/01/27 (Call 11/01/24)<sup>(a)</sup>  | 4155 | 4087315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 4159 | 4138205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(a)(b)</sup>  | 4431 | 4357240 |
|  TMS International Corp./DE, 6.25%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 2664 | 1868327 |
|  U.S. Steel Corp.<br>6.65%, 06/01/37<sup>(b)</sup>  | 1797 | 1497217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/29 (Call 03/01/24)<sup>(b)</sup>  | 3650 | 3349496 |
|  |  | 57784790 |
| **Leisure Time — 2.4%** |  |  |
|  Carnival Corp.<br>4.00%, 08/01/28 (Call 05/01/28)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 12/01/26)<sup>(a)(b)</sup>  | 23155 | 16046068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/29 (Call 11/01/24)<sup>(a)</sup>  | 13530 | 8974009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 03/01/24)<sup>(a)(b)</sup>  | 9765 | 7342792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 (Call 02/01/24)<sup>(a)</sup>  | 6093 | 5681722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 (Call 08/01/23)<sup>(a)(b)</sup>  | 4384 | 4296145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  | 6949 | 5385475 |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 | 13525 | 13695144 |
|  Constellation Merger Sub Inc., 8.50%, 09/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2984 | 2640840 |
|  Life Time Inc.<br>5.75%, 01/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 6477 | 6023610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 3427 | 2987842 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 2505 | 2228439 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(Call 06/01/24)<sup>(a)</sup>  | 3705 | 2610914 |
|  NCL Corp. Ltd.<br>3.63%, 12/15/24 (Call 11/14/22)<sup>(a)(b)</sup>  | 3447 | 2990987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(a)</sup>  | 9834 | 8051587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup>  | 6897 | 6155572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 11/15/28)<sup>(a)(b)</sup>  | 4115 | 3278132 |
|  NCL Finance Ltd., 6.13%, 03/15/28<br>(Call 12/15/27)<sup>(a)(b)</sup>  | 3607 | 2804442 |
|  Royal Caribbean Cruises Ltd.<br>3.70%, 03/15/28 (Call 12/15/27)<sup>(b)</sup>  | 3411 | 2472975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 (Call 01/01/26)<sup>(a)(b)</sup>  | 4217 | 3352726 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Leisure Time (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | $6976 | $5422556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(a)(b)</sup>  | 6750 | 5518800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 (Call 10/01/27)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | 7946400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27<sup>(b)</sup>  | 1827 | 1514574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 04/01/25)<sup>(a)</sup>  | 7205 | 7181404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29 (Call 04/01/25)<sup>(a)(b)</sup>  | 6725 | 6825875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 8111 | 8735304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(a)(b)</sup>  | 8820 | 8457851 |
|  Viking Cruises Ltd.<br>5.88%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 5553 | 4388241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1839 | 1609125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 3402 | 2698997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 3569 | 3836675 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 2370 | 1847486 |
|  Vista Outdoor Inc., 4.50%, 03/15/29<br>(Call 03/15/24)<sup>(a)</sup>  | 3472 | 2712812 |
|  VOC Escrow Ltd., 5.00%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 4790 | 3943320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192959730 |
| **Lodging — 1.9%** |  |  |
|  Arrow Bidco LLC, 9.50%, 03/15/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 747 | 750638 |
|  Boyd Gaming Corp.<br>4.75%, 12/01/27 (Call 12/01/22)<sup>(b)</sup>  | 6715 | 6186664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31 (Call 06/15/26)<sup>(a)(b)</sup>  | 5935 | 5013532 |
|  Full House Resorts Inc., 8.25%, 02/15/28<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 3118 | 2712660 |
|  Genting New York LLC, 3.30%, 02/15/26<br>(Call 01/15/26)<sup>(a)</sup>  | 3676 | 3222725 |
|  Hilton Domestic Operating Co. Inc.<br>3.63%, 02/15/32 (Call 08/15/26)<sup>(a)</sup>  | 10342 | 8234817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 5441 | 4635215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(a)</sup>  | 7475 | 6248708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25)<sup>(b)</sup>  | 6806 | 6099877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(a)</sup>  | 1949 | 1919765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 3614 | 3487510 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 (Call 07/01/26)<sup>(a)(b)</sup>  | 3415 | 2791762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 6160 | 5283001 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)<sup>(b)</sup>  | 3912 | 3716400 |
|  Las Vegas Sands Corp.<br>2.90%, 06/25/25 (Call 05/25/25) | 3410 | 3088301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 11535 | 10983412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 6825 | 5961140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29) | 5232 | 4228967 |
|  Marriott Ownership Resorts Inc.<br>4.50%, 06/15/29 (Call 06/15/24)<sup>(a)</sup> | 3638 | 3045825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/01/22)<sup>(b)</sup>  | 2737 | 2362566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 669 | 661420 |
|  MGM Resorts International<br>4.63%, 09/01/26 (Call 06/01/26)<sup>(b)</sup>  | 2776 | 2533100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 (Call 07/15/28)<sup>(b)</sup>  | 5126 | 4444409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27) | 4674 | 4304988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25)<sup>(b)</sup>  | 4291 | 4162270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup>  | 4305 | 4250025 |
|  Station Casinos LLC<br>4.50%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 4507 | 3882780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 (Call 06/01/31)<sup>(a)(b)</sup>  | 3885 | 3086732 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Lodging (continued)** |  |  |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | $1372 | $1282723 |
|  Travel + Leisure Co.<br>4.50%, 12/01/29 (Call 09/01/29)<sup>(a)(b)</sup>  | 4775 | 3891625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 12/01/29)<sup>(a)</sup>  | 2361 | 1905834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/24 (Call 02/01/24) | 813 | 799676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27)<sup>(b)</sup>  | 3162 | 2952375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 2213 | 2163318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(a)</sup>  | 4348 | 4233691 |
|  Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 3262 | 2871604 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<br>5.25%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup>  | 6497 | 5651091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856 | 11221467 |
|  |  | 154272613 |
| **Machinery — 0.7%** |  |  |
|  ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)<sup>(a)(b)</sup>  | 2166 | 1851930 |
|  BWX Technologies Inc.<br>4.13%, 06/30/28 (Call 06/30/23)<sup>(a)(b)</sup>  | 2179 | 1906625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 3000 | 2593800 |
|  GrafTech Finance Inc., 4.63%, 12/15/28<br>(Call 12/15/23)<sup>(a)(b)</sup>  | 3630 | 2940300 |
|  Granite US Holdings Corp., 11.00%, 10/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1874 | 1752190 |
|  Husky III Holding Ltd. , 13.00%, 02/15/25<br>(Call 11/14/22), (13.75% PIK)<sup>(a)(c)</sup>  | 2858 | 2611583 |
|  Manitowoc Co. Inc. (The), 9.00%, 04/01/26<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 2208 | 2007911 |
|  Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)<sup>(a)</sup>  | 1702 | 1637784 |
|  Mueller Water Products Inc., 4.00%, 06/15/29<br>(Call 06/15/24)<sup>(a)</sup>  | 2389 | 2071550 |
|  OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 2210 | 1419925 |
|  SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 3430 | 2786875 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26<br>(Call 10/01/23)<sup>(a)(b)</sup>  | 1620 | 1622106 |
|  Terex Corp., 5.00%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  | 3889 | 3469182 |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4584 | 3747420 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 2956 | 2443208 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<br>(Call 07/15/23)<sup>(a)</sup>  | 10306 | 9236752 |
|  Vertiv Group Corp., 4.13%, 11/15/28<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 5745 | 4997461 |
|  Weir Group PLC (The), 2.20%, 05/13/26<br>(Call 04/13/26)<sup>(a)</sup>  | 5575 | 4770076 |
|  |  | 53866678 |
| **Manufacturing — 0.3%** |  |  |
|  Amsted Industries Inc.<br>4.63%, 05/15/30 (Call 05/15/25)<sup>(a)</sup>  | 3286 | 2710950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/27 (Call 12/01/22)<sup>(a)</sup>  | 2105 | 1947125 |
|  EnPro Industries Inc., 5.75%, 10/15/26<br>(Call 12/01/22) | 2088 | 1994040 |
|  FXI Holdings Inc.<br>7.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 3343 | 2868227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 5150 | 4466080 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Manufacturing (continued)** |  |  |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | $3571 | $3428160 |
|  Hillenbrand Inc.<br>3.75%, 03/01/31 (Call 03/01/26)<sup>(b)</sup>  | 2386 | 1908800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 07/15/26) | 1972 | 1856612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 12/01/22) | 1724 | 1711070 |
|  LSB Industries Inc., 6.25%, 10/15/28<br>(Call 10/15/24)<sup>(a)</sup>  | 4660 | 4230768 |
|  Trinity Industries Inc., 4.55%, 10/01/24<br>(Call 07/01/24) | 1522 | 1443130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28564962 |
| **Media — 8.3%** |  |  |
|  Altice Financing SA<br>5.00%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 8191 | 6476286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 (Call 08/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065 | 11037649 |
|  AMC Networks Inc.<br>4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup>  | 7434 | 5742765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup>  | 5365 | 4903127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 1335 | 1295978 |
|  Audacy Capital Corp.<br>6.50%, 05/01/27 (Call 11/16/22)<sup>(a)</sup>  | 2719 | 802105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/31/29 (Call 03/31/24)<sup>(a)</sup>  | 2981 | 847747 |
|  Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 2003 | 1437153 |
|  Block Communications Inc., 4.88%, 03/01/28<br>(Call 03/01/23)<sup>(a)</sup>  | 1893 | 1645074 |
|  Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)<sup>(a)(b)</sup>  | 4456 | 3626738 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 02/01/31 (Call 07/01/25)<sup>(a)</sup>  | 20085 | 15867150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(a)</sup>  | 13482 | 9909270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 02/15/25)<sup>(a)</sup>  | 18103 | 14691671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 (Call 05/01/26) | 19370 | 15302300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(a)</sup>  | 11867 | 8998872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(a)</sup>  | 20885 | 17551754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(a)(b)</sup>  | 8830 | 7064419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 11/16/22)<sup>(a)</sup>  | 17025 | 15407625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 22175 | 20544694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 10115 | 9036539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4907 | 4722988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(a)</sup>  | 9762 | 8995541 |
|  Cengage Learning Inc., 9.50%, 06/15/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3527 | 3335202 |
|  CSC Holdings LLC<br>3.38%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 6885 | 4991625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 7378 | 5804789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 10160 | 7902194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 15830 | 11393999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 3230 | 2302206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(b)</sup>  | 3728 | 3616160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | 6720 | 6199200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8706 | 8161875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/30 (Call 01/15/25)<sup>(a)</sup>  | 15140 | 11582100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 11624 | 10955620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 7018 | 6080185 |
|  Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 2869 | 2427106 |
|  Diamond Sports Group LLC/Diamond Sports<br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/26 (Call 11/16/22)<sup>(a)(b)</sup>  | 16788 | 3357600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/27 (Call 11/16/22)<sup>(a)</sup>  | 6320 | 308100 |
|  Directv Financing LLC/Directv Financing<br>Co-Obligor Inc., 5.88%, 08/15/27<br>(Call 08/15/23)<sup>(a)</sup>  | 25196 | 22691518 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
|  DISH DBS Corp.<br>5.25%, 12/01/26 (Call 06/01/26)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 (Call 12/01/27)<sup>(a)</sup>  | 17050 | 13746562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24<sup>(b)</sup>  | 13462 | 12409272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 (Call 07/01/23)<sup>(b)</sup>  | 6994 | 5295297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 13503 | 11393696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 | 10173 | 6832677 |
|  Gannett Holdings LLC, 6.00%, 11/01/26<br>(Call 11/01/23)<sup>(a)(b)</sup>  | 2404 | 1798210 |
|  GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)<sup>(a)(b)</sup>  | 4297 | 3617644 |
|  Gray Escrow II Inc., 5.38%, 11/15/31<br>(Call 11/15/26)<sup>(a)(b)</sup>  | 9001 | 7223302 |
|  Gray Television Inc.<br>4.75%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup>  | 5781 | 4566990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4415 | 4161138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 4763 | 4536758 |
|  iHeartCommunications Inc.<br>4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 3629 | 3166303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 5301 | 4824811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 4785 | 4558576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(b)</sup>  | 8780 | 7886559 |
|  LCPR Senior Secured Financing DAC<br>5.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 5415 | 4562138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 7952 | 7415240 |
|  Liberty Interactive LLC<br>8.25%, 02/01/30 | 3340 | 2085062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/29<sup>(b)</sup>  | 1987 | 1261745 |
|  McGraw-Hill Education Inc.<br>5.75%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  | 5439 | 4789039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  | 5282 | 4496303 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 2508 | 2285178 |
|  News Corp.<br>3.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 6414 | 5512833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup>  | 3565 | 3181763 |
|  Nexstar Media Inc.<br>4.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 6710 | 5888696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 11514 | 10874973 |
|  Paramount Global<br>6.25%, 02/28/57 (Call 02/28/27)<sup>(d)</sup>  | 4596 | 3848056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(d)</sup>  | 6980 | 5901025 |
|  Radiate Holdco LLC/Radiate Finance Inc.<br>4.50%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup>  | 5855 | 4947475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 7127 | 4490010 |
|  Scripps Escrow II Inc.<br>3.88%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 3456 | 2854103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup>  | 2795 | 2270938 |
|  Scripps Escrow Inc., 5.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3436 | 3112844 |
|  Sinclair Television Group Inc.<br>4.13%, 12/01/30 (Call 12/01/25)<sup>(a)</sup>  | 5351 | 4120698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 1855 | 1558757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 12/01/24)<sup>(a)(b)</sup>  | 3394 | 2537932 |
|  Sirius XM Radio Inc.<br>3.13%, 09/01/26 (Call 09/01/23)<sup>(a)(b)</sup>  | 6489 | 5798570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(a)</sup>  | 10313 | 8250400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup>  | 13640 | 11725997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(a)(b)</sup>  | 10025 | 8203344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10108 | 9299360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 8563 | 7897655 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Media (continued)** |  |  |
|  Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)<sup>(a)(b)</sup>  | $1737 | $1067578 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23) | 6415 | 6106246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 3002 | 2916195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup>  | 7269 | 6891724 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)<sup>(a)</sup>  | 6400 | 5565440 |
|  Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)<sup>(a)</sup>  | 4029 | 3804142 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 7284 | 6132254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(a)</sup>  | 8802 | 8504932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10237 | 10109037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 (Call 06/30/25)<sup>(a)</sup>  | 6195 | 5993662 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<br>(Call 07/15/26)<sup>(a)</sup>  | 8355 | 7015944 |
|  UPC Holding BV, 5.50%, 01/15/28<br>(Call 11/11/22)<sup>(a)</sup>  | 3000 | 2633078 |
|  Urban One Inc., 7.38%, 02/01/28<br>(Call 02/01/24)<sup>(a)(b)</sup>  | 5426 | 4741239 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 3666 | 3087065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 4472 | 4220450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(a)(b)</sup>  | 2061 | 2047562 |
|  Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  | 6015 | 4820347 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 08/15/25)<sup>(a)(b)</sup>  | 6330 | 5230727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 9448 | 8585587 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 3605 | 3069300 |
|  VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)<sup>(a)</sup>  | 10310 | 8217998 |
|  Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 3520 | 2789318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3979 | 3579902 |
|  Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)<sup>(a)</sup>  | 6835 | 5736991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671374533 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 (Call 11/16/22)<sup>(a)</sup>  | 2441 | 2263393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  | 2907 | 2809296 |
|  Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/22)<sup>(b)</sup>  | 2663 | 1864100 |
|  Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)<sup>(a)(b)</sup>  | 3838 | 3367768 |
|  |  | 10304557 |
| **Mining — 1.2%** |  |  |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 3502 | 3467645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 6623 | 6208268 |
|  Century Aluminum Co., 7.50%, 04/01/28<br>(Call 04/01/24)<sup>(a)(b)</sup>  | 1952 | 1674738 |
|  Coeur Mining Inc., 5.13%, 02/15/29<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 2736 | 2106894 |
|  Compass Minerals International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/24 (Call 05/15/24)<sup>(a)(b)</sup>  | 666 | 631081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3805 | 3579465 |
|  Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 3680 | 2877760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 2095 | 1838446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Mining (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 12/01/22)<sup>(a)</sup>  | $1609 | $1497915 |
|  Eldorado Gold Corp., 6.25%, 09/01/29<br>(Call 09/01/24)<sup>(a)</sup>  | 3335 | 2697515 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(a)(b)</sup>  | 10126 | 8048145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup>  | 4297 | 3844956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | 3659 | 3568571 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 4973 | 4462273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(a)(b)</sup>  | 5725 | 5024260 |
|  Hecla Mining Co., 7.25%, 02/15/28<br>(Call 02/15/23)<sup>(b)</sup>  | 3582 | 3398692 |
|  Hudbay Minerals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  | 2971 | 2606354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 4721 | 3906627 |
|  IAMGOLD Corp., 5.75%, 10/15/28<br>(Call 10/15/23)<sup>(a)</sup>  | 3001 | 2010670 |
|  JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/22)<sup>(a)(b)</sup>  | 1585 | 1620662 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup>  | 3640 | 2855580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 3627 | 3172900 |
|  New Gold Inc., 7.50%, 07/15/27<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 2875 | 2451760 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 (Call 11/15/23)<sup>(a)</sup>  | 5295 | 4634378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 (Call 08/15/26)<sup>(a)(b)</sup>  | 5175 | 4009124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 (Call 01/30/25)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11127 | 9452887 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3135 | 2827895 |
|  Taseko Mines Ltd., 7.00%, 02/15/26<br>(Call 02/15/23)<sup>(a)(b)</sup>  | 2961 | 2463789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96939250 |
| **Office & Business Equipment — 0.2%** |  |  |
|  Pitney Bowes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/27 (Call 03/15/24)<sup>(a)(b)</sup>  | 2660 | 1705725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  | 2573 | 1648161 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/24 | 1220 | 1162611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/35<sup>(b)</sup>  | 1972 | 1218206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/39<sup>(b)</sup>  | 2256 | 1653539 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(a)</sup>  | 4999 | 4513247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(a)</sup>  | 5288 | 4177520 |
|  |  | 16079009 |
| **Office Furnishings — 0.0%** |  |  |
|  Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 2060 | 1625466 |
|  Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)<sup>(b)</sup>  | 2878 | 2519113 |
|  |  | 4144579 |
| **Oil & Gas — 6.7%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., | Aethon United BR LP/Aethon United Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/15/26 (Call 02/15/23)<sup>(a)(b)</sup>  | 5155 | 5234681 |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup>  | 3800 | 3512453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 3380 | 3447600 |
|  Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 (Call 10/15/29)<sup>(b)</sup>  | 3981 | 3541954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28) | 1860 | 1662172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 2997 | 2247750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 (Call 03/01/40)<sup>(b)</sup>  | 9036 | 7316630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/42 (Call 08/01/41) | 2675 | 2146688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 (Call 01/01/49) | 2674 | 2063805 |

---

S C H E D U L E O F I N V E S T M E N T S 41

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736000 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 2845 | 2496488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | 3331 | 3281035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/31/28 (Call 02/01/24)<sup>(a)(b)</sup>  | 2444 | 2358460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 (Call 11/01/26)<sup>(a)</sup>  | 1519 | 1853180 |
|  Baytex Energy Corp., 8.75%, 04/01/27<br>(Call 04/01/23)<sup>(a)(b)</sup>  | 2810 | 2873225 |
|  Berry Petroleum Co. LLC, 7.00%, 02/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 2939 | 2630405 |
|  California Resources Corp., 7.13%, 02/01/26<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 3839 | 3765330 |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 (Call 12/01/22)<sup>(b)</sup>  | 1126 | 1079755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup>  | 4324 | 4106935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  | 4385 | 4368819 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup>  | 2595 | 2456023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2959 | 3075922 |
|  Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)<sup>(a)</sup>  | 1457 | 1413290 |
|  Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 (Call 02/05/23)<sup>(a)</sup>  | 3210 | 3111292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/05/24)<sup>(a)</sup>  | 3739 | 3532607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 6557 | 6422405 |
|  Citgo Holding Inc., 9.25%, 08/01/24<br>(Call 12/01/22)<sup>(a)</sup>  | 8122 | 8129513 |
|  CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 06/15/23)<sup>(a)(b)</sup>  | 4180 | 4116715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 (Call 12/01/22)<sup>(a)</sup>  | 6910 | 6803931 |
|  Civitas Resources Inc., 5.00%, 10/15/26<br>(Call 10/15/23)<sup>(a)</sup>  | 2775 | 2554221 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 3503 | 3270015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/27 (Call 12/01/22)<sup>(a)</sup>  | 1641 | 1629021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup>  | 3415 | 3389968 |
|  Colgate Energy Partners III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 (Call 07/01/24)<sup>(a)</sup>  | 5046 | 4704184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 (Call 02/15/24)<sup>(a)</sup>  | 1820 | 1810375 |
|  Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 6737 | 6079604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 8287 | 7934802 |
|  CrownRock LP/CrownRock Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 2502 | 2272882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | 7082 | 6849710 |
|  CVR Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 3838 | 3698201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 2866 | 2593730 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27<br>(Call 04/15/24)<sup>(a)</sup>  | 4028 | 3810851 |
|  Encino Acquisition Partners Holdings LLC, 8.50%,<br>05/01/28 (Call 05/01/24)<sup>(a)(b)</sup>  | 4945 | 4632918 |
|  Endeavor Energy Resources LP/EER Finance Inc.,<br>5.75%, 01/30/28 (Call 01/30/23)<sup>(a)</sup>  | 6409 | 6229317 |
|  Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)<sup>(a)(b)</sup>  | 3130 | 2765292 |
|  Energy Ventures Gom LLC/EnVen Finance Corp.,<br>11.75%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup>  | 2139 | 2196389 |
|  EnQuest PLC, 11.63%, 11/01/27 | 2100 | 2053170 |
|  Ensign Drilling Inc., 9.25%, 04/15/24<br>(Call 12/01/22)<sup>(a)</sup>  | 1864 | 1686752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Global Marine Inc., 7.00%, 06/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102080 |
|  Gran Tierra Energy Inc., 7.75%, 05/23/27<br>(Call 05/23/23)<sup>(a)(b)</sup>  | 1554 | 1204070 |
|  Gran Tierra Energy International Holdings Ltd.,<br>6.25%, 02/15/25<sup>(a)(b)</sup>  | 1324 | 1127321 |
|  Gulfport Energy Operating Corp., 8.00%, 05/17/26<br>(Call 05/17/24)<sup>(a)</sup>  | 2331 | 2323839 |
|  Harbour Energy PLC, 5.50%, 10/15/26<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 3320 | 2991154 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 4458 | 4079070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 (Call 04/15/25)<sup>(a)</sup>  | 3333 | 3018045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup>  | 4020 | 3647869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 3308 | 3109520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 (Call 05/15/27)<sup>(a)</sup>  | 3502 | 3212139 |
|  Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)<sup>(a)(b)</sup>  | 4884 | 4528982 |
|  Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)<sup>(a)</sup> | 4290 | 4235002 |
|  Laredo Petroleum Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/29 (Call 07/31/24)<sup>(a)(b)</sup>  | 2181 | 2071950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/15/25 (Call 12/01/22)<sup>(b)</sup>  | 2619 | 2620637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 01/15/28 (Call 01/15/23)<sup>(b)</sup>  | 2320 | 2279400 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 1747 | 1696840 |
|  Matador Resources Co., 5.88%, 09/15/26<br>(Call 11/16/22)<sup>(b)</sup>  | 4961 | 4874182 |
|  MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 3503 | 3344139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 6304 | 6414635 |
|  Moss Creek Resources Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4913 | 4519960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(a)</sup>  | 3135 | 3009600 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 1450 | 1429543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22)<sup>(b)</sup>  | 3989 | 3873678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 (Call 06/01/42) | 2391 | 1885743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/24)<sup>(b)</sup>  | 4006 | 3919462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 05/01/29 | 1080 | 1064089 |
|  Nabors Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(b)</sup>  | 3316 | 3191650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(a)</sup>  | 4475 | 4396553 |
|  Nabors Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 3783 | 3650595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 2752 | 2552480 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 4835 | 4696194 |
|  Northern Oil and Gas Inc., 8.13%, 03/01/28<br>(Call 03/01/24)<sup>(a)(b)</sup>  | 5245 | 5087650 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26<br>(Call 06/01/23)<sup>(a)(b)</sup>  | 2980 | 2911162 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24)<sup>(b)</sup>  | 100 | 96220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26)<sup>(b)</sup>  | 1966 | 1857870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/29 (Call 05/15/29)<sup>(b)</sup>  | 2047 | 1857653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/47 (Call 08/15/46)<sup>(b)</sup>  | 975 | 770341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/15/39 (Call 02/15/39)<sup>(b)</sup>  | 1085 | 892917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/15/46 (Call 10/15/45)<sup>(b)</sup>  | 2039 | 1660252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/49 (Call 02/15/49) | 375 | 302815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25)<sup>(b)</sup>  | 5137 | 5152411 |

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42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | $7790 | $7906850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 6220 | 6266650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30)<sup>(b)</sup>  | 7858 | 7878667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 6781 | 6523593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/28 (Call 03/01/28)<sup>(b)</sup>  | 4022 | 4082164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36<sup>(b)</sup>  | 12453 | 12353127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 (Call 09/15/45) | 9432 | 9283776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 (Call 03/01/30)<sup>(b)</sup>  | 10236 | 10646003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24<sup>(b)</sup>  | 2948 | 3020550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 | 5945 | 6390875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31<sup>(b)</sup>  | 3453 | 3757934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 06/15/39 | 2443 | 2639939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 3003 | 3169997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27)<sup>(b)</sup>  | 3468 | 3770583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 6862 | 7788370 |
|  Par Petroleum LLC/Par Petroleum Finance Corp., | Par Petroleum LLC/Par Petroleum Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/15/25 (Call 12/01/22)<sup>(a)</sup>  | 1765 | 1685575 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 5372 | 4523117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30 (Call 05/01/25)<sup>(a)</sup>  | 5370 | 4466847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3091 | 2904133 |
|  Patterson-UTI Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/01/28 (Call 11/01/27)<sup>(b)</sup>  | 3010 | 2657631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/29 (Call 08/15/29)<sup>(b)</sup>  | 2330 | 2057100 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23) | 5747 | 5222586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/25 (Call 12/01/22) | 4141 | 4097023 |
|  PDC Energy Inc., 5.75%, 05/15/26<br>(Call 12/01/22) | 4184 | 4011033 |
|  Penn Virginia Holdings LLC., 9.25%, 08/15/26<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 2462 | 2428837 |
|  Permian Resources Operating LLC, 5.38%, 01/15/26 (Call 12/01/22)<sup>(a)</sup>  | 2171 | 2005461 |
|  Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)<sup>(a)(b)</sup>  | 4139 | 3067525 |
|  Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/25)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/26 (Call 11/16/22)<sup>(a)(b)</sup>  | 1224 | 1202470 |
|  Range Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 3455 | 3054255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25) | 4223 | 4073485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 01/15/24) | 4693 | 4877341 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29<br>(Call 10/15/24)<sup>(a)(b)</sup>  | 4840 | 4310649 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 (Call 12/01/22)<sup>(b)</sup>  | 1465 | 1423113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/24) | 3530 | 3424100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22) | 1388 | 1360240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22)<sup>(b)</sup>  | 2982 | 2937270 |
|  Southwestern Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(b)</sup>  | 7917 | 6833954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 (Call 02/01/24) | 4634 | 4321205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 (Call 03/15/25)<sup>(b)</sup>  | 8257 | 7637725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24) | 1812 | 1780756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22)<sup>(b)</sup>  | 1749 | 1799144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 09/15/28 (Call 09/15/23)<sup>(b)</sup>  | 2432 | 2515634 |
|  Strathcona Resources Ltd., 6.88%, 08/01/26<br>(Call 08/01/23)<sup>(a)(b)</sup>  | 3624 | 3068223 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup>  | 5705 | 4900024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 (Call 04/30/25)<sup>(b)</sup>  | 5796 | 4928976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 (Call 03/15/23)<sup>(b)</sup>  | 2704 | 2574142 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 (Call 12/01/22) | $3174 | $3109885 |
|  Talos Production Inc., 12.00%, 01/15/26<br>(Call 01/15/23) | 4056 | 4301185 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<br>(Call 10/01/23)<sup>(a)(b)</sup>  | 3299 | 3080147 |
|  Teine Energy Ltd., 6.88%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 2910 | 2595662 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)<sup>(a)</sup>  | 1006 | 978233 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/38 | 3959 | 2405093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25 (Call 11/11/22)<sup>(a)</sup>  | 3055 | 2696037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 11/11/22)<sup>(a)</sup>  | 4088 | 3454360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/31 | 2631 | 1716728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 4189 | 3394779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(a)</sup>  | 4744 | 4765680 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25<br>(Call 12/01/22)<sup>(a)</sup>  | 1833 | 1764312 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386 | 3306367 |
|  Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)<sup>(a)(b)</sup>  | 1314 | 1284435 |
|  Vermilion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 930 | 899073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/30 (Call 05/01/25)<sup>(a)</sup>  | 3202 | 2995573 |
|  Viper Energy Partners LP, 5.38%, 11/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2867 | 2696629 |
|  W&T Offshore Inc., 9.75%, 11/01/23<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2827 | 2798966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541468610 |
| **Oil & Gas Services — 0.6%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 (Call 04/01/23)<sup>(a)</sup>  | 5254 | 4885695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 (Call 12/01/22)<sup>(a)</sup>  | 3247 | 3092768 |
|  Bristow Group Inc., 6.88%, 03/01/28<br>(Call 03/01/24)<sup>(a)(b)</sup>  | 2796 | 2588031 |
|  CGG SA, 8.75%, 04/01/27 (Call 04/01/24)<sup>(a)(b)</sup>  | 3565 | 3152102 |
|  CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2074 | 1847605 |
|  KLX Energy Services Holdings Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 1585 | 1296982 |
|  Nine Energy Service Inc., 8.75%, 11/01/23<sup>(a)</sup>  | 1532 | 1336532 |
|  Oceaneering International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/24 (Call 08/15/24)<sup>(b)</sup>  | 1985 | 1899923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/28 (Call 11/01/27)<sup>(b)</sup>  | 2062 | 1839696 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 12/01/22)<sup>(a)</sup>  | 1040 | 1034342 |
|  Transocean Proteus Ltd., 6.25%, 12/01/24<br>(Call 12/01/22)<sup>(a)</sup>  | 1351 | 1317566 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | 4723 | 4533466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22)<sup>(b)</sup>  | 5084 | 4855220 |
|  Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/24)<sup>(a)(b)</sup>  | 3151 | 3009205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 (Call 10/30/24)<sup>(a)(b)</sup>  | 11282 | 10633285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 422 | 433733 |
|  Welltec International ApS, 8.25%, 10/15/26<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 2645 | 2563640 |
|  |  | 50319791 |

---

S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Packaging & Containers — 2.4%** |  |  |
|  ARD Finance SA, 6.50%, 06/30/27<br>(Call 12/01/22), (7.25% PIK)<sup>(a)(c)</sup>  | $6060 | $4348050 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 (Call 05/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 7260 | 5507363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup>  | 4098 | 3932318 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(a)</sup>  | 8330 | 7163800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(a)</sup>  | 4445 | 4191413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)</sup>  | 12425 | 8728562 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(b)</sup>  | 8807 | 6839516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31)<sup>(b)</sup>  | 5820 | 4456374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23<sup>(b)</sup>  | 3651 | 3575187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 5106 | 4899360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(b)</sup>  | 6774 | 6686006 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 1612 | 1499160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3063 | 2905102 |
|  Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 2802 | 2396410 |
|  Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 3590 | 3408346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 7389 | 6493084 |
|  Crown Americas LLC, 5.25%, 04/01/30<br>(Call 01/01/30)<sup>(a)(b)</sup>  | 3660 | 3348488 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) | 2341 | 2162616 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)<sup>(b)</sup>  | 5530 | 5292818 |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 2408 | 2434079 |
|  Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 3622 | 2968640 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(a)</sup>  | 3426 | 2962241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 09/01/28)<sup>(a)(b)</sup>  | 1955 | 1651205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(a)</sup>  | 3390 | 2914586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/24 (Call 05/15/24)<sup>(b)</sup>  | 832 | 810668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 2246 | 2067363 |
|  Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/22)<sup>(a)</sup>  | 4965 | 3693653 |
|  LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 (Call 11/01/24)<sup>(a)(b)</sup>  | 3787 | 3289615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(a)</sup>  | 4499 | 4274050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 3080 | 2453251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 4441 | 3996900 |
|  Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2424 | 2230080 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 8201 | 8036980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 9353 | 8418612 |
|  OI European Group BV, 4.75%, 02/15/30<br>(Call 11/15/24)<sup>(a)</sup>  | 2568 | 2157120 |
|  Owens-Brockway Glass Container Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/25<sup>(a)(b)</sup>  | 1839 | 1737855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/15/23<sup>(a)</sup>  | 17 | 16913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25<sup>(a)(b)</sup>  | 2283 | 2128898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Packaging & Containers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | $3718707 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 6448 | 5706480 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 3326 | 2910250 |
|  Pactiv LLC, 7.95%, 12/15/25 | 1729 | 1605067 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(a)(b)</sup>  | 2965 | 2640863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 3320 | 3028338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(a)(b)</sup>  | 1846 | 1818310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup>  | 2399 | 2351020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/33<sup>(a)</sup>  | 2657 | 2544848 |
|  Silgan Holdings Inc., 4.13%, 02/01/28<br>(Call 11/16/22)<sup>(b)</sup>  | 3408 | 3118320 |
|  Trident TPI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 1871 | 1611116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 08/01/24 (Call 11/14/22)<sup>(a)(b)</sup>  | 1862 | 1736671 |
|  TriMas Corp., 4.13%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 2519 | 2163544 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 6704 | 6165669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(a)(b)</sup>  | 4498 | 4229069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194749669 |
| **Pharmaceuticals — 2.0%** |  |  |
|  180 Medical Inc., 3.88%, 10/15/29<br>(Call 10/07/24)<sup>(a)(b)</sup>  | 3095 | 2615275 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 3105 | 2618688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup>  | 4026 | 3492555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  | 3120 | 2885766 |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/28 (Call 06/01/24)<sup>(a)</sup>  | 10601 | 6493112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/30 (Call 01/30/25)<sup>(a)(b)</sup>  | 961 | 372388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 11577 | 9249791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(a)</sup>  | 3271 | 2066377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 6685 | 4388305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28<sup>(b)</sup>  | 24651 | 18981270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30<sup>(b)</sup>  | 4893 | 2801242 |
|  BellRing Brands Inc., 7.00%, 03/15/30<br>(Call 03/15/27)<sup>(a)(b)</sup>  | 5725 | 5406117 |
|  Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)<sup>(a)</sup>  | 3590 | 2977187 |
|  Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28) | 5199 | 4651129 |
|  Embecta Corp., 5.00%, 02/15/30<br>(Call 02/15/27)<sup>(a)(b)</sup>  | 3580 | 3068991 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 4191 | 3912320 |
|  HLF Financing Sarl LLC/Herbalife<br>International Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 4275 | 3175132 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 3055 | 2940437 |
|  Jazz Securities DAC, 4.38%, 01/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 9960 | 8839500 |
|  Lannett Co. Inc., 7.75%, 04/15/26<br>(Call 04/15/23)<sup>(a)(b)</sup>  | 1850 | 575813 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 2150 | 1451250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/25 (Call 11/16/22)<sup>(a)</sup>  | 3325 | 2984187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/15/29 (Call 06/15/26)<sup>(a)(b)</sup>  | 2544 | 1411920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/15/28 (Call 06/15/27)<sup>(a)(b)</sup>  | 4580 | 4168281 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Option Care Health Inc., 4.38%, 10/31/29<br>(Call 10/31/24)<sup>(a)(b)</sup>  | $3422 | $2955171 |
|  Organon & Co./Organon Foreign Debt<br>Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 (Call 04/30/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | 12683808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 (Call 04/30/26)<sup>(a)(b)</sup>  | 13745 | 11673216 |
|  Owens & Minor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup>  | 3322 | 2572424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/30 (Call 04/01/25)<sup>(a)</sup>  | 4262 | 3543001 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)<sup>(a)</sup>  | 3307 | 2552872 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 4315 | 4110512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 4645 | 4351715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30)<sup>(b)</sup>  | 5308 | 4435577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 (Call 06/15/44) | 1955 | 1284325 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26<br>(Call 07/15/23)<sup>(a)(b)</sup> | 2645 | 2383785 |
|  Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 (Call 04/01/26)<sup>(a)</sup>  | 4254 | 3411751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 2452 | 2278570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159763760 |
| **Pipelines — 4.9%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 5147 | 4695608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)</sup>  | 4775 | 4547232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 4683 | 4412042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(a)</sup>  | 3152 | 3215040 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 1896 | 1801200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 12/15/25 (Call 12/15/22)<sup>(a)(b)</sup>  | 4578 | 4520894 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26)<sup>(b)</sup>  | 4413 | 3871084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(a)(b)</sup>  | 3024 | 2850150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 3068 | 2664988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/24 (Call 07/15/24)<sup>(b)</sup>  | 1446 | 1376924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27)<sup>(a)(b)</sup>  | 3390 | 2940825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 (Call 04/15/44)<sup>(b)</sup>  | 1983 | 1467420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 (Call 05/15/43) | 2735 | 2052130 |
|  Cheniere Energy Inc., 4.63%, 10/15/28<br>(Call 10/15/23) | 10637 | 9812632 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 (Call 01/31/27) | 8070 | 6279832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 (Call 03/01/26) | 10261 | 8650895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | 10222 | 9025515 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 3182 | 2617195 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)<sup>(a)</sup>  | 9385 | 8329187 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 4063 | 3821564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 2480 | 2418000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 4568 | 4271537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 3215 | 3215000 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28<br>(Call 06/01/24)<sup>(a)</sup>  | 2914 | 2609331 |
|  DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 7491 | 6475969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 (Call 06/15/26)<sup>(a)</sup>  | 6636 | 5590830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 03/01/29)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 07/15/27)<sup>(a)(b)</sup>  | 3447 | 3303777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30 (Call 03/01/30)<sup>(a)(b)</sup>  | 4785 | 4701262 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25)<sup>(b)</sup>  | 3766 | 3548626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26) | 4067 | 3833432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 (Call 10/01/44) | 2885 | 2094856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 (Call 12/01/46) | 3070 | 2332555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 2451 | 1910734 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24) | 2027 | 1919772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26) | 3669 | 3242070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 07/15/28)<sup>(a)(b)</sup>  | 5302 | 4506700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 (Call 07/15/30)<sup>(a)</sup>  | 7566 | 6322906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 5611 | 5011352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(a)</sup>  | 2608 | 2525887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(a)</sup>  | 6010 | 5859750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/48 (Call 01/15/48)<sup>(b)</sup>  | 3956 | 3046120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)</sup>  | 3386 | 3343675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(a)</sup>  | 3375 | 3282188 |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)<sup>(a)(b)</sup>  | 3573 | 3503327 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/24 (Call 12/01/22) | 1133 | 1107508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 1608 | 1504581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup>  | 3960 | 3797310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup>  | 5080 | 4845050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24)<sup>(b)</sup>  | 6861 | 6641722 |
|  Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 2793 | 2526967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/27 (Call 11/16/22)<sup>(b)</sup>  | 2925 | 2780745 |
|  Harvest Midstream I LP, 7.50%, 09/01/28<br>(Call 09/01/23)<sup>(a)(b)</sup>  | 5431 | 5206812 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  | 4975 | 4254371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 3683 | 3388360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 (Call 10/15/25)<sup>(a)</sup>  | 2925 | 2638935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/26 (Call 12/01/22)<sup>(a)</sup>  | 4077 | 3998599 |
|  Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 3839 | 3469670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 2775 | 2670841 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup>  | 2938 | 2665536 |
|  ITT Holdings LLC, 6.50%, 08/01/29<br>(Call 08/01/24)<sup>(a)</sup>  | 8570 | 6886038 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<br>(Call 06/15/25)<sup>(a)</sup>  | 6572 | 6165676 |
|  Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1945 | 1886650 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup>  | 9988 | 9688360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(a)</sup>  | 8405 | 8251239 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26<br>(Call 02/01/23)<sup>(a)</sup>  | 14130 | 12782542 |
|  NGL Energy Partners LP/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/25 (Call 12/01/22)<sup>(b)</sup>  | 2801 | 2184780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/01/23 (Call 12/01/22)<sup>(b)</sup>  | 806 | 785850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(b)</sup>  | 2447 | 1783496 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 3788 | 3585948 |

---

S C H E D U L E O F I N V E S T M E N T S 45

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  NuStar Logistics LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | $4083 | $3788228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25) | 3882 | 3743146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 3206 | 3108538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 (Call 04/01/30)<sup>(b)</sup>  | 3820 | 3540338 |
|  Rattler Midstream LP, 5.63%, 07/15/25<br>(Call 11/01/22)<sup>(a)(b)</sup>  | 2874 | 2954846 |
|  Rockies Express Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(a)</sup>  | 2182 | 2029260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 2456 | 2075320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(a)</sup>  | 3834 | 3363519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/40<sup>(a)(b)</sup>  | 3228 | 2635341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/38<sup>(a)</sup>  | 1653 | 1442243 |
|  Southeast Supply Header LLC, 4.25%,<br>06/15/24 (Call 03/15/24)<sup>(a)(b)</sup>  | 2570 | 2313000 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22) | 1785 | 1494938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 4889 | 4693440 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 5216 | 4676874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(a)</sup>  | 2817 | 2658323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 (Call 12/31/25)<sup>(a)</sup>  | 4951 | 4481744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup>  | 3346 | 2978418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 2992 | 3021770 |
|  TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 11/16/22) | 2248 | 1922039 |
|  Venture Global Calcasieu Pass LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 (Call 05/01/33)<sup>(a)</sup> | 8445 | 6777112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)</sup>  | 8384 | 7189280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 02/15/31)<sup>(a)</sup>  | 8536 | 7277196 |
|  Western Midstream Operating LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25)<sup>(b)</sup>  | 4061 | 3859859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 2230 | 2114664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29) | 8208 | 7221398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 2690 | 2468142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 2835 | 2686163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | 2631 | 2427098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 (Call 09/01/47) | 4825 | 3896187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 (Call 10/01/43) | 4188 | 3396335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 (Call 02/15/48)<sup>(b)</sup>  | 2370 | 1911523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 (Call 08/01/49)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906 | 5376187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400027108 |
| **Real Estate — 0.6%** |  |  |
|  Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup>  | 4599 | 4373419 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4238 | 3507991 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3579 | 3459282 |
|  Howard Hughes Corp. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 4735 | 3700540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup>  | 3951 | 2968781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(a)</sup>  | 5595 | 4786209 |
|  Hunt Cos. Inc., 5.25%, 04/15/29<br>(Call 04/15/24)<sup>(a)</sup>  | 4400 | 3542000 |
|  Kennedy-Wilson Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(b)</sup>  | 4240 | 3438358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 4030 | 3163550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26)<sup>(b)</sup>  | 3974 | 3115616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate (continued)** |  |  |
|  Newmark Group Inc., 6.13%, 11/15/23<br>(Call 10/15/23) | $1544 | $1538967 |
|  Realogy Group LLC/Realogy Co-Issuer Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 6775 | 4697921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 6238 | 4483563 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(a)</sup>  | 4192 | 2287532 |
|  WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)<sup>(a)(b)</sup>  | 3918 | 1959000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51022729 |
| **Real Estate Investment Trusts — 3.0%** |  |  |
|  American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28<br>(Call 06/30/28)<sup>(a)(b)</sup>  | 3432 | 2505360 |
|  Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 3551 | 2796413 |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | 2925 | 2473439 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)(b)</sup>  | 5412 | 4604746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 5845 | 5425271 |
|  CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)<sup>(a)(b)</sup>  | 2570 | 2167634 |
|  Diversified Healthcare Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 (Call 09/01/30) | 3798 | 2509846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 (Call 11/01/23)<sup>(b)</sup>  | 891 | 763444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 08/15/27)<sup>(b)</sup>  | 3523 | 2410965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/25 (Call 12/01/22) | 3198 | 3015010 |
|  Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup>  | 3543 | 2863098 |
|  HAT Holdings I LLC/HAT Holdings II LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup>  | 7119 | 5787889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/30<sup>(a)</sup>  | 2935 | 2025150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 1982 | 1889500 |
|  Iron Mountain Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 7535 | 6103312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(a)</sup>  | 7095 | 6561257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(a)</sup>  | 7059 | 6068975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 3631 | 3248293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)(b)</sup>  | 4726 | 4347920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(a)</sup>  | 9057 | 7814497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(a)</sup>  | 4054 | 3475779 |
|  Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197 | 4285966 |
|  iStar Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup> | 3945 | 3816985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 3688 | 3641531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup>  | 1706 | 1701087 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 4517 | 3793647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 4875 | 3880346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 11/16/22)<sup>(a)</sup>  | 2044 | 1885038 |
|  MPT Operating Partnership LP/MPT Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26)<sup>(b)</sup>  | 8704 | 5981062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup>  | 6379 | 5053635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(b)</sup>  | 9929 | 8497040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22)<sup>(b)</sup>  | 3161 | 2850969 |
|  New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | 3875 | 3400584 |

---

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | $5000 | $4263477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 5146 | 4669995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3110 | 3117775 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 4117 | 3612668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22) | 4444 | 4101990 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 (Call 07/01/23)<sup>(a)</sup>  | 3040 | 2776074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 (Call 09/15/24)<sup>(a)(b)</sup>  | 3460 | 2899134 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup>  | 10514 | 8497730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/ 27 (Call 02/15/23)<sup>(b)</sup>  | 9590 | 8631000 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 07/15/27) | 2968 | 2181554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | 5289 | 4856783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 08/15/29)<sup>(b)</sup>  | 2700 | 1923750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 (Call 09/15/24) | 2455 | 2172675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) | 1015 | 956250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 2925 | 2377330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26) | 2583 | 2091093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 (Call 07/01/29) | 3101 | 2249458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25) | 2541 | 2197965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27) | 3405 | 2936472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 5306 | 5173350 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)</sup>  | 3050 | 2653500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)(b)</sup>  | 2485 | 2323053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup>  | 3715 | 3281348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 2809 | 2631599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/23 (Call 08/01/23)<sup>(a)</sup>  | 110 | 108600 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 4905 | 3347320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/25 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14513 | 14367943 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 3863 | 3157793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 7565 | 5427887 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup> | 3854 | 3324844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 (Call 11/14/22)<sup>(a)</sup>  | 2570 | 2518640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242474738 |
| **Retail — 5.3%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 5285 | 4426187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 10358 | 9103905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup>  | 19456 | 15880960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 5367 | 4707557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 2113 | 2105076 |
|  1375209 BC Ltd., 9.00%, 01/30/28<sup>(b)</sup>  | 13881 | 13429867 |
|  99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 2250 | 1282403 |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 2299 | 2172670 |
|  Academy Ltd., 6.00%, 11/15/27<br>(Call 11/15/23)<sup>(a)(b)</sup>  | 3020 | 2835025 |
|  Arko Corp., 5.13%, 11/15/29<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 3490 | 2763190 |
|  Asbury Automotive Group Inc. 4.50%, 03/01/28 (Call 03/01/23)<sup>(b)</sup>  | 2582 | 2238478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | $5424 | $4461240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25) | 3034 | 2485568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(a)(b)</sup>  | 4060 | 3273375 |
|  At Home Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 2117 | 1539165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 3232 | 1826080 |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/28<sup>(b)</sup>  | 3931 | 3476969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  | 7014 | 6274830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/27 | 1676 | 1579630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/36<sup>(b)</sup>  | 4963 | 4100679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35<sup>(b)</sup>  | 6648 | 5584320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/33<sup>(b)</sup>  | 2205 | 1815597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 (Call 06/15/24)<sup>(b)</sup>  | 3359 | 3183576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/25<sup>(a)(b)</sup>  | 1522 | 1579075 |
|  BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)<sup>(a)(b)(c)</sup>  | 2856 | 1891357 |
|  Beacon Roofing Supply Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 2700 | 2234196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 2291 | 2090784 |
|  Bed Bath & Beyond Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/24 (Call 05/01/24)<sup>(b)</sup>  | 1984 | 410420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/01/44 (Call 02/01/44) | 3642 | 375454 |
|  Bloomin' Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 2278 | 1937724 |
|  BlueLinx Holdings Inc., 6.00%, 11/15/29<br>(Call 11/15/24)<sup>(a)</sup>  | 2375 | 1935625 |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(a)(b)</sup>  | 1433 | 1388891 |
|  Carrols Restaurant Group Inc., 5.88%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 2075 | 1457688 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 4975 | 2201438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 4027 | 1913744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 3684 | 2413020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 4045 | 1851922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/01/30 (Call 05/01/27)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13344000 |
|  CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  | 4413 | 4127768 |
|  Dave & Buster's Inc., 7.63%, 11/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2839 | 2832215 |
|  eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(a)</sup>  | 5353 | 4817700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(a)</sup>  | 4135 | 3816352 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 4515 | 4097362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 5905 | 4948390 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/25)<sup>(a)</sup>  | 6930 | 6027021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 8507 | 6677995 |
|  FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 3162 | 2721338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 (Call 01/01/25)<sup>(a)</sup>  | 3960 | 3490716 |
|  Foot Locker Inc., 4.00%, 10/01/29<br>(Call 10/01/24)<sup>(a)(b)</sup>  | 3025 | 2312522 |
|  Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 3001 | 2073252 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 5505 | 3857546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  | 5020 | 3463800 |

---

S C H E D U L E O F I N V E S T M E N T S 47

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Group 1 Automotive Inc., 4.00%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | $5060 | $4161293 |
|  Guitar Center Inc., 8.50%, 01/15/26<br>(Call 01/15/23)<sup>(a)</sup>  | 4029 | 3522705 |
|  GYP Holdings III Corp., 4.63%, 05/01/29<br>(Call 05/01/24)<sup>(a)</sup>  | 2321 | 1832956 |
|  IRB Holding Corp., 7.00%, 06/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4440 | 4437647 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/28<br>(Call 09/15/23)<sup>(a)(b)</sup>  | 3127 | 2596106 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27<br>(Call 12/01/22)<sup>(a)</sup>  | 5147 | 4913275 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 5706 | 3991233 |
|  LCM Investments Holdings II LLC,<br>4.88%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 6603 | 5569763 |
|  Lithia Motors Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 5605 | 4515948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(a)(b)</sup>  | 3843 | 3120247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 2015 | 1793150 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp.,<br>7.75%, 02/15/26 (Call 02/15/23)<sup>(a)(b)</sup>  | 5852 | 5280574 |
|  Macy's Retail Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/43 (Call 08/15/42) | 1539 | 901365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 (Call 06/15/34) | 1988 | 1360812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/42 (Call 07/15/41) | 2049 | 1301119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 3481 | 3006347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 3245 | 2724356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(a)(b)</sup>  | 2720 | 2259960 |
|  Marks & Spencer PLC, 7.13%, 12/01/37<sup>(a)(b)</sup>  | 1860 | 1602375 |
|  Michaels Companies Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (Call 11/01/23)<sup>(a)</sup>  | 6135 | 4356709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 8573 | 4779447 |
|  Murphy Oil USA Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 3420 | 2849741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/29 (Call 09/15/24) | 3214 | 2892600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 12/01/22)<sup>(b)</sup>  | 1348 | 1293581 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC,<br>7.13%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  | 7280 | 6917674 |
|  Nordstrom Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/08/24 (Call 11/16/22)<sup>(b)</sup>  | 387 | 363194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 2481 | 2103448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31) | 2950 | 2141700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(b)</sup>  | 3755 | 2881963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 (Call 07/15/43)<sup>(b)</sup>  | 6499 | 4111267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/28<sup>(b)</sup>  | 2337 | 2170185 |
|  Papa John's International Inc., 3.88%, 09/15/29<br>(Call 09/15/24)<sup>(a)(b)</sup>  | 2886 | 2344681 |
|  Park River Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 2725 | 1730290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  | 2035 | 1338478 |
|  Party City Holdings Inc., 8.75%, 02/15/26<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 4955 | 3134038 |
|  Patrick Industries Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/29 (Call 05/01/24)<sup>(a)</sup> | 2652 | 2002260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 1592 | 1458546 |
|  Penske Automotive Group Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup>  | 3454 | 3210768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 06/15/24)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;2852801 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Retail (continued)** |  |  |
|  PetSmart Inc./PetSmart Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/24)<sup>(a)</sup>  | $7905 | $7216395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 7835 | 7356752 |
|  QVC Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/28 (Call 06/01/28) | 3522 | 2553450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 3451 | 3018314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | 4416 | 3498532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24<sup>(b)</sup>  | 2795 | 2676772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/34 (Call 02/15/34)<sup>(b)</sup>  | 2688 | 1693440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/43 | 2006 | 1223660 |
|  Rite Aid Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3452 | 2423001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 5635 | 3649339 |
|  Sally Holdings LLC/Sally Capital Inc.,<br>5.63%, 12/01/25 (Call 12/01/22) | 3995 | 3765287 |
|  Sizzling Platter LLC/Sizzling Platter<br>Finance Corp., 8.50%, 11/28/25 (Call 12/01/22)<sup>(a)</sup>  | 2538 | 2217072 |
|  Sonic Automotive Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 4798 | 3756450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup>  | 3244 | 2447345 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 5154 | 4140193 |
|  SRS Distribution Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 (Call 07/01/24)<sup>(a)</sup>  | 3770 | 3310211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 5800 | 4729030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 3623 | 2946088 |
|  Staples Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(a)</sup>  | 13332 | 11579909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6785 | 4941216 |
|  Suburban Propane Partners LP/Suburban Energy<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup>  | 4670 | 3925742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/27 (Call 12/01/22) | 1765 | 1667918 |
|  Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  | 3905 | 3309999 |
|  TPro Acquisition Corp., 11.00%, 10/15/24<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 1635 | 1601391 |
|  Victoria's Secret & Co., 4.63%, 07/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 3990 | 3174045 |
|  Vivo Energy Investments BV, 5.13%, 09/24/27<br>(Call 09/24/23)<sup>(a)(b)</sup>  | 900 | 805500 |
|  White Cap Buyer LLC, 6.88%, 10/15/28<br>(Call 10/15/23)<sup>(a)(b)</sup>  | 4445 | 3767137 |
|  White Cap Parent LLC, 8.25%, 03/15/26<br>(Call 12/01/22), (9.00% PIK)<sup>(a)(b)(c)</sup>  | 2025 | 1711125 |
|  Yum! Brands Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 6923 | 5555707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/23 (Call 08/01/23)<sup>(b)</sup>  | 30 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26)<sup>(b)</sup>  | 7557 | 6461462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup>  | 5015 | 4482156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 (Call 05/01/43)<sup>(b)</sup>  | 2048 | 1628160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27)<sup>(b)</sup>  | 6965 | 6229984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/37<sup>(b)</sup>  | 2230 | 2185400 |
|  |  | 432337921 |
| **Savings & Loans — 0.0%** |  |  |
|  New York Community Bancorp Inc.,<br>5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)<sup>(b)(d)</sup>  | 1310 | 1278539 |

---

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Semiconductors — 0.3%** |  |  |
|  Amkor Technology Inc., 6.63%, 09/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | $3198 | $3156970 |
|  ams-OSRAM AG, 7.00%, 07/31/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 3135 | 2799868 |
|  Entegris Escrow Corp., 5.95%, 06/15/30<br>(Call 06/15/25)<sup>(a)(b)</sup>  | 5945 | 5424813 |
|  Entegris Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 2951 | 2407573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(a)</sup>  | 2395 | 2106522 |
|  ON Semiconductor Corp., 3.88%, 09/01/28<br>(Call 09/01/23)<sup>(a)</sup>  | 4350 | 3832785 |
|  Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 2546 | 2103037 |
|  |  | 21831568 |
| **Software — 2.3%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 2519 | 2393050 |
|  Boxer Parent Co. Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 3462 | 3401917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 2692 | 2571047 |
|  Camelot Finance SA, 4.50%, 11/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4845 | 4526492 |
|  Castle U.S. Holding Crop., 9.50%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 2219 | 1006871 |
|  Central Parent Inc./CDK Global Inc.,<br>7.25%, 06/15/29<br>(Call 06/15/25)<sup>(a)(b)</sup>  | 5382 | 5144169 |
|  Clarivate Science Holdings Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 (Call 06/30/24)<sup>(a)(b)</sup>  | 6504 | 5577697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 (Call 06/30/24)<sup>(a)(b)</sup>  | 5990 | 4994162 |
|  Consensus Cloud Solutions Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 2046 | 1842935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/28 (Call 10/15/26)<sup>(a)(b)</sup>  | 3757 | 3316233 |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/29<br>(Call 12/15/24)<sup>(a)(b)</sup>  | 3249 | 2755964 |
|  Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  | 3940 | 3289605 |
|  Fair Isaac Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(a)</sup> | 5939 | 5373845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  | 1938 | 1918039 |
|  Helios Software Holdings Inc./ION Corporate<br>Solutions Finance Sarl, 4.63%, 05/01/28<br>(Call 05/01/24)<sup>(a)</sup>  | 2470 | 1906741 |
|  MicroStrategy Inc., 6.13%, 06/15/28<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 3563 | 3053028 |
|  Minerva Merger Sub Inc., 6.50%, 02/15/30<br>(Call 02/15/25)<sup>(a)(b)</sup>  | 15889 | 12393420 |
|  MSCI Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 (Call 08/15/27)<sup>(a)(b)</sup> | 4935 | 3814993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 (Call 03/01/25)<sup>(a)</sup>  | 6263 | 5233363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 (Call 11/01/26)<sup>(a)(b)</sup>  | 3928 | 3232881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 06/01/25)<sup>(a)</sup>  | 6923 | 5833389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 6069 | 5269834 |
|  Open Text Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 6096 | 5217810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 6177 | 4895272 |
|  Open Text Holdings Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 6444 | 5131035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(a)</sup>  | 4024 | 3028060 |
|  Picard Midco Inc., 6.50%, 03/31/29<br>(Call 09/30/25)<sup>(a)(b)</sup>  | 27255 | 23635065 |
|  Playtika Holding Corp., 4.25%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 3870 | 3223594 |
|  PTC Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(a)</sup> | 2624 | 2500751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 3156 | 2858501 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Software (continued)** |  |  |
|  Rackspace Technology Global Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | $4135 | $2730599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 3605 | 1517489 |
|  ROBLOX Corp., 3.88%, 05/01/30<br>(Call 11/01/24)<sup>(a)(b)</sup>  | 6889 | 5683425 |
|  Rocket Software Inc., 6.50%, 02/15/29<br>(Call 02/15/24)<sup>(a)(b)</sup>  | 4091 | 3265763 |
|  Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)<sup>(a)(b)</sup>  | 2068 | 1404367 |
|  SS&C Technologies Inc., 5.50%, 09/30/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 13242 | 12312295 |
|  Twilio Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 3806 | 3142843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(b)</sup>  | 3358 | 2738617 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd.,<br>7.50%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 11634 | 9793857 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 4155 | 3471725 |
|  |  | 185400743 |
| **Telecommunications — 6.1%** |  |  |
|  Altice France Holding SA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 7540 | 4875899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 11/14/22)<sup>(a)</sup>  | 10762 | 8386504 |
|  Altice France SA, 5.50%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 13570 | 10347125 |
|  Altice France SA/France  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 (Call 09/15/23)<sup>(a)</sup>  | 3125 | 2351563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 04/15/24)<sup>(a)</sup>  | 16660 | 12547895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 7655 | 6047450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27 (Call 11/14/22)<sup>(a)</sup>  | 11929 | 10917063 |
|  Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 6445 | 2708125 |
|  British Telecommunications PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81 (Call 11/23/26)<sup>(a)(b)(d)</sup>  | 3735 | 3113455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81 (Call 08/23/31)<sup>(a)(d)</sup>  | 3060 | 2422145 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 7858 | 6814314 |
|  Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)<sup>(a)(b)</sup>  | 2742 | 2316990 |
|  CommScope Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup> | 8720 | 7375674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(a)</sup>  | 10151 | 9791165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 4693 | 3974632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6840 | 6072563 |
|  CommScope Technologies LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 5391 | 4364608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(a)</sup>  | 8614 | 8032555 |
|  Connect Finco Sarl/Connect U.S. Finco LLC,<br>6.75%, 10/01/26 (Call 12/01/22)<sup>(a)</sup>  | 13737 | 12912780 |
|  Consolidated Communications Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 3027 | 2345486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 4764 | 3895999 |
|  Embarq Corp., 8.00%, 06/01/36 | 9691 | 3896945 |
|  Frontier Communications Holdings LLC<br>5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 10616 | 9289000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 7587 | 6978722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24) | 5287 | 4118652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 10/15/24)<sup>(a)(b)</sup>  | 7132 | 5577224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 6927 | 5706116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 (Call 05/15/25)<sup>(a)</sup>  | 8195 | 8369144 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28<sup>(b)</sup>  | 932 | 867541 |
|  Hughes Satellite Systems Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 | 5078 | 4847408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup>  | 5274 | 4968108 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | $8340 | $7723841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 6040 | 5466200 |
|  Intelsat Jackson Holdings SA,<br>6.50%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 20215 | 18552518 |
|  Intrado Corp., 8.50%, 10/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 4447 | 3887855 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup>  | 5000 | 4304300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 6300 | 4803750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 6105 | 4638213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 4553 | 3744842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 8304 | 6850800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6912 | 5997957 |
|  Ligado Networks LLC, 15.50%, 11/01/23,<br>(15.50% PIK)<sup>(a)(c)</sup> | 22834 | 7734979 |
|  LogMeIn Inc., 5.50%, 09/01/27<br>(Call 09/01/23)<sup>(a)</sup>  | 6760 | 3919042 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 8923 | 7586335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 6853 | 4831039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 3669 | 3141581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 3598 | 2642335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/25 (Call 01/01/25)<sup>(b)</sup>  | 1139 | 1104830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39<sup>(b)</sup>  | 3683 | 2467458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42<sup>(b)</sup>  | 3230 | 2139794 |
|  Maxar Technologies Inc., 7.75%, 06/15/27<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 3839 | 3763563 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/27/31 (Call 04/27/26)<sup>(a)(b)</sup>  | 5451 | 4086446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28<sup>(a)(b)</sup>  | 2657 | 2265792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/25/29<sup>(a)(b)</sup>  | 4231 | 3702825 |
|  Nokia OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/27<sup>(b)</sup>  | 3062 | 2815907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/39<sup>(b)</sup>  | 3352 | 3058030 |
|  Qwest Corp., 7.25%, 09/15/25 | 1857 | 1875310 |
|  Sable International Finance Ltd.,<br>5.75%, 09/07/27<sup>(a)(b)</sup>  | 3306 | 2930108 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | 16616 | 17147380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32<sup>(b)</sup>  | 13560 | 15914558 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 16350 | 16529049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 9941 | 10214377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 10238 | 10685912 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 2565 | 2590650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 2030 | 2031015 |
|  Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 | 7074 | 5162110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 | 7022 | 5395705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 | 6902 | 5375002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38<sup>(b)</sup>  | 6391 | 5080845 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)</sup>  | 9206 | 8660729 |
|  Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 2388 | 1050004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/26 (Call 12/06/23)<sup>(a)(b)</sup>  | 3365 | 1588256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 2501 | 871987 |
|  U.S. Cellular Corp., 6.70%, 12/15/33<sup>(b)</sup>  | 3672 | 3497323 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup>  | 5198 | 4794115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(a)</sup>  | 3776 | 3491214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 2783 | 2325544 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Viavi Solutions Inc., 3.75%, 10/01/29<br>(Call 10/01/24)<sup>(a)(b)</sup>  | $2634 | $2199100 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31 (Call 01/31/26)<sup>(a)</sup>  | 9170 | 7290978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31 (Call 07/15/26)<sup>(a)</sup>  | 9695 | 7834142 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(d)</sup>  | 3635 | 2914434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 (Call 03/04/31)<sup>(b)(d)</sup>  | 6845 | 4854885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/81 (Call 12/04/50)<sup>(b)(d)</sup>  | 6311 | 4361153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(d)</sup>  | 13548 | 12870600 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp.,<br>7.75%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  | 9731 | 8420234 |
|  Zayo Group Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 9949 | 7685602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 7560 | 5027400 |
|  |  | 498132803 |
| **Textiles — 0.0%** |  |  |
|  Eagle Intermediate Global Holding BV/Eagle<br>U.S. Finance LLC, 7.50%, 05/01/25<sup>(a)(b)</sup>  | 4303 | 3313310 |
| **Toys, Games & Hobbies — 0.2%** |  |  |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 3312 | 3020929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 4461 | 3849631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 (Call 05/01/41)<sup>(b)</sup>  | 2212 | 1718939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 3075 | 2983919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40<sup>(b)</sup>  | 1687 | 1437408 |
|  |  | 13010826 |
| **Transportation — 0.3%** |  |  |
|  Cargo Aircraft Management Inc.,<br>4.75%, 02/01/28<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 3869 | 3450684 |
|  Carriage Purchaser Inc., 7.88%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 2260 | 1673257 |
|  Danaos Corp., 8.50%, 03/01/28<br>(Call 03/01/24)<sup>(a)</sup>  | 2025 | 1862727 |
|  First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)<sup>(a)</sup>  | 5504 | 4472550 |
|  Watco Cos. LLC/Watco Finance Corp.,<br>6.50%, 06/15/27 (Call 06/15/23)<sup>(a)</sup>  | 4016 | 3779649 |
|  Western Global Airlines LLC,<br>10.38%, 08/15/25<br>(Call 05/15/25)<sup>(a)(b)</sup>  | 2968 | 2493120 |
|  XPO CNW Inc., 6.70%, 05/01/34<sup>(b)</sup>  | 2286 | 2045970 |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 | 790 | 788025 |
|  XPO Logistics Inc., 6.25%, 05/01/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 2362 | 2386100 |
|  |  | 22952082 |
| **Trucking & Leasing — 0.2%** |  |  |
|  AerCap Global Aviation Trust,<br>6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(b)(d)</sup>  | 3293 | 3004862 |
|  Fly Leasing Ltd., 7.00%, 10/15/24<sup>(a)</sup>  | 2174 | 1715580 |
|  Fortress Transportation and Infrastructure<br>Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup>  | 6934 | 5797761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(a)</sup>  | 3482 | 3341449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(a)</sup>  | 3117 | 3173371 |
|  |  | 17033023 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares<br>(000)* | *Par/*<br> *Shares<br>(000)* | *Value* |
| **Water — 0.0%** |  |  |  |
|  Solaris Midstream Holdings LLC,<br>7.63%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | $| 2530 | $2409825 |
|  **Total Corporate Bonds & Notes — 96.7%<br>(Cost: $9,010,307,189)** |  |  | 7849971825 |
|  **Common Stocks** |  |  |  |
| **Advertising — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinion Group Inc.<sup>(f)</sup>  |  | 4 |  |
| **Energy Equipment & Services — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy Inc. |  | 1 | 13591 |
| **Health Care Technology — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quincy Health LLC<sup>(f)(g)</sup>  |  | 12 | 16668 |
|  **Total Common Stocks — 0.0%<br>(Cost $1,371,310)** |  |  | 30259 |
|  **Total Long-Term Investments — 96.7%<br>(Cost: $9,011,678,499)** |  |  | 7850002084 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 21.7%** |  |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(h)(i)(j)</sup>  |  | 1604584 | 1604262705 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(h)(i)</sup> |  | 157140 | 157140000 |
|  **Total Short-Term Securities — 21.7%<br>(Cost: $1,761,542,207)** |  |  | 1761402705 |
|  **Total Investments — 118.4%<br>(Cost: $10,773,220,706)** |  |  | 9611404789 |
|  **Liabilities in Excess of Other Assets — (18.4)%** | **Liabilities in Excess of Other Assets — (18.4)%** | **Liabilities in Excess of Other Assets — (18.4)%** | (1496745902) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;8114658887 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Affiliate of the Fund.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at*<br> *10/31/21*  | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  | BlackRock Cash Funds: Institutional, SL Agency Shares | $1178596220 | $426494374 <sup>(a)</sup> | $— | $(564557) | $(263332) | $1604262705 | 1604584 | $6385261 <sup>(b)</sup> | $– |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | 44140000 | 113000000 <sup>(a)</sup> |  |  |  | 157140000 | 157140 | 1127240 | – |
|  |  |  |  |  | $(564557) | $(263332) | $1761402705 |  | $7512501 | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Broad USD High Yield Corporate Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $7849971825 | $— | $7849971825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 13591 |  | 16668 | 30259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1761402705 |  |  | 1761402705 |
|  | $1761416296 | $7849971825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16668 | $9611404789 |

---

*See notes to financial statements.* 

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Corporate Bonds & Notes** |  |  |
| **Advertising — 1.3%** |  |  |
|  Clear Channel Outdoor Holdings Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)</sup>  | $375 | $337462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 300 | 235866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 285 | 232512 |
|  National CineMedia LLC, 5.88%, 04/15/28<br>(Call 04/15/23)<sup>(a)(b)</sup>  | 125 | 50236 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 140 | 115093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 (Call 03/15/25)<sup>(a)</sup>  | 140 | 115520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 195 | 175658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(a)</sup>  | 110 | 108881 |
|  Stagwell Global LLC, 5.63%, 08/15/29<br>(Call 08/15/24)<sup>(a)</sup>  | 310 | 266659 |
|  |  | 1637887 |
| **Aerospace & Defense — 3.6%** |  |  |
|  Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26) | 100 | 90938 |
|  Howmet Aerospace Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28) | 215 | 178925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24) | 305 | 301181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27 | 150 | 148790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/37<sup>(b)</sup>  | 175 | 162549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25) | 180 | 184023 |
|  Spirit AeroSystems Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28)<sup>(b)</sup>  | 185 | 132591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)</sup>  | 135 | 130812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 335 | 326256 |
|  TransDigm Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/24) | 275 | 234377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24) | 165 | 140512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 (Call 12/01/22)<sup>(b)</sup>  | 585 | 531291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 990 | 976239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22)<sup>(b)</sup>  | 215 | 207110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22) | 130 | 128197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(a)</sup>  | 250 | 254385 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26<br>(Call 12/01/22) | 100 | 97696 |
|  Triumph Group Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(a)</sup> | 150 | 139160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 130 | 98612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup>  | 160 | 161688 |
|  |  | 4625332 |
| **Agriculture — 0.3%** |  |  |
|  Darling Ingredients Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(a)</sup>  | 125 | 120302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(a)</sup>  | 302 | 290663 |
|  |  | 410965 |
| **Airlines — 1.3%** |  |  |
|  Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)<sup>(a)</sup>  | 160 | 150781 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,<br>5.75%, 01/20/26 (Call 01/20/24)<sup>(a)</sup>  | 350 | 322906 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,<br>8.00%, 09/20/25 (Call 09/20/23)<sup>(a)</sup>  | 145 | 147204 |
|  United Airlines Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(a)</sup> | 585 | 535246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(a)</sup>  | 575 | 493649 |
|  |  | 1649786 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Apparel — 0.8%** |  |  |
|  Hanesbrands Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup> | $255 | $247896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  | 280 | 256992 |
|  Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 114 | 91740 |
|  Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  | 140 | 112080 |
|  Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)<sup>(b)</sup>  | 170 | 146125 |
|  William Carter Co. (The), 5.63%, 03/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 135 | 129788 |
|  Wolverine World Wide Inc., 4.00%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 150 | 119528 |
|  |  | 1104149 |
| **Auto Manufacturers — 0.3%** |  |  |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25<br>(Call 11/01/24)<sup>(a)</sup>  | 325 | 313527 |
|  Wabash National Corp., 4.50%, 10/15/28<br>(Call 10/15/24)<sup>(a)(b)</sup> . | 135 | 111182 |
|  |  | 424709 |
| **Auto Parts & Equipment — 1.2%** |  |  |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 200 | 178684 |
|  American Axle & Manufacturing Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | 175 | 142317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22) | 130 | 119990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 (Call 07/01/23) | 125 | 115550 |
|  Cooper-Standard Automotive Inc., 5.63%, 11/15/26<sup>(a)</sup>  | 120 | 45131 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 95 | 92828 |
|  Dana Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26) | 120 | 95880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22) | 110 | 99594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23) | 125 | 113091 |
|  Tenneco Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22) | 110 | 109572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 275 | 272723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 165 | 163946 |
|  |  | 1549306 |
| **Banks — 0.2%** |  |  |
|  Dresdner Funding Trust I, 8.15%, 06/30/31<br>(Call 06/30/29)<sup>(a)</sup>  | 275 | 281372 |
| **Beverages — 0.1%** |  |  |
|  Primo Water Holdings Inc., 4.38%, 04/30/29<br>(Call 04/30/24)<sup>(a)</sup>. | 215 | 180447 |
| **Biotechnology — 0.2%** |  |  |
|  Emergent BioSolutions Inc., 3.88%, 08/15/28<br>(Call 08/15/23)<sup>(a)</sup>  | 135 | 81115 |
|  Grifols Escrow Issuer SA, 4.75%, 10/15/28<br>(Call 10/15/24)<sup>(a)</sup>  | 190 | 148566 |
|  |  | 229681 |
| **Building Materials — 1.5%** |  |  |
|  Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)<sup>(a)</sup>  | 120 | 100409 |
|  Builders FirstSource Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(a)</sup>  | 380 | 304110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 145 | 124610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(a)</sup>  | 205 | 188838 |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28<br>(Call 08/01/24)<sup>(a)</sup>  | 210 | 175006 |
|  Cornerstone Building Brands Inc., 6.13%, 01/15/29<br>(Call 09/15/23)<sup>(a)</sup>  | 140 | 87492 |
|  Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) | 285 | 261103 |
|  James Hardie International Finance DAC,<br>5.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 100 | 90681 |
|  Jeld-Wen Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 115 | 95641 |

---

S C H E D U L E O F I N V E S T M E N T S 53

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Building Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $85731 |
|  Masonite International Corp., 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | 130 | 119086 |
|  PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 165 | 137105 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)<sup>(a)</sup>  | 225 | 206075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975887 |
| **Chemicals — 1.7%** |  |  |
|  Avient Corp.<br>5.75%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 190 | 186259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(a)</sup>  | 210 | 200957 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 200 | 165166 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  | 150 | 137319 |
|  Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 150 | 109992 |
|  Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 230 | 195399 |
|  Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 150 | 127279 |
|  Methanex Corp.<br>5.13%, 10/15/27 (Call 04/15/27) | 200 | 182326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29) | 200 | 172478 |
|  Rain CII Carbon LLC/CII Carbon Corp.,<br>7.25%, 04/01/25 (Call 12/01/22)<sup>(a)</sup>  | 175 | 150124 |
|  Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)<sup>(a)</sup>  | 134 | 116453 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 125 | 71215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 96689 |
|  Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 305 | 236726 |
|  |  | 2148382 |
| **Commercial Services — 7.7%** |  |  |
|  ADT Security Corp. (The)<br>4.13%, 08/01/29 (Call 08/01/28)<sup>(a)(b)</sup>  | 285 | 244299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(a)</sup>  | 210 | 178618 |
|  AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 140 | 130967 |
|  APX Group Inc.<br>5.75%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  | 230 | 181488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 175 | 171043 |
|  ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)<sup>(a)</sup>  | 160 | 142203 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc.<br>4.75%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup>  | 145 | 127304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 170 | 147091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27 (Call 12/01/22)<sup>(a)</sup>  | 110 | 100650 |
|  Block Inc.<br>2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup>  | 285 | 255049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31) | 285 | 229445 |
|  Brink's Co. (The)<br>4.63%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 168 | 154584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(a)</sup>  | 120 | 116875 |
|  Carriage Services Inc., 4.25%, 05/15/29<br>(Call 05/15/24)<sup>(a)</sup>  | 115 | 86807 |
|  Cimpress PLC, 7.00%, 06/15/26 (Call 12/01/22)<sup>(a)</sup>  | 175 | 104610 |
|  Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 155 | 129548 |
|  Gartner Inc.<br>3.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 171 | 147366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(a)</sup>  | 235 | 198728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 225 | 208528 |
|  Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)<sup>(a)</sup>  | 120 | 117035 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Grand Canyon University<br>4.13%, 10/01/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $133027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28) | 115 | 103638 |
|  HealthEquity Inc., 4.50%, 10/01/29<br>(Call 10/01/24)<sup>(a)(b)</sup>  | 168 | 146812 |
|  Herc Holdings Inc., 5.50%, 07/15/27<br>(Call 12/01/22)<sup>(a)</sup>  | 330 | 312253 |
|  Hertz Corp. (The)<br>4.63%, 12/01/26 (Call 12/01/23)<sup>(a)</sup>  | 150 | 127812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 285 | 226817 |
|  Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 100 | 90857 |
|  MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)<sup>(a)</sup>  | 125 | 124741 |
|  MPH Acquisition Holdings LLC<br>5.50%, 09/01/28 (Call 09/01/24)<sup>(a)</sup>  | 295 | 255954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 385 | 297478 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)<sup>(a)</sup> . | 154 | 153671 |
|  Prime Security Services Borrower LLC/Prime Finance Inc.<br>3.38%, 08/31/27 (Call 08/31/26)<sup>(a)</sup>  | 275 | 238838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(a)</sup>  | 230 | 228342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(a)</sup>  | 400 | 391044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 370 | 342653 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 123205 |
|  RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)<sup>(a)</sup> . | 138 | 111755 |
|  Sabre GLBL Inc.<br>7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 245 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)</sup>  | 220 | 214489 |
|  Service Corp. International/U.S.<br>3.38%, 08/15/30 (Call 08/15/25) | 235 | 187878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26) | 245 | 204016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22) | 170 | 157971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24)<sup>(b)</sup>  | 210 | 195825 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | 125 | 115241 |
|  Sotheby's, 7.38%, 10/15/27 (Call 11/14/22)<sup>(a)</sup>  | 225 | 217701 |
|  TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 140 | 115984 |
|  United Rentals North America Inc.<br>3.75%, 01/15/32 (Call 07/15/26) | 235 | 190110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25)<sup>(b)</sup>  | 315 | 261154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25)<sup>(b)</sup>  | 200 | 170652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23) | 490 | 455700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25) | 215 | 199363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup>  | 135 | 131768 |
|  Williams Scotsman International Inc.,<br>4.63%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 156 | 141216 |
|  WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 140 | 77701 |
|  ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)<sup>(a)</sup>  | 175 | 143344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991555 |
| **Computers — 2.4%** |  |  |
|  Booz Allen Hamilton Inc.<br>3.88%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 200 | 176244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(a)</sup>  | 155 | 135326 |
|  Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>. | 575 | 476318 |
|  Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) | 210 | 178057 |
|  Diebold Nixdorf Inc.<br>8.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup>  | 125 | 62514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 190 | 141723 |
|  Exela Intermediate LLC/Exela Finance Inc.,<br>11.50%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 347 | 98270 |
|  NCR Corp.<br>5.00%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 185 | 156819 |

---

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Computers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $285073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/30 (Call 10/01/25)<sup>(a)</sup>  | 135 | 109045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 130 | 125407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 145 | 138898 |
|  Seagate HDD Cayman<br>3.13%, 07/15/29 (Call 01/15/24) | 155 | 115060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26) | 145 | 103595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 140 | 112120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) | 140 | 105307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25 | 120 | 115896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | 150 | 147014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27) | 150 | 138735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/34 (Call 06/01/34)<sup>(b)</sup>  | 140 | 113807 |
|  Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)<sup>(a)(b)</sup>  | 140 | 117550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152778 |
| **Cosmetics & Personal Care — 0.7%** |  |  |
|  Coty Inc.<br>5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  | 250 | 235522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 175 | 166694 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(a)</sup>  | 150 | 130127 |
|  Edgewell Personal Care Co.<br>4.13%, 04/01/29 (Call 04/01/24)<sup>(a)</sup>  | 145 | 123926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(a)</sup>  | 215 | 202180 |
|  |  | 858449 |
| **Distribution & Wholesale — 0.2%** |  |  |
|  IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)<sup>(a)</sup>  | 125 | 117194 |
|  Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 140 | 129573 |
|  |  | 246767 |
| **Diversified Financial Services — 4.9%** |  |  |
|  Ally Financial Inc., 5.75%, 11/20/25<br>(Call 10/21/25)<sup>(b)</sup>  | 310 | 299187 |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 90 | 78699 |
|  Coinbase Global Inc.<br>3.38%, 10/01/28 (Call 10/01/24)<sup>(a)</sup>  | 300 | 198612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)</sup>  | 275 | 165443 |
|  Credit Acceptance Corp.<br>5.13%, 12/31/24 (Call 11/14/22)<sup>(a)(b)</sup>  | 100 | 94019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22)<sup>(b)</sup>  | 150 | 141964 |
|  Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 12/01/22), (7.25% PIK)<sup>(a)(c)</sup>  | 559 | 448140 |
|  goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/22)<sup>(a)</sup>  | 150 | 141016 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(a)</sup>  | 275 | 216125 |
|  LPL Holdings Inc.<br>4.00%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 255 | 223222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(a)</sup>  | 120 | 104645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(a)</sup>  | 95 | 87852 |
|  Nationstar Mortgage Holdings Inc.<br>5.13%, 12/15/30 (Call 12/15/25)<sup>(a)</sup>  | 190 | 143627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 238 | 194110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 170 | 130540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)</sup>  | 170 | 152410 |
|  OneMain Finance Corp.<br>3.50%, 01/15/27 (Call 01/15/24) | 215 | 177065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) | 160 | 124925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25) | 270 | 203596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29)<sup>(b)</sup>  | 200 | 163900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $346910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27) | 225 | 204640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | 345 | 334622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 | 475 | 457292 |
|  PennyMac Financial Services Inc.<br>4.25%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 165 | 124986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  | 185 | 167464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(a)</sup>  | 145 | 110213 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.<br>2.88%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  | 325 | 272340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 220 | 170487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  | 355 | 264351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(a)</sup>  | 250 | 174515 |
|  SLM Corp.<br>3.13%, 11/02/26 (Call 10/02/26) | 125 | 109621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 145 | 134902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6361440 |
| **Electrical Components & Equipment — 0.9%** |  |  |
|  Energizer Holdings Inc.<br>4.38%, 03/31/29 (Call 09/30/23)<sup>(a)</sup>  | 235 | 190179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 170 | 141338 |
|  WESCO Distribution Inc.<br>7.13%, 06/15/25 (Call 12/01/22)<sup>(a)</sup>  | 425 | 429254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  | 370 | 375254 |
|  |  | 1136025 |
| **Electronics — 1.1%** |  |  |
|  Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)<sup>(a)</sup>  | 135 | 110056 |
|  II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)<sup>(a)(b)</sup>  | 280 | 239842 |
|  Sensata Technologies BV<br>4.00%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 275 | 231426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(a)</sup>  | 210 | 204319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(a)</sup>  | 125 | 124260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(a)</sup>  | 150 | 142478 |
|  Sensata Technologies Inc.<br>3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 225 | 179123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 130 | 111887 |
|  TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 140 | 118325 |
|  |  | 1461716 |
| **Energy - Alternate Sources — 0.2%** |  |  |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 119904 |
|  Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)<sup>(a)</sup>  | 115 | 101416 |
|  |  | 221320 |
| **Engineering & Construction — 0.7%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 280 | 264967 |
|  Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 120 | 103836 |
|  Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)<sup>(a)</sup>  | 175 | 106893 |
|  Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 145 | 126768 |
|  TopBuild Corp.<br>3.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 115 | 92213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/32 (Call 10/15/26)<sup>(a)(b)</sup>  | 145 | 114373 |
|  Tutor Perini Corp., 6.88%, 05/01/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  | 125 | 100230 |
|  |  | 909280 |
| **Entertainment — 2.3%** |  |  |
|  AMC Entertainment Holdings Inc.<br>7.50%, 02/15/29 (Call 02/15/25)<sup>(a)</sup>  | 270 | 185695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/15/26 (Call 06/15/23),<br>(12.00% PIK)<sup>(a)(b)(c)</sup>  | 400 | 212592 |
|  Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24) | 144 | 126687 |

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S C H E D U L E O F I N V E S T M E N T S 55

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Entertainment (continued)** |  |  |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22) | $145 | $136336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | 283062 |
|  Cinemark USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup> | 225 | 172674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(a)(b)</sup>  | 115 | 96973 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 270 | 204862 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26<br>(Call 03/17/26)<sup>(a)</sup>  | 120 | 111602 |
|  Motion Bondco DAC, 6.63%, 11/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 100 | 83768 |
|  Odeon Finco PLC, 12.75%, 11/01/27 | 125 | 112266 |
|  SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 230 | 199847 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(a)</sup>  | 270 | 261368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 160 | 143925 |
|  Vail Resorts Inc., 6.25%, 05/15/25<br>(Call 12/01/22)<sup>(a)</sup>  | 175 | 174129 |
|  WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 225 | 176004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 150 | 126596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(a)</sup>  | 160 | 136421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944807 |
| **Environmental Control — 0.3%** |  |  |
|  Clean Harbors Inc., 4.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 154 | 145034 |
|  Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 220 | 187968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/25) | 100 | 83376 |
|  |  | 416378 |
| **Food — 2.5%** |  |  |
|  B&G Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22) | 260 | 236187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup>  | 159 | 133313 |
|  Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 (Call 01/31/25)<sup>(a)</sup>  | 275 | 240441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(a)</sup>  | 210 | 180919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(a)</sup>  | 130 | 121736 |
|  Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 (Call 09/15/26)<sup>(a)</sup>  | 385 | 318391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 (Call 04/15/25)<sup>(a)</sup>  | 455 | 384625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  | 355 | 319610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 282 | 263865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 118 | 114312 |
|  TreeHouse Foods Inc., 4.00%, 09/01/28<br>(Call 09/01/23) | 150 | 126588 |
|  U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  | 140 | 121615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 275 | 244687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 285 | 285051 |
|  United Natural Foods Inc., 6.75%, 10/15/28<br>(Call 10/15/23)<sup>(a)</sup>  | 138 | 133442 |
|  |  | 3224782 |
| **Food Service — 0.7%** |  |  |
|  Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(a)</sup>  | 175 | 170007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  | 325 | 296277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(a)</sup>  | 425 | 420750 |
|  |  | 887034 |
| **Forest Products & Paper — 0.3%** |  |  |
|  Glatfelter Corp., 4.75%, 11/15/29<br>(Call 11/01/24)<sup>(a)(b)</sup>  | 140 | 90163 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Forest Products & Paper (continued)** |  |  |  |
|  Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24) | $| 235 | $195837 |
|  Sylvamo Corp., 7.00%, 09/01/29<br>(Call 09/01/24)<sup>(a)</sup>  |  | 125 | 117290 |
|  |  |  | 403290 |
| **Health Care - Products — 0.9%** |  |  |  |
|  Avantor Funding Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup>  |  | 245 | 206809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  |  | 430 | 388423 |
|  Hologic Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 09/28/23)<sup>(a)(b)</sup>  |  | 260 | 221034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  |  | 125 | 116843 |
|  Teleflex Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  |  | 140 | 126679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 117735 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177523 |
| **Health Care - Services — 4.4%** |  |  |  |
|  Acadia Healthcare Co. Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 10/15/23)<sup>(a)(b)</sup>  |  | 145 | 130633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  |  | 115 | 106690 |
|  Catalent Pharma Solutions Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  |  | 155 | 126900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  |  | 180 | 145364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 145 | 136387 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) |  | 248 | 203987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) |  | 179 | 136803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) |  | 158 | 120813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) |  | 238 | 191095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) |  | 105 | 87187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) |  | 435 | 401296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) |  | 120 | 108580 |
|  Charles River Laboratories International Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  |  | 145 | 125498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  |  | 150 | 126230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)</sup>  |  | 139 | 126443 |
|  DaVita Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  |  | 435 | 315640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  |  | 785 | 612049 |
|  Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 (Call 02/01/23) |  | 225 | 201184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 110 | 90743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 02/01/25) |  | 235 | 200281 |
|  IQVIA Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(a)</sup>  |  | 300 | 286791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(a)</sup>  |  | 300 | 285705 |
|  ModivCare Inc., 5.88%, 11/15/25<br>(Call 12/01/22)<sup>(a)</sup>  |  | 140 | 133750 |
|  Molina Healthcare Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 (Call 08/17/30)<sup>(a)</sup>  |  | 210 | 180014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(a)</sup>  |  | 215 | 179136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  |  | 225 | 202244 |
|  Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  |  | 110 | 94956 |
|  Select Medical Corp., 6.25%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  |  | 350 | 333924 |
|  Surgery Center Holdings Inc., 10.00%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 160 | 155389 |
|  Syneos Health Inc., 3.63%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  |  | 175 | 144307 |
|  |  |  | 5690019 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |  |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  |  | 285 | 244918 |

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56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Home Builders — 0.8%** |  |  |
|  Century Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)</sup>  | $145 | $114260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 160 | 152848 |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 (Call 10/15/28)<sup>(a)</sup>  | 130 | 105386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 111 | 108448 |
|  Taylor Morrison Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 (Call 02/01/30)<sup>(a)</sup>  | 140 | 116395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(a)</sup>  | 131 | 120157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(a)(b)</sup>  | 140 | 131650 |
|  Thor Industries Inc., 4.00%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 150 | 121278 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 130 | 128161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098583 |
| **Home Furnishings — 0.3%** |  |  |
|  Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 (Call 10/15/26)<sup>(a)</sup>  | 225 | 169396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 230 | 185518 |
|  |  | 354914 |
| **Household Products & Wares — 0.3%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 160 | 127093 |
|  Spectrum Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  | 150 | 110571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup>  | 107 | 105546 |
|  |  | 343210 |
| **Housewares — 0.9%** |  |  |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | 567 | 527338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | 140 | 135073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/36 (Call 10/01/35) | 113 | 93942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/46 (Call 10/01/45) | 195 | 149951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27) | 145 | 141981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 146588 |
|  |  | 1194873 |
| **Insurance — 0.7%** |  |  |
|  Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),<br>(3 mo. LIBOR US + 4.135%)<sup>(d)</sup>  | 120 | 114139 |
|  Enstar Finance LLC, 5.50%, 01/15/42<br>(Call 01/15/27)<sup>(d)</sup>  | 125 | 96853 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51<sup>(a)(d)</sup>  | 150 | 113436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61<sup>(a)</sup>  | 230 | 133094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/07/87<sup>(a)</sup>  | 135 | 147983 |
|  MGIC Investment Corp., 5.25%, 08/15/28<br>(Call 08/15/23) | 180 | 163298 |
|  NMI Holdings Inc., 7.38%, 06/01/25<br>(Call 03/30/25)<sup>(a)(b)</sup>  | 110 | 110300 |
|  |  | 879103 |
| **Internet — 3.5%** |  |  |
|  Cablevision Lightpath LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 (Call 09/15/23)<sup>(a)(b)</sup>  | 125 | 106973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 125 | 99291 |
|  Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | 115 | 99660 |
|  Cogent Communications Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/26 (Call 02/01/26)<sup>(a)</sup>  | 165 | 149401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27 (Call 06/15/24)<sup>(a)</sup>  | 129 | 123297 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)</sup>  | 225 | 186489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(a)</sup>  | 185 | 174895 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27<br>(Call 11/14/22)<sup>(a)</sup>  | 150 | 100691 |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  | 125 | 118966 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26 | $200 | $190764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/28 | 450 | 427738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30 (Call 03/15/30)<sup>(a)(b)</sup>  | 285 | 263805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29<sup>(a)</sup>  | 250 | 239367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/24<sup>(b)</sup>  | 75 | 75593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/25 | 225 | 226323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28<sup>(b)</sup>  | 520 | 516547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29<sup>(b)</sup>  | 225 | 229464 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup>  | 300 | 291675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)</sup>  | 260 | 256487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(a)(b)</sup>  | 185 | 182588 |
|  Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (Call 04/22/26)<sup>(a)(d)(e)</sup>  | 200 | 147798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, (Call 04/22/31)<sup>(a)(b)(d)(e)</sup>  | 300 | 204495 |
|  TripAdvisor Inc., 7.00%, 07/15/25<br>(Call 11/14/22)<sup>(a)(b)</sup>  | 135 | 133867 |
|  |  | 4546174 |
| **Iron & Steel — 0.8%** |  |  |
|  Carpenter Technology Corp., 6.38%, 07/15/28 (Call 07/15/23) | 125 | 116921 |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22) | 160 | 148827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 240 | 238289 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(a)</sup>  | 190 | 186825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 200 | 199036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(a)</sup>  | 175 | 173488 |
|  |  | 1063386 |
| **Leisure Time — 1.8%** |  |  |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/28 (Call 12/15/27)<sup>(b)</sup> | 140 | 100874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 (Call 01/01/26)<sup>(a)(b)</sup>  | 185 | 147343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 (Call 10/15/26)<sup>(a)(b)</sup>  | 272 | 213436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(a)</sup>  | 265 | 216415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 (Call 10/01/27)<sup>(a)(b)</sup>  | 440 | 338804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 04/01/25)<sup>(a)</sup>  | 290 | 289081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29 (Call 04/01/25)<sup>(a)</sup>  | 275 | 279117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 405 | 436027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 378994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400091 |
| **Lodging — 2.0%** |  |  |
|  Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32 (Call 08/15/26)<sup>(a)</sup>  | 425 | 338359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 220 | 187691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(a)</sup>  | 330 | 275174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25) | 302 | 271525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(a)</sup>  | 130 | 128014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 130 | 125464 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 (Call 07/01/26)<sup>(a)</sup>  | 145 | 118603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 250 | 215142 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22) | 175 | 166145 |
|  Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 145 | 121366 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 250 | 106935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 (Call 07/15/23)<sup>(a)</sup>  | 275 | 115888 |

---

S C H E D U L E O F I N V E S T M E N T S 57

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Lodging (continued)** |  |  |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29 (Call 09/01/29)<sup>(a)</sup>  | $185 | $150607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 120 | 112018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | 180515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613446 |
| **Machinery — 0.7%** |  |  |
|  Mueller Water Products Inc., 4.00%, 06/15/29<br>(Call 06/15/24)<sup>(a)</sup>  | 126 | 109437 |
|  SPX FLOW Inc., 8.75%, 04/01/30<br>(Call 04/01/25)<sup>(a)(b)</sup>  | 150 | 122681 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26<br>(Call 10/01/23)<sup>(a)</sup>  | 125 | 125303 |
|  Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 170 | 151638 |
|  Vertiv Group Corp., 4.13%, 11/15/28<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 255 | 221758 |
|  Weir Group PLC (The), 2.20%, 05/13/26<br>(Call 04/13/26)<sup>(a)</sup>  | 225 | 192778 |
|  |  | 923595 |
| **Manufacturing — 0.3%** |  |  |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 150 | 144165 |
|  Hillenbrand Inc., 5.75%, 06/15/25 (Call 12/01/22) | 120 | 119525 |
|  Trinity Industries Inc., 4.55%, 10/01/24<br>(Call 07/01/24) | 112 | 106400 |
|  |  | 370090 |
| **Media — 11.7%** |  |  |
|  Cable One Inc., 4.00%, 11/15/30<br>(Call 11/15/25)<sup>(a)(b)</sup>  | 210 | 170686 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(a)</sup>  | 250 | 183575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(a)</sup>  | 500 | 380845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(a)</sup>  | 575 | 479078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(a)</sup>  | 600 | 481002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(a)</sup>  | 425 | 393796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(a)</sup>  | 575 | 532645 |
|  CSC Holdings LLC<br>3.38%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 225 | 163204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 225 | 176776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 325 | 253087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/30 (Call 12/01/25)<sup>(a)</sup>  | 500 | 360220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 100 | 72439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(b)</sup>  | 170 | 164922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 225 | 207486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 275 | 259012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/30 (Call 01/15/25)<sup>(a)</sup>  | 500 | 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 375 | 353081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 225 | 194533 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/26<sup>(a)</sup>  | 800 | 159632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/27<sup>(a)</sup>  | 120 | 6121 |
|  GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)<sup>(a)(b)</sup>  | 165 | 139343 |
|  Gray Escrow II Inc., 5.38%, 11/15/31<br>(Call 11/15/26)<sup>(a)</sup>  | 395 | 317414 |
|  Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup>  | 235 | 185601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  | 205 | 193514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 200 | 190518 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 130 | 113413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(a)</sup>  | 230 | 209624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 230 | 218645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(b)</sup>  | 360 | 323651 |
|  McGraw-Hill Education Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  | 275 | 242094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/29 (Call 08/01/24)<sup>(a)</sup>  | 200 | 170320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
|  Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 (Call 11/01/23)<sup>(a)</sup>  | $290 | $254440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)</sup>  | 510 | 480094 |
|  Scripps Escrow II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 135 | 112130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup>  | 140 | 113788 |
|  Scripps Escrow Inc., 5.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 113221 |
|  Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)</sup>  | 215 | 166115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 12/01/24)<sup>(a)</sup>  | 140 | 104686 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)</sup>  | 270 | 241296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(a)</sup>  | 430 | 343794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(a)</sup>  | 580 | 500644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(a)</sup>  | 430 | 352106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(a)</sup>  | 425 | 391000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(a)</sup>  | 360 | 331974 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23)<sup>(b)</sup>  | 285 | 271203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | 175 | 172730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup>  | 310 | 295966 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)<sup>(a)</sup>  | 400 | 351184 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 305 | 257310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(a)</sup>  | 420 | 405691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)</sup>  | 435 | 429301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 (Call 06/30/25)<sup>(a)</sup>  | 275 | 267781 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<br>(Call 07/15/26)<sup>(a)</sup> | 350 | 290819 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 140 | 117401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(a)</sup>  | 170 | 160081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(a)</sup>  | 175 | 173548 |
|  VZ Secured Financing BV, 5.00%, 01/15/32<br>(Call 01/15/27)<sup>(a)</sup>  | 450 | 361008 |
|  Ziggo Bond Co. BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 (Call 02/15/25)<sup>(a)</sup>  | 125 | 98929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 175 | 158333 |
|  Ziggo BV, 4.88%, 01/15/30<br>(Call 10/15/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 232075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15229925 |
| **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems Inc., 6.38%, 06/15/30<br>(Call 07/15/25)<sup>(a)</sup>  | 155 | 149780 |
| **Mining — 1.6%** |  |  |
|  Compass Minerals International Inc.,<br>6.75%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 145 | 137389 |
|  Constellium SE, 3.75%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 150 | 117612 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(a)(b)</sup>  | 430 | 341820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  | 180 | 161557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)</sup>  | 205 | 200992 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 195 | 173080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(a)</sup>  | 235 | 208198 |
|  Hecla Mining Co., 7.25%, 02/15/28<br>(Call 02/15/23) | 135 | 128423 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup>  | 160 | 125647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 140 | 122479 |
|  New Gold Inc., 7.50%, 07/15/27<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 115 | 99465 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)<sup>(a)(b)</sup> | 125 | 114931 |

---

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mining (continued)** |  |  |
|  Taseko Mines Ltd., 7.00%, 02/15/26<br>(Call 02/15/23)<sup>(a)</sup>  | $120 | $99242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030835 |
| **Office & Business Equipment — 0.3%** |  |  |
|  Pitney Bowes Inc., 6.88%, 03/15/27<br>(Call 03/15/24)<sup>(a)</sup>  | 115 | 73754 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(a)</sup>  | 220 | 198941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | 169788 |
|  |  | 442483 |
| **Office Furnishings — 0.1%** |  |  |
|  Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 130 | 113779 |
| **Packaging & Containers — 2.5%** |  |  |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(b)</sup>  | 370 | 287834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31) | 255 | 195542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 270 | 264619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25) | 210 | 201495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(b)</sup>  | 285 | 281153 |
|  Berry Global Inc., 5.63%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 118681 |
|  Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 125 | 106891 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(a)</sup>  | 130 | 112603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(a)</sup>  | 115 | 98840 |
|  OI European Group BV, 4.75%, 02/15/30<br>(Call 11/15/24)<sup>(a)</sup>  | 105 | 89179 |
|  Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)</sup>  | 185 | 176914 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 125 | 112054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 105 | 95861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(a)</sup>  | 110 | 108780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup>  | 130 | 127700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/33<sup>(a)</sup>  | 135 | 129447 |
|  Silgan Holdings Inc., 4.13%, 02/01/28<br>(Call 11/16/22) | 175 | 160288 |
|  TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)<sup>(a)</sup>  | 115 | 98864 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(a)</sup>  | 300 | 275826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(a)(b)</sup>  | 200 | 189748 |
|  |  | 3232319 |
| **Pharmaceuticals — 3.0%** |  |  |
|  180 Medical Inc., 3.88%, 10/15/29<br>(Call 10/07/24)<sup>(a)</sup>  | 135 | 114094 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 02/01/24)<sup>(a)</sup>  | 150 | 127761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 170 | 147415 |
|  Elanco Animal Health Inc., 6.40%, 08/28/28<br>(Call 05/28/28) | 220 | 198372 |
|  Embecta Corp., 5.00%, 02/15/30<br>(Call 02/15/27)<sup>(a)(b)</sup>  | 150 | 128755 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 170 | 158906 |
|  HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 170 | 127475 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 175 | 168329 |
|  Jazz Securities DAC, 4.38%, 01/15/29<br>(Call 07/15/24)<sup>(a)</sup>  | 410 | 363666 |
|  Option Care Health Inc., 4.38%, 10/31/29<br>(Call 10/31/24)<sup>(a)(b)</sup>  | 160 | 137782 |
|  Organon & Co./Organon Foreign Debt<br>Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 (Call 04/30/24)<sup>(a)</sup>  | 600 | 528102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 (Call 04/30/26)<sup>(a)</sup>  | 575 | 488215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Owens & Minor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup>  | $140 | $108758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/30 (Call 04/01/25)<sup>(a)</sup>  | 190 | 158618 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 225 | 214202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25) | 200 | 187462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 200 | 167526 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)<sup>(a)(b)</sup>  | 125 | 113656 |
|  Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 (Call 04/01/26)<sup>(a)</sup>  | 165 | 132779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 116134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888007 |
| **Real Estate — 1.2%** |  |  |
|  Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup>  | 175 | 166399 |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 185 | 146509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(a)</sup>  | 175 | 131357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(a)</sup>  | 225 | 194049 |
|  Kennedy-Wilson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24) | 155 | 125387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 175 | 137403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26) | 180 | 140996 |
|  Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) | 155 | 154447 |
|  Realogy Group LLC/Realogy Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 (Call 04/15/25)<sup>(a)</sup>  | 285 | 197881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 265 | 190304 |
|  |  | 1584732 |
| **Real Estate Investment Trusts — 5.8%** |  |  |
|  Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 139 | 109337 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)</sup>  | 215 | 183391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)</sup>  | 280 | 260445 |
|  CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)<sup>(a)</sup>  | 100 | 84878 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup>  | 300 | 244626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 105 | 100102 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 304 | 247979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 265 | 244497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(a)</sup>  | 285 | 245613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 145 | 129658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)(b)</sup>  | 255 | 234651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(a)</sup>  | 370 | 320897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(a)</sup>  | 170 | 146339 |
|  Iron Mountain Information Management Services Inc., 5.00%, 07/15/32<br>(Call 07/15/27)<sup>(a)</sup>  | 225 | 185488 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup>  | 165 | 159803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24) | 205 | 203317 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26) | 375 | 259249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24) | 260 | 207722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(b)</sup>  | 400 | 342008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22) | 135 | 121898 |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 (Call 05/15/24)<sup>(a)</sup>  | $220 | $188043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 215 | 195065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/25 (Call 12/01/22)<sup>(a)</sup>  | 180 | 180473 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 170 | 149095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22) | 197 | 181882 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 (Call 02/01/24) | 425 | 344369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 (Call 02/15/23)<sup>(b)</sup>  | 425 | 384102 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)</sup>  | 110 | 95940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)</sup>  | 95 | 88876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(a)</sup>  | 155 | 137008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 155 | 146230 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC<br>6.00%, 01/15/30 (Call 01/15/25)<sup>(a)</sup>  | 200 | 137178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/25 (Call 12/01/22)<sup>(a)</sup>  | 650 | 644052 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 (Call 04/15/24)<sup>(a)</sup>  | 155 | 127435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 315 | 226787 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 150 | 130590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 (Call 11/14/22)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | 142651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531674 |
| **Retail — 5.6%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 215 | 180063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(a)(b)</sup>  | 435 | 382696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup>  | 840 | 685474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 220 | 193398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 130 | 129984 |
|  Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 03/01/23) | 110 | 95440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)</sup>  | 240 | 197357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25) | 120 | 98276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(a)(b)</sup>  | 170 | 137057 |
|  Bed Bath & Beyond Inc., 5.17%, 08/01/44 (Call 02/01/44) | 215 | 22519 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 (Call 09/01/24)<sup>(a)</sup>  | 225 | 99558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(a)</sup>  | 175 | 84665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 150 | 98250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 175 | 80551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/01/30 (Call 05/01/27)<sup>(a)</sup>  | 925 | 554778 |
|  Dave & Buster's Inc., 7.63%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 119 | 119000 |
|  Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)<sup>(a)</sup>  | 115 | 87952 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 215 | 151048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  | 220 | 151802 |
|  Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  | 225 | 185222 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco<br>Bell of America LLC, 4.75%, 06/01/27<br>(Call 12/01/22)<sup>(a)</sup>  | 205 | 196101 |
|  Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 250 | 202448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(a)(b)</sup>  | 170 | 138341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)</sup>  | 100 | 90160 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 155 | 134244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(a)</sup>  | 120 | 101312 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(a)(b)</sup>  | $110 | $91450 |
|  Michaels Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (Call 11/01/23)<sup>(a)</sup>  | 240 | 170729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29<sup>(a)</sup>  | 370 | 207270 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31)<sup>(b)</sup>  | 110 | 79839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(b)</sup>  | 150 | 112691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 (Call 07/15/43) | 275 | 173855 |
|  Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)<sup>(a)</sup>  | 210 | 132871 |
|  Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(a)</sup>  | 124 | 87369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 235 | 152644 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) | 205 | 194225 |
|  Sonic Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 175 | 137737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 160 | 121890 |
|  Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30) | 310 | 248883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26) | 335 | 286053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup>  | 230 | 205487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | 254981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255670 |
| **Semiconductors — 0.6%** |  |  |
|  ams-OSRAM AG, 7.00%, 07/31/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 125 | 112051 |
|  Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)<sup>(a)</sup>  | 255 | 233017 |
|  Entegris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 125 | 102196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(a)</sup>  | 105 | 92298 |
|  ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 210 | 185073 |
|  Synaptics Inc., 4.00%, 06/15/29<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 115 | 95311 |
|  |  | 819946 |
| **Software — 2.9%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)</sup>  | 115 | 110193 |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 285 | 247865 |
|  Camelot Finance SA, 4.50%, 11/01/26<br>(Call 12/01/22)<sup>(a)</sup>  | 200 | 186758 |
|  Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)<sup>(a)</sup>  | 225 | 214904 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 (Call 06/30/24)<sup>(a)(b)</sup>  | 255 | 220871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 (Call 06/30/24)<sup>(a)(b)</sup>  | 265 | 220954 |
|  Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)<sup>(a)(b)</sup>  | 140 | 123831 |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  | 130 | 110178 |
|  Elastic NV, 4.13%, 07/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 160 | 133699 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(a)</sup>  | 260 | 235149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(a)</sup>  | 100 | 98653 |
|  MicroStrategy Inc., 6.13%, 06/15/28<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 145 | 124287 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 255 | 218780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(a)</sup>  | 255 | 202110 |
|  Open Text Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  | 250 | 199035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(a)</sup>  | 187 | 141202 |

---

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |
|  PTC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | $134 | $127831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 140 | 127709 |
|  Rackspace Technology Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 150 | 99243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/28 (Call 12/01/23)<sup>(a)</sup>  | 160 | 67205 |
|  ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)<sup>(a)</sup>  | 285 | 233942 |
|  Twilio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24) | 140 | 115524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(b)</sup>  | 140 | 114065 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 185 | 155816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829804 |
| **Telecommunications — 7.7%** |  |  |
|  Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 280 | 118462 |
|  Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)<sup>(a)</sup>  | 110 | 92426 |
|  CommScope Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 355 | 300547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(a)</sup>  | 435 | 420663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 200 | 169598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 290 | 258028 |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(a)</sup>  | 230 | 186516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(a)</sup>  | 376 | 353925 |
|  Consolidated Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 120 | 93020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)</sup>  | 205 | 168418 |
|  Embarq Corp., 8.00%, 06/01/36 | 410 | 165923 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 | 230 | 219519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup>  | 215 | 202549 |
|  Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)<sup>(a)</sup>  | 860 | 790521 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup>  | 225 | 193961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 235 | 179312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(a)</sup>  | 255 | 194333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 205 | 168549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(a)</sup>  | 325 | 267842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)</sup>  | 275 | 239275 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 350 | 297903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 285 | 201307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 235 | 201209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 150 | 110100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39<sup>(b)</sup>  | 145 | 100195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42 | 135 | 90578 |
|  Maxar Technologies Inc., 7.75%, 06/15/27<br>(Call 06/15/24)<sup>(a)(b)</sup>  | 150 | 147681 |
|  Nokia OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/27 | 127 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/39 | 155 | 141417 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 210 | 212102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 165 | 165574 |
|  Telecom Italia Capital SA<br>6.00%, 09/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | 207731 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 | $| 285 | $218820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 285 | 223665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 |  | 290 | 230048 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)</sup>  |  | 425 | 400235 |
|  U.S. Cellular Corp., 6.70%, 12/15/33 |  | 155 | 147317 |
|  Viavi Solutions Inc., 3.75%, 10/01/29<br>(Call 10/01/24)<sup>(a)</sup>  |  | 110 | 91123 |
|  Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(d)</sup>  |  | 140 | 111308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81<sup>(d)</sup>  |  | 310 | 219827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/81 (Call 12/04/50)<sup>(d)</sup>  |  | 270 | 182623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(d)</sup>  |  | 570 | 543792 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp.,<br>7.75%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  |  | 400 | 346252 |
|  Zayo Group Holdings Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)</sup>  |  | 445 | 343696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  |  | 310 | 206097 |
|  |  |  | 10040847 |
| **Transportation — 0.1%** |  |  |  |
|  Cargo Aircraft Management Inc.,<br>4.75%, 02/01/28 (Call 02/01/23)<sup>(a)</sup>  |  | 175 | 156280 |
| **Trucking & Leasing — 0.1%** |  |  |  |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(d)</sup>  |  | 150 | 136975 |
|  **Total Long-Term Investments — 98.3%<br>(Cost: $149,373,045)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127776505 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 23.0%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27824 | 27818631 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup>  |  | 2105 | 2105000 |
|  **Total Short-Term Securities — 23.0%<br>(Cost: $29,924,119)** |  |  | 29923631 |
|  **Total Investments — 121.3%<br>(Cost: $179,297,164)** |  |  | 157700136 |
|  **Liabilities in Excess of Other Assets — (21.3)%** | **Liabilities in Excess of Other Assets — (21.3)%** | **Liabilities in Excess of Other Assets — (21.3)%** | (27735159) |
|  **Net Assets — 100.0%** |  |  | $129964977 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 61

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **ESG Advanced High Yield Corporate Bond ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $14924087 | $12908398 <sup>(a)</sup> | $— | $(12346) | $(1508) | $27818631 | 27824 | $100684 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 2065000 | 40000 <sup>(a)</sup> |  |  |  | 2105000 | 2105 | 18489 |  |
|  |  |  |  | $(12346) | $(1508) | $29923631 |  | $119173 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $127776505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $127776505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 29923631 |  |  | 29923631 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;29923631 | $127776505 | $— | $157700136 |

---

*See notes to financial statements.* 

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Aerospace & Defense — 6.1%** |  |  |
|  Bombardier Inc., 7.45%, 05/01/34<sup>(a)(b)</sup>  | $8939 | $8373340 |
|  Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | 7060 | 6420223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 (Call 05/15/25) | 5280 | 5124346 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 17399 | 17181165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27<sup>(b)</sup>  | 9921 | 9840937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/37<sup>(b)</sup>  | 9890 | 9186326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/28 | 4762 | 4755381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25) | 9552 | 9765487 |
|  Leonardo U.S. Holdings Inc.,<br>6.25%, 01/15/40<sup>(a)(b)</sup>  | 3211 | 2831909 |
|  Rolls-Royce PLC, 3.63%, 10/14/25<br>(Call 07/14/25)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17564 | 15503040 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 (Call 03/15/26)<sup>(b)</sup>  | 5238 | 4684081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28)<sup>(b)</sup>  | 12265 | 8790448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102456683 |
| **Airlines — 3.9%** |  |  |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.00%, 01/15/27 | 4024 | 3401375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 3.70%, 04/01/28<sup>(b)</sup>  | 9027 | 7519759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 3.38%, 11/01/28<sup>(b)</sup>  | 13005 | 10491701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class A, 4.10%, 07/15/29<sup>(b)</sup>  | 3247 | 2510304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.65%, 12/15/29<sup>(b)</sup>  | 3324 | 2487080 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24)<sup>(b)</sup>  | 15836 | 14959952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29)<sup>(b)</sup>  | 8325 | 6879364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(b)</sup>  | 7191 | 6416026 |
|  Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27 | 3258 | 2658636 |
|  U.S. Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-2, Class A, 4.63%, 12/03/26<sup>(b)</sup>  | 2530 | 2248635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 3.95%, 05/15/27<sup>(b)</sup>  | 5718 | 5081135 |
|  |  | 64653967 |
| **Apparel — 0.5%** |  |  |
|  Under Armour Inc., 3.25%, 06/15/26<br>(Call 03/15/26)<sup>(b)</sup>  | 10536 | 9056324 |
|  **Auto Manufacturers — 2.9%** |  |  |
|  Ford Holdings LLC, 9.30%, 03/01/30<sup>(b)</sup>  | 849 | 929400 |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(b)</sup>  | 4387 | 4083639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/43 | 5725 | 3995592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/08/46 (Call 06/08/46) | 3658 | 2707652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/29 | 576 | 553012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/28<sup>(b)</sup>  | 1334 | 1315658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 11/01/46<sup>(b)</sup>  | 1150 | 1051606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 07/16/31<sup>(b)</sup>  | 3131 | 3140205 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24<sup>(b)</sup>  | 2238 | 2122586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23)<sup>(b)</sup>  | 1888 | 1825583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27)<sup>(b)</sup>  | 2236 | 1939842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24)<sup>(b)</sup>  | 4454 | 4264527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25<sup>(b)</sup>  | 4113 | 3823033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 2588 | 2338957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26<sup>(b)</sup>  | 3506 | 3246135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 2242 | 2068895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25)<sup>(b)</sup>  | 1748 | 1656195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29)<sup>(b)</sup>  | 4376 | 3909606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24)<sup>(b)</sup>  | $4441 | $4387086 |
|  |  | 49359209 |
| **Auto Parts & Equipment — 1.2%** |  |  |
|  Goodyear Tire & Rubber Co. (The),<br>7.00%, 03/15/28<sup>(b)</sup>  | 2671 | 2616779 |
|  ZF North America Capital Inc.,<br>4.75%, 04/29/25<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18938 | 17774449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20391228 |
| **Banks — 5.3%** |  |  |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup>  | 4000 | 3717880 |
|  Dresdner Funding Trust I, 8.15%, 06/30/31<br>(Call 06/30/29)<sup>(a)(b)</sup>  | 17591 | 17998583 |
|  Intesa Sanpaolo SpA, 5.02%, 06/26/24<sup>(a)</sup>  | 35221 | 33627250 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)(c)</sup>  | 17332 | 14389546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(a)(c)</sup>  | 21625 | 18568523 |
|  |  | 88301782 |
| **Chemicals — 1.4%** |  |  |
|  HB Fuller Co., 4.00%, 02/15/27<br>(Call 11/15/26)<sup>(b)</sup>  | 5358 | 4906053 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/24 (Call 09/01/24)<sup>(b)</sup>  | 5240 | 5070853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29) | 12265 | 10577213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/44 (Call 06/01/44) | 5274 | 3632362 |
|  |  | 24186481 |
| **Computers — 2.7%** |  |  |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 8707 | 6973088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30)<sup>(b)</sup>  | 8656 | 6510956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25<sup>(b)</sup>  | 8415 | 8127207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24)<sup>(b)</sup>  | 8402 | 8234716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27)<sup>(b)</sup>  | 8862 | 8196464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/34 (Call 06/01/34)<sup>(b)</sup>  | 8469 | 6884535 |
|  |  | 44926966 |
| **Cosmetics & Personal Care — 0.2%** |  |  |
|  Avon Products Inc., 8.45%, 03/15/43<sup>(b)</sup>  | 3802 | 3437160 |
|  **Diversified Financial Services — 0.7%** |  |  |
|  Brightsphere Investment Group Inc.,<br>4.80%, 07/27/26 | 4883 | 4362179 |
|  Navient Corp., 5.63%, 08/01/33 | 10431 | 7367416 |
|  |  | 11729595 |
| **Electric — 3.3%** |  |  |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25)<sup>(b)</sup>  | 3223 | 2957103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29)<sup>(b)</sup>  | 6411 | 5186435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.60%, 01/15/26 (Call 12/15/25) | 3206 | 2791176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 (Call 06/01/30)<sup>(b)</sup>  | 4832 | 3720108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) | 15913 | 14906344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 (Call 09/01/49) | 8934 | 5548282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.35%, 07/15/47 (Call 01/15/47)<sup>(b)</sup>  | 7505 | 6190874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.38%, 11/15/31 | 8286 | 9221655 |
|  Midland Cogeneration Venture LP,<br>6.00%, 03/15/25<sup>(a)(b)</sup>  | 658 | 667417 |
|  Panoche Energy Center LLC,<br>6.89%, 07/31/29<sup>(a)(b)</sup>  | 206 | 186634 |
|  TransAlta Corp., 6.50%, 03/15/40 | 5247 | 4522232 |
|  |  | 55898260 |
| **Energy - Alternate Sources — 0.7%** |  |  |
|  Topaz Solar Farms LLC, 5.75%, 09/30/39<sup>(a)(b)</sup>  | 12605 | 11931608 |

---

S C H E D U L E O F I N V E S T M E N T S 63

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Engineering & Construction — 0.9%** |  |  |
|  Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/24 (Call 09/15/24)<sup>(b)</sup>  | $6731 | $6386642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/28 (Call 06/15/28)<sup>(b)</sup>  | 10547 | 9192027 |
|  |  | 15578669 |
| **Entertainment — 1.0%** |  |  |
|  Resorts World Las Vegas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/16/29 (Call 01/16/29)<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | 11993052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/06/31 (Call 01/06/31)<sup>(a)(b)</sup>  | 6000 | 4086660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16079712 |
| **Food — 0.3%** |  |  |
|  Safeway Inc., 7.25%, 02/01/31<sup>(b)</sup>  | 4614 | 4461000 |
|  **Health Care - Services — 0.8%** |  |  |
|  Tenet Healthcare Corp., 6.88%, 11/15/31<sup>(b)</sup>  | 6343 | 5396878 |
|  Toledo Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 11/15/45 (Call 05/15/45) | 3325 | 2060037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/15/48<sup>(b)</sup>  | 5950 | 3942530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.33%, 11/15/28 | 4000 | 2613400 |
|  |  | 14012845 |
| **Housewares — 3.0%** |  |  |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/24 (Call 09/01/24)<sup>(b)</sup>  | 3477 | 3373803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | 34327 | 31925826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/36 (Call 10/01/35) | 7190 | 5977335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/46 (Call 10/01/45)<sup>(b)</sup>  | 11378 | 8749454 |
|  |  | 50026418 |
| **Insurance — 1.7%** |  |  |
|  Genworth Holdings Inc., 6.50%, 06/15/34 | 5247 | 4357896 |
|  Liberty Mutual Group Inc.,<br>7.80%, 03/07/87<sup>(a)(b)</sup>  | 7685 | 8424066 |
|  MBIA Inc., 5.70%, 12/01/34<sup>(b)</sup>  | 2289 | 1918800 |
|  Ohio National Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/24/30 (Call 10/24/29)<sup>(a)(b)</sup>  | 8011 | 7323256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/31<sup>(a)(b)</sup>  | 3425 | 3180592 |
|  Provident Financing Trust I, 7.41%, 03/15/38 | 3556 | 3632881 |
|  |  | 28837491 |
| **Iron & Steel — 0.6%** |  |  |
|  Allegheny Ludlum LLC, 6.95%, 12/15/25<sup>(b)</sup>  | 2705 | 2639161 |
|  Cleveland-Cliffs Inc., 6.25%, 10/01/40<sup>(b)</sup>  | 4627 | 3562836 |
|  U.S. Steel Corp., 6.65%, 06/01/37<sup>(b)</sup>  | 4790 | 4011146 |
|  |  | 10213143 |
| **Leisure Time — 2.5%** |  |  |
|  Carnival Corp., 6.65%, 01/15/28<sup>(b)</sup>  | 3507 | 2248267 |
|  Carnival PLC, 7.88%, 06/01/27 | 3349 | 3210988 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/28 (Call 12/15/27)<sup>(b)</sup>  | 8798 | 6339223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27<sup>(b)</sup>  | 5235 | 4376460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 24483 | 26358643 |
|  |  | 42533581 |
| **Lodging — 7.6%** |  |  |
|  Genting New York LLC, 3.30%, 02/15/26<br>(Call 01/15/26)<sup>(a)(b)</sup>  | 9168 | 8051613 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25) | 7117 | 6435618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 24916 | 23694618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 14196 | 12370252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29)<sup>(b)</sup>  | 10625 | 8571719 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 9540 | 7741233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/18/30 (Call 03/18/30) | $8140 | $5800808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/08/25 (Call 06/08/25) | 21394 | 18923849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/28 (Call 05/08/28)<sup>(b)</sup>  | 22701 | 17886118 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/24 (Call 02/01/24)<sup>(b)</sup>  | 5242 | 5157761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 7028 | 6560497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 6184 | 6049127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127243213 |
| **Manufacturing — 0.8%** |  |  |
|  Hillenbrand Inc., 5.00%, 09/15/26<br>(Call 07/15/26) | 6652 | 6286007 |
|  Trinity Industries Inc., 4.55%, 10/01/24<br>(Call 07/01/24)<sup>(b)</sup>  | 7150 | 6792500 |
|  |  | 13078507 |
| **Media — 1.0%** |  |  |
|  Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/15/27 | 4227 | 4120607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/01/27<sup>(b)</sup>  | 3491 | 3440450 |
|  Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/30 | 8746 | 5469136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/29<sup>(b)</sup>  | 5046 | 3182916 |
|  |  | 16213109 |
| **Office & Business Equipment — 0.9%** |  |  |
|  Pitney Bowes Inc., 4.63%, 03/15/24<br>(Call 12/15/23)<sup>(b)</sup>  | 4107 | 3784970 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/24 | 5232 | 4981440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/35<sup>(b)</sup>  | 4359 | 2669277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/39<sup>(b)</sup>  | 6114 | 4553707 |
|  |  | 15989394 |
| **Office Furnishings — 0.4%** |  |  |
|  Steelcase Inc., 5.13%, 01/18/29<br>(Call 10/18/28)<sup>(b)</sup>  | 7932 | 6942245 |
|  **Oil & Gas — 8.6%** |  |  |
|  Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 (Call 10/15/29)<sup>(b)</sup>  | 7814 | 6940864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/44 (Call 07/15/43)<sup>(b)</sup>  | 2854 | 2022972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28)<sup>(b)</sup>  | 4360 | 3913187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42)<sup>(b)</sup>  | 5712 | 4294396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 (Call 03/01/40)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17480 | 14152507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/42 (Call 08/01/41)<sup>(b)</sup>  | 5249 | 4210170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 (Call 01/01/49)<sup>(b)</sup>  | 5053 | 3942603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/37<sup>(b)</sup>  | 5816 | 5231027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/15/47 | 1992 | 1890607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/15/29 | 3154 | 3221685 |
|  Global Marine Inc., 7.00%, 06/01/28 | 4555 | 2965214 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 (Call 06/01/42) | 6125 | 4869742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 05/01/29 | 4403 | 4367160 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/15/46 (Call 10/15/45)<sup>(b)</sup>  | 1015 | 831295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/45 (Call 12/15/44) | 615 | 508826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 10039 | 10181955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 4432 | 4262964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36<sup>(b)</sup>  | 8723 | 8662986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 (Call 09/15/45)<sup>(b)</sup>  | 9086 | 8955162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24<sup>(b)</sup>  | 5088 | 5214081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31<sup>(b)</sup>  | 4480 | 4815821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31<sup>(b)</sup>  | 2465 | 2684878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 06/15/39 | 2058 | 2241944 |
|  Patterson-UTI Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/01/28 (Call 11/01/27)<sup>(b)</sup>  | 9193 | 8101883 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/29 (Call 08/15/29)<sup>(b)</sup>  | $6128 | $5400177 |
|  Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24)<sup>(b)</sup> | 6959 | 6857816 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/38<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10538 | 6437137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/31<sup>(b)</sup>  | 6895 | 4508503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.35%, 12/15/41 | 3094 | 2011255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143698817 |
| **Oil & Gas Services — 0.4%** |  |  |
|  Oceaneering International Inc.,<br>4.65%, 11/15/24 (Call 08/15/24)<sup>(b)</sup>  | 7161 | 6853578 |
|  **Packaging & Containers — 1.3%** |  |  |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 6219 | 6337347 |
|  Pactiv LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 12/15/25 | 4817 | 4465263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/15/27<sup>(b)</sup>  | 3514 | 3172158 |
|  Sealed Air Corp., 6.88%, 07/15/33<sup>(a)</sup>  | 7884 | 7559731 |
|  |  | 21534499 |
| **Pharmaceuticals — 2.5%** |  |  |
|  Owens & Minor Inc., 4.38%, 12/15/24<br>(Call 09/15/24)<sup>(b)</sup>  | 4411 | 4226885 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 12288 | 11698299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 12304 | 11532662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 13169 | 11030749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 (Call 06/15/44) | 5278 | 3508973 |
|  |  | 41997568 |
| **Pipelines — 11.0%** |  |  |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26)<sup>(b)</sup>  | 10535 | 9236456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 7772 | 6741433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/24 (Call 07/15/24) | 5306 | 5074446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 (Call 04/15/44) | 5267 | 3939874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 (Call 05/15/43) | 7718 | 5819758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/33<sup>(b)</sup>  | 1074 | 950834 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25)<sup>(b)</sup>  | 7391 | 6955374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26)<sup>(b)</sup>  | 8610 | 8101666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 (Call 10/01/44) | 7780 | 5650770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 (Call 12/01/46) | 8636 | 6563187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 6064 | 4771155 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24)<sup>(b)</sup>  | 5275 | 4993420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26)<sup>(b)</sup>  | 8777 | 7777651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 14708 | 13163219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/48 (Call 01/15/48)<sup>(b)</sup>  | 9481 | 7303688 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(a)</sup>  | 7008 | 6501602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 6113 | 5157232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(a)</sup>  | 9562 | 8415325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/40<sup>(a)</sup>  | 8603 | 7083968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/38<sup>(a)</sup>  | 4327 | 3829092 |
|  Southeast Supply Header LLC,<br>4.25%, 06/15/24 (Call 03/15/24)<sup>(a)</sup>  | 7057 | 6355252 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 6790 | 6454099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 3748 | 3561200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29)<sup>(b)</sup>  | 11090 | 9748332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 3714 | 3408449 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | $4450 | $4206896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | 3712 | 3431558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 (Call 09/01/47)<sup>(b)</sup>  | 6341 | 5068932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 (Call 10/01/43) | 5417 | 4385387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 (Call 02/15/48) | 3257 | 2646508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 (Call 08/01/49)<sup>(b)</sup>  | 9070 | 7124304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184421067 |
| **Real Estate Investment Trusts — 3.7%** |  |  |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 (Call 11/01/23) | 4401 | 3809858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 08/15/27)<sup>(b)</sup>  | 8783 | 5988513 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 07/15/27) | 6216 | 4569009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12796 | 11751462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 08/15/29)<sup>(b)</sup>  | 6140 | 4377267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 (Call 09/15/24) | 5575 | 4925847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) | 5947 | 5661782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 7029 | 5733274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26)<sup>(b)</sup>  | 6259 | 5072794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 (Call 07/01/29)<sup>(b)</sup>  | 6517 | 4760994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25)<sup>(b)</sup>  | 5430 | 4696353 |
|  |  | 61347153 |
| **Retail — 7.1%** |  |  |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/33 | 6127 | 5027632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 07/15/37 | 4341 | 3451182 |
|  Bed Bath & Beyond Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/24 (Call 05/01/24) | 5076 | 1079310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 08/01/34 (Call 02/01/34) | 4050 | 427032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/01/44 (Call 02/01/44) | 12003 | 1257194 |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(a)(b)</sup>  | 6309 | 6098973 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/43 (Call 08/15/42)<sup>(b)</sup>  | 4313 | 2558989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 (Call 06/15/34) | 7244 | 4984379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/42 (Call 07/15/41) | 4299 | 2748652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/37<sup>(b)</sup>  | 3422 | 2617659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 07/15/34<sup>(a)(b)</sup>  | 1239 | 969344 |
|  Marks & Spencer PLC, 7.13%, 12/01/37<sup>(a)</sup>  | 5227 | 4506458 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  | 6152 | 5253562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31)<sup>(b)</sup>  | 7361 | 5342687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(b)</sup>  | 8658 | 6504496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 (Call 07/15/43)<sup>(b)</sup>  | 16653 | 10528027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/28<sup>(b)</sup>  | 5240 | 4866860 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 10472 | 9155670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | 9915 | 7859422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24<sup>(b)</sup>  | 10554 | 10140494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/34 (Call 02/15/34)<sup>(b)</sup>  | 6887 | 4336262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/43<sup>(b)</sup>  | 5206 | 3212206 |
|  Rite Aid Corp., 7.70%, 02/15/27<sup>(b)</sup>  | 3256 | 1747332 |
|  Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/23 (Call 08/01/23) | 5275 | 5200148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 (Call 05/01/43)<sup>(b)</sup>  | 4805 | 3832804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/37<sup>(b)</sup>  | 5665 | 5607727 |
|  |  | 119314501 |
| **Telecommunications — 12.4%** |  |  |
|  Embarq Corp., 8.00%, 06/01/36 | 24881 | 10069092 |

---

S C H E D U L E O F I N V E S T M E N T S 65

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Frontier Florida LLC, Series E,<br>6.86%, 02/01/28<sup>(b)</sup>  | $5249 | $4886766 |
|  Frontier North Inc., Series G, 6.73%, 02/15/28<sup>(b)</sup>  | 3511 | 3288754 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup>  | 12050 | 10387702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 10908 | 8968449 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.88%, 01/15/28<sup>(b)</sup>  | 5053 | 4272261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39<sup>(b)</sup>  | 9037 | 6244567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42<sup>(b)</sup>  | 8208 | 5507158 |
|  Nokia OYJ, 6.63%, 05/15/39<sup>(b)</sup>  | 8789 | 8018820 |
|  Qwest Corp., 7.25%, 09/15/25<sup>(b)</sup>  | 4492 | 4538762 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28<sup>(b)</sup>  | 25348 | 26152545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32<sup>(b)</sup>  | 20475 | 24020860 |
|  Telecom Italia Capital SA<br>6.00%, 09/30/34 | 16056 | 11702897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33<sup>(b)</sup>  | 16039 | 12314584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 | 16063 | 12606082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | 16047 | 12729604 |
|  U.S. Cellular Corp., 6.70%, 12/15/33<sup>(b)</sup>  | 9544 | 9070904 |
|  Vodafone Group PLC, 7.00%, 04/04/79<br>(Call 01/04/29)<sup>(b)(c)</sup>  | 34907 | 33301976 |
|  |  | 208081783 |
| **Toys, Games & Hobbies — 0.5%** |  |  |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 (Call 05/01/41)<sup>(b)</sup>  | 5236 | 4116491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40<sup>(b)</sup>  | 4398 | 3744985 |
|  |  | 7861476 |
| **Transportation — 0.3%** |  |  |
|  XPO CNW Inc., 6.70%, 05/01/34 | 5245 | 4697160 |
|  **Total Long-Term Investments — 98.2%<br>(Cost: $2,057,112,523)** |  | 1647346192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 15.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup>  | 240152 | $240104458 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup>  | 11360 | 11360000 |
|  **Total Short-Term Securities — 15.0%<br>(Cost: $251,480,937)** |  | 251464458 |
|  **Total Investments — 113.2%<br>(Cost: $2,308,593,460)** |  | 1898810650 |
|  **Liabilities in Excess of Other Assets — (13.2)%** | **Liabilities in Excess of Other Assets — (13.2)%** | (221337986) |
|  **Net Assets — 100.0%** |  | $1677472664 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $405262007 | $— | $(164908677)<sup>(a)</sup> | $(224566) | $(24306) | $240104458 | 240152 | $2281874 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 68250000 |  | (56890000)<sup>(a)</sup> |  |  | 11360000 | 11360 | 311224 |  |
|  |  |  |  | $(224566) | $(24306) | $251464458 |  | $2593098 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Fallen Angels USD Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1647346192 | $— | $1647346192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 251464458 |  |  | 251464458 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;251464458 | $1647346192 | $— | $1898810650 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 67

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year High Yield<br> Corporate Bond<br> ETF | iShares<br> Broad USD High<br> Yield Corporate<br> Bond ETF | iShares<br> ESG<br> Advanced<br> High Yield<br> Corporate<br> Bond ETF | iShares<br> Fallen Angels USD<br> Bond ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $6810707886 | $7850002084 | $127776505 | $1647346192 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 1073158020 | 1761402705 | 29923631 | 251464458 |
|  Cash |  |  | 3736 | 1661 |
|  Foreign currency, at value<sup>(d)</sup>  | 1561 | 171 | 73 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3998967 | 28783184 | 1215876 | 7151145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 557487 | 920099 | 13126 | 220022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 41519842 | 925012 |  | 251486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 90199 | 346186 | 4388 | 73837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 114974065 | 135024206 | 2018070 | 26996085 |
|  Total assets | 8045008027 | 9777403647 | 160955405 | 1933504886 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft | 23590 | 286798 |  |  |
|  Collateral on securities loaned, at value | 1015976785 | 1605370744 | 27834711 | 240400060 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 50512601 | 55806746 | 3117129 | 14040505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 280962 |  | 1143980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1347574 | 999510 | 38588 | 447677 |
|  Total liabilities | 1067860550 | 1662744760 | 30990428 | 256032222 |
|  NET ASSETS | $6977147477 | $8114658887 | $129964977 | $1677472664 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $7692547516 | $9353828059 | $154171923 | $2139195753 |
|  Accumulated loss | (715400039) | (1239169172) | (24206946) | (461723089) |
|  NET ASSETS | $6977147477 | $8114658887 | $129964977 | $1677472664 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 170900000 | 235300000 | 3000000 | 69300000 |
|  Net asset value | $40.83 | $34.49 | $43.32 | $24.21 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $7168469371 | $9011678499 | $149373045 | $2057112523 |
|  <sup>(b) </sup>Securities loaned, at value | $974033308 | $1534945818 | $26709767 | $232682780 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $1073228422 | $1761542207 | $29924119 | $251480937 |
|  <sup>(d) </sup>Foreign currency, at cost | $1640 | $168 | $77 | $— |

---

*See notes to financial statements.* 

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year High<br> Yield<br> Corporate<br> Bond ETF | iShares<br> Broad USD High<br> Yield Corporate<br> Bond ETF | iShares<br> ESG<br> Advanced<br> High Yield<br>Corporate<br> Bond ETF | iShares<br> Fallen Angels<br>USD Bond<br> ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $— | $108 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 423548 | 1213193 | 19669 | 346164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 261305476 | 422080083 | 6983145 | 143077325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 3912646 | 6299308 | 99504 | 2246934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 277578 | 322686 | 22940 | 99742 |
|  Total investment income | 265919248 | 429915378 | 7125258 | 145770165 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 15341651 | 16993921 | 511540 | 8532989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 | 217 | 217 |
|  Total expenses | 15341868 | 16994138 | 511757 | 8533206 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | (5407157) |  |  |
|  Total expenses after fees waived | 15341868 | 11586981 | 511757 | 8533206 |
|  Net investment income | 250577380 | 418328397 | 6613501 | 137236959 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (60755256) | (24489372) | (2626361) | (57708037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (199165) | (564557) | (12346) | (224566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (35545016) | (58741922) | (3400027) | (215750200) |
|  | (96499442) | (83795851) | (6038734) | (273682803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (431716448) | (1319437422) | (21946112) | (489146365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (233195) | (263332) | (1508) | (24306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (79) | 3 | (4) |  |
|  | (431949722) | (1319700751) | (21947624) | (489170671) |
|  Net realized and unrealized loss | (528449164) | (1403496602) | (27986358) | (762853474) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(277871784) | $(985168205) | $(21372857) | $(625616515) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 69

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 0-5 Year High Yield Corporate Bond ETF | iShares<br> 0-5 Year High Yield Corporate Bond ETF | iShares<br> Broad USD High Yield Corporate Bond ETF | iShares<br> Broad USD High Yield Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $250577380 | $236245878 | $418328397 | $378419431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (96499442) | 122567123 | (83795851) | 153135352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (431949722) | 91926600 | (1319700751) | 169317978 |
|  Net increase (decrease) in net assets resulting from operations | (277871784) | 450739601 | (985168205) | 700872761 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (261375036) | (250267859) | (421560670) | (391636803) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 2082548001 | 329076100 | 1212745159 | 1805332975 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 1543301181 | 529547842 | (193983716) | 2114568933 |
|  Beginning of year | 5433846296 | 4904298454 | 8308642603 | 6194073670 |
|  End of year | $6977147477 | $5433846296 | $8114658887 | $8308642603 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> ESG Advanced High Yield Corporate Bond<br> ETF | iShares<br> ESG Advanced High Yield Corporate Bond<br> ETF | iShares<br> Fallen Angels USD Bond ETF | iShares<br> Fallen Angels USD Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6613501 | $3759193 | $137236959 | $73573961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6038734) | 777813 | (273682803) | 30508946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21947624) | 199702 | (489170671) | 60024689 |
|  Net increase (decrease) in net assets resulting from operations | (21372857) | 4736708 | (625616515) | 164107596 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (7441004) | (4106362) | (143208910) | (66582989) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 34212910 | 62700777 | (2230203270) | 4257005303 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 5399049 | 63331123 | (2999028695) | 4354529910 |
|  Beginning of year | 124565928 | 61234805 | 4676501359 | 321971449 |
|  End of year | $129964977 | $124565928 | $1677472664 | $4676501359 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 71

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares 0-5 Year High Yield Corporate Bond ETF | iShares 0-5 Year High Yield Corporate Bond ETF | iShares 0-5 Year High Yield Corporate Bond ETF | iShares 0-5 Year High Yield Corporate Bond ETF | iShares 0-5 Year High Yield Corporate Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $45.51 | $43.75 | $46.20 | $46.19 | $47.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.10 | 2.09 | 2.26 | 2.55 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (4.58) | 1.90 | (2.36) | 0.01 | (1.38) |
|  Net increase (decrease) from investment operations | (2.48) | 3.99 | (0.10) | 2.56 | 1.18 |
|  Distributions from net investment income<sup>(c)</sup>  | (2.20) | (2.23) | (2.35) | (2.55) | (2.52) |
|  **Net asset value, end of year** | $40.83 | $45.51 | $43.75 | $46.20 | $46.19 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (5.55)% | 9.25% | (0.10)% | 5.71% | 2.55% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Net investment income | 4.90% | 4.59% | 5.15% | 5.54% | 5.46% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $6977147 | $5433846 | $4904298 | $3349716 | $3126800 |
|  Portfolio turnover rate<sup>(f)</sup>  | 23% | 39% | 45% | 31% | 35% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19<sup>(a)</sup> | 10/31/18<sup>(a)</sup> |
|  **Net asset value, beginning of year** | $41.21 | $39.34 | $40.61 | $39.80 | $41.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 2.03 | 2.02 | 2.21 | 2.52 | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (6.68) | 1.97 | (1.23) | 0.74 | (2.17) |
|  Net increase (decrease) from investment operations | (4.65) | 3.99 | 0.98 | 3.26 | 0.22 |
|  Distributions from net investment income<sup>(d)</sup>  | (2.07) | (2.12) | (2.25) | (2.45) | (2.09) |
|  **Net asset value, end of year** | $34.49 | $41.21 | $39.34 | $40.61 | $39.80 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (11.59)% | 10.31% | 2.61% | 8.48% | 0.55% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% |
|  Total expenses after fees waived | 0.15% | 0.15% | 0.15% | 0.16% | 0.22% |
|  Net investment income | 5.42% | 4.91% | 5.67% | 6.23% | 5.89% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $8114659 | $8308643 | $6194074 | $2595057 | $255533 |
|  Portfolio turnover rate<sup>(g)</sup>  | 12% | 24% | 21% | 19% | 15% |

---

<sup>(a)</sup> Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 73

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced High Yield Corporate Bond ETF | iShares ESG Advanced High Yield Corporate Bond ETF | iShares ESG Advanced High Yield Corporate Bond ETF | iShares ESG Advanced High Yield Corporate Bond ETF | iShares ESG Advanced High Yield Corporate Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $51.90 | $51.03 | $51.81 | $49.54 | $51.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.13 | 1.97 | 2.41 | 2.88 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (8.21) | 1.18 | (0.73) | 2.34 | (2.37) |
|  Net increase (decrease) from investment operations | (6.08) | 3.15 | 1.68 | 5.22 | 0.56 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.21) | (2.07) | (2.46) | (2.95) | (2.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.29) | (0.21) |  |  |  |
|  Total distributions | (2.50) | (2.28) | (2.46) | (2.95) | (2.92) |
|  **Net asset value, end of year** | $43.32 | $51.90 | $51.03 | $51.81 | $49.54 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (12.03)% | 6.25% | 3.42% | 10.88% | 1.13% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.47% | 0.50% | 0.50% |
|  Net investment income | 4.53% | 3.78% | 4.78% | 5.70% | 5.80% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $129965 | $124566 | $61235 | $23316 | $9908 |
|  Portfolio turnover rate<sup>(f)</sup>  | 23% | 43% | 85% | 24% | 24% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Fallen Angels USD Bond ETF | iShares Fallen Angels USD Bond ETF | iShares Fallen Angels USD Bond ETF | iShares Fallen Angels USD Bond ETF | iShares Fallen Angels USD Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $30.04 | $27.29 | $26.58 | $25.90 | $27.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.10 | 1.06 | 1.54 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (5.79) | 2.83 | 0.65 | 0.67 | (1.49) |
|  Net increase (decrease) from investment operations | (4.69) | 3.89 | 2.19 | 2.17 | 0.01 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.14) | (1.14) | (1.48) | (1.49) | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.33) |
|  Total distributions | (1.14) | (1.14) | (1.48) | (1.49) | (1.75) |
|  **Net asset value, end of year** | $24.21 | $30.04 | $27.29 | $26.58 | $25.90 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (15.88)% | 14.45% | 8.68% | 8.70% | 0.04% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 4.02% | 3.57% | 5.84% | 5.73% | 5.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1677473 | $4676501 | $321971 | $143525 | $67337 |
|  Portfolio turnover rate<sup>(f)</sup>  | 26% | 21% | 51% | 23% | 29% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 75

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br> *Classification*  |
|  0-5 Year High Yield Corporate Bond | Diversified |
|  Broad USD High Yield Corporate Bond | Diversified |
|  ESG Advanced High Yield Corporate Bond | Diversified |
|  Fallen Angels USD Bond | Diversified |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

------

*Notes to Financial Statements* (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty*<br>| *Securities Loaned<br>at Value*  | *Cash Collateral<br>Received* <br> *<br><sup>(a)</sup>*  | *Non-Cash Collateral<br>Received, at Fair Value*  | *<br><sup>(a)</sup>*  | *Net Amount*  |  |
|  0-5 Year High Yield Corporate Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $65796855 | $(65796855) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 52897245 | (52897245) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 10829240 | (10829240) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 66026888 | (66026888) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 27072373 | (27072373) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 8919295 | (8919295) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 16542378 | (16542378) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 11895141 | (11895141) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 19379867 | (19379867) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 288028226 | (288028226) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 277752911 | (277752911) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 14644490 | (14644490) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Securities Holdings Co., Ltd. | 3669281 | (3669281) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 17945682 | (17945682) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 3253407 | (3253407) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 42171606 | (42171606) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 15824829 | (15824829) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 5345136 | (5345136) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 736712 | (736712) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 25301746 | (25301746) |  |  |  |  |
|  | $974033308 | $(974033308) | $— |  | $— |  |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned<br>at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net Amount* | |
|  Broad USD High Yield Corporate Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $121553553 | $(121553553) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 73777719 | (73777719) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 16883871 | (16883871) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 8324119 | (8324119) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 49557073 | (49557073) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 35301106 | (35301106) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 26767512 | (26767512) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 13871168 | (13871168) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 478133947 | (478133947) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 404918516 | (404918516) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 17879617 | (17879617) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 56332135 | (56332135) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 26558246 | (26558246) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 7038171 | (7038171) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 104569777 | (104569777) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 11991046 | (11991046) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 42009410 | (42009410) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 152233 | (152233) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 1412996 | (1412996) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 1921193 | (1921193) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 3110243 | (3110243) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 32882167 | (32882167) |  |  |  |  |
|  | $1534945818 | $(1534945818) | $— |  | $— |  |
|  ESG Advanced High Yield Corporate Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2490705 | $(2490705) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 2801021 | (2801021) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 721555 | (721555) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 5914721 | (5914721) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 646919 | (646919) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 478575 | (478575) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 291366 | (291366) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 88946 | (88946) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 6395487 | (6395487) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 408824 | (408824) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1133748 | (1133748) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 375490 | (375490) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 3545104 | (3545104) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 171369 | (171369) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1204152 | (1204152) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 41785 | (41785) |  |  |  |  |
|  | $26709767 | $(26709767) | $— |  | $— |  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 79

------

*Notes to Financial Statements* (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  Fallen Angels USD Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $27318064 |  | $(27318064) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 2253805 |  | (2253805) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 18969361 |  | (18969361) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1496621 |  | (1496621) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 2137296 |  | (2137296) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 7142465 |  | (7142465) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 4718369 |  | (4718369) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 66608399 |  | (66608399) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 83571811 |  | (83571811) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 1182835 |  | (1163839) |  |  | 18996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1474333 |  | (1474333) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 394248 |  | (394248) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | 9811832 |  | (9811832) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 216209 |  | (216209) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 4006722 |  | (4006722) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 420968 |  | (420968) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 959442 |  | (959442) |  |  |  |  |
|  | $232682780 |  | $(232663784) | $— |  | $18996 |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  0-5 Year High Yield Corporate Bond | 0.30% |
|  Broad USD High Yield Corporate Bond | 0.22 |
|  ESG Advanced High Yield Corporate Bond | 0.35 |
|  Fallen Angels USD Bond | 0.25 |

---

**Expense Waivers:** The total of the investment advisory fee and any fund other expenses are a fund's total annual operating expenses. For the iShares Broad USD High Yield Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through February 28, 2023 in order to limit the Fund's total annual operating expenses after fee waiver to 0.15% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  Broad USD High Yield Corporate Bond | $5407157 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  0-5 Year High Yield Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;1172609 |
|  Broad USD High Yield Corporate Bond | 1937945 |
|  ESG Advanced High Yield Corporate Bond | 32221 |
|  Fallen Angels USD Bond | 630275 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized <br>Gain (Loss)* |
|  0-5 Year High Yield Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;110261998 | $81006228 | $(3964235) |
|  Broad USD High Yield Corporate Bond | 4090193 | &nbsp;&nbsp;&nbsp;&nbsp;155723978 | (8242241) |
|  ESG Advanced High Yield Corporate Bond | 133956 | 4041303 | (263948) |
|  Fallen Angels USD Bond | 53989550 | 204880694 | (13832662) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  0-5 Year High Yield Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;1625023553 | $&nbsp;&nbsp;&nbsp;&nbsp;1332541087 |
|  Broad USD High Yield Corporate Bond | 1061209294 | 1124459560 |
|  ESG Advanced High Yield Corporate Bond | 38853992 | 37732508 |
|  Fallen Angels USD Bond | 962406389 | 959746286 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 81

------

*Notes to Financial Statements* (continued)

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br> *Purchases*  | *In-kind* <br> *Sales*  |
|  0-5 Year High Yield Corporate Bond | $&nbsp;&nbsp;&nbsp;&nbsp;3861564341 | $&nbsp;&nbsp;&nbsp;&nbsp;1891803019 |
|  Broad USD High Yield Corporate Bond | 5335052818 | 4134691906 |
|  ESG Advanced High Yield Corporate Bond | 67741384 | 34007443 |
|  Fallen Angels USD Bond | 662983027 | 2780534484 |

---

**7.** **INCOME TAX INFORMATION** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated* <br> *Earnings (Loss)*  |
|  0-5 Year High Yield Corporate Bond | $(35546722) | $35546722 |
|  Broad USD High Yield Corporate Bond | (58812920) | 58812920 |
|  ESG Advanced High Yield Corporate Bond | (3400668) | 3400668 |
|  Fallen Angels USD Bond | (219933443) | 219933443 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended*<br> *10/31/21* |
|  0-5 Year High Yield Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;261375036 | $&nbsp;&nbsp;&nbsp;&nbsp;250267859 |
|  Broad USD High Yield Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $421560670 | $391636803 |
|  ESG Advanced High Yield Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7263731 | $4106362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 177273 |  |
|  | $7441004 | $4106362 |
|  Fallen Angels USD Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $143208910 | $66582989 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring*<br> *Capital Loss*<br> *Carryforwards* | *Net Unrealized*<br> *Gains (Losses)* | *Total* |
|  0-5 Year High Yield Corporate Bond | $26672303 | $(364443138) | $(377629204) | $(715400039) |
|  Broad USD High Yield Corporate Bond | 45642626 | (99978755) | (1184833043) | (1239169172) |
|  ESG Advanced High Yield Corporate Bond | 632852 | (2769620) | (22070178) | (24206946) |
|  Fallen Angels USD Bond | 9519421 | (57985093) | (413257417) | (461723089) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

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*Notes to Financial Statements* (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized* <br> *Appreciation* <br> *(Depreciation)*  |
|  0-5 Year High Yield Corporate Bond | $8261495031 | $&nbsp;&nbsp;&nbsp;&nbsp;35640416 | $(413269541) | $(377629125) |
|  Broad USD High Yield Corporate Bond | &nbsp;&nbsp;&nbsp;&nbsp;10796237835 | 24928230 | (1209761276) | (1184833046) |
|  ESG Advanced High Yield Corporate Bond | 179770310 | 565615 | (22635789) | (22070174) |
|  Fallen Angels USD Bond | 2312068067 | 3388838 | (416646255) | (413257417) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

N O T E S T O F I N A N C I A L S T A T E M E N T S 83

------

*Notes to Financial Statements* (continued)

The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/21 |
|  *iShares ETF* | | *Shares* | *Amount* | *Shares* | *Amount* |
|  0-5 Year High Yield Corporate Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 97100000 | $4016331811 | 46000000 | $2088517248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (45600000) | (1933783810) | (38700000) | (1759441148) |
|  |  | 51500000 | $2082548001 | 7300000 | $329076100 |
|  Broad USD High Yield Corporate Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 148650000 | $5434474901 | 82100000 | $3365228261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (114950000) | (4221729742) | (37950000) | (1559895286) |
|  |  | 33700000 | $1212745159 | 44150000 | $1805332975 |
|  ESG Advanced High Yield Corporate Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 1400000 | $69430603 | 1200000 | $62700777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (800000) | (35217693) |  |  |
|  |  | 600000 | $34212910 | 1200000 | $62700777 |
|  Fallen Angels USD Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 24050000 | $674034410 | 148900000 | $4404003308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (110450000) | (2904237680) | (5000000) | (146998005) |
|  |  | (86400000) | $(2230203270) | 143900000 | $4257005303 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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*Notes to Financial Statements* (continued)

***10.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 85

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

iShares 0-5 Year High Yield Corporate Bond ETF iShares Broad USD High Yield Corporate Bond ETF iShares ESG Advanced High Yield Corporate Bond ETF iShares Fallen Angels USD Bond ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br> Capital Gain Dividends  |
|  ESG Advanced High Yield Corporate Bond | $177273 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation <br>Interest* |
|  0-5 Year High Yield Corporate Bond | $10453 |
|  Broad USD High Yield Corporate Bond | 17068 |
|  ESG Advanced High Yield Corporate Bond | 102 |
|  Fallen Angels USD Bond | 605 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  0-5 Year High Yield Corporate Bond | $252760161 |
|  Broad USD High Yield Corporate Bond | 410394293 |
|  ESG Advanced High Yield Corporate Bond | 6622520 |
|  Fallen Angels USD Bond | 136442357 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related <br>Dividends* |
|  0-5 Year High Yield Corporate Bond | $196640120 |
|  Broad USD High Yield Corporate Bond | 391145580 |
|  ESG Advanced High Yield Corporate Bond | 5261371 |
|  Fallen Angels USD Bond | 106331091 |

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I M P O R T A N T T A X I N F O R M A T I O N 87

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Board Review and Approval of Investment Advisory Contract

**iShares 0-5 Year High Yield Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares ESG Advanced High Yield Corporate Bond ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

**iShares Fallen Angels USD Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates**: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF*<br>| *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* |
|  0-5 Year High Yield Corporate Bond<sup>(a)</sup>  | $2.198869 | $— | $0.000220 | $&nbsp;&nbsp;&nbsp;&nbsp;2.199089 | 100% | —% | 0 %<sup>(b)</sup> | 100% |
|  Broad USD High Yield Corporate Bond | 2.065783 |  |  | 2.065783 | 100 |  |  | 100 |
|  ESG Advanced High Yield Corporate Bond | 2.211018 | 0.285111 |  | 2.496129 | 89 | 11 |  | 100 |
|  Fallen Angels USD Bond | 1.144751 |  |  | 1.144751 | 100 |  |  | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive** 

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the "Guidelines on sound remuneration policies under the AIFMD" issued by the European Securities and Markets Authority (together the "Regulations") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Broad USD High Yield Corporate Bond ETF (the "Fund") to be marketed to United Kingdom.

**Report on Remuneration** 

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

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Supplemental Information (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual's portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company's financial year ending December 31, 2021 were as follows:

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|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF*<br>| *Total<br>Remuneration* | *Fixed<br>Remuneration* | *Variable<br>Remuneration* | *No. of<br>Beneficiaries* | *Senior Management<br>Remuneration* | *Risk Taker <br>Remuneration*  |
|  Broad USD High Yield Corporate Bond | $788179 | $368525 | $419654 | 661 | $96475 | $9971 |

---

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares Broad USD High Yield Corporate Bond ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, Fund's investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L I N F O R M A T I O N 93

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

---

| | | | |
|:---|:---|:---|:---|
| | | **Interested Trustees** | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S.<br> Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

---

<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

---

| | | | |
|:---|:---|:---|:---|
| | | **Independent Trustees** | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E.<br> Kerrigan (67) | Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D.<br> Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L.<br> Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| | | **Independent Trustees** (continued) | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H.<br> Herbert (73) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E.<br> Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E.<br> Martinez (61) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V.<br> Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
|  |  | **Officers** |  |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando<br> Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent<br> Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles<br> Park (55) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa<br> Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel<br> Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer<br> Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James<br> Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 95

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents. Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com.** Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com.** 

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov.** Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports.**

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com;** and (3) on the SEC website at **sec.gov.**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com.**

G E N E R A L I N F O R M A T I O N 97

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Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rate |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

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98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1020-1022

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| | |
|:---|:---|
| ![LOGO](g397756g24u50.jpg)  | ![LOGO](g397756g48v93.jpg) |

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| | |
|:---|:---|
| ![LOGO](g397975gra001a.jpg)  | **OCTOBER 31, 2022** |

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**2022 Annual Report**<br>

**iShares Trust** 

· iShares Core Total USD Bond Market ETF \| IUSB \| NASDAQ

· iShares U.S. Fixed Income Balanced Risk Factor ETF \| FIBR \| Cboe BZX

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Further-more, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are under-weight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397975sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397975photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx397975_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397975_2) | 4 |
|  [Fund Summary](#tx397975_3) | 5 |
|  [About Fund Performance](#tx397975_4) | 9 |
|  [Disclosure of Expenses](#tx397975_5) | 9 |
|  [Schedules of Investments](#tx397975_6) | 10 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397975_7) | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397975_8) | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397975_9) | 173 |
|  [Financial Highlights](#tx397975_10) | 174 |
|  [Notes to Financial Statements](#tx397975_11) | 176 |
|  [Report of Independent Registered Public Accounting Firm](#tx397975_12) | 185 |
|  [Important Tax Information](#tx397975_13) | 186 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397975_14) | 187 |
|  [Supplemental Information](#tx397975_15) | 189 |
|  [Trustee and Officer Information](#tx397975_16) | 190 |
|  [General Information](#tx397975_17) | 193 |
|  [Glossary of Terms Used in this Report](#tx397975_18) | 194 |

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Market Overview

**iShares Trust** 

**U.S. Bond Market Overview** 

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors' increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed's decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF** |

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**Investment Objective** 

The **iShares Core Total USD Bond Market ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield, as represented by the Bloomberg U.S. Universal Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since*<br> *Inception* | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | (15.73)% | (0.46)% | 0.92% | (15.73)% | (2.30)% | 7.95% |
|  Fund Market | (15.63) | (0.48) | 0.93 | (15.63) | (2.36) | 8.08 |
|  Index | (15.79) | (0.42) | 0.94 | (15.79) | (2.10) | 8.16 |

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**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397975sp5.jpg)

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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

**Expense Example** 

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |  |
| <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br> **<br>| *Beginning*<br> *Account Value<br>(05/01/22)* | *Ending*<br> *Account Value*<br> *(10/31/22)* | <br>| *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  | $1000.00 |  | $931.20 | $0.24 |  |  | $1000.00 | $1025.00 |  | $0.26 |  |  | 0.05 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF** |

---

**Portfolio Management Commentary** 

As represented by the Index, U.S. dollar-denominated investment-grade and high-yield bonds declined significantly for the reporting period. A sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market.

Investment-grade corporate bonds were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings.

Below-investment grade, high yield corporate bonds also experienced sizable losses. The category outperformed the investment-grade market due to its lower interest-rate sensitivity. In addition, the significant weighting of energy issuers within the sector proved helpful as gas and oil prices remained high over the period. Higher-rated issuers within the category generally outperformed given rising recession fears over the period.

Returns for securitized assets including residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were also well into negative territory. Residential mortgage-backed securities in particular were negatively impacted by the Federal Reserve's move to discontinue bond purchases as part of policy tightening. However, securitized assets held up better than the broad market as they remained supported by generally strong consumer fundamentals.

U.S. Treasury bonds also declined notably as persistent high inflation led the Federal Reserve to hike its benchmark overnight lending rate, directly impacting short-term Treasury yields and leading the curve higher across maturities. While yield increases for longer-term Treasuries were less significant, they experienced the biggest price declines given their higher sensitivity to changes in interest rates.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | | |
|:---|:---|:---|
|  | *Percent of* | *Percent of* |
|  *Moody's Credit Rating<sup>\*</sup>* | | *Total Investments* *<sup>(a)</sup>* |
|  Aaa |  | 47.8% |
|  Aa |  | 8.6 |
|  A |  | 16.0 |
|  Baa |  | 14.5 |
|  Ba |  | 3.4 |
|  B |  | 2.7 |
|  Caa |  | 0.6 |
|  Ca |  | 0.1 |
|  Not Rated |  | 6.3 |

---

**PORTFOLIO COMPOSITION** 

---

| | | |
|:---|:---|:---|
|  | *Percent of* | *Percent of* |
|  *Investment Type* | | *Total Investments* *<sup>(a)</sup>* |
|  U.S. Government & Agency Obligations |  | 61.1% |
|  Corporate Bonds & Notes |  | 33.0 |
|  Foreign Government Obligations |  | 4.7 |
|  Collaterized Mortgage Obligations |  | 0.9 |
|  Municipal Debt Obligations |  | 0.5 |
|  Asset-Backed Securities |  | 0.3 |
|  TBA Sales Commitments |  | (0.5) |
|  Common Stocks |  | — <sup>(b)</sup> |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds.

<sup>(b)</sup> Rounds to less than 0.1%. 

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF** |

---

**Investment Objective** 

The **iShares U.S. Fixed Income Balanced Risk Factor ETF** (**the "Fund"**) seeks to track the investment results of an index, composed of taxable U.S. dollar-denominated bonds and U.S. Treasury futures, which targets an equal allocation between interest rate and credit spread risk, as represented by the Bloomberg U.S. Fixed Income Balanced Risk Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (16.04)% | (1.30)% | 0.24% | (16.04)% | (6.33)% | 1.88% |
|  Fund Market | (16.09) | (1.35) | 0.23 | (16.09) | (6.55) | 1.81 |
|  Index | (15.81) | (1.11) | 0.40 | (15.81) | (5.43) | 3.07 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g397975sp7.jpg)

The inception date of the Fund was February 24, 2015. The first day of secondary market trading was February 26, 2015.

Index performance through February 4, 2018 reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. Index performance beginning on February 5, 2018 reflects the performance of the Bloomberg U.S. Fixed Income Balanced Risk Index.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
| | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  | $1000.00 | $948.10 | $1.23 | $1000.00 | $1023.90 | $1.28 | 0.25% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF** |

---

**Portfolio Management Commentary** 

U.S. dollar-denominated investment-grade and high-yield bonds within the Index declined significantly for the reporting period. A sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty, high inflation and increasing recession fears led to weakness across all sectors of the bond market.

Within the Index, securitized assets and corporate bonds weighed most heavily on total return. Returns for securitized assets including residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were well into negative territory. Performance for investment-grade corporate bonds was adversely affected by rising market interest rates as well as widening credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings.

U.S. Treasury bonds, which carry a relatively small weight in the Index, also declined notably as persistent high inflation led the Federal Reserve to hike its benchmark overnight lending rate, directly impacting short-term Treasury yields and leading the curve higher across maturities.

In terms of bond maturity, more interest rate-sensitive, longer-term issues experienced the biggest declines given the rise in Treasury yields. However, bonds under 10 years accounted for the bulk of the Index's negative return as they represent the great majority of the market weight in the Index.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | | | |
|:---|:---|:---|:---|
|  *Moody's Credit Rating<sup>\*</sup>* | <br>| *Percent of* <br> *Total Investments<sup>(a)</sup>* | <br>|
|  Aaa |  | 2.3% |  |
|  Aa |  | 2.4 |  |
|  A |  | 49.9 |  |
|  Baa |  | 31 |  |
|  Ba |  | 6.9 |  |
|  B |  | 5.7 |  |
|  Caa |  | 0.8 |  |
|  Not Rated |  | 1.0 |  |

---

**MATURITY ALLOCATION** 

---

| | | | |
|:---|:---|:---|:---|
|  *Maturity* | <br>| *Percent of* <br> *Total Investments<sup>(a)</sup>* | <br>|
|  0-1 Year |  | 1.1% |  |
|  1-5 Years |  | 45.7 |  |
|  5-10 Years |  | 29.0 |  |
|  10-15 Years |  | 1.3 |  |
|  15-20 Years |  | 3.3 |  |
|  More than 20 Years |  | 19.6 |  |

---

\* Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(a)</sup> Excludes money market funds

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 9

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  American Express Credit Account Master Trust 5.18%, 10/15/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | $| 12999355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 3.01%, 10/15/25 |  | 2000 |  | 1986123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, 3.39%, 05/15/27 |  | 10000 |  | 9603047 |
|  BA Credit Card Trust Series 2021-A1,<br>Class A1, 0.44%, 09/15/26 |  | 5020 |  | 4692466 |
|  BMW Vehicle Lease Trust Series 2022-1,<br>Class A3, 1.10%, 03/25/25 (Call 03/25/24) |  | 5020 |  | 4815703 |
|  Capital One Multi-Asset Execution Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A2, 1.39%, 07/15/30 |  | 1000 |  | 815901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1, Class A1, 0.55%, 07/15/26 |  | 2500 |  | 2316940 |
|  Carmax Auto Owner Trust 2021-1 Series 2021-1, Class A3, 0.34%, 12/15/25 (Call 06/15/24) |  | 4673 |  | 4492700 |
|  Ford Credit Auto Owner Trust Series 2020-C A4, 0.51%, 08/15/26 (Call 09/15/24) |  | 5940 |  | 5452901 |
|  GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3, 1.49%, 12/16/24 (Call 08/16/23) |  | 559 |  | 551646 |
|  Hyundai Auto Receivables Trust Series 2020-B A3, 0.48%, 12/16/24 (Call 07/15/23) |  | 753 |  | 740635 |
|  Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 05/15/25) |  | 1100 |  | 989552 |
|  Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 |  | 1774933 |
|  World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 07/15/25 (Call 04/15/23) |  | 355 |  | 351513 |
|  **Total Asset-Backed Securities — 0.3%<br>(Cost: $53,877,443)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51583415 |
|  **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** |
| **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** |
|  Bank, Series 2020-BN27, Class A5, 2.14%, 04/15/63 (Call 04/15/30) |  | 690 |  | 541802 |
|  BBCMS Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A4, 1.79%, 04/15/53 (Call 04/15/30) |  | 3000 |  | 2310955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30) |  | 1330 |  | 1041682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)<sup>(a)</sup> |  | 11940 |  | 10236716 |
|  BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31) |  | 4650 |  | 3677463 |
|  Benchmark Mortgage Trust 3.72%, 03/15/62 (Call 03/15/29) |  | 5000 |  | 4459524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)<sup>(a)</sup> |  | 464 |  | 438640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 08/15/28) |  | 750 |  | 690988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29) |  | 3000 |  | 2614826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29) |  | 2500 |  | 2266435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30) |  | 2400 |  | 1815895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30) |  | 1450 |  | 1100925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31) |  | 5000 |  | 3785741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B23, Class A5, 2.07%, 02/15/54 (Call 02/15/31) |  | 15000 |  | 11398609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31) | $6660 | $5127061 |
|  CD Mortgage Trust, Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27) | 1280 | 1151086 |
|  CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 06/15/50 (Call 05/15/27) | 1000 | 900165 |
|  Citigroup Commercial Mortgage Trust 3.46%, 12/10/49 (Call 01/10/27) | 8868 | 8128327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20116-P4, Class A4, 2.90%, 07/10/49 (Call 07/10/26) | 3600 | 3241990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class A4, 3.31%, 04/10/49 (Call 03/10/26) | 1000 | 921213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class A4, 3.71%, 04/14/50 (Call 04/14/27) | 750 | 689105 |
|  Commission Mortgage Trust 3.78%, 04/10/47 (Call 04/10/24) | 16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16367015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR12, Class A4, 4.05%, 10/10/46 (Call 11/10/23) | 2200 | 2154612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class A4, 3.59%, 11/10/47 (Call 01/10/29) | 800 | 764711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29) | 750 | 713243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25) | 2000 | 1886619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25) | 650 | 612400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR2, Class A3, 3.51%, 09/10/50 (Call 09/10/27) | 1000 | 901249 |
|  CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)<sup>(a)</sup> | 1750 | 1605138 |
|  GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24) | 3889 | 3767706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24) | 1250 | 1196480 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A4, 2.63%, 08/15/49 (Call 09/15/26) | 1846 | 1652305 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 09/15/47 (Call 02/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 | 9898829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class A4, 4.13%, 08/15/46 (Call 08/15/23)<sup>(a)</sup> | 769 | 759060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29) | 5097 | 4961527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25) | 6511 | 6175181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32, Class A5, 3.60%, 11/15/48 (Call 10/15/25) | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340816 |
|  JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27) | 1000 | 902491 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)<sup>(a)</sup> | 2499 | 2292643 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 02/15/24) | 1466 | 1433552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24) | 2500 | 2411641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class ASB, 3.62%, 10/15/47 (Call 07/15/26) | 297 | 291992 |

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10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20, Class ASB, 3.07%, 02/15/48 (Call 11/15/26) | $| 4971 | $4835812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25) |  | 500 | 468863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25) |  | 500 | 470788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class AS, 3.95%, 01/15/49 (Call 02/15/28) |  | 2000 | 1807832 |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Class A3, 4.14%, 10/15/51 (Call 10/15/28) |  | 1000 | 915980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H3, Class A5, 4.18%, 07/15/51 (Call 07/15/28) |  | 1000 | 919003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29) |  | 880 | 763248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29) |  | 420 | 349360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31) |  | 5000 | 3886378 |
|  UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28) |  | 875 | 800393 |
|  Wells Fargo Commercial Mortgage Trust Class A4, 2.34%, 08/15/54 (Call 07/15/31) |  | 920 | 704914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class ASB, 3.24%, 12/15/47 (Call 01/15/25) |  | 314 | 304908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25) |  | 1000 | 943086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A4, 3.47%, 11/15/50 (Call 11/15/27) |  | 5000 | 4480692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27) |  | 1200 | 1078649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28) |  | 3000 | 2787385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30) |  | 520 | 415303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30) |  | 2120 | 1618000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | 2745379 |
|  WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45 |  | 335 | 333360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160257691 |
|  **Total Collaterized Mortgage Obligations — 0.9%<br>(Cost: $183,061,755)** | **Total Collaterized Mortgage Obligations — 0.9%<br>(Cost: $183,061,755)** | **Total Collaterized Mortgage Obligations — 0.9%<br>(Cost: $183,061,755)** | 160257691 |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Advertising — 0.1%** |  |  |  |
|  Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)<sup>(b)(c)</sup> |  | 500 | 425410 |
|  Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)<sup>(b)</sup> |  | 200 | 190612 |
|  Clear Channel Outdoor Holdings Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 (Call 12/01/22)<sup>(b)</sup> |  | 785 | 706421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> |  | 685 | 538561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 (Call 04/15/24)<sup>(b)(c)</sup> |  | 700 | 571081 |
|  Interpublic Group of Companies Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/01/31 (Call 12/01/30) |  | 520 | 391232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/41 (Call 09/01/40) |  | 540 | 348727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/28 (Call 07/01/28) |  | 865 | 799096 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Advertising (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/30/30 (Call 12/30/29) | $471 | $427517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/48 (Call 04/01/48) | 589 | 495537 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/31 (Call 01/15/26) | 265 | 215978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 02/15/23) | 455 | 397675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 (Call 02/15/25)<sup>(c)</sup> | 355 | 301097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 (Call 01/15/24)<sup>(c)</sup> | 343 | 310305 |
|  National CineMedia LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/26 | 125 | 10212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/28 (Call 04/15/23)<sup>(b)(c)</sup> | 255 | 102482 |
|  Omnicom Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/30/30 (Call 01/30/30) | 485 | 386482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/01/31 (Call 05/01/31) | 455 | 356543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/30 (Call 03/01/30) | 609 | 548246 |
|  Omnicom Group Inc./Omnicom Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 (Call 01/15/26) | 1562 | 1466218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 (Call 08/01/24) | 796 | 768029 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 300 | 246627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | 420 | 346559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(b)</sup> | 445 | 400860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 260 | 257356 |
|  Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)<sup>(b)(c)</sup> | 645 | 554822 |
|  Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)<sup>(b)</sup> | 275 | 220143 |
|  Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 690 | 584285 |
|  WPP Finance 2010, 3.75%, 09/19/24 | 297 | 285337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12653450 |
| **Aerospace & Defense — 0.6%** |  |  |
|  Airbus SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/10/27 (Call 01/10/27)<sup>(b)</sup> | 950 | 868842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/10/47 (Call 10/10/46)<sup>(b)</sup> | 50 | 37681 |
|  BAE Systems Finance Inc., 7.50%, 07/01/27<sup>(b)</sup> | 160 | 169938 |
|  BAE Systems Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/07/24<sup>(b)</sup> | 400 | 386936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 (Call 09/15/25)<sup>(b)</sup> | 486 | 460762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/07/44<sup>(b)</sup> | 581 | 482648 |
|  BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/15/31 (Call 11/15/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | 804433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/50 (Call 03/15/50)<sup>(b)</sup> | 885 | 544001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/30 (Call 01/15/30)<sup>(b)</sup> | 210 | 180352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/11/41<sup>(b)</sup> | 240 | 230594 |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 (Call 11/14/22) | 2638 | 2502222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) | 3995 | 3551994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 (Call 03/15/26) | 852 | 746182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 (Call 07/30/25) | 235 | 214400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26) | 734 | 637846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) | 813 | 733481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 (Call 02/01/24) | 190 | 182641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 (Call 12/01/26) | 900 | 781254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 (Call 07/30/24) | 236 | 222739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 (Call 11/01/29) | 1380 | 1105684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 (Call 03/01/26) | 645 | 582029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 (Call 12/01/28) | 664 | 553351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 (Call 12/01/27) | 582 | 505723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 (Call 12/01/27) | 693 | 596528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 (Call 11/01/34) | 503 | 354640 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/46 (Call 12/15/45) | $509 | $305731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 (Call 08/01/28) | 305 | 260046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/39 (Call 09/01/38) | 200 | 131358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/38 (Call 09/01/37) | 290 | 196092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 (Call 02/01/34) | 299 | 222623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 (Call 11/01/30) | 745 | 619862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/48 (Call 09/01/47) | 275 | 166480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/47 (Call 09/01/46) | 695 | 427647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 (Call 08/01/49) | 415 | 265007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/01/59 (Call 09/01/58) | 360 | 211050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/48 (Call 05/01/48) | 172 | 108353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 (Call 11/01/48) | 707 | 455937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) | 750 | 467595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 (Call 04/01/25) | 1871 | 1827555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27) | 1847 | 1782577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30) | 2049 | 1894260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39) | 1510 | 1313383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49) | 2264 | 1945387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/40 | 597 | 527903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) | 1765 | 1492925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 618 | 599293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/38 | 805 | 766127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/39 | 621 | 602047 |
|  Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(b)</sup> | 445 | 396517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(b)</sup> | 707 | 671968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/34<sup>(b)</sup> | 325 | 304434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 903 | 900724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(b)</sup> | 823 | 809182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277965 |
|  Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/15/25 | 827 | 783285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/27 | 425 | 389207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/28 (Call 10/17/27)<sup>(d)</sup> | 400 | 377952 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)<sup>(b)(c)</sup> | 348 | 275449 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | 155 | 135386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 (Call 05/15/26) | 1210 | 1088068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 (Call 03/01/31) | 190 | 154637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 (Call 09/15/24) | 200 | 189624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27 (Call 08/15/27) | 215 | 191202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/41 (Call 12/01/40) | 310 | 215831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 610 | 586485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 459 | 444670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27) | 850 | 799136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/42 (Call 05/15/42) | 125 | 95986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 (Call 01/01/30) | 1020 | 929006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 (Call 02/15/28) | 815 | 761886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39) | 525 | 451983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 345 | 288458 |
|  Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 (Call 11/15/26) | 264 | 240076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 (Call 05/15/25) | 285 | 276598 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28) | 350 | 291274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24) | 755 | 745547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/01/27 | 377 | 373958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/37<sup>(c)</sup> | 420 | 390117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/28 | 175 | 174757 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25)<sup>(c)</sup> | $535 | $546957 |
|  L3Harris Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/15/31 (Call 10/15/30) | 558 | 417099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29 (Call 09/15/29) | 472 | 393195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 (Call 01/27/25) | 530 | 508933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 (Call 09/15/26) | 687 | 643472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/28/24 (Call 02/28/24) | 163 | 159342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/28 (Call 03/15/28) | 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 (Call 10/27/34) | 610 | 544803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/27/45 (Call 10/27/44) | 208 | 176575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 12/15/40 | 15 | 14629 |
|  Leonardo U.S. Holdings Inc., 6.25%, 01/15/40<sup>(b)</sup> | 100 | 88194 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/15/30 (Call 03/15/30) | 639 | 510868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 403 | 256574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25) | 462 | 444735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/35 (Call 09/01/34) | 195 | 166996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44) | 915 | 707624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32) | 275 | 251548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42 | 608 | 499156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52) | 411 | 325212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) | 505 | 405015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/62 (Call 12/15/61) | 560 | 447720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/36 (Call 11/15/35) | 316 | 287244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | 898418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/25 | 150 | 150140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 | 430 | 430925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 650 | 652093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 185 | 186630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/01/40 | 335 | 334712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 355 | 361131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.15%, 09/01/36 | 860 | 904918 |
|  Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 336 | 300656 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 (Call 11/15/24) | 1416 | 1349830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26) | 807 | 743554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) | 925 | 836811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/15/45 (Call 10/15/44) | 745 | 562147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 (Call 04/15/47) | 1042 | 819325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 (Call 02/01/30) | 706 | 664282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43 | 847 | 735984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40 | 433 | 392445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/40 (Call 11/01/39) | 470 | 432076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 (Call 11/01/49) | 218 | 202912 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 (Call 06/01/31) | 725 | 550587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 (Call 04/01/30) | 1687 | 1360582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/32 (Call 12/15/31) | 925 | 722804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 (Call 08/01/26) | 25 | 22743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 (Call 03/01/51) | 460 | 281759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/15/52 (Call 09/15/51) | 1030 | 654544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | 517 | 472460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 (Call 01/01/50) | 702 | 461888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 (Call 01/15/24) | 1160 | 1129306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26) | 707 | 659546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/23 (Call 09/15/23) | 345 | 340532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 (Call 05/01/46) | 415 | 303440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 (Call 06/16/25) | 955 | 926417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/04/47 (Call 11/04/46) | 535 | 411180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 (Call 08/16/28) | 1470 | 1368864 |

---

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/16/44) | $596 | $466585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 (Call 10/15/46) | 1005 | 812251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 (Call 05/16/38) | 640 | 547213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 | 1423 | 1206917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48) | 1193 | 1005556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/41 | 428 | 362721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43 (Call 06/15/43) | 345 | 296831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 | 855 | 755923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/15/40 | 260 | 251061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/15/38 | 400 | 403848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/27 | 153 | 165765 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(b)</sup> | 770 | 679648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(b)</sup> | 600 | 543240 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 (Call 03/15/26)<sup>(c)</sup> | 205 | 183321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28) | 585 | 419275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 385 | 373057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 670 | 652513 |
|  ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)<sup>(d)</sup> | 400 | 366384 |
|  Teledyne Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 04/01/24 (Call 12/01/22) | 740 | 692766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 (Call 03/01/26) | 270 | 234268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/31 (Call 01/01/31) | 773 | 604896 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/24) | 760 | 647733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24) | 481 | 409615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 (Call 12/01/22) | 1910 | 1734643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | 2790663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22) | 530 | 510549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22)<sup>(c)</sup> | 460 | 453620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(b)</sup> | 1008 | 1025680 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) | 300 | 293088 |
|  Triumph Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(b)</sup> | 335 | 310790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22) | 360 | 273078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(b)</sup> | 313 | 316302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98601072 |
| **Agriculture — 0.3%** |  |  |
|  Adecoagro SA, 6.00%, 09/21/27<sup>(d)</sup> | 300 | 271095 |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 (Call 04/06/25) | 536 | 494792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 (Call 11/04/31) | 690 | 490417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 06/16/26)<sup>(c)</sup> | 851 | 761832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 (Call 02/06/30) | 670 | 544375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 (Call 08/04/40) | 870 | 530152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 (Call 08/04/50) | 957 | 559606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/14/24 (Call 01/14/24)<sup>(c)</sup> | 80 | 78258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 (Call 03/16/46) | 978 | 600032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 (Call 08/04/60) | 768 | 457874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 | 322 | 218384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(c)</sup> | 563 | 540998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 (Call 11/06/49) | 467 | 299254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 | 567 | 388157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 (Call 11/14/28) | 645 | 593781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44 | 1117 | 892293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38) | 1407 | 1190336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 1568 | 1272197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Agriculture (continued)** |  |  |
|  Amaggi Luxembourg International Sarl, 5.25%, 01/28/28<sup>(d)</sup> | $400 | $352936 |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 (Call 05/11/26) | 1378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) | 214 | 134118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31) | 440 | 367638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 (Call 12/27/29) | 643 | 567628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/47 (Call 03/15/47) | 227 | 174368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 04/16/43 | 370 | 295589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 340 | 295548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/26/42 | 122 | 105683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/15/35 | 150 | 147309 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 (Call 01/25/28) | 1063 | 841194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 (Call 12/25/30) | 1139 | 833361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 (Call 08/06/24) | 384 | 363122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 (Call 06/15/24) | 998 | 953310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26) | 411 | 366579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/06/29 (Call 06/06/29) | 717 | 578820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 1720 | 1505447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 (Call 03/25/40) | 540 | 340227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 (Call 03/25/50) | 586 | 351401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 (Call 02/15/37) | 1691 | 1226060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 (Call 02/15/47) | 1015 | 657273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27) | 540 | 502686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 (Call 12/16/31) | 465 | 389828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 (Call 03/06/49) | 832 | 555493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 (Call 01/02/30) | 734 | 641611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 04/02/50 (Call 10/02/49) | 437 | 312778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 (Call 09/16/51) | 445 | 336700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 | 300 | 306642 |
|  BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 (Call 02/25/26) | 756 | 649540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25<sup>(b)</sup> | 1099 | 1044885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 (Call 02/16/28) | 466 | 413528 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 (Call 07/17/25) | 176 | 157828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 (Call 02/14/31) | 660 | 518971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/26 (Call 05/15/26) | 793 | 723811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/25/27 (Call 06/25/27) | 560 | 512266 |
|  Cargill Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/02/24 (Call 01/02/24)<sup>(b)</sup> | 80 | 75410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/02/26 (Call 01/02/26)<sup>(b)</sup> | 1056 | 916217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/02/31 (Call 11/02/30)<sup>(b)</sup> | 1155 | 874243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/23/30 (Call 01/23/30)<sup>(b)</sup> | 525 | 419218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/10/31 (Call 08/10/31)<sup>(b)</sup> | 875 | 670486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/25/51 (Call 11/25/50)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 758991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/23/29 (Call 02/23/29)<sup>(b)</sup> | 125 | 110845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/22/25 (Call 04/22/23)<sup>(b)</sup> | 110 | 105996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/27 (Call 03/22/27)<sup>(b)</sup> | 250 | 235543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/49 (Call 11/23/48)<sup>(b)</sup> | 240 | 180408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/32 (Call 03/22/32)<sup>(b)</sup> | 200 | 179486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/52 (Call 10/22/51)<sup>(b)</sup> | 75 | 60968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/10/25 | 420 | 416720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/11/32 | 530 | 517190 |
|  Darling Ingredients Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 397 | 382081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(b)</sup> | 505 | 486042 |
|  Imperial Brands Finance PLC<br>3.13%, 07/26/24 (Call 06/26/24)<sup>(b)</sup> | 900 | 852516 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/26/26 (Call 05/26/26)<sup>(b)</sup> | $1760 | $1581642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/26/29 (Call 04/26/29)<sup>(b)</sup> | 430 | 361097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/21/25 (Call 04/21/25)<sup>(b)</sup> | 1230 | 1168611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/27/27 (Call 06/27/27)<sup>(b)</sup> | 350 | 340609 |
|  IOI Investment L Bhd, 3.38%, 11/02/31 (Call 05/02/31)<sup>(d)</sup> | 200 | 146426 |
|  JT International Financial Services BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/31 (Call 06/14/31)<sup>(d)</sup> | 400 | 279836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/24/32<sup>(c)</sup> | 300 | 304431 |
|  MHP Lux SA, 6.95%, 04/03/26<sup>(d)</sup> | 400 | 186000 |
|  MHP SE, 7.75%, 05/10/24<sup>(d)</sup> | 400 | 190575 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 963 | 824029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25) | 375 | 341722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30) | 556 | 408365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30) | 350 | 267190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25) | 395 | 362507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 (Call 04/01/24) | 966 | 932876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 (Call 05/17/27) | 232 | 208758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/28 (Call 12/02/27)<sup>(c)</sup> | 455 | 397661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 627 | 603694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 385 | 365454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 (Call 05/15/29)<sup>(c)</sup> | 500 | 427655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/23 | 392 | 386281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 | 513 | 340160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 | 316 | 215373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 | 985 | 683885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41 | 618 | 446530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/42 | 584 | 426846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43 | 533 | 409765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054737 |
|  Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 (Call 03/12/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | 1723901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/35 (Call 02/15/35) | 471 | 398075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 (Call 02/15/45) | 1405 | 1099469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/15/43 | 538 | 436033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/37 | 526 | 501441 |
|  Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 125 | 109060 |
|  Vector Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 565 | 494703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 320 | 315805 |
|  Viterra Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/21/26 (Call 03/21/26)<sup>(b)</sup> | 540 | 455857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/21/31 (Call 01/21/31)<sup>(b)</sup> | 350 | 254419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/21/27 (Call 03/21/27)<sup>(b)</sup> | 300 | 273699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/32 (Call 01/21/32)<sup>(b)</sup> | 750 | 629722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56565134 |
| **Airlines — 0.2%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(b)</sup> | 710 | 627967 |
|  Air Canada Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 3.60%, 09/15/28<sup>(b)</sup> | 319 | 282081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class AA, 3.30%, 07/15/31<sup>(b)</sup> | 779 | 651016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C, 10.50%, 07/15/26<sup>(b)</sup> | 340 | 347487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A, 5.25%, 10/01/30<sup>(b)</sup> | 636 | 588728 |
|  Alaska Airlines Pass Through Trust, Series 2020-1, 4.80%, 02/15/29<sup>(b)</sup> | 282 | 262675 |
|  Allegiant Travel Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/27 (Call 08/15/24)<sup>(b)</sup> | 325 | 306273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/05/24 (Call 08/05/23)<sup>(b)</sup> | 78 | 77315 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Airlines (continued)** |  |  |
|  American Airlines 2021-1 Pass Through Trust, Series B, 3.95%, 01/11/32<sup>(c)</sup> | $145 | $113300 |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(b)(c)</sup> | 326 | 287196 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(b)</sup> | 1810 | 1981009 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | 2153870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(b)</sup> | 1880 | 1710800 |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 3.25%, 04/15/30 | 151 | 114560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.00%, 01/15/27 | 153 | 129119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 3.70%, 04/01/28 | 320 | 266182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class A, 3.38%, 11/01/28 | 383 | 308858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, 3.60%, 03/22/29 | 123 | 107568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class A, 4.10%, 07/15/29 | 121 | 93895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.58%, 07/15/29 | 150 | 131054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.65%, 12/15/29<sup>(c)</sup> | 282 | 211005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 12/15/29 | 567 | 481271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 04/15/30 | 482 | 403090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class AA, 3.65%, 08/15/30 | 363 | 321499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class AA, 3.35%, 04/15/31 | 530 | 448118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 08/15/33 | 52 | 42271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 2.88%, 01/11/36 | 815 | 634486 |
|  Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)<sup>(d)</sup> | 850 | 639081 |
|  Azul Investments LLP, 7.25%, 06/15/26<sup>(d)</sup> | 400 | 253884 |
|  British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 2.90%, 09/15/36<sup>(b)(c)</sup> | 276 | 220662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.25%, 05/15/34<sup>(b)</sup> | 314 | 278577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.80%, 03/20/33<sup>(b)</sup> | 151 | 134148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.30%, 06/15/34<sup>(b)</sup> | 339 | 282782 |
|  Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24 | 331 | 309804 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24) | 610 | 576255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29)<sup>(c)</sup> | 378 | 312360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(c)</sup> | 305 | 272130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/25<sup>(b)</sup> | 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25)<sup>(c)</sup> | 795 | 812864 |
|  Delta Air Lines Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/25<sup>(b)(c)</sup> | 1835 | 1787473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/28<sup>(b)</sup> | 1546 | 1437301 |
|  Delta Air Lines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.20%, 10/25/25 | 55 | 52766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Class AA, 2.00%, 12/10/29 | 75 | 63221 |
|  Gol Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/31/25 (Call 11/30/22)<sup>(d)</sup> | 200 | 86998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/26 (Call 12/24/22)<sup>(d)</sup> | 600 | 359832 |
|  Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)<sup>(d)</sup> | 400 | 328604 |
|  Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27 | 90 | 73405 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(b)</sup> | 805 | 742685 |
|  JetBlue Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Class A, 4.00%, 05/15/34 | 383 | 335895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 2.75%, 11/15/33<sup>(c)</sup> | 194 | 155326 |
|  Latam Airlines Group SA, 13.38%, 10/15/29 | 300 | 294786 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 06/30/23)<sup>(b)</sup> | 518 | 512050 |

---

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Airlines (continued)** |  |  |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/10/30 (Call 11/10/29) | $515 | $409955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/26 (Call 08/15/26) | 398 | 358033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/16/27 (Call 08/16/27) | 376 | 337550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 (Call 04/15/27) | 1776 | 1731653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 (Call 04/04/25) | 809 | 805384 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)<sup>(b)</sup> | 358 | 363442 |
|  U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27<sup>(c)</sup> | 229 | 203127 |
|  United Airlines Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/25<sup>(c)</sup> | 210 | 200630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/24<sup>(c)</sup> | 425 | 418412 |
|  United Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | 1129963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(b)</sup> | 1395 | 1197635 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.30%, 02/15/27 | 486 | 445283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 4.00%, 10/11/27 | 483 | 434874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, 03/03/28 | 630 | 560993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 01/07/30 | 103 | 88175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class B, 3.65%, 07/07/27<sup>(c)</sup> | 255 | 222622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 2.88%, 04/07/30 | 360 | 301851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 09/01/31 | 313 | 265049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Class AA, 4.15%, 08/25/31 | 643 | 566363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class AA, 2.70%, 11/01/33 | 25 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 11/01/29 | 105 | 87850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/27 | 633 | 631251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 4.88%, 07/15/27 | 1059 | 983999 |
|  Unity 1 Sukuk Ltd., 2.39%, 11/03/25<sup>(d)</sup> | 400 | 367856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38237040 |
| **Apparel — 0.1%** |  |  |
|  Crocs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 08/15/26)<sup>(b)</sup> | 360 | 273254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 206 | 164915 |
|  Hanesbrands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 524 | 509401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(b)</sup> | 535 | 491039 |
|  Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)<sup>(b)</sup>  | 206 | 165777 |
|  Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)<sup>(b)(c)</sup> | 300 | 240171 |
|  Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)<sup>(b)</sup> | 1075 | 1015692 |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26) | 795 | 723482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 (Call 02/27/25) | 315 | 297770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 567 | 520086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 (Call 12/27/29) | 1492 | 1294415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39) | 1335 | 1014680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/46 (Call 05/01/46) | 535 | 389646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(c)</sup> | 482 | 351209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 (Call 11/01/42) | 192 | 148875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45) | 290 | 231504 |
|  PVH Corp., 4.63%, 07/10/25 (Call 06/10/25) | 637 | 605844 |
|  Ralph Lauren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/30 (Call 03/15/30) | 212 | 177181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 07/15/25) | 338 | 327059 |
|  Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27) | 149 | 134779 |
|  Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26) | 425 | 365313 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 (Call 03/23/25) | 421 | 390014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 (Call 02/23/27) | $| 211 | $| 187092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/23/30 (Call 01/23/30) |  | 95 |  | 76751 |
|  William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)<sup>(b)</sup> |  | 251 |  | 241309 |
|  Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)<sup>(b)(c)</sup> |  | 330 |  | 262961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600219 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
|  Allison Transmission Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31 (Call 01/30/26)<sup>(b)</sup> |  | 725 |  | 581341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27 (Call 11/14/22)<sup>(b)</sup> |  | 320 |  | 295149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> |  | 345 |  | 321764 |
|  American Honda Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 |  | 200 |  | 185574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25 |  | 380 |  | 338747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25 |  | 485 |  | 437538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26 |  | 375 |  | 325331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25 |  | 210 |  | 194798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/31 |  | 418 |  | 320251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28 |  | 460 |  | 386386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 |  | 426 |  | 404108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/29 |  | 208 |  | 173441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26 |  | 535 |  | 477782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27 |  | 831 |  | 738801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 |  | 639 |  | 611651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 |  | 300 |  | 291711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 |  | 546 |  | 497084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24 |  | 212 |  | 208178 |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(b)</sup> |  | 705 |  | 680113 |
|  Baic Finance Investment Co. Ltd., 2.00%, 03/16/24<sup>(d)</sup> |  | 200 |  | 190004 |
|  BMW Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/14/24 (Call 07/14/24)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 |  | 987045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/14/29 (Call 05/14/29)<sup>(b)</sup> |  | 535 |  | 451010 |
|  BMW U.S. Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/12/24<sup>(b)</sup> |  | 265 |  | 244982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/01/24<sup>(b)</sup> |  | 920 |  | 866116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/12/26 (Call 07/12/26)<sup>(b)</sup> |  | 470 |  | 401497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/12/31 (Call 05/12/31)<sup>(b)(c)</sup> |  | 320 |  | 241094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/31 (Call 01/01/31)<sup>(b)</sup> |  | 473 |  | 375245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/11/26 (Call 01/11/26)<sup>(b)</sup> |  | 980 |  | 898807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/18/24 (Call 03/18/24)<sup>(b)(c)</sup> |  | 293 |  | 285086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/06/27 (Call 01/06/27)<sup>(b)</sup> |  | 170 |  | 155213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/01/27 (Call 03/01/27)<sup>(b)</sup> |  | 820 |  | 756893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/18/29 (Call 01/18/29)<sup>(b)</sup> |  | 130 |  | 116124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/32 (Call 01/01/32)<sup>(b)(c)</sup> |  | 700 |  | 602224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/12/28 (Call 01/12/28)<sup>(b)</sup> |  | 690 |  | 633303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/09/25 (Call 03/09/25)<sup>(b)</sup> |  | 750 |  | 724852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/09/30 (Call 01/09/30)<sup>(b)</sup> |  | 410 |  | 374166 |
|  Cummins Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 (Call 08/01/25) |  | 185 |  | 164741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 (Call 06/01/30) |  | 983 |  | 750806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/50 (Call 03/01/50)<sup>(c)</sup> |  | 135 |  | 79777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/43 (Call 04/01/43) |  | 245 |  | 217962 |
|  Daimler Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/01/24<sup>(b)</sup> |  | 95 |  | 89482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/25<sup>(b)</sup> |  | 1485 |  | 1373328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/10/30<sup>(b)</sup> |  | 915 |  | 745030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24<sup>(b)</sup> |  | 329 |  | 315521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/29<sup>(b)</sup> |  | 1183 |  | 1007230 |

---

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/19/25<sup>(b)</sup> | $230 | $217704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/22/29<sup>(b)</sup> | 665 | 613130 |
|  Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/13/24<sup>(b)(c)</sup> | 640 | 588474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/14/26<sup>(b)</sup> | 390 | 332381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/07/25<sup>(b)</sup> | 500 | 472855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/07/27<sup>(b)</sup> | 810 | 729105 |
|  Ford Holdings LLC, 9.30%, 03/01/30 | 320 | 350304 |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 (Call 11/12/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 1201488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(c)</sup> | 909 | 846143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/43 | 1261 | 880077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/08/46 (Call 06/08/46) | 801 | 592900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 (Call 05/19/32) | 1045 | 957471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/29 | 160 | 153614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/28 | 500 | 493125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/25 | 125 | 127708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 11/01/46 | 375 | 342915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 07/16/31<sup>(c)</sup> | 678 | 679993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/01/26 | 2 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/22/30 (Call 01/22/30) | 345 | 385237 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25) | 650 | 588425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26) | 843 | 730164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 (Call 12/16/27) | 450 | 365395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 (Call 12/10/28) | 500 | 392945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 500 | 484460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25) | 1400 | 1272180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 (Call 03/17/31) | 610 | 471414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 415 | 393598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 510 | 493139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27) | 545 | 472815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 (Call 08/13/30) | 1065 | 863364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24) | 800 | 765968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 710 | 659945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 758 | 672869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 610 | 551300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 | 985 | 911992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 510 | 470623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | 310 | 293719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 900 | 824526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29) | 917 | 819266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25) | 900 | 868545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 845 | 834742 |
|  Geely Automobile Holdings Ltd., 4.00%, (Call 12/09/24)<sup>(a)(d)(e)</sup> | 200 | 172312 |
|  Geely Finance Hong Kong Ltd., 3.00%, 03/05/25<sup>(d)</sup> | 200 | 182284 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 | 78 | 74774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 (Call 07/01/27)<sup>(c)</sup> | 744 | 680976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 07/01/28)<sup>(c)</sup> | 441 | 408617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35 | 328 | 272443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 (Call 10/01/37) | 450 | 367722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 | 1402 | 1080437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 (Call 08/15/29) | 535 | 495881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 (Call 10/01/47) | 365 | 288843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32) | 740 | 671876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 (Call 10/01/48) | 530 | 447739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 (Call 09/01/25) | 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 865 | 758164 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 (Call 10/01/35) | $733 | $690867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 (Call 10/01/45) | 509 | 472459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27) | 744 | 754148 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24 | 530 | 497151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 140 | 127908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | 927686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 800 | 673872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27) | 325 | 275701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 (Call 10/08/30) | 545 | 399774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 (Call 02/10/28) | 547 | 443278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | 205 | 161866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27) | 700 | 590450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 (Call 03/10/31) | 640 | 476352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 (Call 05/20/25) | 898 | 826187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 (Call 01/26/25) | 1193 | 1113308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 (Call 10/12/31) | 275 | 209520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 (Call 09/07/24) | 270 | 257531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 (Call 03/21/30) | 950 | 777575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 (Call 10/05/27) | 246 | 216696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 (Call 02/13/24) | 1172 | 1140133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 (Call 10/15/24) | 727 | 699170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26) | 942 | 864473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 (Call 04/13/25) | 750 | 714472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/29 (Call 02/06/29) | 530 | 465642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 (Call 02/09/25) | 462 | 443261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26)<sup>(c)</sup> | 800 | 737472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27) | 1120 | 1059173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 (Call 12/17/23) | 614 | 608548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25) | 682 | 660742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 (Call 10/17/28) | 453 | 427464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25 | 300 | 297681 |
|  Harley-Davidson Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/14/27 (Call 01/14/27)<sup>(b)</sup> | 100 | 85333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/25 (Call 05/08/25)<sup>(b)</sup> | 1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382062 |
|  Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31) . | 608 | 503485 |
|  Hyundai Assan Otomotiv Sanayi ve Ticaret AS, 1.63%, 07/12/26<sup>(d)</sup> | 200 | 166786 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/08/24<sup>(b)</sup> | 1430 | 1347017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/14/24<sup>(b)</sup> | 1310 | 1203117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/24<sup>(b)</sup> | 690 | 625216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/08/26 (Call 12/08/25)<sup>(b)</sup> | 910 | 774446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/15/26 (Call 05/15/26)<sup>(b)</sup> | 805 | 671467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/17/26 (Call 08/17/26)<sup>(b)</sup> | 745 | 618194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/25 (Call 09/15/25)<sup>(b)</sup> | 705 | 620626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/10/28<sup>(b)</sup> | 583 | 457818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/28 (Call 04/15/28)<sup>(b)</sup> | 735 | 572528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/15/28 (Call 07/17/28)<sup>(b)</sup> | 525 | 405793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/27 (Call 08/15/27)<sup>(b)</sup> | 975 | 795727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/10/25 (Call 01/10/25)<sup>(b)</sup> | 850 | 786692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/27/26<sup>(d)</sup> | 350 | 302323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/10/27 (Call 12/10/26)<sup>(b)</sup> | 655 | 570132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/20/24<sup>(d)</sup> | 400 | 383536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/02/26 (Call 09/02/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | 1058556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/24<sup>(d)</sup> | 50 | 48950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/07/25 (Call 03/07/25)<sup>(b)(c)</sup> | 593 | 588707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/08/30 (Call 01/08/30)<sup>(b)</sup> | 270 | 262453 |
|  Hyundai Capital Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/08/26<sup>(d)</sup> | 600 | 517974 |

---

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/24/25<sup>(d)</sup> | $400 | $363284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/24/27<sup>(d)</sup> | 200 | 173476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/29/27<sup>(d)</sup> | 200 | 179318 |
|  Hyundai Motor Manufacturing Indonesia PT, 1.75%, 05/06/26<sup>(d)</sup> | 200 | 169186 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(b)(c)</sup> | 295 | 208830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 340 | 239799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/28 (Call 01/15/24)<sup>(b)</sup> | 380 | 280030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | 959774 |
|  JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 330 | 314543 |
|  Kia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/16/24<sup>(d)</sup> | 261 | 244165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/16/26<sup>(d)</sup> | 600 | 509358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/14/27<sup>(d)</sup> | 200 | 173060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/26<sup>(b)</sup> | 300 | 274158 |
|  Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/24<sup>(b)</sup> | 290 | 279374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/03/25<sup>(b)</sup> | 1165 | 1101764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/22/24<sup>(b)</sup> | 330 | 323575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/22/28<sup>(b)(c)</sup> | 970 | 884417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/18/31 | 428 | 499134 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/16/24<sup>(b)</sup> | 1045 | 933206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/16/26 (Call 08/16/26)<sup>(b)</sup> | 1400 | 1098776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/28 (Call 07/15/28)<sup>(b)</sup> | 1125 | 809977 |
|  Nissan Motor Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/09/26 (Call 02/09/26)<sup>(b)</sup> | 105 | 85641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/09/28 (Call 01/09/28)<sup>(b)</sup> | 445 | 337381 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 09/17/25 (Call 08/17/25)<sup>(b)</sup> | 1510 | 1340774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/17/27 (Call 07/17/27)<sup>(b)</sup> | 1545 | 1302698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/17/30 (Call 06/17/30)<sup>(b)</sup> | 1313 | 1049048 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/09/24 | 315 | 291195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/11/26 | 240 | 210847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25 | 249 | 232337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/27 | 200 | 177254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24 | 210 | 199414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | 125 | 121616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25 | 210 | 203186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/03/25 | 235 | 234941 |
|  PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)<sup>(b)</sup> | 425 | 364952 |
|  Stellantis Finance U.S. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/29/27 (Call 12/29/26)<sup>(b)</sup> | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 09/15/31 (Call 06/15/31)<sup>(b)(c)</sup> | 870 | 619275 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 (Call 02/25/24) | 475 | 447341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 (Call 02/25/26) | 949 | 838299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24 | 160 | 153458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/25/31 (Call 12/25/30) | 595 | 485211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 07/02/29 | 615 | 533365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/28 | 165 | 152709 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/11/24 | 250 | 237027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 895 | 832556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24 | 965 | 890917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25 | 600 | 530454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 15 | 13103 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26<sup>(c)</sup> | $| 1310 | $| 1137565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27 |  | 105 |  | 87250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 |  | 500 |  | 463495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31<sup>(c)</sup> |  | 60 |  | 45709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25 |  | 490 |  | 456969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 |  | 520 |  | 455728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28 |  | 1060 |  | 897407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/31 |  | 795 |  | 606649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 |  | 235 |  | 222044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30 |  | 192 |  | 157000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24 |  | 376 |  | 364953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 |  | 467 |  | 445308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 |  | 1025 |  | 938336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28 |  | 384 |  | 347389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 |  | 767 |  | 709414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24 |  | 140 |  | 137626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 |  | 766 |  | 680706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25 |  | 427 |  | 411005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/24/25<sup>(d)(f)</sup> |  | 450 |  | 427720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 |  | 435 |  | 418835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29 |  | 326 |  | 299112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25 |  | 440 |  | 428811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 |  | 540 |  | 534724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29 |  | 540 |  | 517941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 |  | 540 |  | 525285 |
|  Volkswagen Group of America Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/22/23<sup>(b)</sup> |  | 1485 |  | 1414210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/25 (Call 10/24/25)<sup>(b)</sup> |  | 1500 |  | 1311930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/24/27 (Call 09/24/27)<sup>(b)(c)</sup> |  | 1103 |  | 883062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/26/24<sup>(b)</sup> |  | 573 |  | 544682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/26/26<sup>(b)</sup> |  | 335 |  | 304183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/13/25<sup>(b)</sup> |  | 425 |  | 400626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/13/30<sup>(b)</sup> |  | 145 |  | 122627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/06/25<sup>(b)</sup> |  | 1090 |  | 1043272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/13/23<sup>(b)</sup> |  | 455 |  | 449403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/08/27 (Call 05/08/27)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 |  | 1108374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/08/29 (Call 04/08/29)<sup>(b)</sup> |  | 1015 |  | 920483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/13/25<sup>(b)</sup> |  | 300 |  | 290124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/13/28<sup>(b)</sup> |  | 566 |  | 519028 |
|  Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)<sup>(b)</sup> |  | 345 |  | 284132 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128634511 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)<sup>(b)(c)</sup> |  | 485 |  | 433309 |
|  American Axle & Manufacturing Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(c)</sup> |  | 345 |  | 280568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26<sup>(c)</sup> |  | 181 |  | 171950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22) |  | 290 |  | 267670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 (Call 07/01/23) |  | 310 |  | 286564 |
|  Aptiv PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/51 (Call 06/01/51)<sup>(c)</sup> |  | 1105 |  | 615120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 (Call 12/15/28) |  | 265 |  | 236523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/01/46 (Call 04/01/46) |  | 118 |  | 82797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/49 (Call 09/15/48) |  | 399 |  | 314496 |
|  Aptiv PLC/Aptiv Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/32 (Call 12/01/31) |  | 475 |  | 378832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/52 (Call 11/01/51) |  | 600 |  | 404904 |
|  BorgWarner Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 (Call 05/01/27) |  | 448 |  | 391162 |

---

S C H E D U L E O F I N V E S T M E N T S 17

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/25 (Call 12/15/24) | $170 | $162406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45 (Call 09/15/44) | 95 | 68051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(b)</sup> | 1212 | 1180318 |
|  Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 259 | 259319 |
|  Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(b)(c)</sup> | 530 | 516930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 1261 | 1240055 |
|  Cooper-Standard Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/26 (Call 11/16/22)<sup>(b)(c)</sup> | 258 | 97031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 06/01/24 (Call 12/01/22)<sup>(b)(c)</sup> | 200 | 205320 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 195 | 190542 |
|  Dana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26) | 260 | 207740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 (Call 02/15/27) | 225 | 171272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22) | 280 | 253512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23) | 265 | 239753 |
|  Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)<sup>(b)(c)</sup> | 325 | 284762 |
|  Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 410 | 272785 |
|  Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(c)</sup> | 429 | 390416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22)<sup>(c)</sup> | 545 | 523418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 (Call 04/15/29)<sup>(c)</sup> | 515 | 446974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 (Call 01/30/31) | 335 | 281661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 (Call 04/15/31)<sup>(c)</sup> | 385 | 321775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 (Call 01/30/33)<sup>(c)</sup> | 310 | 259207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/28<sup>(c)</sup> | 199 | 194960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) | 432 | 450528 |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/26 (Call 11/11/22),<br>(5.50% PIK)<sup>(b)(g)</sup> | 315 | 268393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/27 (Call 11/11/22),<br>(6.75% PIK)<sup>(b)(g)</sup> | 225 | 193322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29 (Call 05/15/24),<br>(7.13% PIK)<sup>(b)(g)</sup> | 240 | 204730 |
|  Lear Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 01/15/32 (Call 10/15/31) | 425 | 309919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/30/30 (Call 02/28/30) | 90 | 73489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/52 (Call 07/15/51) | 180 | 102589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/27 (Call 06/15/27) | 147 | 132872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 02/15/29) | 280 | 245781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/49 (Call 11/15/48) | 460 | 358782 |
|  Levc Finance Ltd., 1.38%, 03/25/24<sup>(d)</sup> | 200 | 189078 |
|  Magna International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/30 (Call 03/15/30) | 475 | 380427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 (Call 03/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | 985538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 (Call 07/01/25) | 180 | 174920 |
|  Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)<sup>(d)</sup>  | 400 | 291052 |
|  Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 355 | 256988 |
|  Tenneco Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22) | 390 | 388483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 460 | 456191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/15/24<sup>(c)</sup> | 175 | 173012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 310 | 308019 |
|  Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24) | 245 | 228235 |
|  Toyota Industries Corp., 3.57%, 03/16/28 (Call 12/16/27)<sup>(b)</sup> | 499 | 456186 |
|  Wheel Pros Inc., 6.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 245 | 116843 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(b)</sup> | 645 | 605371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18982850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks — 6.5%** | **Banks — 6.5%** | **Banks — 6.5%** |
|  ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 06/16/27 (Call 06/16/26)<sup>(a)(b)</sup> | $760 | $635672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 12/13/29 (Call 12/13/28)<sup>(a)(b)</sup> | 600 | 466230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 03/13/37 (Call 12/13/31)<sup>(a)(b)</sup> | 895 | 616548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/28/25<sup>(b)</sup> | 905 | 856899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/18/26<sup>(b)</sup> | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098883 |
|  ABQ Finance Co., 2.00%, 07/06/26<sup>(d)</sup> | 200 | 173312 |
|  ABQ Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/08/25<sup>(d)</sup> | 600 | 534348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/24/24<sup>(d)</sup> | 400 | 380404 |
|  Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 917720 |
|  Access Bank PLC, 6.13%, 09/21/26<sup>(d)</sup> | 200 | 145128 |
|  Agricultural Bank of China Ltd., 0.75%, 03/02/24<sup>(d)</sup> | 400 | 378936 |
|  Agricultural Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/17/24<sup>(d)</sup> | 400 | 373924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/22/25<sup>(d)</sup> | 400 | 358944 |
|  Agricultural Bank of China Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/19/24<sup>(d)</sup> | 800 | 762872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/19/26<sup>(d)</sup> | 400 | 358860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/18/25<sup>(d)</sup> | 200 | 185796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/18/27<sup>(d)</sup> | 200 | 178934 |
|  Agricultural Bank Of China Ltd./Singapore, 1.25%, 03/02/26<sup>(d)</sup> | 200 | 178600 |
|  AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 04/10/25 (Call 04/10/24)<sup>(a)(b)</sup> | 465 | 443210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.58%, 10/14/26 | 400 | 397708 |
|  Akbank TAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/31/25<sup>(d)</sup> | 400 | 357752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 02/06/26<sup>(d)</sup> | 400 | 361924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/22/31 (Call 06/22/26)<sup>(a)(d)</sup> | 200 | 164708 |
|  ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27)<sup>(a)(b)</sup> | 300 | 285552 |
|  ANZ New Zealand Int'l Ltd./London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26<sup>(b)</sup> | 355 | 306014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 02/18/25<sup>(b)</sup> | 365 | 339205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/19/24<sup>(b)</sup> | 789 | 769007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/17/27<sup>(b)</sup> | 934 | 851789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/21/28<sup>(b)</sup> | 879 | 790977 |
|  Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)<sup>(a)(d)</sup> | 600 | 557772 |
|  ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/26<sup>(b)</sup> | 715 | 614757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/22/31<sup>(b)</sup> | 410 | 310177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/23/24<sup>(b)</sup> | 338 | 326410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 06/17/32 (Call 06/17/27)<sup>(a)(b)</sup> | 500 | 461260 |
|  AUB Sukuk Ltd., 2.62%, 09/09/26<sup>(d)</sup> | 400 | 354320 |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 11/25/35 (Call 11/25/30)<sup>(a)(b)</sup> | 1455 | 1023025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/22/30 (Call 07/22/25)<sup>(a)(b)</sup> | 2099 | 1871133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/19/26<sup>(b)</sup> | 295 | 275893 |
|  Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25 | 435 | 417387 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25 | 2435 | 2126778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/14/26 (Call 09/14/25)<sup>(a)</sup> | 800 | 772960 |
|  Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25<sup>(d)</sup> | 800 | 754224 |
|  Banco de Bogota SA, 6.25%, 05/12/26<sup>(d)</sup> | 600 | 550206 |
|  Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)<sup>(d)</sup> | 400 | 308372 |

---

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/30 (Call 07/01/25)<sup>(a)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $614047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/31 (Call 09/30/26)<sup>(a)(d)</sup> | 500 | 420210 |
|  Banco de Credito e Inversiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/14/31 (Call 07/14/31)<sup>(d)</sup> | 200 | 153312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/12/27<sup>(d)</sup> | 400 | 357368 |
|  Banco del Estado de Chile, 2.70%, 01/09/25 (Call 12/09/24)<sup>(c)(d)</sup> | 400 | 372276 |
|  Banco do Brasil SA/Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/26<sup>(d)</sup> | 400 | 356200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/25<sup>(d)</sup> | 800 | 776168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/20/24<sup>(d)</sup> | 600 | 590832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/11/29<sup>(d)</sup> | 200 | 180148 |
|  Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)<sup>(d)</sup> | 400 | 364148 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/06/24<sup>(d)</sup> | 450 | 434844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/11/27 (Call 01/11/27)<sup>(d)</sup> | 770 | 700269 |
|  Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)<sup>(d)</sup> | 250 | 224305 |
|  Banco Nacional de Comercio Exterior SNC/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 08/11/31 (Call 08/11/26)<sup>(a)(d)</sup> | 400 | 338460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/14/25<sup>(d)</sup> | 600 | 570960 |
|  Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)<sup>(d)</sup> | 800 | 578792 |
|  Banco Santander Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/10/25 (Call 12/10/24)<sup>(c)(d)</sup> | 650 | 610246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 10/26/31 (Call 07/28/31)<sup>(c)(d)</sup> | 150 | 117975 |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25<sup>(d)</sup> | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013869 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(a)</sup> | 603 | 492054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 558 | 476309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24 | 810 | 769411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 | 948 | 860746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30 | 1255 | 868134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31 | 675 | 500404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/32 (Call 11/22/31)<sup>(a)</sup> | 625 | 428538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29 | 1023 | 852844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 810 | 639487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28 | 897 | 762172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 400 | 387668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(a)</sup> | 600 | 528438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 | 870 | 785575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25 | 200 | 192378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25 | 335 | 318394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 200 | 184650 |
|  Banco Votorantim SA, 4.38%, 07/29/25<sup>(d)</sup> | 400 | 378172 |
|  Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24) | 800 | 717112 |
|  Bangkok Bank PCL/Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 09/23/36<sup>(d)</sup> | 600 | 421692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/34 (Call 09/25/29)<sup>(a)(d)</sup> | 800 | 598608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/19/24<sup>(d)</sup> | 600 | 590430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27)<sup>(d)</sup> | 200 | 188116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/19/28<sup>(d)</sup> | 500 | 467650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03%, 03/15/29<sup>(b)(c)</sup> | 400 | 438300 |
|  Bank Mandiri Persero Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/19/26<sup>(d)</sup> | 400 | 346944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/13/25<sup>(d)</sup> | 600 | 576678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Bank Muscat SAOG, 4.75%, 03/17/26<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $378088 |
|  Bank Negara Indonesia Persero Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/30/26<sup>(d)</sup> | 600 | 494436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, (Call 03/24/27)<sup>(a)(d)(e)</sup> | 200 | 143546 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)<sup>(a)</sup> | 874 | 809508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)<sup>(a)</sup> | 1182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)<sup>(a)</sup> | 1913 | 1659700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)<sup>(a)</sup> | 1904 | 1681765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 (Call 12/06/24), (SOFR + 0.650%)<sup>(a)</sup> | 1343 | 1224400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)<sup>(a)</sup> | 3542 | 3027666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)<sup>(a)</sup> | 488 | 462331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)<sup>(a)</sup> | 1532 | 1136606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)<sup>(a)</sup> | 1315 | 966104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)<sup>(a)</sup> | 1385 | 1267330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)<sup>(a)</sup> | 1038 | 839950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)<sup>(a)</sup> | 1400 | 1036546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)<sup>(a)</sup> | 646 | 602414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/36 (Call 09/21/31)<sup>(a)</sup> | 1930 | 1378618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)<sup>(a)</sup> | 1998 | 1568530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)<sup>(a)</sup> | 1788 | 1546405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)<sup>(a)</sup> | 1553 | 1172779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)<sup>(a)</sup> | 2238 | 1769117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)<sup>(a)</sup> | 3282 | 2080591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.320%)<sup>(a)</sup> | 2960 | 2284498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)<sup>(a)</sup> | 675 | 392762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)<sup>(a)</sup> | 1407 | 1147212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)<sup>(a)</sup> | 2355 | 1824842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)<sup>(a)</sup> | 505 | 299894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)<sup>(a)</sup> | 945 | 894603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)<sup>(a)</sup> | 1498 | 1253407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26) | 1348 | 1204061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)<sup>(a)</sup> | 1942 | 1342874 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | $1201445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)<sup>(a)</sup> | 1860 | 1746707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)<sup>(a)</sup> | 3610 | 3188135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)<sup>(a)</sup> | 1425 | 1373800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 1471 | 1375120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)<sup>(a)</sup> | 1112 | 1023362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)<sup>(a)</sup> | 1436 | 1287245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)<sup>(a)</sup> | 1284 | 1161969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)<sup>(a)</sup> | 1597 | 1460073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 (Call 04/25/24), (SOFR + 1.110%)<sup>(a)</sup> | 1988 | 1923410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/37 (Call 03/08/32)<sup>(a)</sup> | 700 | 561827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25 | 1196 | 1155707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)<sup>(a)</sup> | 938 | 670070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)<sup>(a)</sup> | 1516 | 1362020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)<sup>(a)</sup> | 2571 | 2274975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 | 2015 | 1986488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25 | 812 | 783052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)<sup>(a)</sup> | 862 | 671481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)<sup>(a)</sup> | 3277 | 2432452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24 | 1718 | 1698123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24 | 1953 | 1910054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)<sup>(a)</sup> | 1820 | 1478259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 923 | 873121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)<sup>(a)</sup> | 1790 | 1626197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)<sup>(a)</sup> | 1371 | 1065308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27), (SOFR + 1.580%)<sup>(a)</sup> | 1550 | 1441624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)<sup>(a)</sup> | 2144 | 1697083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32), (SOFR + 1.830%)<sup>(a)</sup> | 1733 | 1538315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(a)</sup> | 1870 | 1818014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 | 310 | 255487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 1815 | 1731365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 1240 | 1059915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(a)</sup> | 3250 | 2982850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42 | 1094 | 1049879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 1562 | 1503425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 09/15/26 | 315 | 319731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38 | 1195 | 1323474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/25 | 1117 | 1069673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 (Call 11/25/26) | 1525 | 1398196 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.75%, 04/21/45 | $840 | $669690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)<sup>(a)</sup> | 1889 | 1631303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)<sup>(a)</sup> | 2232 | 1720560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)<sup>(a)</sup> | 835 | 551609 |
|  Bank of America NA, 6.00%, 10/15/36 | 1335 | 1298928 |
|  Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/27<sup>(d)</sup> | 200 | 189348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/13/24<sup>(d)</sup> | 2300 | 2272906 |
|  Bank of China Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/04/24<sup>(d)</sup> | 400 | 378976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/14/24<sup>(d)</sup> | 600 | 572610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/24/25<sup>(d)</sup> | 400 | 363856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/16/25<sup>(d)</sup> | 800 | 756920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/30/25<sup>(d)</sup> | 400 | 389136 |
|  Bank of China Ltd./London, 1.00%, 11/02/24<sup>(d)</sup> | 400 | 370436 |
|  Bank of China Ltd./Luxembourg, 1.40%, 04/28/26<sup>(d)</sup> | 800 | 715064 |
|  Bank of China Ltd./Singapore, 0.80%, 04/28/24<sup>(d)</sup> | 400 | 376860 |
|  Bank of China Ltd./Sydney, 0.75%, 09/29/24<sup>(d)</sup> | 200 | 185098 |
|  Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1849560 |
|  Bank of Communications Co. Ltd./Hong Kong, 1.20%, 09/10/25<sup>(d)</sup> | 800 | 719872 |
|  Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26)<sup>(a)(d)</sup> | 600 | 524136 |
|  Bank of East Asia Ltd. (The), 4.00%, 05/29/30 (Call 05/29/25)<sup>(a)(d)</sup> | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003453 |
|  Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 09/30/27 (Call 09/30/26)<sup>(a)(b)</sup> | 55 | 44602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/23<sup>(b)</sup> | 1225 | 1202864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/16/26 (Call 09/16/25)<sup>(a)(b)</sup> | 820 | 792440 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/08/23 | 1280 | 1216410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 1155 | 1067601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(a)</sup> | 750 | 647070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 1915 | 1629148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 | 50 | 45910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25 | 247 | 226805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24 | 598 | 572932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24 | 1288 | 1230014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27 | 600 | 531690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 01/10/37 (Call 01/10/32)<sup>(a)</sup> | 270 | 197289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25 | 200 | 191588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/32 (Call 12/15/27)<sup>(a)</sup> | 631 | 540931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 10/05/28 (Call 10/05/23)<sup>(a)</sup> | 1045 | 1026524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24 | 2061 | 2010897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 | 280 | 274145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 675 | 646596 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 12/07/23 (Call 11/07/23) | 270 | 257334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 (Call 03/26/24) | 465 | 434915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 230 | 201050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26) | 527 | 448182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) | 870 | 796668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 (Call 05/14/28) | 680 | 552976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/31 (Call 10/28/30) | 160 | 119899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 (Call 04/28/31) | 460 | 342576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26) | 365 | 320740 |

---

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 | $1190 | $1123027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26) | 514 | 466075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/26/32 (Call 10/26/31) | 385 | 298225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26) | 297 | 275016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 (Call 07/30/28) | 508 | 436778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | 1086 | 1052540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27) | 498 | 460217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29) | 778 | 673281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25) | 555 | 533699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24) | 285 | 277861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 624 | 567478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 (Call 06/13/24)<sup>(a)</sup> | 270 | 261679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 (Call 02/07/27),<br>(3 mo. LIBOR US + 1.069%)<sup>(a)</sup> | 1106 | 1012078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28 | 500 | 464800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/26/29 (Call 02/26/29) | 445 | 398987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 (Call 10/18/25) | 545 | 527010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/13/28 (Call 06/13/27)<sup>(a)</sup> | 685 | 638043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 06/13/33 (Call 06/13/32)<sup>(a)</sup> | 270 | 241250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | 145 | 140772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 (Call 07/26/29)<sup>(a)</sup> | 90 | 84249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28 | 80 | 80559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 | 360 | 360922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 3.65%, 02/04/24 (Call 01/05/24) | 813 | 799212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) | 600 | 572652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 200 | 183978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 1.90%, 01/25/29 (Call 11/25/28) | 300 | 242184 |
|  Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/21/25<sup>(b)</sup> | 1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 01/27/27<sup>(b)</sup> | 555 | 486291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 01/27/32<sup>(b)</sup> | 308 | 245510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/24<sup>(b)</sup> | 789 | 771547 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | 420 | 386534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 265 | 247438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 115 | 99687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25 | 510 | 458046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 | 1170 | 997460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 1060 | 916593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 500 | 458110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27 | 805 | 695488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/01/31 | 785 | 583859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 | 883 | 822011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32 | 500 | 375520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26 | 790 | 712264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | 1429483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 | 558 | 531060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25 | 940 | 901018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 05/04/37 (Call 02/04/32)<sup>(a)</sup> | 230 | 189161 |
|  Bank of the Philippine Islands, 2.50%, 09/10/24<sup>(d)</sup> | 200 | 188298 |
|  Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24<sup>(d)</sup> | 400 | 388028 |
|  BankUnited Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/17/25 (Call 08/17/25) | 410 | 395379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/11/30 (Call 03/11/30) | 545 | 487982 |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 02/27/24<sup>(b)</sup> | 485 | 455056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/04/25<sup>(b)</sup> | 950 | 854791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26<sup>(b)</sup> | 820 | 693605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/21/24<sup>(b)</sup> | 1008 | 943921 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 07/13/25<sup>(b)</sup> | $300 | $290667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/13/27<sup>(b)</sup> | 300 | 283356 |
|  Barclays Bank PLC, 3.75%, 05/15/24 | 485 | 472904 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%, 12/10/24 (Call 12/10/23)<sup>(a)</sup> | 645 | 604359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(a)</sup> | 1110 | 918314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 (Call 06/24/30), (SOFR + 1.900%)<sup>(a)</sup> | 473 | 346685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 (Call 03/10/31)<sup>(a)</sup> | 250 | 178408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)<sup>(a)</sup> | 2000 | 1802140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 (Call 11/24/31)<sup>(a)</sup> | 305 | 216690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 (Call 11/24/41)<sup>(a)</sup> | 650 | 398411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/23/35 (Call 09/23/30)<sup>(a)</sup> | 1205 | 853598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/16/25 | 450 | 418586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/10/42 (Call 03/10/41)<sup>(a)</sup> | 200 | 118616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 (Call 05/07/24),<br>(3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 1034 | 984099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 (Call 01/10/27) | 1144 | 1005462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24 | 1404 | 1334362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26 | 2299 | 2135035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 1143 | 969470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47 | 1132 | 847325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 (Call 05/16/28),<br>(3 mo. LIBOR US + 1.902%)<sup>(a)</sup> | 1100 | 974028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 06/20/30 (Call 06/20/29),<br>(3 mo. LIBOR US + 3.054%)<sup>(a)</sup> | 1395 | 1168312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 1785 | 1644753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45 | 745 | 595672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 (Call 08/09/25)<sup>(a)</sup> | 435 | 413911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 (Call 08/09/27)<sup>(a)</sup> | 540 | 498658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 (Call 08/09/32)<sup>(a)</sup> | 200 | 177686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 | 900 | 898506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 | 500 | 497530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 | 900 | 897588 |
|  BBK BSC, 5.50%, 07/09/24<sup>(d)</sup> | 400 | 388360 |
|  BBVA Bancomer SA/Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/10/24<sup>(d)</sup> | 406 | 398359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/22<sup>(d)</sup> | 400 | 357516 |
|  BDO Unibank Inc., 2.13%, 01/13/26<sup>(d)</sup> | 400 | 355616 |
|  BNG Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/16/24<sup>(b)(c)</sup> | 1020 | 960299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/16/26<sup>(b)</sup> | 250 | 232428 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 01/13/27 (Call 01/13/26)<sup>(a)(b)</sup> | 1580 | 1331340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 06/30/27 (Call 06/30/26)<sup>(a)(b)</sup> | 1280 | 1072922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/30/28 (Call 09/30/27),<br>(SOFR + 1.609%)<sup>(a)(b)</sup> | 2400 | 1893816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 09/15/29 (Call 09/15/28),<br>(SOFR + 1.218%)<sup>(a)(b)</sup> | 295 | 227439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 06/09/26 (Call 06/09/25)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 01/20/28 (Call 01/20/27)<sup>(a)(b)</sup> | 235 | 198302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 08/12/35 (Call 08/12/30)<sup>(a)(b)</sup> | 1955 | 1357278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 11/19/25 (Call 11/19/24)<sup>(a)(b)</sup> | 2310 | 2144789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 01/26/41<sup>(b)(c)</sup> | 390 | 220366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 04/19/32 (Call 04/19/31),<br>(SOFR + 1.387%)<sup>(a)(b)</sup> | 553 | 409928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/13/31 (Call 01/13/30),<br>(SOFR + 1.507%)<sup>(a)(b)</sup> | 1545 | 1203014 |

---

S C H E D U L E O F I N V E S T M E N T S 21

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/20/33 (Call 01/20/32),<br>(SOFR + 1.561%)<sup>(a)(b)</sup> | $453 | $336031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/09/25<sup>(b)</sup> | 1358 | 1284125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/27<sup>(b)</sup> | 385 | 334904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/10/24<sup>(b)</sup> | 1015 | 990924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/24 | 1433 | 1380122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/28/25<sup>(b)</sup> | 560 | 522463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/12/26<sup>(b)</sup> | 1240 | 1142362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/33 (Call 03/01/28)<sup>(a)(b)</sup> | 1398 | 1189069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/14/28<sup>(b)</sup> | 600 | 536778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/13/27<sup>(b)</sup> | 405 | 366946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/10/25 (Call 01/10/24)<sup>(a)(b)</sup> | 1430 | 1405375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/10/30 (Call 01/10/29),<br>(3 mo. LIBOR US + 2.567%)<sup>(a)(b)</sup> | 913 | 830282 |
|  BOS Funding Ltd., 4.00%, 09/18/24<sup>(d)</sup> | 400 | 380132 |
|  Boubyan Sukuk Ltd., 2.59%, 02/18/25<sup>(d)</sup> | 600 | 566472 |
|  Boubyan Tier 1 Sukuk Ltd., 3.95%, (Call 10/01/26)<sup>(a)(d)(e)</sup> | 400 | 364312 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/20/26<sup>(b)</sup> | 715 | 614450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/14/25<sup>(b)</sup> | 998 | 912920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/06/26 (Call 10/06/25)<sup>(a)(b)</sup> | 1740 | 1494799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/19/27 (Call 10/19/26)<sup>(a)(b)</sup> | 815 | 677664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 01/20/32 (Call 01/20/31), (SOFR + 1.312%)<sup>(a)(b)</sup> | 425 | 301232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/14/25<sup>(b)</sup> | 1365 | 1252401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/29<sup>(b)(c)</sup> | 471 | 381609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 10/19/32 (Call 10/19/31), (SOFR + 1.730%)<sup>(a)(b)</sup> | 760 | 522865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/11/28<sup>(b)</sup> | 250 | 217483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26 | 1151 | 1048780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/23/27<sup>(b)</sup> | 530 | 456001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 10/19/42 (Call 10/19/41), (SOFR + 1.952%)<sup>(a)(b)</sup> | 505 | 306803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24 | 1063 | 1034692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25<sup>(b)</sup> | 715 | 671943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/11/24<sup>(b)</sup> | 850 | 815099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/12/28<sup>(b)</sup> | 441 | 393769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/19/27<sup>(b)(c)</sup> | 1000 | 951320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/26<sup>(b)</sup> | 400 | 372184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/21/24<sup>(b)</sup> | 1042 | 1004280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/22/23<sup>(b)</sup> | 430 | 421422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/19/33 (Call 07/19/32)<sup>(a)(b)</sup> | 1050 | 954607 |
|  Burgan Bank SAK, 2.75%, 12/15/31 (Call 09/15/26)<sup>(a)(d)</sup> | 800 | 600000 |
|  Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24),<br>(3 mo. LIBOR US + 2.470%)<sup>(a)</sup> | 225 | 213044 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25<sup>(c)</sup> | 280 | 245510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/18/24 | 440 | 403964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 1043 | 892266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 | 795 | 741242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24 | 883 | 855927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25 | 45 | 42774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 (Call 03/07/32) | 200 | 165088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 | 400 | 384108 |
|  CBQ Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/15/25<sup>(d)</sup> | 400 | 358668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/12/26<sup>(d)</sup> | 400 | 350720 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  China CITIC Bank International Ltd., 4.63%, 02/28/29 (Call 02/28/24)<sup>(a)(d)</sup> | $500 | $490685 |
|  China Construction Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/30 (Call 06/24/25)<sup>(a)(d)</sup> | 1400 | 1293614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/21/32 (Call 01/21/27)<sup>(a)(d)</sup> | 600 | 544458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/27/29 (Call 02/27/24)<sup>(a)(d)</sup> | 1300 | 1277861 |
|  China Construction Bank Corp./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 04/22/24<sup>(d)</sup> | 800 | 754856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/04/25<sup>(d)</sup> | 600 | 543762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 04/22/26<sup>(d)</sup> | 600 | 537786 |
|  China Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/24/27<sup>(d)</sup> | 600 | 572172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/24/37<sup>(d)</sup> | 400 | 353132 |
|  China Everbright Bank Co. Ltd., 0.84%, 06/15/24<sup>(d)</sup> | 800 | 749008 |
|  China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24<sup>(d)</sup> | 200 | 185334 |
|  China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25<sup>(d)</sup> | 1000 | 893560 |
|  China Merchants Bank Co. Ltd./Luxembourg Branch, 1.25%, 09/01/26<sup>(d)</sup> | 200 | 174926 |
|  China Zheshang Bank Co. Ltd./Hong Kong, 1.10%, 03/16/24<sup>(d)</sup> | 400 | 377388 |
|  CIMB Bank Bhd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/20/27<sup>(d)</sup> | 400 | 343404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 10/09/24, (3 mo. LIBOR US +<br>0.780%)<sup>(a)(d)</sup> | 200 | 199938 |
|  Citibank NA, 3.65%, 01/23/24 (Call 12/23/23) | 790 | 778039 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)<sup>(a)</sup> | 919 | 847750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)<sup>(a)</sup> | 1570 | 1335332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 (Call 11/03/24), (SOFR + 0.528%)<sup>(a)</sup> | 568 | 514807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)<sup>(a)</sup> | 1735 | 1473935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)<sup>(a)</sup> | 970 | 886444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 (Call 11/03/31), (SOFR + 1.177%)<sup>(a)</sup> | 300 | 224547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)<sup>(a)</sup> | 1514 | 1153895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)<sup>(a)</sup> | 1580 | 1237630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)<sup>(a)</sup> | 1130 | 898779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)<sup>(a)</sup> | 250 | 158075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)<sup>(a)</sup> | 1239 | 1011024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)<sup>(a)</sup> | 1396 | 1090444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)<sup>(a)</sup> | 1480 | 1306618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)<sup>(a)</sup> | 2108 | 1967375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 2267 | 2066439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)<sup>(a)</sup> | 540 | 506142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25 | 348 | 330329 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)<sup>(a)</sup> | $1688 | $1620919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | 1097452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)<sup>(a)</sup> | 1588 | 1405825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)<sup>(a)</sup> | 1541 | 1381522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 1192 | 1120683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24 | 861 | 842290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)<sup>(a)</sup> | 1720 | 1423197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25 | 702 | 671709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)<sup>(a)</sup> | 467 | 356741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)<sup>(a)</sup> | 894 | 818707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)<sup>(a)</sup> | 1170 | 1031179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24 | 1370 | 1335818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)<sup>(a)</sup> | 1014 | 913492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28 | 1035 | 932607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)<sup>(a)</sup> | 615 | 597399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)<sup>(a)</sup> | 1044 | 797846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26 | 733 | 691673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25 | 1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)<sup>(a)</sup> | 1933 | 1721974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27 | 1916 | 1785290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26 | 1233 | 1183507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45 | 691 | 550665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | 1981 | 1593279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)<sup>(a)</sup> | 985 | 928037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 1395 | 1080218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 (Call 05/24/32)<sup>(a)</sup> | 1050 | 955279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44 | 977 | 820729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)<sup>(a)</sup> | 1223 | 1087724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25 | 2002 | 1984763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 (Call 09/29/25)<sup>(a)</sup> | 2315 | 2283771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/22/33 | 551 | 525643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42 | 596 | 556575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/33 | 715 | 687222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/25/36 | 640 | 610176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 | 121 | 125449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32 | 989 | 1001531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43 | 1051 | 1048583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | 1182 | 1367952 |
|  Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27)<sup>(a)</sup> | 270 | 255002 |
|  Citizens Bank NA/Providence RI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/28/25 (Call 03/28/25) | 519 | 477589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/18/26 (Call 11/18/25) | 550 | 515223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 05/23/25 (Call 05/23/24)<sup>(a)</sup> | 270 | 262273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 10/24/25 | 270 | 271823 |
|  Citizens Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/30 (Call 11/06/29) | 560 | 432589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/30/32 (Call 07/02/32) | 350 | 249176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/27/26 (Call 04/27/26) | $375 | $339911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/30 (Call 01/30/30) | 810 | 667659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/25 (Call 11/03/25) | 75 | 71204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/21/37 (Call 05/21/32)<sup>(a)</sup> | 610 | 553099 |
|  Comerica Bank, 2.50%, 07/23/24 | 400 | 380832 |
|  Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28) | 890 | 811805 |
|  Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)<sup>(a)(d)(e)</sup> | 400 | 374224 |
|  Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)<sup>(a)(d)(e)</sup> | 400 | 356068 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31<sup>(b)(c)</sup> | 1805 | 1369562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/14/25<sup>(b)(c)</sup> | 1000 | 936780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/14/27<sup>(b)</sup> | 1000 | 898960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/26<sup>(b)</sup> | 650 | 590700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 03/11/31<sup>(b)</sup> | 1585 | 1150678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/18/26<sup>(b)</sup> | 405 | 374617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/19/27<sup>(b)</sup> | 345 | 313281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 03/11/41<sup>(b)</sup> | 390 | 246156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/04/24<sup>(b)</sup> | 40 | 38938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 09/12/34 (Call 09/12/29)<sup>(a)(b)</sup> | 1850 | 1486401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 09/12/39<sup>(b)</sup> | 900 | 622791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/14/32<sup>(b)</sup> | 560 | 434302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/16/28<sup>(b)</sup> | 685 | 639557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/12/47<sup>(b)(c)</sup> | 860 | 663206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 01/10/48<sup>(b)</sup> | 600 | 415368 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/24/26 (Call 09/24/25)<sup>(a)(b)</sup> | 273 | 235667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 02/24/27 (Call 02/24/26)<sup>(a)(b)</sup> | 3000 | 2535900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 06/24/26 (Call 06/24/25)<sup>(a)(b)</sup> | 593 | 521265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 12/15/27 (Call 12/15/26)<sup>(a)(b)</sup> | 703 | 590344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/22/24<sup>(b)</sup> | 1201 | 1143244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26 | 787 | 715289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 04/06/33 (Call 04/06/32)<sup>(a)(b)</sup> | 150 | 121581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/10/29 (Call 04/10/24)<sup>(a)(d)</sup> | 400 | 375896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25 | 695 | 657533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/23 | 130 | 128515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41 | 936 | 871931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45<sup>(c)</sup> | 1146 | 936030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43 | 740 | 653849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/30/2110<sup>(b)</sup> | 125 | 118746 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25 | 250 | 229588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25 | 634 | 605603 |
|  Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)<sup>(d)</sup> | 400 | 367244 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/26/27 (Call 01/26/26)<sup>(a)(b)</sup> | 775 | 652558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 01/11/27<sup>(b)(c)</sup> | 500 | 430710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/14/30<sup>(b)</sup> | 723 | 557549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/10/33 (Call 01/10/28)<sup>(a)(b)</sup> | 1480 | 1245642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/17/25<sup>(b)</sup> | 270 | 253352 |
|  Credit Agricole SA/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 06/16/26 (Call 06/16/25)<sup>(a)(b)</sup> | 1425 | 1262607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/22/25<sup>(b)</sup> | 250 | 232358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/04/24<sup>(b)</sup> | 1959 | 1861736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/10/27<sup>(b)</sup> | 455 | 415943 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 625 | 570681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | 1270 | 1013981 |

---

S C H E D U L E O F I N V E S T M E N T S 23

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25 | $1860 | $1664495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24 | 1693 | 1573914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 820 | 750267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 950 | 854506 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 02/02/27 (Call 02/02/26)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | 1999219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 06/05/26 (Call 06/05/25)<sup>(a)(b)</sup> | 1994 | 1682437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 09/11/25 (Call 09/11/24)<sup>(a)(b)</sup> | 635 | 565150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 05/14/32 (Call 05/14/31), (SOFR + 1.730%)<sup>(a)(b)</sup> | 985 | 675907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25 | 1937 | 1736830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 01/12/29 (Call 01/12/28), (3 mo. LIBOR US + 1.410%)<sup>(a)(b)</sup> | 1272 | 1025448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 04/01/31 (Call 04/01/30), (SOFR + 3.730%)<sup>(a)(b)</sup> | 1150 | 889881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 01/09/28 (Call 01/09/27)<sup>(b)</sup> | 825 | 677919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26 | 1103 | 966129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/45 | 1572 | 1061666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 07/15/26 (Call 07/15/25)<sup>(a)(b)</sup> | 1000 | 932730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/11/28 (Call 08/11/27)<sup>(a)(b)</sup> | 1320 | 1202890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 08/12/33 (Call 08/12/32)<sup>(a)(b)</sup> | 1000 | 869760 |
|  Dah Sing Bank Ltd., 3.00%, 11/02/31 (Call 11/02/26)<sup>(a)(d)</sup> | 250 | 217750 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/10/25 (Call 09/10/24)<sup>(a)(b)</sup> | 1265 | 1134401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 06/22/24 (Call 06/22/23)<sup>(b)</sup> | 1635 | 1493327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 09/10/27 (Call 09/10/26)<sup>(a)(b)</sup> | 250 | 205895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 09/11/26 (Call 09/11/25)<sup>(a)(b)</sup> | 1262 | 1077559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 12/20/25 (Call 12/20/24)<sup>(a)(b)</sup> | 1356 | 1252049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/28/25 (Call 03/28/24)<sup>(a)(b)</sup> | 1000 | 951600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/28 (Call 04/01/27)<sup>(a)(b)</sup> | 1000 | 882270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/28<sup>(b)</sup> | 455 | 394804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/12/24<sup>(b)</sup> | 920 | 906807 |
|  DBS Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.19%, 03/15/27<sup>(b)</sup> | 35 | 29723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 03/10/31 (Call 03/10/26)<sup>(a)(d)</sup> | 600 | 517554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, (Call 02/27/25)<sup>(a)(d)(e)</sup> | 400 | 350080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 12/11/28 (Call 12/11/23)<sup>(a)(b)</sup> | 755 | 746061 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26<sup>(c)</sup> | 480 | 452371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 | 1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/14/26 (Call 07/14/25)<sup>(a)</sup> | 390 | 372824 |
|  Deutsche Bank AG/London, 3.70%, 05/30/24 | 631 | 609792 |
|  Deutsche Bank AG/New York NY 0.90%, 05/28/24 | 315 | 289132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 (Call 04/01/24), (SOFR + 1.131%)<sup>(a)</sup> | 395 | 359703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26 | 535 | 460421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)<sup>(a)</sup> | 1274 | 1072224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)<sup>(a)</sup> | 980 | 781227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)<sup>(a)</sup> | 900 | 720063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)<sup>(a)</sup> | 298 | 209819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)<sup>(a)</sup> | 1280 | 954163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24 | 715 | 683948 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 (Call 10/14/30), (SOFR + 2.757%)<sup>(a)</sup> | $715 | $507285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 (Call 10/07/31), (SOFR + 2.257%)<sup>(a)</sup> | 850 | 583440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)<sup>(a)</sup> | 1230 | 1133039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26 | 432 | 402196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 (Call 12/01/27)<sup>(a)</sup> | 624 | 497141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 09/09/27 | 360 | 342007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30), (SOFR + 5.438%)<sup>(a)</sup> | 295 | 246110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.96%, 11/08/23 | 255 | 243224 |
|  Development Bank of Kazakhstan JSC, 5.75%, 05/12/25<sup>(d)</sup> | 200 | 198000 |
|  Development Bank of the Philippines, 2.38%, 03/11/31<sup>(d)</sup> | 200 | 143180 |
|  Dexia Credit Local SA, 1.13%, 04/09/26<sup>(b)</sup> | 464 | 410742 |
|  DIB Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 06/22/26<sup>(d)</sup> | 800 | 703480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/20/25<sup>(d)</sup> | 600 | 566298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/16/26<sup>(d)</sup> | 1000 | 924000 |
|  DIB Tier 1 Sukuk 3 Ltd., 6.25%,<br>(Call 01/22/25)<sup>(a)(d)(e)</sup> | 400 | 395672 |
|  DIB Tier 1 Sukuk 4 Ltd., 4.63%,<br>(Call 05/19/26)<sup>(a)(d)(e)</sup> | 800 | 748656 |
|  DIB Tier 1 Sukuk 5 Ltd., 3.38%,<br>(Call 10/19/26)<sup>(a)(d)(e)</sup> | 200 | 179874 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/12/24 (Call 08/12/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/06/30 (Call 11/06/29) | 100 | 76286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 (Call 04/27/26) | 225 | 201913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/13/28 (Call 06/13/28) | 744 | 664355 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 05/25/27 (Call 05/25/26)<sup>(a)(b)</sup> | 1665 | 1415650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/09/26 | 1700 | 1675214 |
|  Doha Finance Ltd., 2.38%, 03/31/26<sup>(d)</sup> | 200 | 175616 |
|  Dresdner Funding Trust I, 8.15%, 06/30/31<br>(Call 06/30/29)<sup>(b)</sup> | 665 | 680408 |
|  Dukhan Tier 1 Sukuk Ltd., 3.95%,<br>(Call 07/14/26)<sup>(a)(d)(e)</sup> | 200 | 186624 |
|  Ecobank Transnational Inc., 9.50%, 04/18/24<sup>(d)</sup> | 400 | 377000 |
|  EI Sukuk Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 09/23/25<sup>(d)</sup> | 600 | 543510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 11/02/26<sup>(d)</sup> | 200 | 176064 |
|  Emirates Development Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/15/26<sup>(d)</sup> | 600 | 530604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 03/06/24<sup>(d)</sup> | 400 | 390120 |
|  Emirates NBD Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 01/13/26<sup>(d)</sup> | 800 | 706344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/25<sup>(d)</sup> | 300 | 280794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 02/27/27)<sup>(a)(d)(e)</sup> | 200 | 171168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, (Call 03/20/25)<sup>(a)(d)(e)</sup> | 600 | 568164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, (Call 04/09/26)<sup>(a)(d)(e)</sup> | 600 | 565458 |
|  Fab Sukuk Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 01/14/26<sup>(d)</sup> | 800 | 705048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/21/25<sup>(d)</sup> | 400 | 375664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/22/24<sup>(d)</sup> | 400 | 392180 |
|  Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/21/24<sup>(b)</sup> | 1425 | 1320647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/10/25<sup>(b)</sup> | 1006 | 924796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/23/25<sup>(b)</sup> | 500 | 480090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/23/27<sup>(b)</sup> | 500 | 467495 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Fifth Third Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)<sup>(a)(c)</sup> | $505 | $429679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 (Call 12/28/24) | 966 | 899626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 (Call 04/05/27) | 762 | 665927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 (Call 12/25/23) | 795 | 778647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/14/28 (Call 02/14/28) | 478 | 436223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 04/25/28 (Call 04/25/27)<sup>(a)</sup> | 370 | 339198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 (Call 12/16/23) | 536 | 528169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/33 (Call 04/25/32)<sup>(a)</sup> | 395 | 342576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 (Call 07/28/29)<sup>(a)</sup> | 400 | 366728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 | 400 | 402392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/38 | 865 | 983401 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 810 | 709779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/26 (Call 02/15/26) | 468 | 436368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 (Call 06/28/25) | 395 | 381629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/25 | 400 | 400400 |
|  First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26)<sup>(a)(d)(e)</sup> | 400 | 365676 |
|  First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30) | 320 | 305491 |
|  First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25) | 410 | 392579 |
|  First Republic Bank/CA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/46 (Call 02/01/46) | 385 | 279733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/13/47 (Call 08/13/46) | 430 | 325781 |
|  First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)<sup>(a)</sup> | 298 | 279154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/09/28 | 305 | 301706 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(b)</sup> | 345 | 257253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 390 | 307925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(b)</sup> | 353 | 311078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 340 | 292692 |
|  Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277518 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)<sup>(a)</sup> | 448 | 397116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)<sup>(a)</sup> | 1510 | 1299415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | 650 | 621939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)<sup>(a)</sup> | 1653 | 1414538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)<sup>(a)</sup> | 1125 | 944809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)<sup>(a)</sup> | 1070 | 1010925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(a)</sup> | 2570 | 2183909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)<sup>(a)</sup> | 1727 | 1260278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)<sup>(a)</sup> | 2053 | 1528397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29) | 678 | 539173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)<sup>(a)</sup> | 1682 | 1285048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)<sup>(a)</sup> | 1885 | 1629959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)<sup>(a)</sup> | 1735 | 1310845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)<sup>(a)</sup> | $670 | $417926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 | 610 | 589864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)<sup>(a)</sup> | 1425 | 946855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)<sup>(a)</sup> | 1497 | 1418976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)<sup>(a)</sup> | 1095 | 746998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 873 | 835601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 2145 | 2031894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 1889 | 1735953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(a)</sup> | 785 | 707481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24) | 1516 | 1482239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)<sup>(a)</sup> | 1628 | 1463084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 1889 | 1799386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 1071 | 1006312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29) | 956 | 824693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)<sup>(a)</sup> | 1652 | 1465770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24) | 1076 | 1051693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 1214 | 1126592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | 2046 | 2008763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)<sup>(a)</sup> | 2072 | 1611001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)<sup>(a)</sup> | 2192 | 1983541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 1295 | 1239561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 (Call 06/15/26)<sup>(a)</sup> | 715 | 672071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)<sup>(a)</sup> | 1157 | 938871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(a)</sup> | 1300 | 1208168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45) | 1148 | 930236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 1446 | 1183247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 1343 | 1091859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24 | 540 | 539935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27 | 676 | 682226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 1308 | 1307922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 1940 | 1901627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/01/36 | 773 | 752941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | 3580 | 3567040 |
|  Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)<sup>(d)</sup> | 800 | 555312 |
|  Gulf International Bank BSC, 2.38%, 09/23/25<sup>(d)</sup> | 600 | 541104 |
|  Hana Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/16/26<sup>(d)</sup> | 400 | 337060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27<sup>(d)</sup> | 600 | 539310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/14/24<sup>(d)</sup> | 200 | 193820 |
|  HSBC Bank USA NA, 7.00%, 01/15/39 | 65 | 65205 |
|  HSBC Bank USA NA/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/35 | 395 | 347948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/34<sup>(c)</sup> | 180 | 162941 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)<sup>(a)</sup> | 480 | 436498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)<sup>(a)</sup> | 803 | 753495 |

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S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)<sup>(a)</sup> | $1725 | $1418105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)<sup>(a)</sup> | 1680 | 1467950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)<sup>(a)</sup> | 794 | 624155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)<sup>(a)</sup> | 990 | 870646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)<sup>(a)</sup> | 695 | 526768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)<sup>(a)</sup> | 200 | 142128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)<sup>(a)</sup> | 1510 | 1380049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)<sup>(a)</sup> | 1165 | 835456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)<sup>(a)</sup> | 689 | 513815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)<sup>(a)</sup> | 1483 | 1055807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)<sup>(a)</sup> | 505 | 458692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)<sup>(a)</sup> | 1635 | 1561180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 1135 | 1036573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 2023 | 1670391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)<sup>(a)</sup> | 995 | 871799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 (Call 12/09/24)<sup>(a)</sup> | 540 | 509890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24 | 937 | 906519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25 | 600 | 558852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)<sup>(a)</sup> | 1108 | 1022075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26 | 1540 | 1449987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26 | 1120 | 1019424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)<sup>(a)</sup> | 1709 | 1487753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(a)</sup> | 1100 | 990572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 (Call 03/29/32), (SOFR + 2.530%)<sup>(a)</sup> | 1120 | 890288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30 | 875 | 784096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(a)</sup> | 200 | 183400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/44 | 745 | 576086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 850 | 737749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42<sup>(c)</sup> | 755 | 697839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36 | 1481 | 1270283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | 2195 | 1934065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38 | 1269 | 1107761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 (Call 11/03/25) | 1500 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/03/28 (Call 11/03/27) | 1060 | 1060000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/17/32 | 758 | 773024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 | 1500 | 1501140 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24 | 960 | 925219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24 | 1080 | 1048982 |
|  Huntington Bancshares Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/36 (Call 08/15/31)<sup>(a)</sup> | 682 | 473901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/28 (Call 08/04/27)<sup>(a)</sup> | $205 | $190701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 05/17/33 (Call 05/17/32)<sup>(a)</sup> | 600 | 545586 |
|  Huntington Bancshares Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/30 (Call 11/04/29) | 594 | 471725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 (Call 07/06/24) | 1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 04/15/25) | 535 | 515456 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/06/23 (Call 09/06/23) | 90 | 88614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/28 (Call 05/17/27)<sup>(a)</sup> | 340 | 324448 |
|  ICICI Bank Ltd./Dubai |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/14/27<sup>(d)</sup> | 700 | 631421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/26<sup>(d)</sup> | 200 | 188134 |
|  Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, (Call 09/24/26)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 3565720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/21/25<sup>(d)</sup> | 600 | 589620 |
|  Industrial & Commercial Bank of China Ltd./Hong Kong | Industrial & Commercial Bank of China Ltd./Hong Kong |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/20/25<sup>(d)</sup> | 400 | 362048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/28/26<sup>(d)</sup> | 1000 | 888010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/16/24, (3 mo. LIBOR US + 0.780%)<sup>(a)(d)</sup> | 600 | 600222 |
|  Industrial & Commercial Bank of China Ltd./Singapore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/28/24<sup>(d)</sup> | 2000 | 1854440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/09/25<sup>(d)</sup> | 800 | 720608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 04/25/24, (3 mo. LIBOR US + 0.830%)<sup>(a)(d)</sup> | 200 | 200314 |
|  Industrial & Commercial Bank of China Macau Ltd., | Industrial & Commercial Bank of China Macau Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/12/29 (Call 09/12/24)<sup>(a)(d)</sup> | 2200 | 2086590 |
|  Industrial Bank Co. Ltd./Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/10/24<sup>(d)</sup> | 900 | 844137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/06/23<sup>(d)</sup> | 200 | 192176 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/01/26 (Call 07/01/25)<sup>(a)(b)</sup> | 565 | 494940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)<sup>(a)</sup> | 435 | 370098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)<sup>(a)</sup> | 758 | 567113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24 | 1039 | 1008807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27 | 1073 | 975185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27), (SOFR + 1.830%)<sup>(a)</sup> | 200 | 179774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29 | 643 | 561056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 (Call 03/28/32), (SOFR + 2.070%)<sup>(a)</sup> | 221 | 183742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28 | 783 | 705655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/06/26<sup>(b)</sup> | 990 | 942361 |
|  International Bank of Azerbaijan OJSC, 3.50%, 09/01/24<sup>(d)</sup> | 750 | 705000 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/14/27<sup>(b)</sup> | 1055 | 904620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/28<sup>(b)(c)</sup> | 455 | 383606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(a)(b)</sup> | 466 | 315995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/42 (Call 06/01/41)<sup>(a)(b)</sup> | 450 | 267984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(b)</sup> | 1260 | 1202985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/12/24 | 225 | 221598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(b)</sup> | 1090 | 991497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 3.25%, 09/23/24<sup>(b)</sup> | 980 | 914732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 4.00%, 09/23/29<sup>(b)</sup> | 560 | 456165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 4.70%, 09/23/49<sup>(b)</sup> | 315 | 209368 |
|  Itau Unibanco Holding SA/Cayman Island,<br>3.25%, 01/24/25<sup>(c)(d)</sup> | 400 | 382000 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 (Call 02/16/24), (SOFR + 0.420%)<sup>(a)</sup> | 215 | 200124 |

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26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24),<br>(SOFR + 0.490%)<sup>(a)</sup> | $1050 | $956203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 (Call 06/01/24),<br>(SOFR + 0.540%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 (Call 06/23/24),<br>(SOFR + 0.580%)<sup>(a)</sup> | 1065 | 979417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(a)</sup> | 1031 | 877072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25),<br>(SOFR + 0.800%)<sup>(a)</sup> | 1019 | 877909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26),<br>(SOFR + 0.765%)<sup>(a)</sup> | 970 | 815256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24),<br>(SOFR + 0.605%)<sup>(a)</sup> | 1015 | 926157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26),<br>(SOFR + 0.885%)<sup>(a)</sup> | 1660 | 1426222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 (Call 11/19/30),<br>(SOFR + 1.105%)<sup>(a)</sup> | 1135 | 825803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 (Call 02/04/31),<br>(SOFR + 1.065%)<sup>(a)</sup> | 1750 | 1283555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25),<br>(SOFR + 1.585%)<sup>(a)</sup> | 1397 | 1274050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 (Call 06/01/28),<br>(SOFR + 1.015%)<sup>(a)</sup> | 1525 | 1233633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25),<br>(SOFR + 1.850%)<sup>(a)</sup> | 1959 | 1783846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27),<br>(SOFR + 1.890%)<sup>(a)</sup> | 280 | 236925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 (Call 10/15/24),<br>(SOFR + 1.160%)<sup>(a)</sup> | 1224 | 1141343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 (Call 04/22/30),<br>(SOFR + 2.040%)<sup>(a)</sup> | 1574 | 1241508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40),<br>(SOFR + 1.510%)<sup>(a)</sup> | 1460 | 899959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 (Call 11/08/31),<br>(SOFR + 1.180%)<sup>(a)</sup> | 2510 | 1896757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.250%)<sup>(a)</sup> | 1440 | 1107533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25),<br>(SOFR + 0.915%)<sup>(a)</sup> | 890 | 824745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29),<br>(SOFR + 1.510%)<sup>(a)</sup> | 2307 | 1867932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | 1694 | 1547740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27),<br>(SOFR + 1.170%)<sup>(a)</sup> | 985 | 867283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 (Call 05/13/30),<br>(SOFR + 2.515%)<sup>(a)</sup> | 1975 | 1555668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32),<br>(SOFR + 1.260%)<sup>(a)</sup> | 1835 | 1431906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40),<br>(SOFR + 2.460%)<sup>(a)</sup> | 1055 | 721968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50),<br>(SOFR + 2.440%)<sup>(a)</sup> | 1377 | 859923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 (Call 10/23/24) | 1444 | 1381691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41),<br>(SOFR + 2.460%)<sup>(a)</sup> | 1150 | 785427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 1554 | 1439921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24),<br>(3 mo. LIBOR US + 1.155%)<sup>(a)</sup> | 1591 | 1536588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 1312 | 1225303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)<sup>(a)</sup> | $1261 | $816069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)<sup>(a)</sup> | 2392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 | 1664900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24 | 503 | 493005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26) | 1335 | 1208188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)<sup>(a)</sup> | 1253 | 1091025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)<sup>(a)</sup> | 1714 | 1561951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(a)</sup> | 1380 | 1341857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24 | 1391 | 1373752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 2727 | 2656589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)<sup>(a)</sup> | 685 | 532861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25) | 1689 | 1632216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)<sup>(a)</sup> | 1703 | 1239971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)<sup>(a)</sup> | 1289 | 1207961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | 2289 | 1678821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)<sup>(a)</sup> | 1222 | 1099763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23), (3 mo. LIBOR US + 1.000%)<sup>(a)</sup> | 2173 | 2133908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)<sup>(a)</sup> | 1052 | 782194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)<sup>(a)</sup> | 2070 | 1984488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26 | 722 | 684405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)<sup>(a)</sup> | 1360 | 1231752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27 | 1788 | 1679164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)<sup>(a)</sup> | 1353 | 1049346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)<sup>(a)</sup> | 2165 | 2015334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)<sup>(a)</sup> | 1923 | 1752411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)<sup>(a)</sup> | 1541 | 1394929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 (Call 06/14/29)<sup>(a)</sup> | 1850 | 1697412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32), (SOFR + 1.800%)<sup>(a)</sup> | 545 | 486233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 2150 | 2044263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44 | 778 | 666933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 1175 | 1075477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45 | 1321 | 1091080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42 | 1445 | 1318866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40 | 1157 | 1073337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 | 1363 | 1278453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43 | 1152 | 1035567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 (Call 09/14/32)<sup>(a)</sup> | 2775 | 2578030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 | 1714 | 1765729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26 | 965 | 1039903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 | 2228 | 2444896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/01/30 | 65 | 74554 |

---

S C H E D U L E O F I N V E S T M E N T S 27

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)<sup>(a)(d)</sup> | $600 | $505650 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 | 250 | 237698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/20/26 | 650 | 597499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/13/29 | 729 | 630534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 50 | 48328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/08/32 | 270 | 238891 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27 | 653 | 561084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29 | 610 | 491190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/25 (Call 05/23/24)<sup>(a)</sup> | 160 | 155312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28 | 625 | 574412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25 | 558 | 538448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 (Call 06/01/32)<sup>(a)</sup> | 750 | 678345 |
|  KKR Group Finance Co. XII LLC, 4.85%, 05/17/32 (Call 02/17/32)<sup>(b)</sup> | 41 | 37341 |
|  Kookmin Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/06/26<sup>(d)</sup> | 400 | 349444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/25<sup>(c)(d)</sup> | 400 | 365196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/25<sup>(d)</sup> | 200 | 185776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/27 | 200 | 175942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/04/30<sup>(d)</sup> | 400 | 302764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, (Call 07/02/24)<sup>(a)(d)(e)</sup> | 400 | 364548 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/09/24<sup>(c)</sup> | 200 | 188054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/25/25<sup>(c)</sup> | 800 | 726872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/19/26<sup>(c)</sup> | 800 | 688216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/09/26 | 600 | 517074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/19/31 | 900 | 688527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/12/26 | 200 | 178900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/01/24 | 465 | 440801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/13/26 | 800 | 753536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/19/24 | 800 | 782664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/16/25 | 400 | 380440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/22/24 | 400 | 394272 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/18/36<sup>(h)</sup> | 895 | 496582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/29/37<sup>(c)(h)</sup> | 905 | 474745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/08/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/25 | 3330 | 2978785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | 2003 | 1856180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/22/26 | 2580 | 2281494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/30/30 | 2170 | 1662806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26 | 1715 | 1502803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/25 | 625 | 581519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/05/24 | 1643 | 1554196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/14/29 | 1029 | 876173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/02/25 | 2017 | 1897110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/24 | 2989 | 2867079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/24 | 5993 | 5839579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/03/28 | 2526 | 2345467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/25 | 2000 | 1930820 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/08/25<sup>(d)</sup> | 50 | 44071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/24<sup>(d)</sup> | 70 | 66919 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/30/26 | 528 | 467095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/03/30 | 1556 | 1204297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/27/26 | 414 | 374852 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/14/27<sup>(d)</sup> | $380 | $341206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/25 | 3015 | 2855537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/23/24<sup>(d)</sup> | 495 | 481541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/10/25 | 799 | 755974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/14/23 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 37, 2.50%, 11/15/27 | 1298 | 1186489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40, 0.50%, 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | 1369615 |
|  Lloyds Bank PLC, 3.50%, 05/14/25<sup>(c)</sup> | 160 | 150790 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 (Call 02/05/25)<sup>(a)</sup> | 1505 | 1367533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 12/14/46 (Call 09/14/41)<sup>(a)</sup> | 200 | 117884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 (Call 03/18/25)<sup>(a)</sup> | 1000 | 926350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)<sup>(a)</sup> | 1369 | 1170249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 998 | 894158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(a)</sup> | 1080 | 953478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 (Call 07/09/24)<sup>(a)</sup> | 956 | 910905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24 | 350 | 340879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48 | 1177 | 785553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 1233 | 1099072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 | 985 | 944477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24 | 1442 | 1389252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 738 | 661285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 1240 | 1136386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 1425 | 1314021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 (Call 08/11/25)<sup>(a)</sup> | 550 | 519909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 200 | 171192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45 | 240 | 183038 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 04/16/24) | 250 | 244960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 (Call 08/16/27)<sup>(a)</sup> | 460 | 433260 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/22/25<sup>(b)</sup> | 203 | 190069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/03/36 (Call 03/03/31)<sup>(a)(b)</sup> | 1002 | 709957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/21/25<sup>(b)</sup> | 300 | 286401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 06/03/30<sup>(b)</sup> | 640 | 505357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/26<sup>(b)</sup> | 484 | 460918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/29/25<sup>(b)</sup> | 25 | 24067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/10/25<sup>(b)</sup> | 25 | 24098 |
|  Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/14/25 (Call 10/14/24)<sup>(a)(b)</sup> | 583 | 528880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 01/12/27 (Call 01/12/26)<sup>(a)(b)</sup> | 1860 | 1580219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/23/27 (Call 09/23/26)<sup>(a)(b)</sup> | 705 | 584241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 04/14/28 (Call 04/14/27), (SOFR + 0.995%)<sup>(a)(b)</sup> | 585 | 480689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 06/23/32 (Call 06/23/31), (SOFR + 1.440%)<sup>(a)(b)</sup> | 395 | 292735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 01/14/33 (Call 01/14/32), (SOFR + 1.532%)<sup>(a)(b)</sup> | 385 | 284534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 11/28/28 (Call 11/28/27), (3 mo. LIBOR US + 1.372%)<sup>(a)(b)</sup> | 555 | 489699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/21/28 (Call 06/21/27)<sup>(a)(b)</sup> | 300 | 271944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 06/21/33 (Call 06/21/32)<sup>(a)(b)</sup> | 350 | 292516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/27/29 (Call 03/27/28), (3 mo. LIBOR US + 1.727%)<sup>(a)(b)</sup> | 1088 | 989536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 01/15/30 (Call 01/15/29), (3 mo. LIBOR US + 1.750%)<sup>(a)(b)</sup> | 1118 | 1029823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/09/26 (Call 08/09/25)<sup>(a)(b)</sup> | 490 | 476795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 11/09/33 (Call 11/09/32)<sup>(a)(b)</sup> | 435 | 390130 |

---

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Malayan Banking Bhd, 3.72%, 08/16/24, (3 mo. LIBOR US + 0.800%)<sup>(a)(d)</sup> | $400 | $400116 |
|  Manufacturers & Traders Trust Co., 3.40%, 08/17/27 | 180 | 159912 |
|  MAR Sukuk Ltd., 2.21%, 09/02/25<sup>(d)</sup> | 800 | 731112 |
|  Mashreqbank PSC, 4.25%, 02/26/24<sup>(d)</sup> | 400 | 391644 |
|  Metropolitan Bank & Trust Co., 2.13%, 01/15/26<sup>(d)</sup> | 400 | 354736 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 (Call 07/19/24)<sup>(a)</sup> | 438 | 402005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 (Call 10/11/24)<sup>(a)</sup> | 265 | 240951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | 898939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(a)</sup> | 670 | 566311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)</sup> | 300 | 252720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30 | 1036 | 776161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 901 | 831335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(a)</sup> | 845 | 616436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(a)</sup> | 290 | 247936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 (Call 10/13/31)<sup>(a)</sup> | 200 | 147436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | 581 | 457561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26 | 562 | 501214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 (Call 01/19/32)<sup>(a)</sup> | 240 | 180379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29 | 1368 | 1145755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27 | 455 | 407107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 544 | 529024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27 | 340 | 312130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 1066 | 938251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39 | 1400 | 1041740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 420 | 403108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/17/26 (Call 04/17/25)<sup>(a)</sup> | 400 | 380220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 1729 | 1624689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28 | 260 | 237513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28 | 743 | 673084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(a)</sup> | 405 | 371924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/07/39 | 615 | 485167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/26/38 | 764 | 618473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/19/33 (Call 04/19/32)<sup>(a)</sup> | 475 | 408030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(a)</sup> | 850 | 834011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(a)</sup> | 800 | 760968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(a)</sup> | 515 | 507363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(a)</sup> | 1300 | 1180179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(a)</sup> | 490 | 472424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 09/13/33 (Call 09/13/32)<sup>(a)</sup> | 485 | 453029 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/25<sup>(b)</sup> | 75 | 71201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/25/24<sup>(b)(c)</sup> | 350 | 337183 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(a)</sup> | 1115 | 937236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(a)</sup> | 830 | 702786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)<sup>(a)</sup> | 173 | 124738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 05/22/32 (Call 05/22/31)<sup>(a)</sup> | 370 | 263799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)<sup>(a)</sup> | 1270 | 936142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/09/32 (Call 07/09/31)<sup>(a)</sup> | 510 | 366068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)<sup>(a)</sup> | 830 | 777038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31 | 940 | 676480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/25/31 (Call 05/25/30), (3 mo. LIBOR US + 1.070%)<sup>(a)</sup> | 300 | 228630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 (Call 05/22/25)<sup>(a)</sup> | 450 | 412034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)<sup>(a)</sup> | $838 | $793075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26 | 333 | 295697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 (Call 09/13/29), (SOFR + 1.572%)<sup>(a)</sup> | 345 | 275138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)<sup>(a)</sup> | 659 | 537487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27 | 620 | 542525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 05/22/30 (Call 05/22/29)<sup>(a)</sup> | 450 | 373289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 04/12/26<sup>(b)(c)</sup> | 565 | 519354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27 | 640 | 579725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28 | 285 | 256554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)<sup>(a)</sup> | 615 | 546575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/20/25<sup>(b)(c)</sup> | 730 | 695748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(c)</sup> | 300 | 289752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 (Call 09/13/32)<sup>(a)</sup> | 730 | 683207 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)<sup>(a)</sup> | 650 | 606853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | 961621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)<sup>(a)</sup> | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)<sup>(a)</sup> | 2173 | 1967804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)<sup>(a)</sup> | 1515 | 1284765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)<sup>(a)</sup> | 2250 | 1927057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)<sup>(a)</sup> | 1698 | 1227858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)<sup>(a)</sup> | 3810 | 2761374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)<sup>(a)</sup> | 2495 | 2276663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)<sup>(a)</sup> | 715 | 530501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)<sup>(a)</sup> | 1460 | 1262988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/16/36 (Call 09/16/31), (SOFR + 1.360%)<sup>(a)</sup> | 2050 | 1456402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)<sup>(a)</sup> | 1538 | 1159267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)<sup>(a)</sup> | 2105 | 1950282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)<sup>(a)</sup> | 1756 | 1406925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)<sup>(a)</sup> | 694 | 654942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)<sup>(a)</sup> | 1839 | 1079052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)<sup>(a)</sup> | 1643 | 1278155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 1026 | 936246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.485%)<sup>(a)</sup> | 1375 | 936567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)<sup>(a)</sup> | 1791 | 1606043 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)<sup>(a)</sup> | $839 | $810449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)<sup>(a)</sup> | 1739 | 1482741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 1392 | 1284078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 | 3553 | 3444989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)<sup>(a)</sup> | 1780 | 1587956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 1511 | 1431008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27 | 977 | 904614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)<sup>(a)</sup> | 1544 | 1215159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 | 1564 | 1506195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)<sup>(a)</sup> | 945 | 874692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 | 1535 | 1185818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 | 1742 | 1660143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 | 1779 | 1383831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)<sup>(a)</sup> | 1196 | 1090549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)<sup>(a)</sup> | 560 | 459256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(a)</sup> | 770 | 747393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 (Call 07/20/32)<sup>(a)</sup> | 675 | 616153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25 | 838 | 824550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/20/37 (Call 04/20/32)<sup>(a)</sup> | 885 | 787146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 | 640 | 651814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 | 300 | 302715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 1410 | 1430727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | 1162 | 1177141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32 | 978 | 1059604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 | 1545 | 1513776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)<sup>(a)</sup> | 730 | 658752 |
|  Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24)<sup>(a)(d)</sup> | 500 | 467455 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.39%, 01/12/25<sup>(b)</sup> | 800 | 740384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 01/12/27<sup>(b)(c)</sup> | 745 | 651242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 08/21/30<sup>(b)</sup> | 2350 | 1706405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/14/41<sup>(b)</sup> | 210 | 119167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 05/21/31<sup>(b)</sup> | 285 | 214289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/12/37 (Call 01/12/32)<sup>(a)(b)</sup> | 560 | 416270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/10/27<sup>(b)</sup> | 513 | 479111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 08/02/34 (Call 08/02/29)<sup>(a)(b)(c)</sup> | 1818 | 1501523 |
|  National Australia Bank Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26 | 1195 | 1085777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26 | 570 | 538314 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/15/24 (Call 11/15/23)<sup>(a)</sup> | 543 | 514617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/06/24 | 508 | 466816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/25 (Call 06/09/24)<sup>(a)</sup> | 270 | 259837 |
|  National Securities Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/07/25 (Call 11/07/25)<sup>(b)</sup> | 45 | 39497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/23/25 (Call 03/23/25)<sup>(b)</sup> | 910 | 834161 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(a)</sup> | 900 | 748161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/28/35 (Call 08/28/30)<sup>(a)</sup> | 500 | 345870 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 (Call 05/22/27)<sup>(a)</sup> | $674 | $571579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/29 (Call 11/01/24)<sup>(a)</sup> | 1340 | 1222120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)<sup>(a)</sup> | 1178 | 1135769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)<sup>(a)</sup> | 1575 | 1344467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | 1921129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)<sup>(a)</sup> | 685 | 610814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)<sup>(a)</sup> | 649 | 578467 |
|  NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/12/24<sup>(b)</sup> | 998 | 911743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/29/26<sup>(b)</sup> | 590 | 495635 |
|  NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (SOFR + 1.050%)<sup>(a)(d)</sup> | 600 | 510792 |
|  NBK Tier 1 Financing 2 Ltd., 4.50%, <sup>(a)(d)(e)</sup> | 600 | 528900 |
|  NBK Tier 1 Financing Ltd., 3.63%,<br>(Call 08/24/26)<sup>(a)(d)(e)</sup> | 200 | 166634 |
|  NBK Tier 2 Ltd., 2.50%, 11/24/30<br>(Call 11/24/25)<sup>(a)(d)</sup> | 200 | 174670 |
|  NCB Tier 1 Sukuk Ltd., 3.50%,<br>(Call 07/26/26)<sup>(a)(d)(e)</sup> | 800 | 714208 |
|  Nederlandse Waterschapsbank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/25<sup>(b)</sup> | 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/24/26<sup>(b)</sup> | 200 | 185982 |
|  NongHyup Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/28/24<sup>(d)</sup> | 200 | 185604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/20/25<sup>(c)(d)</sup> | 600 | 534018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/28/26<sup>(d)</sup> | 400 | 344168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/06/27<sup>(d)</sup> | 200 | 189568 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/24/24<sup>(b)</sup> | 335 | 311158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/28/25<sup>(b)</sup> | 1054 | 924621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/26<sup>(b)</sup> | 435 | 365478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/06/25<sup>(b)</sup> | 1140 | 1086876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/13/33 (Call 09/13/28)<sup>(a)(b)</sup> | 933 | 840540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/25<sup>(b)</sup> | 2000 | 1960160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/27<sup>(b)</sup> | 1685 | 1622470 |
|  Norinchukin Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 09/22/26<sup>(b)</sup> | 1220 | 1040928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 09/22/31<sup>(b)</sup> | 1120 | 830278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 09/14/27<sup>(b)</sup> | 1000 | 970870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 09/14/32<sup>(b)</sup> | 900 | 845964 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 (Call 02/01/30) | 800 | 625248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/03/29 (Call 02/03/29) | 764 | 672503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/08/32 (Call 05/08/27), (3 mo. LIBOR US + 1.131%)<sup>(a)</sup> | 1274 | 1136459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/03/28 (Call 05/03/28) | 696 | 642547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25 | 805 | 778185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27) | 675 | 645293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 | 640 | 641286 |
|  NRW Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/10/25<sup>(d)</sup> | 1200 | 1091700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/25/24<sup>(d)</sup> | 545 | 505237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/09/26<sup>(d)</sup> | 905 | 800255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/24<sup>(d)</sup> | 2465 | 2352128 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/25 | 500 | 443770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/16/24 | 220 | 203801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/26 | 315 | 276293 |

---

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/25 | $1319 | $1231906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/23 | 818 | 805174 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 09/10/30 (Call 09/10/25)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/19/24<sup>(b)</sup> | 588 | 577928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/32 (Call 06/15/27)<sup>(a)(d)</sup> | 400 | 370800 |
|  Philippine National Bank, 3.28%, 09/27/24<sup>(d)</sup> | 600 | 562788 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 | 703 | 571019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/23/25 (Call 01/24/25) | 625 | 594781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27) | 685 | 618123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/02/25) | 400 | 380284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/28 (Call 12/23/27) | 536 | 485235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 370 | 355781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | 96 | 92358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28 | 610 | 554197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 (Call 10/02/25) | 355 | 342515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24) | 916 | 872921 |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26) | 910 | 781299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 (Call 10/02/24) | 575 | 542133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)<sup>(a)</sup> | 845 | 649070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 (Call 10/24/29) | 1308 | 1061704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26) | 935 | 844632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27) | 1019 | 918700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 (Call 01/23/29) | 940 | 825555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 (Call 12/23/23) | 1277 | 1254103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 408 | 399273 |
|  QIB Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/27/25<sup>(d)</sup> | 1000 | 900460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/26/24<sup>(d)</sup> | 600 | 588468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 02/07/25, (3 mo. LIBOR US<br>+ 1.350%)<sup>(a)(d)</sup> | 200 | 199256 |
|  QIIB Senior Sukuk Ltd., 4.26%, 03/05/24<sup>(d)</sup> | 400 | 394476 |
|  QNB Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/17/24<sup>(d)</sup> | 600 | 559620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/26/26<sup>(d)</sup> | 600 | 525012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/22/25<sup>(d)</sup> | 600 | 536604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/12/25<sup>(d)</sup> | 1000 | 929100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/12/27<sup>(d)</sup> | 400 | 358164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/28/24<sup>(d)</sup> | 600 | 582234 |
|  QNB Finansbank AS, 6.88%, 09/07/24<sup>(d)</sup> | 400 | 400348 |
|  Rakfunding Cayman Ltd., 4.13%, 04/09/24<sup>(d)</sup> | 200 | 196224 |
|  RBH Bank, 1.66%, 06/29/26<sup>(d)</sup> | 600 | 526950 |
|  Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 140 | 139007 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/12/28 (Call 06/12/28) | 1350 | 1097469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/18/25 (Call 04/18/25) | 875 | 807266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 12/10/37 | 410 | 438454 |
|  Riyad Sukuk Ltd., 3.17%, 02/25/30<br>(Call 02/25/25)<sup>(a)(d)</sup> . | 1000 | 937020 |
|  Riyad Tier 1 Sukuk Ltd., 4.00%,<br>(Call 02/16/27)<sup>(a)(d)(e)</sup> | 200 | 183404 |
|  Rizal Commercial Banking Corp., 3.00%, 09/11/24<sup>(d)</sup> | 200 | 188042 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24 | 655 | 618019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 1150 | 1061507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 535 | 489643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 425 | 367498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25 | 914 | 820726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 383 | 327124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 1470 | 1268801 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | $505 | $430109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 540 | 497853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 205 | 178983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31 | 663 | 503873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24 | 895 | 853884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25 | 320 | 305619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 | 745 | 686249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32 | 268 | 231054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24 | 515 | 503243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | 630 | 592112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 763 | 736745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24 | 270 | 270729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 270 | 271693 |
|  Samba Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/02/24<sup>(d)</sup> | 400 | 378136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/29/27<sup>(d)</sup> | 600 | 537804 |
|  Santander Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)<sup>(a)</sup> | 420 | 346991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26) | 836 | 737920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 (Call 05/02/25) | 1110 | 1038538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 (Call 05/07/24) | 670 | 642376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 978 | 884513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 (Call 04/17/25) | 834 | 798246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 (Call 09/09/25)<sup>(a)</sup> | 425 | 411277 |
|  Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 (Call 08/21/25)<sup>(a)</sup> | 1592 | 1356145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)<sup>(a)</sup> | 1427 | 1166201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)<sup>(a)</sup> | 590 | 484886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/25<sup>(b)</sup> | 560 | 520862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)<sup>(a)</sup> | 522 | 510646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/45<sup>(b)</sup> | 354 | 264792 |
|  Santander UK PLC, 4.00%, 03/13/24 | 1095 | 1072542 |
|  Shanghai Pudong Development Bank Co. Ltd., 1.00%, 01/19/24<sup>(d)</sup> | 200 | 190902 |
|  Shinhan Bank Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/21/26<sup>(c)(d)</sup> | 600 | 513732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/24/26<sup>(d)</sup> | 800 | 740880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/23/29<sup>(d)</sup> | 200 | 174952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/26/28<sup>(d)</sup> | 600 | 545442 |
|  Shinhan Financial Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 01/10/26<sup>(d)</sup> | 400 | 352832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, (Call 05/12/26)<sup>(a)(d)(e)</sup> | 400 | 300708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 02/05/30 (Call 02/05/25)<sup>(a)(d)</sup> | 200 | 184852 |
|  Siam Commercial Bank PCL/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/11/24<sup>(d)</sup> | 200 | 196692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/11/29<sup>(d)</sup> | 400 | 376016 |
|  SIB Sukuk Co. III Ltd., 2.85%, 06/23/25<sup>(d)</sup> | 600 | 565986 |
|  Signature Bank/New York NY, 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | 200 | 182250 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/09/26<sup>(b)(c)</sup> | 285 | 243444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/09/25<sup>(b)</sup> | 1000 | 954420 |
|  SNB Sukuk Ltd., 2.34%, 01/19/27<sup>(d)</sup> | 400 | 353204 |
|  Societe Generale SA<br>1.38%, 07/08/25<sup>(b)</sup> | 200 | 178030 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 12/14/26 (Call 12/14/25)<sup>(a)(b)</sup> | $1510 | $1260382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 06/09/27 (Call 06/09/26)<sup>(a)(b)</sup> | 765 | 627093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 01/21/26 (Call 01/21/25)<sup>(a)(b)</sup> | 205 | 183678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/16/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/22/25<sup>(b)</sup> | 965 | 885291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/19/28 (Call 01/19/27)<sup>(a)(b)</sup> | 785 | 650294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/09/32 (Call 06/09/31)<sup>(a)(b)</sup> | 760 | 544464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/30<sup>(b)</sup> | 625 | 476875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 01/21/33 (Call 01/21/32)<sup>(a)(b)</sup> | 245 | 179913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/41<sup>(b)</sup> | 60 | 34032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/08/35 (Call 07/08/30)<sup>(a)(b)(c)</sup> | 375 | 275528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/28/24<sup>(b)</sup> | 1310 | 1261373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/12/27<sup>(b)</sup> | 655 | 588229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/21/43 (Call 01/21/42)<sup>(a)(b)</sup> | 265 | 157622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/14/25<sup>(b)</sup> | 1430 | 1330529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/19/26<sup>(b)</sup> | 645 | 578062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/24/25<sup>(b)</sup> | 780 | 721235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/14/28<sup>(b)</sup> | 664 | 592022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/17/24<sup>(b)</sup> | 960 | 933053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/24/45<sup>(b)</sup> | 880 | 642849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 06/15/33 (Call 06/15/32)<sup>(a)(b)</sup> | 850 | 729368 |
|  Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 01/12/25 (Call 01/12/24)<sup>(a)(b)</sup> | 800 | 743544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 03/23/25 (Call 03/23/24)<sup>(a)(b)</sup> | 560 | 518409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 01/14/27 (Call 01/14/26)<sup>(a)(b)</sup> | 895 | 741883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 11/23/25 (Call 11/23/24)<sup>(a)(b)</sup> | 875 | 782784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 01/12/28 (Call 01/12/27)<sup>(a)(b)</sup> | 200 | 164694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/29/32 (Call 06/29/31)<sup>(a)(b)</sup> | 360 | 251258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 01/30/26 (Call 01/30/25)<sup>(a)(b)</sup> | 2010 | 1820537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/17/25<sup>(b)</sup> | 617 | 579961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 02/18/36 (Call 11/18/30)<sup>(a)(b)</sup> | 1270 | 888479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 02/12/30 (Call 02/12/25)<sup>(a)(d)</sup> | 800 | 720448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/12/33 (Call 01/12/32)<sup>(a)(b)</sup> | 525 | 371726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/21/25 (Call 05/21/24)<sup>(a)(b)</sup> | 1340 | 1270695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/30/26 (Call 03/30/25)<sup>(a)(b)</sup> | 1655 | 1522070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/12/26<sup>(b)(c)</sup> | 840 | 782426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/19/27<sup>(b)(c)</sup> | 824 | 738049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 05/21/30 (Call 05/21/29), (3 mo. LIBOR US + 1.910%)<sup>(a)(b)</sup> | 600 | 510678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 04/01/31 (Call 04/01/30)<sup>(a)(b)</sup> | 740 | 626477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 03/15/33 (Call 03/15/28)<sup>(a)(b)(c)</sup> | 903 | 772453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/26/24<sup>(b)</sup> | 325 | 318887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/09/43<sup>(b)</sup> | 695 | 524794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/26/44<sup>(b)</sup> | 1225 | 969722 |
|  State Bank of India/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/13/26<sup>(d)</sup> | 600 | 520248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/24/24<sup>(d)</sup> | 540 | 530588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/17/24<sup>(d)</sup> | 200 | 197726 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 (Call 11/18/26), (SOFR + 0.560%)<sup>(a)</sup> | 985 | 852114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/06/26 (Call 02/06/25), (SOFR + 0.441%)<sup>(a)(c)</sup> | 45 | 41496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/07/28 (Call 02/07/27), (SOFR + 0.730%)<sup>(a)</sup> | 270 | 234236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31 | 140 | 107729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)<sup>(a)</sup> | 254 | 238625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30 | 658 | 537191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 02/07/33 (Call 02/07/32), (SOFR + 1.002%)<sup>(a)</sup> | $765 | $596011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26 | 957 | 886421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/26 (Call 03/30/25), (SOFR + 2.600%)<sup>(a)</sup> | 730 | 686061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/01/34 (Call 11/01/29), (SOFR + 1.490%)<sup>(a)</sup> | 813 | 661278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/30/31 (Call 03/30/30), (SOFR + 2.650%)<sup>(a)</sup> | 538 | 454239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 963550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25 | 778 | 747969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/20/23 | 632 | 624182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/03/24 (Call 12/03/23), (3 mo. LIBOR US + 0.770%)<sup>(a)</sup> | 380 | 373787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/03/29 (Call 12/03/28), (3 mo. LIBOR US + 1.030%)<sup>(a)</sup> | 500 | 458425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/33 (Call 08/04/32)<sup>(a)</sup> | 340 | 301277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/13/33 (Call 05/13/32)<sup>(a)</sup> | 100 | 91113 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24 | 174 | 168815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/23/25 | 250 | 237643 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 | 265 | 228287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 | 825 | 698313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25 | 735 | 656267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/31 | 625 | 445588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28 | 720 | 571932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30 | 1072 | 804632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30 | 1042 | 762984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31 | 220 | 161183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/12/41 | 485 | 281926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 | 705 | 656588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24 | 1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29 | 200 | 162128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26 | 760 | 681591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24 | 1740 | 1656706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29 | 435 | 350145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30 | 1005 | 803347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41 | 405 | 251424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26 | 205 | 185308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29 | 1428 | 1179657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/14/42 | 570 | 369788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/29 | 649 | 533069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27 | 487 | 433581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27 | 354 | 317871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27 | 623 | 566506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28 | 1650 | 1478449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26 | 580 | 546250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 563 | 506801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28 | 90 | 82510 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/16/24<sup>(b)</sup> | 1285 | 1177471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/12/25<sup>(b)</sup> | 1195 | 1053751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/16/26<sup>(b)</sup> | 1060 | 906141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/25/26<sup>(b)</sup> | 615 | 539607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/10/25<sup>(b)</sup> | 945 | 882035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27<sup>(b)</sup> | 800 | 716888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/25<sup>(b)(c)</sup> | 285 | 278927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/27<sup>(b)</sup> | 500 | 486255 |
|  Suncorp-Metway Ltd., 3.30%, 04/15/24<sup>(b)</sup> | 291 | 281828 |

---

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/28/26 (Call 09/28/26) | $580 | $489990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/02/31 (Call 11/02/30) | 560 | 384664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/15/28 (Call 03/15/28) | 136 | 107830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/05/30 (Call 03/05/30) | 576 | 451561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/25 | 103 | 97866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/29/28 (Call 04/29/27)<sup>(a)</sup> | 475 | 431804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/29/33 (Call 04/29/32)<sup>(a)</sup> | 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563698 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 06/11/24<sup>(b)</sup> | 615 | 570609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%, 06/11/27 (Call 06/11/26)<sup>(a)(b)</sup> | 780 | 668093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/10/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 954910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/20/23 | 590 | 580489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/10/27<sup>(b)(c)</sup> | 750 | 703470 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 11/16/26<sup>(b)</sup> | 695 | 596859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 04/04/25<sup>(b)</sup> | 450 | 427473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 09/20/27<sup>(b)</sup> | 705 | 671386 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/22/25 (Call 07/22/25) | 550 | 531393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/23/27 (Call 07/23/27) | 1000 | 942730 |
|  Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/11/25 (Call 07/11/25) | 200 | 194702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/07/29 (Call 02/07/24)<sup>(a)</sup> | 180 | 175039 |
|  TC Ziraat Bankasi AS, 5.38%, 03/02/26<sup>(d)</sup> | 400 | 339060 |
|  Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)<sup>(a)</sup> | 280 | 242217 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24 | 740 | 693839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24 | 1015 | 930745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25<sup>(c)</sup> | 648 | 568471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 | 937 | 808950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 | 796 | 713136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 1010 | 869862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 995 | 913519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 1092 | 931389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 195 | 179464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 | 295 | 255635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31 | 925 | 684611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 600 | 576858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/32 | 210 | 159680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24 | 1556 | 1492064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 600 | 535086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | 625 | 508794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 1221 | 1188192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/31 (Call 09/15/26)<sup>(a)</sup> | 1822 | 1633077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 800 | 768264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 955 | 894835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 540 | 529124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 365 | 327985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 810 | 776101 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 (Call 02/10/25) | 872 | 797086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 (Call 11/05/24) | 947 | 886477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 (Call 12/11/29) | 772 | 600315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/17/29 (Call 09/17/24)<sup>(a)</sup> | 655 | 606445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 454 | 440784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26) | 715 | 656692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) | 356 | 336929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26) | 470 | 437246 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) | $578 | $557001 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 (Call 06/03/27) | 1080 | 876474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 (Call 07/03/25) | 288 | 257054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)<sup>(a)</sup> | 180 | 155423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)<sup>(a)</sup> | 930 | 748910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 (Call 03/05/30) | 340 | 262188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 (Call 07/01/24) | 1148 | 1094698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 661 | 630634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25) | 505 | 484542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/06/23 (Call 11/06/23) | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/29 (Call 02/16/29) | 860 | 765830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25) | 925 | 896177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)</sup> | 660 | 610150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 (Call 07/28/25)<sup>(a)</sup> | 545 | 525402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/33 (Call 07/28/32)<sup>(a)</sup> | 725 | 650854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/26 | 1000 | 999040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33 | 1000 | 1002250 |
|  Turkiye Is Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/25/24<sup>(d)</sup> | 600 | 571974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/22/30 (Call 01/22/25)<sup>(a)(d)</sup> | 600 | 527748 |
|  Turkiye Vakiflar Bankasi TAO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/05/25<sup>(d)</sup> | 400 | 358000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/08/26<sup>(d)</sup> | 400 | 351860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/28/24<sup>(d)</sup> | 400 | 393932 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 (Call 04/22/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | 853856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 (Call 04/11/25) | 985 | 900162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)<sup>(a)</sup> | 200 | 174460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 (Call 06/28/24) | 779 | 744537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/36 (Call 11/03/31)<sup>(a)</sup> | 630 | 462590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)<sup>(a)</sup> | 290 | 228305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 (Call 04/30/29) | 950 | 803016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26) | 994 | 922084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 665 | 651454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24) | 825 | 802890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 (Call 12/29/23) | 365 | 359416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 (Call 03/24/28) | 759 | 708762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) | 844 | 815093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 640 | 608064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/33 (Call 07/22/32)<sup>(a)</sup> | 1440 | 1311437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 | 280 | 280963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 | 715 | 714049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) | 1348 | 1221612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27) | 728 | 669760 |
|  U.S. Bank NA/Cincinnati OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 (Call 12/20/24) | 240 | 224275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(c)</sup> | 981 | 933343 |
|  UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 02/09/24<sup>(b)</sup> | 1405 | 1319421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 08/09/24<sup>(b)</sup> | 845 | 775321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/26<sup>(b)</sup> | 1920 | 1638470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/13/25 (Call 12/13/24), (SOFR + 0.300%)<sup>(b)</sup> | 630 | 576040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/26/48<sup>(b)</sup> | 725 | 556010 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%, 01/30/27 (Call 01/30/26)<sup>(a)(b)</sup> | $3093 | $2600625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 08/10/27 (Call 08/10/26)<sup>(a)(b)</sup> | 1135 | 935580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 02/11/32 (Call 02/11/31)<sup>(a)(b)</sup> | 400 | 281932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/11/33 (Call 02/11/32)<sup>(a)(b)</sup> | 940 | 676255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/13/30 (Call 08/13/29), (3 mo. LIBOR US + 1.468%)<sup>(a)(b)</sup> | 1870 | 1495345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 02/11/43 (Call 02/11/42)<sup>(a)(b)</sup> | 655 | 401679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/24/25<sup>(b)</sup> | 1345 | 1268550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26<sup>(b)</sup> | 1733 | 1615607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/23/28 (Call 03/23/27)<sup>(b)</sup> | 610 | 543345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 08/05/25 (Call 08/05/24)<sup>(a)(b)</sup> | 1735 | 1679220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/12/26 (Call 05/12/25)<sup>(a)(b)</sup> | 460 | 436342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/05/27 (Call 08/05/26)<sup>(a)(b)</sup> | 840 | 780293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/28 (Call 05/12/27)<sup>(a)(b)</sup> | 1150 | 1054067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 08/05/33 (Call 08/05/32)<sup>(a)(b)</sup> | 805 | 697710 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 06/03/27 (Call 06/03/26)<sup>(a)(b)</sup> | 810 | 658562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 09/22/26 (Call 09/22/25)<sup>(a)(b)</sup> | 771 | 661580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/03/32 (Call 06/03/31)<sup>(a)(b)</sup> | 675 | 476786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/12/27<sup>(b)</sup> | 700 | 635299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35 (Call 06/30/30)<sup>(a)(b)</sup> | 920 | 687166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)</sup> | 805 | 668335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(a)(b)</sup> | 760 | 652582 |
|  Union Bank of the Philippines, 2.13%, 10/22/25<sup>(d)</sup> | 400 | 361500 |
|  United Overseas Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/14/26<sup>(b)</sup> | 365 | 322675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/16/31 (Call 03/16/26)<sup>(a)(d)</sup> | 800 | 687136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/14/31 (Call 10/14/26)<sup>(a)(b)</sup> | 50 | 42404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 860 | 834570 |
|  Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)<sup>(a)</sup> | 200 | 178218 |
|  Wachovia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/35 | 2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57%, 08/01/26<sup>(f)</sup> | 280 | 295341 |
|  Warba Sukuk Ltd., 2.98%, 09/24/24<sup>(d)</sup> | 200 | 193068 |
|  Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28) | 193 | 172862 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 (Call 05/19/24), (SOFR + 0.510%)<sup>(a)</sup> | 1560 | 1443452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25), (3 mo. LIBOR US + 0.750%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | 1842956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 (Call 04/30/25), (SOFR + 2.000%)<sup>(a)</sup> | 1330 | 1210300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)<sup>(a)</sup> | 1438 | 1228584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)<sup>(a)</sup> | 2515 | 2341842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)<sup>(a)</sup> | 2552 | 2035858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)<sup>(a)</sup> | 2015 | 1651413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25 | 1246 | 1177557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 | 2794 | 2557320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 | 1197 | 1084051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)<sup>(a)</sup> | 1650 | 1117561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)<sup>(a)</sup> | 1805 | 1635312 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24 | $1862 | $1799306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)<sup>(a)</sup> | 1300 | 1049763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)<sup>(a)</sup> | 2575 | 2321440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25 | 990 | 938193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)<sup>(a)</sup> | 2205 | 1985713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 (Call 12/22/23) | 1076 | 1058117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 1392 | 1008448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)<sup>(a)</sup> | 1560 | 1484340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26 | 923 | 872540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 1755 | 1597015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 | 2019 | 1887159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 | 1400 | 1036266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24 | 50 | 49535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)<sup>(a)</sup> | 1090 | 987104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(a)</sup> | 815 | 784030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(a)</sup> | 1870 | 1488501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 1569 | 1213229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46 | 1815 | 1401416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 1870 | 1773396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 1540 | 1406035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 1352 | 1077936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)<sup>(a)</sup> | 2840 | 2398636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/07/35 | 420 | 390390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 1187 | 1003537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 1808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/86 | 405 | 373240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.95%, 11/15/29 | 40 | 42512 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37 | 580 | 551650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38 | 768 | 787069 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 | 455 | 419665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 | 925 | 803779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 1000 | 828690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31 | 1090 | 859781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25<sup>(c)</sup> | 430 | 404406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30 | 862 | 724046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 11/15/35 (Call 11/15/30)<sup>(a)</sup> | 1120 | 796746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26 | 1189 | 1086912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26 | 944 | 873540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/04/30 (Call 02/04/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | 1059544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40 | 599 | 361766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 11/18/36 (Call 11/18/31)<sup>(a)</sup> | 910 | 643051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41 | 900 | 542925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24 | 664 | 651324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27 | 494 | 457721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28 | 620 | 569780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 07/24/34 (Call 07/24/29)<sup>(a)</sup> | 1460 | 1210793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 11/23/31 (Call 11/23/26)<sup>(a)</sup> | 420 | 376841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39 | 850 | 644410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 08/10/33 (Call 08/10/32)<sup>(a)</sup> | 540 | 471226 |
|  Wintrust Financial Corp., 4.85%, 06/06/29 | 10 | 8984 |
|  Woori Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/01/26<sup>(d)</sup> | 1000 | 858960 |

---

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 10/04/24)<sup>(a)(d)(e)</sup> | $400 | $346228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/24<sup>(d)</sup> | 250 | 244968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/06/28<sup>(d)</sup> | 200 | 185908 |
|  Yapi ve Kredi Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/21/24<sup>(d)</sup> | 400 | 381188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/22/31 (Call 01/22/26)<sup>(a)(d)</sup> | 400 | 351784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/15/24<sup>(d)</sup> | 200 | 197984 |
|  Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29) | 395 | 315937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181710900 |
| **Beverages — 0.5%** |  |  |
|  Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)<sup>(d)</sup> | 400 | 284704 |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/01/25) | 2059 | 1973799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 2096 | 1893988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 3906 | 3388611 |
|  Anheuser-Busch InBev Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/43 | 1035 | 798399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44 | 1012 | 843360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 1140 | 1025236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 1516 | 1300470 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30)<sup>(c)</sup> | 1005 | 897596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/42 | 799 | 602989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 (Call 01/13/28) | 1577 | 1490533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 (Call 12/01/39) | 738 | 617957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 (Call 10/15/37) | 1140 | 971736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 (Call 04/06/48) | 1335 | 1081297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 (Call 12/01/49) | 1781 | 1454097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 (Call 10/15/47) | 1818 | 1508558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/60 (Call 12/01/59) | 961 | 760660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 (Call 10/23/28) | 2527 | 2460666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 (Call 10/15/57) | 953 | 772435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 (Call 10/23/30) | 1084 | 1063913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42 | 846 | 748947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 (Call 07/23/38) | 1113 | 1050906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48) | 1464 | 1381372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58) | 1390 | 1321723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/35 | 75 | 74417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/39 | 603 | 703822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | 1276044 |
|  Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/15/26 (Call 04/15/26)<sup>(b)</sup> | 485 | 431063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/25 (Call 03/15/25)<sup>(d)</sup> | 595 | 571373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/28 (Call 02/15/28)<sup>(d)</sup> | 376 | 350432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/38 (Call 11/15/37)<sup>(d)</sup> | 50 | 41895 |
|  Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)<sup>(d)</sup> | 600 | 451380 |
|  Brown-Forman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 02/15/25) | 35 | 33781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/38 (Call 10/15/37) | 196 | 162668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/45 (Call 01/15/45) | 136 | 117605 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)<sup>(d)</sup> | 400 | 354492 |
|  Cia. Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)<sup>(d)</sup> | 300 | 238209 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28 | 1145 | 942186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 | 650 | 494917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 349 | 303030 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28 | $350 | $296751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 | 750 | 596453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24 | 481 | 458013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 527 | 423808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 | 1292 | 1086650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32 | 1295 | 1047513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 525 | 363962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51 | 830 | 508566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50 | 743 | 471671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60 | 495 | 301183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | 750111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 | 272 | 251369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 | 738 | 504334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27 | 495 | 470413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | 779 | 705120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/25/50 | 70 | 59554 |
|  Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25) | 325 | 311594 |
|  Coca-Cola European Partners PLC, 1.50%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 240 | 204091 |
|  Coca-Cola Femsa SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/01/32 (Call 06/01/32)<sup>(c)</sup> | 1190 | 860441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/30 (Call 10/22/29) | 1142 | 962603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/26/43 | 180 | 161476 |
|  Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)<sup>(d)</sup> | 400 | 321208 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/31 (Call 05/01/31) | 835 | 640670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 (Call 02/01/30) | 595 | 492083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 (Call 05/01/29) | 656 | 561877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 (Call 02/09/27) | 333 | 306380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/09/24 | 270 | 264400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/28 (Call 11/15/27) | 443 | 402107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 (Call 09/06/26) | 631 | 590654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/50 (Call 11/01/49) | 370 | 259714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/48 (Call 08/15/47) | 165 | 122593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27) | 690 | 659399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 (Call 09/15/25) | 581 | 566521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/09/47 (Call 11/09/46) | 400 | 313964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28 (Call 08/15/28) | 350 | 331254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24 | 668 | 662155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/25 | 275 | 271865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48 (Call 05/15/48) | 546 | 468544 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 (Call 08/29/25) | 435 | 392422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 (Call 01/29/30) | 1208 | 959708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 (Call 01/29/32) | 518 | 396410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/28 (Call 02/18/28) | 200 | 187380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/43 (Call 10/29/42) | 160 | 123206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 | 750 | 752573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | 600 | 602574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/36 | 281 | 284659 |
|  Diageo Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/11/42 | 310 | 251221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/15/35 | 130 | 149283 |
|  Embotelladora Andina SA, 3.95%, 01/21/50 (Call 07/21/49)<sup>(d)</sup> | 350 | 258804 |
|  Fomento Economico Mexicano SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/16/50 (Call 07/16/49) | 1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/10/43 | 660 | 507368 |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
|  Heineken NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/28 (Call 10/29/27)<sup>(b)(c)</sup> | $1635 | $1500979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/42<sup>(b)</sup> | 410 | 305483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/29/47 (Call 09/29/46)<sup>(b)</sup> | 555 | 429415 |
|  JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 465 | 382156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/24/31 (Call 06/24/31)<sup>(b)</sup> | 650 | 468923 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 (Call 12/01/22) | 565 | 532309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/31 (Call 12/15/30) | 300 | 231786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/15/26 (Call 06/15/26) | 952 | 854268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/23 (Call 10/15/23) | 478 | 468340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 (Call 02/01/30) | 1088 | 922896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/51 (Call 09/15/50) | 245 | 156834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 (Call 08/15/25) | 355 | 337104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/15/27 (Call 03/15/27) | 604 | 552092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 (Call 11/01/49) | 370 | 258064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 (Call 02/15/29) | 495 | 450717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 (Call 01/15/32) | 540 | 473683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 (Call 03/25/25) | 276 | 272111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46 (Call 06/15/46) | 590 | 456359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/45 (Call 05/15/45) | 345 | 270866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 (Call 10/15/51) | 540 | 421378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 05/25/48 (Call 11/25/47) | 75 | 63896 |
|  Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/26 (Call 04/15/26) | 1444 | 1316841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 (Call 01/15/46) | 936 | 689570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 630 | 528135 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 (Call 11/25/30) | 671 | 515952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | 625 | 495131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 (Call 02/19/25) | 1482 | 1395970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 1147 | 1049092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 (Call 01/19/27) | 420 | 382742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29) | 870 | 754264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 501 | 344933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) | 486 | 461685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 1670 | 1445034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51) | 620 | 402913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 225 | 212009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 769 | 520882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) | 975 | 900452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/29/49 (Call 01/29/49) | 403 | 296612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 543 | 407478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) | 275 | 265832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 (Call 12/01/23) | 913 | 901414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28) | 520 | 489330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/13/42 | 282 | 217258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 500 | 388475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 (Call 09/19/59) | 300 | 235692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32) | 940 | 870760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/05/42 | 145 | 119236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/47 (Call 11/02/46) | 230 | 188897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/52 (Call 01/18/52) | 225 | 191990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 (Call 10/14/45) | 300 | 264885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/29 | 330 | 364366 |
|  Pernod Ricard International Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/01/28 (Call 02/01/28)<sup>(b)</sup> | 415 | 334967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/01/31 (Call 01/01/30)<sup>(b)</sup> | 490 | 362718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/50 (Call 04/01/50)<sup>(b)</sup> | $463 | $275772 |
|  Pernod Ricard SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/08/26 (Call 03/08/26)<sup>(b)</sup> | 400 | 374752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/42<sup>(b)</sup> | 240 | 223814 |
|  Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)<sup>(b)</sup> | 455 | 381877 |
|  Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 09/16/24)<sup>(b)</sup> | 607 | 563162 |
|  Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)<sup>(b)(c)</sup> | 470 | 356989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90568649 |
| **Biotechnology — 0.3%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 (Call 06/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 986976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 (Call 01/21/25) | 200 | 186706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 (Call 10/15/31) | 1730 | 1316980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) | 1092 | 969510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 (Call 11/25/30) | 853 | 681359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 (Call 11/21/29) | 793 | 653567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26) | 1112 | 1016835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 (Call 03/01/53) | 716 | 409309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 (Call 02/15/41) | 1045 | 701707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 (Call 12/22/28) | 400 | 350468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51) | 1455 | 897080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 (Call 02/01/25)<sup>(c)</sup> | 634 | 606421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 (Call 08/21/39) | 1720 | 1226859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 (Call 08/02/27) | 547 | 501933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31) | 330 | 281094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49) | 1197 | 798291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 (Call 02/22/24) | 640 | 627200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 920 | 848728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 (Call 12/01/32) | 720 | 649764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 (Call 08/22/51) | 145 | 110911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) | 1746 | 1405565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 (Call 08/22/61) | 545 | 414527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 (Call 12/15/47) | 614 | 500514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50) | 2247 | 1855123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 (Call 09/01/52) | 315 | 267167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/41 | 618 | 543791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41 (Call 05/15/41) | 440 | 392009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/42 (Call 12/15/41) | 65 | 61428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/40 | 195 | 187391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/01/37 | 150 | 155745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 02/01/39 | 165 | 166351 |
|  Baxalta Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/23/25 (Call 03/23/25) | 1215 | 1177821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/23/45 (Call 12/23/44) | 660 | 590198 |
|  Biogen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/30 (Call 02/01/30) | 1488 | 1169717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 (Call 11/01/49) | 955 | 591680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/51 (Call 08/15/50) | 1061 | 666541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/25 (Call 06/15/25) | 1034 | 995908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/45 (Call 03/15/45) | 225 | 195251 |
|  Bio-Rad Laboratories Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 (Call 02/15/27) | 50 | 45045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/32 (Call 12/15/31) | 300 | 250593 |
|  CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/27/27 (Call 03/27/27)<sup>(b)</sup> | 200 | 188730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/27/29 (Call 02/27/29)<sup>(b)</sup> | 200 | 183712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/27/32 (Call 01/27/32)<sup>(b)</sup> | 200 | 181140 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Biotechnology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/27/42 (Call 10/27/41)<sup>(b)</sup> | $200 | $168654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/52 (Call 10/27/51)<sup>(b)</sup> | 395 | 331172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/27/62 (Call 10/27/61)<sup>(b)</sup> | 200 | 166470 |
|  Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 385 | 231327 |
|  Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 (Call 08/01/27) | 615 | 506231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 (Call 07/01/30) | 670 | 515733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 (Call 04/01/40) | 263 | 174088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 (Call 04/01/50) | 1127 | 687594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26) | 1010 | 919120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 721 | 696118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25) | 1462 | 1385669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 (Call 01/01/24) | 1561 | 1532886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 (Call 03/01/36) | 765 | 642179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 (Call 09/01/46) | 1132 | 884669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 1293 | 1067475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 (Call 03/01/35) | 695 | 628475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | 988605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) | 986 | 849045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 (Call 06/01/41) | 960 | 921984 |
|  Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)<sup>(b)</sup> | 440 | 344049 |
|  Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30) | 875 | 669471 |
|  Regeneron Pharmaceuticals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 (Call 06/15/30) | 765 | 576695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 (Call 03/15/50) | 682 | 399938 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 (Call 08/02/25) | 778 | 686748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 (Call 07/02/27) | 547 | 450936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/02/31 (Call 06/02/31) | 290 | 211877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 (Call 06/02/30) | 965 | 731393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 (Call 03/02/40) | 370 | 246461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/51 (Call 03/02/51) | 340 | 200566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 (Call 03/02/50) | 915 | 560685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44383958 |
| **Building Materials — 0.2%** |  |  |
|  Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)<sup>(b)</sup>  | 290 | 242655 |
|  Boral Finance Pty Ltd., 3.75%, 05/01/28 (Call 02/01/28)<sup>(b)</sup> | 7 | 6147 |
|  Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(b)</sup> | 917 | 733866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 361 | 310236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(b)</sup> | 505 | 465186 |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)<sup>(b)</sup> | 420 | 350011 |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 (Call 01/15/25) | 271 | 252369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 (Call 12/15/26) | 191 | 168202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 (Call 11/15/30) | 140 | 112045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 (Call 11/15/29) | 1243 | 1021236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 (Call 10/05/39) | 1396 | 994971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 (Call 10/05/49) | 1132 | 757749 |
|  Cemex SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/11/31 (Call 07/11/26)<sup>(d)</sup> | 900 | 687906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/17/30 (Call 09/17/25)<sup>(d)</sup> | 800 | 684480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/19/29 (Call 11/19/24)<sup>(d)</sup> | 600 | 525234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/05/27 (Call 06/05/23)<sup>(d)</sup> | 200 | 197830 |
|  Cemex SAB De CV, 5.13%,<br>(Call 06/08/26)<sup>(a)(d)(e)</sup> | 600 | 495156 |
|  Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)<sup>(b)</sup> | 339 | 211855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |
|  CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)<sup>(b)(c)</sup> | $305 | $219859 |
|  CRH America Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/09/27 (Call 02/09/27)<sup>(b)</sup> | 50 | 45559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/04/28 (Call 01/04/28)<sup>(b)</sup> | 1500 | 1371735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/04/48 (Call 10/04/47)<sup>(b)</sup> | 305 | 238037 |
|  CRH America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/18/45 (Call 11/18/44)<sup>(b)</sup> | 350 | 294326 |
|  Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31) | 640 | 470246 |
|  Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)<sup>(b)</sup> | 350 | 327463 |
|  Fortune Brands Home & Security Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/29 (Call 06/15/29) | 550 | 451671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 (Call 03/15/25) | 260 | 249122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/25/32 (Call 12/25/31) | 200 | 164060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/25/52 (Call 09/25/51) | 455 | 300200 |
|  GCC SAB de CV, 3.61%, 04/20/32<br>(Call 01/20/32)<sup>(d)</sup> | 200 | 157418 |
|  Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) | 623 | 570761 |
|  Holcim Finance U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/22/26 (Call 06/22/26)<sup>(b)</sup> | 400 | 370804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/46 (Call 03/22/46)<sup>(b)</sup> | 170 | 132134 |
|  Huaxin Cement International Finance Co. Ltd., 2.25%, 11/19/25<sup>(d)</sup> | 400 | 350832 |
|  InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 12/01/22)<sup>(b)</sup> | 400 | 278604 |
|  James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 235 | 213100 |
|  Jeld-Wen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 225 | 187124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 335 | 249739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 85 | 80045 |
|  Johnson Controls International PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/02/24 (Call 04/02/24)<sup>(f)</sup> | 137 | 133160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/14/26 (Call 11/14/25) | 212 | 201983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/47 (Call 08/15/46) | 498 | 383106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/02/44 (Call 01/02/44) | 595 | 475560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/02/64 (Call 01/02/64)<sup>(f)</sup> | 48 | 36057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/14/45 (Call 03/14/45) | 188 | 157944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/36 | 184 | 180890 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 (Call 06/15/30) | 750 | 576112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/16/31 (Call 06/16/31) | 620 | 465732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/01/32 (Call 09/01/32) | 480 | 451656 |
|  Koppers Inc., 6.00%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | 299 | 271124 |
|  Lafarge SA, 7.13%, 07/15/36 | 260 | 269441 |
|  Lennox International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/25 (Call 07/01/25) | 808 | 717423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/01/27 (Call 06/01/27) | 240 | 200309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/23 (Call 09/15/23) | 105 | 102452 |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 190 | 154506 |
|  Martin Marietta Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/31 (Call 04/15/31) | 275 | 211412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/51 (Call 01/15/51) | 285 | 176506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) | 515 | 470983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/27 (Call 09/15/27) | 419 | 381324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/02/24 (Call 04/02/24) | 578 | 569122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/47 (Call 06/15/47) | 640 | 475974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB, 2.50%, 03/15/30 (Call 12/15/29) | 100 | 79493 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |
|  Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/28 (Call 12/15/27) | $380 | $304091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/30 (Call 07/01/30) | 483 | 359453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 712 | 526140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/51 (Call 08/15/50) | 215 | 123920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 (Call 08/15/27) | 296 | 264976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 (Call 11/15/46)<sup>(c)</sup> | 125 | 92329 |
|  Masonite International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/30 (Call 08/15/29)<sup>(b)(c)</sup> | 225 | 178898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(b)(c)</sup> | 330 | 302297 |
|  MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30 (Call 02/01/25)<sup>(b)</sup> | 330 | 255935 |
|  Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)<sup>(c)</sup> | 425 | 349167 |
|  New Enterprise Stone & Lime Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(b)</sup> | 300 | 261081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 195 | 167185 |
|  Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 355 | 302495 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 (Call 05/15/26) | 837 | 766198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/30 (Call 03/01/30) | 475 | 408429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/29 (Call 05/15/29) | 345 | 303124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/24 (Call 09/01/24) | 670 | 653096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 (Call 01/15/47) | 460 | 328284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/30/48 (Call 07/30/47) | 195 | 139345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/36 | 27 | 27313 |
|  PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 415 | 344840 |
|  SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 685 | 586052 |
|  St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)<sup>(b)(c)</sup> | 240 | 236090 |
|  Standard Industries Inc./NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 (Call 07/15/25)<sup>(b)</sup> | 749 | 561361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 946 | 766005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 755 | 661705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 12/01/22)<sup>(b)</sup> | 845 | 772313 |
|  Summit Materials LLC/Summit Materials Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 07/15/23)<sup>(b)</sup> | 425 | 389253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/27 (Call 11/14/22)<sup>(b)</sup> | 198 | 190331 |
|  Ultratech Cement Ltd., 2.80%, 02/16/31 (Call 08/16/30)<sup>(d)</sup> | 200 | 148486 |
|  Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)<sup>(b)(c)</sup> | 360 | 184439 |
|  Votorantim Cimentos International SA, 7.25%, 04/05/41<sup>(d)</sup> | 400 | 431224 |
|  Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30) | 720 | 613066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/27 (Call 01/01/27) | 555 | 518470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25) | 76 | 74687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 209 | 164222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/48 (Call 09/01/47) | 402 | 321041 |
|  West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)<sup>(d)</sup> | 400 | 228096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37162193 |
| **Chemicals — 0.6%** |  |  |
|  Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)<sup>(b)</sup> | 400 | 324376 |
|  Air Liquide Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/10/29 (Call 06/10/29)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | 838664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/27/26 (Call 06/27/26)<sup>(b)</sup> | 310 | 281275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals (continued)** |  |  |
|  Air Products and Chemicals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 (Call 09/15/25) | $385 | $349157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 (Call 03/15/27) | 531 | 463457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 (Call 02/15/30) | 350 | 283101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 567 | 394299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49)<sup>(c)</sup> | 587 | 375938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 07/31/24 (Call 04/30/24) | 185 | 180429 |
|  Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/32 (Call 03/01/32) | 350 | 320695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 12/01/44 (Call 06/01/44) | 317 | 271717 |
|  Alpek SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/25/31 (Call 11/25/30)<sup>(d)</sup> | 400 | 305688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/18/29 (Call 06/18/29)<sup>(d)</sup> | 200 | 170470 |
|  Ashland LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/31 (Call 06/01/31)<sup>(b)</sup> | 270 | 211472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/43 (Call 02/15/43) | 180 | 170199 |
|  ASP Unifrax Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/28 (Call 09/30/24)<sup>(b)</sup> | 520 | 418090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/29 (Call 09/30/24)<sup>(b)</sup> | 255 | 171051 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 385 | 377419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(b)</sup> | 435 | 416269 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 410 | 338590 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(b)(c)</sup> | 297 | 271892 |
|  Bluestar Finance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, (Call 07/12/24)<sup>(a)(d)(e)</sup> | 200 | 185032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/16/24<sup>(d)</sup> | 600 | 577284 |
|  Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)<sup>(c)(d)</sup> | 200 | 175160 |
|  Braskem Idesa SAPI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 02/20/32 (Call 02/20/27)<sup>(d)</sup> | 400 | 266224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/29 (Call 11/15/24)<sup>(c)(d)</sup> | 800 | 612552 |
|  Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/10/28 (Call 10/10/27)<sup>(d)</sup> | 800 | 695432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/30<sup>(d)</sup> | 1200 | 971988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/31/50<sup>(d)</sup> | 600 | 438738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/23/81 (Call 10/24/25)<sup>(a)(d)</sup> | 200 | 190366 |
|  Cabot Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 04/01/29) | 450 | 390002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/32 (Call 03/30/32) | 210 | 187650 |
|  Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 (Call 07/05/26) | 510 | 411917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 (Call 04/08/24) | 561 | 537533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 | 800 | 786176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 972720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 (Call 06/15/27) | 1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 (Call 05/15/29) | 1040 | 967959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 (Call 04/15/32) | 505 | 460090 |
|  CF Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/26<sup>(b)</sup> | 355 | 335972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/43 | 541 | 434742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34 | 475 | 429001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 440 | 374321 |
|  Cheever Escrow Issuer LLC, 7.13%, 10/01/27 (Call 10/01/24)<sup>(b)</sup> | 225 | 206226 |
|  Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 397 | 309362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 (Call 02/15/27)<sup>(c)</sup> | 355 | 317757 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 (Call 11/15/23)<sup>(b)</sup> | $540 | $458903 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 (Call 03/01/28)<sup>(b)</sup> | 100 | 92014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 210 | 209112 |
|  CNAC HK Finbridge Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/22/25<sup>(d)</sup> | 600 | 526140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/22/30<sup>(d)</sup> | 1200 | 868824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/19/24<sup>(d)</sup> | 1200 | 1144092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/19/29<sup>(d)</sup> | 200 | 160776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/19/27<sup>(d)</sup> | 1200 | 1046580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/14/25<sup>(d)</sup> | 800 | 767304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/14/28<sup>(d)</sup> | 1150 | 1019694 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/28 (Call 10/15/24)<sup>(b)</sup> | 270 | 227559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/26 (Call 11/11/22)<sup>(b)</sup> | 270 | 246019 |
|  Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)<sup>(b)(c)</sup> | 300 | 225393 |
|  CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)<sup>(b)</sup> | 320 | 289709 |
|  Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 305 | 223650 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/30 (Call 08/15/30) | 370 | 282806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 (Call 05/15/50) | 255 | 166372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/34 (Call 04/01/34) | 485 | 410266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 (Call 05/15/42) | 963 | 736454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/44 (Call 04/01/44) | 391 | 303068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/30/28 (Call 08/30/28) | 430 | 410676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/49 (Call 11/15/48) | 404 | 318760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 (Call 05/15/41) | 548 | 473620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 (Call 05/30/48) | 300 | 261612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/15/33<sup>(c)</sup> | 100 | 99711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 | 130 | 131154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29 | 530 | 573847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 05/15/39 | 606 | 754415 |
|  DuPont de Nemours Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 11/15/23 (Call 10/15/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 (Call 09/15/25) | 1207 | 1182872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 (Call 08/15/28) | 1905 | 1826114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 (Call 05/15/38) | 1581 | 1434852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 (Call 05/15/48) | 764 | 671365 |
|  Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 676 | 648061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | 382 | 347429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/44 (Call 04/15/44) | 629 | 476273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/42 (Call 03/01/42) | 850 | 665023 |
|  Ecolab Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/31 (Call 10/30/30) | 598 | 445959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/32 (Call 11/01/31)<sup>(c)</sup> | 1585 | 1239946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/50 (Call 02/15/50)<sup>(c)</sup> | 725 | 391210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 (Call 08/01/26) | 670 | 614223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51) | 403 | 239684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/18/55 (Call 02/18/55) | 434 | 250310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/27 (Call 09/01/27) | 154 | 141680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/24/30 (Call 12/24/29) | 465 | 450920 |
|  EI du Pont de Nemours and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/15/25 (Call 06/15/25) | 660 | 604553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/15/30 (Call 04/15/30) | 547 | 441664 |
|  Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 495 | 420532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Equate Petrochemical BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/28/28 (Call 01/28/28)<sup>(d)</sup> | $600 | $496788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/03/26<sup>(d)</sup> | 700 | 654472 |
|  Equate Sukuk Spc Ltd., 3.94%, 02/21/24<sup>(d)</sup> | 1000 | 982310 |
|  EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)<sup>(b)</sup> | 395 | 323039 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 (Call 08/01/26) | 273 | 249500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/29 (Call 07/01/29) | 351 | 299301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/49 (Call 04/01/49) | 360 | 266364 |
|  Formosa Group Cayman Ltd., 3.38%, 04/22/25<sup>(d)</sup> | 600 | 567834 |
|  GC Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 03/18/31 (Call 12/18/30)<sup>(d)</sup> | 1800 | 1336896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/18/51 (Call 09/18/50)<sup>(d)</sup> | 400 | 245180 |
|  GPD Companies Inc., 10.13%, 04/01/26 (Call 12/01/22)<sup>(b)</sup> | 295 | 264742 |
|  Hanwha Total Petrochemical Co. Ltd., 3.88%, 01/23/24<sup>(d)</sup> | 200 | 195644 |
|  HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 11/15/26)<sup>(c)</sup> | 180 | 164817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/28 (Call 10/15/23) | 255 | 221924 |
|  Herens Holdco Sarl, 4.75%, 05/15/28 (Call 05/15/24)<sup>(b)</sup>  | 220 | 180151 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 (Call 03/15/31) | 458 | 342135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 02/01/29) | 739 | 643979 |
|  ICL Group Ltd., 6.38%, 05/31/38<br>(Call 11/30/37)<sup>(b)(d)</sup> | 453 | 430780 |
|  Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 304 | 257075 |
|  INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 300 | 253053 |
|  Ingevity Corp., 3.88%, 11/01/28<br>(Call 11/01/23)<sup>(b)</sup> | 395 | 335169 |
|  Innophos Holdings Inc., 9.38%, 02/15/28<br>(Call 02/15/23)<sup>(b)</sup> | 175 | 166688 |
|  International Flavors & Fragrances Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 10/01/25 (Call 09/01/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%, 10/15/27 (Call 08/15/27)<sup>(b)</sup> | 975 | 795717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/30 (Call 08/01/30)<sup>(b)</sup> | 1033 | 777570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/15/40 (Call 05/15/40)<sup>(b)</sup> | 60 | 39953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 12/01/50 (Call 06/01/50)<sup>(b)(c)</sup> | 510 | 319148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/47 (Call 12/01/46) | 691 | 504928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/28 (Call 06/26/28) | 90 | 81654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/26/48 (Call 03/26/48) | 1155 | 924092 |
|  Iris Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/26 (Call 02/15/23),<br>(9.50% PIK)<sup>(b)(g)</sup> | 160 | 139795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 12/15/28 (Call 06/15/25)<sup>(b)</sup> | 250 | 214290 |
|  Kobe U.S. Midco 2 Inc., 9.25%,<br>11/01/26, (10.00% PIK)<sup>(b)(g)</sup> | 150 | 115521 |
|  LG Chem Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/07/26<sup>(d)</sup> | 600 | 514830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/07/31<sup>(d)</sup> | 200 | 152706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/24<sup>(d)</sup> | 200 | 191634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/29<sup>(d)</sup> | 400 | 355904 |
|  Linde Inc./CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/10/30 (Call 05/10/30) | 490 | 366672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/10/50 (Call 02/10/50) | 685 | 359529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 (Call 11/05/24) | 505 | 479755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 (Call 10/30/25) | 149 | 141277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/07/42 (Call 05/07/42) | 251 | 189209 |
|  LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)<sup>(b)(c)</sup> | 270 | 212468 |
|  Lubrizol Corp. (The), 6.50%, 10/01/34 | 120 | 130117 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  LYB Finance Co. BV, 8.10%, 03/15/27<sup>(b)(c)</sup> | $90 | $97359 |
|  LYB International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/44 (Call 09/15/43) | 524 | 409438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 357 | 292829 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/01/25 (Call 09/01/25) | 390 | 341702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30) | 345 | 263677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 (Call 04/01/40) | 550 | 366130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 (Call 10/01/50) | 491 | 305397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/60 (Call 04/01/60) | 510 | 304322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 (Call 04/15/49) | 655 | 451282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 (Call 11/01/49) | 969 | 669259 |
|  LyondellBasell Industries NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/26/55 (Call 08/26/54) | 415 | 297223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/24 (Call 01/15/24) | 555 | 556437 |
|  Mativ Holdings Inc., 6.88%, 10/01/26<br>(Call 12/01/22)<sup>(b)</sup>  | 210 | 192560 |
|  MEGlobal Canada ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/25<sup>(d)</sup> | 600 | 580662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/18/30<sup>(d)</sup> | 600 | 580140 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/24 (Call 09/01/24) | 240 | 232253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27) | 420 | 382885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29) | 601 | 518296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/44 (Call 06/01/44) | 205 | 141190 |
|  Minerals Technologies Inc., 5.00%, 07/01/28<br>(Call 07/01/23)<sup>(b)</sup> | 250 | 216895 |
|  Mosaic Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/27 (Call 08/15/27) | 675 | 623997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/23 (Call 08/15/23) | 815 | 806402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/41 (Call 05/15/41) | 325 | 257527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33 (Call 05/15/33) | 534 | 495413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/43 (Call 05/15/43) | 340 | 297452 |
|  NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30) | 380 | 285562 |
|  Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)<sup>(b)</sup> | 200 | 169420 |
|  Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/13/30 (Call 02/13/30) | 536 | 443154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25) | 222 | 210043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/13/50 (Call 11/13/49) | 285 | 205132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/26 (Call 09/15/26) | 368 | 346512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/35 (Call 09/15/34) | 174 | 145180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/29 (Call 01/01/29) | 333 | 304965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/43 (Call 12/01/42) | 184 | 153487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 (Call 10/01/48) | 561 | 476766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/45 (Call 07/15/44) | 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/40 | 75 | 68272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/36 | 365 | 353875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/41 (Call 07/15/40) | 165 | 159590 |
|  OCI NV, 4.63%, 10/15/25<sup>(b)</sup> | 178 | 165846 |
|  OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/23/31 (Call 03/23/31)<sup>(d)</sup> | 600 | 447732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/22/25<sup>(d)</sup> | 400 | 381436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/23/51 (Call 12/23/50)<sup>(d)</sup> | 400 | 241596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/25/24<sup>(d)</sup> | 400 | 396200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/25/44<sup>(d)</sup> | 200 | 157502 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 (Call 02/01/24) | 466 | 421674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/27 (Call 12/01/22) | 331 | 310329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/29 (Call 08/01/24)<sup>(c)</sup> | 450 | 423018 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/28 (Call 10/01/24)<sup>(b)</sup> | $490 | $402094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/29 (Call 10/01/24)<sup>(b)(c)</sup> | 240 | 166258 |
|  Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/11/26 (Call 04/11/26)<sup>(d)</sup> | 405 | 340423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/31 (Call 02/11/31)<sup>(d)</sup> | 600 | 443340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/04/27 (Call 07/04/27)<sup>(d)</sup> | 400 | 349516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/48 (Call 07/15/47)<sup>(d)</sup> | 600 | 435198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/17/44<sup>(d)</sup> | 200 | 155008 |
|  Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)<sup>(b)(c)</sup> | 195 | 97287 |
|  PPG Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/26 (Call 02/15/26) | 275 | 238183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/24 (Call 07/15/24) | 387 | 368381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/30 (Call 03/15/30) | 20 | 16293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/29 (Call 05/15/29) | 190 | 160763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/28 (Call 12/15/27) | 276 | 253026 |
|  Rain CII Carbon LLC/CII Carbon Corp., 7.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/01/25 (Call 12/01/22)<sup>(b)</sup> | 380 | 325983 |
|  Rayonier AM Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 (Call 12/01/22)<sup>(b)(c)</sup> | 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/26 (Call 01/15/24)<sup>(b)</sup> | 333 | 289394 |
|  RPM International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/32 (Call 10/15/31) | 165 | 126600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/27 (Call 12/15/26) | 420 | 385325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/48 (Call 07/15/47) | 180 | 127852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/29 (Call 12/01/28) | 225 | 204100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/45 (Call 12/01/44) | 135 | 109821 |
|  SABIC Capital I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/14/30 (Call 06/14/30)<sup>(d)</sup> | 600 | 468966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/14/50 (Call 03/14/50)<sup>(d)</sup> | 400 | 256100 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Capital II BV, 4.50%, 10/10/28<sup>(d)</sup> | 600 | 569322 |
|  Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/26<sup>(c)</sup> | 600 | 525372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/18/31 (Call 03/18/30) | 600 | 449556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/27/24 (Call 02/27/24) | 675 | 656647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/27/28 (Call 06/27/28) | 600 | 530430 |
|  SCIH Salt Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 655 | 569188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 445 | 361162 |
|  SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 430 | 343338 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/32 (Call 12/15/31) | 510 | 384356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/30 (Call 02/15/30) | 370 | 294091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/52 (Call 09/15/51) | 435 | 252622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/29 (Call 05/15/29) | 419 | 355094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 (Call 04/01/24) | 527 | 510373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 (Call 11/15/49) | 145 | 91865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/25 (Call 05/01/25) | 353 | 336497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | 997393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/49 (Call 02/15/49) | 455 | 314510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 (Call 10/15/25) | 410 | 393842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/42 (Call 06/15/42) | 75 | 54382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25 | 180 | 175117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 (Call 12/01/46) | 854 | 674199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/01/45 (Call 02/01/45) | 275 | 214297 |
|  Sociedad Quimica y Minera de Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/10/51 (Call 03/10/51)<sup>(d)</sup> | 600 | 385524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/07/29 (Call 02/07/29)<sup>(d)</sup> | 400 | 364220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/22/50 (Call 07/22/49)<sup>(d)</sup> | 200 | 149988 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
|  Solvay Finance America LLC, 4.45%, 12/03/25 (Call 09/03/25)<sup>(b)</sup> | $200 | $190156 |
|  SPCM SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 03/15/24)<sup>(b)</sup> | 235 | 205355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | 220 | 175952 |
|  Syngenta Finance NV, 4.89%, 04/24/25 (Call 02/24/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | 1364768 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 335 | 190856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 426 | 329515 |
|  Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 655 | 508378 |
|  Unigel Luxembourg SA, 8.75%, 10/01/26<sup>(d)</sup> | 400 | 386088 |
|  UPL Corp. Ltd., 4.63%, 06/16/30<sup>(d)</sup> | 400 | 304036 |
|  Valvoline Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 330 | 260307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 443 | 428509 |
|  Venator Finance Sarl/Venator Materials LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 245 | 80796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/01/25<sup>(b)</sup> | 250 | 162493 |
|  Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)<sup>(b)(c)</sup> | 500 | 330840 |
|  Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/41 (Call 02/15/41) | 315 | 194954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/51 (Call 02/15/51) | 480 | 281587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/30 (Call 03/15/30) | 250 | 207785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/61 (Call 02/15/61) | 360 | 199004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/26 (Call 05/15/26) | 531 | 489019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/47 (Call 05/15/47) | 235 | 167877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/46 (Call 02/15/46) | 558 | 440524 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(b)</sup> | 560 | 489916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24<sup>(b)</sup> | 150 | 146997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 (Call 08/15/24)<sup>(b)</sup> | 949 | 733605 |
|  Yara International ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/04/30 (Call 03/04/30)<sup>(b)</sup> | 505 | 398354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/28 (Call 03/01/28)<sup>(b)</sup> | 500 | 449795 |
|  YPF SA, 2.50%, 06/30/29<sup>(d)(f)</sup> | 416 | 257342 |
|  YPF Sociedad Anonima, 1.50%, 09/30/33<sup>(d)(f)</sup> | 475 | 257170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105984552 |
| **Coal — 0.0%** |  |  |
|  Adaro Indonesia PT, 4.25%, 10/31/24<sup>(d)</sup> | 500 | 469910 |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 265 | 259854 |
|  China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25<sup>(d)</sup> | 400 | 384868 |
|  Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 178 | 186161 |
|  Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/22)<sup>(d)</sup> | 400 | 379676 |
|  SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)<sup>(b)</sup> | 295 | 242018 |
|  Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)<sup>(b)</sup> | 200 | 198896 |
|  Yankuang Group Cayman Ltd., 2.90%, 11/30/24<sup>(d)</sup> | 400 | 380868 |
|  |  | 2502251 |
| **Commercial Services — 0.6%** |  |  |
|  Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)<sup>(d)</sup> | 800 | 630608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/02/31<sup>(d)</sup> | $200 | $128574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/24/24<sup>(d)</sup> | 200 | 185404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 02/02/32<sup>(d)</sup> | 200 | 130118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/30/27 (Call 06/30/27)<sup>(d)</sup> | 200 | 160158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/04/27 (Call 02/04/27)<sup>(d)</sup> | 1000 | 807200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/03/29<sup>(d)</sup> | 440 | 330255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/02/41<sup>(d)</sup> | 200 | 118534 |
|  ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 (Call 08/01/28)<sup>(b)(c)</sup> | 570 | 488598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(b)(c)</sup> | 710 | 603898 |
|  Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)<sup>(b)</sup> | 313 | 285453 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 321 | 274404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(b)</sup> | 250 | 214607 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(b)(c)</sup> | 555 | 386746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 1260 | 1206135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 714 | 620830 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 4.63%, 06/01/28 (Call 06/01/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166516 |
|  Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 185 | 159705 |
|  American University (The), Series 2019, 3.67%, 04/01/49 | 60 | 43167 |
|  AMN Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 205 | 177571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 310 | 289999 |
|  APi Escrow Corp., 4.75%, 10/15/29<br>(Call 10/15/24)<sup>(b)</sup> | 180 | 150671 |
|  APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)<sup>(b)(c)</sup> | 200 | 160308 |
|  Aptim Corp., 7.75%, 06/15/25<br>(Call 11/16/22)<sup>(b)(c)</sup> | 363 | 249385 |
|  APX Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 475 | 374813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 (Call 02/15/23)<sup>(b)(c)</sup> | 410 | 400730 |
|  ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)<sup>(b)</sup> | 340 | 302182 |
|  Ashtead Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/12/26 (Call 07/12/26)<sup>(b)</sup> | 330 | 274322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/12/31 (Call 05/12/31)<sup>(b)</sup> | 420 | 301892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/28 (Call 05/01/23)<sup>(b)</sup> | 200 | 174428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 500 | 432715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/27<sup>(b)</sup> | 200 | 180840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/11/32 (Call 05/11/32)<sup>(b)</sup> | 300 | 271188 |
|  Atento Luxco 1 SA, 8.00%, 02/10/26<sup>(d)</sup> | 200 | 79268 |
|  Automatic Data Processing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 (Call 06/01/30) | 1310 | 1003801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 (Call 03/15/28) | 310 | 263779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 501 | 482368 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 (Call 04/01/24)<sup>(b)</sup> | 300 | 263388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 (Call 03/01/24)<sup>(b)(c)</sup> | 365 | 315813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 530 | 484203 |
|  Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)<sup>(d)</sup> | 600 | 508470 |
|  Block Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/28 (Call 05/15/28) | 322 | 264462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/30 (Call 05/15/30) | 260 | 218010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 07/01/25) | 284 | 278902 |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 (Call 05/01/26)<sup>(c)</sup> | $570 | $510099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31)<sup>(c)</sup> | 670 | 539397 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 379 | 348733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 340 | 331146 |
|  Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50) | 50 | 33188 |
|  California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)<sup>(c)</sup> | 210 | 123648 |
|  California Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2119 (Call 03/01/19) | 206 | 122955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/01/45 | 295 | 245596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/2111 | 78 | 60264 |
|  Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)<sup>(b)(c)</sup> | 340 | 256646 |
|  Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/21) | 140 | 118135 |
|  Central Nippon Expressway Co. Ltd., 0.89%, 09/29/25<sup>(d)</sup> | 200 | 176318 |
|  China Merchants Finance Co. Ltd., 4.75%, 08/03/25<sup>(d)</sup> | 200 | 195382 |
|  Cimpress PLC, 7.00%, 06/15/26<br>(Call 12/01/22)<sup>(b)</sup> | 370 | 221175 |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/25 (Call 04/01/25) | 195 | 188191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 (Call 01/01/27) | 1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 (Call 02/01/32) | 270 | 244515 |
|  Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/21) | 208 | 123594 |
|  CMHI Finance BVI Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/27 (Call 05/01/27)<sup>(d)</sup> | 200 | 189618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/06/28<sup>(d)</sup> | 600 | 585168 |
|  CoreCivic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 07/15/27) | 210 | 176249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/26 (Call 04/15/24) | 376 | 382720 |
|  CoreLogic Inc., 4.50%, 05/01/28<br>(Call 05/01/24)<sup>(b)</sup> | 465 | 313470 |
|  CoStar Group Inc., 2.80%, 07/15/30 (Call 04/15/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | 925993 |
|  CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 246 | 231533 |
|  Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 300 | 250737 |
|  DP World Crescent Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/30 (Call 10/30/29)<sup>(d)</sup> | 200 | 175710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/18/29<sup>(d)</sup> | 800 | 712592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/26/28<sup>(d)</sup> | 800 | 756512 |
|  DP World Ltd./United Arab Emirates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/30/49 (Call 03/30/49)<sup>(d)</sup> | 600 | 431010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/25/48<sup>(d)</sup> | 800 | 661416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/37<sup>(b)</sup> | 820 | 786946 |
|  DP World Salaam, 6.00%, (Call 10/01/25)<sup>(a)(d)(e)</sup> | 900 | 872235 |
|  Duke University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 10/01/44 | 275 | 187047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.76%, 10/01/50 | 10 | 6327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.83%, 10/01/55 | 344 | 211195 |
|  Element Fleet Management Corp., 3.85%, 06/15/25 (Call 05/15/25)<sup>(b)</sup> | 50 | 47171 |
|  Emory University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.14%, 09/01/30 (Call 06/01/30) | 25 | 20166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.97%, 09/01/50 (Call 03/01/50) | 428 | 274117 |
|  Equifax Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/31 (Call 06/15/31) | 745 | 552082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 (Call 11/01/24) | 630 | 594777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/15/25 (Call 11/15/25) | 843 | 767509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/30 (Call 02/15/30) | $578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) | 275 | 265116 |
|  ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/23 (Call 09/01/23)<sup>(b)</sup> | 225 | 218182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 678 | 617394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/25 (Call 08/01/25)<sup>(b)</sup> | 220 | 207541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/24 (Call 08/15/24)<sup>(b)</sup> | 480 | 462634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/46 (Call 05/01/46)<sup>(b)</sup> | 430 | 304169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/45 (Call 08/15/44)<sup>(b)</sup> | 271 | 202765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/42<sup>(b)</sup> | 624 | 545195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 06/01/34<sup>(b)</sup> | 78 | 78137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | 586316 |
|  Experian Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/08/30 (Call 12/08/29)<sup>(b)</sup> | 925 | 740620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/29 (Call 11/01/28)<sup>(b)</sup> | 295 | 263877 |
|  Ford Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.42%, 06/01/50 (Call 12/01/49)<sup>(c)</sup> | 80 | 46052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.82%, 06/01/70 (Call 12/01/69) | 380 | 206180 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 310 | 275832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 315 | 245754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 437 | 395966 |
|  Gartner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 284 | 244748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> | 615 | 520075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 571 | 529197 |
|  GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 11/30/22)<sup>(d)</sup> | 600 | 567312 |
|  GEO Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/31/28 | 100 | 92783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/30/28 | 133 | 133035 |
|  George Washington University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 09/15/45 | 315 | 271108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014, 4.30%, 09/15/44 | 200 | 161348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 247 | 191393 |
|  Georgetown University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.94%, 04/01/50 | 552 | 323146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.22%, 10/01/2118 (Call 04/01/18) | 190 | 152635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.32%, 04/01/49 (Call 10/01/48) | 65 | 49783 |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) | 205 | 175023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26) | 490 | 418426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 (Call 01/15/25) | 932 | 865409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 (Call 02/15/30) | 360 | 286798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 (Call 08/15/31) | 870 | 665298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29) | 842 | 699197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 (Call 02/15/49)<sup>(c)</sup> | 571 | 385100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/28 (Call 03/01/28) | 162 | 147376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26) | 762 | 732031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 (Call 07/15/27) | 435 | 413641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/29 (Call 06/15/29) | 275 | 259003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 (Call 05/15/32) | 135 | 124781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) | 400 | 345888 |
|  Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)<sup>(b)</sup> | 235 | 229193 |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24 | 250 | 234202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/26 | 50 | 45551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28)<sup>(c)</sup> | 305 | 274866 |

---

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
|  GXO Logistics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/26 (Call 06/15/26) | $1031 | $857142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/31 (Call 04/15/31) | 450 | 321610 |
|  HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)(c)</sup>  | 395 | 345183 |
|  Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 851 | 805233 |
|  Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 (Call 12/01/23)<sup>(b)</sup> | 312 | 265849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 625 | 497406 |
|  Howard University, 5.21%, 10/01/52 (Call 10/01/32) | 130 | 96665 |
|  HPHT Finance 19 Ltd., 2.88%, 11/05/24<sup>(d)</sup> | 600 | 569616 |
|  HPHT Finance 21 II Ltd., 1.50%, 09/17/26 (Call 08/17/26)<sup>(d)</sup> | 400 | 343976 |
|  HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)<sup>(d)</sup> | 600 | 535146 |
|  Hutama Karya Persero PT, 3.75%, 05/11/30 (Call 02/11/30)<sup>(d)</sup> | 450 | 386622 |
|  Johns Hopkins University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.08%, 07/01/53 | 240 | 192482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.81%, 01/01/60 (Call 07/01/59) | 203 | 118471 |
|  Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 180 | 163543 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 250 | 218437 |
|  Leland Stanford Junior University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%, 06/01/27 (Call 04/01/27) | 215 | 183490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 06/01/50 (Call 12/01/49) | 330 | 196512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/01/48 (Call 11/01/47) | 365 | 283966 |
|  Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/01/52 (Call 10/01/51)<sup>(c)</sup> | 357 | 243920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 133 | 87977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 338 | 273192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/01/2111 | 394 | 377058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 2.99%, 07/01/50 (Call 01/01/50) | 275 | 186651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.29%, 07/01/51 (Call 01/01/51) | 376 | 213184 |
|  Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24<sup>(d)</sup> | 400 | 369408 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 435 | 350292 |
|  MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 251 | 250480 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/31 (Call 05/19/31) | 370 | 280330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 (Call 02/18/60) | 240 | 123002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/19/41 (Call 02/19/41) | 435 | 281623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 (Call 05/29/61) | 490 | 283289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49) | 430 | 275037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 (Call 02/24/25) | 105 | 101620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/52 (Call 08/25/51) | 285 | 201053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/29 (Call 11/01/28) | 155 | 144336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 (Call 11/15/23)<sup>(c)</sup> | 369 | 367266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/17/48 (Call 06/17/48) | 440 | 370986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/44 | 332 | 296310 |
|  Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)<sup>(d)</sup> | 400 | 293592 |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/28 (Call 09/01/24)<sup>(b)</sup> | 625 | 542275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 860 | 664496 |
|  NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 550 | 481272 |
|  Northeastern University, Series 2020, 2.89%, 10/01/50 | 348 | 213073 |
|  Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/01/44 | 338 | 306434 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | $539 | $381687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.64%, 12/01/50 (Call 06/01/50) | 103 | 63139 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 (Call 05/01/25) | 637 | 584677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30) | 905 | 729231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 (Call 09/01/24) | 1297 | 1235185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 674 | 614924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 (Call 07/01/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49)<sup>(c)</sup> | 718 | 468919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 (Call 03/01/32) | 458 | 420471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51) | 420 | 363749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/62 (Call 12/01/61) | 670 | 576280 |
|  Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)<sup>(b)(c)</sup> | 300 | 215988 |
|  PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 425 | 284797 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)<sup>(b)</sup> | 392 | 391161 |
|  Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31 (Call 08/24/31)<sup>(b)</sup> | 5 | 4121 |
|  President and Fellows of Harvard College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50 (Call 04/15/50) | 276 | 167653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/46 (Call 01/15/46) | 396 | 283920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/56 (Call 01/15/56) | 601 | 420176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/39<sup>(b)</sup> | 15 | 17003 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(b)</sup> | 670 | 581895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(b)</sup> | 410 | 407044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(b)</sup> | 800 | 782088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 780 | 722350 |
|  PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 370 | 300714 |
|  PSA Treasury Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/30 (Call 01/30/30)<sup>(d)</sup> | 800 | 653176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/12/26 (Call 10/12/25)<sup>(d)</sup> | 200 | 185024 |
|  Quanta Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | 15 | 13633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 (Call 10/15/31) | 430 | 311569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 (Call 07/01/30) | 930 | 734505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/41 (Call 04/01/41) | 400 | 246284 |
|  RELX Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/30 (Call 02/22/30) | 934 | 778498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 (Call 12/18/28) | 536 | 486806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/32 (Call 02/20/32) | 80 | 74481 |
|  Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 272 | 211330 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 350 | 344974 |
|  Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) | 389 | 228370 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/24 | 1 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 223 | 180590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/01/27 (Call 07/01/23) | 193 | 169083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/29<sup>(b)</sup> | 150 | 232125 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/30 (Call 05/15/30) | 636 | 472841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 (Call 02/15/60) | 1028 | 522255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(b)</sup> | 60 | 53744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | 630 | 524777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(b)</sup> | 200 | 171880 |

---

S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | $245 | $201686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26) | 270 | 247088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/49 (Call 06/01/49) | 819 | 553112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(b)</sup> | 325 | 236811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 (Call 09/01/61)<sup>(b)</sup> | 55 | 39491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 (Call 02/01/29)<sup>(b)</sup> | 508 | 474061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28 (Call 05/01/28)<sup>(b)</sup> | 415 | 402330 |
|  Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 575 | 540517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(b)</sup> | 485 | 472851 |
|  Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 (Call 08/15/25) | 570 | 455704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26) | 535 | 445505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22) | 375 | 348465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24) | 470 | 438275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/27<sup>(c)</sup> | 240 | 245002 |
|  Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)<sup>(d)</sup> | 800 | 651600 |
|  Shanghai Port Group BVI Development Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/11/24<sup>(d)</sup> | 400 | 380432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/18/29<sup>(d)</sup> | 300 | 267972 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 285 | 262750 |
|  Signal Parent Inc., 6.13%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 190 | 82557 |
|  Sodexo Inc., 2.72%, 04/16/31 (Call 01/16/31)<sup>(b)</sup> | 210 | 161685 |
|  Sotheby's, 7.38%, 10/15/27 (Call 11/14/22)<sup>(b)</sup> | 460 | 445078 |
|  Sotheby's/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 185 | 154841 |
|  StoneCo Ltd., 3.95%, 06/16/28<br>(Call 05/16/28)<sup>(c)(d)</sup> | 600 | 448770 |
|  StoneMor Inc., 8.50%, 05/15/29<br>(Call 05/15/24)<sup>(b)</sup> | 313 | 257148 |
|  Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57) | 247 | 165784 |
|  Transurban Finance Co. Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/16/31 (Call 12/16/30)<sup>(b)(c)</sup> | 365 | 275776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/27 (Call 12/22/26)<sup>(b)</sup> | 235 | 211474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/02/26 (Call 11/02/25)<sup>(b)</sup> | 35 | 33191 |
|  TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 285 | 236111 |
|  Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/07/24 (Call 05/07/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/31 (Call 03/15/31)<sup>(b)</sup> | 765 | 564356 |
|  Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31) | 50 | 35762 |
|  Trustees of Boston College, 3.13%, 07/01/52 | 195 | 127239 |
|  Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48) | 302 | 239543 |
|  Trustees of Princeton University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/52 (Call 09/01/51) | 200 | 169416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/39 | 292 | 301972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.52%, 07/01/50 (Call 01/01/50) | 563 | 352348 |
|  Trustees of the University of Pennsylvania (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/2119 (Call 08/15/18) | 255 | 153497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 09/01/2112 | 10 | 7697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 10/01/50 (Call 04/01/50) | 240 | 139094 |
|  United Rentals North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 07/15/26) | 475 | 384265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/27 (Call 12/01/22) | 409 | 372080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25) | 656 | 543863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25) | 525 | 447961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23) | 1025 | 953250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25) | 500 | 463635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(c)</sup> | 275 | 268416 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
|  University of Chicago (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/52 (Call 04/01/52) | $130 | $86081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/53 (Call 04/01/53) | 515 | 406459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 2.76%, 04/01/45 (Call 10/01/44) | 75 | 53715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.55%, 04/01/50 (Call 10/01/49)<sup>(c)</sup> | 261 | 164112 |
|  University of Miami, 4.06%, 04/01/52 | 61 | 46611 |
|  University of Notre Dame du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.44%, 02/15/45 | 424 | 320082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 385 | 279133 |
|  University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/01/50 (Call 04/01/50) | 290 | 181549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 10/01/39 | 763 | 578186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2111<sup>(c)</sup> | 225 | 196403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 408 | 318109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.95%, 10/01/51 (Call 04/01/51) | 150 | 95031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.23%, 10/01/2120 (Call 04/01/20) | 173 | 93359 |
|  Verisk Analytics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 (Call 11/15/49) | 725 | 476078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 (Call 03/15/25) | 264 | 254580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 (Call 12/15/28) | 617 | 564499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/45 (Call 12/15/44) | 399 | 356594 |
|  Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 660 | 661848 |
|  WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 510 | 476182 |
|  Washington University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/15/54 (Call 10/15/53) | 375 | 271886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 (Call 10/15/21) | 99 | 70397 |
|  William Marsh Rice University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/15/45 | 360 | 285714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/15/55 | 300 | 225132 |
|  Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 400 | 362092 |
|  WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(b)(c)</sup> | 315 | 174828 |
|  Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 0.87%, 04/15/25 (Call 03/15/25) | 220 | 200237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.48%, 04/15/30 (Call 01/15/30) | 428 | 334131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 04/15/50 (Call 10/15/49) | 413 | 245714 |
|  Zhejiang Seaport International Co. Ltd., 1.98%, 03/17/26<sup>(d)</sup> | 600 | 539448 |
|  ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 335 | 274402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104539573 |
| **Computers — 0.6%** |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 245 | 199146 |
|  Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30) | 617 | 483117 |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 (Call 07/20/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | 1196816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | 1485 | 1302360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | 1361 | 1245805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 (Call 12/08/27) | 1572 | 1310105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 901 | 691725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 725 | 600583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 1477 | 1182220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 2071 | 1624720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31) | 688 | 534665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 (Call 08/11/24) | 1265 | 1201105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 1905 | 1723549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29) | 1296 | 1095638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40) | 623 | 416737 |

---

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | $867 | $511729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25 | 498 | 475082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60) | 910 | 524224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 1783 | 1120776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) | 1621 | 1008586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51) | 1090 | 683648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24) | 695 | 667207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 1145 | 679237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 1692 | 1645944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 710 | 426916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27) | 1166 | 1072289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49) | 1175 | 792902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23) | 1258 | 1232400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) | 682 | 636463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27) | 1479 | 1368460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 | 1245 | 1199396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27) | 1849 | 1732458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25) | 2075 | 1978014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 1045 | 950866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) | 2250 | 2134192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32) | 940 | 829183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 1020 | 1001691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45 | 1079 | 817105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 297 | 232150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 1058 | 829895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43 | 1832 | 1489764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 1356 | 1082739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | 1140 | 904898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 740 | 575579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46) | 863 | 742491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45 | 1289 | 1123815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 | 942 | 842016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35) | 955 | 914097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45) | 2407 | 2170488 |
|  Booz Allen Hamilton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 415 | 365706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 324 | 282875 |
|  CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)<sup>(d)</sup> | 600 | 504288 |
|  CGI Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/26 (Call 08/14/26) | 430 | 369228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/14/31 (Call 06/14/31) | 395 | 290199 |
|  Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)<sup>(b)(c)</sup> | 1325 | 1097603 |
|  Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 316 | 259183 |
|  Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) | 529 | 448534 |
|  Dell Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 505 | 469695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 04/15/28<sup>(c)</sup> | 830 | 858170 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 (Call 06/15/41)<sup>(b)</sup> | 780 | 484606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 (Call 06/15/51)<sup>(b)</sup> | 655 | 371798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 06/15/24) | 683 | 666553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) | 574 | 551201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 (Call 07/01/29) | 1308 | 1223320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 (Call 06/15/25) | 1000 | 1002000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26) | 1621 | 1618520 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 (Call 05/15/27) | $426 | $426349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 (Call 04/15/30) | 478 | 468689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 (Call 01/15/36) | 557 | 590286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 (Call 01/15/46) | 526 | 558496 |
|  Diebold Nixdorf Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24 (Call 12/01/22)<sup>(c)</sup> | 265 | 132529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(b)(c)</sup> | 465 | 346848 |
|  DXC Technology Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/15/26 (Call 08/15/26) | 360 | 308585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/15/28 (Call 07/15/28) | 405 | 334967 |
|  Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 495 | 140184 |
|  Fortinet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/26 (Call 02/15/26) | 893 | 766971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/31 (Call 12/15/30) | 692 | 521581 |
|  Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24) | 59 | 56184 |
|  Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26) | 60 | 52819 |
|  HCL America Inc., 1.38%, 03/10/26<br>(Call 02/10/26)<sup>(d)</sup> | 400 | 347580 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 (Call 03/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | 984433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 (Call 03/01/26) | 343 | 303709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 (Call 07/15/25) | 1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 (Call 04/15/35) | 844 | 826360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 (Call 04/15/45) | 950 | 858467 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26) | 720 | 615946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 (Call 05/17/25) | 690 | 634213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 (Call 03/17/31) | 912 | 670885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27)<sup>(c)</sup> | 789 | 695653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 (Call 03/17/30) | 758 | 617755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29) | 425 | 372627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 400 | 327508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27) | 445 | 415857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 345 | 348391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32) | 395 | 351661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41 | 910 | 806733 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) | 1049 | 901909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 (Call 02/15/30) | 1438 | 1131634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 (Call 11/09/31) | 335 | 269233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/40 (Call 11/15/39) | 793 | 534926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49) | 810 | 490325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24 | 1292 | 1253925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 | 1840 | 1726417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27 | 398 | 368922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 02/09/52 (Call 08/09/51) | 30 | 19599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26 | 1007 | 955573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 | 715 | 640404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 | 1477 | 1451625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42 | 720 | 556092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27) | 690 | 659392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 | 1061 | 863760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 | 1100 | 853237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32)<sup>(c)</sup> | 540 | 494316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 | 872 | 723568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52) | 200 | 168660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/30/39<sup>(c)</sup> | 335 | 319091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 | 193 | 197163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/01/27 | 584 | 609340 |

---

S C H E D U L E O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Computers (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 | $| 387 | $| 409063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25 |  | 448 |  | 470454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/96<sup>(c)</sup> |  | 423 |  | 474069 |
|  KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)<sup>(b)</sup> |  | 145 |  | 127007 |
|  Kyndryl Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/15/26 (Call 09/15/26) |  | 120 |  | 94090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28 (Call 08/15/28) |  | 195 |  | 140964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/31 (Call 07/15/31) |  | 360 |  | 224010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/41 (Call 04/15/41) |  | 600 |  | 329346 |
|  Leidos Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/15/31 (Call 11/15/30) |  | 679 |  | 499941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 (Call 04/15/25) |  | 385 |  | 366535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 (Call 02/15/30) |  | 875 |  | 765739 |
|  Lenovo Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 11/02/30 (Call 08/02/30)<sup>(d)</sup> |  | 1200 |  | 831120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/24/25<sup>(d)</sup> |  | 1400 |  | 1344084 |
|  NCR Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(b)</sup> |  | 415 |  | 351783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> |  | 675 |  | 565954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> |  | 290 |  | 234245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 (Call 11/14/22)<sup>(b)</sup> |  | 730 |  | 704209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(b)(c)</sup> |  | 350 |  | 335272 |
|  NetApp Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 (Call 05/22/25) |  | 850 |  | 771400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/22/27 (Call 04/22/27) |  | 490 |  | 432474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30) |  | 377 |  | 303010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/29/24 (Call 07/29/24) |  | 505 |  | 487476 |
|  Presidio Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> |  | 360 |  | 332226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/28 (Call 02/01/23)<sup>(b)(c)</sup> |  | 385 |  | 343012 |
|  Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)<sup>(b)</sup> |  | 230 |  | 210089 |
|  Seagate HDD Cayman |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/29 (Call 01/15/24) |  | 295 |  | 218984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26) |  | 270 |  | 192901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) |  | 465 |  | 372400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) |  | 325 |  | 244462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25 |  | 325 |  | 313885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) |  | 503 |  | 492985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27) |  | 299 |  | 276545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/34 (Call 06/01/34) |  | 354 |  | 287770 |
|  Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30) |  | 295 |  | 230687 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 11/14/22)<sup>(b)</sup> |  | 175 |  | 172669 |
|  Unisys Corp., 6.88%, 11/01/27<br>(Call 11/01/23)<sup>(b)</sup> |  | 315 |  | 264487 |
|  Vericast Corp., 11.00%, 09/15/26<br>(Call 09/15/23)<sup>(b)</sup> |  | 818 |  | 804603 |
|  Virtusa Corp., 7.13%, 12/15/28<br>(Call 12/15/23)<sup>(b)</sup> |  | 210 |  | 151112 |
|  Western Digital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/29 (Call 12/01/28) |  | 625 |  | 483794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/32 (Call 11/01/31) |  | 345 |  | 239268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/26 (Call 11/15/25) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 |  | 1523528 |
|  Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)<sup>(d)</sup> |  | 400 |  | 344804 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109265733 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
|  Avon Products Inc., 8.45%, 03/15/43 |  | 180 |  | 162727 |
|  Colgate-Palmolive Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/25 |  | 115 |  | 110585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 (Call 07/15/27) |  | 95 |  | 88823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24 |  | 205 |  | 201531 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/32 (Call 05/15/32) | $210 | $185123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/47 (Call 02/01/47)<sup>(c)</sup> | 690 | 545783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 | 525 | 436816 |
|  Coty Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 445 | 419230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(b)(c)</sup> | 535 | 509609 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(b)</sup> | 313 | 271531 |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 285 | 243578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(b)</sup> | 454 | 426928 |
|  Estee Lauder Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/31 (Call 12/15/30) | 707 | 554288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 (Call 11/01/24) | 832 | 787729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/29 (Call 09/01/29) | 380 | 317665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/30 (Call 01/15/30) | 195 | 163431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/49 (Call 06/01/49) | 503 | 343438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 (Call 12/15/26) | 282 | 260988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/47 (Call 09/15/46) | 463 | 373210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44) | 387 | 320839 |
|  GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506824 |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 | 680 | 614996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/29 | 1050 | 915715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 | 1720 | 1449064 |
|  Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)<sup>(d)</sup> | 200 | 166758 |
|  Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)<sup>(c)(d)</sup> | 800 | 623288 |
|  Oriflame Investment Holding PLC, 5.13%, 05/04/26<sup>(b)</sup> | 370 | 214249 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25 | 1057 | 935160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26 | 290 | 256650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 | 1355 | 1033337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31 | 421 | 339246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32<sup>(c)</sup> | 212 | 174527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26 | 268 | 246975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26 | 186 | 175113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 | 900 | 829908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27 | 320 | 294378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30 | 1170 | 1041242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/25/47 | 485 | 368673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/25/40 | 605 | 489481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/25/50 | 320 | 250403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/05/37 | 50 | 51743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 08/15/34 | 50 | 52704 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 (Call 12/01/22) | 1010 | 938795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/30 (Call 06/14/30) | 680 | 514291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 (Call 05/12/31) | 315 | 239958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26 | 393 | 353928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 (Call 06/06/29) | 95 | 78366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24) | 502 | 485354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27) | 100 | 91351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25 | 85 | 81188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 (Call 02/07/24) | 245 | 240014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/25 (Call 01/22/25) | 405 | 390930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 (Call 12/22/27) | 540 | 497875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32 | 1214 | 1266663 |

---

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)<sup>(c)</sup> | $| 360 | $| 217386 |
|  |  |  |  | 24150385 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
|  American Builders & Contractors Supply Co. Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 11/15/24)<sup>(b)(c)</sup> |  | 340 |  | 278970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> |  | 455 |  | 402216 |
|  BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)<sup>(b)</sup> |  | 395 |  | 359758 |
|  Chongqing Nan'an Urban Construction & Development Group Co. Ltd., 4.66%, 06/04/24<sup>(d)</sup> |  | 600 |  | 561216 |
|  Ferguson Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/02/30 (Call 03/02/30)<sup>(b)</sup> |  | 200 |  | 161786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/24/28 (Call 07/24/28)<sup>(b)</sup> |  | 894 |  | 815614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/20/32 (Call 01/20/32)<sup>(b)</sup> |  | 200 |  | 174054 |
|  G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> |  | 290 |  | 274798 |
|  H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)<sup>(b)</sup> |  | 800 |  | 676592 |
|  IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)<sup>(b)</sup> |  | 305 |  | 285953 |
|  KAR Auction Services Inc., 5.13%, 06/01/25 (Call 12/01/22)<sup>(b)(c)</sup> |  | 314 |  | 303045 |
|  Marubeni Corp., 1.32%, 09/18/25<br>(Call 08/18/25)<sup>(d)</sup> |  | 400 |  | 352112 |
|  Mitsubishi Corp., 1.13%, 07/15/26<br>(Call 06/15/26)<sup>(b)</sup> |  | 330 |  | 283318 |
|  Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)<sup>(b)</sup> |  | 240 |  | 196368 |
|  Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)<sup>(b)(c)</sup> |  | 297 |  | 274879 |
|  Wesco Aircraft Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/24 (Call 12/01/22)<sup>(b)</sup> |  | 322 |  | 167443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(b)(c)</sup> |  | 515 |  | 326850 |
|  WW Grainger Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/25 (Call 01/15/25) |  | 465 |  | 433417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) |  | 215 |  | 161811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/47 (Call 11/15/46) |  | 130 |  | 104311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/45 (Call 12/15/44) |  | 815 |  | 703068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297579 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
|  Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/22)<sup>(b)(c)</sup> |  | 210 |  | 209696 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 (Call 09/29/24) |  | 860 |  | 781723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) |  | 680 |  | 580815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 |  | 968235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 (Call 07/14/24) |  | 1232 |  | 1152807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) |  | 1501 |  | 1212388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 (Call 01/15/24) |  | 1400 |  | 1342152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 (Call 10/30/31) |  | 1665 |  | 1250082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) |  | 400 |  | 289972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) |  | 1005 |  | 942740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) |  | 1571 |  | 1371577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 (Call 04/29/41) |  | 1055 |  | 701364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/28 (Call 10/23/27) |  | 843 |  | 726953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 (Call 08/01/25)<sup>(c)</sup> |  | 805 |  | 757610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 (Call 02/03/26) |  | 708 |  | 654192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 08/15/27) |  | 827 |  | 743638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 (Call 12/16/23) |  | 632 |  | 620314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 (Call 06/15/25) |  | 730 |  | 720254 |
|  Affiliated Managers Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/30 (Call 03/15/30) |  | 190 |  | 154616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/25 |  | 175 |  | 166224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)<sup>(b)</sup> | $375 | $351982 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)<sup>(b)</sup> | 280 | 281084 |
|  AIG Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/08/23<sup>(b)</sup> | 120 | 113890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/17/24<sup>(b)</sup> | 935 | 868783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/22/25<sup>(b)</sup> | 825 | 725026 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 (Call 01/15/24) | 371 | 346191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26) | 285 | 239087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/28 (Call 07/01/28) | 505 | 389784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 (Call 01/01/25) | 428 | 391945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25)<sup>(c)</sup> | 750 | 666907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 (Call 11/01/29) | 477 | 371321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 (Call 09/01/30) | 615 | 477849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 01/01/25) | 404 | 376383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/29 (Call 07/01/29) | 368 | 294956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 (Call 06/01/25) | 855 | 792431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 01/01/27) | 508 | 447650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 09/01/27) | 833 | 714864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) | 580 | 525996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 (Call 01/01/24) | 350 | 342167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 06/15/24) | 924 | 899144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 (Call 07/01/28) | 540 | 478462 |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 (Call 02/01/24) | 555 | 529148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 (Call 04/15/26) | 389 | 343121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/25 (Call 07/11/25)<sup>(b)</sup> | 1730 | 1618796 |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/02/28 (Call 09/02/28) | 285 | 218809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 (Call 04/21/24) | 629 | 607073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25 | 395 | 385311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27) | 275 | 251504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24 | 659 | 649530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/25 (Call 10/21/25) | 764 | 737352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 (Call 04/01/25) | 890 | 889626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563358 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/03/23 | 500 | 478805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26) | 500 | 430690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25) | 310 | 287931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 (Call 06/30/24) | 1065 | 1012421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) | 570 | 500865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24) | 623 | 595301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) | 686 | 634509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27) | 1487 | 1347519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 150 | 145494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) | 1440 | 1404605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) | 385 | 372183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) | 1210 | 1161854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29) | 370 | 335546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42 | 1164 | 901914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25) | 701 | 680538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/33 (Call 08/03/32)<sup>(a)</sup> | 1025 | 911133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/33 (Call 02/26/32)<sup>(a)</sup> | 535 | 486085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 | 885 | 884363 |
|  Ameriprise Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 (Call 06/15/26) | 936 | 857020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 (Call 03/02/25) | 35 | 33180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24 | 285 | 276689 |

---

S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/13/32 (Call 02/13/32) | $305 | $283125 |
|  Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27<br>(Call 06/01/27)<sup>(c)</sup> | 523 | 439289 |
|  Antares Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 605 | 478712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/26 (Call 06/15/26)<sup>(b)</sup> | 505 | 429876 |
|  Apollo Management Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/24<sup>(b)</sup> | 778 | 755539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/14/50<sup>(a)(b)</sup> | 296 | 248640 |
|  Ares Finance Co. II LLC, 3.25%, 06/15/30 (Call 03/15/30)<sup>(b)</sup> | 200 | 160846 |
|  Ares Finance Co. III LLC, 4.13%, 06/30/51 (Call 06/30/26)<sup>(a)(b)</sup> | 740 | 563540 |
|  Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 295 | 241962 |
|  Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 240 | 179237 |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24<sup>(b)</sup> | 200 | 190396 |
|  Avation Capital SA, 8.25%, 05/15/21 (Call 12/01/22)<sup>(b)(g)</sup> | 213 | 170191 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/26 (Call 12/30/25)<sup>(b)</sup> | 295 | 245537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/26 (Call 08/20/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/27 (Call 07/01/27)<sup>(b)</sup> | 1286 | 1047704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/25 (Call 06/01/25)<sup>(b)</sup> | 372 | 337490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/30/24 (Call 12/30/23)<sup>(b)</sup> | 315 | 303751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/25 (Call 07/01/25)<sup>(b)</sup> | 430 | 394448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/24 (Call 11/15/24)<sup>(b)</sup> | 225 | 216074 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/21/26 (Call 01/21/26)<sup>(b)</sup> | 955 | 784895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/27 (Call 10/18/27)<sup>(b)</sup> | 861 | 660482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/21/28 (Call 12/21/27)<sup>(b)</sup> | 335 | 256684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/25 (Call 01/15/25)<sup>(b)</sup> | 870 | 779015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/27 (Call 12/15/26)<sup>(b)</sup> | 1055 | 863644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/24 (Call 06/01/24)<sup>(b)</sup> | 933 | 874781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 923 | 810431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/26 (Call 03/01/26)<sup>(b)</sup> | 916 | 806694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/24 (Call 04/15/24)<sup>(b)</sup> | 745 | 722002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25)<sup>(b)</sup> | 915 | 841617 |
|  B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31<sup>(d)</sup> | 400 | 319124 |
|  Banco BTG Pactual SA/Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/11/26 (Call 12/11/25)<sup>(d)</sup> | 200 | 175140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/10/25 (Call 12/10/24)<sup>(c)(d)</sup> | 800 | 761768 |
|  BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24) | 365 | 346305 |
|  Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 03/30/31 (Call 12/30/30)<sup>(b)</sup> | 580 | 416295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/05/28 (Call 06/05/28)<sup>(b)</sup> | 140 | 112528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/30/32 (Call 10/30/31)<sup>(b)</sup> | 218 | 157980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/10/30 (Call 10/10/29)<sup>(b)</sup> | 1025 | 818206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/30/32 (Call 12/30/31)<sup>(b)</sup> | 295 | 224209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/30/50 (Call 03/30/50)<sup>(b)</sup> | 528 | 294576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/51 (Call 02/05/51)<sup>(b)</sup> | 210 | 117747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/02/27 (Call 07/02/27)<sup>(b)</sup> | 200 | 177672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/52 (Call 07/30/51)<sup>(b)(c)</sup> | 200 | 122490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/10/49 (Call 03/10/49)<sup>(b)</sup> | 871 | 567779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/02/47 (Call 04/02/47)<sup>(b)</sup> | 170 | 122805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/45<sup>(b)(c)</sup> | 395 | 307539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/44<sup>(b)</sup> | 465 | 392883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/03/27 | 100 | 99795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/22/33 | 200 | 199656 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Blue Bright Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/09/26<sup>(d)</sup> | $600 | $534558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/04/25<sup>(d)</sup> | 400 | 365300 |
|  Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/31 (Call 03/10/31)<sup>(b)</sup> | 495 | 358192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/07/51 (Call 04/07/51)<sup>(b)</sup> | 130 | 71945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/32 (Call 11/15/31)<sup>(b)</sup> | 100 | 76202 |
|  BOC Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/21/26 (Call 12/21/25)<sup>(d)</sup> | 400 | 351192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/17/25 (Call 12/17/24)<sup>(d)</sup> | 600 | 557808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/17/30 (Call 06/17/30)<sup>(b)</sup> | 400 | 302428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/11/29 (Call 06/11/29)<sup>(b)(c)</sup> | 400 | 321616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/29/25 (Call 03/29/25)<sup>(b)</sup> | 1000 | 936480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/10/24 (Call 09/10/24)<sup>(d)</sup> | 400 | 382136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/18/27 (Call 06/18/27)<sup>(d)</sup> | 200 | 178520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/27/26 (Call 01/27/26)<sup>(d)</sup> | 650 | 608276 |
|  BOC Aviation USA Corp., 1.63%, 04/29/24 (Call 03/29/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937710 |
|  BOCOM International Blossom Ltd., 1.75%, 06/28/26<sup>(d)</sup> | 400 | 353164 |
|  Bocom Leasing Management Hong Kong Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/24<sup>(d)</sup> | 400 | 372424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/24<sup>(d)</sup> | 400 | 393912 |
|  Brightsphere Investment Group Inc., 4.80%, 07/27/26 | 150 | 134001 |
|  Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) | 195 | 142130 |
|  Brookfield Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 04/15/31 (Call 01/15/31) | 678 | 524752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 (Call 09/30/50) | 498 | 298845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/52 (Call 08/15/51) | 270 | 164800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27) | 537 | 480900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 (Call 02/01/24) | 920 | 901140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/02/26 (Call 03/02/26) | 410 | 388889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 (Call 01/15/30) | 843 | 740373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) | 359 | 268306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 (Call 12/29/28) | 868 | 803030 |
|  Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) | 452 | 266716 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/28 (Call 04/15/24)<sup>(b)</sup> | 245 | 214235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 210 | 183227 |
|  Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/14/27 (Call 01/14/27)<sup>(b)</sup> | 625 | 574744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/24 (Call 04/01/24)<sup>(b)</sup> | 661 | 645242 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 (Call 11/02/26), (SOFR + 0.855%)<sup>(a)</sup> | 1010 | 840492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/29/32 (Call 07/29/31), (SOFR + 1.337%)<sup>(a)</sup> | 845 | 584334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/02/32 (Call 11/02/31), (SOFR + 1.265%)<sup>(a)</sup> | 400 | 292800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 (Call 03/03/25), (SOFR + 1.290%)<sup>(a)</sup> | 440 | 403577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 (Call 01/05/25) | 1065 | 1005584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/01/30 (Call 03/01/29), (SOFR + 1.790%)<sup>(a)</sup> | 900 | 740664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 1763 | 1680368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 (Call 04/11/27) | 564 | 510584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 (Call 03/24/24) | 991 | 964491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26) | 986 | 901835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27) | 1232 | 1123510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 (Call 12/31/27) | 820 | 732711 |

---

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23) | $918 | $899961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 05/09/25 (Call 05/09/24)<sup>(a)</sup> | 500 | 480345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 819 | 777534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 (Call 03/31/25) | 365 | 351550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/10/28 (Call 05/10/27),<br>(SOFR + 2.057%)<sup>(a)</sup> | 880 | 817590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | 540 | 520155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/26/30 (Call 07/26/29)<sup>(a)</sup> | 400 | 365992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 (Call 05/10/32)<sup>(a)</sup> | 990 | 886357 |
|  Capital One NA, 2.28%, 01/28/26 (Call 01/28/25),<br>(SOFR + 0.911%)<sup>(a)</sup> | 260 | 238724 |
|  Castlelake Aviation Finance DAC, 5.00%, 04/15/27<br>(Call 04/15/24)<sup>(b)(c)</sup> | 272 | 231143 |
|  Cboe Global Markets Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/30 (Call 09/15/30) | 862 | 644810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/32 (Call 12/16/31) | 645 | 521566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/12/27 (Call 10/12/26) | 844 | 789959 |
|  CCBL Cayman 1 Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/22/26<sup>(d)</sup> | 600 | 526368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/21/25<sup>(d)</sup> | 800 | 726648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/16/24<sup>(d)</sup> | 400 | 387920 |
|  CDBL Funding 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/04/23<sup>(d)</sup> | 400 | 384292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/24/27<sup>(d)</sup> | 400 | 361032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/02/24<sup>(d)</sup> | 200 | 194262 |
|  CDBL Funding 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/04/24<sup>(d)</sup> | 200 | 189204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/04/26<sup>(d)</sup> | 800 | 716016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/02/25 | 200 | 187360 |
|  CDP Financial Inc., 3.15%, 07/24/24<sup>(b)</sup> | 415 | 403861 |
|  Chailease International Finance Corp., 3.75%, 10/22/23<sup>(d)</sup> | 200 | 196020 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 (Call 02/18/24) | 110 | 103792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26) | 911 | 786922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 1190 | 1031123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30) | 567 | 421610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) | 750 | 562387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28) | 765 | 651818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31) | 600 | 470472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 400 | 357272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 (Call 07/01/29) | 400 | 337964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 (Call 12/03/31) | 700 | 568498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 (Call 12/10/24)<sup>(c)</sup> | 142 | 135194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 (Call 12/02/26) | 830 | 763525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 (Call 10/25/27) | 788 | 713211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 (Call 02/22/29) | 270 | 239225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 920 | 847808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 (Call 11/13/25) | 162 | 154524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | 1033 | 1014303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 03/02/24) | 452 | 444275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) | 527 | 511701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 (Call 11/01/28) | 543 | 503665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 (Call 02/24/25) | 510 | 502411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 (Call 12/22/29) | 153 | 145474 |
|  Charming Light Investments Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/21/27<sup>(d)</sup> | 600 | 504570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/03/24<sup>(d)</sup> | 250 | 241630 |
|  China Cinda 2020 I Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/20/24 (Call 10/20/23)<sup>(d)</sup> | 400 | 375304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/20/26 (Call 10/20/25)<sup>(d)</sup> | 600 | 502530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/18/25 (Call 02/18/25)<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/28 (Call 10/20/27)<sup>(d)</sup> | 800 | 605864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/18/27 (Call 12/18/26)<sup>(d)</sup> | 400 | 327416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/31 (Call 10/20/30)<sup>(d)</sup> | 600 | 403764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/18/30 (Call 12/18/29)<sup>(d)</sup> | 400 | 281152 |
|  China Cinda 2020 I Mngmn Co., 3.25%, 01/28/27<br>(Call 10/28/26)<sup>(d)</sup> | 800 | 665880 |
|  China Cinda Finance 2014 Ltd., 5.63%, 05/14/24<sup>(d)</sup> | 200 | 196954 |
|  China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25<sup>(d)</sup> | 400 | 373484 |
|  China Cinda Finance 2017 I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/09/24<sup>(d)</sup> | 1000 | 967080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/09/27<sup>(d)</sup> | 200 | 173802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/08/28<sup>(d)</sup> | 400 | 339972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/21/29<sup>(d)</sup> | 400 | 326936 |
|  China Cinda Finance I Ltd., 4.38%, 02/08/25<sup>(d)</sup> | 200 | 189148 |
|  China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25)<sup>(a)(d)</sup> | 600 | 547998 |
|  China Great Wall International Holdings III Ltd., 3.88%, 08/31/27<sup>(d)</sup> | 400 | 303676 |
|  China Great Wall International Holdings IV Ltd.,<br>3.95%, (Call 07/31/24)<sup>(a)(d)(e)</sup> | 200 | 167922 |
|  China Great Wall International Holdings V Ltd., 2.38%, 08/18/30<sup>(d)</sup> | 1000 | 619460 |
|  China Ping An Insurance Overseas Holdings Ltd., 2.85%, 08/12/31<sup>(d)</sup> | 800 | 520872 |
|  CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/17/30 (Call 09/17/30) | 430 | 311040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/51 (Call 12/15/50) | 440 | 250127 |
|  CICC Hong Kong Finance 2016 MTN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/26/24<sup>(d)</sup> | 1400 | 1336874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/26/26<sup>(d)</sup> | 400 | 359808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/21/25<sup>(d)</sup> | 200 | 188304 |
|  CITIC Securities Finance MTN Co. Ltd., 2.00%, 06/03/25<sup>(d)</sup> | 400 | 366940 |
|  Clifford Capital Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 03/23/26 (Call 02/23/26)<sup>(d)</sup> | 400 | 355308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 09/10/24<sup>(d)</sup> | 200 | 188566 |
|  CMB International Leasing Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/16/24 (Call 08/16/24)<sup>(d)</sup> | 600 | 551244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/12/25<sup>(d)</sup> | 800 | 714112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/26<sup>(d)</sup> | 600 | 530538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/12/30<sup>(d)</sup> | 200 | 147590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/04/31<sup>(d)</sup> | 200 | 146782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/03/24<sup>(d)</sup> | 600 | 572400 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 340 | 273873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/25 (Call 12/15/24) | 1256 | 1199292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 (Call 03/15/28) | 790 | 739740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47)<sup>(c)</sup> | 234 | 191515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43) | 653 | 623158 |
|  CMS International Gemstone Ltd., 1.30%, 09/16/24<sup>(d)</sup> | 400 | 367536 |
|  CNG Holdings Inc., 12.50%, 06/15/24 (Call 12/01/22)<sup>(b)</sup> | 185 | 155400 |
|  Coastal Emerald Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/25<sup>(d)</sup> | 200 | 187524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, (Call 08/01/24)<sup>(a)(d)(e)</sup> | 400 | 360792 |
|  Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 261 | 173583 |
|  Coinbase Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/28 (Call 10/01/24)<sup>(b)</sup> | 665 | 440257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(b)(c)</sup> | 600 | 360966 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/31/24 (Call 11/14/22)<sup>(b)</sup> | $266 | $250091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/26 (Call 11/14/22) | 240 | 227143 |
|  Credit Suisse USA Inc., 7.13%, 07/15/32 | 944 | 931851 |
|  Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)<sup>(b)(c)</sup> | 615 | 363004 |
|  DAE Sukuk Difc Ltd., 3.75%, 02/15/26<sup>(d)</sup> | 500 | 453870 |
|  Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/25 (Call 12/04/24) | 265 | 250295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 (Call 08/06/24) | 983 | 947691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 (Call 11/09/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/26 (Call 11/30/25) | 1010 | 947026 |
|  Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Fin, 3.88%, 02/15/26 (Call 12/15/25)<sup>(b)</sup> | 100 | 89962 |
|  Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27) | 580 | 529743 |
|  Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)<sup>(b)</sup>  | 455 | 448398 |
|  Enova International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/01/24 (Call 12/01/22)<sup>(b)</sup> | 180 | 169002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 276 | 250578 |
|  Far East Horizon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/03/24<sup>(d)</sup> | 400 | 343484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/18/25<sup>(d)</sup> | 200 | 165994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/26<sup>(d)</sup> | 200 | 149994 |
|  Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 220 | 133201 |
|  FMR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/33<sup>(b)</sup> | 430 | 393209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43<sup>(b)</sup> | 403 | 341732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/15/39<sup>(b)</sup> | 200 | 199382 |
|  Franklin Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/30/30 (Call 07/30/30) | 519 | 381657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/30/25 | 478 | 452513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/12/51 (Call 02/12/51) | 313 | 182432 |
|  GFH Sukuk Ltd., 7.50%, 01/28/25<sup>(d)</sup> | 600 | 574932 |
|  Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 12/01/22), (7.25% PIK)<sup>(b)(g)</sup> | 1165 | 933832 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 190 | 164713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 490 | 460654 |
|  GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)<sup>(b)(c)</sup> | 310 | 217756 |
|  Guotai Junan International Holdings Ltd., 2.00%, 03/03/26<sup>(d)</sup> | 200 | 179666 |
|  Haitong International Finance Holdings 2015 Ltd., 2.11%, 03/12/25<sup>(d)</sup> | 600 | 554322 |
|  Haitong International Securities Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/20/26<sup>(d)</sup> | 200 | 171176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/18/25<sup>(d)</sup> | 200 | 182528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/19/24<sup>(d)</sup> | 600 | 569850 |
|  Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/15/24)<sup>(b)(c)</sup> | 194 | 158925 |
|  Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 310 | 183346 |
|  Horse Gallop Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 07/26/24<sup>(d)</sup> | 400 | 372168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/28/25<sup>(d)</sup> | 400 | 361588 |
|  ICBCIL Finance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/02/24<sup>(d)</sup> | 400 | 371504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/02/24<sup>(d)</sup> | 1000 | 926440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/25/25<sup>(d)</sup> | 1200 | 1080276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/02/26<sup>(d)</sup> | 600 | 523782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/02/26<sup>(d)</sup> | $200 | $177044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/19/26<sup>(d)</sup> | 200 | 188260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/05/24<sup>(d)</sup> | 600 | 586572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 11/20/24, (3 mo. LIBOR US + 1.050%)<sup>(a)(d)</sup> | 400 | 398868 |
|  ICD Sukuk Co. Ltd., 5.00%, 02/01/27<sup>(d)</sup> | 600 | 577950 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 (Call 06/15/32) | 962 | 698383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 1186 | 939703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 (Call 03/15/40) | 630 | 413286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49) | 1015 | 635045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 (Call 03/15/60) | 773 | 449074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) | 756 | 686010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 (Call 04/23/25)<sup>(c)</sup> | 260 | 251831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25) | 1020 | 979771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 (Call 06/21/28) | 332 | 303807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27) | 1098 | 1040256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 (Call 03/21/48) | 703 | 546702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 (Call 04/15/29) | 908 | 859985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32) | 638 | 585467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51) | 723 | 626798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 (Call 12/15/61) | 823 | 733853 |
|  Intercorp Financial Services Inc., 4.13%, 10/19/27 (Call 07/19/27)<sup>(d)</sup> | 205 | 175730 |
|  Intercorp Peru Ltd., 3.88%, 08/15/29 (Call 05/15/29)<sup>(d)</sup> | 200 | 158416 |
|  Inventive Global Investments Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/01/26<sup>(d)</sup> | 400 | 347772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/03/25<sup>(d)</sup> | 1600 | 1437216 |
|  Invesco Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26 | 228 | 215932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24 | 450 | 441873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/30/43 | 315 | 274677 |
|  Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)<sup>(b)(c)</sup> | 315 | 277518 |
|  Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25) | 158 | 154676 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(b)</sup> | 600 | 471546 |
|  Jefferies Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/32 (Call 07/15/32) | 145 | 100494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/36 | 585 | 538054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/08/27 | 670 | 674107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/43 | 100 | 91828 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 (Call 07/15/31) | 300 | 212916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30 | 847 | 718849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27 | 490 | 460169 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)<sup>(b)</sup> | 188 | 156734 |
|  JIC Zhixin Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/27/25<sup>(d)</sup> | 400 | 360376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/27/30<sup>(d)</sup> | 600 | 475770 |
|  Joy Treasure Assets Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/17/25<sup>(d)</sup> | 600 | 510018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/24/29 (Call 06/24/29)<sup>(d)</sup> | 1000 | 702360 |
|  KB Capital Co. Ltd., 1.50%, 10/28/25<sup>(d)</sup> | 200 | 175898 |
|  KB Kookmin Card Co. Ltd., 1.50%, 05/13/26<sup>(d)</sup> | 200 | 171280 |
|  KB Securities Co. Ltd., 2.13%, 11/01/26<sup>(d)</sup> | 200 | 171514 |
|  KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)<sup>(b)</sup> | 51 | 45181 |
|  KODIT Global 2022-1 Co. Ltd., 3.62%, 05/27/25<sup>(d)</sup> | 200 | 191230 |

---

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Korea Investment & Securities Co. Ltd., 1.38%, 07/19/24<sup>(d)</sup> | $400 | $370388 |
|  Kuwait Projects Co. SPC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 10/29/26<sup>(d)</sup> | 200 | 165072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/27<sup>(d)</sup> | 600 | 480636 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/27 (Call 12/01/26) | 133 | 121510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/13/25 | 184 | 176550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/11/29 (Call 12/11/28) | 249 | 224792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/19/28 (Call 06/19/28) | 512 | 464010 |
|  LD Holdings Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/28 (Call 04/01/24)<sup>(b)</sup> | 305 | 170803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/25<sup>(b)</sup> | 310 | 210701 |
|  LeasePlan Corp. NV, 2.88%, 10/24/24<sup>(b)</sup> | 615 | 571575 |
|  Legend Fortune Ltd., 1.38%, 06/02/24<sup>(d)</sup> | 600 | 562968 |
|  Legg Mason Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 | 218 | 214630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/44 | 301 | 273392 |
|  LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)<sup>(b)(c)</sup> | 175 | 138404 |
|  LPL Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 535 | 468328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(b)</sup> | 225 | 196209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(b)</sup> | 453 | 418916 |
|  LSEGA Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 04/06/24 (Call 03/06/24)<sup>(b)</sup> | 1128 | 1050924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/06/26<sup>(b)</sup> | 1115 | 967374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/06/28 (Call 02/06/28)<sup>(b)</sup> | 1460 | 1211873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/06/31 (Call 01/06/31)<sup>(b)</sup> | 1000 | 795580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/06/41 (Call 10/06/40)<sup>(b)</sup> | 280 | 192987 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 (Call 12/15/30) | 482 | 382231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 (Call 02/03/25) | 406 | 381563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 (Call 08/18/31) | 790 | 621027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26) | 538 | 500544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 (Call 03/01/29) | 584 | 517132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/51 (Call 09/15/50) | 445 | 293531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 575 | 539517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 (Call 12/26/29) | 1155 | 1038414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24 | 704 | 690793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/26/28 (Call 11/26/27) | 545 | 507411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 232 | 176274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46 (Call 05/21/46) | 947 | 741236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49) | 736 | 578503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/48 (Call 08/26/47) | 773 | 619366 |
|  Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28<sup>(d)</sup> | 400 | 328528 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 270 | 207957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 600 | 510054 |
|  Mirae Asset Securities Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/07/24<sup>(d)</sup> | 400 | 369844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/30/25<sup>(d)</sup> | 200 | 181132 |
|  Mitsubishi HC Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 02/28/24 (Call 01/28/24)<sup>(b)</sup> | 600 | 583080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 04/13/25 (Call 03/13/25)<sup>(b)(c)</sup> | 200 | 189924 |
|  Morgan Stanley Domestic Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/24/27 (Call 05/24/27) | 743 | 679035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/28 (Call 03/20/28) | 636 | 591798 |
|  Nasdaq Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 658 | 485275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/21/40 (Call 06/21/40) | $495 | $299356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/50 (Call 10/28/49) | 615 | 393717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/30/26 (Call 03/30/26) | 685 | 652476 |
|  Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 (Call 12/15/25)<sup>(b)</sup> | 415 | 313711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 560 | 456730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 380 | 291794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 01/15/23)<sup>(b)</sup> | 390 | 349647 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/28 (Call 06/15/27) | 330 | 263198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 415 | 349907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 (Call 06/15/28) | 400 | 318820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/33 | 510 | 360213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 | 335 | 325794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 | 680 | 668685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 | 350 | 334456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 | 330 | 311365 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/27 (Call 12/15/26)<sup>(b)</sup> | 475 | 444966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/45 (Call 10/15/44)<sup>(b)</sup> | 510 | 401589 |
|  NFP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 365 | 319083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 1342 | 1156509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> | 195 | 187052 |
|  NH Investment & Securities Co. Ltd., 1.88%, 10/07/26<sup>(d)</sup> | 200 | 172534 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26 | 1005 | 853768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28 | 530 | 419415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27 | 500 | 425835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31 | 275 | 199975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25 | 900 | 842436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30 | 800 | 601880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 01/22/29 | 520 | 417591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32 | 325 | 240975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30 | 815 | 643011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25 | 400 | 391848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/27 | 400 | 384144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 07/06/29 | 400 | 375748 |
|  Nuveen Finance LLC, 4.13%, 11/01/24<sup>(b)</sup> | 1237 | 1198109 |
|  Nuveen LLC, 4.00%, 11/01/28 (Call 08/01/28)<sup>(b)</sup> | 693 | 634379 |
|  Ocean Laurel Co. Ltd., 2.38%, 10/20/25<sup>(d)</sup> | 400 | 353700 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24) | 410 | 337660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) | 350 | 273273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25) | 565 | 426044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29) | 579 | 474490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | 803 | 784700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27) | 550 | 500230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | 940 | 911725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 | 1055 | 1015670 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/09/31 | 720 | 544925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24 | 404 | 386305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27 | 271 | 248266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/32 | 350 | 297958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24 | 300 | 295542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 | 275 | 266156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/32 | 270 | 250811 |

---

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306009 |
|  Park Aerospace Holdings Ltd., 5.50%, 02/15/24<sup>(b)</sup> | 960 | 938592 |
|  PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 405 | 306783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 370 | 334928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(b)</sup> | 335 | 254630 |
|  PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 245 | 203252 |
|  Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)<sup>(b)</sup> | 865 | 732975 |
|  Pingan Real Estate Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/29/24<sup>(d)</sup> | 400 | 340216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/29/26<sup>(d)</sup> | 200 | 130052 |
|  Pioneer Reward Ltd., 2.00%, 04/09/26<sup>(d)</sup> | 800 | 720064 |
|  Power Finance Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/16/24<sup>(d)</sup> | 200 | 189968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/16/31<sup>(d)</sup> | 600 | 455100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/16/29<sup>(d)</sup> | 200 | 165658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/30<sup>(d)</sup> | 600 | 488424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/18/29<sup>(d)</sup> | 200 | 172634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/10/28<sup>(d)</sup> | 200 | 185238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 12/06/28<sup>(c)(d)</sup> | 400 | 385092 |
|  Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24<sup>(d)</sup> | 655 | 675325 |
|  PRA Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 245 | 196181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 180 | 172843 |
|  Private Export Funding Corp., Series GG, 2.45%, 07/15/24 | 200 | 191598 |
|  Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 205 | 181200 |
|  Radian Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 (Call 07/01/24) | 200 | 190408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 09/15/26) | 336 | 297326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 (Call 09/15/24)<sup>(c)</sup> | 682 | 673461 |
|  Raymond James Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 (Call 10/01/50) | 251 | 170329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/30 (Call 01/01/30) | 347 | 323113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46 | 727 | 613254 |
|  REC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/26<sup>(d)</sup> | 600 | 512196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/27<sup>(d)</sup> | 200 | 171238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/25/24<sup>(d)</sup> | 400 | 382044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/28<sup>(d)</sup> | 600 | 541668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/13/23<sup>(d)</sup> | 400 | 397184 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 885 | 741603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(b)(c)</sup> | 485 | 375846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(b)(c)</sup> | 810 | 603166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(b)</sup> | 550 | 383933 |
|  Sarana Multi Infrastruktur Persero PT, 2.05%, 05/11/26<sup>(d)</sup> | 200 | 171670 |
|  Shinhan Card Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/19/25<sup>(d)</sup> | 400 | 350236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/27/27<sup>(d)</sup> | 400 | 343848 |
|  Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24<sup>(d)</sup> | 400 | 371168 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26) | 315 | 276246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 320 | 297715 |
|  Soar Wise Ltd., 1.75%, 03/30/24<sup>(d)</sup> | 400 | 378032 |
|  Standard Life Aberdeen PLC, 4.25%, 06/30/28<sup>(d)</sup> | 300 | 254601 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  State Elite Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/29/26<sup>(d)</sup> | $600 | $528408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 10/24/24, (3 mo. LIBOR US + 0.770%)<sup>(a)(d)</sup> | 800 | 798624 |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 (Call 02/15/30) | 225 | 191468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/18/24 | 436 | 426103 |
|  StoneX Group Inc., 8.63%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 235 | 232051 |
|  Sumitomo Mitsui Finance & Leasing Co. Ltd., 2.51%, 01/22/25 (Call 12/22/24)<sup>(d)</sup> | 600 | 557958 |
|  Sunrise Cayman Ltd., 5.25%, 03/11/24<sup>(d)</sup> | 500 | 490295 |
|  SURA Asset Management SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/11/27<sup>(d)</sup> | 400 | 350676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/17/24<sup>(d)</sup> | 200 | 194478 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 (Call 07/28/31) | 585 | 413618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/26 (Call 05/04/26) | 485 | 435549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 (Call 09/01/27) | 799 | 687723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 (Call 05/15/24) | 886 | 855451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 (Call 02/19/24) | 905 | 884800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/25 (Call 04/23/25) | 940 | 890471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 (Call 05/13/25) | 185 | 177737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 (Call 12/19/28) | 480 | 430157 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 530 | 479072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 450 | 341428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 295 | 241705 |
|  USAA Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/01/24<sup>(b)</sup> | 290 | 270927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/25<sup>(b)</sup> | 430 | 411923 |
|  Vertex Capital Investment Ltd., 4.75%, 04/03/24<sup>(d)</sup> | 400 | 379956 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 (Call 06/15/27) | 313 | 260785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 (Call 11/15/30) | 620 | 462867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27) | 838 | 739862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | 682992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 (Call 01/15/30) | 562 | 464246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39) | 825 | 587565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27) | 596 | 541794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | 1709 | 1626421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 748 | 569063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35) | 1405 | 1272185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45) | 2392 | 2039850 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/30 (Call 02/01/25)<sup>(b)(c)</sup> | 630 | 526447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/27 (Call 05/01/24)<sup>(b)</sup> | 350 | 318104 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 (Call 02/15/26) | 682 | 584160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/31 (Call 12/15/30) | 415 | 304017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 (Call 12/10/24) | 477 | 447884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/17/36 | 510 | 478727 |
|  World Acceptance Corp., 7.00%, 11/01/26 (Call 11/01/23)<sup>(b)</sup> | 202 | 126535 |
|  Xingsheng BVI Co. Ltd., 1.38%, 08/25/24 (Call 07/25/24)<sup>(d)</sup> | 200 | 185468 |
|  XP Inc., 3.25%, 07/01/26 (Call 06/01/26)<sup>(d)</sup> | 400 | 349172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258795228 |
| **Electric — 2.2%** |  |  |
|  Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/28 (Call 01/29/28)<sup>(d)</sup> | 600 | 505482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/29/51 (Call 10/29/50)<sup>(d)</sup> | 600 | 444324 |

---

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/24<sup>(d)</sup> | $200 | $195412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/03/49<sup>(d)</sup> | 200 | 161656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/23/25<sup>(d)</sup> | 800 | 783536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/22/26<sup>(d)</sup> | 600 | 586392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/23/30<sup>(d)</sup> | 600 | 584154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/27/36<sup>(b)</sup> | 480 | 517315 |
|  Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39<sup>(d)</sup> | 399 | 348007 |
|  Adani Electricity Mumbai Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/22/31 (Call 01/22/31)<sup>(d)</sup> | 200 | 120012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/12/30<sup>(d)</sup> | 600 | 396972 |
|  Adani Green Energy Ltd., 4.38%, 09/08/24<sup>(d)</sup> | 600 | 448746 |
|  Adani Transmission Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/03/26<sup>(d)</sup> | 400 | 342284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/21/36<sup>(d)</sup> | 263 | 189213 |
|  AEP Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 (Call 11/15/50) | 140 | 91133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 (Call 04/01/47) | 385 | 263113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/28 (Call 03/01/28) | 55 | 49822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 (Call 02/15/32) | 160 | 145731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 (Call 11/15/51) | 160 | 140066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 (Call 11/01/48) | 360 | 258624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.45%, 01/15/50 (Call 07/15/49) | 452 | 294026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.10%, 07/01/30 (Call 04/01/30) | 500 | 384985 |
|  AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/26 (Call 09/01/26) | 105 | 96789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 (Call 03/15/49) | 280 | 178382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 407 | 292316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 (Call 12/15/48) | 120 | 85692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 60 | 44468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 255 | 196342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/52 (Call 12/01/51) | 465 | 376510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.65%, 04/01/50 (Call 10/01/49) | 430 | 302071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 (Call 02/15/51) | 105 | 61678 |
|  AES Andes SA., 7.13%, 03/26/79<br>(Call 04/07/24)<sup>(a)(d)</sup> | 400 | 328252 |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 (Call 12/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/15/30) | 150 | 113294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 842 | 776240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/30 (Call 04/15/30)<sup>(b)</sup> | 862 | 728605 |
|  AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)<sup>(d)</sup> | 800 | 630320 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/52 (Call 09/15/51) | 213 | 135212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/51 (Call 01/15/51) | 380 | 246468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/49 (Call 04/01/49) | 743 | 503539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 (Call 08/01/27) | 270 | 254078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/45 (Call 09/01/44) | 691 | 500816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/01/42 | 139 | 103954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/01/32 (Call 03/01/32) | 420 | 375350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/44 (Call 02/15/44) | 234 | 182300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 (Call 07/02/45) | 295 | 228056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 | 290 | 287271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/38 | 130 | 129210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.55%, 12/01/23 | 60 | 58922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) | 580 | 437436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.30%, 07/15/48 (Call 01/15/48) | 473 | 372067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 12/01/47 (Call 06/01/47) | 402 | 287892 |
|  Alexander Funding Trust, 1.84%, 11/15/23<sup>(b)</sup> | 20 | 18783 |
|  Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)<sup>(d)</sup>  | 797 | 509480 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Algonquin Power & Utilities Corp., 4.75%, 01/18/82 (Call 01/18/27)<sup>(a)</sup> | $506 | $407790 |
|  Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 575 | 485639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/28 (Call 03/15/28)<sup>(b)</sup> | 418 | 383298 |
|  Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/27 (Call 02/15/27) | 500 | 429360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/24 (Call 08/15/24) | 534 | 505757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 (Call 10/15/30) | 408 | 346820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/26 (Call 11/15/25) | 390 | 368924 |
|  Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 11/15/30 (Call 08/15/30) | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/51 (Call 12/15/50) | 123 | 74837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 117 | 112446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/50 (Call 09/15/49) | 824 | 544318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 372 | 270165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/32 (Call 06/01/32) | 270 | 240505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/46 (Call 09/15/45) | 380 | 298049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 310 | 256181 |
|  American Electric Power Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | 367436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 399 | 314899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/13/27 (Call 08/13/27) | 455 | 407848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/50 (Call 09/01/49) | 310 | 193375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/62 (Call 11/15/26)<sup>(a)</sup> | 800 | 618088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 | 500 | 498675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 | 300 | 297951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.30%, 12/01/28 (Call 09/01/28) | 730 | 676622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 0.75%, 11/01/23 (Call 12/01/22) | 145 | 138492 |
|  American Transmission Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31)<sup>(b)</sup> | 30 | 23432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/44 (Call 03/01/44)<sup>(b)</sup> | 330 | 279447 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/25 (Call 03/01/25) | 104 | 99316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 (Call 11/15/43) | 310 | 237903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/45 (Call 12/01/44) | 75 | 57815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/32 (Call 05/01/32) | 210 | 187990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/38 | 245 | 258904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 2.70%, 04/01/31 (Call 01/01/31) | 270 | 214056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.30%, 06/01/27 (Call 03/01/27) | 35 | 32016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 75 | 57868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/50 (Call 11/01/49) | 180 | 122058 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/31 (Call 09/15/31) | 210 | 154686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/29 (Call 05/15/29) | 554 | 449992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/50 (Call 03/15/50) | 75 | 40361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/27 (Call 06/15/27) | 320 | 282973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/15/25 (Call 02/15/25)<sup>(c)</sup> | 230 | 216950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/50 (Call 11/15/49) | 600 | 372744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49) | 313 | 199926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 115 | 77985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | 287 | 210133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/49 (Call 09/01/48) | 220 | 159322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 343 | 253158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/42 (Call 10/01/41) | 316 | 244631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/41 (Call 03/01/41) | 297 | 247149 |
|  Atlantic City Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 (Call 12/15/30) | 215 | 170845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/28 (Call 07/15/28) | 273 | 252085 |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)<sup>(b)</sup> | $245 | $208997 |
|  Atlantica Transmision Sur SA, 6.88%, 04/30/43 | 188 | 173831 |
|  Ausgrid Finance Pty Ltd., 4.35%, 08/01/28 (Call 05/01/28)<sup>(b)(c)</sup> | 240 | 218033 |
|  Avangrid Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 (Call 10/01/24) | 588 | 559247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 (Call 03/15/25) | 453 | 427632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 (Call 03/01/29) | 627 | 549164 |
|  Avista Corp., 4.35%, 06/01/48 (Call 12/01/47) | 315 | 247417 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/31 (Call 03/15/31) | 513 | 404495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49) | 490 | 302516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/49 (Call 03/15/49) | 381 | 251277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 390 | 272532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 593 | 428733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 205 | 161790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51) | 305 | 250051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/01/36 | 70 | 71551 |
|  Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)<sup>(b)</sup> | 368 | 263705 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 (Call 02/15/31) | 677 | 506938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 673 | 403585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 (Call 01/15/28) | 780 | 703661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 470 | 455284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 (Call 04/15/30) | 720 | 645869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/23 (Call 08/15/23) | 591 | 583861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | 595 | 430839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25) | 845 | 827272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50) | 596 | 461429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 545 | 439940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 608 | 492444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(b)</sup> | 375 | 309004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 643 | 568425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 23 | 22788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223376 |
|  Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/15/30 (Call 03/15/30) | 292 | 226718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/29 (Call 07/15/29) | 397 | 325663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/49 (Call 04/15/49) | 276 | 184694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/46 (Call 03/15/46) | 169 | 120233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/23 (Call 08/30/23) | 80 | 79234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/33 (Call 02/01/33) | 315 | 269820 |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26)<sup>(b)</sup> | 520 | 425454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 720 | 648115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 590 | 501352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 (Call 02/01/26)<sup>(b)</sup> | 582 | 492547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 (Call 03/15/23)<sup>(b)</sup> | 894 | 795383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/22)<sup>(b)(c)</sup> | 251 | 239472 |
|  Castle Peak Power Finance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/03/31<sup>(d)</sup> | 400 | 309388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/22/30<sup>(d)</sup> | 200 | 158592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/25/27<sup>(d)</sup> | 200 | 183858 |
|  Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)<sup>(d)</sup> | 400 | 410880 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 (Call 02/01/42) | 180 | 133573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/52 (Call 09/01/51) | 45 | 32081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 268 | 205736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 (Call 10/01/43) | $185 | $155850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 3.00%, 02/01/27 (Call 11/01/26) | 65 | 59901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AC, 4.25%, 02/01/49 (Call 08/01/48) | 365 | 292960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/50 (Call 01/01/50) | 783 | 491787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG, 3.00%, 03/01/32 (Call 12/01/31) | 80 | 66815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ai., 4.45%, 10/01/32 (Call 07/01/32) | 270 | 253139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/52 (Call 04/01/52) | 100 | 88460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K2, 6.95%, 03/15/33 | 3 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 2.40%, 09/01/26 (Call 06/01/26) | 78 | 70386 |
|  CenterPoint Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/26 (Call 05/01/26) | 401 | 348690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 495 | 468671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/31 (Call 03/01/31) | 225 | 178452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 (Call 12/01/29) | 175 | 145721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/49 (Call 03/01/49) | 661 | 452170 |
|  Centrais Eletricas Brasileiras SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/04/25<sup>(d)</sup> | 200 | 188116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/04/30<sup>(d)</sup> | 600 | 509100 |
|  CGNPC International Ltd., 2.75%, 07/02/24<sup>(d)</sup> | 400 | 384648 |
|  Chile Electricity PEC SpA, 0.00% 01/25/28<sup>(d)(h)</sup> | 200 | 140074 |
|  China Clean Energy Development Ltd. 4.00%, 11/05/25<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151904 |
|  China Huadian Overseas Development 2018 Ltd., 3.38%, (Call 06/23/25)<sup>(a)(d)(e)</sup> | 1000 | 930330 |
|  China Huaneng Group Hong Kong Treasury Management Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/20/26<sup>(d)</sup> | 400 | 360556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/10/24<sup>(d)</sup> | 200 | 189844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, (Call 12/09/23)<sup>(a)(d)(e)</sup> | 800 | 771016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/10/29<sup>(d)</sup> | 200 | 174058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, (Call 12/09/25)<sup>(a)(d)(e)</sup> | 600 | 542472 |
|  China Southern Power Grid International Finance BVI 2018 Co. Ltd., 4.25%, 09/18/28<sup>(d)</sup> | 800 | 764216 |
|  China Southern Power Grid International Finance BVI Co. Ltd., 3.50%, 05/08/27<sup>(c)(d)</sup> | 400 | 375660 |
|  Chugoku Electric Power Co. Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/27/24<sup>(d)</sup> | 400 | 377788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 02/28/24<sup>(d)</sup> | 200 | 194426 |
|  Cikarang Listrindo Tbk PT, 4.95%, 09/14/26<sup>(d)</sup> | 400 | 348112 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)(c)</sup> | 550 | 457759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 01/15/27)<sup>(b)</sup> | 265 | 210431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 (Call 03/15/23)<sup>(b)(c)</sup> | 436 | 404421 |
|  Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 05/01/26 (Call 02/01/26) | 762 | 705711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/01/46 (Call 11/01/45) | 385 | 312108 |
|  Cleveland Electric Illuminating Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/28 (Call 01/01/28)<sup>(b)</sup> | 560 | 500405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/15/30 (Call 08/15/30)<sup>(b)</sup> | 345 | 314295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/24 | 165 | 165312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/36 | 340 | 326665 |
|  CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25)<sup>(a)(d)(e)</sup> | 200 | 188446 |
|  CLP Power Hong Kong Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/30/30<sup>(d)</sup> | 600 | 473502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/21/31<sup>(d)</sup> | 400 | 310208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/26/27<sup>(d)</sup> | 200 | 183912 |
|  CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/26 (Call 02/15/26) | 35 | 32146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 (Call 05/15/27) | 161 | 145333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/50 (Call 09/01/30)<sup>(a)</sup> | 367 | 266097 |

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54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/50 (Call 03/01/30)<sup>(a)</sup> | $423 | $349851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/44 (Call 09/01/43) | 122 | 101382 |
|  Colbun SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/06/30 (Call 12/06/29)<sup>(d)</sup> | 600 | 482016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/11/27 (Call 07/11/27)<sup>(d)</sup> | 600 | 537762 |
|  Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)<sup>(d)</sup> | 514 | 445277 |
|  Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/31 (Call 11/09/30)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/26/33 (Call 04/26/33)<sup>(d)</sup> | 600 | 431160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/09/51 (Call 08/09/50)<sup>(d)</sup> | 400 | 245364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 05/15/29 (Call 03/15/29)<sup>(d)</sup> | 400 | 338092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/23/27<sup>(d)</sup> | 400 | 363272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/24<sup>(d)</sup> | 400 | 393960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/14/42<sup>(d)</sup> | 400 | 305488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/16/45<sup>(d)</sup> | 400 | 303956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 02/15/52<sup>(d)</sup> | 200 | 148238 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/30 (Call 12/01/29) | 552 | 450438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/26 (Call 03/15/26) | 497 | 455824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 (Call 09/01/49) | 252 | 160479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | 240 | 202766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/46 (Call 12/15/45) | 234 | 167413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 (Call 05/15/28) | 635 | 582435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 252 | 183050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/42 (Call 04/01/42) | 30 | 22767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 395 | 303166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 (Call 09/01/48) | 498 | 377369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 186 | 148651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/43 (Call 02/15/43) | 215 | 181398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/44 (Call 07/15/43) | 226 | 192647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/15/36 | 272 | 272675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 01/15/38 | 258 | 267479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122, 2.95%, 08/15/27 (Call 05/15/27) | 175 | 157829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 808 | 590834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 127, 3.20%, 11/15/49 (Call 05/15/49) | 175 | 115434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 130, 3.13%, 03/15/51 (Call 09/15/50) | 385 | 248949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 131, 2.75%, 09/01/51 (Call 03/01/51) | 555 | 332728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133, 3.85%, 03/15/52 (Call 09/15/51) | 50 | 37216 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | 337 | 261414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/44 (Call 10/15/43) | 295 | 237245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.75%, 12/01/25 (Call 11/01/25) | 435 | 381373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.05%, 07/01/31 (Call 04/01/31) | 755 | 590093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.20%, 03/15/27 (Call 12/15/26) | 93 | 85786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.15%, 06/01/45 (Call 12/01/44) | 275 | 217280 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/15/31)<sup>(c)</sup> | 413 | 325993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60) | 633 | 419844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/59 (Call 05/15/59) | 207 | 137562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 (Call 02/15/28) | 65 | 60137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/46 (Call 12/15/45) | 284 | 206332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/43 (Call 09/01/42) | 630 | 469041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 658 | 530012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 (Call 06/01/45) | 391 | 313465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 (Call 11/15/57) | 421 | 320305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54) | 267 | 211752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/40 | 203 | 190812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-A, 5.85%, 03/15/36 | 316 | 308527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-B, 6.20%, 06/15/36 | 375 | 377711 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07-A, 6.30%, 08/15/37 | $50 | $50847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-B, 6.75%, 04/01/38 | 457 | 475678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09-C, 5.50%, 12/01/39 | 255 | 233929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.20%, 03/15/42 | 48 | 37486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 764 | 550722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/30 (Call 01/01/30) | 195 | 169143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50 (Call 10/01/49) | 780 | 577262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/49 (Call 11/15/48) | 430 | 322573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.13%, 11/15/27 (Call 08/15/27) | 35 | 31587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/60 (Call 06/01/60) | 302 | 171763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/57 (Call 05/15/57) | 535 | 379181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/56 (Call 06/01/56) | 495 | 363350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 12/01/28 (Call 09/01/28) | 100 | 93123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.65%, 12/01/48 (Call 06/01/48) | 650 | 528463 |
|  Consorcio Transmantaro SA, 4.70%, 04/16/34<sup>(d)</sup> | 600 | 522324 |
|  Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/01/25) | 280 | 265577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/15/42 (Call 12/15/41) | 525 | 462950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39 | 420 | 405014 |
|  Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 (Call 11/01/59) | 715 | 376969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/52 (Call 02/15/52) | 85 | 49796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/50 (Call 02/15/50) | 540 | 350422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/46 (Call 02/15/46) | 185 | 124829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/51 (Call 02/01/51) | 266 | 186346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/32 (Call 02/15/32) | 100 | 87914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/50 (Call 08/15/49) | 255 | 187509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/28 (Call 08/15/28) | 78 | 71919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 (Call 11/15/42) | 91 | 70680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/47 (Call 01/15/47) | 495 | 377205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 (Call 11/15/47) | 490 | 378456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/52 (Call 03/01/52) | 125 | 99598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 (Call 10/15/48) | 195 | 158582 |
|  Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48) | 541 | 402910 |
|  Delmarva Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/23 (Call 08/15/23) | 214 | 210430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/15/44) | 305 | 232953 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24<sup>(f)</sup> | 802 | 765140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 377 | 361901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 03/01/28) | 534 | 497944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/32 (Call 05/15/32) | 270 | 243675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/44 (Call 06/01/44) | 330 | 268468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/52 (Call 02/15/52) | 295 | 242410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/54 (Call 10/01/24),<br>(3 mo. LIBOR US + 3.057%)<sup>(a)</sup> | 155 | 144144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/38 | 359 | 366248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 (Call 03/15/26) | 383 | 334409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.30%, 03/15/25 (Call 02/15/25) | 135 | 129291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.60%, 03/15/49 (Call 09/15/48) | 300 | 242187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.30%, 04/15/41 (Call 10/15/40) | 475 | 336134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.60%, 03/15/27 (Call 01/15/27) | 382 | 354332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/35 | 235 | 228187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 (Call 05/15/31) | 325 | 250936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/30 (Call 01/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | 981403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.05%, 09/15/42 (Call 03/15/42) | 561 | 420447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.90%, 08/01/41 (Call 02/01/41) | 315 | 266503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 (Call 05/15/26) | 1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.30%, 03/15/33 | 213 | 215922 |

---

S C H E D U L E O F I N V E S T M E N T S 55

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, 08/01/33 | $415 | $387249 |
|  Dominion Energy South Carolina Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | 119 | 99455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/65 (Call 12/01/64) | 210 | 180812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/33 | 120 | 116891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/41 (Call 08/01/40) | 165 | 153917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/38 | 129 | 128908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/32 | 266 | 281409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.30%, 12/01/31 (Call 09/01/31) | 160 | 124918 |
|  DPL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/25 (Call 04/01/25) | 227 | 214799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/29 (Call 01/15/29) | 297 | 254081 |
|  Drax Finco PLC, 6.63%, 11/01/25 (Call 11/11/22)<sup>(b)</sup> | 350 | 325595 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/30 (Call 12/01/29) | 366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 (Call 09/01/49) | 352 | 224611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/25 (Call 12/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | 205834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/24 (Call 12/15/23) | 260 | 255044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 (Call 09/15/44) | 600 | 444378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/46 (Call 12/01/45) | 281 | 205001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 330 | 243629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 (Call 09/01/48) | 382 | 293132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/44 (Call 01/01/44) | 155 | 124930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.90%, 04/01/28 (Call 02/01/28) | 470 | 395716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 03/01/32 (Call 12/01/31) | 405 | 336191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/43 (Call 10/01/42) | 91 | 71328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 05/15/48 (Call 11/15/47) | 413 | 322243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/51 (Call 10/01/50) | 350 | 234245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 (Call 09/01/51) | 188 | 135623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.63%, 03/01/31 (Call 12/01/30) | 218 | 178819 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 (Call 07/01/26) | 298 | 269779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 (Call 12/01/29) | 255 | 212308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 01/11/24<sup>(f)</sup> | 540 | 527283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.53%, 10/01/24<sup>(f)</sup> | 437 | 413878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/29 (Call 03/15/29) | 261 | 225835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 1.05%, 06/01/25 (Call 05/01/25) | 737 | 659291 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/29 (Call 05/15/29) | 660 | 552347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/30 (Call 11/01/29) | 450 | 372474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/15/31 (Call 01/15/31) | 425 | 345126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/32 (Call 12/15/31) | 625 | 511262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/26 (Call 09/01/26) | 608 | 562382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 (Call 02/15/49) | 250 | 164695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 425 | 290046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 438 | 305895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 433 | 310725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 (Call 12/01/44) | 566 | 411329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/46 (Call 09/15/45) | 429 | 319708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 (Call 08/15/28) | 490 | 456523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 (Call 09/15/47) | 313 | 235939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/30/42 (Call 03/30/42) | 450 | 349344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/41 (Call 06/15/41) | 227 | 183144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 418 | 389559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38 | 155 | 154743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/38 | 502 | 499676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/37 | 224 | 219014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32 | 245 | 254246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/28 | 245 | 252188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | $525 | $463071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/30 (Call 03/01/30) | 252 | 201469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31) | 445 | 348577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26) | 400 | 361664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 462 | 416752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/82 (Call 01/15/27)<sup>(a)</sup> | 490 | 345073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/41 (Call 12/15/40) | 613 | 415730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 (Call 03/15/29) | 85 | 74333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50) | 653 | 424293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 (Call 01/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 1196 | 822130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 (Call 02/15/47) | 416 | 294075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 (Call 12/15/48) | 437 | 318752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28) | 730 | 686302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 (Call 05/15/32) | 540 | 488025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/45 (Call 06/15/45) | 571 | 461402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52) | 790 | 652485 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30 (Call 03/15/30) | 680 | 524593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 (Call 09/15/31) | 780 | 612573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | 495 | 411979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 (Call 06/15/51) | 490 | 308411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 (Call 10/15/26) | 300 | 278319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/46 (Call 04/01/46) | 125 | 84456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/28 (Call 04/15/28) | 293 | 271626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/42 (Call 05/15/42) | 230 | 172882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/48 (Call 01/15/48) | 423 | 330075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/40 | 330 | 313777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37 | 388 | 397638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38 | 546 | 565634 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/50 (Call 10/01/49) | 335 | 196427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 313 | 222152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35 | 11 | 10883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/15/38 | 320 | 323120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 04/01/39 | 95 | 96269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 155 | 130262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/01/49 (Call 04/01/49) | 306 | 195623 |
|  Duke Energy Ohio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 (Call 03/01/30) | 658 | 519412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/29 (Call 11/01/28) | 543 | 492843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/46 (Call 12/15/45) | 175 | 121874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/49 (Call 08/01/48) | 425 | 324211 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 (Call 05/15/31) | 155 | 118310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 (Call 02/15/50) | 615 | 345679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 (Call 02/15/51) | 105 | 64242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 230 | 219457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/32 (Call 01/01/32) | 300 | 256815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 410 | 367786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 542 | 382647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/28 (Call 06/01/28) | 45 | 41450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 (Call 04/15/46) | 573 | 413202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 (Call 10/01/51) | 180 | 136422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/42 (Call 11/15/41) | 163 | 127534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/43 (Call 09/15/42) | 215 | 167857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/44 (Call 06/01/44) | 275 | 213411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/45 (Call 02/15/45) | 294 | 230684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/30/44 (Call 09/30/43) | 76 | 61245 |

---

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/01/38 | $30 | $30452 |
|  Duquesne Light Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/01/30 (Call 07/01/30)<sup>(b)</sup> | 190 | 142439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/07/32 (Call 10/07/31)<sup>(b)</sup> | 135 | 101150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 08/01/27 (Call 05/01/27)<sup>(b)</sup> | 123 | 107718 |
|  E.ON International Finance BV, 6.65%, 04/30/38<sup>(b)</sup> | 480 | 447878 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 (Call 10/15/24) | 840 | 805610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 205 | 182665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/25 | 270 | 260623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/25 (Call 03/15/25) | 681 | 665337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 04/15/27) | 327 | 319414 |
|  EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/24/28<sup>(b)</sup> | 310 | 245247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/24<sup>(b)</sup> | 734 | 703267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/11/27 | 390 | 387364 |
|  El Paso Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 (Call 06/01/44) | 333 | 279347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/35 | 500 | 472335 |
|  Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/13/25 (Call 07/13/25)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | 1615232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/21/28 (Call 06/21/28)<sup>(b)(c)</sup> | 1220 | 1103612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/04/69<sup>(d)</sup> | 800 | 536080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/13/35 (Call 04/13/35)<sup>(b)(c)</sup> | 590 | 486803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/21/38 (Call 03/21/38)<sup>(b)</sup> | 455 | 357625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/22/44<sup>(b)</sup> | 595 | 433380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/13/45 (Call 04/13/45)<sup>(b)(c)</sup> | 1108 | 798912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/21/48 (Call 03/21/48)<sup>(b)</sup> | 636 | 458136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/13/55 (Call 04/13/55)<sup>(b)</sup> | 250 | 182090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/27/40<sup>(b)(c)</sup> | 655 | 548228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/22/2114<sup>(b)</sup> | 507 | 411958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/26/39<sup>(b)</sup> | 1024 | 976916 |
|  Emera U.S. Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 06/15/24 | 400 | 368400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/31 (Call 03/15/31) | 525 | 402943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 (Call 03/15/26) | 830 | 765625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/46 (Call 12/15/45) | 797 | 592633 |
|  Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35<sup>(b)</sup> | 200 | 175854 |
|  Empresa de Transmision Electrica SA, 5.13%, 05/02/49<sup>(d)</sup> | 200 | 147052 |
|  Empresas Publicas de Medellin ESP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/18/29 (Call 04/18/29)<sup>(d)</sup> | 600 | 429492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/31 (Call 11/15/30)<sup>(d)</sup> | 400 | 272156 |
|  Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26) | 1512 | 1397799 |
|  Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 837 | 763997 |
|  Enel Finance America LLC, 7.10%, 10/14/27 | 500 | 499840 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/12/26 (Call 06/12/26)<sup>(b)</sup> | 1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/12/28 (Call 05/12/28)<sup>(b)</sup> | 565 | 426507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/31 (Call 04/12/31)<sup>(b)</sup> | 545 | 371532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/10/24<sup>(b)</sup> | 970 | 915554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/12/41 (Call 01/12/41)<sup>(b)</sup> | 735 | 405455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/28<sup>(b)</sup> | 1095 | 912255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/25/27<sup>(b)</sup> | 300 | 263511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/25<sup>(b)</sup> | 500 | 472125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/27 (Call 05/15/27)<sup>(b)</sup> | 700 | 634277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/25/47<sup>(b)</sup> | 741 | 497233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/14/29<sup>(b)</sup> | 800 | 694352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/32 (Call 03/15/32)<sup>(b)</sup> | 550 | 458012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/52 (Call 12/15/51)<sup>(b)</sup> | $525 | $379885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/07/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/14/25 | 500 | 502185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37<sup>(b)</sup> | 895 | 822577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/14/32 | 200 | 200866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/52<sup>(c)</sup> | 200 | 192412 |
|  Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24) | 542 | 527615 |
|  Enerflex Ltd., 9.00%, 10/15/27 | 380 | 369634 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.38%, 12/30/30 (Call 12/30/25)<sup>(b)</sup> | 485 | 248902 |
|  Engie Energia Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/28/30 (Call 10/28/29)<sup>(d)</sup> | 400 | 293160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/29/25<sup>(d)</sup> | 200 | 188298 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/51 (Call 12/15/50) | 387 | 220044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/15/52 (Call 12/15/51) | 420 | 273802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/26 (Call 01/01/26) | 319 | 301867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/24 (Call 03/01/24)<sup>(c)</sup> | 100 | 98121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 (Call 03/01/28) | 410 | 378147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/49 (Call 10/01/48) | 360 | 279943 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | 585 | 512302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) | 590 | 482059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/05/31) | 620 | 470468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/30 (Call 03/15/30) | 512 | 411039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 695 | 632971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/50 (Call 12/15/49)<sup>(c)</sup> | 200 | 135378 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/30 (Call 09/15/30) | 440 | 325208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/32 (Call 03/15/32) | 230 | 176279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/26 (Call 07/01/26) | 335 | 296931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/51 (Call 09/15/50) | 374 | 224037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/31 (Call 03/01/31) | 513 | 424584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/01/27 (Call 06/01/27) | 195 | 175913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/28 (Call 01/01/28) | 498 | 442383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 (Call 12/15/32) | 745 | 650571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 611 | 473073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 310 | 235702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/52 (Call 03/15/52) | 600 | 499338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/45 (Call 01/15/25) | 265 | 229768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/24 | 55 | 55205 |
|  Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/28 (Call 03/01/28) | 250 | 216235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/51 (Call 03/01/51) | 70 | 47114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/49 (Call 12/01/48) | 325 | 232541 |
|  Entergy Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 (Call 12/15/30) | 454 | 338611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/30/49 (Call 03/30/49) | 440 | 295024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/29 (Call 12/30/28) | 326 | 297560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/39 (Call 09/30/38) | 310 | 254529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/52 (Call 03/15/52) | 160 | 135800 |
|  Eskom Holdings SOC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/10/28<sup>(d)</sup> | 1040 | 933140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/11/25<sup>(d)</sup> | 800 | 749600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 08/10/28<sup>(d)</sup> | 200 | 175566 |
|  Evergy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/24 (Call 08/15/24) | 726 | 684001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/29 (Call 06/15/29) | 545 | 449870 |

---

S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Evergy Kansas Central Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/01/26 (Call 04/01/26) | $10 | $9090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/01/27 (Call 01/01/27) | 220 | 201425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/49 (Call 03/01/49) | 274 | 178766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 (Call 10/15/49) | 180 | 121522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 174 | 133531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/42 (Call 09/01/41) | 68 | 52877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/45 (Call 06/01/45) | 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276693 |
|  Evergy Metro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/25 (Call 05/15/25) | 150 | 144335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/47 (Call 12/15/46) | 291 | 222726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 325 | 248550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/41 (Call 04/01/41) | 275 | 246793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 662 | 501074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.25%, 06/01/30 (Call 03/01/30) | 30 | 24032 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 425 | 336230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 300 | 269103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 (Call 12/01/31) | 305 | 254718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/50 (Call 07/15/49) | 591 | 396496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/24 | 270 | 265040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 (Call 06/01/27) | 220 | 211257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.15%, 01/15/25 (Call 10/15/24) | 405 | 385507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 2.90%, 10/01/24 (Call 08/01/24) | 595 | 568332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.30%, 01/15/28 (Call 10/15/27) | 202 | 181105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.80%, 12/01/23 (Call 11/01/23) | 478 | 470180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.25%, 04/01/29 (Call 01/01/29) | 370 | 341303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 0.80%, 08/15/25 (Call 07/15/25) | 630 | 554639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 1.65%, 08/15/30 (Call 05/15/30) | 745 | 558906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 (Call 07/15/26) | 400 | 344644 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 165 | 147916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 854 | 797730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 467 | 449847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 (Call 01/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | 909555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 345 | 254268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 (Call 10/15/45) | 900 | 705231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49) | 620 | 499881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/35 (Call 12/15/34) | 246 | 222042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/45 (Call 12/15/44) | 229 | 198096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/35 | 75 | 72839 |
|  Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41) | 480 | 432600 |
|  FEL Energy VI Sarl, 5.75%, 12/01/40<sup>(d)</sup> | 565 | 379798 |
|  Fells Point Funding Trust, 3.05%, 01/31/27 (Call 12/31/26)<sup>(b)(c)</sup> | 230 | 204640 |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25)<sup>(c)</sup> | 175 | 160563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29) | 362 | 292854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.60%, 01/15/26 (Call 12/15/25) | 201 | 174993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 (Call 06/01/30) | 295 | 227118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) | 894 | 837446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 (Call 09/01/49) | 555 | 344672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.35%, 07/15/47 (Call 01/15/47) | 479 | 395127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.38%, 11/15/31 | 624 | 694462 |
|  FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/15/28 (Call 07/15/28)<sup>(b)</sup> | 310 | 261869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/25 (Call 10/15/24)<sup>(b)</sup> | 401 | 387478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49 (Call 10/01/48)<sup>(b)</sup> | 563 | 428426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/44 (Call 01/15/44)<sup>(b)</sup> | 465 | 402258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 (Call 11/03/31) | $653 | $526200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 (Call 03/01/25) | 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51) | 508 | 322880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25) | 980 | 925414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 439 | 295754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 (Call 12/01/23) | 290 | 282872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 642 | 475838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/42 (Call 06/15/42) | 215 | 166113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 832 | 645907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 (Call 09/01/48) | 720 | 558878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/42 (Call 12/01/41) | 275 | 220985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 (Call 04/01/44) | 128 | 101016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/42 (Call 08/01/41) | 254 | 206314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 (Call 12/01/47) | 338 | 268740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/35 | 643 | 600858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/34 | 260 | 260361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/37 | 125 | 122193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/40 | 130 | 126932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38 | 409 | 408988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 04/01/39 | 494 | 494603 |
|  Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) | 809 | 729419 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26) | 20 | 18647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27 (Call 12/30/26) | 153 | 138347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | 844572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/43 | 330 | 260717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 (Call 02/15/32) | 403 | 378506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 (Call 11/15/51) | 403 | 361084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10-C, 4.75%, 09/01/40 | 495 | 423076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.20%, 09/15/24 (Call 08/15/24) | 440 | 414616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 (Call 09/15/50) | 293 | 189934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.65%, 09/15/29 (Call 06/15/29) | 460 | 381878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/50 (Call 07/30/49) | 593 | 420793 |
|  Great River Energy, 6.25%, 07/01/38<sup>(b)</sup> | 275 | 278685 |
|  Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)<sup>(d)</sup> | 200 | 64148 |
|  Guangzhou Development District Holding Group Co. Ltd., 2.85%, 01/19/27<sup>(d)</sup> | 200 | 178658 |
|  Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27) | 720 | 663682 |
|  Hengjian International Investment Ltd., 1.88%, 06/23/25<sup>(d)</sup> | 200 | 180760 |
|  Hero Asia Investment Ltd., 1.50%, 11/18/23<sup>(d)</sup> | 200 | 191872 |
|  Hongkong Electric Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/27/30 (Call 02/27/30)<sup>(d)</sup> | 600 | 457740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/09/30 (Call 12/09/29)<sup>(d)</sup> | 400 | 317016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/03/26<sup>(d)</sup> | 200 | 185414 |
|  Iberdrola International BV, 6.75%, 07/15/36 | 427 | 423751 |
|  Idaho Power Co., Series K, 4.20%, 03/01/48 (Call 09/01/47) | 465 | 354688 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 305 | 196414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/28 (Call 02/15/28)<sup>(c)</sup> | 231 | 213181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/48 (Call 02/15/48) | 341 | 258079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/37 | 25 | 24666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.55%, 03/15/46 (Call 09/15/45) | 381 | 303665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.75%, 07/01/47 (Call 01/01/47) | 214 | 149779 |
|  Indianapolis Power & Light Co., 4.05%, 05/01/46 (Call 11/01/45)<sup>(b)</sup> | 585 | 451310 |

---

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Infraestructura Energetica Nova SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/51 (Call 07/15/50)<sup>(d)</sup> | $600 | $401358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/14/48<sup>(d)</sup> | 210 | 143556 |
|  Instituto Costarricense de Electricidad, 6.38%, 05/15/43<sup>(d)</sup> | 200 | 136698 |
|  Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)<sup>(d)</sup> | 800 | 579864 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | 289825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51 (Call 05/30/51) | 445 | 273266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 (Call 09/01/24) | 204 | 195638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/49 (Call 03/30/49) | 422 | 286968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/29 (Call 01/01/29) | 30 | 26818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/46 (Call 03/15/46) | 140 | 95928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 (Call 06/26/28) | 315 | 295209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/39 | 240 | 236736 |
|  Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)<sup>(d)</sup> | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676432 |
|  IPALCO Enterprises Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/24 (Call 07/01/24) | 250 | 238488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/30 (Call 02/01/30) | 292 | 251932 |
|  Israel Electric Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/22/32<sup>(b)(d)</sup> | 200 | 166750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/14/28<sup>(b)(d)</sup> | 800 | 729896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 5.00%, 11/12/24<sup>(b)(d)</sup> | 850 | 833365 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/14/30<sup>(b)</sup> | 45 | 36760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 (Call 03/30/26) | 358 | 328558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27 (Call 08/15/27) | 458 | 412914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 03/15/24) | 240 | 232754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/22/27 (Call 08/22/27)<sup>(b)</sup> | 420 | 407463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 07/01/43 (Call 01/01/43) | 380 | 321385 |
|  JERA Co. Inc., 3.67%, 04/14/27 (Call 03/14/27)<sup>(d)</sup> | 200 | 180484 |
|  Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 570 | 444486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25)<sup>(b)</sup> | 180 | 171808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/24 (Call 01/01/24)<sup>(b)</sup> | 135 | 132530 |
|  John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42 | 24 | 22332 |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(d)</sup> | 368 | 283886 |
|  Kallpa Generacion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/16/27 (Call 05/16/27)<sup>(d)</sup> | 423 | 371995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/24/26 (Call 02/24/26)<sup>(d)</sup> | 200 | 186058 |
|  Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/50 (Call 12/01/49) | 472 | 310977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 (Call 04/01/45) | 484 | 384538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/40 (Call 05/01/40) | 718 | 639795 |
|  Korea East-West Power Co. Ltd., 1.75%, 05/06/25<sup>(d)</sup> | 600 | 548004 |
|  Korea Electric Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/25<sup>(d)</sup> | 400 | 357784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/24/24<sup>(d)</sup> | 375 | 359235 |
|  Korea Midland Power Co. Ltd., 1.25%, 08/09/26<sup>(d)</sup> | 400 | 343448 |
|  Korea Southern Power Co. Ltd., 0.75%, 01/27/26<sup>(d)</sup> | 400 | 347420 |
|  Lamar Funding Ltd., 3.96%, 05/07/25<sup>(d)</sup> | 775 | 715573 |
|  Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 225 | 182426 |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)<sup>(b)</sup> | 358 | 264115 |
|  Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)<sup>(d)</sup> | 400 | 324428 |
|  LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(d)</sup> | 512 | 394056 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Louisville Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/49 (Call 10/01/48) | $130 | $100117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, 3.30%, 10/01/25 (Call 07/01/25) | 88 | 83462 |
|  Massachusetts Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 11/24/30 (Call 08/24/30)<sup>(b)</sup> | 155 | 112071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/46 (Call 02/15/46)<sup>(b)</sup> | 202 | 141614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/39<sup>(b)</sup> | 220 | 204549 |
|  Mazoon Assets Co. SAOC, 5.20%, 11/08/27<sup>(d)</sup> | 400 | 391952 |
|  Metropolitan Edison Co., 4.30%, 01/15/29 (Call 10/15/28)<sup>(b)</sup> | 275 | 251735 |
|  Mexico Generadora de Energia S de rl, 5.50%, 12/06/32<sup>(c)(d)</sup> | 283 | 258174 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/52 (Call 02/01/52) | 220 | 131824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/27 (Call 02/01/27) | 275 | 253402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 (Call 10/15/49) | 273 | 178304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/24 (Call 07/15/24) | 195 | 189300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 (Call 01/15/29) | 761 | 695189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 (Call 02/01/48) | 685 | 498105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | 329903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/46 (Call 11/01/45) | 350 | 279164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) | 492 | 393369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/44 (Call 04/15/44) | 500 | 410420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/43 (Call 03/15/43) | 295 | 253856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/35 | 53 | 52515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/15/36 | 93 | 93165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/30/31 | 202 | 218162 |
|  Mid-Atlantic Interstate Transmission LLC,<br>4.10%, 05/15/28 (Call 02/15/28)<sup>(b)</sup> | 427 | 392302 |
|  Midland Cogeneration Venture LP, 6.00%, 03/15/25<sup>(b)(c)</sup> | 102 | 103224 |
|  Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/10/30<sup>(d)</sup> | 1000 | 771660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/10/37<sup>(d)</sup> | 400 | 259728 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/28 (Call 12/30/27) | 325 | 295419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.25%, 03/15/42 | 46 | 35222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.10%, 07/30/51 (Call 01/30/51) | 168 | 101188 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)<sup>(d)</sup> | 500 | 350095 |
|  Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/24 (Call 01/15/24)<sup>(b)</sup> | 13 | 12723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 12/15/43 (Call 06/15/43)<sup>(b)</sup> | 210 | 187415 |
|  Narragansett Electric Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/09/30 (Call 01/09/30)<sup>(b)</sup> | 610 | 532926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 08/01/28 (Call 05/01/28)<sup>(b)</sup> | 150 | 137382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 03/15/40<sup>(b)</sup> | 355 | 333704 |
|  National Central Cooling Co. PJSC, 2.50%, 10/21/27<sup>(d)</sup> . | 500 | 419035 |
|  National Grid USA, 5.80%, 04/01/35 | 83 | 75592 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 525 | 454351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/31 (Call 12/15/30) | 165 | 118876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 (Call 03/15/31) | 235 | 173197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/25 | 253 | 235907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 (Call 01/15/32) | 300 | 241002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 (Call 10/27/24) | 149 | 141793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 (Call 12/07/23) | 213 | 207562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/25/27 (Call 01/25/27) | 330 | 299990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/25 (Call 08/01/25) | 457 | 433245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/23 (Call 08/15/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 (Call 11/07/27) | 534 | 487793 |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/25 | $165 | $158139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 (Call 12/15/28) | 165 | 147837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/28 (Call 08/01/28) | 200 | 184200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/32 (Call 05/01/32) | 619 | 546986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 (Call 09/15/32) | 210 | 188318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/49 (Call 09/15/48) | 396 | 310690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/48 (Call 05/01/48) | 285 | 225378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/20/46 (Call 04/20/26),<br>(3 mo. LIBOR US + 3.630%)<sup>(a)(c)</sup> | 256 | 228777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 500 | 502560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/33 | 400 | 405636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.00%, 03/01/32 | 125 | 144519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 1.00%, 10/18/24 | 173 | 159217 |
|  Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/01/53 | 160 | 158146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 3.70%, 05/01/29 (Call 02/01/29) | 695 | 626542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 2.40%, 05/01/30 (Call 02/01/30) | 660 | 535240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 3.13%, 08/01/50 (Call 02/01/50) | 285 | 177552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 6.65%, 04/01/36 | 88 | 91752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 6.75%, 07/01/37 | 379 | 396006 |
|  New England Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/06/50 (Call 04/06/50)<sup>(b)</sup> | 162 | 89071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/47 (Call 06/05/47)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | 940049 |
|  New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 10/01/31 (Call 07/01/31)<sup>(b)</sup> | 335 | 254570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 70 | 64944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/49 (Call 03/15/49)<sup>(b)</sup> | 753 | 484435 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) | 638 | 552106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) | 562 | 464600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30) | 2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 (Call 10/15/31) | 263 | 203670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 (Call 08/01/29) | 922 | 772369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51) | 280 | 171870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 (Call 01/01/29) | 595 | 526605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) | 668 | 616324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24 | 450 | 442750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 200 | 195982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/20/25 | 450 | 441040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27) | 900 | 866052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/01/77 (Call 12/01/27),<br>(3 mo. LIBOR US + 2.409%)<sup>(a)</sup> | 475 | 373583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 04/15/32) | 605 | 575355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/79 (Call 05/01/29),<br>(3 mo. LIBOR US + 3.156%)<sup>(a)</sup> | 26 | 22092 |
|  NextEra Energy Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(b)</sup> | 361 | 334600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(b)</sup> | 349 | 338547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 400 | 372616 |
|  Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 06/27/30 (Call 03/27/30)<sup>(b)</sup> | 288 | 218900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 01/10/32 (Call 10/10/31)<sup>(b)</sup> | 200 | 154684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 06/27/50 (Call 12/27/49)<sup>(b)</sup> | 257 | 147037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 50 | 47769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 11/28/42<sup>(b)</sup> | 106 | 78231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 12/15/28 (Call 09/15/28)<sup>(b)</sup> | 215 | 194622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 10/01/34 (Call 04/01/34)<sup>(b)</sup> | 639 | 537623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 09/16/52 (Call 03/16/52)<sup>(b)</sup> | 300 | 271938 |
|  Northern States Power Co./MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/31 (Call 10/01/30) | 225 | 181321 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 (Call 12/01/50) | $780 | $464139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 (Call 09/01/49) | 299 | 190490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/52 (Call 10/01/51) | 333 | 221681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/42 (Call 02/15/42) | 410 | 300825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/46 (Call 11/15/45) | 285 | 209370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 161 | 115582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 (Call 02/15/45) | 360 | 276566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/44 (Call 11/15/43) | 320 | 257133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 255 | 214866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/39 | 399 | 384492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/01/37 | 223 | 231597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/36 | 120 | 124982 |
|  NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) | 450 | 339615 |
|  NPC Ukrenergo, 6.88%, 11/09/28<sup>(d)</sup> | 600 | 98175 |
|  NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/25 (Call 11/02/25)<sup>(b)</sup> | 560 | 493657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/27 (Call 10/02/27)<sup>(b)</sup> | 665 | 548273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 345 | 288637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 660 | 525274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 (Call 05/15/24)<sup>(b)</sup> | 493 | 472013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32 (Call 02/15/27)<sup>(b)</sup> | 701 | 553454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/29 (Call 03/15/29)<sup>(b)</sup> | 449 | 397787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 440 | 399832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23) | 486 | 462638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 11/16/22) | 284 | 284139 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/27 (Call 02/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | 413017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 (Call 02/15/29) | 275 | 244569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 (Call 01/01/30) | 68 | 62444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/44 (Call 09/01/43) | 80 | 65712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51) | 430 | 360959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 125 | 112008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 85 | 80828 |
|  NTPC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/03/24<sup>(d)</sup> | 400 | 388548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/26/24 <sup>(d)</sup> | 400 | 387748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/19/28<sup>(d)</sup> | 400 | 367096 |
|  Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/50 (Call 02/01/50) | 255 | 171365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/47 (Call 10/01/46)<sup>(b)</sup> | 575 | 430594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/01/48 (Call 04/01/48) | 476 | 381828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/50 | 73 | 58887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/40 | 115 | 97967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/39 | 605 | 562015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 01/01/31<sup>(b)</sup> | 545 | 544706 |
|  Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32)<sup>(b)</sup> | 500 | 483810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/36 | 377 | 390229 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 (Call 12/01/48) | 372 | 272170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/48 (Call 10/01/47) | 15 | 11157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 (Call 01/01/30) | 547 | 447501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 1.63%, 01/15/31 (Call 10/15/30) | 224 | 166477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 (Call 04/01/51) | 315 | 188521 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/30 (Call 10/01/29) | 25 | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/28 (Call 02/15/28)<sup>(c)</sup> | 195 | 178739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/47 (Call 02/15/47) | 269 | 194527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/47 (Call 10/01/46) | 658 | 500527 |

---

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  OmGrid Funding Ltd., 5.20%, 05/16/27<sup>(d)</sup> | $200 | $179950 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/01/25 (Call 09/01/25) | 420 | 368096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/15/51 (Call 05/15/51) | 483 | 289964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/24 (Call 05/01/24) | 605 | 583196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 (Call 02/15/30) | 850 | 716405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 01/01/25) | 168 | 160143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 (Call 03/15/49) | 592 | 389181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/28 (Call 08/15/28) | 210 | 193227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/50 (Call 11/15/49) | 325 | 238267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/45 (Call 10/01/44) | 435 | 324523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/30/47 (Call 03/30/47) | 313 | 237770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/49 (Call 12/01/48) | 343 | 254074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48 (Call 05/15/48) | 73 | 57174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 175 | 160827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 (Call 06/15/32)<sup>(b)</sup> | 370 | 349373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/41 (Call 06/01/41) | 95 | 81151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/52 (Call 12/01/51)<sup>(b)</sup> | 413 | 350967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/40 | 150 | 139992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/01/42 (Call 12/01/41) | 293 | 274145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/01/52 (Call 04/01/52) | 255 | 236258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/29 (Call 12/15/28) | 15 | 15243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/32 | 118 | 129282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/33 | 390 | 435965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/38 | 165 | 190710 |
|  Oryx Funding Ltd., 5.80%, 02/03/31<sup>(d)</sup> | 400 | 350788 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 (Call 06/01/27) | 710 | 583329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30) | 1590 | 1187014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28) | 800 | 660568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 | 1045 | 941535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31) | 793 | 617232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 (Call 12/15/26) | 150 | 129804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 (Call 09/01/27) | 689 | 585023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 (Call 02/01/40) | 1021 | 664569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25 | 534 | 496390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 (Call 03/15/25) | 350 | 325290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50) | 1080 | 660820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 154 | 149382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28 | 320 | 273222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 (Call 02/15/42) | 320 | 199334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/23 (Call 08/15/23) | 274 | 267638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47) | 867 | 563351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 230 | 146321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/29 (Call 01/01/29) | 660 | 573738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/41 (Call 12/01/40) | 782 | 551990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/46 (Call 09/15/45) | 593 | 392548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/45 (Call 09/15/44) | 262 | 176465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/32 (Call 12/01/31) | 575 | 480924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/42 (Call 10/15/41) | 283 | 199557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) | 1346 | 1002622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30) | 1050 | 920818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | 325 | 232508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 (Call 05/01/28) | 180 | 156638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 (Call 08/15/43) | 426 | 308279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/08/25 | 600 | 581568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) | 1957 | 1460294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 (Call 09/01/51) | 705 | 548004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 (Call 05/15/27) | 910 | 859395 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 (Call 03/15/32) | $900 | $838575 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 (Call 06/15/30) | 54 | 44445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/52 (Call 12/15/51) | 230 | 140314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/51 (Call 09/15/50) | 573 | 379137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/29 (Call 03/15/29) | 620 | 550994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/42 (Call 08/01/41) | 205 | 158504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/49 (Call 07/15/48) | 433 | 330470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 (Call 08/15/49) | 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/35 | 85 | 79793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/37 | 185 | 176634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/39 | 480 | 470270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/01/36 | 65 | 63990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | 452 | 453058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 07/15/38 | 44 | 44659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/15/31<sup>(c)</sup> | 175 | 199049 |
|  Pampa Energia SA, 7.50%, 01/24/27<br>(Call 11/30/22)<sup>(d)</sup>  | 450 | 375070 |
|  Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 395 | 354955 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 240 | 146066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 (Call 03/15/51) | 170 | 104514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/49 (Call 03/15/49) | 264 | 168548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/51 (Call 09/15/50) | 160 | 102622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/25 (Call 07/15/25) | 200 | 189528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/47 (Call 03/15/47) | 175 | 128945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 (Call 09/01/47) | 365 | 276488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/44 (Call 04/01/44) | 10 | 7956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/52 (Call 02/15/52) | 180 | 147215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 (Call 11/15/51) | 180 | 152298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/36 | 163 | 163598 |
|  Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/28 (Call 12/15/27)<sup>(b)</sup> | 173 | 151854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/29 (Call 03/01/29)<sup>(b)</sup> | 403 | 354660 |
|  Perusahaan Listrik Negara PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/17/29<sup>(d)</sup> | 400 | 335328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | 927289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/17/49<sup>(d)</sup> | 400 | 267396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/47<sup>(d)</sup> | 400 | 286440 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/30 (Call 03/30/30)<sup>(d)</sup> | 800 | 608440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/30<sup>(c)(d)</sup> | 600 | 474930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/50 (Call 12/30/49)<sup>(c)(d)</sup> | 600 | 351036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/50<sup>(c)(d)</sup> | 200 | 124166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/24/42<sup>(d)</sup> | 200 | 145402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/25/29<sup>(d)</sup> | 400 | 369016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/21/28<sup>(d)</sup> | 200 | 189104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/21/48<sup>(d)</sup> | 800 | 630104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/49<sup>(d)</sup> | 400 | 319352 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/23)<sup>(c)</sup> | 600 | 544020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 | 635 | 562419 |
|  Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 435 | 371146 |
|  Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) | 95 | 84688 |
|  Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/24 (Call 12/15/23) | 275 | 269552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/43 (Call 09/15/42) | 368 | 290028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/37 | 230 | 239931 |

---

S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  PPL Capital Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/26 (Call 02/15/26) | $443 | $405004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 (Call 01/15/30) | 55 | 48948 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/49 (Call 04/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | 164840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/47 (Call 12/01/46) | 455 | 346223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/44 (Call 12/15/43) | 368 | 286043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/45 (Call 04/01/45) | 160 | 123186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47) | 215 | 168035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/43 (Call 01/15/43) | 110 | 94326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/39 | 85 | 86333 |
|  Progress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/39 | 335 | 316320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/31 | 185 | 194629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/31 | 256 | 281615 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 (Call 12/15/30) | 10 | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 215 | 158728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/28 (Call 12/15/27) | 275 | 254636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/47 (Call 12/15/46) | 389 | 288673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/49 (Call 03/15/49) | 328 | 252111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/01/32 (Call 03/01/32) | 180 | 164297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/48 (Call 12/15/47) | 95 | 73980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/44 (Call 09/15/43) | 531 | 423855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 180 | 149645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/38 | 70 | 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 17, 6.25%, 09/01/37 | 188 | 197015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 203 | 135482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 35, 1.90%, 01/15/31 (Call 07/15/30) | 515 | 402560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 36, 2.70%, 01/15/51 (Call 07/15/50) | 450 | 270162 |
|  Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/23 (Call 08/01/23) | 100 | 98713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/49 (Call 01/01/49) | 359 | 256900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.20%, 06/15/31 (Call 03/15/31) | 165 | 130574 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.20%, 08/15/31 (Call 05/15/31) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.15%, 08/15/51 (Call 02/15/51) | 115 | 70661 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/31 (Call 05/15/31) | 475 | 365322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/50 (Call 02/01/50) | 163 | 83503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 465 | 416998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/30 (Call 10/15/29) | 565 | 470809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/50 (Call 11/01/49) | 362 | 216472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/25 (Call 02/15/25) | 19 | 18046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/27 (Call 02/15/27) | 125 | 114280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/50 (Call 07/01/49) | 456 | 298634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/29 (Call 02/15/29) | 224 | 198740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/49 (Call 02/01/49) | 450 | 298584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/47 (Call 06/01/47) | 310 | 220928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/28 (Call 06/01/28) | 555 | 508447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/42 (Call 03/01/42) | 58 | 43589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/28 (Call 02/01/28) | 180 | 166964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/01/43 (Call 07/01/42) | 180 | 138240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 (Call 09/01/45) | 723 | 539372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/49 (Call 11/01/48) | 468 | 348122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 (Call 11/01/41) | 150 | 117581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/48 (Call 11/01/47) | 90 | 69612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/40 | 205 | 195709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/37 | 195 | 195254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Public Service Enterprise Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 (Call 07/15/25) | $385 | $337884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 11/08/23 (Call 12/01/22) | 1350 | 1286523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 (Call 05/15/30) | 230 | 171046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 (Call 05/15/24) | 348 | 334414 |
|  Puget Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/28 (Call 04/15/28) | 455 | 375548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/25 (Call 02/15/25) | 580 | 546476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/30 (Call 03/15/30) | 164 | 143224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/32 (Call 12/15/31) | 275 | 235741 |
|  Puget Sound Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/49 (Call 03/15/49) | 387 | 250443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 06/15/48 (Call 12/15/47) | 290 | 225698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/45 (Call 11/20/44) | 436 | 338371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 04/15/41 (Call 10/15/40) | 230 | 215938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/01/39 | 414 | 392869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/40 | 250 | 237823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 03/15/37<sup>(c)</sup> | 240 | 240965 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)<sup>(d)</sup> | 400 | 296564 |
|  RH International Singapore Corp. Pte Ltd., 4.50%, 03/27/28<sup>(d)</sup> | 200 | 186548 |
|  Rochester Gas and Electric Corp., 3.10%, 06/01/27 (Call 03/01/27)<sup>(b)</sup> | 325 | 293599 |
|  Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(d)</sup> | 600 | 616914 |
|  San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/26 (Call 02/15/26) | 436 | 397745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 250 | 193698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40 | 207 | 173060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/39 | 225 | 221704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RRR, 3.75%, 06/01/47 (Call 12/01/46) | 571 | 407003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 527 | 399466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UUU, 3.32%, 04/15/50 (Call 10/15/49) | 160 | 106742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 (Call 07/01/30) | 705 | 538844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51) | 325 | 204636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX, 3.00%, 03/15/32 (Call 12/15/31) | 555 | 455960 |
|  Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43<sup>(d)</sup> | 400 | 353396 |
|  Saudi Electricity Global Sukuk Co. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/08/24<sup>(d)</sup> | 600 | 586056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/08/44<sup>(d)</sup> | 600 | 556626 |
|  Saudi Electricity Global Sukuk Co. 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 01/27/24<sup>(d)</sup> | 400 | 392720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 09/27/28<sup>(d)</sup> | 800 | 780736 |
|  Saudi Electricity Global Sukuk Co. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 09/17/25<sup>(d)</sup> | 400 | 360164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 09/17/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 804330 |
|  Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | 1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/25 (Call 03/01/25) | 195 | 184963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 (Call 11/01/27) | 687 | 613807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 275 | 242616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 (Call 08/01/37) | 228 | 173316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 (Call 08/01/47) | 508 | 360878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/52 (Call 01/01/27)<sup>(a)</sup> | 685 | 522477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39 | 746 | 711169 |
|  Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26) | 378 | 347000 |
|  Sinosing Services Pte Ltd., 2.63%, 02/20/30<sup>(d)</sup> | 400 | 332172 |
|  SMC Global Power Holdings Corp. 5.45%, (Call 12/09/26)<sup>(a)(d)(e)</sup> | 400 | 252460 |

---

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, (Call 01/21/26)<sup>(a)(d)(e)</sup> | $600 | $390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, (Call 05/05/25)<sup>(a)(d)(e)</sup> | 200 | 132198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, (Call 04/25/24)<sup>(a)(d)(e)</sup> | 400 | 273360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, (Call 10/21/25)<sup>(a)(d)(e)</sup> | 400 | 268000 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30) | 912 | 718683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 (Call 11/01/31) | 225 | 177332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 (Call 05/01/29) | 175 | 146507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 (Call 08/01/51) | 100 | 65402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49) | 790 | 530524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46) | 895 | 641196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/42 (Call 09/15/41) | 463 | 343143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 (Call 03/01/40) | 375 | 298350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43) | 580 | 464354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 440 | 393329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/36 | 458 | 423311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/34 | 518 | 506718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/39 | 713 | 686213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/29 | 419 | 420039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04-G, 5.75%, 04/01/35 | 60 | 56236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-E, 5.35%, 07/15/35 | 555 | 506704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-E, 5.55%, 01/15/37 | 130 | 117296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-A, 5.95%, 02/01/38 | 245 | 232699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 265 | 188555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26) | 245 | 214191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50) | 155 | 91204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/29 (Call 12/01/28) | 462 | 425336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/28 (Call 12/01/27) | 278 | 253569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.88%, 03/01/49 (Call 09/01/48) | 431 | 346856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.60%, 02/01/45 (Call 08/01/44) | 286 | 190093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) | 568 | 414384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20%, 06/01/25 | 410 | 400082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/27 (Call 05/01/27) | 435 | 421741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) | 705 | 676849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.45%, 06/01/52 (Call 12/01/51) | 260 | 228545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.50%, 06/01/31 (Call 03/01/31) | 360 | 282830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.65%, 06/01/51 (Call 12/01/50) | 160 | 108496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 0.98%, 08/01/24 | 40 | 37093 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 (Call 04/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 (Call 01/01/36) | 615 | 513709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 (Call 01/01/46) | 1174 | 910930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/06/25 | 300 | 298785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | 235 | 232500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) | 180 | 169546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, 09/15/51 (Call 06/15/26)<sup>(a)</sup> | 74 | 58401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/30 (Call 01/30/30) | 1005 | 878440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/51 (Call 10/15/25)<sup>(a)</sup> | 563 | 490075 |
|  Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/15/26 (Call 12/15/25) | 35 | 30316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/25 (Call 09/01/25) | 150 | 145661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/41 | 510 | 431944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 75 | 62976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.95%, 12/15/46 (Call 06/15/46) | 626 | 503824 |
|  Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/51 (Call 05/01/51) | 510 | 317832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 285 | 272072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.90%, 04/01/45 (Call 10/01/44) | 422 | 295881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 2.75%, 10/01/26 (Call 07/01/26) | 594 | 533115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.85%, 02/01/48 (Call 08/01/47) | 373 | 255054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.10%, 09/15/28 (Call 06/15/28) | $715 | $655119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/26 (Call 02/15/26) | 270 | 237473 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/46 (Call 02/15/46) | 120 | 81671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/47 (Call 02/15/47) | 330 | 233848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/49 (Call 12/15/48) | 275 | 195679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/41 (Call 02/15/41) | 10 | 8226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 71 | 55996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/50 (Call 11/01/49) | 240 | 155558 |
|  SP Group Treasury Pte. Ltd., 3.38%, 02/27/29 (Call 11/27/28)<sup>(b)</sup> | 500 | 458895 |
|  SP PowerAssets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/26/27<sup>(b)</sup> | 400 | 366608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/24/25<sup>(b)</sup> | 200 | 189792 |
|  SPIC MTN Co. Ltd., 1.63%, 07/27/25<sup>(d)</sup> | 1000 | 905760 |
|  Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)<sup>(d)</sup> | 600 | 446430 |
|  State Grid Europe Development 2014 PLC, 3.13%, 04/07/25 (Call 03/07/25)<sup>(d)</sup> | 400 | 382536 |
|  State Grid Overseas Investment 2013 Ltd., 4.38%, 05/22/43<sup>(b)</sup> | 200 | 173940 |
|  State Grid Overseas Investment 2014 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/07/24<sup>(d)</sup> | 800 | 790192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/07/44<sup>(d)</sup> | 200 | 184620 |
|  State Grid Overseas Investment 2016 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/05/25 (Call 07/05/25)<sup>(d)</sup> | 600 | 537762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/04/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/02/28<sup>(d)</sup> | 800 | 768104 |
|  State Grid Overseas Investment BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/08/26 (Call 08/08/26)<sup>(d)</sup> | 400 | 347108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/05/30 (Call 05/05/30)<sup>(d)</sup> | 2500 | 1949650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/18/26<sup>(d)</sup> | 400 | 374164 |
|  Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25<sup>(d)</sup> | 400 | 399380 |
|  Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 (Call 12/15/30) | 153 | 121653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/51 (Call 09/15/50) | 435 | 295957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/50 (Call 12/15/49) | 170 | 117099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/42 (Call 12/15/41) | 304 | 233274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/48 (Call 12/15/47) | 200 | 156196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/44 (Call 11/15/43) | 120 | 94154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/49 (Call 12/15/48) | 315 | 251839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 290 | 254347 |
|  Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)<sup>(d)</sup> | 340 | 289571 |
|  Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)<sup>(b)</sup> | 270 | 248492 |
|  Three Gorges Finance I Cayman Islands Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/22/25<sup>(d)</sup> | 1000 | 901670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/16/24 (Call 09/16/24)<sup>(d)</sup> | 400 | 379904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/02/26<sup>(d)</sup> | 1000 | 943420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/16/49 (Call 04/16/49)<sup>(d)</sup> | 200 | 132200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/10/25<sup>(d)</sup> | 200 | 193590 |
|  TNB Global Ventures Capital Bhd, 4.85%, 11/01/28<sup>(d)</sup> | 600 | 569274 |
|  Toledo Edison Co. (The), 6.15%, 05/15/37 | 337 | 337155 |
|  Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)<sup>(b)</sup> | 55 | 52650 |
|  TransAlta Corp., 6.50%, 03/15/40 | 271 | 233567 |
|  Transelec SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/29<sup>(b)</sup> | 100 | 88183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/14/25 (Call 10/14/24)<sup>(d)</sup> | 200 | 191408 |

---

S C H E D U L E O F I N V E S T M E N T S 63

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Tri-State Generation & Transmission Association Inc., 6.00%, 06/15/40<sup>(b)</sup> | $75 | $64559 |
|  Tucson Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/30 (Call 05/01/30) | 550 | 409354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/32 (Call 02/15/32) | 275 | 226353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 145 | 90824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 (Call 12/15/49) | 370 | 268894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/48 (Call 06/01/48) | 378 | 315086 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 (Call 12/15/31) | 620 | 474145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/51 (Call 09/15/50) | 130 | 75581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27 (Call 03/15/27) | 70 | 63469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/30 (Call 12/15/29) | 131 | 112230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/49 (Call 04/01/49) | 152 | 99168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 (Call 01/15/24) | 25 | 24358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 12/15/28) | 508 | 456976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/45 (Call 10/15/44) | 310 | 221709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/15/42 (Call 03/15/42) | 477 | 362153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | 322 | 240045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/01/37 | 115 | 106257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 03/15/39 | 10 | 11919 |
|  Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 (Call 08/15/31) | 725 | 569248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/30/32 (Call 12/30/31) | 250 | 196625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 (Call 06/15/50) | 852 | 480008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) | 505 | 312969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/49 (Call 06/01/49) | 274 | 183605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/43 (Call 07/15/42) | 345 | 262445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/44 (Call 08/15/43) | 670 | 539491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 (Call 06/01/48) | 265 | 217944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/30/37 | 213 | 214578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 | 682 | 851313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/15/29 (Call 04/15/29) | 80 | 68712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.10%, 05/15/25 (Call 02/15/25) | 555 | 527988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) | 470 | 439473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26) | 244 | 227452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.80%, 04/01/28 (Call 01/01/28) | 465 | 432971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/15/37 | 91 | 89795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.95%, 11/15/26 (Call 08/15/26) | 279 | 253686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27) | 80 | 75082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/47 (Call 03/15/47) | 371 | 270225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.20%, 05/15/45 (Call 11/15/44) | 150 | 115802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 | 275 | 273683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/46 (Call 05/15/46) | 215 | 161702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/52 (Call 11/15/51) | 355 | 294966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.65%, 08/15/43 (Call 02/15/43) | 195 | 161961 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/24 (Call 06/15/24)<sup>(b)</sup> | 862 | 821262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/27 (Call 11/30/26)<sup>(b)</sup> | 887 | 795116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/29 (Call 04/15/29)<sup>(b)</sup> | 582 | 507702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 769 | 659064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(b)</sup> | 800 | 738016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(b)</sup> | 846 | 806272 |
|  WEC Energy Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 (Call 02/15/24) | 170 | 159827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 (Call 08/15/27) | 300 | 246255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 (Call 07/15/30) | 305 | 230778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/25 (Call 08/27/25) | 365 | 362872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/27 (Call 09/01/27) | 960 | 944429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/28 (Call 04/15/28) | $310 | $258397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 12/15/24 (Call 11/15/24)<sup>(c)</sup> | 130 | 122369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48 (Call 04/15/48) | 377 | 293314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/30/32 (Call 06/30/32) | 160 | 152429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/33 | 125 | 125541 |
|  Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/16/31 (Call 06/16/31) | 265 | 202553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 (Call 04/01/29) | 52 | 44801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) | 120 | 108838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/50 (Call 10/01/49) | 265 | 184239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/32 (Call 06/01/32) | 600 | 531966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/37 | 150 | 154793 |
|  Wisconsin Public Service Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/51 (Call 06/01/51) | 190 | 115372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/01/49 (Call 03/01/49) | 460 | 304479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 12/01/42 | 115 | 83419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/44 (Call 05/01/44) | 105 | 88118 |
|  Xcel Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 (Call 02/15/27) | 395 | 338914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/15/31 (Call 05/15/31) | 315 | 242166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/29 (Call 06/01/29) | 410 | 337672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 (Call 12/01/24) | 339 | 321684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/26 (Call 06/01/26) | 531 | 489630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/30 (Call 12/01/29) | 633 | 545481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49) | 358 | 241643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/27) | 250 | 232995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 (Call 12/01/31) | 450 | 414985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/36 | 50 | 51546 |
|  Zhejiang Energy International Ltd., 1.74%, 07/20/26<sup>(d)</sup> | 400 | 351572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402381210 |
| **Electrical Components & Equipment — 0.0%** |  |  |
|  Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30) | 225 | 165739 |
|  Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | 872097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/27 (Call 08/15/27) | 904 | 775605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/30 (Call 07/15/30) | 745 | 585734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 (Call 10/21/28) | 500 | 416800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 (Call 09/21/31) | 600 | 471714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/50 (Call 04/15/50) | 259 | 159026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) | 520 | 319987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 (Call 03/01/25) | 135 | 129029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/39 | 55 | 51713 |
|  Energizer Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/29 (Call 09/30/23)<sup>(b)</sup> | 595 | 481516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 390 | 324246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/27 (Call 08/31/24)<sup>(b)</sup> | 185 | 169175 |
|  EnerSys, 4.38%, 12/15/27 (Call 09/15/27)<sup>(b)(c)</sup> | 280 | 245574 |
|  Johnson Electric Holding, 4.13%, 07/30/24<sup>(d)</sup> | 200 | 193928 |
|  Molex Electronic Technologies LLC, 3.90%, 04/15/25 (Call 01/15/25)<sup>(b)</sup> | 85 | 80427 |
|  WESCO Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 806 | 814068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 784 | 795133 |
|  |  | 7051511 |
| **Electronics — 0.2%** |  |  |
|  Agilent Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/30 (Call 03/04/30) | 170 | 133103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/31 (Call 12/12/30) | 570 | 445119 |

---

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electronics (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/29 (Call 06/15/29) | $443 | $372085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/22/26 (Call 06/22/26) | 510 | 468680 |
|  Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29) | 350 | 291854 |
|  Allegion U.S. Holding Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/24 (Call 08/01/24) | 386 | 368252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/27 (Call 07/01/27) | 241 | 213417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 07/01/32 (Call 04/01/32) | 180 | 164943 |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25) | 202 | 188238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/31 (Call 06/15/31) | 385 | 294371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 (Call 11/15/29) | 705 | 586687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 02/01/24) | 505 | 490976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/29 (Call 03/01/29) | 473 | 442823 |
|  Arrow Electronics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/32 (Call 11/15/31) | 400 | 304404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/08/24 (Call 07/08/24) | 507 | 484063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/28 (Call 10/12/27) | 328 | 292609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 (Call 01/01/25) | 274 | 262807 |
|  Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)<sup>(b)</sup> | 243 | 198101 |
|  Avnet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/31 (Call 02/15/31) | 405 | 302077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/26 (Call 01/15/26) | 642 | 606947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/32 (Call 03/01/32) | 160 | 143101 |
|  Competition Team Technologies Ltd., 4.25%, 03/12/29<sup>(d)</sup> | 400 | 362960 |
|  Flex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 (Call 01/01/26) | 420 | 389063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 (Call 03/15/25) | 192 | 186094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 (Call 03/15/29) | 896 | 802350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/12/30 (Call 02/12/30) | 438 | 387262 |
|  Fortive Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/26 (Call 03/15/26) | 793 | 728949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/46 (Call 12/15/45) | 452 | 334132 |
|  Foxconn Far East Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/28/25<sup>(d)</sup> | 800 | 707664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/28/30<sup>(d)</sup> | 400 | 309900 |
|  Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27) | 695 | 596991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 (Call 05/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 (Call 06/01/31) | 500 | 387165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 (Call 03/01/30) | 790 | 640848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 (Call 07/15/24) | 717 | 686649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26) | 993 | 908525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 (Call 05/15/29) | 330 | 287621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49) | 511 | 344179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/23<sup>(c)</sup> | 10 | 9858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47 (Call 05/21/47) | 639 | 504433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/24 | 100 | 99994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/28 | 400 | 399488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/33 | 400 | 396516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 | 100 | 98805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/36 | 169 | 173455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 247 | 253489 |
|  Hubbell Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 (Call 12/15/30) | 5 | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 11/15/27) | 260 | 236356 |
|  II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)<sup>(b)</sup> | 620 | 531080 |
|  Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)<sup>(b)</sup>  | 1201 | 1041471 |
|  Jabil Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 (Call 03/15/26) | 635 | 550507 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electronics (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/31 (Call 10/15/30) | $701 | $544467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/30 (Call 10/15/29) | 492 | 411917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/12/28 (Call 10/12/27) | 527 | 475960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 (Call 04/15/27) | 185 | 171432 |
|  Keysight Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 (Call 07/30/29) | 1193 | 999090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 (Call 07/30/24) | 181 | 177248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 (Call 01/06/27) | 708 | 677811 |
|  Likewize Corp., 9.75%, 10/15/25<br>(Call 11/14/22)<sup>(b)</sup> | 245 | 222188 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 630 | 530176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(b)</sup> | 461 | 448530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(b)</sup> | 360 | 357869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(b)</sup> | 250 | 237462 |
|  Sensata Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 470 | 374167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(b)</sup> | 340 | 292628 |
|  TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 (Call 11/14/22) | 220 | 202292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 (Call 07/09/26) | 775 | 654557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/09/28 (Call 06/09/28) | 710 | 564613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/09/31 (Call 05/09/31) | 465 | 343640 |
|  Trimble Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/24 (Call 09/01/24) | 344 | 338059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/28 (Call 03/15/28) | 166 | 156130 |
|  TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 315 | 266232 |
|  Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/04/32 (Call 12/04/31)<sup>(c)</sup> | 90 | 71767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/27 (Call 05/15/27) | 355 | 323334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 25 | 24279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 130 | 124129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/37 | 280 | 309551 |
|  Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/26 (Call 03/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | 875992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/28 (Call 02/01/28) | 784 | 608125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/31 (Call 01/01/31) | 643 | 451489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31761004 |
| **Energy - Alternate Sources — 0.0%** |  |  |
|  Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24<sup>(d)</sup> | 400 | 363792 |
|  Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)<sup>(d)</sup> | 400 | 298072 |
|  Contemporary Ruiding Development Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/09/26<sup>(d)</sup> | 800 | 672360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/17/25 (Call 08/17/25)<sup>(d)</sup> | 800 | 710288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/17/30 (Call 06/17/30)<sup>(d)</sup> | 200 | 148806 |
|  Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)<sup>(b)</sup> | 387 | 308137 |
|  Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 320 | 306954 |
|  Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)<sup>(d)</sup> | 382 | 298923 |
|  Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)<sup>(d)</sup> | 587 | 450942 |
|  Greenko Solar Mauritius Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/29/25<sup>(d)</sup> | 600 | 522978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/29/26 (Call 11/30/22)<sup>(d)</sup> | 200 | 160898 |
|  Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)<sup>(d)</sup> | 600 | 511500 |
|  MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25<sup>(c)(d)</sup> | 400 | 253456 |

---

S C H E D U L E O F I N V E S T M E N T S 65

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Energy - Alternate Sources (continued)** |  |  |
|  SK Battery America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/26/24<sup>(d)</sup> | $200 | $188492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/26/26<sup>(d)</sup> | 600 | 491340 |
|  Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)<sup>(b)</sup> | 225 | 198423 |
|  Sweihan PV Power Co. PJSC, 3.63%, 01/31/49<sup>(d)</sup> | 397 | 301825 |
|  TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 465 | 418412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 (Call 07/31/27)<sup>(b)</sup> | 440 | 412306 |
|  Topaz Solar Farms LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/30/39<sup>(b)</sup> | 96 | 81648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/30/39<sup>(b)</sup> | 348 | 329482 |
|  Vena Energy Capital Pte Ltd., 3.13%, 02/26/25<sup>(d)</sup> | 200 | 182212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7611246 |
| **Engineering & Construction — 0.1%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 617 | 583873 |
|  Aeropuerto Internacional de Tocumen SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/11/41 (Call 08/11/40)<sup>(d)</sup> | 400 | 281296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/11/61 (Call 08/11/60)<sup>(d)</sup> | 800 | 542096 |
|  Anhui Transportation Holding Group HK Ltd., 1.62%, 08/26/26<sup>(d)</sup> | 200 | 173956 |
|  Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 319 | 276031 |
|  Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/23)<sup>(b)</sup> | 621 | 519783 |
|  BCEG Hongkong Co. Ltd., 2.22%, 07/02/26 (Call 06/02/26)<sup>(d)</sup> | 400 | 355236 |
|  Bioceanico Sovereign Certificate Ltd., 0.00% 06/05/34<sup>(d)(h)</sup> | 319 | 200245 |
|  Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 633 | 455785 |
|  Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 275 | 250607 |
|  CCCI Treasure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, (Call 11/21/24)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 185868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, (Call 11/21/26)<sup>(a)(d)(e)</sup> | 800 | 699744 |
|  Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)<sup>(b)</sup> | 385 | 235166 |
|  Chengdu Economic & Technological Investment Group Co. Ltd., 5.30%, 12/07/24<sup>(d)</sup> | 200 | 193542 |
|  China Railway Xunjie Co. Ltd., 3.25%, 07/28/26<sup>(d)</sup> | 600 | 562626 |
|  China State Construction Finance Cayman III Ltd., 4.00%, (Call 12/03/24)<sup>(a)(d)(e)</sup> | 400 | 378016 |
|  Chouzhou International Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/18/25<sup>(d)</sup> | 400 | 380456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/20/25<sup>(d)</sup> | 200 | 188692 |
|  CSCEC Finance Cayman II Ltd., 3.50%, 07/05/27<sup>(d)</sup> | 200 | 183774 |
|  Delhi International Airport Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/31/26<sup>(d)</sup> | 400 | 360024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/04/29<sup>(d)</sup> | 400 | 328804 |
|  Dianjian Haiyu Ltd., 3.45%, (Call 09/29/25)<sup>(a)(d)(e)</sup> | 200 | 183802 |
|  Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 285 | 249164 |
|  Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/24 (Call 09/15/24) | 278 | 263778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/28 (Call 06/15/28)<sup>(c)</sup> | 369 | 321595 |
|  Global Infrastructure Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 230 | 170451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32 (Call 04/15/27)<sup>(b)</sup> | 200 | 148180 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)<sup>(b)(c)</sup> | 225 | 176980 |
|  Hongkong International Qingdao Co. Ltd., 4.00%, 10/08/24<sup>(d)</sup> | 400 | 373028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
|  HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 11/30/22)<sup>(d)</sup> | $600 | $527004 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/29/26 (Call 11/29/23)<sup>(d)</sup> | 200 | 150044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/29/28 (Call 11/29/24)<sup>(d)</sup> | 400 | 289240 |
|  IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(d)</sup> | 800 | 616248 |
|  INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 205 | 151682 |
|  Jinan Urban Construction International Investment Co. Ltd., 2.40%, 09/23/26<sup>(d)</sup> | 200 | 175664 |
|  LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)<sup>(b)</sup> | 35 | 20077 |
|  MasTec Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/28 (Call 08/15/23)<sup>(b)(c)</sup> | 470 | 414709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/29 | 152 | 151311 |
|  Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/30/28<sup>(d)</sup> | 400 | 337584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/31/26 (Call 07/31/26)<sup>(d)</sup> | 400 | 357616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/31/46<sup>(d)</sup> | 600 | 383640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/47 (Call 01/31/47)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 900648 |
|  Powerchina Roadbridge Group British Virgin Islands Ltd., 3.08%, (Call 04/01/26)<sup>(a)(d)(e)</sup> | 800 | 718184 |
|  Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)<sup>(b)(c)</sup> | 255 | 232063 |
|  Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)<sup>(b)</sup> | 205 | 188901 |
|  Sepco Virgin Ltd., 3.55%,<br>(Call 10/25/24)<sup>(a)(d)(e)</sup> | 400 | 377776 |
|  St Engineering Urban Solutions USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/05/27 (Call 02/05/27)<sup>(b)(c)</sup> | 400 | 373572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/05/32 (Call 11/05/31)<sup>(b)</sup> | 200 | 177160 |
|  Summit Digitel Infrastructure Pvt. Ltd., 2.88%, 08/12/31 (Call 08/12/30)<sup>(d)</sup> | 400 | 274676 |
|  Sydney Airport Finance Co. Pty Ltd., 3.63%, 04/28/26 (Call 01/28/26)<sup>(b)</sup> | 15 | 13687 |
|  TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 275 | 220509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/32 (Call 10/15/26)<sup>(b)(c)</sup> | 345 | 272129 |
|  Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/22)<sup>(b)(c)</sup>  | 295 | 236543 |
|  Vinci SA, 3.75%, 04/10/29<sup>(b)</sup> | 520 | 466664 |
|  VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 220 | 191563 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 340 | 276797 |
|  Xingcheng Bvi Ltd., 2.38%, 10/08/26<sup>(d)</sup> | 600 | 527382 |
|  Yongda Investment Ltd., 2.25%, 06/16/25<sup>(d)</sup> | 200 | 182974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18428645 |
| **Entertainment — 0.2%** |  |  |
|  Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)<sup>(b)</sup> | 395 | 333115 |
|  Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%, 02/15/28<br>(Call 02/15/23)<sup>(b)</sup> | 400 | 161996 |
|  AMC Entertainment Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/29 (Call 02/15/25)<sup>(b)(c)</sup> | 610 | 419534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/15/26 (Call 06/15/23), (12.00% PIK)<sup>(b)(c)(g)</sup> | 880 | 467702 |
|  Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 12/01/22)<sup>(b)</sup> | 250 | 231830 |
|  Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 405 | 354339 |
|  Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 (Call 10/15/24)<sup>(b)(c)</sup> | 825 | 660190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(b)</sup> | 2170 | 2118506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(b)(c)</sup> | 1160 | 1128425 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(b)</sup> | 575 | 562189 |

---

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Entertainment (continued)** |  |  |
|  CCM Merger Inc., 6.38%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | $150 | $137675 |
|  CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)<sup>(b)</sup> | 735 | 663367 |
|  Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24) | 371 | 326395 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22) | 345 | 324386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 545 | 541294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23) | 215 | 202083 |
|  Churchill Downs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 390 | 345478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 465 | 444800 |
|  Cinemark USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(b)(c)</sup> | 510 | 391394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 250 | 210810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 341 | 343469 |
|  Empire Resorts Inc., 7.75%, 11/01/26<br>(Call 11/01/23)<sup>(b)</sup>  | 205 | 168508 |
|  Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 215 | 187327 |
|  Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)<sup>(d)</sup> | 600 | 359586 |
|  Golden Entertainment Inc., 7.63%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 225 | 222543 |
|  International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 450 | 417487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 450 | 418311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(b)</sup> | 495 | 490476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(b)</sup> | 435 | 435126 |
|  Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)<sup>(b)</sup> | 425 | 375360 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)<sup>(b)(c)</sup> | 735 | 557681 |
|  Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 (Call 01/15/24)<sup>(b)</sup> | 360 | 313952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 555 | 494155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(b)</sup> | 515 | 500245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 390 | 373772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(b)</sup> | 657 | 653531 |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25<sup>(b)</sup> | 2195 | 2070148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 2815 | 2505294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/25 (Call 03/15/23)<sup>(b)</sup> | 190 | 179043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 (Call 01/15/29)<sup>(b)</sup> | 760 | 646312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 2600 | 2101242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 2660 | 1944859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 3080 | 2156246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(b)</sup> | 1110 | 774003 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)<sup>(b)</sup> | 435 | 404559 |
|  Midwest Gaming Borrower LLC, 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 500 | 426250 |
|  Mohegan Gaming & Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/24 (Call 11/16/22)<sup>(b)(c)</sup> | 350 | 351862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 775 | 653317 |
|  Motion Bondco DAC, 6.63%, 11/15/27<br>(Call 12/01/22)<sup>(b)(c)</sup> | 250 | 209420 |
|  Odeon Finco PLC, 12.75%, 11/01/27 | 275 | 246986 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27 (Call 11/01/22)<sup>(b)</sup> | 458 | 490765 |
|  Penn Entertainment Inc., 5.63%, 01/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 275 | 250498 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Entertainment (continued)** |  |  |
|  Penn National Gaming Inc., 4.13%, 07/01/29 (Call 07/01/24)<sup>(b)(c)</sup> | $235 | $186834 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 (Call 09/01/24)<sup>(b)</sup> | 480 | 357245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 (Call 09/01/26)<sup>(b)</sup> | 655 | 464853 |
|  Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)<sup>(b)</sup> | 210 | 186033 |
|  Resorts World Las Vegas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/16/29<sup>(d)</sup> | 600 | 415944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/06/31 (Call 01/06/31)<sup>(b)</sup> | 220 | 149844 |
|  Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc., 6.63%, 03/01/30<br>(Call 03/01/25)<sup>(b)</sup> | 550 | 476498 |
|  Scientific Games International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 (Call 05/15/23)<sup>(b)</sup> | 430 | 416077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 310 | 299503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 (Call 12/01/22)<sup>(b)</sup> | 330 | 340108 |
|  SeaWorld Parks & Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/29 (Call 08/15/24)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | 391005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/25<sup>(b)</sup> | 100 | 102576 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(b)(c)</sup> | 630 | 609859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 280 | 251868 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 196 | 198015 |
|  Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 210 | 182862 |
|  Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)<sup>(b)(c)</sup> | 450 | 410989 |
|  Vail Resorts Inc., 6.25%, 05/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 352 | 350247 |
|  WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 615 | 481078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 300 | 253191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 330 | 281368 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 (Call 07/01/29)<sup>(b)</sup> | 680 | 541994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 370 | 360643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40517931 |
| **Environmental Control — 0.1%** |  |  |
|  Clean Harbors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 315 | 296661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 160 | 148382 |
|  Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 445 | 380208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/25) | 275 | 229284 |
|  FS Luxembourg Sarl, 10.00%, 12/15/25<sup>(d)</sup> | 400 | 407240 |
|  GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 (Call 03/01/28)<sup>(b)</sup> | 465 | 393967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 450 | 425245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/23)<sup>(b)</sup> | 490 | 420170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(b)</sup> | 321 | 307592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 (Call 08/15/24)<sup>(b)</sup> | 485 | 411387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(b)(c)</sup> | 475 | 414846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(b)</sup> | 310 | 295653 |
|  Harsco Corp., 5.75%, 07/31/27 (Call 12/01/22)<sup>(b)</sup> | 310 | 219765 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 (Call 06/30/24)<sup>(b)</sup> | 515 | 429855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 06/30/24)<sup>(b)</sup> | 645 | 443715 |
|  Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51) | 125 | 95706 |

---

S C H E D U L E O F I N V E S T M E N T S 67

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Environmental Control (continued)** |  |  |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 (Call 10/15/25) | $783 | $686613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 02/15/31 (Call 11/15/30) | 835 | 622584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 (Call 11/15/31) | 660 | 490208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 634 | 519081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/33 (Call 12/15/32) | 900 | 690102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 (Call 07/15/24) | 1075 | 1023841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/26 (Call 04/01/26)<sup>(c)</sup> | 598 | 547433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 (Call 09/01/49) | 263 | 168791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 (Call 12/15/24) | 315 | 299606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27 (Call 08/15/27) | 618 | 562417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 (Call 02/15/28) | 535 | 497325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/41 (Call 11/15/40) | 25 | 24169 |
|  Stericycle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 11/15/23)<sup>(b)</sup> | 305 | 264923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/24 (Call 11/16/22)<sup>(b)</sup> | 355 | 349831 |
|  Tervita Corp., 11.00%, 12/01/25<br>(Call 12/01/23)<sup>(b)</sup> | 222 | 240983 |
|  Waste Connections Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 (Call 10/15/31) | 550 | 424089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 (Call 11/01/29) | 227 | 188464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 365 | 226537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/01/50 (Call 10/01/49) | 80 | 51070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 (Call 03/01/32) | 465 | 388084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/29 (Call 02/01/29) | 1292 | 1152206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/33 (Call 10/15/32) | 200 | 180626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/28 (Call 09/01/28) | 325 | 302712 |
|  Waste Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 (Call 10/15/25) | 316 | 279120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/15/28 (Call 01/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | 881139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 (Call 12/15/30) | 260 | 197584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/29 (Call 04/01/29) | 198 | 163007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50 (Call 05/15/50)<sup>(c)</sup> | 173 | 100996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/41 (Call 12/01/40) | 570 | 401012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/01/25 (Call 12/01/24)<sup>(c)</sup> | 127 | 122169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 (Call 08/15/27) | 748 | 682311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(c)</sup> | 700 | 644252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/15/49 (Call 01/15/49) | 334 | 269819 |
|  Waste Pro USA Inc., 5.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 315 | 291356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254136 |
| **Food — 0.6%** |  |  |
|  Agrosuper SA, 4.60%, 01/20/32<br>(Call 10/20/31)<sup>(d)</sup> | 300 | 243798 |
|  Ahold Finance USA LLC, 6.88%, 05/01/29 | 302 | 314083 |
|  Albertsons Companies Inc./Safeway Inc./New |  |  |
|  Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 461 | 415034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 09/15/23)<sup>(b)</sup> | 870 | 719812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(b)</sup> | 860 | 797616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 670 | 594491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 (Call 12/01/22)<sup>(b)</sup> | 554 | 520893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 304 | 311606 |
|  Almarai Sukuk Ltd., 4.31%, 03/05/24<sup>(d)</sup> | 200 | 195950 |
|  Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)<sup>(d)</sup> | 400 | 380300 |
|  B&G Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22) | 555 | 504168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22) | 395 | 331188 |
|  Bestfoods, Series E, 7.25%, 12/15/26 | 250 | 271187 |
|  Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)<sup>(d)</sup> | 400 | 280680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
|  Blossom Joy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/21/30 (Call 07/21/30)<sup>(d)</sup> | $800 | $628928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, (Call 07/21/25)<sup>(a)(d)(e)</sup> | 400 | 365688 |
|  BRF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/24/30 (Call 10/24/29)<sup>(d)</sup> | 200 | 156500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/21/50 (Call 03/21/50)<sup>(d)</sup> | 820 | 553607 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)<sup>(b)</sup> | 264 | 195553 |
|  Campbell Soup Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/24/30 (Call 01/24/30) | 195 | 156189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/24/50 (Call 10/24/49) | 323 | 204259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/19/25 (Call 12/19/24) | 100 | 95211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 (Call 01/15/25) | 306 | 296762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/28 (Call 12/15/27) | 465 | 436672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/48 (Call 09/15/47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579540 |
|  Cencosud SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/17/27 (Call 04/17/27)<sup>(d)</sup> | 600 | 542100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/12/25 (Call 11/12/24)<sup>(d)</sup> | 400 | 392088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/12/45 (Call 08/12/44)<sup>(d)</sup> | 200 | 191580 |
|  China Mengniu Dairy Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/17/25 (Call 05/17/25)<sup>(d)</sup> | 400 | 361672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/17/30 (Call 03/17/30)<sup>(d)</sup> | 600 | 472470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/18/24<sup>(d)</sup> | 400 | 383520 |
|  China Modern Dairy Holdings Ltd., 2.13%, 07/14/26 (Call 06/14/26)<sup>(d)</sup> | 400 | 334188 |
|  Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 (Call 11/15/23)<sup>(b)</sup> | 275 | 239751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 330 | 313503 |
|  CK Hutchison International 20 Ltd., 2.50%, 05/08/30 (Call 02/08/30)<sup>(b)</sup> | 895 | 722945 |
|  CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (Call 01/15/31)<sup>(b)</sup> | 680 | 535847 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 (Call 09/01/27) | 540 | 435980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 04/01/24) | 796 | 782707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25) | 801 | 778476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 (Call 08/01/28) | 685 | 648537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 (Call 05/01/38) | 566 | 494973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 (Call 05/01/48) | 792 | 678285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/28 | 227 | 235783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30 | 375 | 415729 |
|  Danone SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 11/02/23 (Call 09/02/23)<sup>(b)</sup> | 453 | 440633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/02/26 (Call 08/02/26)<sup>(b)</sup> | 670 | 610477 |
|  Diageo Capital PLC, 5.50%, 01/24/33 | 295 | 297743 |
|  FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 205 | 181722 |
|  Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30) | 769 | 590084 |
|  General Mills Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31 (Call 07/14/31) | 520 | 403582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/30 (Call 01/15/30) | 693 | 585613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/51 (Call 08/01/50) | 888 | 557282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26) | 422 | 391578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 308 | 303676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 (Call 02/17/25) | 199 | 193699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/43 (Call 08/15/42)<sup>(c)</sup> | 11 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 (Call 01/17/28) | 972 | 920358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/17/48 (Call 10/17/47) | 75 | 62702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/40 | 295 | 272739 |
|  Grupo Bimbo SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/27/24<sup>(d)</sup> | 600 | 588030 |

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68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/06/49<sup>(d)</sup> | $400 | $282284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/10/47 (Call 05/10/47)<sup>(d)</sup> | 400 | 319212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/27/44<sup>(d)</sup> | 200 | 160576 |
|  Hershey Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/25 (Call 05/01/25) | 350 | 315990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/01/30 (Call 03/01/30) | 175 | 136701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/15/24 (Call 10/15/24) | 505 | 478078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 (Call 05/15/26) | 883 | 802647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 249 | 209332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/50 (Call 12/01/49) | 35 | 21356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/49 (Call 05/15/49) | 235 | 158989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/21/25 (Call 05/21/25) | 60 | 57429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/46 (Call 02/15/46) | 425 | 301010 |
|  H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/14/22)<sup>(b)(c)</sup> | 224 | 130704 |
|  Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/03/24 (Call 12/01/22) | 110 | 102758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 (Call 04/03/28) | 327 | 275331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 (Call 03/11/30) | 480 | 381653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/03/51 (Call 12/03/50) | 556 | 362796 |
|  Indofood CBP Sukses Makmur Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/09/31 (Call 12/09/30)<sup>(d)</sup> | 800 | 590144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/27/32 (Call 10/27/31)<sup>(d)</sup> | 400 | 292516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/51 (Call 12/09/50)<sup>(d)</sup> | 400 | 246996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 04/27/52 (Call 04/27/51)<sup>(d)</sup> | 200 | 124002 |
|  Ingles Markets Inc., 4.00%, 06/15/31 (Call 06/15/26)<sup>(b)</sup>  | 176 | 146881 |
|  Ingredion Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/01/30 (Call 03/01/30) | 462 | 377288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 (Call 07/01/26) | 327 | 299627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/50 (Call 12/01/49) | 380 | 261809 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 320 | 272925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/29 (Call 12/02/28)<sup>(b)</sup> | 165 | 133886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/32 (Call 01/15/27)<sup>(b)</sup> | 1246 | 969338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/31 (Call 12/01/26)<sup>(b)</sup> | 668 | 522309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/02/52 (Call 08/02/51)<sup>(b)</sup> | 530 | 343975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 (Call 01/01/28)<sup>(b)</sup> | 1170 | 1094488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/30 (Call 01/15/25)<sup>(b)(c)</sup> | 692 | 631886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 (Call 01/01/33)<sup>(b)</sup> | 1200 | 1081104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/52 (Call 06/01/52)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104611 |
|  JGSH Philippines Ltd., 4.13%, 07/09/30<sup>(d)</sup> | 500 | 439955 |
|  JM Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | 1000 | 743320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/30 (Call 12/15/29) | 300 | 239979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 (Call 09/15/27) | 1089 | 985153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 | 1158 | 1110140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/50 (Call 09/15/49) | 275 | 175486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/35 | 275 | 235125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45 | 59 | 45175 |
|  KeHE Distributors LLC/KeHE Finance Corp., 8.63%, 10/15/26<sup>(b)</sup> | 81 | 80034 |
|  Kellogg Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/30 (Call 03/01/30) | 720 | 567605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/23 | 647 | 633827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 | 447 | 418870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 (Call 08/15/27) | 360 | 328644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 (Call 02/15/28) | 335 | 315945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 | 290 | 234410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.45%, 04/01/31 | 607 | 660653 |
|  Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40<sup>(c)</sup> | 330 | 318922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26) | $1309 | $1206322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 565 | 501432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27) | 775 | 726500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/31 (Call 12/01/30) | 362 | 327921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/29 (Call 10/30/28) | 272 | 260940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/39 (Call 04/01/39) | 275 | 227772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 (Call 04/01/49) | 935 | 777789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/35 (Call 01/15/35)<sup>(c)</sup> | 695 | 641019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42 | 945 | 818653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45) | 1070 | 935244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 (Call 12/01/49) | 515 | 471822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/09/40 | 560 | 564396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | 250 | 263490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39 | 460 | 474863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/39<sup>(b)</sup> | 810 | 846993 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/15/31 (Call 10/15/30) | 550 | 407951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 (Call 02/01/30) | 615 | 483132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) | 890 | 796132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 (Call 11/01/25) | 740 | 693484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/27 (Call 05/01/27) | 402 | 371918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/46 (Call 04/15/46) | 235 | 168326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 (Call 07/15/49) | 567 | 411228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 (Call 08/01/46) | 487 | 382913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 10/15/28) | 354 | 332059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/48 (Call 07/15/47) | 443 | 356540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/42 (Call 10/15/41) | 225 | 190960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/01/43 (Call 02/01/43) | 346 | 297944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/40 (Call 01/15/40) | 330 | 294185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/49 (Call 07/15/48) | 295 | 263470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 04/15/38 | 264 | 273602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/31 | 65 | 71478 |
|  Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 (Call 01/31/25)<sup>(b)</sup> | 565 | 493996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(b)</sup> | 475 | 409222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(b)</sup> | 330 | 309022 |
|  Land O'Lakes Capital Trust I, 7.45%, 03/15/28<sup>(b)</sup> | 168 | 167795 |
|  MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)<sup>(d)</sup> | 1000 | 740170 |
|  Mars Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/16/26 (Call 06/16/26)<sup>(b)</sup> | 602 | 518178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/16/32 (Call 04/16/32)<sup>(b)</sup> | 390 | 283588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/40 (Call 01/16/40)<sup>(b)</sup> | 610 | 391004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/16/50 (Call 01/16/50)<sup>(b)</sup> | 740 | 425678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 591 | 559872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/30 (Call 01/01/30)<sup>(b)</sup> | 144 | 126325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/34 (Call 01/01/34)<sup>(b)</sup> | 602 | 506228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/39 (Call 10/01/38)<sup>(b)</sup> | 340 | 272000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/44 (Call 10/01/43)<sup>(b)</sup> | 720 | 558749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/49 (Call 10/01/48)<sup>(b)</sup> | 455 | 349795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/54 (Call 10/01/53)<sup>(b)</sup> | 515 | 393553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/59 (Call 10/01/58)<sup>(b)</sup> | 357 | 268646 |
|  McCormick & Co. Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 (Call 01/15/26) | 915 | 789865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 (Call 11/15/30) | 442 | 326965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 (Call 01/15/30) | 170 | 136954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24) | 1055 | 1015427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 (Call 05/15/27) | 863 | 785779 |

---

S C H E D U L E O F I N V E S T M E N T S 69

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/47 (Call 02/15/47) | $160 | $121902 |
|  Minerva Luxembourg SA, 4.38%, 03/18/31<sup>(d)</sup> | 1000 | 763680 |
|  Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/24/24<sup>(b)</sup> | 895 | 819176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/24/26 (Call 08/24/26)<sup>(b)</sup> | 1005 | 860169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/24 (Call 08/19/24)<sup>(b)</sup> | 650 | 612579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/25<sup>(b)</sup> | 400 | 389044 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 (Call 04/04/25) | 941 | 860968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/04/31 (Call 11/04/30) | 740 | 544840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/32 (Call 07/15/32) | 733 | 532774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 (Call 02/17/27) | 100 | 89082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/04/50 (Call 03/04/50) | 368 | 214021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 (Call 01/13/30) | 683 | 567908 |
|  NBM U.S. Holdings Inc., 7.00%, 05/14/26<sup>(d)</sup> | 1000 | 969410 |
|  Nestle Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/24<sup>(b)</sup> | 190 | 179829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/26 (Call 12/15/25)<sup>(b)</sup> | 670 | 584535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/27 (Call 07/15/27)<sup>(b)</sup> | 440 | 365367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/14/27 (Call 12/14/26)<sup>(b)</sup> | 720 | 616262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/14/28 (Call 07/14/28)<sup>(b)</sup> | 400 | 329284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/14/31 (Call 06/14/31)<sup>(b)</sup> | 415 | 324800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/14/41 (Call 03/14/41)<sup>(b)</sup> | 755 | 503819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/14/51 (Call 03/14/51)<sup>(b)</sup> | 300 | 185415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/24/25 (Call 07/24/25)<sup>(b)</sup> | 200 | 192612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/24/28 (Call 06/24/28)<sup>(b)</sup> | 725 | 675968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/24/38 (Call 03/24/38)<sup>(b)</sup> | 575 | 483046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/12/25<sup>(b)(c)</sup> | 300 | 294627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/24/48 (Call 03/24/48)<sup>(b)</sup> | 970 | 777610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/27 (Call 09/01/27)<sup>(b)</sup> | 300 | 288891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/29 (Call 08/01/29)<sup>(b)</sup> | 300 | 286611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/32 (Call 07/01/32)<sup>(b)</sup> | 500 | 472165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/53 (Call 07/15/52)<sup>(b)</sup> | 600 | 539604 |
|  Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 560 | 476286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 770 | 732948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 143 | 142544 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 (Call 09/01/26)<sup>(b)</sup> | 645 | 495070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(b)</sup> | 633 | 530232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/27 (Call 12/01/22)<sup>(b)</sup> | 700 | 684761 |
|  Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 (Call 09/15/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | 872474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 1055 | 891823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 (Call 12/15/24)<sup>(b)</sup> | 800 | 720248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 700 | 654983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 396 | 383625 |
|  Safeway Inc., 7.25%, 02/01/31 | 160 | 154694 |
|  SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 10/15/23)<sup>(b)</sup> | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177420 |
|  Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)<sup>(d)</sup> | 800 | 731520 |
|  Sigma Finance Netherlands BV, 4.88%, 03/27/28 (Call 12/27/27)<sup>(d)</sup> | 200 | 176314 |
|  Sigma Holdco BV, 7.88%, 05/15/26<br>(Call 11/11/22)<sup>(b)(c)</sup> . | 350 | 214886 |
|  Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 505 | 421417 |
|  Smithfield Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/13/31 (Call 06/13/31)<sup>(b)</sup> | 725 | 514083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30)<sup>(b)(c)</sup> | 938 | 713508 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 11/01/26)<sup>(b)</sup> | $735 | $665726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/29 (Call 01/01/29)<sup>(b)</sup> | 694 | 642547 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 (Call 11/15/29) | 40 | 32374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/14/31 (Call 09/14/31) | 500 | 390185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/51 (Call 06/14/51) | 210 | 130956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27) | 778 | 704121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26) | 755 | 698707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/50 (Call 08/15/49) | 165 | 105554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 389 | 371935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/48 (Call 09/15/47) | 445 | 346250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 (Call 10/01/45) | 585 | 459693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/01/45 (Call 04/01/45) | 430 | 351155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/21/35 | 235 | 222150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 (Call 01/01/30) | 635 | 647738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/40 (Call 10/01/39) | 120 | 122486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 (Call 10/01/49) | 907 | 929675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC, 6.15%, 11/15/37<sup>(b)</sup> | 590 | 545189 |
|  Tingyi Cayman Islands Holding Corp., 1.63%, 09/24/25<sup>(d)</sup> | 600 | 532272 |
|  TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23) | 340 | 286933 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 (Call 03/02/27) | 894 | 822990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 (Call 05/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | 1131323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26) | 505 | 482325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | 473 | 444237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 (Call 12/02/46) | 647 | 526846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/34 (Call 02/15/34) | 489 | 453792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 (Call 03/28/48) | 926 | 812093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/15/44 (Call 02/15/44) | 180 | 157655 |
|  U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(b)(c)</sup> | 330 | 286664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 540 | 480476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 499 | 499090 |
|  Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25<sup>(d)</sup> | 400 | 280828 |
|  United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)<sup>(b)</sup> | 340 | 328770 |
|  Walmart Inc., 3.90%, 09/09/25 | 405 | 397467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110908614 |
| **Food Service — 0.0%** |  |  |
|  Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(b)</sup> | 473 | 459505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 751 | 684627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 880 | 871200 |
|  TKC Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/28 (Call 05/15/24)<sup>(b)</sup> | 335 | 280690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 435 | 299763 |
|  |  | 2595785 |
| **Forest Products & Paper — 0.1%** |  |  |
|  Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28 (Call 02/04/24)<sup>(b)</sup> | 290 | 231295 |
|  Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/02/27 (Call 08/02/27) | 567 | 495666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/29/30 (Call 10/29/29)<sup>(d)</sup> | 200 | 168826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/29 (Call 01/30/29)<sup>(d)</sup> | 400 | 343772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/24 (Call 05/01/24) | 320 | 312291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/29/50 (Call 07/29/49)<sup>(d)</sup> | 450 | 329972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/02/47 (Call 05/02/47) | 285 | 214879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/30/49 (Call 10/30/48)<sup>(c)(d)</sup> | 200 | 149616 |

---

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Forest Products & Paper (continued)** |  |  |
|  Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | $265 | $232283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25<sup>(b)(c)</sup> | 227 | 220456 |
|  Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)<sup>(b)</sup> | 377 | 321913 |
|  Fibria Overseas Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/25 (Call 11/14/24)<sup>(c)</sup> | 180 | 172366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211171 |
|  Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/24<sup>(b)</sup> | 730 | 680126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 05/15/26 (Call 04/15/26)<sup>(b)</sup> | 612 | 528199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/30/25 (Call 08/30/25)<sup>(b)</sup> | 726 | 656790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/30/27 (Call 02/28/27)<sup>(b)(c)</sup> | 652 | 572886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/30/30 (Call 01/30/30)<sup>(b)</sup> | 135 | 109249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/25 (Call 12/01/24)<sup>(b)</sup> | 300 | 288666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 323 | 358265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/24 | 501 | 517428 |
|  Glatfelter Corp., 4.75%, 11/15/29<br>(Call 11/01/24)<sup>(b)(c)</sup> | 295 | 189986 |
|  International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/48 (Call 02/15/48)<sup>(c)</sup> | 463 | 355723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/47 (Call 02/15/47) | 580 | 446745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 581 | 463603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/35 (Call 03/15/35)<sup>(c)</sup> | 250 | 227455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/46 (Call 11/15/45) | 25 | 21083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41 (Call 05/15/41) | 347 | 323248 |
|  Inversiones CMPC SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/31 (Call 01/06/31)<sup>(d)</sup> | 200 | 151344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/13/30 (Call 10/13/29)<sup>(d)</sup> | 600 | 502128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/04/27<sup>(d)</sup> | 200 | 184638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24)<sup>(d)</sup> | 200 | 195508 |
|  Mercer International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/29 (Call 02/01/24) | 525 | 437509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22) | 260 | 244691 |
|  Resolute Forest Products Inc., 4.88%, 03/01/26 (Call 03/01/23)<sup>(b)</sup> | 235 | 232215 |
|  Stora Enso OYJ, 7.25%, 04/15/36<sup>(b)</sup> | 360 | 372427 |
|  Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/28 (Call 07/15/28) | 390 | 308985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 (Call 10/15/31) | 625 | 461825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/31 (Call 10/15/30) | 295 | 236451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 (Call 10/15/29) | 1358 | 1205578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/14/26<sup>(d)</sup> | 200 | 196826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 10/15/28) | 915 | 869927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/16/47 (Call 09/16/46)<sup>(d)</sup> | 800 | 735720 |
|  Sylvamo Corp., 7.00%, 09/01/29<br>(Call 09/01/24)<sup>(b)</sup> | 275 | 258038 |
|  UPM-Kymmene OYJ, 7.45%, 11/26/27<sup>(b)</sup> | 205 | 216183 |
|  |  | 16953951 |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/25 (Call 02/20/25) | 390 | 373031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24) | 421 | 411986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 365 | 336928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | 480 | 451046 |
|  APA Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/23/25 (Call 12/23/24)<sup>(b)</sup> | 684 | 653473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 55 | 50443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/23/35 (Call 12/23/34)<sup>(b)</sup> | 65 | 56759 |
|  Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/31 (Call 10/15/30) | 880 | 655794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/29 (Call 06/15/29) | 270 | 227669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 (Call 03/15/27) | 70 | 63778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/49 (Call 03/15/49) | $621 | $419107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 (Call 04/15/44) | 488 | 377941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/49 (Call 09/15/48) | 320 | 243600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/43 (Call 07/15/42) | 98 | 77245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/48 (Call 04/01/48) | 708 | 560078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/41 (Call 12/15/40) | 178 | 167397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/52 (Call 04/15/52) | 210 | 204473 |
|  Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25<sup>(d)</sup> | 200 | 184938 |
|  Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/29 (Call 05/01/29)<sup>(b)</sup> | 360 | 298775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/27 (Call 05/01/27)<sup>(b)</sup> | 605 | 533132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/16/32 (Call 12/16/31)<sup>(b)</sup> | 130 | 108189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 02/15/42<sup>(b)</sup> | 279 | 212927 |
|  Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/10/26 (Call 12/10/25)<sup>(b)</sup> | 150 | 138439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/04/29 (Call 12/04/28)<sup>(b)</sup> | 370 | 321600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/15/48 (Call 09/15/47)<sup>(b)</sup> | 575 | 405174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/04/49 (Call 09/04/48)<sup>(b)(c)</sup> | 516 | 372397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/10/46 (Call 09/10/45)<sup>(b)</sup> | 423 | 305338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/05/27 (Call 07/05/27)<sup>(b)</sup> | 335 | 314012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 08/05/32 (Call 05/05/32)<sup>(b)</sup> | 200 | 179302 |
|  CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/30 (Call 07/01/30) | 675 | 514073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 (Call 01/01/28) | 325 | 300755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/01/47 (Call 03/01/47) | 401 | 305718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/32 (Call 04/01/32) | 270 | 249051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/41 (Call 07/15/40) | 35 | 33236 |
|  Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)<sup>(b)</sup> | 275 | 231960 |
|  East Ohio Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/15/25 (Call 05/15/25)<sup>(b)</sup> | 990 | 884803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/30 (Call 03/15/30)<sup>(b)</sup> | 625 | 477444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49)<sup>(b)</sup> | 600 | 362760 |
|  Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/01/23 (Call 08/01/23) | 240 | 236203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 (Call 09/15/24) | 159 | 153537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 11/15/24 (Call 10/15/24) | 532 | 503283 |
|  ENN Clean Energy International Investment Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/12/26 (Call 05/12/24)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 777310 |
|  ENN Energy Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/17/30 (Call 06/17/30)<sup>(d)</sup> | 800 | 617768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/17/27 (Call 04/17/27)<sup>(d)</sup> | 400 | 376240 |
|  Grupo Energia Bogota SA ESP, 4.88%, 05/15/30 (Call 02/15/30)<sup>(d)</sup> | 200 | 168056 |
|  KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 08/15/26 (Call 05/15/26)<sup>(b)</sup> | 350 | 308766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/18/52 (Call 07/18/51)<sup>(b)</sup> | 125 | 77432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 04/01/41<sup>(b)</sup> | 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700848 |
|  Korea Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/13/26<sup>(d)</sup> | 600 | 514956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/13/31<sup>(d)</sup> | 200 | 153830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/16/29<sup>(d)</sup> | 700 | 605815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/21/25<sup>(c)(d)</sup> | 625 | 594294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/02/26<sup>(d)</sup> | 400 | 375760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/12/24<sup>(d)</sup> | 400 | 393476 |
|  Nakilat Inc., 6.07%, 12/31/33<sup>(b)(c)</sup> | 460 | 454429 |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/31 (Call 12/01/30) | 635 | 476644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/27 (Call 06/15/27) | 397 | 351798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28 (Call 06/01/28) | 240 | 218069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/25 (Call 04/15/25) | 60 | 58679 |

---

S C H E D U L E O F I N V E S T M E N T S 71

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25) | $681 | $666985 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 (Call 07/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | 980525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30) | 675 | 495909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 (Call 06/01/29) | 395 | 330287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 (Call 02/15/27) | 792 | 724727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 (Call 02/01/30) | 800 | 689976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 (Call 09/30/47) | 208 | 149556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 (Call 11/15/46) | 817 | 630797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 (Call 08/15/43) | 485 | 395348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 345 | 289669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/43 (Call 08/15/42) | 140 | 120744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/45 (Call 08/01/44) | 440 | 399186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/41 (Call 12/15/40) | 311 | 291678 |
|  ONE Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/11/24 (Call 11/16/22) | 124 | 117324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30) | 85 | 66529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/01/24 (Call 11/01/23) | 273 | 267510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 (Call 05/01/48) | 365 | 277020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/01/44 (Call 08/01/43) | 275 | 219114 |
|  Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24<sup>(d)</sup> | 800 | 783432 |
|  Piedmont Natural Gas Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/31 (Call 12/15/30) | 310 | 243558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/50 (Call 12/01/49) | 372 | 236536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 (Call 03/01/29) | 519 | 460488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 11/01/46 (Call 05/01/46) | 174 | 116326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/43 (Call 02/01/43) | 105 | 83092 |
|  Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)<sup>(d)</sup> | 400 | 299132 |
|  Sempra Global, 3.25%, 01/15/32 (Call 10/15/31)<sup>(b)</sup> | 600 | 470286 |
|  SGSP Australia Assets Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/29/26<sup>(d)</sup> | 200 | 181718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/07/27<sup>(d)</sup> | 200 | 179706 |
|  Shaoxing City Investment Group Ltd., 2.50%, 08/19/26 (Call 05/19/26)<sup>(d)</sup> | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528558 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 (Call 03/15/27) | 500 | 452050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/24 (Call 06/15/24) | 15 | 14471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 03/15/25) | 200 | 190038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/42 (Call 03/15/42) | 333 | 241245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/40 | 10 | 8794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 2.60%, 06/15/26 (Call 03/15/26) | 465 | 423480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 390 | 288733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 203 | 154252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 3.95%, 02/15/50 (Call 08/15/49) | 488 | 352883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 2.55%, 02/01/30 (Call 11/01/29) | 195 | 161216 |
|  Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/26 (Call 03/15/26) | 418 | 384614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/46 (Call 04/01/46) | 385 | 271879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/43 (Call 12/01/42) | 605 | 461385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/30/47 (Call 11/30/46) | 607 | 452336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/41 (Call 09/15/40) | 184 | 172846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30) | 500 | 366755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/51 (Call 03/30/51) | 570 | 344223 |
|  Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/30 (Call 03/15/30) | 312 | 232752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/51 (Call 02/15/51) | 365 | 203955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/28 (Call 01/01/28) | 220 | 194440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/29/46 (Call 03/29/46) | 205 | 130251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 (Call 12/15/31) | 320 | 267411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | $363 | $241489 |
|  Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50) | 65 | 40752 |
|  Talent Yield International Ltd., 2.00%, 05/06/26 (Call 04/26/26)<sup>(d)</sup> | 400 | 358628 |
|  Towngas Finance Ltd., 4.75%,<br>(Call 02/12/24)<sup>(a)(d)(e)</sup> | 200 | 194026 |
|  Washington Gas Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/49 (Call 03/15/49) | 273 | 190232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.80%, 09/15/46 (Call 03/15/46) | 267 | 193994 |
|  WGL Holdings Inc., 4.60%, 11/01/44 | 90 | 69651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37936461 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Kennametal Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/31 (Call 12/01/30) | 150 | 113038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 03/15/28) | 348 | 318229 |
|  Snap-on Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/50 (Call 11/01/49)<sup>(c)</sup> | 110 | 73952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/48 (Call 09/01/47) | 560 | 447003 |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 (Call 12/15/29) | 232 | 186284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) | 600 | 344076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 (Call 02/15/32)<sup>(c)</sup> | 240 | 194518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 (Call 01/01/26) | 906 | 850924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/60 (Call 03/15/25)<sup>(a)</sup> | 602 | 499347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 (Call 08/15/28) | 280 | 263416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/48 (Call 05/15/48) | 295 | 246646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/40 | 176 | 157849 |
|  Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 11/14/22)<sup>(b)(c)</sup> | 203 | 174024 |
|  |  | 3869306 |
| **Health Care - Products — 0.3%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/30/28 (Call 11/30/27)<sup>(c)</sup> | 1055 | 876462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/30/30 (Call 03/30/30) | 258 | 199486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 12/15/24) | 290 | 278061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/30/23 (Call 09/30/23) | 430 | 424122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | 1439578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/25 (Call 06/15/25) | 655 | 638337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36) | 596 | 569818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 875 | 791822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) | 1811 | 1687798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/27/40 | 418 | 410271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/39 | 730 | 757163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37 | 563 | 602838 |
|  Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/27/30 (Call 02/27/30)<sup>(b)(c)</sup> | 380 | 305828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/23/29 (Call 06/23/29)<sup>(b)</sup> | 1235 | 1029051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/23/49 (Call 03/23/49)<sup>(b)</sup> | 455 | 310952 |
|  Avantor Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 540 | 455825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 1016 | 917763 |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/31 (Call 01/01/31) | 1025 | 746948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 (Call 01/01/27) | 1395 | 1199435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/28 (Call 10/01/28) | 1285 | 1056617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31) | 400 | 305900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 (Call 05/15/26) | 585 | 526248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 (Call 06/01/51) | 325 | 197899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 400 | 269644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 (Call 01/01/30) | 245 | 217665 |

---

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
|  Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30) | $1175 | $971337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 (Call 02/01/24) | 372 | 363987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/39 (Call 09/01/38) | 451 | 380946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/49 (Call 09/01/48) | 481 | 406339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/35 | 55 | 57619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/40 | 295 | 324291 |
|  Danaher Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 (Call 04/01/50) | 712 | 427371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51) | 790 | 492518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 63 | 60193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 317 | 261826 |
|  DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30) | 125 | 97693 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 (Call 10/15/24) | 760 | 717356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29 (Call 08/15/29) | 862 | 733407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39) | 725 | 540756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49) | 720 | 506002 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28) | 920 | 855499 |
|  Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)<sup>(b)</sup> | 220 | 227599 |
|  Hologic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 09/28/23)<sup>(b)</sup> | 590 | 501577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 246 | 229946 |
|  Koninklijke Philips NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | 565 | 464803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/11/38 | 285 | 289457 |
|  Medtronic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35 | 1058 | 969509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45 | 1140 | 1001764 |
|  Mozart Debt Merger Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 (Call 10/01/24)<sup>(b)</sup> | 2895 | 2364636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 1610 | 1254963 |
|  Olympus Corp., 2.14%, 12/08/26<br>(Call 11/08/26)<sup>(b)</sup> | 200 | 174112 |
|  PerkinElmer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/28 (Call 07/15/28) | 505 | 403343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/31 (Call 06/15/31) | 315 | 235277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/29 (Call 06/15/29) | 1080 | 909047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/51 (Call 09/15/50) | 260 | 169247 |
|  Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30) | 1100 | 810942 |
|  STERIS Irish FinCo UnLtd Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30) | 312 | 243095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/51 (Call 09/15/50) | 685 | 455772 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/01/23 (Call 11/14/22) | 250 | 238317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 (Call 05/15/25) | 355 | 319702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/30 (Call 03/15/30) | 902 | 708530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49) | 141 | 88143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 02/15/24) | 458 | 445991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25) | 946 | 901254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/07/28 (Call 12/07/27) | 473 | 439313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 524 | 400839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/44 (Call 11/15/43) | 262 | 209204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 (Call 09/15/45) | 570 | 478401 |
|  Teleflex Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 06/01/23)<sup>(b)</sup> | 310 | 280503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22) | 415 | 390880 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28 (Call 08/15/28) | $1070 | $891428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 (Call 07/15/31) | 725 | 568864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 (Call 07/01/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41) | 627 | 432248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47) | 175 | 142677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/44 (Call 08/01/43) | 145 | 137221 |
|  Varex Imaging Corp., 7.88%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 199 | 195062 |
|  Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31 (Call 08/24/31) | 750 | 581227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 (Call 12/15/25) | 645 | 598495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/01/25 (Call 01/01/25) | 35 | 33474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/45 (Call 02/15/45) | 400 | 302840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/30/39 | 370 | 339061 |
|  |  | 45319256 |
| **Health Care - Services — 1.0%** |  |  |
|  Acadia Healthcare Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 10/15/23)<sup>(b)</sup> | 320 | 288294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 310 | 287599 |
|  AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51) | 111 | 66280 |
|  Adventist Health System/West |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/29 (Call 12/01/28) | 164 | 138439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/49 (Call 09/01/48) | 344 | 243893 |
|  Advocate Health & Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 10/15/49 (Call 04/15/49) | 148 | 100532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 08/15/28 (Call 05/15/28) | 242 | 222807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/15/48 (Call 02/15/48) | 575 | 458839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.21%, 06/15/30 (Call 03/15/30) | 20 | 15900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.01%, 06/15/50 (Call 12/15/49) | 222 | 138388 |
|  Aetna Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 717 | 692902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/47 (Call 02/15/47) | 659 | 474164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/42 (Call 05/15/42) | 665 | 502587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/42 (Call 11/15/41) | 385 | 306472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/44 (Call 09/15/43) | 493 | 401913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36 | 515 | 519362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37 | 240 | 241507 |
|  AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 200 | 155008 |
|  AHS Hospital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/01/45 | 75 | 66923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.78%, 07/01/51 (Call 01/01/51) | 293 | 171346 |
|  Air Methods Corp., 8.00%, 05/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 275 | 140638 |
|  Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)<sup>(b)</sup>. | 225 | 161888 |
|  Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 320 | 259546 |
|  Allina Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/51 (Call 05/15/51)<sup>(c)</sup> | 105 | 63300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.89%, 04/15/49 | 491 | 366065 |
|  Anthem Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/32 (Call 02/15/32) | 430 | 386944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/15/52 (Call 11/15/51) | 425 | 347803 |
|  Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46 | 890 | 696576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/53 | 560 | 504442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.53%, 11/15/29 (Call 08/15/29) | 237 | 197532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.11%, 11/15/39 (Call 05/15/39) | 94 | 67555 |
|  Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/01/31 (Call 07/01/30) | 230 | 175557 |

---

S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/01/30 (Call 10/01/29) | $380 | $310604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/42 (Call 07/01/41) | 129 | 86727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/51 (Call 07/01/50) | 458 | 274072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.18%, 01/01/50 (Call 07/01/49) | 265 | 171407 |
|  Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50) | 55 | 36616 |
|  BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50) | 539 | 410319 |
|  Baylor Scott & White Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/15/46 (Call 05/15/46) | 545 | 416178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 11/15/45 (Call 05/15/45) | 226 | 178158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 1.78%, 11/15/30 (Call 05/15/30) | 25 | 18925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.84%, 11/15/50 (Call 11/15/49) | 728 | 436742 |
|  Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51) | 404 | 235908 |
|  BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49) | 360 | 244170 |
|  Bon Secours Mercy Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 06/01/30 (Call 12/01/29) | 788 | 688917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-2, 2.10%, 06/01/31 (Call 12/01/30) | 335 | 254580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-2, 3.21%, 06/01/50 (Call 12/01/49) | 50 | 31615 |
|  Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)<sup>(b)</sup> | 265 | 214332 |
|  Catalent Pharma Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 400 | 327484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 (Call 04/01/25)<sup>(b)</sup> | 340 | 274577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 420 | 395052 |
|  Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50) | 290 | 179765 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 1380 | 1135091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 1748 | 1335926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 1015 | 776110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 1845 | 1481387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 1175 | 975661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 1664 | 1535073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228596 |
|  Charles River Laboratories International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 290 | 250995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(b)</sup> | 300 | 252459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(b)(c)</sup> | 305 | 277446 |
|  Children's Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50) | 174 | 97393 |
|  Children's Hospital Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 4.12%, 01/01/47 (Call 07/01/46) | 90 | 71392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.59%, 02/01/50 (Call 08/01/49) | 135 | 77830 |
|  Children's Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44 | 240 | 198331 |
|  Children's Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) | 195 | 112973 |
|  Children's Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50) | 158 | 94416 |
|  CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28) | 441 | 407153 |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 725 | 486504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 (Call 05/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | 848496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(b)</sup> | 1140 | 908968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 635 | 473215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/30 (Call 04/01/25)<sup>(b)(c)</sup> | 1010 | 413555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/28 (Call 04/01/23)<sup>(b)(c)</sup> | 480 | 186490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 (Call 04/15/24)<sup>(b)(c)</sup> | 1060 | 436932 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | $1302 | $1122597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 414 | 334744 |
|  City of Hope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 5.62%, 11/15/43 | 175 | 162580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.38%, 08/15/48 (Call 02/15/48)<sup>(c)</sup> | 483 | 375808 |
|  Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 330 | 259783 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/01/25 (Call 07/01/25) | 588 | 522644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 (Call 07/01/24) | 911 | 865523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/01/30 (Call 04/01/30) | 368 | 285686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 (Call 04/01/29) | 332 | 278790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/01/49 (Call 04/01/49) | 550 | 376965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 (Call 04/01/50) | 405 | 271747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 637 | 450442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/01/42 | 773 | 600760 |
|  Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49) | 595 | 349741 |
|  Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49) | 364 | 240629 |
|  Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48) | 175 | 133522 |
|  DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 900 | 653049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(b)</sup> | 1906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486070 |
|  Dignity Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | 340 | 269175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/01/64 | 288 | 230345 |
|  Duke University Health System Inc., Series 2017, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/47 (Call 12/01/46) | 488 | 368264 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/32<sup>(h)</sup> | 500 | 498370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 (Call 02/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | 888149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 (Call 02/15/30) | 694 | 558038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 (Call 12/15/24) | 1391 | 1307512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 710 | 574553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 (Call 06/15/29) | 453 | 385086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 (Call 11/15/49) | 661 | 425869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 (Call 10/01/24) | 1379 | 1327660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 (Call 05/15/24) | 802 | 779327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 850 | 598791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 (Call 09/01/27) | 1274 | 1179087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 (Call 03/15/49) | 560 | 399330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 (Call 12/01/27) | 915 | 859267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 (Call 06/01/47) | 976 | 786676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 (Call 09/01/47) | 787 | 650747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 655 | 555158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43 | 360 | 304139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 (Call 02/15/44) | 570 | 473773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 295 | 261063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/25 | 370 | 370189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/34 | 28 | 27799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 | 100 | 101994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/37 | 135 | 138011 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 (Call 02/01/23) | 504 | 450652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 (Call 04/01/26) | 285 | 235108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 02/01/25) | 410 | 349427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/25 (Call 12/01/22) | 210 | 208914 |
|  Envision Healthcare Corp., 8.75%, 10/15/26<sup>(b)</sup> | 100 | 30506 |

---

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49) | $93 | $65566 |
|  Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51) | 114 | 98580 |
|  Fresenius Medical Care U.S. Finance II Inc., 4.75%, 10/15/24 (Call 07/17/24)<sup>(b)</sup> | 40 | 39082 |
|  Fresenius Medical Care U.S. Finance III Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/01/26 (Call 11/01/26)<sup>(b)</sup> | 320 | 261677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/16/31 (Call 11/16/30)<sup>(b)(c)</sup> | 770 | 536544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/31 (Call 09/01/31)<sup>(b)</sup> | 885 | 633952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 03/15/29)<sup>(b)</sup> | 415 | 337080 |
|  Global Medical Response Inc., 6.50%, 10/01/25 (Call 11/03/22)<sup>(b)</sup> | 400 | 309376 |
|  Hackensack Meridian Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 07/01/48 (Call 01/01/48) | 318 | 246008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/57 (Call 01/01/57) | 365 | 296125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 09/01/41 (Call 03/01/41) | 305 | 194922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.88%, 09/01/50 (Call 03/01/50) | 302 | 179225 |
|  Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | 157 | 142757 |
|  Hartford HealthCare Corp., 3.45%, 07/01/54 | 435 | 292794 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 (Call 04/15/31) | 1205 | 898677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 180 | 159413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 01/15/29)<sup>(b)</sup> | 125 | 105969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 (Call 03/01/30) | 1944 | 1608330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51) | 585 | 362881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 1055 | 856723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 03/15/29) | 1479 | 1305144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 455 | 341564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 1578 | 1477923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 610 | 448460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | 1146139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 1057 | 878684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25 | 850 | 835975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25) | 1246 | 1208495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48) | 1042 | 842134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | 1736 | 1714838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26) | 1210 | 1174341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 (Call 12/15/46) | 1032 | 864279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 (Call 03/01/28) | 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25) | 1795 | 1779725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 08/01/28) | 655 | 639830 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/25 (Call 05/01/25)<sup>(b)</sup> | 205 | 185215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/30 (Call 03/01/30)<sup>(b)</sup> | 476 | 372194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/50 (Call 12/01/49)<sup>(b)</sup> | 465 | 296963 |
|  Highmark Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/10/26 (Call 04/10/26)<sup>(b)</sup> | 885 | 766773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/10/31 (Call 02/10/31)<sup>(b)</sup> | 753 | 587513 |
|  Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52) | 393 | 287314 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) | 1062 | 890179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 (Call 11/03/31)<sup>(c)</sup> | 440 | 331056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/29 (Call 05/15/29) | 248 | 212030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29) | 725 | 645315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 (Call 07/01/24) | 1000 | 974650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 (Call 12/15/26) | 931 | 871807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/49 (Call 02/15/49) | 245 | 181518 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 03/01/25) | $778 | $762417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/42 (Call 06/01/42) | 390 | 319781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/47 (Call 09/15/46) | 412 | 343810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/30 (Call 01/01/30) | 500 | 475195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 (Call 04/01/44) | 342 | 292273 |
|  IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47) | 170 | 135012 |
|  Indiana University Health Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/48 (Call 05/01/48) | 720 | 546775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.85%, 11/01/51 (Call 05/01/51) | 25 | 14835 |
|  Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51) | 300 | 227877 |
|  Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50) | 440 | 291966 |
|  Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)<sup>(c)</sup> | 350 | 244766 |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(b)</sup> | 640 | 611821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 665 | 633313 |
|  Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 201 | 150971 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 02/01/27) | 160 | 146584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 (Call 11/01/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/42 | 681 | 613227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 612 | 404685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40) | 707 | 473824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50) | 844 | 520782 |
|  Laboratory Corp. of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/01/26 (Call 05/01/26) | 230 | 199603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/24 (Call 11/01/24) | 735 | 689900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/31 (Call 03/01/31) | 250 | 199260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/29 (Call 09/01/29)<sup>(c)</sup> | 831 | 694741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 (Call 07/01/24) | 978 | 941609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 (Call 11/01/24) | 467 | 447811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27) | 443 | 407790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/23 (Call 08/01/23) | 30 | 29631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/45 (Call 08/01/44) | 708 | 575597 |
|  Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 495 | 390827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 610 | 540198 |
|  Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)<sup>(b)(c)</sup> | 385 | 244698 |
|  Mass General Brigham Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 4.12%, 07/01/55 | 40 | 30443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.77%, 07/01/48 (Call 01/01/48) | 316 | 230841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.19%, 07/01/49 (Call 01/01/49) | 510 | 336967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.34%, 07/01/60 (Call 01/01/60) | 688 | 424565 |
|  Mayo Clinic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/43 | 330 | 247335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.00%, 11/15/47 | 150 | 116823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016, 4.13%, 11/15/52 | 290 | 232534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/61 (Call 05/15/61) | 529 | 324679 |
|  McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47) | 230 | 180292 |
|  MedStar Health Inc., Series 20A, 3.63%, 08/15/49 | 365 | 240896 |
|  Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49) | 404 | 277677 |
|  Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/52 | 322 | 247953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 330 | 301561 |

---

S C H E D U L E O F I N V E S T M E N T S 75

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 4.20%, 07/01/55 | $481 | $369552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.96%, 01/01/50 (Call 07/01/49) | 80 | 49470 |
|  Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28) | 201 | 188180 |
|  Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) | 373 | 213625 |
|  MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49) | 395 | 252788 |
|  ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 370 | 317286 |
|  ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 345 | 329599 |
|  Molina Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 (Call 08/17/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | 415747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(b)</sup> | 457 | 380768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 565 | 507856 |
|  Montefiore Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/01/50 | 332 | 190525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 18-C, 5.25%, 11/01/48 | 297 | 205304 |
|  Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52 | 95 | 67212 |
|  Mount Sinai Hospitals Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.98%, 07/01/48 | 313 | 231911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.74%, 07/01/49 (Call 01/01/49) | 605 | 420372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.39%, 07/01/50 (Call 07/01/49) | 338 | 211324 |
|  MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50) | 215 | 119192 |
|  Nationwide Children's Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52) | 153 | 127460 |
|  New York and Presbyterian Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/40 (Call 02/01/40) | 30 | 18811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 08/01/60 (Call 02/01/60) | 323 | 169714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/45 | 475 | 372167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/01/56 | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.95%, 08/01/2119 (Call 02/01/19) | 377 | 240002 |
|  Northwell Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/01/49 (Call 11/01/48) | 240 | 162526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/01/46 (Call 11/01/45) | 583 | 415976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/47 (Call 11/01/46) | 715 | 529586 |
|  Novant Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 11/01/36 (Call 08/01/36) | 80 | 55665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/01/51 (Call 05/01/51) | 467 | 297358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/01/61 (Call 05/01/61) | 254 | 154028 |
|  NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)<sup>(c)</sup> | 330 | 187146 |
|  NYU Langone Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 07/01/47 (Call 01/01/47) | 520 | 407696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.38%, 07/01/55 (Call 01/01/55) | 25 | 15718 |
|  OhioHealth Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/41 (Call 05/15/41) | 224 | 147336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/50 (Call 05/15/50) | 325 | 211273 |
|  Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 10/01/50 (Call 04/01/50) | 380 | 253950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 10/01/48 (Call 04/01/48) | 360 | 270968 |
|  PeaceHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.79%, 11/15/48 (Call 05/15/48) | 458 | 365539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.38%, 11/15/25 (Call 08/15/25) | 213 | 187906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.22%, 11/15/50 (Call 05/15/50) | 183 | 112446 |
|  Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)<sup>(b)(c)</sup> | 235 | 202861 |
|  Piedmont Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 01/01/32 (Call 07/01/31) | 160 | 118614 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/52 (Call 07/01/51) | $66 | $38207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/42 (Call 07/01/41) | 183 | 116584 |
|  Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52) | 218 | 189878 |
|  Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 640 | 558189 |
|  Providence St Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 19A, 2.53%, 10/01/29 (Call 07/01/29) | 96 | 78423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.93%, 10/01/48 (Call 04/01/48) | 275 | 194458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 2.75%, 10/01/26 (Call 07/01/26) | 25 | 22803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.74%, 10/01/47 | 655 | 466111 |
|  Queen's Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52) | 176 | 153504 |
|  Quest Diagnostics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/30/31 (Call 03/30/31) | 540 | 433301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/30/30 (Call 03/30/30) | 490 | 409518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26) | 842 | 790065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 (Call 12/30/24) | 196 | 187909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/30/29 (Call 03/30/29) | 570 | 524736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 115 | 113419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/30/45 (Call 09/30/44) | 300 | 237468 |
|  Quorum Health Corp., 11.63%, 04/15/23<sup>(i)(j)</sup> | 50 |  |
|  Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)<sup>(b)(c)</sup> | 495 | 263523 |
|  Rady Children's Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50) | 200 | 127966 |
|  Rede D'or Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/22/30 (Call 10/22/29)<sup>(d)</sup> | 100 | 82444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/17/28 (Call 10/17/27)<sup>(d)</sup> | 800 | 712760 |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(b)</sup> | 810 | 646947 |
|  Roche Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/08/24<sup>(b)</sup> | 300 | 288408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 12/13/28 (Call 10/13/28)<sup>(b)</sup> | 505 | 423311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 12/13/31 (Call 09/13/31)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | 871288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/25 (Call 02/10/25)<sup>(b)</sup> | 300 | 281895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 03/10/27 (Call 02/10/27)<sup>(b)</sup> | 760 | 678771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/27 (Call 10/28/26)<sup>(b)</sup> | 455 | 408235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 12/13/51 (Call 06/13/51)<sup>(b)(c)</sup> | 950 | 591879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/26 (Call 02/15/26)<sup>(b)</sup> | 685 | 633707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/10/25 (Call 08/10/25)<sup>(b)</sup> | 399 | 378033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/17/28 (Call 06/17/28)<sup>(b)</sup> | 364 | 337421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/28/44 (Call 05/28/44)<sup>(b)</sup> | 65 | 52960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/39<sup>(b)</sup> | 515 | 596638 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)<sup>(b)</sup> | 510 | 383709 |
|  Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29) | 420 | 374800 |
|  RWJ Barnabas Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 07/01/49 (Call 01/01/49) | 198 | 135040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/46 (Call 07/01/45) | 353 | 268915 |
|  Seattle Children's Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)<sup>(c)</sup> | 100 | 58490 |
|  Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/22)<sup>(b)(c)</sup> | 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920678 |
|  Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51) | 100 | 59840 |
|  Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49) | 335 | 191087 |
|  SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27) | 310 | 289441 |
|  Stanford Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 08/15/51 (Call 02/15/51) | 260 | 164744 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | $703 | $524846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.31%, 08/15/30 (Call 05/15/30) | 28 | 23985 |
|  Summa Health, 3.51%, 11/15/51 (Call 05/15/51) | 331 | 203284 |
|  Surgery Center Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25 (Call 12/01/22)<sup>(b)</sup> | 190 | 179124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 468 | 454512 |
|  Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.70%, 08/15/28 (Call 05/15/28) | 218 | 195805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.09%, 08/15/48 (Call 02/15/48) | 489 | 353488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 1.32%, 08/15/25 (Call 05/15/25) | 463 | 416144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.29%, 08/15/30 (Call 02/15/30) | 234 | 184097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.16%, 08/15/40 (Call 02/15/40) | 310 | 209235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.36%, 08/15/50 (Call 02/15/50) | 484 | 310404 |
|  Syneos Health Inc., 3.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> . | 460 | 379321 |
|  Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)<sup>(b)(c)</sup> | 425 | 322350 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 970 | 817196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 (Call 12/01/24)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 840600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22) | 484 | 471760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(b)</sup> | 490 | 477196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 485 | 427460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(b)</sup> | 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 945 | 866111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(b)(c)</sup> | 1670 | 1447923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 (Call 06/15/25)<sup>(b)</sup> | 1285 | 1194857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(b)</sup> | 865 | 831057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/31<sup>(c)</sup> | 472 | 401596 |
|  Texas Health Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 11/15/50 (Call 05/15/50) | 439 | 232955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 11/15/55 | 225 | 179170 |
|  Toledo Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/38 (Call 11/15/28) | 164 | 143749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/15/48 | 443 | 293536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.33%, 11/15/28 | 167 | 109109 |
|  Tower Health, Series 2020, 4.45%, 02/01/50 (Call 08/01/49) | 120 | 60701 |
|  Trinity Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/45 | 483 | 380768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.43%, 12/01/48 | 362 | 261636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.63%, 12/01/40 (Call 06/01/40) | 97 | 62700 |
|  U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)<sup>(b)</sup> | 425 | 384816 |
|  UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52) | 90 | 77393 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27) | 275 | 260156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26)<sup>(c)</sup> | 950 | 837919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26 | 558 | 495978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 980 | 786646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 989 | 792664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 740 | 707877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 535 | 367026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 649 | 562897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49) | 545 | 348348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 | 575 | 520542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | 935 | 662317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 1370 | 1289033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59) | 557 | 345062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 901 | 611356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 | 745 | 695368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | $575 | $540046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24 | 939 | 923629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 780 | 599750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/25 | 501 | 482473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49) | 695 | 513814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 | 1041 | 1010780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 553 | 415729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28 | 895 | 833191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28 | 825 | 767448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59) | 647 | 471689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 (Call 04/15/42) | 371 | 292552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 900 | 837027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32) | 955 | 880596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 812 | 658776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 456 | 377595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/47 (Call 10/15/46) | 764 | 622866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47) | 564 | 458058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41) | 535 | 450342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48) | 357 | 297617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 905 | 829822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/41 (Call 05/15/41) | 198 | 171531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | 904 | 792058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | 1250 | 1093925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61) | 800 | 705288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | 400 | 400148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25 | 190 | 190405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 295 | 295711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 | 400 | 400020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 | 500 | 501850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/40 (Call 04/15/40) | 10 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36 | 733 | 740858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 880 | 899219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/41 (Call 08/15/40) | 385 | 385300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 | 640 | 658496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/37 | 695 | 744282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37 | 556 | 602137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 | 762 | 835426 |
|  Universal Health Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/01/26 (Call 08/01/26)<sup>(b)</sup> | 980 | 823582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/30 (Call 07/15/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 | 768019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31)<sup>(b)</sup> | 220 | 157069 |
|  US Renal Care Inc., 10.63%, 07/15/27<sup>(b)</sup> | 333 | 132880 |
|  WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52) | 94 | 59338 |
|  West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49) | 20 | 12015 |
|  Willis-Knighton Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.81%, 09/01/48 (Call 03/01/48) | 694 | 578352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.07%, 03/01/51 (Call 09/01/50) | 380 | 223588 |
|  Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49) | 109 | 58947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173727661 |
| **Holding Companies - Diversified — 0.4%** |  |  |
|  Alfa SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/25/24 (Call 12/25/23)<sup>(d)</sup> | 400 | 396828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/25/44 (Call 09/25/43)<sup>(d)</sup> | 200 | 175882 |
|  Amipeace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/22/25<sup>(d)</sup> | 600 | 539208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/09/26<sup>(d)</sup> | 600 | 532470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/22/30<sup>(d)</sup> | 1200 | 962676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/05/24<sup>(d)</sup> | 600 | 570750 |

---

S C H E D U L E O F I N V E S T M E N T S 77

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | $967 | $799438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 (Call 05/15/27) | 555 | 456915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 (Call 04/15/28) | 913 | 715710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/31 (Call 08/15/31) | 465 | 325495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 (Call 06/15/25) | 1049 | 946502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 437 | 392251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 (Call 05/10/24) | 721 | 693386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 (Call 01/01/25) | 731 | 685196 |
|  Bain Capital Specialty Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/13/26 (Call 09/13/26) | 150 | 121601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 (Call 02/10/26) | 327 | 276717 |
|  Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)<sup>(b)</sup> | 110 | 90948 |
|  Beijing State-Owned Assets Management Hong Kong Co. Ltd., 4.13%, 05/26/25<sup>(d)</sup> | 1000 | 962040 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/24 | 745 | 680654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 865 | 715035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 (Call 11/15/24) | 213 | 195611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27) | 805 | 667941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/29 (Call 11/15/28) | 550 | 448734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25<sup>(c)</sup> | 650 | 624695 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 (Call 01/15/27) | 795 | 639570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 (Call 08/19/26) | 375 | 321855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/28 (Call 07/30/28) | 435 | 332283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 (Call 12/15/25) | 653 | 588941 |
|  Bright Galaxy International Ltd., 3.25%, 07/15/26<sup>(d)</sup> | 200 | 146122 |
|  Ccthk 2021 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/19/25<sup>(d)</sup> | 200 | 183986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/27<sup>(d)</sup> | 200 | 177930 |
|  CITIC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/25/25<sup>(d)</sup> | 600 | 561018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/25/30<sup>(d)</sup> | 800 | 660680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/17/27 (Call 01/17/27)<sup>(d)</sup> | 200 | 180584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/17/32 (Call 11/17/31)<sup>(d)</sup> | 200 | 166122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/14/26<sup>(d)</sup> | 200 | 189638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/28/27<sup>(d)</sup> | 400 | 376412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/11/28<sup>(d)</sup> | 400 | 370932 |
|  CK Hutchison International 16 Ltd., 2.75%, 10/03/26<sup>(b)</sup> | .200 | 182512 |
|  CK Hutchison International 17 II Ltd., 3.25%, 09/29/27<sup>(b)</sup> | 278 | 253152 |
|  CK Hutchison International 17 Ltd., 3.50%, 04/05/27<sup>(b)</sup> | .200 | 185634 |
|  CK Hutchison International 19 II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/06/29 (Call 06/06/29)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/06/49 (Call 03/06/49)<sup>(b)</sup> | 325 | 217428 |
|  CK Hutchison International 19 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/11/24 (Call 03/11/24)<sup>(b)</sup> | 681 | 662429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/11/29 (Call 01/11/29)<sup>(b)(c)</sup> | 817 | 732988 |
|  CK Hutchison International 21 Ltd., 1.50%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 200 | 176830 |
|  CNCBINV 1 BVI Ltd., 1.75%, 11/17/24<sup>(d)</sup> | 400 | 369088 |
|  Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/32 (Call 01/15/27)<sup>(b)</sup> | 215 | 156150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 580 | 498429 |
|  Dua Capital Ltd., 2.78%, 05/11/31<br>(Call 11/11/30)<sup>(d)</sup> | 400 | 301920 |
|  Fairfax India Holdings Corp., 5.00%, 02/26/28 (Call 12/26/27)<sup>(d)</sup> | 250 | 223220 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/12/24 | 655 | 593928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) | 700 | 563780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 (Call 08/12/28) | $325 | $249343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 06/15/27) | 215 | 176270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 405 | 356513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/25 (Call 01/01/25) | 419 | 392004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/14/25 (Call 01/14/25)<sup>(b)</sup> | 80 | 74434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 06/15/24) | 230 | 221186 |
|  Fund of National Welfare Samruk-Kazyna JSC, 2.00%, 10/28/26 (Call 07/28/26)<sup>(d)</sup> | 400 | 332688 |
|  Goldman Sachs BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 865 | 782349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/10/25 (Call 01/10/25)<sup>(c)</sup> | 350 | 335650 |
|  Golub Capital BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/27 (Call 01/15/27) | 900 | 719973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 (Call 07/24/26) | 235 | 195508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 (Call 03/15/24) | 239 | 227416 |
|  Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26<sup>(d)</sup> | 600 | 548268 |
|  Guohui International Bvi Co. Ltd., 3.15%, 08/27/25<sup>(d)</sup> | 400 | 364680 |
|  Hainan State Farms International HK Co. Ltd., 3.00%, 02/03/24<sup>(d)</sup> | 400 | 376968 |
|  Huarong Finance 2017 Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/07/27<sup>(d)</sup> | 430 | 293406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/27<sup>(d)</sup> | 400 | 288476 |
|  Huarong Finance 2019 Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/13/24 (Call 10/13/24)<sup>(d)</sup> | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/24/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 731328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/30 (Call 06/30/30)<sup>(d)</sup> | 400 | 243012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/29/24<sup>(d)</sup> | 600 | 527352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/29 (Call 08/13/29)<sup>(d)</sup> | 400 | 245864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/29/29<sup>(d)</sup> | 700 | 469518 |
|  Huarong Finance II Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/03/26<sup>(d)</sup> | 400 | 301420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/22/26<sup>(d)</sup> | 400 | 298348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/19/25<sup>(d)</sup> | 400 | 320072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/16/25<sup>(d)</sup> | 800 | 679112 |
|  Huatong International Investment Holdings Co. Ltd., 2.98%, 03/04/24<sup>(d)</sup> | 400 | 371288 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 08/01/28) | 486 | 407875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 730 | 704800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 960 | 883843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 855 | 821116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 486 | 471804 |
|  ICD Funding Ltd., 3.22%, 04/28/26 (Call 03/28/26)<sup>(d)</sup> | 400 | 360688 |
|  JAB Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/23/30 (Call 08/23/30)<sup>(b)</sup> | 280 | 204338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/28/51 (Call 11/28/50)<sup>(b)</sup> | 460 | 249164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/08/52 (Call 10/08/51)<sup>(b)</sup> | 390 | 241441 |
|  KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)<sup>(d)</sup> | 600 | 570276 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/14/26 (Call 06/14/26) | 855 | 723450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/01/24 | 500 | 486800 |
|  MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/07/24 (Call 10/07/24)<sup>(d)</sup> | 600 | 568626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/21/26 (Call 04/21/26)<sup>(d)</sup> | 600 | 548412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/31 (Call 03/03/31)<sup>(d)</sup> | 600 | 477546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/07/29 (Call 08/07/29)<sup>(d)</sup> | 650 | 560059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/21/30 (Call 02/21/30)<sup>(d)</sup> | 800 | 672432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/28/27 (Call 02/28/27)<sup>(d)</sup> | 200 | 183984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/28/32 (Call 12/28/31)<sup>(d)</sup> | 800 | 674616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/07/51 (Call 12/07/50)<sup>(d)</sup> | 600 | 424980 |

---

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/07/49 (Call 05/07/49)<sup>(d)</sup> | $1400 | $1029658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/19/29<sup>(d)</sup> | 600 | 550746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/21/50 (Call 11/21/49)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/41<sup>(b)</sup> | 200 | 219986 |
|  MDGH-GMTN BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/19/24<sup>(d)</sup> | 600 | 580800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/07/28<sup>(d)</sup> | 600 | 580884 |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27) | 5 | 4486 |
|  Mumtalakat Sukuk Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/21/27<sup>(d)</sup> | 600 | 568740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/27/24<sup>(d)</sup> | 200 | 198804 |
|  Oaktree Specialty Lending Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/27 (Call 12/15/26) | 635 | 527196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/25 (Call 01/25/25) | 547 | 509213 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) | 215 | 171998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/11/28 (Call 04/11/28) | 510 | 384606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26) | 837 | 713057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 (Call 06/22/25) | 630 | 575694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 (Call 02/28/25) | 329 | 305200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 (Call 12/15/25) | 570 | 516266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24 (Call 03/15/24) | 379 | 372061 |
|  Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27) | 290 | 233233 |
|  OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 (Call 08/23/26) | 55 | 45986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/27 (Call 01/08/27) | 81 | 70775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27 (Call 08/16/27)<sup>(b)</sup> | 50 | 48767 |
|  Owl Rock Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 (Call 12/15/26) | 640 | 513299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/25 (Call 11/15/25)<sup>(b)</sup> | 764 | 682749 |
|  Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 (Call 10/15/26) | 360 | 292090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/28 (Call 08/15/28) | 310 | 227466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 (Call 12/22/25) | 565 | 485640 |
|  PTT Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/16/70 (Call 01/16/70)<sup>(c)(d)</sup> | 400 | 231584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/25/42<sup>(d)</sup> | 200 | 153538 |
|  Rongshi International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/05/25 (Call 10/05/25)<sup>(d)</sup> | 200 | 178984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/22/26 (Call 10/22/26)<sup>(d)</sup> | 600 | 531672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/21/24<sup>(d)</sup> | 200 | 194324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(d)</sup> | 400 | 376264 |
|  Senaat Sukuk Ltd., 4.76%, 12/05/25<sup>(d)</sup> | 200 | 195106 |
|  Sixth Street Specialty Lending Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/26 (Call 07/01/26) | 210 | 177263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/24 (Call 10/01/24) | 105 | 99664 |
|  Stena AB, 7.00%, 02/01/24<sup>(b)(c)</sup> | 225 | 212155 |
|  Stena International SA, 6.13%, 02/01/25 (Call 11/11/22)<sup>(b)</sup> | 735 | 689967 |
|  Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)<sup>(d)</sup> | 400 | 335384 |
|  Swire Pacific MTN Financing Ltd., 3.00%, 07/05/24<sup>(d)</sup> | 600 | 578982 |
|  Temasek Financial I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/06/30 (Call 07/06/30)<sup>(b)</sup> | 500 | 376550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/02/31 (Call 05/02/31)<sup>(b)</sup> | 1000 | 778590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/51 (Call 10/06/50)<sup>(b)(c)</sup> | 600 | 355032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/02/41 (Call 02/02/41)<sup>(b)(c)</sup> | 500 | 341945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/06/70 (Call 04/06/70)<sup>(b)</sup> | 750 | 409095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/02/61 (Call 02/02/61)<sup>(b)</sup> | 600 | 369828 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/23/42<sup>(b)</sup> | $250 | $199293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/01/28 (Call 05/01/28)<sup>(b)(c)</sup> | 850 | 802791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/23/39<sup>(b)</sup> | 250 | 260437 |
|  Xi Yang Overseas Ltd., 4.30%, 06/05/24<sup>(d)</sup> | 200 | 194166 |
|  Yieldking Investment Ltd., 2.80%, 08/18/26<sup>(d)</sup> | 600 | 536232 |
|  Zhongyuan Sincere Investment Co. Ltd., 4.25%, 06/28/24<sup>(d)</sup> | 200 | 190772 |
|  Zhongyuan Zhicheng Co. Ltd., 3.20%, 07/06/26<sup>(d)</sup> | 400 | 353484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65605198 |
| **Home Builders — 0.1%** |  |  |
|  Adams Homes Inc., 7.50%, 02/15/25<sup>(b)</sup> | 120 | 97032 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 220 | 165216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 (Call 04/01/25)<sup>(b)</sup> | 295 | 218981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 150 | 128252 |
|  Beazer Homes USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 11/16/22) | 235 | 197313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/25<sup>(c)</sup> | 153 | 142279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29 (Call 10/15/24) | 220 | 182057 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 340 | 260899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 225 | 171772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 412 | 359676 |
|  Century Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(b)</sup> | 300 | 236400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 310 | 296143 |
|  DR Horton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26 (Call 09/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | 885948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 10/15/27 (Call 08/15/27) | 205 | 164908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 (Call 09/15/24) | 415 | 391237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 (Call 09/15/25) | 401 | 367091 |
|  Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)<sup>(b)</sup> | 350 | 303373 |
|  Forestar Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 235 | 201931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 (Call 03/01/23)<sup>(b)(c)</sup> | 170 | 140889 |
|  Installed Building Products Inc., 5.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 330 | 292245 |
|  K Hovnanian Enterprises Inc., 10.50%, 02/15/26 (Call 12/01/22)<sup>(b)(c)</sup> | 10 | 9669 |
|  KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/31 (Call 12/15/30) | 230 | 174294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/29 (Call 05/15/29) | 180 | 147458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/27 (Call 12/15/26) | 310 | 299931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/30 (Call 07/15/25) | 200 | 184824 |
|  Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 (Call 01/31/24) | 422 | 415210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 (Call 02/28/25) | 465 | 451650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27 (Call 05/29/27) | 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/23 (Call 09/15/23) | 180 | 178601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (Call 12/15/26) | 440 | 413767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/25) | 290 | 281871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 (Call 05/15/24) | 290 | 290339 |
|  LGI Homes Inc., 4.00%, 07/15/29<br>(Call 01/15/29)<sup>(b)</sup> | 180 | 137837 |
|  M/I Homes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/30 (Call 08/15/29) | 255 | 193795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/28 (Call 02/01/23) | 390 | 334788 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 320 | 252832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 360 | 307919 |

---

S C H E D U L E O F I N V E S T M E N T S 79

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Home Builders (continued)** |  |  |
|  MDC Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/31 (Call 07/15/30) | $451 | $308200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/30 (Call 07/15/29) | 385 | 296950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/61 (Call 02/06/61) | 245 | 122841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/43 (Call 10/15/42) | 485 | 369124 |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 (Call 10/15/28)<sup>(b)</sup> | 205 | 166185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/27 (Call 12/06/26) | 335 | 301748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 213 | 208103 |
|  New Home Co. Inc. (The), 7.25%, 10/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 185 | 144907 |
|  NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) | 140 | 113554 |
|  PulteGroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 (Call 10/15/26) | 414 | 398189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 (Call 12/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | 636688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/35 | 303 | 268967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/33 | 345 | 321388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/32 | 188 | 197426 |
|  Shea Homes LP/Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 297 | 250460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 225 | 183337 |
|  STL Holding Co. LLC, 7.50%, 02/15/26 (Call 02/15/23)<sup>(b)(c)</sup> | 130 | 113218 |
|  Taylor Morrison Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 (Call 02/01/30)<sup>(b)</sup> | 330 | 274359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(b)</sup> | 245 | 224721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(b)</sup> | 315 | 296213 |
|  Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)<sup>(b)</sup> | 205 | 202448 |
|  Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)<sup>(b)</sup>  | 315 | 254684 |
|  Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/29 (Call 08/01/29) | 230 | 186231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/28 (Call 11/15/27) | 345 | 300709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/25 (Call 08/15/25)<sup>(c)</sup> | 409 | 388579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26) | 260 | 239707 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 267 | 263222 |
|  Tri Pointe Homes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 12/01/26) | 183 | 158641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/28 (Call 12/15/27) | 205 | 177807 |
|  Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 220 | 205553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18013837 |
| **Home Furnishings — 0.0%** |  |  |
|  Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25) | 60 | 58189 |
|  Leggett & Platt Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 (Call 08/15/27) | 343 | 306477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/51 (Call 05/15/51) | 530 | 346244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/24 (Call 08/15/24) | 20 | 19311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/29 (Call 12/15/28) | 401 | 366550 |
|  Midea Investment Development Co. Ltd., 2.88%, 02/24/27 (Call 01/24/27)<sup>(d)</sup> | 400 | 357360 |
|  Panasonic Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/19/24 (Call 06/19/24)<sup>(b)</sup> | 245 | 233333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 07/19/29 (Call 04/19/29)<sup>(b)</sup> | 365 | 311517 |
|  TCL Technology Investment, 1.88%, 07/14/25<sup>(d)</sup> | 200 | 179230 |
|  Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 (Call 10/15/26)<sup>(b)</sup> | 475 | 357613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 570 | 459762 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Home Furnishings (continued)** |  |  |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31) | $415 | $312943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/25 | 420 | 404506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24 | 85 | 83524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 (Call 12/01/45) | 435 | 315332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 (Call 11/15/49)<sup>(c)</sup> | 495 | 357712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/32 (Call 02/14/32)<sup>(c)</sup> | 195 | 175030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 (Call 11/26/28)<sup>(c)</sup> | 683 | 636426 |
|  |  | 5281059 |
| **Household Products & Wares — 0.1%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)<sup>(b)(c)</sup> | 310 | 246242 |
|  Avery Dennison Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/32 (Call 11/15/31) | 500 | 368205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/30/30 (Call 02/01/30) | 405 | 320971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/06/28 (Call 09/06/28) | 855 | 813105 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 (Call 10/15/25) | 382 | 316605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31 (Call 04/30/26)<sup>(b)</sup> | 222 | 185725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 (Call 01/01/23) | 225 | 206460 |
|  Church & Dwight Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/15/31 (Call 09/15/31) | 315 | 245048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/27 (Call 05/01/27) | 425 | 388059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | 324 | 239770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 485 | 422120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/32 | 270 | 269501 |
|  Clorox Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 05/15/30 (Call 02/15/30) | 88 | 67598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/01/27 (Call 07/01/27) | 849 | 768990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/28 (Call 02/15/28) | 260 | 242624 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 (Call 07/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | 843279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/02/31 (Call 08/02/31) | 710 | 554545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/26 | 422 | 394089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/50 (Call 08/07/49)<sup>(c)</sup> | 473 | 304186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/15/25 | 560 | 533730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/30 (Call 12/26/29) | 593 | 519213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/29 (Call 01/25/29) | 718 | 640987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/30/46 (Call 01/30/46) | 435 | 296292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/04/47 (Call 11/04/46) | 430 | 327350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/28 (Call 08/01/28) | 392 | 369068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/41 | 85 | 80700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/37 | 372 | 407303 |
|  Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/31 (Call 04/01/31)<sup>(d)</sup> | 400 | 317536 |
|  Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 (Call 06/30/23)<sup>(b)</sup> | 386 | 349878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/27 (Call 12/31/23)<sup>(b)(c)</sup> | 315 | 265586 |
|  Reckitt Benckiser Treasury Services PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/26/24 (Call 04/26/24)<sup>(b)</sup> | 1776 | 1701053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/26/27 (Call 03/26/27)<sup>(b)</sup> | 668 | 606083 |
|  SC Johnson & Son Inc., 4.75%, 10/15/46<sup>(b)</sup> | 685 | 575729 |
|  Spectrum Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(b)(c)</sup> | 275 | 202714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 270 | 220558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 250 | 202475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22) | 226 | 222929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15036306 |

---

80 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Housewares — 0.0%** |  |  |
|  American Greetings Corp., 8.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | $25 | $23923 |
|  CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 420 | 398979 |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/24 (Call 09/01/24) | 240 | 232877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;1395 | 1297420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25) | 310 | 299091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/36 (Call 10/01/35) | 245 | 203678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/46 (Call 10/01/45) | 447 | 343734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27) | 305 | 298650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29) | 300 | 293175 |
|  Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 (Call 04/01/26)<sup>(c)</sup> | 310 | 237410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 (Call 08/01/26) | 270 | 205124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (Call 10/15/24)<sup>(c)</sup> | 260 | 210829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/26 (Call 11/16/22)<sup>(c)</sup> | 395 | 367382 |
|  SWF Escrow Issuer Corp., 6.50%, 10/01/29 (Call 10/01/24)<sup>(b)(c)</sup> | 375 | 215490 |
|  Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)<sup>(d)</sup> | 400 | 370516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998278 |
| **Insurance — 1.3%** |  |  |
|  ACE Capital Trust II, Series N, 9.70%, 04/01/30 | 258 | 321594 |
|  Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 475 | 388141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 305 | 252467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 615 | 583032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(b)</sup> | 220 | 219613 |
|  Aegon NV, 5.50%, 04/11/48 (Call 04/11/28), (6 mo. LIBOR US + 3.540%)<sup>(a)</sup> | 235 | 215697 |
|  Aflac Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 07/15/26) | 332 | 306054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/30 (Call 01/01/30) | 570 | 506451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/46 (Call 04/15/46) | 162 | 120057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/49 (Call 07/15/48) | 440 | 363928 |
|  AIA Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, (Call 04/07/26)<sup>(a)(d)(e)</sup> | 400 | 310260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/40 (Call 03/16/40)<sup>(b)</sup> | 2190 | 1429544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/07/30 (Call 01/07/30)<sup>(b)(c)</sup> | 946 | 804355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/09/29 (Call 01/09/29)<sup>(b)</sup> | 707 | 624175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/06/28 (Call 01/06/28)<sup>(b)(c)</sup> | 868 | 785540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/16/46 (Call 09/16/45)<sup>(b)</sup> | 270 | 213678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/25/27 | 750 | 739080 |
|  AIG SunAmerica Global Financing X, 6.90%, 03/15/32<sup>(b)</sup> | 326 | 337452 |
|  Alleghany Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/51 (Call 02/15/51) | 410 | 265594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | 35 | 31079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/44 (Call 03/15/44) | 100 | 85887 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 475 | 429215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 279 | 236935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 1005 | 918560 |
|  Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25) | 219 | 208387 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 (Call 11/15/25) | 355 | 308044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 12/15/30 (Call 09/15/30) | 655 | 481346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/15/26 (Call 09/15/26) | 416 | 386947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 (Call 02/10/49) | $465 | $337613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 (Call 06/15/46) | 548 | 428492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43 | 533 | 439960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/33 | 88 | 85050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/09/35 | 192 | 188488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/36 | 50 | 50469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)<sup>(a)</sup> | 109 | 105504 |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27) | 351 | 328704 |
|  American Financial Group Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 574 | 433554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/02/30 (Call 01/02/30) | 175 | 165650 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 (Call 05/30/25) | 493 | 457755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/30/30 (Call 03/30/30) | 200 | 172050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 (Call 01/01/26) | 578 | 550562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/24 | 421 | 415304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/28 (Call 01/01/28) | 200 | 185376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 (Call 12/30/49) | 770 | 602263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/16/44 (Call 01/16/44) | 180 | 143689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 (Call 10/01/47) | 784 | 648611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 (Call 01/10/45) | 654 | 541499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-9, 5.75%, 04/01/48 (Call 04/01/28),<br>(3 mo. LIBOR US + 2.868%)<sup>(a)</sup> | 484 | 432086 |
|  American National Group Inc., 6.14%, 06/13/32 (Call 03/13/32)<sup>(b)</sup> | 100 | 92669 |
|  Americo Life Inc., 3.45%, 04/15/31<sup>(b)</sup> | 630 | 466137 |
|  AmFam Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 03/11/31 (Call 12/11/30)<sup>(b)</sup> | 760 | 576992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/11/51 (Call 09/11/50)<sup>(b)</sup> | 310 | 191224 |
|  AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)<sup>(b)(c)</sup> | 470 | 407354 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;1188 | 974968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 (Call 02/02/29) | 224 | 199741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 (Call 09/15/28) | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/30/40 | 190 | 188528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 01/01/27 | 585 | 612466 |
|  Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/23/31 (Call 05/23/31) | 660 | 492624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/02/31 (Call 09/02/31) | 255 | 197923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/28/27 (Call 04/28/27) | 120 | 106537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/23/51 (Call 02/23/51) | 155 | 90505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/28/52 (Call 08/28/51) | 250 | 177193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/12/32 (Call 06/12/32) | 210 | 198889 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 (Call 03/14/24) | 755 | 734456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 (Call 09/15/25) | 650 | 618676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/14/44 (Call 03/14/44) | 440 | 353742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/45 (Call 11/15/44) | 312 | 253381 |
|  Aon PLC, 4.00%, 11/27/23 (Call 08/27/23) | 153 | 151095 |
|  Arch Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 12/15/26 (Call 09/15/26) | 72 | 67933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 12/15/46 (Call 06/15/46) | 443 | 359534 |
|  Arch Capital Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 06/30/50 (Call 12/30/49) | 366 | 235122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 05/01/34 | 208 | 223113 |
|  Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 543 | 459677 |

---

S C H E D U L E O F I N V E S T M E N T S 81

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Argentum Netherlands BV for Swiss Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/52 (Call 08/15/27), (3 mo. LIBOR US + 3.784%)<sup>(a)(d)</sup> | $400 | $351900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/50 (Call 08/15/25), (3 mo. LIBOR US + 3.593%)<sup>(a)(d)</sup> | 400 | 365956 |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 (Call 08/09/31) | 580 | 437529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/52 (Call 09/09/51) | 460 | 267269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 (Call 11/20/50) | 325 | 209778 |
|  Assurant Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31) | 105 | 75677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/30 (Call 11/22/29) | 346 | 284543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 (Call 12/27/27) | 192 | 179906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/27/48 (Call 03/27/28), (3 mo. LIBOR US + 4.135%)<sup>(a)</sup> | 246 | 234176 |
|  Assured Guaranty U.S. Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/31 (Call 03/15/31) | 155 | 123182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/51 (Call 03/15/51) | 153 | 93535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24<sup>(c)</sup> | 143 | 142232 |
|  AssuredPartners Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/29 (Call 12/15/23)<sup>(b)</sup> | 375 | 308381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> | 296 | 285501 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%, 08/19/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/08/24<sup>(b)</sup> | 120 | 113111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/16/24<sup>(b)</sup> | 1120 | 1042530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/26<sup>(b)</sup> | 25 | 21622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 06/29/26<sup>(b)</sup> | 635 | 539350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 01/07/25<sup>(b)</sup> | 200 | 183348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 10/02/26<sup>(b)</sup> | 985 | 831616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 08/19/28<sup>(b)</sup> | 1445 | 1141983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/14/25<sup>(b)</sup> | 166 | 154221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/24/28<sup>(b)</sup> | 15 | 12368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/29/25<sup>(b)</sup> | 1055 | 956347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/19/30<sup>(b)</sup> | 550 | 412472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 06/07/31<sup>(b)</sup> | 220 | 163341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/07/29<sup>(b)</sup> | 200 | 162172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/25/24<sup>(b)</sup> | 1258 | 1190684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/26<sup>(b)</sup> | 448 | 391987 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/52 (Call 11/15/51)<sup>(c)</sup> | 40 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 (Call 10/15/30) | 707 | 553298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/25/51 (Call 11/25/50) | 225 | 143838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/12/28 (Call 10/12/27) | 906 | 806838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/30 (Call 01/03/30) | 170 | 164776 |
|  AXA SA, 5.13%, 01/17/47 (Call 01/17/27), (3 mo. LIBOR US + 3.883%)<sup>(a)(d)</sup> | 400 | 366192 |
|  AXIS Specialty Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/29 (Call 04/15/29) | 356 | 307776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/40 (Call 01/15/30)<sup>(a)</sup> | 141 | 113794 |
|  AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27) | 565 | 517376 |
|  Beazley Insurance DAC, 5.50%, 09/10/29<sup>(d)</sup> | 400 | 351420 |
|  Belrose Funding Trust, 2.33%, 08/15/30 (Call 05/15/30)<sup>(b)</sup> | 1103 | 819044 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 (Call 07/15/30) | 1038 | 795855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 (Call 12/12/29) | 408 | 326624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 (Call 02/15/27)<sup>(c)</sup> | 600 | 542232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) | 892 | 508226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50) | 1163 | 715582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31) | $50 | $41604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 800 | 588112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;1126 | 908063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48) | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 | 115 | 94946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/42 | 558 | 476761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40 | 838 | 845668 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25) | 1550 | 1469012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43 | 575 | 501958 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/15/23<sup>(b)</sup> | 250 | 238088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/24/26<sup>(b)</sup> | 160 | 136886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/25<sup>(b)</sup> | 200 | 182140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/28/28<sup>(b)(c)</sup> | 215 | 174266 |
|  Brighthouse Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 (Call 12/22/46) | 776 | 536992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/30 (Call 02/15/30)<sup>(c)</sup> | 760 | 707112 |
|  BroadStreet Partners Inc., 5.88%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 430 | 347578 |
|  Brown & Brown Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30) | 775 | 572764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/24 (Call 06/15/24) | 880 | 858018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 (Call 12/17/31) | 190 | 159568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 (Call 12/15/28) | 152 | 138946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/52 (Call 09/17/51) | 255 | 194463 |
|  Chubb Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/11/37 | 264 | 270560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 6.50%, 05/15/38 | 520 | 548356 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 (Call 06/15/30) | 749 | 557743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51 (Call 06/15/51) | 110 | 67389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61) | 453 | 268769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25 | 1389 | 1327287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/24 | 497 | 483283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 994 | 935931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45) | 1005 | 818070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 05/15/36 | 20 | 21386 |
|  Cincinnati Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/34 | 388 | 388815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 05/15/28 | 30 | 31359 |
|  Cloverie PLC for Zurich Insurance Co. Ltd., 5.63%, 06/24/46 (Call 06/24/26), (3 mo. LIBOR US + 4.918%)<sup>(a)(d)</sup> | 400 | 372764 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/30 (Call 05/15/30) | 230 | 174400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 (Call 05/15/27) | 395 | 357033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/29 (Call 02/01/29) | 475 | 418746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 (Call 02/15/24) | 409 | 399364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 (Call 12/01/25) | 655 | 631066 |
|  CNO Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/25 (Call 02/28/25) | 287 | 281458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/29 (Call 02/28/29) | 729 | 664279 |
|  CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/06/25<sup>(b)</sup> | 280 | 256511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/07/26<sup>(b)</sup> | 300 | 257301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/06/29<sup>(b)</sup> | 200 | 164654 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 (Call 03/04/25)<sup>(b)</sup> | 300 | 282987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(b)</sup> | 800 | 725520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 (Call 02/05/29)<sup>(b)</sup> | 450 | 393367 |

---

82 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 (Call 01/05/32)<sup>(b)</sup> | $575 | $481419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/42 (Call 10/05/41)<sup>(b)</sup> | 300 | 225735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 (Call 10/05/51)<sup>(b)</sup> | 565 | 413665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/52 (Call 09/15/27)<sup>(a)(b)</sup> | 630 | 566376 |
|  Doctors Co. An Interinsurance Exchange (The), 4.50%, 01/18/32 (Call 10/18/31)<sup>(b)</sup> | 360 | 283363 |
|  Empower Finance 2020 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%, 09/17/27 (Call 07/17/27)<sup>(b)</sup> | 30 | 24551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%, 03/17/31 (Call 12/17/30)<sup>(b)</sup> | 892 | 651124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 09/17/51 (Call 03/17/51)<sup>(b)</sup> | 345 | 195087 |
|  Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/42 (Call 01/15/27)<sup>(a)</sup> | 356 | 275449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/40 (Call 09/01/25)<sup>(a)</sup> | 275 | 244354 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/31 (Call 03/01/31) | 560 | 387251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/29 (Call 03/01/29) | 442 | 391179 |
|  Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/17/23<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/12/24<sup>(b)</sup> | 545 | 502152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/09/26<sup>(b)</sup> | 370 | 319872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 11/12/24<sup>(b)</sup> | 670 | 614464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/12/26<sup>(b)</sup> | 1355 | 1157007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/07/25<sup>(b)</sup> | 875 | 781366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/27/27<sup>(b)</sup> | 155 | 127994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/12/26<sup>(b)(c)</sup> | 1215 | 1047840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/30<sup>(b)</sup> | 922 | 686973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/08/28<sup>(b)</sup> | 277 | 226810 |
|  Equitable Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 (Call 01/20/28) | 943 | 874236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 (Call 10/20/47) | 602 | 482605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/28 | 58 | 61000 |
|  Everest Reinsurance Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 (Call 04/15/52) | 429 | 250111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 (Call 04/15/50) | 245 | 155372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/01/44 | 95 | 75774 |
|  F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/20/24<sup>(b)</sup> | 435 | 394845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/26<sup>(b)</sup> | 505 | 436471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/28<sup>(b)</sup> | 755 | 600723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/11/27<sup>(b)</sup> | 500 | 428675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/07/25<sup>(b)</sup> | 100 | 97162 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/31 (Call 12/03/30) | 245 | 192443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/30 (Call 01/29/30) | 296 | 261054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/28 (Call 01/17/28) | 450 | 414103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/32 (Call 05/16/32)<sup>(b)</sup> | 50 | 45440 |
|  Farmers Exchange Capital, 7.05%, 07/15/28<sup>(b)</sup> | 250 | 256418 |
|  Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3 mo. LIBOR US +<br>3.744%)<sup>(a)(b)</sup> | 205 | 195681 |
|  Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3 mo. LIBOR US +<br>1.374%)<sup>(a)(b)</sup> | 740 | 584541 |
|  Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)<sup>(b)</sup> | 180 | 176047 |
|  Fidelity National Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 (Call 12/15/30) | 533 | 388466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/51 (Call 03/17/51) | 270 | 144558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/30 (Call 03/15/30) | 635 | 510178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/28 (Call 05/15/28) | 81 | 74655 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/31 (Call 05/15/31) | 110 | 76813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 (Call 02/15/30) | 100 | 81633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Five Corners Funding Trust, 4.42%, 11/15/23<sup>(b)</sup> | $582 | $575132 |
|  Five Corners Funding Trust II, 2.85%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 843 | 687171 |
|  FWD Ltd., 5.00%, 09/24/24<sup>(d)</sup> | 200 | 193278 |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/08/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/26<sup>(b)</sup> | 640 | 558336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/06/27<sup>(b)</sup> | 350 | 300265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/06/32<sup>(b)</sup> | 300 | 226971 |
|  Genworth Holdings Inc., 6.50%, 06/15/34 | 235 | 195179 |
|  Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/31 (Call 03/15/31)<sup>(b)</sup> | 640 | 448653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/29 (Call 07/15/29)<sup>(b)</sup> | 945 | 776355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/51 (Call 07/15/26)<sup>(a)(b)</sup> | 512 | 378376 |
|  Globe Life Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 (Call 05/15/30) | 920 | 698666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/28 (Call 06/15/28) | 322 | 305485 |
|  Great-West Lifeco Finance 2018 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/17/28 (Call 02/17/28)<sup>(b)(c)</sup> | 200 | 183336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 05/17/48 (Call 11/17/47)<sup>(b)</sup> | 420 | 324408 |
|  Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)<sup>(b)</sup> | 264 | 193435 |
|  Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)<sup>(b)</sup> | 1948 | 1709760 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 340 | 324258 |
|  Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 07/06/27<sup>(b)</sup> | 210 | 175802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/16/28<sup>(b)</sup> | 83 | 66820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/06/24<sup>(b)</sup> | 190 | 183686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/29/27<sup>(b)</sup> | 500 | 462280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/28/27 | 500 | 500520 |
|  Guardian Life Insurance Co. of America (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/22/70 (Call 07/22/69)<sup>(b)</sup> | 361 | 220795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/24/77<sup>(b)</sup> | 615 | 467917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/64<sup>(b)</sup> | 368 | 287132 |
|  Guoren Property & Casualty Insurance Co Ltd., 3.35%, 06/01/26 (Call 03/01/26)<sup>(d)</sup> | 400 | 345936 |
|  Hanover Insurance Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 (Call 06/01/30) | 320 | 240208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/26 (Call 01/15/26) | 18 | 17252 |
|  Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32 (Call 02/04/27)<sup>(a)(d)</sup> | 400 | 331552 |
|  Hartford Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/19/29 (Call 05/19/29) | 540 | 448319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/51 (Call 03/15/51) | 40 | 23474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/19/49 (Call 02/19/49) | 670 | 454186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/43 | 542 | 408202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/48 (Call 09/15/47) | 165 | 129188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36 | 460 | 440951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/01/41 | 237 | 226693 |
|  High Street Funding Trust I, 4.11%, 02/15/28 (Call 11/15/27)<sup>(b)</sup> | 205 | 187770 |
|  High Street Funding Trust II, 4.68%, 02/15/48 (Call 11/15/47)<sup>(b)</sup> | 325 | 261905 |
|  Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)<sup>(b)</sup> | 325 | 210886 |
|  Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 335 | 287933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 (Call 11/14/22)<sup>(b)</sup> | 1242 | 1225779 |
|  Intact Financial Corp., 5.46%, 09/22/32 (Call 06/22/32)<sup>(b)</sup> | 175 | 167923 |

---

S C H E D U L E O F I N V E S T M E N T S 83

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Jackson Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/23/51 (Call 05/23/51) | $235 | $141378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/27 (Call 05/08/27) | 250 | 238890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/32 (Call 03/08/32) | 200 | 182264 |
|  Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/21/24<sup>(b)</sup> | 380 | 361844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/29/26<sup>(b)(c)</sup> | 457 | 419297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/21/29<sup>(b)</sup> | 150 | 127152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/24<sup>(b)</sup> | 170 | 164900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/11/25<sup>(b)</sup> | 425 | 405344 |
|  John Hancock Life Insurance Co., 7.38%, 02/15/24<sup>(b)</sup> | 385 | 394398 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/30/30 (Call 06/30/30) | 30 | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/32 (Call 11/23/31) | 270 | 219596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/25 (Call 11/15/24) | 180 | 174384 |
|  Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (Call 06/15/27)<sup>(a)(d)</sup> | 200 | 180910 |
|  La Mondiale SAM, 5.88%, 01/26/47 (Call 01/26/27)<sup>(a)(d)</sup> | 600 | 534600 |
|  Legal & General Group PLC, 5.25%, 03/21/47 (Call 03/21/27)<sup>(a)(d)</sup> | 200 | 176126 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/50 (Call 04/15/50)<sup>(b)</sup> | 370 | 238735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/60 (Call 11/15/59)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1005 | 605171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51 (Call 09/15/26)<sup>(a)(b)</sup> | 305 | 230868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61 (Call 02/01/26)<sup>(b)</sup> | 495 | 286442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 02/01/29<sup>(b)</sup> | 1120 | 1005424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/01/44<sup>(b)(c)</sup> | 135 | 108567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/52 (Call 12/15/51)<sup>(b)</sup> | 275 | 226391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/07/87<sup>(b)</sup> | 325 | 356255 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/30 (Call 10/15/29) | 443 | 364385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/09/25 | 416 | 397879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/31 (Call 10/15/30) | 380 | 313899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26 (Call 09/15/26) | 723 | 671775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | 298 | 273034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/48 (Call 09/01/47) | 455 | 333224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/50 (Call 12/15/49)<sup>(c)</sup> | 95 | 68529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/09/37 | 158 | 153156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/40 | 236 | 239047 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/30 (Call 02/15/30) | 670 | 569969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 (Call 01/01/26) | 375 | 360285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/43 (Call 11/15/42) | 477 | 357698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/35 | 35 | 34796 |
|  M&G PLC, 6.50%, 10/20/48 (Call 10/20/28)<sup>(a)(d)</sup> | 200 | 182054 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 (Call 03/19/27) | 596 | 528700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 (Call 12/16/31)<sup>(c)</sup> | 150 | 127991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/24/32 (Call 02/24/27)<sup>(a)</sup> | 295 | 260715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26 | 1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46 | 626 | 568108 |
|  Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/17/29 (Call 06/17/29) | 740 | 628889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/52 (Call 11/07/51) | 180 | 114057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/27 (Call 08/01/27) | 160 | 143565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/17/50 (Call 03/17/50) | 316 | 222786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/01/47 (Call 05/01/47) | 205 | 149939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/05/46 | 364 | 299357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 (Call 11/20/48) | 385 | 314068 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 (Call 08/15/30) | $931 | $733172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 (Call 09/15/31) | 175 | 136010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/51 (Call 06/15/51) | 80 | 47340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24) | 382 | 371361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 (Call 12/10/24) | 505 | 485068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 (Call 12/14/25) | 453 | 431279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 (Call 09/01/47) | 430 | 329410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/30/47 (Call 07/30/46) | 326 | 254453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28) | 1053 | 994580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 (Call 09/15/38) | 380 | 326986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48) | 859 | 732358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/32 | 200 | 200568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/01/33 | 235 | 234793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/52<sup>(c)</sup> | 200 | 204292 |
|  Massachusetts Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/61<sup>(b)</sup> | 625 | 355300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/50<sup>(b)</sup> | 165 | 106616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 10/15/70<sup>(b)</sup> | 548 | 340730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/77<sup>(b)</sup> | 219 | 165608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 02/15/69 (Call 02/15/49), (3 mo. LIBOR US + 3.191%)<sup>(a)(b)</sup> | 845 | 686892 |
|  MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 04/12/24<sup>(b)</sup> | 948 | 886134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/09/30<sup>(b)(c)</sup> | 125 | 92903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/14/27<sup>(b)(c)</sup> | 1120 | 1004506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/22/24<sup>(b)</sup> | 853 | 819187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/21/25<sup>(b)</sup> | 300 | 284118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/11/25<sup>(b)</sup> | 250 | 238440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/08/26<sup>(b)</sup> | 360 | 339325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/26/25<sup>(b)</sup> | 200 | 193378 |
|  MBIA Inc., 5.70%, 12/01/34<sup>(c)</sup> | 205 | 171845 |
|  Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26) | 500 | 455330 |
|  Met Tower Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/14/26<sup>(b)</sup> | 205 | 175406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/13/25<sup>(b)</sup> | 700 | 671944 |
|  MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)<sup>(b)</sup> | 325 | 338377 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25 | 446 | 425796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24 | 635 | 621005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 (Call 08/13/25) | 256 | 245645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45 | 639 | 491602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42 | 495 | 389634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 (Call 12/23/29) | 855 | 813216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45) | 407 | 339031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44 | 510 | 421102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 608 | 523810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 490 | 427731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35 | 521 | 515305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 695 | 666317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34 | 440 | 460948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/66 (Call 12/15/31) | 1098 | 1011016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/15/32 | 465 | 487915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/08/68 (Call 04/08/33)<sup>(b)</sup> | 215 | 241441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 08/01/69 (Call 08/01/34) | 520 | 670738 |
|  Metropolitan Life Global Funding, 2.40%, 01/11/32<sup>(b)</sup> | 300 | 231825 |

---

84 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 01/07/24<sup>(b)</sup> | $250 | $236298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/27/24<sup>(b)(c)</sup> | 165 | 151221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/02/25<sup>(b)</sup> | 245 | 219018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 01/07/31<sup>(b)</sup> | 295 | 217636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/11/27<sup>(b)</sup> | 600 | 520656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/21/25<sup>(b)</sup> | 165 | 156026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/30<sup>(b)</sup> | 685 | 572064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/19/27<sup>(b)</sup> | 225 | 200502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/17/29<sup>(b)</sup> | 268 | 231750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/21/29<sup>(b)</sup> | 300 | 260916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/18/26<sup>(b)</sup> | 773 | 712335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/25/29<sup>(b)</sup> | 300 | 275916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/30/27<sup>(b)</sup> | 150 | 143672 |
|  MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23) | 455 | 412781 |
|  Muang Thai Life Assurance PCL, 3.55%, 01/27/37 (Call 10/27/26)<sup>(a)(d)</sup> | 200 | 161546 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.88%, 05/23/42<br>(Call 11/23/31)<sup>(a)(b)</sup> | 400 | 380672 |
|  Munich Re America Corp., Series B, 7.45%, 12/15/26 | 305 | 325615 |
|  Mutual of Omaha Insurance Co., 4.30%, 07/15/54 (Call 07/15/24)<sup>(a)(b)</sup> | 275 | 260414 |
|  National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3 mo. LIBOR US +<br>3.314%)<sup>(a)(b)(c)</sup> | 25 | 20014 |
|  Nationwide Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/30/49 (Call 05/30/49)<sup>(b)</sup> | 735 | 481579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/18/44<sup>(b)</sup> | 498 | 406179 |
|  Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/30/50 (Call 10/30/49)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/22/44<sup>(b)</sup> | 78 | 62958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/01/31<sup>(b)</sup> | 25 | 27536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 08/15/39<sup>(b)</sup> | 475 | 588715 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 08/27/24<sup>(b)</sup> | 900 | 829845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 01/15/26<sup>(b)</sup> | 475 | 416485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/24/25<sup>(b)</sup> | 693 | 619341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/09/26<sup>(b)</sup> | 1000 | 870820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/07/30<sup>(b)</sup> | 50 | 36730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/14/25<sup>(b)(c)</sup> | 200 | 184436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31<sup>(b)</sup> | 525 | 399021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25<sup>(b)</sup> | 1085 | 1010764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 07/14/26<sup>(b)</sup> | 100 | 90689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/10/24<sup>(b)</sup> | 746 | 722919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/17/24<sup>(b)</sup> | 258 | 251622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/10/28<sup>(b)</sup> | 323 | 292599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/06/24<sup>(b)</sup> | 420 | 407543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/07/27<sup>(b)</sup> | 230 | 212791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/05/25<sup>(b)</sup> | 300 | 287127 |
|  New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 1231 | 875204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/69 (Call 11/15/68)<sup>(b)</sup> | 717 | 540589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/33<sup>(b)</sup> | 530 | 530965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39<sup>(b)</sup> | 454 | 484186 |
|  Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/51 (Call 01/21/31)<sup>(a)(b)</sup> | 360 | 267944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/16/51 (Call 09/16/31)<sup>(a)(b)</sup> | 645 | 478229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/23/50 (Call 01/23/30)<sup>(a)(b)</sup> | 820 | 655861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/20/46 (Call 01/20/26)<sup>(a)(b)</sup> | 835 | 768250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/16/44 (Call 10/16/24)<sup>(a)(b)</sup> | 1305 | 1252265 |
|  NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)<sup>(b)</sup> | 365 | 365996 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/14/26<sup>(b)</sup> | $110 | $95577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/01/28<sup>(b)</sup> | 300 | 245928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/11/27<sup>(b)</sup> | 750 | 648817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 969690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/27<sup>(b)</sup> | 450 | 432166 |
|  Northwestern Mutual Life Insurance Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/59 (Call 03/30/59)<sup>(b)</sup> | 1136 | 730971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/30/47 (Call 03/30/47)<sup>(b)</sup> | 806 | 574186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 03/30/40<sup>(b)</sup> | 252 | 245929 |
|  Ohio National Financial Services Inc., 5.80%, 01/24/30 (Call 10/24/29)<sup>(b)</sup> | 375 | 342806 |
|  Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/11/51 (Call 12/11/50) | 455 | 294744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/26/26 (Call 07/26/26) | 203 | 190343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 09/01/24) | 25 | 24747 |
|  OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)<sup>(b)</sup> | 165 | 110811 |
|  Pacific Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/24/25<sup>(b)</sup> | 800 | 715896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/14/26<sup>(b)</sup> | 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/20/28<sup>(b)</sup> | 90 | 72377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 09/21/28<sup>(b)</sup> | 1053 | 830964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/11/32<sup>(b)</sup> | 945 | 722783 |
|  Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47), (3 mo. LIBOR US + 2.796%)<sup>(a)(b)</sup> | 454 | 336223 |
|  Pacific LifeCorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/50 (Call 03/15/50)<sup>(b)</sup> | 880 | 556230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/30/43<sup>(b)</sup> | 50 | 42883 |
|  PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/02/29 (Call 04/02/29) | 524 | 459176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 (Call 04/01/30)<sup>(a)</sup> | 115 | 94092 |
|  Penn Mutual Life Insurance Co. (The),<br>3.80%, 04/29/61<sup>(b)(c)</sup> | 310 | 187649 |
|  Phoenix Group Holdings PLC, 5.38%, 07/06/27<sup>(d)</sup> | 200 | 172178 |
|  Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/01/25<sup>(b)</sup> | 490 | 431857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 12/06/24<sup>(b)(c)</sup> | 685 | 627686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/01/26<sup>(b)</sup> | 660 | 570088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/23/24<sup>(b)</sup> | 668 | 633311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/28/25<sup>(b)</sup> | 260 | 250864 |
|  Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)<sup>(c)</sup> | 225 | 176290 |
|  Principal Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/15/30 (Call 03/15/30) | 1040 | 806551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/26 (Call 08/15/26) | 815 | 740338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/25 (Call 02/15/25) | 669 | 638333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/29 (Call 02/15/29) | 510 | 452457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/46 (Call 05/15/46) | 120 | 92928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/43 | 180 | 139736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/42 | 300 | 241146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/15/36 | 10 | 9780 |
|  Principal Life Global Funding, 1.38%, 01/10/25<sup>(b)</sup> | 545 | 499247 |
|  Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/12/24<sup>(b)</sup> | 720 | 672127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/23/24<sup>(b)</sup> | 30 | 27634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/12/26<sup>(b)</sup> | 625 | 540287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/23/25<sup>(b)</sup> | 960 | 860938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/16/26<sup>(b)</sup> | 350 | 297633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/26<sup>(b)</sup> | 300 | 256584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/27/30<sup>(b)</sup> | 475 | 346688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/19/30<sup>(b)</sup> | 275 | 200676 |

---

S C H E D U L E O F I N V E S T M E N T S 85

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/21/24<sup>(b)(c)</sup> | $650 | $608757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/16/29<sup>(b)</sup> | 320 | 260694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/18/26<sup>(b)</sup> | 450 | 412258 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27 | 346 | 310964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27) | 310 | 276836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31) | 235 | 194369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/30 (Call 12/26/29) | 235 | 203261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/26/45 | 330 | 239408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 245 | 173712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 (Call 09/26/49) | 255 | 189228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 332 | 308624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/47 (Call 10/15/46) | 685 | 534629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 454 | 356190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/25/44 | 146 | 117962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32 | 10 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/29 | 251 | 266258 |
|  Protective Life Corp., 4.30%, 09/30/28 (Call 06/30/28)<sup>(b)</sup> | 402 | 368296 |
|  Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.47%, 01/12/24<sup>(b)</sup> | 215 | 202521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 07/05/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 07/15/25<sup>(b)</sup> | 1815 | 1607437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/20/26<sup>(b)(c)</sup> | 1110 | 950227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 04/15/26<sup>(b)</sup> | 900 | 789939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/24<sup>(b)</sup> | 200 | 192790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/28/25<sup>(b)</sup> | 1155 | 1092226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 07/06/27<sup>(b)</sup> | 433 | 414572 |
|  Provident Financing Trust I, 7.41%, 03/15/38 | 125 | 127703 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/26 (Call 02/10/26) | 389 | 344915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/10/30 (Call 12/10/29) | 305 | 241813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/40 (Call 09/10/39) | 573 | 392769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/50 (Call 07/01/30)<sup>(a)</sup> | 320 | 249107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50) | 1126 | 798514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/27/28 (Call 12/27/27) | 589 | 553283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47) | 638 | 470748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49) | 850 | 624495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49) | 634 | 501703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 03/27/48 (Call 09/27/47) | 495 | 396238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/47 (Call 09/15/27), (3 mo. LIBOR US + 2.380%)<sup>(a)</sup> | 860 | 749180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44 | 496 | 409736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)<sup>(a)</sup> | 629 | 586951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)<sup>(a)</sup> | 830 | 777428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36 | 369 | 360557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/48 (Call 09/15/28), (3 mo. LIBOR US + 2.665%)<sup>(a)</sup> | 1108 | 1012845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/33<sup>(c)</sup> | 115 | 114192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/01/37 | 90 | 92941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/21/40 | 35 | 35690 |
|  Prudential Insurance Co. of America (The),<br>8.30%, 07/01/25<sup>(b)</sup> | 735 | 779886 |
|  Prudential PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/03/33 (Call 08/03/28)<sup>(a)(d)</sup> | 700 | 528164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/14/30 | 875 | 717789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 (Call 12/24/31) | 600 | 491304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Reinsurance Group of America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/30 (Call 03/15/30) | $563 | $463310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/29 (Call 02/15/29) | 596 | 530577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/26 (Call 06/15/26) | 400 | 379288 |
|  Reliance Standard Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 09/28/26<sup>(b)</sup> | 835 | 711512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/30/24<sup>(b)</sup> | 35 | 32842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/27<sup>(b)</sup> | 210 | 185491 |
|  RenaissanceRe Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/27 (Call 04/01/27) | 228 | 208670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/25 (Call 01/01/25) | 35 | 33616 |
|  RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29) | 267 | 235275 |
|  RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/30/26<sup>(b)</sup> | 635 | 551986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/18/29<sup>(b)</sup> | 500 | 414240 |
|  Ryan Specialty Group LLC, 4.38%, 02/01/30 (Call 02/01/25)<sup>(b)</sup> | 250 | 213258 |
|  Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)<sup>(b)</sup> | 465 | 425322 |
|  Sammons Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/16/31 (Call 01/16/31)<sup>(b)</sup> | 215 | 158096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/12/27 (Call 02/12/27)<sup>(b)</sup> | 20 | 18307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/08/32 (Call 01/08/32)<sup>(b)</sup> | 1000 | 799500 |
|  SBL Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/18/31 (Call 11/18/30)<sup>(b)(c)</sup> | 743 | 560690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/13/26 (Call 09/13/26)<sup>(b)</sup> | 475 | 406614 |
|  Securian Financial Group Inc., 4.80%, 04/15/48<sup>(b)</sup> | 95 | 73466 |
|  Security Benefit Global Funding, 1.25%, 05/17/24<sup>(b)</sup> | 70 | 65099 |
|  Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48) | 80 | 65508 |
|  Sirius International Group Ltd., 4.60%, 11/01/26 (Call 08/01/26)<sup>(b)</sup> | 875 | 790562 |
|  Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/81 (Call 04/15/31)<sup>(a)(b)</sup> | 520 | 405044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/77 (Call 09/14/27), (3 mo. LIBOR US + 2.993%)<sup>(a)(b)(c)</sup> | 935 | 820126 |
|  Swiss Re America Holding Corp., 7.00%, 02/15/26 | 17 | 17812 |
|  Swiss Re Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, (Call 09/04/24)<sup>(a)(d)(e)</sup> | 400 | 336000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/02/49 (Call 04/02/29)<sup>(a)(b)</sup> | 520 | 454756 |
|  Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42<sup>(b)</sup> | 813 | 649018 |
|  Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 852 | 551713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 05/15/47 (Call 11/15/46)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/54 (Call 09/15/24)<sup>(a)(b)</sup> | 730 | 699822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/44<sup>(b)</sup> | 1246 | 1064508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 12/16/39<sup>(b)</sup> | 459 | 479981 |
|  Tongyang Life Insurance Co. Ltd., 5.25%, (Call 09/22/25)<sup>(a)(d)(e)</sup> | 200 | 165526 |
|  Transatlantic Holdings Inc., 8.00%, 11/30/39 | 130 | 151319 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/27/50 (Call 10/27/49) | 185 | 106567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50) | 629 | 400270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 250 | 184325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/47 (Call 11/30/46) | 470 | 357322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/07/48 (Call 09/07/47) | 82 | 62644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/04/49 (Call 09/04/48) | 582 | 447500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/25/45 (Call 02/25/45) | 490 | 388095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/01/43 | 200 | 167524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40 | 550 | 518067 |

---

86 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | $665 | $691560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/20/36 | 230 | 249421 |
|  Travelers Property Casualty Corp., 6.38%, 03/15/33 | 162 | 171404 |
|  Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) | 259 | 246669 |
|  Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 (Call 03/15/29) | 130 | 113549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/51 (Call 12/15/50) | 50 | 31452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/49 (Call 06/15/49) | 515 | 337500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/42 | 425 | 350527 |
|  USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 439 | 428196 |
|  Vigorous Champion International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/02/25<sup>(d)</sup> | 400 | 360804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/28/29<sup>(d)</sup> | 400 | 317236 |
|  Voya Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/26 | 438 | 406644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/23/48 (Call 01/23/28),<br>(3 mo. LIBOR US + 2.084%)<sup>(a)</sup> | 250 | 193528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/46 | 170 | 129297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/15/43 | 265 | 229008 |
|  W R Berkley Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/30/61 (Call 03/30/61) | 430 | 241759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 (Call 11/12/49) | 60 | 43157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/44 | 305 | 248389 |
|  Western & Southern Financial Group Inc., 5.75%, 07/15/33<sup>(b)</sup> | 5 | 4957 |
|  Western & Southern Life Insurance Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/28/61 (Call 10/28/60)<sup>(b)</sup> | 167 | 107197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/15/49 (Call 07/15/48)<sup>(b)</sup> | 210 | 179141 |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 544 | 441674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 (Call 03/15/24) | 910 | 880552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/49 (Call 03/15/49) | 528 | 349140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/28 (Call 06/15/28) | 639 | 587273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 (Call 05/15/27) | 325 | 306192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/15/48 (Call 03/15/48) | 320 | 252051 |
|  Willow No. 2 Ireland PLC for Zurich Insurance Co. Ltd., 4.25%, 10/01/45 (Call 10/01/25),<br>(3 mo. LIBOR US + 3.177%)<sup>(a)(d)</sup> | 400 | 347824 |
|  XLIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43 | 353 | 325279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/45 | 460 | 406700 |
|  ZhongAn Online P&C Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/16/25 (Call 04/16/25)<sup>(d)</sup> | 400 | 315012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/08/26 (Call 12/08/25)<sup>(d)</sup> | 400 | 303552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232169768 |
| **Internet — 0.6%** |  |  |
|  Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 250 | 203725 |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 (Call 11/09/30) | 200 | 143980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/09/41 (Call 08/09/40) | 60 | 31268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/09/51 (Call 08/09/50) | 1118 | 544611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/09/61 (Call 08/09/60) | 408 | 189279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 (Call 09/06/27)<sup>(c)</sup> | 2005 | 1722917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 (Call 08/28/24) | &nbsp;&nbsp;&nbsp;&nbsp;3207 | 3041872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/37 (Call 06/06/37) | 855 | 586359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/06/47 (Call 06/06/47)<sup>(c)</sup> | 1490 | 910643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/06/57 (Call 06/06/57) | 680 | 404913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/28/34 (Call 05/28/34) | 463 | 357769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 (Call 07/15/25) | $682 | $609612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27) | 1030 | 867425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 (Call 05/15/30) | 1595 | 1225821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 1582 | 1003162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26) | 1000 | 910500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50) | 1380 | 788698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60) | 839 | 458757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24 | 670 | 660104 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24 | 1845 | 1729909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 (Call 05/03/25) | 1280 | 1158515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 1852 | 1621296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 470 | 400069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 (Call 03/03/30) | 1579 | 1234889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 (Call 03/12/28) | 1460 | 1233364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 1808 | 1447557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49) | 1616 | 962263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59) | 1040 | 589285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24) | 2008 | 1941595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40) | 1480 | 1049024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50) | 1824 | 1221533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 1923 | 1780736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 965 | 619935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27) | 1365 | 1280834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 (Call 02/13/29) | 1098 | 1007382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32) | 1683 | 1506016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24) | 908 | 892628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | 1415 | 1203514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51) | 1620 | 1270987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47) | 1928 | 1567792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 1565 | 1199901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57) | 704 | 566403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34) | 910 | 885639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44) | 871 | 815543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25) | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025110 |
|  ANGI Group LLC, 3.88%, 08/15/28<br>(Call 08/15/23)<sup>(b)(c)</sup>  | 305 | 222324 |
|  Arches Buyer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 12/01/23)<sup>(b)</sup> | 535 | 439192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/28 (Call 12/01/23)<sup>(b)(c)</sup> | 395 | 304881 |
|  B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)<sup>(d)</sup> | 200 | 137550 |
|  Baidu Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/23/27 (Call 01/23/27) | 868 | 717680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 04/09/26 (Call 03/09/26) | 660 | 575012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/09/30 (Call 07/09/30) | 50 | 36409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/23/31 (Call 05/23/31) | 830 | 589806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 04/07/25 (Call 03/07/25)<sup>(c)</sup> | 520 | 485436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 04/07/30 (Call 01/07/30) | 732 | 587335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/06/27 | 335 | 299272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25 | 820 | 780919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/14/24 (Call 04/14/24)<sup>(c)</sup> | 740 | 723217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/29/28 (Call 12/29/27)<sup>(c)</sup> | 260 | 229125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/28 (Call 08/14/28) | 525 | 469649 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/28 (Call 12/15/27) | 638 | 580414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 967 | 913738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 (Call 12/15/24) | 226 | 217724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 (Call 01/13/30) | 1034 | 975114 |

---

S C H E D U L E O F I N V E S T M E N T S 87

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
|  Cablevision Lightpath LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 (Call 09/15/23)<sup>(b)</sup> | $430 | $367985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 250 | 198582 |
|  Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 255 | 220986 |
|  Cogent Communications Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/26 (Call 02/01/26)<sup>(b)</sup> | 295 | 267111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 270 | 258063 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 410 | 356815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 (Call 02/11/25) | 944 | 872407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 (Call 02/10/31)<sup>(c)</sup> | 180 | 140922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 (Call 12/11/29) | 695 | 565626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 217 | 211000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 (Call 03/05/27)<sup>(c)</sup> | 625 | 575006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 (Call 11/10/50) | 341 | 224412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 (Call 01/15/42) | 570 | 419965 |
|  Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 420 | 273319 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 (Call 12/15/30)<sup>(c)</sup> | 170 | 129156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 (Call 11/15/29) | 892 | 719460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 630 | 560114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 855 | 800562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25) | 403 | 389451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/25 (Call 02/01/25)<sup>(b)</sup> | 328 | 327806 |
|  Getty Images Inc., 9.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 170 | 168336 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 490 | 406132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(b)</sup> | 330 | 311975 |
|  GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 11/14/22)<sup>(b)</sup> | 380 | 255083 |
|  ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)<sup>(b)</sup> | 275 | 221389 |
|  JD.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/30 (Call 10/14/29) | 988 | 783020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/26<sup>(c)</sup> | 739 | 685142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/14/50 (Call 07/14/49) | 435 | 274063 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(b)</sup> | 270 | 205724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 (Call 05/01/25)<sup>(b)</sup> | 300 | 245310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 (Call 06/01/23)<sup>(b)(c)</sup> | 360 | 319882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 305 | 274128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 295 | 263544 |
|  Meituan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/28/25 (Call 09/28/25)<sup>(d)</sup> | 1000 | 828390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/28/30 (Call 07/28/30)<sup>(d)</sup> | 800 | 478448 |
|  MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)<sup>(c)</sup> | 600 | 433626 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(b)</sup> | 1860 | 1708782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(b)</sup> | 1510 | 1287486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(b)</sup> | 1140 | 843486 |
|  Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 515 | 370877 |
|  NAVER Corp., 1.50%, 03/29/26<sup>(d)</sup> | 600 | 524226 |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/25 (Call 03/15/25)<sup>(b)</sup> | 445 | 423520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26 | 655 | 624752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/28 | 936 | 889696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30 (Call 03/15/30)<sup>(b)</sup> | 665 | 615544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29<sup>(b)</sup> | 635 | 607993 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/24 | $252 | $253991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/25 | 433 | 435546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28 | 1348 | 1339049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29 | 539 | 549694 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/27 (Call 10/15/23)<sup>(b)(c)</sup> | 205 | 184523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(b)(c)</sup> | 315 | 247240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/01/28 (Call 06/01/23)<sup>(b)</sup> | 135 | 126720 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(b)</sup> | 645 | 627101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(b)</sup> | 520 | 512975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(b)</sup> | 385 | 379980 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)<sup>(b)</sup> | 537 | 354243 |
|  Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 07/13/31 (Call 04/13/31)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 01/19/27 (Call 12/19/26)<sup>(d)</sup> | 400 | 331152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/30 (Call 10/21/29)<sup>(d)</sup> | 1657 | 1226445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 08/03/50 (Call 02/03/50)<sup>(d)</sup> | 600 | 324216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/19/32 (Call 10/19/31)<sup>(d)</sup> | 400 | 285800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/06/27 (Call 04/06/27)<sup>(d)</sup> | 400 | 349040 |
|  Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (Call 04/22/26)<sup>(a)(b)(c)(e)</sup> | 450 | 332545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, (Call 04/22/31)<sup>(a)(b)(c)(e)</sup> | 800 | 545320 |
|  Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/26/26 (Call 12/26/25)<sup>(d)</sup> | 1000 | 880600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/03/30 (Call 03/03/30)<sup>(d)</sup> | 1400 | 1020390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/22/31 (Call 01/22/31)<sup>(c)(d)</sup> | 200 | 148364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/03/50 (Call 12/03/49)<sup>(d)</sup> | 1000 | 523350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 04/11/24 (Call 03/11/24)<sup>(c)(d)</sup> | 800 | 774216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/03/60 (Call 12/03/59)<sup>(d)</sup> | 600 | 289602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/11/26 (Call 02/11/26)<sup>(c)(d)</sup> | 800 | 740856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/19/28 (Call 10/19/27)<sup>(d)</sup> | 1600 | 1360928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 04/22/41 (Call 10/22/40)<sup>(d)</sup> | 800 | 509176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/11/25<sup>(c)(d)</sup> | 600 | 574710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/22/51 (Call 10/22/50)<sup>(d)</sup> | 1000 | 587040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 01/19/38 (Call 07/19/37)<sup>(d)</sup> | 1000 | 690890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 04/22/61 (Call 10/22/60)<sup>(d)</sup> | 600 | 338820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 04/11/29 (Call 01/11/29)<sup>(d)</sup> | 1500 | 1263345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 04/11/49 (Call 10/11/48)<sup>(c)(d)</sup> | 400 | 267764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 04/11/24, (3 mo. LIBOR US +<br>0.910%)<sup>(a)(d)</sup> | 600 | 597636 |
|  Tencent Music Entertainment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/03/25 (Call 08/03/25) | 816 | 713625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/03/30 (Call 06/03/30) | 757 | 513556 |
|  TripAdvisor Inc., 7.00%, 07/15/25 (Call 11/14/22)<sup>(b)</sup> | 305 | 302441 |
|  Twitter Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27)<sup>(b)</sup> | 565 | 569955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 605 | 608842 |
|  Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29 (Call 08/15/24)<sup>(b)</sup> | 924 | 792127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 09/15/23)<sup>(b)(c)</sup> | 305 | 292821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 605 | 605067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 758 | 755112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 1110 | 1113630 |
|  VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 (Call 03/15/31) | 528 | 410124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 12/01/22) | 745 | 716683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 01/01/25) | 321 | 317918 |
|  Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/08/30 (Call 04/08/30) | 970 | 669436 |

---

88 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/05/24 (Call 06/05/24) | $&nbsp;&nbsp;&nbsp;&nbsp;1532 | $1442822 |
|  Ziff Davis Inc., 4.63%, 10/15/30<br>(Call 10/15/25)<sup>(b)</sup> | 375 | 316492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107949215 |
| **Iron & Steel — 0.1%** |  |  |
|  ABJA Investment Co. Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/24/28<sup>(d)</sup> | 600 | 534708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/31/24<sup>(d)</sup> | 600 | 588450 |
|  Allegheny Ludlum LLC, 6.95%, 12/15/25 | 2 | 1951 |
|  Allegheny Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/29 (Call 10/01/24) | 200 | 168036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 (Call 10/01/26) | 205 | 171897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22) | 273 | 248859 |
|  ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/16/29<sup>(c)</sup> | 545 | 482096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/11/26 | 630 | 601807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/41 | 265 | 241465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/39 | 510 | 481078 |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26<br>(Call 12/01/22)<sup>(b)(c)</sup> | 397 | 362874 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)<sup>(b)</sup> | 433 | 410077 |
|  Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/23) | 290 | 271257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/30 (Call 03/15/25) | 205 | 200326 |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/29 (Call 03/01/24)<sup>(b)(c)</sup> | 240 | 206652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/31 (Call 03/01/26)<sup>(b)(c)</sup> | 280 | 236709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(c)</sup> | 330 | 306956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/40<sup>(c)</sup> | 180 | 138602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(b)</sup> | 570 | 565936 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 02/15/26) | 185 | 149763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 (Call 01/15/25) | 200 | 169272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/32 (Call 03/15/27) | 180 | 146686 |
|  CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)<sup>(d)</sup> | 800 | 685856 |
|  CSN Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/10/31 (Call 06/10/26)<sup>(d)</sup> | 400 | 267828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/08/32 (Call 04/08/27)<sup>(d)</sup> | 400 | 289716 |
|  Gerdau Trade Inc., 4.88%, 10/24/27<sup>(d)</sup> | 400 | 383364 |
|  GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)<sup>(d)</sup> | 200 | 206332 |
|  GUSAP III LP, 4.25%, 01/21/30<br>(Call 07/21/29)<sup>(d)</sup> | 600 | 519954 |
|  Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 12/01/22)<sup>(b)(c)</sup> | 195 | 182052 |
|  JSW Steel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/05/27 (Call 10/05/26)<sup>(d)</sup> | 200 | 147502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/05/32 (Call 10/05/31)<sup>(d)</sup> | 400 | 256568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/18/24<sup>(d)</sup> | 400 | 375364 |
|  Metinvest BV, 7.75%, 10/17/29<sup>(d)</sup> | 400 | 159450 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(b)</sup> | 380 | 373650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | 480 | 477686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(b)</sup> | 375 | 371760 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 (Call 05/01/25) | 855 | 786164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/30 (Call 03/01/30) | 328 | 267648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55 (Call 06/15/55) | 532 | 300128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/52 (Call 09/01/51) | 50 | 34887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 345 | 334167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/28 (Call 02/01/28) | 495 | 455291 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Iron & Steel (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/23/27 (Call 04/23/27) | $355 | $338386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/37 | 20 | 20369 |
|  Periama Holdings LLC/DE, 5.95%, 04/19/26<sup>(d)</sup> | 400 | 323468 |
|  POSCO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/17/25<sup>(d)</sup> | 825 | 766252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25<sup>(d)</sup> | 200 | 191168 |
|  Prosus NV, 3.83%, 02/08/51<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 636864 |
|  Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 (Call 07/15/25) | 100 | 88933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 (Call 05/15/30) | 120 | 90574 |
|  Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 11/05/23<sup>(d)</sup> | 200 | 196666 |
|  Shougang Group Co. Ltd., 4.00%, 05/23/24<sup>(d)</sup> | 600 | 584814 |
|  Steel Dynamics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/15/27 (Call 08/15/27) | 560 | 456775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 (Call 05/15/25) | 470 | 434783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/15/24 (Call 11/15/24) | 396 | 375539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30) | 445 | 361914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/50 (Call 04/15/50) | 355 | 210043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/30 (Call 01/15/30) | 260 | 218920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 (Call 12/01/22) | 412 | 397320 |
|  Tacora Resources Inc., 8.25%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 235 | 197297 |
|  TMS International Corp./DE, 6.25%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 230 | 158364 |
|  U.S. Steel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 06/01/37 | 168 | 140683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/29 (Call 03/01/24)<sup>(c)</sup> | 389 | 357040 |
|  Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)<sup>(d)</sup> | 400 | 373208 |
|  Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/08/30 (Call 04/08/30) | 1286 | 1060153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/10/26 | 776 | 788695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/21/36 | 933 | 903088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/10/39 | 630 | 599168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/17/34 | 366 | 398947 |
|  Vale SA, 5.63%, 09/11/42 | 464 | 408617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24638872 |
| **Leisure Time — 0.1%** |  |  |
|  Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 08/18/24 (Call 12/01/22) | 230 | 210542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/18/31 (Call 05/18/31) | 270 | 189027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/15/32 (Call 06/15/32)<sup>(c)</sup> | 370 | 292441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/52 (Call 10/01/51) | 390 | 259268 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 05/01/28)<sup>(b)</sup> | 1415 | 1141721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 12/01/26)<sup>(b)</sup> | 2260 | 1568485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/29 (Call 11/01/24)<sup>(b)</sup> | 1265 | 836924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/28 | 339 | 217326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 03/01/24)<sup>(b)</sup> | 875 | 658665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 (Call 02/01/24)<sup>(b)</sup> | 534 | 497875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 (Call 08/01/23)<sup>(b)</sup> | 542 | 531111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/01/30 (Call 06/01/25)<sup>(b)(c)</sup> | 600 | 465084 |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 | 1300 | 1318304 |
|  Carnival PLC, 7.88%, 06/01/27 | 278 | 266544 |
|  Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 240 | 213970 |
|  Harley-Davidson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/28/25 (Call 04/28/25) | 427 | 401145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/28/45 (Call 01/28/45) | 415 | 290500 |
|  King Power Capital Ltd., 5.63%, 11/03/24<sup>(d)</sup> | 400 | 401104 |

---

S C H E D U L E O F I N V E S T M E N T S 89

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Leisure Time (continued)** |  |  |
|  Life Time Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | $583 | $542202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(b)(c)</sup> | 290 | 254675 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)<sup>(b)(c)</sup> | 210 | 188116 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 310 | 218485 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/24 (Call 11/14/22)<sup>(b)</sup> | 455 | 397283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 935 | 765672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(b)</sup> | 630 | 562981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 11/15/28)<sup>(b)</sup> | 350 | 279048 |
|  NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)<sup>(b)</sup> | 425 | 330374 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/28 (Call 12/15/27) | 341 | 245701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 (Call 01/01/26)<sup>(b)</sup> | 365 | 290704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 (Call 10/15/26)<sup>(b)(c)</sup> | 790 | 619905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(b)</sup> | 602 | 491629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 (Call 10/01/27)<sup>(b)</sup> | 1080 | 831611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27 | 265 | 221540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 04/01/25)<sup>(b)</sup> | 580 | 578161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29 (Call 04/01/25)<sup>(b)</sup> | 675 | 685105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 (Call 11/11/22)<sup>(b)</sup> | 950 | 1022779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(b)</sup> | 740 | 719117 |
|  Sunny Express Enterprises Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/23/25<sup>(d)</sup> | 400 | 374364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27<sup>(d)</sup> | 600 | 547362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/23/30<sup>(d)</sup> | 400 | 342176 |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 535 | 427593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 160 | 139518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 315 | 250822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(b)</sup> | 425 | 456760 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 235 | 183321 |
|  Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 330 | 258331 |
|  VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 455 | 379111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22364482 |
| **Lodging — 0.2%** |  |  |
|  Arrow Bidco LLC, 9.50%, 03/15/24 (Call 12/01/22)<sup>(b)</sup> | 175 | 175894 |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 (Call 12/01/22) | 740 | 678106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 530 | 447892 |
|  Choice Hotels International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/29 (Call 09/01/29) | 75 | 62835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/31 (Call 10/15/30) | 515 | 422181 |
|  Fortune Star BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/26 (Call 05/18/24)<sup>(d)</sup> | 200 | 66442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/27/27 (Call 01/27/25)<sup>(d)</sup> | 200 | 65262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/19/25 (Call 10/19/23)<sup>(d)</sup> | 800 | 288872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/24 (Call 07/02/23)<sup>(d)</sup> | 200 | 91922 |
|  Full House Resorts Inc., 8.25%, 02/15/28 (Call 02/15/24)<sup>(b)</sup> | 280 | 245470 |
|  Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)<sup>(b)</sup> | 325 | 285425 |
|  Gohl Capital Ltd., 4.25%, 01/24/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1375 | 1048699 |
|  Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32 (Call 08/15/26)<sup>(b)</sup> | 965 | 768275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 450 | 383913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(b)</sup> | 700 | 583702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25) | 745 | 669822 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(b)</sup> | $393 | $386995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(b)</sup> | 337 | 325242 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 (Call 07/01/26)<sup>(b)</sup> | 360 | 294462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 454 | 390699 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22) | 405 | 384507 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/28 (Call 06/15/28) | 550 | 491139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26 (Call 12/15/25) | 679 | 651100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/23/25 (Call 03/23/25) | 450 | 442957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/23/30 (Call 01/23/30) | 435 | 414185 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25)<sup>(c)</sup> | 641 | 579631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 1120 | 1065098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 838 | 730225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29) | 555 | 447746 |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 (Call 03/15/24) | 70 | 68398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 12/15/24) | 140 | 134249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 295 | 280737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 470 | 452539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.65%, 12/01/28 (Call 09/01/28) | 131 | 121251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.75%, 05/01/25 (Call 04/01/25) | 312 | 315061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 (Call 03/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 796 | 636681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 82 | 63910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II, 2.75%, 10/15/33 (Call 07/15/33) | 35 | 25346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 698 | 637686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 4.00%, 04/15/28 (Call 01/15/28) | 203 | 183179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 4.15%, 12/01/23 (Call 11/01/23) | 320 | 316211 |
|  Marriott Ownership Resorts Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 265 | 221808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/01/22) | 280 | 243337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/25 (Call 12/01/22)<sup>(b)</sup> | 180 | 178065 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25 (Call 11/30/22)<sup>(c)(d)</sup> | 800 | 560824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26 (Call 11/30/22)<sup>(d)</sup> | 254 | 160152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 (Call 12/04/24)<sup>(b)</sup> | 695 | 380144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27 (Call 11/30/22)<sup>(d)</sup> | 440 | 267837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 (Call 07/21/23)<sup>(b)</sup> | 495 | 282487 |
|  MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | 415 | 300107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/25 (Call 11/11/22)<sup>(b)</sup> | 400 | 318032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/24 (Call 11/11/22)<sup>(b)</sup> | 520 | 447138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/26 (Call 11/11/22)<sup>(b)</sup> | 520 | 398346 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 (Call 06/01/26) | 262 | 237783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 (Call 07/15/28)<sup>(c)</sup> | 445 | 386385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27) | 418 | 385363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25) | 414 | 401609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22) | 515 | 508207 |
|  Minor International PCL, 2.70%,<br>(Call 04/19/26)<sup>(a)(d)(e)</sup> | 200 | 177522 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/08/27 (Call 02/08/27) | 410 | 298972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/29 (Call 01/08/29)<sup>(c)</sup> | 400 | 269304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/08/31 (Call 05/08/31) | 400 | 262372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 820 | 665389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/18/30 (Call 03/18/30) | 1030 | 734009 |

---

90 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/08/25 (Call 06/08/25) | $1082 | $957072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/28 (Call 05/08/28) | 1118 | 880872 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 450 | 387535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 (Call 06/01/31)<sup>(b)(c)</sup> | 315 | 252000 |
|  Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)<sup>(b)(c)</sup> | 237 | 189595 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 01/15/24)<sup>(b)(c)</sup> | 605 | 258783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/25<sup>(b)</sup> | 375 | 181061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 (Call 07/15/23)<sup>(b)</sup> | 390 | 164350 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 196 | 183577 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29 (Call 09/01/29)<sup>(b)</sup> | 370 | 301213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 215 | 174561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/24 (Call 02/01/24) | 235 | 231224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 285 | 266042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/25 (Call 07/01/25) | 278 | 271937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(b)</sup> | 410 | 400062 |
|  Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 355 | 312396 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 02/15/27)<sup>(b)(c)</sup> | 780 | 679341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1215 | 1151018 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 11/11/22)<sup>(b)</sup> | 375 | 286796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/29 (Call 12/15/24)<sup>(b)</sup> | 595 | 346207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 636 | 441626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 850 | 513757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28 (Call 08/26/23)<sup>(b)</sup> | 800 | 472440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34689664 |
| **Machinery — 0.3%** |  |  |
|  ABB Finance USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/03/28 (Call 01/03/28) | 305 | 284849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/08/42 | 10 | 8151 |
|  ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)<sup>(b)(c)</sup> | 255 | 218066 |
|  BWX Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 (Call 06/30/23)<sup>(b)</sup> | 380 | 335392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 215 | 186035 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24 | 185 | 170968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25 | 458 | 405692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26 | 105 | 92055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 300 | 286524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27 | 263 | 219466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26 | 640 | 554259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25 | 30 | 27581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27<sup>(c)</sup> | 730 | 640283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 778 | 737489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/09/26 | 525 | 477687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 353 | 342442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 | 355 | 343821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24 | 161 | 157028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 | 805 | 754953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/07/23 | 415 | 410165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 | 600 | 581196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/24/23 | 1000 | 990830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/12/31 (Call 12/12/30) | $700 | $552251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/19/29 (Call 06/19/29) | 303 | 259098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 (Call 01/09/30) | 825 | 697628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 688 | 487737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49) | 962 | 682135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42 | 959 | 773232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/44 (Call 11/15/43) | 240 | 205841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/64 (Call 11/15/63) | 401 | 342326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 441 | 426795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/36 | 70 | 73573 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 (Call 06/15/26) | 185 | 158201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 210 | 201226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/24 | 185 | 182066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/25 | 400 | 395800 |
|  CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27) | 564 | 510674 |
|  Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47) | 190 | 123891 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25 (Call 03/15/25) | 490 | 466343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/07/49 (Call 03/07/49)<sup>(c)</sup> | 510 | 340165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/30 (Call 01/15/30) | 425 | 372678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(c)</sup> | 700 | 549472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41) | 395 | 328178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/16/29 | 175 | 177728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/03/31 | 79 | 88736 |
|  Dover Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/04/29 (Call 08/04/29) | 120 | 101736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 08/15/25) | 320 | 300387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/35 | 185 | 173315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 (Call 12/01/40) | 110 | 99854 |
|  Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/32 (Call 10/15/31) | 305 | 218673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 (Call 07/01/30) | 915 | 730554 |
|  GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)<sup>(b)</sup> | 305 | 247080 |
|  Granite US Holdings Corp., 11.00%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 175 | 163632 |
|  Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 11/14/22), (13.75% PIK)<sup>(b)(g)</sup> | 510 | 480165 |
|  IDEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 (Call 03/15/31) | 365 | 291263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 (Call 02/01/30) | 110 | 92082 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/17/24 | 705 | 669658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 235 | 219267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 585 | 542026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | 570 | 498226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26 | 560 | 488634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25<sup>(c)</sup> | 533 | 494118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/13/26 | 410 | 356339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/31 | 1207 | 911550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/28 | 868 | 724589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27 | 600 | 526194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27 | 870 | 756917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31 | 820 | 642921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 | 54 | 50872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/26 | 500 | 453605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27 | 25 | 22407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30 | 300 | 250953 |

---

S C H E D U L E O F I N V E S T M E N T S 91

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24 | $929 | $901790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24 | 644 | 621421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26 | 478 | 442595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 | 416 | 375249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29 | 250 | 216397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/06/28 | 67 | 61085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24 | 80 | 78134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/29 | 670 | 605854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | 180 | 173718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/11/25 | 124 | 119036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/24 | 100 | 98456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25 | 490 | 474237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29 | 332 | 301894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/08/25 | 795 | 776643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 405 | 389663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/32 | 400 | 375796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24 | 200 | 198996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/11/29 | 270 | 265432 |
|  JPW Industries Holding Corp., 9.00%, 10/01/24<sup>(b)</sup> | 135 | 117048 |
|  Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 11/16/22)<sup>(b)</sup> | 189 | 172103 |
|  Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)<sup>(b)</sup> | 132 | 127084 |
|  Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 285 | 247537 |
|  nVent Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/31 (Call 08/15/31) | 310 | 227280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28) | 332 | 297034 |
|  Oshkosh Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/30 (Call 12/01/29) | 395 | 315949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/28 (Call 02/15/28) | 590 | 542198 |
|  OT Merger Corp., 7.88%, 10/15/29<br>(Call 10/15/24)<sup>(b)</sup> | 290 | 185519 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 (Call 03/05/25) | &nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 (Call 02/05/27)<sup>(c)</sup> | 196 | 172078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 (Call 11/15/29) | 975 | 794167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 (Call 08/15/39) | 327 | 227203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/15/50 (Call 08/15/49) | 800 | 520040 |
|  Rockwell Automation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/31 (Call 05/15/31) | 140 | 106161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/61 (Call 02/15/61)<sup>(c)</sup> | 295 | 163551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/01/25 (Call 12/01/24) | 165 | 157323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 12/01/28) | 882 | 801165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/49 (Call 09/01/48) | 340 | 271837 |
|  Shanghai Electric Group Global Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/21/25 (Call 11/21/24)<sup>(d)</sup> | 600 | 546228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/21/24 (Call 08/21/24)<sup>(d)</sup> | 400 | 371708 |
|  SPX FLOW Inc., 8.75%, 04/01/30<br>(Call 04/01/25)<sup>(b)(c)</sup> | 305 | 249450 |
|  Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)<sup>(b)</sup> | 228 | 228552 |
|  Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)<sup>(b)(c)</sup> | 355 | 316656 |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 390 | 325373 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)<sup>(b)(c)</sup> | 285 | 235666 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(b)</sup> | 1065 | 954911 |
|  Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)<sup>(b)(c)</sup> | 515 | 447865 |
|  Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)<sup>(b)</sup> | 585 | 501222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Machinery (continued)** |  |  |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 05/15/25) | $1767 | $1641190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26) | 675 | 608762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 (Call 02/15/24) | 835 | 818868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 (Call 06/15/28) | 1125 | 1049602 |
|  Xylem Inc./NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/28 (Call 11/30/27) | 786 | 659619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/30/31 (Call 10/30/30) | 562 | 441507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/26 (Call 08/01/26) | 375 | 344441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/46 (Call 05/01/46) | 250 | 196187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51316906 |
| **Manufacturing — 0.3%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 01/14/25) | 345 | 322599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 (Call 06/19/26) | &nbsp;&nbsp;&nbsp;&nbsp;1100 | 992167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29) | 598 | 493697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25) | 574 | 541058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 (Call 07/15/27) | 1115 | 1004370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25 | 344 | 326336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/15/30 (Call 01/15/30)<sup>(c)</sup> | 273 | 233524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/46 (Call 03/19/46) | 440 | 284926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 (Call 01/14/24) | 645 | 631120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49) | 708 | 471068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(c)</sup> | 997 | 895266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/14/28 (Call 06/14/28)<sup>(c)</sup> | 322 | 296642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/47 (Call 04/15/47) | 917 | 641542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/44 | 165 | 122306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(c)</sup> | 611 | 461708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 65 | 63443 |
|  Amsted Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/30 (Call 05/15/25)<sup>(b)</sup> | 230 | 191144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/27 (Call 12/01/22)<sup>(b)</sup> | 245 | 227561 |
|  Carlisle Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/32 (Call 12/01/31)<sup>(c)</sup> | 265 | 194987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/30 (Call 12/01/29) | 434 | 349808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/24 (Call 10/01/24) | 269 | 257729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/27 (Call 09/01/27) | 70 | 63860 |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) | 80 | 72714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/15/47 (Call 03/15/47) | 95 | 71336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/02/32 | 499 | 440931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 (Call 12/15/32) | 630 | 559503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42 | 753 | 606331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/23/52 (Call 02/23/52) | 415 | 353074 |
|  EnPro Industries Inc., 5.75%, 10/15/26 (Call 12/01/22) | 145 | 140245 |
|  FXI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/24 (Call 12/01/22)<sup>(b)(c)</sup> | 304 | 261227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 478 | 414746 |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)<sup>(b)(c)</sup> | 332 | 319085 |
|  GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32) | 765 | 707005 |
|  GE Capital International Funding Co. Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/15/25 | 250 | 237708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 11/15/35 | 4275 | 3768113 |
|  General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/50 (Call 11/01/49)<sup>(c)</sup> | 70 | 55414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/11/44 | 615 | 506932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38 | 415 | 408933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | 1483 | 1614171 |

---

92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Manufacturing (continued)** |  |  |
|  Hillenbrand Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26) | $210 | $168319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/26 (Call 07/15/26) | 375 | 354367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 12/01/22) | 310 | 308772 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;1712 | 1573379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 (Call 12/01/23) | 610 | 599569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42) | 916 | 733853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/41 (Call 03/15/41) | 75 | 68643 |
|  LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)<sup>(b)</sup>  | 420 | 382393 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 (Call 05/14/24) | 967 | 926579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) | 288 | 263100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 (Call 03/14/29) | 682 | 592487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/21/24 (Call 08/21/24) | 182 | 175574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 | 540 | 525415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 (Call 12/14/48) | 825 | 609766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/47 (Call 09/01/46) | 204 | 153306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/21/34 (Call 05/21/34) | 464 | 398544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 305 | 289253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44 (Call 05/21/44) | 398 | 313509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 (Call 07/15/29) | 815 | 761560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/38 | 208 | 206095 |
|  Pentair Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 (Call 04/01/29) | 610 | 540417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/15/32 (Call 04/15/32) | 160 | 151202 |
|  Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 03/11/24<sup>(b)</sup> | 1080 | 1017598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/11/26<sup>(b)</sup> | 1785 | 1557698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/11/28<sup>(b)</sup> | 1245 | 1034545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/11/31<sup>(b)</sup> | 1025 | 807495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 10/15/26<sup>(b)</sup> | 650 | 581425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/11/41<sup>(b)</sup> | 1820 | 1246846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/16/24<sup>(b)</sup> | 450 | 438480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/27/25<sup>(b)</sup> | 2225 | 2118912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/46<sup>(b)</sup> | 1205 | 843416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/16/27<sup>(b)</sup> | 475 | 438111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/16/47<sup>(b)(c)</sup> | 510 | 414411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/17/26<sup>(b)</sup> | 270 | 275497 |
|  Textron Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 (Call 12/15/30) | 631 | 483889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 (Call 03/01/30) | 447 | 366182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/28 (Call 12/01/27) | 340 | 299047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 12/15/26) | 617 | 562500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 (Call 12/01/24) | 355 | 342902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/17/29 (Call 06/17/29) | 165 | 145461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/26 (Call 12/15/25) | 150 | 142926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/24 (Call 12/01/23) | 79 | 77981 |
|  Trane Technologies Global Holding Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/21/28 (Call 05/21/28) | 681 | 621685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/21/48 (Call 08/21/47) | 225 | 163519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/43 | 173 | 160364 |
|  Trane Technologies Luxembourg Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/26 (Call 01/21/26) | 679 | 632366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/01/24 (Call 08/01/24) | 323 | 311763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/29 (Call 12/21/28) | 777 | 692905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/21/49 (Call 09/21/48) | 205 | 156522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/44 (Call 05/01/44) | 125 | 99088 |
|  Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) | 295 | 280250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46014215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media — 1.1%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 (Call 01/15/23)<sup>(b)(c)</sup> | $740 | $591230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 (Call 08/15/24)<sup>(b)</sup> | 1258 | 990650 |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24) | 627 | 486370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22) | 530 | 486381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 130 | 126351 |
|  Audacy Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/27<sup>(b)</sup> | 310 | 90281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/31/29 (Call 03/31/24)<sup>(b)</sup> | 318 | 90407 |
|  Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)<sup>(b)(c)</sup> | 295 | 214925 |
|  Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/15/27 | 410 | 399680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/01/27 | 245 | 241452 |
|  Block Communications Inc., 4.88%, 03/01/28 (Call 03/01/23)<sup>(b)</sup> | 170 | 147621 |
|  Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)<sup>(d)</sup> | 400 | 327092 |
|  Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)<sup>(b)(c)</sup> | 550 | 447034 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 (Call 07/01/25)<sup>(b)</sup> | 2083 | 1645508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(b)</sup> | 1293 | 949450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 02/15/25)<sup>(b)</sup> | 1780 | 1446642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 (Call 05/01/26) | 1890 | 1480097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(b)</sup> | 1245 | 948304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(b)</sup> | 2175 | 1812166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(b)</sup> | 720 | 577202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 11/16/22)<sup>(b)</sup> | 1615 | 1457247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(b)</sup> | 2085 | 1931919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 985 | 880698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(b)</sup> | 430 | 413406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(b)</sup> | 875 | 810547 |
|  Cengage Learning Inc., 9.50%, 06/15/24 (Call 12/01/22)<sup>(b)(c)</sup> | 360 | 341114 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 (Call 11/15/28) | 1085 | 854069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 (Call 11/01/31) | 1038 | 741350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 (Call 01/01/31) | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 600 | 378354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 (Call 09/01/41) | 305 | 191455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 (Call 10/01/50) | 580 | 347994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 11/15/27) | 1038 | 913907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 775 | 444772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 (Call 12/01/51) | 1532 | 947665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 (Call 12/30/61) | 440 | 258320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 12/15/27) | 881 | 788539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 (Call 01/01/33) | 450 | 374665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 (Call 06/01/61) | 1405 | 892611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 (Call 01/01/24) | 1436 | 1413857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49) | 1560 | 1101516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 (Call 04/23/25) | 2982 | 2895254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 (Call 12/30/28) | 1303 | 1199620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 (Call 01/01/49) | 1275 | 941218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 (Call 10/01/52) | 1120 | 844222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 (Call 10/01/37) | 573 | 461586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46) | 1378 | 1062369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 (Call 10/01/62) | 1035 | 781477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47) | 1395 | 1121887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 1947 | 1781486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45) | 2061 | 1821986 |

---

S C H E D U L E O F I N V E S T M E N T S 93

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 (Call 04/23/55) | $612 | $552373 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30) | 1314 | 979350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30) | 889 | 688833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26) | 997 | 891099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52) | 1441 | 787074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 1509 | 1260830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62) | 733 | 383960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50) | 1002 | 595288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 2553 | 1533664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56) | 3146 | 1822320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 1999 | 1126816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 715 | 671928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27) | 895 | 807165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36) | 1017 | 773764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 1000 | 725500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) | 697 | 645527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 754 | 696206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 (Call 11/15/24) | 296 | 285394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25) | 788 | 753352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30) | 1053 | 926787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46) | 1072 | 731661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49) | 1245 | 840861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 520 | 475639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 (Call 03/15/24) | 1019 | 1000087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39) | 1135 | 875709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 860 | 695448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25) | 895 | 865590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 1227 | 912054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 629 | 471190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 940 | 704812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49) | 1535 | 1134150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52) | 694 | 514067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | 1073 | 1006710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 642 | 561114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 1125 | 1034201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 775 | 697988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 (Call 02/15/35) | 746 | 654041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38) | 698 | 605243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 573 | 468846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/42 | 384 | 320475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 886 | 742911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/44 | 367 | 308019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58) | 579 | 488138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/25 | 70 | 69981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 350 | 349843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | 400 | 397472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | 827 | 814413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/15/37 | 245 | 254763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/35 | 688 | 723226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 07/01/39 | 25 | 26329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 08/15/37 | 210 | 228201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 476 | 517469 |
|  Cox Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/30 (Call 07/01/30)<sup>(b)</sup> | 510 | 373024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/31 (Call 03/15/31)<sup>(b)</sup> | 500 | 382850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/50 (Call 04/01/50)<sup>(b)(c)</sup> | 615 | 348945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24)<sup>(b)</sup> | 355 | 339597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/26 (Call 06/15/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 05/15/27)<sup>(b)</sup> | 303 | 275000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/51 (Call 12/15/50)<sup>(b)</sup> | $435 | $280170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24)<sup>(b)</sup> | 376 | 361302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/43 (Call 12/30/42)<sup>(b)</sup> | 485 | 372087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/47 (Call 02/15/47)<sup>(b)</sup> | 180 | 138875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/42<sup>(b)</sup> | 455 | 358313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/35 (Call 08/01/34)<sup>(b)</sup> | 745 | 645550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/01/39<sup>(b)</sup> | 480 | 559651 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 675 | 489611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(b)</sup> | 665 | 522471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 925 | 720325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/30 (Call 12/01/25)<sup>(b)</sup> | 1615 | 1163511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 330 | 239049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(c)</sup> | 402 | 389992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 780 | 719285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 730 | 687558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 1795 | 1382150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 1035 | 974504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(b)</sup> | 647 | 559390 |
|  Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)<sup>(b)(c)</sup> | 285 | 247411 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/26 (Call 11/16/22)<sup>(b)</sup> | 1325 | 264391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | 660 | 33667 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236550 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/25 (Call 12/15/24) | 173 | 162340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | 983 | 794087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/13/24 (Call 01/13/24) | 80 | 77766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 170 | 163020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 128 | 120965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 (Call 12/20/27) | 830 | 720274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 (Call 03/15/55) | 854 | 490102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 647 | 546599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 (Call 11/15/49) | 743 | 486732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/43<sup>(c)</sup> | 925 | 647195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 (Call 12/11/25)<sup>(c)</sup> | 332 | 315214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 (Call 03/20/37) | 789 | 606189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 (Call 03/20/47) | 799 | 567945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 (Call 11/15/48) | 918 | 661841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 | 250 | 213030 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 (Call 06/01/26)<sup>(b)</sup> | 1845 | 1601958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 (Call 12/01/27)<sup>(b)</sup> | 1750 | 1412407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 | 1905 | 1756981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 (Call 07/01/23) | 710 | 539692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 1314 | 1110041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 | 920 | 621846 |
|  FactSet Research Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 165 | 147477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 (Call 12/01/31) | 160 | 128579 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 (Call 03/07/25) | 499 | 471500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/08/30 (Call 01/08/30)<sup>(c)</sup> | 545 | 462443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 (Call 12/25/23) | 1420 | 1395633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 (Call 10/25/28) | 1256 | 1169223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 (Call 07/25/38) | 957 | 821527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 (Call 07/25/48) | 1285 | 1072782 |

---

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
|  Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)<sup>(b)(c)</sup> | $226 | $169179 |
|  GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)<sup>(b)(c)</sup> | 400 | 337800 |
|  Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30<sup>(d)</sup> | 400 | 305904 |
|  Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 755 | 606703 |
|  Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 (Call 10/15/25)<sup>(b)(c)</sup> | 520 | 410691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 575 | 542783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(b)(c)</sup> | 544 | 518209 |
|  Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/26 (Call 10/30/25) | 195 | 186432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/45 (Call 11/13/44) | 1051 | 838130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/49 (Call 11/24/48)<sup>(c)</sup> | 350 | 289993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/31/46 (Call 07/31/45) | 395 | 368859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/40 | 823 | 778369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/11/32 | 50 | 56487 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(b)(c)</sup> | 365 | 318430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | 470 | 428363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 458 | 435389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(c)</sup> | 932 | 837896 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 500 | 422195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 755 | 704370 |
|  Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/30<sup>(c)</sup> | 350 | 218866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/29 | 244 | 153910 |
|  McGraw-Hill Education Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/28 (Call 08/01/24)<sup>(b)</sup> | 550 | 484187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/29 (Call 08/01/24)<sup>(b)(c)</sup> | 460 | 391736 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27<br>(Call 11/16/22)<sup>(b)</sup> | 208 | 189301 |
|  NBCUniversal Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/43 | 549 | 447512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 | 568 | 556379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 04/30/40 | 150 | 153210 |
|  News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/29 (Call 05/15/24)<sup>(b)(c)</sup> | 590 | 507229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/32 (Call 02/15/27)<sup>(b)(c)</sup> | 330 | 297347 |
|  Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 665 | 583458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054323 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 (Call 10/15/26) | 486 | 428117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 (Call 11/15/27) | 382 | 330793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 (Call 03/01/28) | 582 | 512154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25) | 770 | 722683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/29 (Call 03/01/29) | 577 | 503617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 (Call 02/19/32) | 710 | 568518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 | 904 | 606593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 (Call 07/15/44) | 415 | 275680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25) | 300 | 293007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/42 (Call 01/01/42) | 503 | 360379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 (Call 02/15/44) | 563 | 391189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 (Call 10/15/30) | 595 | 520030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 (Call 11/19/49) | 538 | 376213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 (Call 10/01/43) | 355 | 260020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/33 | 275 | 240196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 (Call 03/01/43) | 807 | 657164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/40 (Call 04/15/40) | 345 | 279988 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/28/57 (Call 02/28/27)<sup>(a)</sup> | $485 | $410945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(a)</sup> | 550 | 468644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36 | 722 | 672334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30 | 566 | 589336 |
|  Radiate Holdco LLC/Radiate Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 (Call 09/15/23)<sup>(b)</sup> | 590 | 503771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 623 | 392122 |
|  Scripps Escrow II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 350 | 290707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/31 (Call 01/15/26)<sup>(b)(c)</sup> | 280 | 227576 |
|  Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 300 | 271731 |
|  Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(b)</sup> | 530 | 409494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/27 (Call 11/16/22)<sup>(b)(c)</sup> | 265 | 222550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 12/01/24)<sup>(b)(c)</sup> | 350 | 261716 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(b)</sup> | 640 | 571962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(b)</sup> | 910 | 727563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(b)</sup> | 1012 | 828676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 1025 | 943000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 814 | 750630 |
|  Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(b)</sup> | 690 | 724624 |
|  Sky Ltd., 3.75%, 09/16/24<sup>(b)</sup> | 866 | 842055 |
|  Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)<sup>(b)(c)</sup> | 195 | 120112 |
|  TCI Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/28 | 185 | 198313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/26 | 404 | 435657 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23) | 524 | 498633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(b)</sup> | 390 | 384942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24) | 660 | 630122 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)<sup>(b)</sup> | 600 | 526776 |
|  Thomson Reuters Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/26 (Call 02/15/26) | 943 | 876198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/23/23 (Call 08/23/23) | 390 | 386041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/35 | 154 | 142227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/23/43 (Call 05/23/43) | 275 | 244349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/15/40 | 475 | 442652 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | 858 | 908734 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 961 | 659102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 (Call 03/01/41) | 982 | 771646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 (Call 05/15/40) | 769 | 625674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37 | 760 | 678247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 1070 | 947068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38 | 1018 | 950272 |
|  Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 450 | 424800 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26 | 1115 | 993075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(c)</sup> | 306 | 280100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26 | 354 | 331054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/46 | 560 | 368194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25 | 1002 | 951910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/42 | 80 | 60506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44 | 863 | 697373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/16/41 | 385 | 323227 |

---

S C H E D U L E O F I N V E S T M E N T S 95

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 03/01/32 | $143 | $156669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.13%, 12/01/41 | 357 | 289041 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 05/01/24)<sup>(b)(c)</sup> | 835 | 704439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(b)</sup> | 967 | 934054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(b)</sup> | 921 | 908935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 (Call 06/30/25)<sup>(b)</sup> | 545 | 530694 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)<sup>(b)</sup> | 730 | 606564 |
|  UPC Holding BV, 5.50%, 01/15/28 (Call 11/11/22)<sup>(b)</sup> | 470 | 411297 |
|  Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)<sup>(b)</sup> | 495 | 433234 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(b)(c)</sup> | 345 | 289310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 461 | 434101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 326 | 323294 |
|  Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 565 | 452661 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 08/15/25)<sup>(b)</sup> | 635 | 533800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 941 | 856254 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 300 | 256629 |
|  VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)<sup>(d)</sup> | 200 | 101476 |
|  VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)<sup>(b)</sup> | 955 | 766139 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 (Call 07/30/24) | 1569 | 1482689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26 | 1512 | 1369297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 (Call 06/01/29) | 1252 | 1022195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28 | 773 | 672696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;1696 | 1405085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49) | 1320 | 816658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25 | 797 | 766260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/26 (Call 08/15/26) | 458 | 427804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39) | 1279 | 977936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50) | 940 | 681585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 417 | 407175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 (Call 07/15/25) | 869 | 839245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27 | 615 | 580173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30 | 845 | 770539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 440 | 316043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 625 | 554000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49) | 1403 | 1218323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 527 | 459797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/46 (Call 05/15/46) | 207 | 178989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45 (Call 04/15/45) | 600 | 529794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/43 | 576 | 546031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/37 | 219 | 224652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/15/41 | 612 | 627257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34 | 778 | 814224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | 712 | 753659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/15/33 | 353 | 375881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37 | 462 | 499949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/45 | 180 | 213520 |
|  Warner Media LLC, 7.63%, 04/15/31 | 80 | 81058 |
|  Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 (Call 02/15/25)<sup>(b)</sup> | 300 | 237429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 380 | 343809 |
|  Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)<sup>(b)</sup> | 635 | 535883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191607324 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Metal Fabricate & Hardware — 0.0%** |  |  |
|  Advanced Drainage Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 (Call 11/16/22)<sup>(b)</sup> | $205 | $189986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 (Call 07/15/25)<sup>(b)</sup> | 301 | 290862 |
|  Huayi Finance I Ltd., 3.00%, 10/30/24<sup>(d)</sup> | 200 | 187178 |
|  MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)<sup>(a)(d)(e)</sup> | 600 | 570462 |
|  Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/22) | 255 | 178627 |
|  Precision Castparts Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 (Call 03/15/25) | 786 | 754293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/43 (Call 07/15/42) | 65 | 50967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44) | 245 | 202039 |
|  Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 300 | 263502 |
|  Timken Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/32 (Call 01/01/32) | 310 | 269613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 (Call 09/15/28) | 144 | 132417 |
|  Valmont Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/44 (Call 04/01/44) | 139 | 112169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/54 (Call 04/01/54) | 130 | 105104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307219 |
| **Mining — 0.4%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/29 (Call 03/31/24)<sup>(b)</sup> | 325 | 277027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 06/15/23)<sup>(b)</sup> | 690 | 643963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/28 (Call 05/15/23)<sup>(b)</sup> | 372 | 351726 |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/17/28 | 400 | 324632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/10/30<sup>(d)</sup> | 560 | 429682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/17/31 (Call 12/17/30)<sup>(d)</sup> | 850 | 655443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/11/24<sup>(b)</sup> | 323 | 310690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/11/27<sup>(b)</sup> | 558 | 503874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 (Call 12/15/27)<sup>(b)</sup> | 500 | 454580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/10/27<sup>(b)</sup> | 600 | 561816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/30<sup>(d)</sup> | 300 | 284412 |
|  AngloGold Ashanti Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/28 (Call 09/01/28) | 299 | 239373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 07/01/30) | 431 | 331426 |
|  Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/14/30 (Call 07/14/30)<sup>(d)</sup> | 600 | 442620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/13/32 (Call 02/13/32)<sup>(d)</sup> | 200 | 184322 |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 495 | 489817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 599 | 561263 |
|  Barrick Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/42 | 521 | 461773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/35 | 85 | 86515 |
|  Barrick International Barbados Corp., 6.35%, 10/15/36<sup>(b)</sup> | 345 | 336282 |
|  Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41 | 422 | 395532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43 | 416 | 390092 |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 . | 710 | 681479 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42 | 270 | 221783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;1654 | 1518339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 03/01/26<sup>(c)</sup> | 685 | 707626 |
|  Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)<sup>(b)(c)</sup> | 145 | 124681 |
|  Chalco Hong Kong Investment Co. Ltd., 1.55%, 07/28/24 (Call 06/28/24)<sup>(d)</sup> | 200 | 187020 |

---

96 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
|  China Hongqiao Group Ltd., 6.25%, 06/08/24<sup>(d)</sup> | $200 | $169602 |
|  Chinalco Capital Holding Co., 2.95%, 02/24/27 (Call 01/24/27)<sup>(d)</sup> | 400 | 360740 |
|  Chinalco Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/03/26 (Call 05/03/26)<sup>(d)</sup> | 1000 | 891600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, (Call 09/11/24)<sup>(a)(d)(e)</sup> | 200 | 189540 |
|  Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)<sup>(d)</sup> | 400 | 332624 |
|  Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 230 | 178719 |
|  Compass Minerals International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/24 (Call 05/15/24)<sup>(b)</sup> | 256 | 242732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/27 (Call 12/01/22)<sup>(b)(c)</sup> | 325 | 307941 |
|  Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 (Call 04/15/24)<sup>(b)(c)</sup> | 250 | 196020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 250 | 219803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 289 | 268854 |
|  Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/29 (Call 06/30/29)<sup>(d)</sup> | 800 | 668816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/14/30 (Call 10/14/29)<sup>(d)</sup> | 800 | 669328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/51<sup>(d)</sup> | 600 | 357798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/01/27 (Call 05/01/27)<sup>(d)</sup> | 400 | 364952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/50 (Call 07/30/49)<sup>(d)</sup> | 1629 | 1054582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/31 (Call 10/15/30)<sup>(d)</sup> | 600 | 509772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/17/42<sup>(b)</sup> | 600 | 443220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/49 (Call 08/05/48)<sup>(d)</sup> | 800 | 589632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/16/25<sup>(d)</sup> | 400 | 387028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/47 (Call 02/01/47)<sup>(d)</sup> | 850 | 639123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/04/44<sup>(d)</sup> | 800 | 653896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/21/35<sup>(b)</sup> | 200 | 188672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/18/43<sup>(d)</sup> | 800 | 709416 |
|  Eldorado Gold Corp., 6.25%, 09/01/29<sup>(d)</sup> | 275 | 222428 |
|  Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)<sup>(d)</sup> | 400 | 314012 |
|  Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 12/31/25 (Call 12/01/22)<sup>(b)</sup> | 200 | 202482 |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/24 (Call 11/10/22)<sup>(d)</sup> | 200 | 196130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/26<sup>(d)</sup> | 800 | 752216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/27 (Call 10/15/23)<sup>(d)</sup> | 825 | 767943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/25<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163808 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(b)</sup> | 1095 | 870448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 360 | 323114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 515 | 504932 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(b)</sup> | 465 | 412729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 490 | 434115 |
|  Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 04/14/27 (Call 03/14/27)<sup>(d)</sup> | 600 | 539304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 04/14/32<sup>(d)</sup> | 1000 | 840230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/14/52 (Call 10/14/51)<sup>(d)</sup> | 400 | 299452 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 (Call 03/01/23) | 710 | 637296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 (Call 03/01/25) | 785 | 686161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/28 (Call 08/01/23) | 556 | 501568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/24 (Call 08/14/24) | 1025 | 1007165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 (Call 08/01/25)<sup>(c)</sup> | 535 | 473582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 12/01/22) | 425 | 406075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/29 (Call 09/01/24) | 775 | 720827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 (Call 05/14/34) | 465 | 415491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 (Call 09/15/42) | 1165 | 964457 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
|  Fresnillo PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/02/50 (Call 04/02/50)<sup>(d)</sup> | $400 | $273316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/13/23<sup>(d)</sup> | 200 | 200092 |
|  Glencore Finance Canada Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/25/42<sup>(b)</sup> | 320 | 264147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41<sup>(b)(c)</sup> | 223 | 194612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/15/37<sup>(b)</sup> | 475 | 468350 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/01/25 (Call 08/01/25)<sup>(b)</sup> | 408 | 362977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/27/26 (Call 03/27/26)<sup>(b)</sup> | 345 | 296890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 (Call 06/01/30)<sup>(b)</sup> | 612 | 471191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/31 (Call 06/23/31)<sup>(b)</sup> | 500 | 376215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/31 (Call 01/27/31)<sup>(b)</sup> | 105 | 81481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/23/51 (Call 03/23/51)<sup>(b)(c)</sup> | 305 | 180106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/27/27 (Call 07/27/27)<sup>(b)</sup> | 175 | 157469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/27/51 (Call 10/27/50)<sup>(b)(c)</sup> | 362 | 236368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/16/25<sup>(b)(c)</sup> | 218 | 208970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/27/27 (Call 12/27/26)<sup>(b)</sup> | 633 | 583044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/12/24 (Call 02/12/24)<sup>(b)</sup> | 950 | 930468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/24<sup>(b)</sup> | 425 | 418259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/12/29 (Call 12/12/28)<sup>(b)</sup> | 935 | 859957 |
|  Gold Fields Orogen Holdings BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 04/15/24)<sup>(d)</sup> | 400 | 392084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/29 (Call 02/15/29)<sup>(d)</sup> | 200 | 187524 |
|  Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23) | 320 | 304410 |
|  Hudbay Minerals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/26 (Call 04/01/23)<sup>(d)</sup> | 480 | 421795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 285 | 235923 |
|  Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25)<sup>(d)</sup> | 600 | 573378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/15/30 (Call 02/15/30)<sup>(d)</sup> | 1000 | 875520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 11/15/23<sup>(d)</sup> | 200 | 198066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/15/50 (Call 11/15/49)<sup>(d)</sup> | 400 | 291388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 11/15/28<sup>(d)</sup> | 300 | 292965 |
|  Industrias Penoles SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/12/29 (Call 06/12/29)<sup>(d)</sup> | 400 | 348224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/06/50 (Call 02/06/50)<sup>(d)</sup> | 400 | 286148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/12/49 (Call 03/12/49)<sup>(d)</sup> | 200 | 164762 |
|  JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/22)<sup>(b)</sup> | 270 | 274787 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(b)</sup> | 325 | 255219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(b)(c)</sup> | 300 | 262455 |
|  Kinross Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 (Call 04/15/27) | 882 | 817561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 (Call 12/15/23) | 380 | 379992 |
|  Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)<sup>(d)</sup> | 600 | 401334 |
|  Minera y Metalurgica del Boleo SAPI de CV,<br>3.25%, 04/17/24<sup>(d)</sup> | 400 | 387492 |
|  Minmetals Bounteous Finance BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, (Call 09/03/24)<sup>(a)(d)(e)</sup> | 1000 | 941140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/27/26<sup>(d)</sup> | 600 | 573276 |
|  Minsur SA, 4.50%, 10/28/31<sup>(d)</sup> | 200 | 161512 |
|  New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)<sup>(b)</sup> | 255 | 220552 |
|  Newcastle Coal Infrastructure Group Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/29/27 (Call 06/29/27)<sup>(b)</sup> | 299 | 253450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/12/31 (Call 02/12/31)<sup>(b)</sup> | 625 | 465675 |
|  Newcrest Finance Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/13/30 (Call 02/13/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/13/50 (Call 11/13/49)<sup>(b)</sup> | 481 | 332193 |

---

S C H E D U L E O F I N V E S T M E N T S 97

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/41<sup>(b)</sup> | $475 | $410785 |
|  Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30) | 575 | 444256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/15/32 (Call 04/15/32) | 375 | 285979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/29 (Call 07/01/29) | 230 | 190143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 (Call 09/15/41) | 871 | 739671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/09/44 (Call 12/09/43) | 95 | 84558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/35 | 286 | 275996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39 | 667 | 655141 |
|  Nexa Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/04/27 (Call 02/04/27)<sup>(d)</sup> | 400 | 362112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/18/28 (Call 10/18/27)<sup>(d)</sup> | 600 | 553722 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 465 | 409437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 (Call 08/15/26)<sup>(b)</sup> | 480 | 372254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 (Call 01/30/25)<sup>(b)</sup> | 1035 | 880423 |
|  Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)<sup>(b)(c)</sup> | 270 | 248252 |
|  Rio Tinto Alcan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/35 | 192 | 190658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33 | 291 | 302439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/31 | 75 | 83183 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 815 | 502602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40 | 671 | 638188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28 | 595 | 639018 |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/21/42 (Call 02/21/42) | 501 | 408591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 (Call 09/22/41) | 223 | 197130 |
|  SDG Finance Ltd., 2.80%, 08/25/26 (Call 05/25/26)<sup>(d)</sup> | 400 | 343808 |
|  South32 Treasury Ltd., 4.35%, 04/14/32 (Call 01/14/32)<sup>(b)</sup> | 20 | 16747 |
|  Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/23/25 | 573 | 549811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/42 | 706 | 608445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/45 | 683 | 632677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/40 | 988 | 1010131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/27/35 | 540 | 574954 |
|  Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/16/26 (Call 11/16/23)<sup>(d)</sup> | 400 | 328972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/16/29 (Call 11/16/25)<sup>(d)</sup> | 400 | 293364 |
|  Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 325 | 268782 |
|  Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/30 (Call 04/15/30) | 329 | 279713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/42 (Call 09/01/41) | 358 | 283557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/43 (Call 08/01/42) | 382 | 309611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 02/15/40) | 290 | 254951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/35 | 363 | 341677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/41 (Call 01/15/41) | 246 | 219612 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/11/25 (Call 09/11/24)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 751020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/23/26 (Call 04/23/23)<sup>(c)(d)</sup> | 200 | 118962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.88%, 01/21/24 (Call 12/21/22)<sup>(d)</sup> | 800 | 669384 |
|  Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 11/30/22)<sup>(d)</sup> | 200 | 119516 |
|  Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31) | 200 | 144326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71366846 |
| **Office & Business Equipment — 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 935 | 806877 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Office & Business Equipment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 08/15/23) | $901 | $738604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 (Call 10/01/28) | 275 | 225599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 (Call 09/01/31) | 375 | 295406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 (Call 12/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;1058 | 1005883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 (Call 12/01/22) | 625 | 551550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 (Call 06/01/24) | 1621 | 1603672 |
|  Pitney Bowes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/24 (Call 12/15/23)<sup>(c)</sup> | 325 | 299517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/27 (Call 03/15/24)<sup>(b)</sup> | 245 | 157128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 235 | 149765 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/24 | 575 | 547463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/35<sup>(c)</sup> | 160 | 97978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/39 | 241 | 179497 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(b)</sup> | 455 | 411447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(b)</sup> | 540 | 426443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496829 |
| **Office Furnishings — 0.0%** |  |  |
|  Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)<sup>(b)</sup> | 250 | 199958 |
|  Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 346 | 302826 |
|  |  | 502784 |
| **Oil & Gas — 1.8%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 445 | 454074 |
|  Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25)<sup>(b)</sup> | 183 | 165703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/25 (Call 12/15/24)<sup>(b)</sup> | 195 | 182417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/30 (Call 10/15/29)<sup>(b)</sup> | 372 | 317067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 (Call 10/15/30)<sup>(b)</sup> | 170 | 144364 |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 310 | 286979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 403 | 411004 |
|  Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 (Call 10/15/29)<sup>(c)</sup> | 345 | 306450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/44 (Call 07/15/43)<sup>(c)</sup> | 206 | 146017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28)<sup>(c)</sup> | 245 | 219892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 310 | 233064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 (Call 03/01/40)<sup>(c)</sup> | 801 | 648522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/42 (Call 08/01/41) | 275 | 220575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 (Call 01/01/49) | 240 | 187260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/37 | 310 | 278820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/15/47 | 105 | 99656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/15/29 | 150 | 153219 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 09/01/24)<sup>(b)</sup> | 350 | 308574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 330 | 325116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/31/28 (Call 02/01/24)<sup>(b)(c)</sup> | 280 | 272843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 (Call 11/01/26)<sup>(b)(c)</sup> | 150 | 182378 |
|  Athabasca Oil Corp., 9.75%, 11/01/26 (Call 11/01/24)<sup>(b)</sup> | 204 | 218992 |
|  Baytex Energy Corp., 8.75%, 04/01/27 (Call 04/01/23)<sup>(b)(c)</sup> | 340 | 350503 |
|  Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 230 | 209240 |
|  BG Energy Capital PLC, 5.13%, 10/15/41<sup>(b)</sup> | 510 | 450707 |
|  Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25<sup>(d)</sup> | 600 | 571290 |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30) | 940 | 728744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31) | 500 | 405895 |

---

98 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50) | $1398 | $841624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50) | &nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49) | 976 | 616881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51) | 540 | 335750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 770 | 704119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40) | 415 | 290587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 786 | 733747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60) | 1103 | 702126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25) | 705 | 667952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27) | 538 | 501072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) | 589 | 549667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30) | 1212 | 1084813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 (Call 07/21/25) | 705 | 684329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28) | 830 | 770564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 1232 | 1159792 |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | 1388 | 1268174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 (Call 08/28/28) | 1027 | 937815 |
|  BPRL International Singapore Pte Ltd., 4.38%, 01/18/27<sup>(d)</sup> | 200 | 183424 |
|  Burlington Resources LLC, 7.40%, 12/01/31 | 75 | 84260 |
|  California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 355 | 350282 |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 (Call 12/01/22)<sup>(c)</sup> | 250 | 240658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30 (Call 06/15/25)<sup>(b)(c)</sup> | 360 | 341942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28 (Call 08/01/24)<sup>(b)(c)</sup> | 380 | 378940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/25 | 100 | 99970 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/15/27 (Call 01/15/24)<sup>(b)(c)</sup> | 185 | 176185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/15/24<sup>(b)(c)</sup> | 353 | 361398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 340 | 353875 |
|  Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)<sup>(d)</sup> | 200 | 150742 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 (Call 06/15/25) | 578 | 529356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/30 (Call 04/15/30) | 522 | 429658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 (Call 01/15/24) | 45 | 43930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27) | 840 | 775270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 (Call 11/01/24) | 745 | 718463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 (Call 12/01/46) | 515 | 431627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/35 | 163 | 150532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38 | 610 | 587192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/30/33 | 195 | 192469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/37 | 190 | 182924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/39 | 399 | 394898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 01/15/32 | 435 | 456546 |
|  Cenovus Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31) | 240 | 185400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/52 (Call 08/15/51) | 195 | 130044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/37 (Call 12/15/36) | 505 | 439522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25) | 248 | 247080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 (Call 12/15/46) | 489 | 417117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39 | 645 | 636402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37 | 435 | 431055 |
|  Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 250 | 242505 |
|  Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 (Call 02/05/23)<sup>(b)</sup> | 280 | 271029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/05/24)<sup>(b)</sup> | 300 | 283503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | $565 | $556209 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 (Call 04/11/25) | 790 | 729059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27) | 1155 | 1022094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 (Call 02/11/30) | 1316 | 1092675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 (Call 01/03/24) | 1191 | 1163357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 1284 | 1205227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49) | 630 | 430920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25) | 620 | 597680 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 (Call 07/12/25) | &nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27) | 635 | 533552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50) | 1053 | 623534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/29 (Call 07/15/29) | 343 | 307767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/28 (Call 10/15/27) | 874 | 828945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 350 | 343690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/43 (Call 05/15/43) | 125 | 118933 |
|  Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 241 | 222166 |
|  CNOOC Finance 2011 Ltd., 5.75%, 01/26/41<sup>(b)</sup> | 200 | 189312 |
|  CNOOC Finance 2013 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/30/29 (Call 06/30/29)<sup>(c)</sup> | 900 | 788706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/30/49 (Call 03/30/49) | 400 | 248968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/09/43 | 400 | 306380 |
|  CNOOC Finance 2014 ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/24 | 1000 | 986760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/30/44 | 200 | 168702 |
|  CNOOC Finance 2015 Australia Pty. Ltd.,<br>4.20%, 05/05/45 | 220 | 166456 |
|  CNOOC Finance 2015 USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/05/25 | 1400 | 1342642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/02/28 | 800 | 770976 |
|  CNOOC Petroleum North America ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/10/35 | 835 | 794068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/37 | 940 | 935967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/30/39 | 515 | 567741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/15/32 | 610 | 700853 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(b)(c)</sup> | 350 | 327002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/27 (Call 12/01/22)<sup>(b)</sup> | 188 | 186517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 (Call 01/15/26)<sup>(b)</sup> | 295 | 292861 |
|  Colgate Energy Partners III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 420 | 391952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 (Call 02/15/24)<sup>(b)</sup> | 210 | 209290 |
|  Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 (Call 01/15/25)<sup>(b)(c)</sup> | 730 | 666519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 755 | 722958 |
|  Conoco Funding Co., 7.25%, 10/15/31 | 10 | 11091 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23) | 233 | 220071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/24 (Call 08/15/24) | 168 | 163452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 2204 | 1721346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51) | 325 | 243315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | 1856 | 1370749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 678 | 559072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/32 | 875 | 907629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/15/38 | 200 | 200640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 65 | 69954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29 | 160 | 173891 |

---

S C H E D U L E O F I N V E S T M E N T S 99

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Continental Resources Inc./OK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | $555 | $471794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/01/32 (Call 01/01/32)<sup>(b)</sup> | 495 | 361979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 (Call 03/01/24) | 1030 | 994372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 10/15/27) | 554 | 496229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/44 (Call 12/01/43)<sup>(c)</sup> | 579 | 412451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/31 (Call 07/15/30)<sup>(b)</sup> | 1165 | 1060022 |
|  Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)<sup>(d)</sup> | 800 | 711688 |
|  Coterra Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 645 | 594716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28)<sup>(b)</sup> | 377 | 347251 |
|  CrownRock LP/CrownRock Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 320 | 293027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 726 | 702020 |
|  CVR Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/25 (Call 11/16/22)<sup>(b)</sup> | 375 | 361702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 285 | 261607 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 (Call 01/15/25) | 616 | 563535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 (Call 11/15/41) | 578 | 472885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 545 | 456219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 (Call 06/15/24) | 217 | 216831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 (Call 11/14/22) | 622 | 617391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 (Call 01/15/41)<sup>(c)</sup> | 777 | 709673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 (Call 09/15/25) | 774 | 781492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 (Call 06/15/23) | 154 | 153433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/30/31 | 94 | 103670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 04/15/32 | 215 | 238123 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 (Call 12/24/30) | 488 | 400863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 (Call 10/01/26)<sup>(c)</sup> | 808 | 740613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 (Call 09/01/29) | 1109 | 958276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 262 | 189845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 (Call 09/24/50) | 378 | 283152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 235 | 236053 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)<sup>(b)</sup> | 335 | 316866 |
|  Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/16/25<sup>(c)</sup> | 750 | 692145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/31 (Call 08/02/31) | 750 | 519007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/26/26 (Call 03/26/26) | 990 | 899286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/28/45<sup>(c)</sup> | 1050 | 641182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/02/51 (Call 05/02/51)<sup>(c)</sup> | 800 | 469696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/29/30 (Call 01/29/30) | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/18/43 | 540 | 394654 |
|  Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 09/16/31 (Call 06/16/31)<sup>(d)</sup> | 200 | 156224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/26 (Call 05/05/26)<sup>(d)</sup> | 600 | 533676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/30/24<sup>(d)</sup> | 200 | 193188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/14/47 (Call 03/14/47)<sup>(d)</sup> | 450 | 288986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/06/29 (Call 08/06/29)<sup>(d)</sup> | 400 | 366168 |
|  Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 350 | 331100 |
|  Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)<sup>(b)</sup> | 620 | 603595 |
|  Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/24 (Call 12/30/23)<sup>(b)(d)</sup> | 239 | 227882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/26 (Call 12/30/25)<sup>(b)(d)</sup> | 275 | 246964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/30/28 (Call 09/30/27)<sup>(b)(d)</sup> | 768 | 674465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/30/31 (Call 09/30/30)<sup>(b)(d)</sup> | 300 | 253254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | $127 | $130561 |
|  Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/09/29 (Call 02/09/29)<sup>(b)</sup> | 455 | 409723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/01/40<sup>(b)</sup> | 365 | 318327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X-R, 4.75%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251657 |
|  Eni USA Inc., 7.30%, 11/15/27 | 473 | 494990 |
|  EnQuest PLC, 11.63%, 11/01/27 | 200 | 195600 |
|  Ensign Drilling Inc., 9.25%, 04/15/24<br>(Call 12/01/22)<sup>(b)</sup> | 255 | 230936 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 (Call 01/01/25) | 423 | 406173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/35 (Call 10/01/34) | 333 | 283876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 740 | 718222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 (Call 01/15/30) | 584 | 554234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49) | 512 | 465915 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26 (Call 05/15/23)<sup>(b)(c)</sup> | 265 | 241092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(b)</sup> | 395 | 328707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 985 | 885279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 07/15/28) | 235 | 218350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/25 (Call 10/04/23) | 310 | 306630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 (Call 03/01/28) | 175 | 170317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 1570 | 1571382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29) | 1110 | 1138760 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25) | 1395 | 1258234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30 (Call 02/22/30) | 1011 | 836380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/24 | 1638 | 1594183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/06/25 (Call 03/06/25) | 1758 | 1674126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/27 (Call 02/06/27) | 746 | 683530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30 (Call 01/06/30) | 890 | 779604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 1677 | 1622414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49 (Call 05/18/49) | 701 | 485562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/28 (Call 06/10/28) | 1038 | 962548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/40 (Call 10/06/39) | 450 | 351117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/24 | 1164 | 1144724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 850 | 639871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 | 611 | 484468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41 | 127 | 106055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43 | 484 | 429565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/17/40 | 579 | 539431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/28<sup>(b)</sup> | 295 | 309367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/23/27 | 324 | 348608 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 (Call 07/16/24) | 1072 | 1021616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26) | 921 | 838653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 (Call 05/16/29) | 750 | 642075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30) | 1162 | 983912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 (Call 12/06/24) | 1224 | 1168210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | 1509 | 1445471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 390 | 284630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 1072 | 1009309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49) | 606 | 412316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23) | 292 | 285996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27) | 965 | 906000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 1281 | 913532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29) | 1586 | 1440707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44) | 535 | 395659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | 1715 | 1376099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 1948 | 1669183 |

---

100 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704350 |
|  Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)<sup>(d)</sup> | 200 | 162336 |
|  Global Marine Inc., 7.00%, 06/01/28 | 100 | 65098 |
|  GS Caltex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/27/25<sup>(d)</sup> | 600 | 535638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/05/26 | 200 | 191654 |
|  Guara Norte Sarl, 5.20%, 06/15/34<sup>(d)</sup> | 609 | 475565 |
|  Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) | 300 | 299112 |
|  Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)<sup>(b)(c)</sup> | 376 | 338885 |
|  Harvest Operations Corp., 1.00%, 04/26/24 (Call 11/30/22)<sup>(d)</sup> | 600 | 562632 |
|  Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31) | 50 | 39175 |
|  Heritage Petroleum Co. Ltd., 9.00%, 08/12/29 (Call 05/12/25)<sup>(d)</sup> | 200 | 209560 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/24 (Call 04/15/24) | 685 | 660580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 (Call 01/01/27) | 690 | 646468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41 | 872 | 785053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/47 (Call 10/01/46)<sup>(c)</sup> | 435 | 394971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 | 387 | 364697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/33 | 450 | 469476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 | 505 | 535871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/01/29 | 139 | 151215 |
|  HF Sinclair Corp., 4.50%, 10/01/30 | 535 | 452936 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 365 | 334037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 330 | 300653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 (Call 02/01/26)<sup>(b)</sup> | 390 | 353722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 (Call 11/01/23)<sup>(b)</sup> | 390 | 367251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32<sup>(b)</sup> | 300 | 276189 |
|  Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27<sup>(d)</sup> | 200 | 180604 |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28<sup>(d)</sup> | 275 | 249197 |
|  Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 430 | 398765 |
|  Indian Oil Corp. Ltd., 4.75%, 01/16/24<sup>(d)</sup> | 400 | 395268 |
|  Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)<sup>(b)</sup> | 305 | 301569 |
|  KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/33 (Call 10/14/32)<sup>(d)</sup> | 600 | 406584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/24/25<sup>(d)</sup> | 200 | 187014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/19/27<sup>(d)</sup> | 600 | 520836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/24/30<sup>(d)</sup> | 800 | 658816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/19/47<sup>(d)</sup> | 1000 | 687680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/24/48<sup>(d)</sup> | 600 | 432828 |
|  Korea National Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/14/26<sup>(d)</sup> | 800 | 729008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/25<sup>(d)</sup> | 400 | 374964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/23/24<sup>(d)</sup> | 400 | 393988 |
|  Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/30/22)<sup>(d)</sup> | 600 | 501762 |
|  Kunlun Energy Co. Ltd., 3.75%, 05/13/25<sup>(d)</sup> | 200 | 192208 |
|  Laredo Petroleum Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/29 (Call 07/31/24)<sup>(b)(c)</sup> | 260 | 249803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/15/25 (Call 12/01/22) | 495 | 495658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 01/15/28 (Call 01/15/23) | 325 | 320099 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/30/25 (Call 03/30/25)<sup>(b)(d)</sup> | 495 | 470636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/27 (Call 12/30/26)<sup>(b)(d)</sup> | 400 | 363081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/30/30 (Call 12/30/29)<sup>(b)(d)</sup> | $410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366384 |
|  Lundin Energy Finance BV, 3.10%, 07/15/31<sup>(b)</sup> | 338 | 266303 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/14/22)<sup>(b)</sup> | 346 | 337883 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 (Call 04/15/27) | 955 | 890728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/45 (Call 12/01/44) | 346 | 285152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37 | 540 | 532715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/32 | 552 | 562372 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 (Call 06/15/24) | 970 | 937243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28) | 455 | 408635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 (Call 10/01/47) | 532 | 400979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 (Call 04/01/25) | 797 | 780518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 585 | 461694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/54 (Call 03/15/54) | 465 | 364193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 09/15/26) | 528 | 519066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 (Call 09/01/40) | 685 | 668135 |
|  Matador Resources Co., 5.88%, 09/15/26 (Call 11/16/22) | 586 | 575745 |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/31<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 763800 |
|  Medco Bell Pte Ltd., 6.38%, 01/30/27<br>(Call 01/30/24)<sup>(d)</sup>  | 600 | 481518 |
|  Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)<sup>(d)</sup> | 400 | 356684 |
|  MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 370 | 354682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 730 | 742877 |
|  Moss Creek Resources Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 395 | 363329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 405 | 390416 |
|  Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(b)</sup> | 810 | 778483 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 (Call 12/01/22) | 335 | 331657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22) | 380 | 369151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 (Call 06/01/42) | 250 | 198765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/24) | 285 | 278853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 05/01/29 | 170 | 168616 |
|  Nabors Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(c)</sup> | 450 | 433093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(b)</sup> | 345 | 339929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/25 (Call 12/01/22)<sup>(b)</sup> | 277 | 280931 |
|  Nabors Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | 315 | 303761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 245 | 226079 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/26<sup>(d)(j)(k)</sup> | 400 | 56575 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)<sup>(b)</sup> | 445 | 434809 |
|  Nogaholding Sukuk Ltd., 5.25%, 04/08/29<sup>(d)</sup> | 200 | 190098 |
|  Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)<sup>(b)</sup> | 461 | 437530 |
|  Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)<sup>(b)</sup> | 235 | 229969 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24) | 25 | 24098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/27 (Call 11/15/26) | 10 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/26 (Call 06/15/26) | 5 | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26)<sup>(c)</sup> | 80 | 75724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/29 (Call 05/15/29)<sup>(c)</sup> | 195 | 175633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/47 (Call 08/15/46)<sup>(c)</sup> | 200 | 158326 |

---

S C H E D U L E O F I N V E S T M E N T S 101

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | $275 | $217201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/15/39 (Call 02/15/39) | 210 | 172889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/15/46 (Call 10/15/45) | 295 | 241608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/49 (Call 02/15/49) | 230 | 187358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/44 (Call 01/15/44) | 165 | 136934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/45 (Call 12/15/44) | 195 | 161335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25) | 515 | 516777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25) | 710 | 720110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 535 | 539804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30)<sup>(c)</sup> | 720 | 722736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 490 | 471311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/28 (Call 03/01/28) | 526 | 532969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 (Call 09/15/45) | 655 | 645568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 (Call 03/01/30) | 965 | 1004343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 | 425 | 435531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 05/15/28<sup>(c)</sup> | 250 | 255593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 | 588 | 632076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31 | 365 | 397558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 06/15/39 | 228 | 248379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 380 | 403248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27) | 437 | 478515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 596 | 681431 |
|  Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/29<sup>(d)</sup> | 200 | 165386 |
|  Oil and Gas Holding Co. BSCC (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/25/27<sup>(d)</sup> | 400 | 387500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/07/24<sup>(d)</sup> | 600 | 595650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/07/28<sup>(d)</sup> | 400 | 393156 |
|  Oil India International Pte Ltd., 4.00%, 04/21/27<sup>(d)</sup> | 415 | 377260 |
|  Oil India Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/04/29<sup>(d)</sup> | 200 | 183730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/17/24<sup>(d)</sup> | 400 | 396568 |
|  ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26<sup>(d)</sup> | 1000 | 919940 |
|  OQ SAOC, 5.13%, 05/06/28<sup>(d)</sup> | 400 | 362244 |
|  Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25) | 485 | 474539 |
|  Ovintiv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/34 | 411 | 398317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/38 | 353 | 335791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/37 | 363 | 354807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/01/31 | 305 | 311225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/31 | 296 | 306896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/30 | 300 | 321351 |
|  Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 12/01/22)<sup>(b)</sup> | 170 | 162661 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 400 | 336724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30 (Call 05/01/25)<sup>(b)</sup> | 571 | 475426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27 (Call 12/01/22)<sup>(b)</sup> | 385 | 364322 |
|  Patterson-UTI Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/01/28 (Call 11/01/27) | 380 | 334898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/29 (Call 08/15/29) | 294 | 259082 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23) | 555 | 504029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/25 (Call 12/01/22) | 385 | 380904 |
|  PDC Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 12/01/22) | 535 | 513439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/24 (Call 12/01/22) | 105 | 104470 |
|  Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)<sup>(b)</sup> | 230 | 226971 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Permian Resources Operating LLC, 5.38%, 01/15/26 (Call 12/01/22)<sup>(b)</sup> | $205 | $189492 |
|  Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/09/26 (Call 01/09/26)<sup>(d)</sup> | 600 | 515442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/09/31 (Call 11/09/30)<sup>(d)</sup> | 800 | 599744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/21/30 (Call 10/21/29)<sup>(d)</sup> | 400 | 326868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/27/30 (Call 05/25/30)<sup>(d)</sup> | 600 | 485778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/30/29<sup>(d)</sup> | 600 | 517086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/25/60 (Call 08/25/59)<sup>(d)</sup> | 400 | 248444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 01/21/50 (Call 07/21/49)<sup>(c)(d)</sup> | 800 | 530544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/30/49<sup>(d)</sup> | 900 | 648774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/43<sup>(d)</sup> | 400 | 330308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/03/42<sup>(d)</sup> | 428 | 368701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/30/44<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 901440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/27/41<sup>(d)</sup> | 400 | 361840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/07/48<sup>(c)(d)</sup> | 400 | 358524 |
|  Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 01/15/30<sup>(c)</sup> | 600 | 535236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/10/51 (Call 12/10/50) | 500 | 355205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/03/31 (Call 10/03/30)<sup>(c)</sup> | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 | 100 | 93309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/27/28 | 615 | 591150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/27/41 | 500 | 435990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/03/50 (Call 12/03/49) | 300 | 241890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/05/2115 | 1050 | 819598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/20/40<sup>(c)</sup> | 238 | 211146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 03/19/49 | 550 | 453832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/17/44 | 700 | 628285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/17/27 | 1200 | 1223268 |
|  Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)<sup>(b)</sup> | 350 | 258997 |
|  Petroleos del Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/19/32<sup>(d)</sup> | 800 | 592136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/19/47<sup>(d)</sup> | 1200 | 769476 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/25 | 244 | 226539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/23/26 | 1044 | 922687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/18/24 | 500 | 486125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/12/28<sup>(c)</sup> | 1687 | 1347103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/27/44<sup>(c)</sup> | 450 | 252455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/23/46 | 400 | 222292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 (Call 10/28/30) | 2689 | 1938500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/12/48 | 1050 | 603550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 | 775 | 456025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/27 (Call 11/23/26) | 1250 | 1094137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 | 2645 | 2317232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/29 | 725 | 584792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/02/41 | 1000 | 617550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/35 | 1800 | 1224054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 (Call 11/16/31) | 4384 | 3300889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 | 3650 | 2190182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/30 (Call 10/23/29) | 1700 | 1346264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/25 (Call 09/16/25) | 550 | 524865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/26 | 1450 | 1341801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/60 (Call 07/28/59) | 2314 | 1386572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/50 (Call 07/23/49) | 5296 | 3432867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 | 400 | 357924 |
|  Petroliam Nasional Bhd, 7.63%, 10/15/26<sup>(d)</sup> | 415 | 453495 |
|  Petron Corp., 5.95%, (Call 04/19/26)<sup>(a)(d)(e)</sup> | 400 | 326000 |
|  Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/28/32 (Call 10/28/31)<sup>(c)(d)</sup> | 600 | 478500 |

---

102 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/28/61 (Call 10/28/60)<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $873922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/18/25<sup>(d)</sup> | 800 | 773248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/21/30 (Call 01/21/30)<sup>(d)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/18/45<sup>(d)</sup> | 500 | 418500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/21/50 (Call 10/21/49)<sup>(d)</sup> | 1650 | 1355656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/21/60 (Call 10/21/59)<sup>(d)</sup> | 600 | 499830 |
|  Petrons Energy Canada Ltd., 2.11%, 03/23/28 (Call 01/23/28)<sup>(d)</sup> | 400 | 343796 |
|  Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)<sup>(d)</sup> | 400 | 363628 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 (Call 12/01/22) | 563 | 533071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 (Call 01/15/26) | 456 | 398325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 (Call 09/15/30) | 512 | 396826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 (Call 09/15/51) | 470 | 304391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 (Call 03/09/25) | 925 | 895853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 (Call 12/15/27) | 706 | 652069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 (Call 05/15/34) | 670 | 599931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 (Call 05/15/44) | 1473 | 1261021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42 | 674 | 654124 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/15/29 (Call 09/15/29)<sup>(b)</sup> | 514 | 433919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/26 (Call 07/01/26)<sup>(b)</sup> | 826 | 763810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/28 (Call 12/01/27)<sup>(b)</sup> | 787 | 707993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/15/45 (Call 08/15/44)<sup>(b)</sup> | 145 | 117496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/46 (Call 04/01/46)<sup>(b)</sup> | 175 | 145784 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 (Call 12/15/25) | 950 | 828865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 (Call 05/15/30) | 1020 | 786002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 (Call 10/15/30) | 492 | 381270 |
|  Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/25)<sup>(b)</sup> | 240 | 220543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/26 (Call 11/16/22)<sup>(b)</sup> | 220 | 216755 |
|  PTTEP Canada International Finance Ltd., 6.35%, 06/12/42<sup>(b)</sup> | 200 | 193022 |
|  PTTEP Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 06/10/27 (Call 04/10/27)<sup>(d)</sup> | 200 | 171500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 01/15/30 (Call 07/15/29)<sup>(d)</sup> | 200 | 163342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/59<sup>(c)(d)</sup> | 400 | 242712 |
|  Puma International Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/24/26 (Call 11/11/22)<sup>(b)</sup> | 700 | 625541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/06/24 (Call 11/11/22)<sup>(b)</sup> | 200 | 186766 |
|  Qatar Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/12/26 (Call 08/12/26)<sup>(d)</sup> | 1200 | 1054896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/31 (Call 04/12/31)<sup>(d)</sup> | 1800 | 1443888 |
|  Qatar Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/12/41 (Call 01/12/41)<sup>(d)</sup> | 2600 | 1839058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/12/51 (Call 01/12/51)<sup>(d)</sup> | 2400 | 1632888 |
|  Raizen Fuels Finance SA, 5.30%, 01/20/27<sup>(d)</sup> | 600 | 570492 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30 (Call 02/15/25)<sup>(b)(c)</sup> | 315 | 278529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25) | 475 | 458655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 01/15/24) | 520 | 539380 |
|  Ras Laffan Liquefied Natural Gas Co. Ltd. 3, 5.84%, 09/30/27<sup>(b)</sup> | 1038 | 1040350 |
|  Reliance Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/12/32<sup>(d)</sup> | 890 | 669823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/12/52<sup>(d)</sup> | 1000 | 590550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 11/30/27<sup>(d)</sup> | 600 | 538722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/12/62<sup>(d)</sup> | 250 | 143640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/28/25<sup>(d)</sup> | 650 | 625963 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/10/45<sup>(d)</sup> | $750 | $577485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/19/40<sup>(d)</sup> | 250 | 237455 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 470 | 419517 |
|  SA Global Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/17/24 (Call 05/17/24)<sup>(d)</sup> | 800 | 744192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/17/26 (Call 05/17/26)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 06/17/31 (Call 03/17/31)<sup>(d)</sup> | 2400 | 1949736 |
|  Santos Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/29/31 (Call 01/29/31)<sup>(b)</sup> | 360 | 277891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/13/29 (Call 12/13/28)<sup>(d)</sup> | 200 | 177800 |
|  Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/23 (Call 10/24/23)<sup>(d)</sup> | 200 | 192046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/24/25 (Call 10/24/25)<sup>(d)</sup> | 800 | 715888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/24/30 (Call 08/24/30)<sup>(d)</sup> | 1400 | 1106686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/16/24<sup>(d)</sup> | 800 | 771768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/24/50 (Call 05/24/50)<sup>(d)</sup> | 2000 | 1253620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/16/29<sup>(d)</sup> | 2000 | 1776200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/24/70 (Call 05/24/70)<sup>(d)</sup> | 1600 | 973968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/16/39<sup>(d)</sup> | 2000 | 1638840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/16/49<sup>(d)</sup> | 1700 | 1323059 |
|  SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)<sup>(d)</sup> | 400 | 313004 |
|  Shelf Drilling Holdings Ltd., 8.25%, 02/15/25<sup>(d)</sup> | 526 | 442424 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 (Call 10/07/24) | 964 | 914219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29) | 762 | 642336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26 | 731 | 667023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30) | 1138 | 974435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 1155 | 1077419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/26/41 (Call 05/26/41) | 600 | 412038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51) | 1000 | 644120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 822 | 547057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25 | 1365 | 1311110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49) | 998 | 686085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/13/23 (Call 10/13/23) | 610 | 601814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/42 | 805 | 609168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 1084 | 810843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 (Call 08/13/28) | 640 | 598797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 1616 | 1269433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35 | 1117 | 985038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 1349 | 1115097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 856 | 731966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40 | 618 | 602303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | 1543 | 1626816 |
|  Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)<sup>(d)</sup> | 400 | 262848 |
|  Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(d)</sup> | 650 | 513396 |
|  Sinopec Group Development Ltd., 3.10%, 01/08/51 (Call 07/08/50)<sup>(d)</sup> | 800 | 492872 |
|  Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43<sup>(d)</sup> | 600 | 561102 |
|  Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24<sup>(d)</sup> | 800 | 792192 |
|  Sinopec Group Overseas Development 2015 Ltd. 3.25%, 04/28/25<sup>(d)</sup> | 800 | 764840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/28/45<sup>(d)</sup> | 400 | 311072 |
|  Sinopec Group Overseas Development 2016 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/29/26<sup>(d)</sup> | 600 | 552264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/03/26<sup>(d)</sup> | 200 | 190340 |

---

S C H E D U L E O F I N V E S T M E N T S 103

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Sinopec Group Overseas Development 2017 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/27<sup>(d)</sup> | $225 | $207450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/12/27<sup>(d)</sup> | 200 | 188680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/12/47<sup>(d)</sup> | 200 | 156920 |
|  Sinopec Group Overseas Development 2018 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/08/26<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/13/25 (Call 04/13/25)<sup>(d)</sup> | 900 | 836883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/08/31<sup>(d)</sup> | 2100 | 1693923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/08/24<sup>(d)</sup> | 800 | 766168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/12/24<sup>(d)</sup> | 600 | 571332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/13/30 (Call 02/13/30)<sup>(d)</sup> | 3000 | 2532510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/08/29 (Call 05/08/29)<sup>(d)</sup> | 600 | 523890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/29 (Call 08/12/29)<sup>(d)</sup> | 465 | 403569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/13/50<sup>(d)</sup> | 200 | 130022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 11/12/49<sup>(d)</sup> | 200 | 133144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 08/08/49 (Call 02/08/49)<sup>(d)</sup> | 200 | 139682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/12/25<sup>(d)</sup> | 600 | 583674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/12/28<sup>(d)</sup> | 400 | 380268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/12/48<sup>(d)</sup> | 200 | 165616 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 (Call 12/01/22) | 230 | 223940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/24) | 250 | 243378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22) | 257 | 251690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22) | 281 | 278491 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27) | 725 | 628379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 (Call 02/01/24) | 400 | 372500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 (Call 03/15/25) | 990 | 919136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24) | 540 | 532148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22) | 359 | 369637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 09/15/28 (Call 09/15/23)<sup>(c)</sup> | 325 | 337321 |
|  Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)<sup>(b)</sup> | 315 | 266641 |
|  Suncor Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 (Call 09/04/50)<sup>(c)</sup> | 486 | 331471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 461 | 335834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/34 | 274 | 260790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38 | 509 | 500607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38 | 1035 | 1035849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39 | 390 | 392816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 02/01/32 | 290 | 301467 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 (Call 05/15/24) | 445 | 384489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 (Call 04/30/25) | 458 | 390042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 (Call 03/15/23) | 405 | 385645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 (Call 12/01/22) | 400 | 391904 |
|  Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) | 375 | 397717 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)<sup>(b)</sup> | 345 | 323631 |
|  Teine Energy Ltd., 6.88%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 355 | 317533 |
|  Tengizchevroil Finance Co. International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/25 (Call 05/15/25)<sup>(d)</sup> | 800 | 622008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/30 (Call 02/15/30)<sup>(d)</sup> | 500 | 340650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/26<sup>(d)</sup> | 600 | 487824 |
|  Thaioil Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/18/30<sup>(d)</sup> | 1200 | 869028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/17/49<sup>(d)</sup> | 200 | 97970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/18/50<sup>(c)(d)</sup> | 400 | 204044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/20/48<sup>(d)</sup> | 400 | 276336 |
|  Tosco Corp., 8.13%, 02/15/30 | 110 | 125998 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 (Call 10/10/24) | $886 | $838023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 (Call 10/10/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40) | 935 | 656024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | 1127 | 744699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 358 | 232643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/29 (Call 11/19/28) | 1020 | 926803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 891 | 625455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24 | 811 | 798129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24 | 1238 | 1220235 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28 | 806 | 752151 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)<sup>(b)</sup> | 328 | 319619 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/38 | 385 | 235177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25 (Call 11/11/22)<sup>(b)(c)</sup> | 210 | 182879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 11/11/22)<sup>(b)</sup> | 340 | 292509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/31<sup>(c)</sup> | 335 | 219050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 375 | 307661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.35%, 12/15/41 | 120 | 78006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(b)</sup> | 459 | 461098 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 258 | 247720 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)<sup>(b)</sup> | 267 | 255389 |
|  Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/25<sup>(d)</sup> | 400 | 260464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/15/26 (Call 05/15/23)<sup>(d)</sup> | 961 | 818820 |
|  Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24<sup>(d)</sup> | 400 | 367984 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/15/27 (Call 07/15/27) | 591 | 507350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/31 (Call 09/01/31) | 210 | 165505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 120 | 111658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 (Call 06/01/51) | 275 | 183241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 (Call 12/01/51) | 305 | 215324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28) | 303 | 285265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45<sup>(c)</sup> | 923 | 760303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37 | 1033 | 1036037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32 | 465 | 505613 |
|  Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)<sup>(b)</sup> | 203 | 199799 |
|  Vermilion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 482 | 467612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/30 (Call 05/01/25)<sup>(b)</sup> | 240 | 225641 |
|  Viper Energy Partners LP, 5.38%, 11/01/27 (Call 12/01/22)<sup>(b)</sup> | 265 | 249362 |
|  W&T Offshore Inc., 9.75%, 11/01/23 (Call 12/01/22)<sup>(b)</sup> | 325 | 323690 |
|  Woodside Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/05/25 (Call 12/05/24)<sup>(b)</sup> | 553 | 524565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/26 (Call 06/15/26)<sup>(b)</sup> | 200 | 183590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/04/29 (Call 12/04/28)<sup>(b)</sup> | 738 | 668532 |
|  YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/21/27<sup>(d)</sup> | 483 | 287718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/47 (Call 06/15/47)<sup>(d)</sup> | 800 | 416584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/28/25<sup>(d)</sup> | 901 | 648324 |
|  YPF Sociedad Anonima, 4.00%, 02/12/26<sup>(d)(f)</sup> | 20 | 17326 |
|  |  | 332820152 |
| **Oil & Gas Services — 0.1%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 (Call 04/01/23)<sup>(b)</sup> | 570 | 530060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 335 | 320575 |

---

104 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas Services (continued)** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | $978 | $839104 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 12/15/23 | 540 | 517374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | 345 | 301979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 (Call 08/07/29) | 297 | 252010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 (Call 09/15/27) | 573 | 513821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 (Call 06/15/47) | 985 | 715069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/01/30 (Call 02/01/30) | 116 | 107063 |
|  Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)<sup>(b)</sup> | 250 | 235220 |
|  CGG SA, 8.75%, 04/01/27 (Call 04/01/24)<sup>(b)(c)</sup> | 200 | 174044 |
|  COSL Singapore Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/24/30 (Call 03/24/30)<sup>(d)</sup> | 800 | 649560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/25<sup>(d)</sup> | 200 | 195588 |
|  CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 205 | 185025 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 (Call 12/01/29) | 659 | 553428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/25 (Call 08/15/25) | 301 | 290038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/41 (Call 05/15/41) | 310 | 242157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 (Call 02/01/43) | 724 | 584406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 (Call 05/15/35) | 897 | 792257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 (Call 05/15/45) | 1045 | 865835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38 | 683 | 683082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39 | 379 | 404908 |
|  HF Sinclair Corp., 5.88%, 04/01/26 | 706 | 687333 |
|  KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 250 | 232500 |
|  KLX Energy Services Holdings Inc., 11.50%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 155 | 127413 |
|  NOV Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/29 (Call 09/01/29) | 218 | 185682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/42 (Call 06/01/42) | 610 | 403088 |
|  Oceaneering International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/24 (Call 08/15/24) | 270 | 258409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/28 (Call 11/01/27) | 195 | 173804 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 470 | 424997 |
|  Schlumberger Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 04/01/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/17/28 (Call 02/17/28)<sup>(b)</sup> | 792 | 719437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/21/25 (Call 09/21/25)<sup>(b)</sup> | 832 | 800542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/29 (Call 02/01/29)<sup>(b)</sup> | 885 | 808899 |
|  Schlumberger Investment SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/26/30 (Call 03/26/30) | 550 | 460460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/23 (Call 09/01/23) | 336 | 331272 |
|  TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 129 | 124035 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 12/01/22)<sup>(b)</sup> | 170 | 169004 |
|  Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 162 | 158217 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | 430 | 412761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22) | 500 | 477020 |
|  Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/24)<sup>(b)(c)</sup> | 300 | 288249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 (Call 10/30/24)<sup>(b)</sup> | 980 | 923817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24 (Call 12/01/22)<sup>(b)</sup> | 380 | 390309 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas Services (continued)** |  |  |
|  Welltec International ApS, 8.25%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | $200 | $193932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19877551 |
| **Packaging & Containers — 0.2%** |  |  |
|  Amcor Finance USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/28/26 (Call 01/28/26) | 603 | 556213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/28 (Call 02/15/28) | 192 | 176135 |
|  Amcor Flexibles North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/19/30 (Call 03/19/30) | 526 | 409486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 05/25/31 (Call 02/25/31) | 745 | 574313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/17/25 (Call 04/17/25) | 300 | 288399 |
|  ARD Finance SA, 6.50%, 06/30/27 (Call 12/01/22), (7.25% PIK)<sup>(b)(g)</sup> | 530 | 380222 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 (Call 05/15/24)<sup>(b)</sup> | 365 | 299986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 (Call 05/15/24)<sup>(b)</sup> | 685 | 521675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 350 | 335822 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(b)</sup> | 868 | 746697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(b)</sup> | 415 | 392208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | 949094 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(c)</sup> | 806 | 627012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31) | 565 | 433259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 550 | 539038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25) | 445 | 426977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 | 625 | 616562 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 (Call 01/15/24) | 413 | 388815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 (Call 12/15/25) | 1122 | 972897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/27 (Call 12/15/26) | 1212 | 999561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 196 | 183399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/26<sup>(b)</sup> | 1575 | 1481839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 335 | 318066 |
|  Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)<sup>(b)</sup> | 110 | 104464 |
|  Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)<sup>(d)</sup> | 425 | 337488 |
|  Cascades Inc./Cascades USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 155 | 139156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 345 | 295020 |
|  CCL Industries Inc., 3.05%, 06/01/30 (Call 03/01/30)<sup>(b)</sup>  | 805 | 632005 |
|  Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 (Call 04/15/25)<sup>(b)</sup> | 320 | 303558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 710 | 624360 |
|  Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)<sup>(b)</sup> | 305 | 279276 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) | 272 | 252245 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22) | 564 | 540487 |
|  Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 235 | 239472 |
|  Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 320 | 262819 |
|  Graphic Packaging International LLC 3.50%, 03/15/28<sup>(b)</sup> | 333 | 288438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 09/01/28)<sup>(b)</sup> | 325 | 276071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(b)</sup> | 195 | 167599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/24 (Call 05/15/24) | 118 | 114530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 175 | 161467 |

---

S C H E D U L E O F I N V E S T M E N T S 105

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
|  Intelligent Packaging Ltd. Finco Inc./Intelligent |  |  |
|  Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/22)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;425 | $317169 |
|  Klabin Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/12/31 (Call 10/12/30)<sup>(d)</sup> | 600 | 452592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/03/29 (Call 01/03/29)<sup>(d)</sup> | 400 | 372176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/03/49 (Call 10/03/48)<sup>(d)</sup> | 400 | 353340 |
|  LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 (Call 11/01/24)<sup>(b)</sup> | 300 | 261582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(b)</sup> | 460 | 438661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 300 | 240147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(b)</sup> | 475 | 435185 |
|  Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 141 | 129494 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup> | 979 | 959332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 900 | 809991 |
|  OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)<sup>(b)</sup> | 235 | 199590 |
|  Owens-Brockway Glass Container Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/25<sup>(b)</sup> | 345 | 323503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25<sup>(b)</sup> | 175 | 165743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/13/27 (Call 05/15/23)<sup>(b)</sup> | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344264 |
|  Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/29 (Call 09/15/29) | 388 | 322967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/51 (Call 04/01/51) | 300 | 181152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/15/27 (Call 09/15/27) | 644 | 579529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/24 (Call 06/15/24) | 235 | 227539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/15/49 (Call 06/15/49) | 275 | 197423 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 700 | 619507 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28<br>(Call 10/15/24)<sup>(b)</sup> | 250 | 218710 |
|  Pactiv LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 12/15/25 | 210 | 194666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/15/27 | 170 | 153462 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 10/15/26 (Call 09/15/26)<sup>(b)</sup> | 590 | 494479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(b)</sup> | 354 | 317336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(b)</sup> | 135 | 123250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(b)</sup> | 305 | 301618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(b)</sup> | 250 | 245578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/33<sup>(b)</sup> | 305 | 292455 |
|  Silgan Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 04/01/26 (Call 03/01/26)<sup>(b)</sup> | 360 | 306540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/28 (Call 11/16/22) | 385 | 352633 |
|  Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/01/25 (Call 02/01/23) | 850 | 784584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 565 | 493946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/32 (Call 11/01/31) | 700 | 546819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/30 (Call 02/01/30) | 435 | 359119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/40 (Call 05/01/40) | 15 | 13510 |
|  Trident TPI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/01/25 (Call 11/14/22)<sup>(b)</sup> | 220 | 189200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 08/01/24 (Call 11/14/22)<sup>(b)</sup> | 328 | 306664 |
|  TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 275 | 236415 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(b)</sup> | 630 | 579235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(b)(c)</sup> | 425 | 403214 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
|  WestRock MWV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/15/31 | $150 | $163899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/30 | 142 | 156024 |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 (Call 07/15/24) | 749 | 712157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/33 (Call 03/15/33) | 259 | 196625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 (Call 06/15/27) | 125 | 111891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 01/15/25) | 245 | 234041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/28 (Call 03/01/28) | 475 | 426379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 260 | 236675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 03/01/32) | 342 | 294790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26) | 960 | 930182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 (Call 12/15/28) | 618 | 580586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36523698 |
| **Pharmaceuticals — 1.2%** |  |  |
|  180 Medical Inc., 3.88%, 10/15/29<br>(Call 10/07/24)<sup>(b)</sup> | 330 | 278896 |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 (Call 10/21/24) | 2468 | 2346204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26) | &nbsp;&nbsp;&nbsp;&nbsp;1475 | 1346808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 1206 | 1123980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29) | 3473 | 3031998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 (Call 02/14/25) | 2178 | 2090858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 (Call 10/14/23) | 1536 | 1516124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 1393 | 1345610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 (Call 03/15/24) | 697 | 682739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39) | 2204 | 1775300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 (Call 08/14/28) | 941 | 885566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49) | 3954 | 3066604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 (Call 11/14/35) | 1090 | 940267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 1853 | 1517273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 (Call 11/14/45) | 1190 | 955725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 (Call 11/14/34) | 1309 | 1164225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 (Call 09/15/34) | 1447 | 1287743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/42 (Call 04/01/42) | 588 | 487199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 1753 | 1459127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 (Call 09/15/44) | 530 | 446165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 (Call 12/15/43) | 635 | 540709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 (Call 05/14/48) | 1082 | 926376 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 02/01/24)<sup>(b)</sup> | 405 | 344955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 295 | 255809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/28 (Call 08/01/23)<sup>(b)</sup> | 275 | 254565 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30) | 390 | 310912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | 497 | 408047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 575 | 550350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | 705 | 685909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 (Call 09/15/27) | 769 | 702128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/45 (Call 09/01/44) | 315 | 242163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 (Call 06/15/47) | 668 | 516042 |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 (Call 12/01/22) | 610 | 569868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26) | 265 | 231284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 (Call 03/28/28) | 620 | 518791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 (Call 02/28/31) | 229 | 184437 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26) | 975 | 840489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30) | 982 | 751210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 (Call 02/06/50) | 800 | 440736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 645 | 428622 |

---

106 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | $415 | $382008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25 | 854 | 813905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 (Call 10/17/28) | 1214 | 1142508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42 | 970 | 797194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 889 | 753250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 633 | 534220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 1122 | 1204927 |
|  Bausch Health Americas Inc., 8.50%, 01/31/27<sup>(b)</sup> | 676 | 304078 |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/28 (Call 06/01/24)<sup>(b)</sup> | 980 | 601387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/30 (Call 01/30/25)<sup>(b)</sup> | 172 | 66727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 500 | 196350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(b)</sup> | 1345 | 1079631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(b)</sup> | 315 | 200205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(b)</sup> | 670 | 441738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30<sup>(c)</sup> | 447 | 255992 |
|  Bayer Corp., 6.65%, 02/15/28<sup>(b)</sup> | 350 | 350420 |
|  Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/24 (Call 04/15/24)<sup>(b)</sup> | 959 | 926116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/23 (Call 11/15/23)<sup>(b)</sup> | 1925 | 1890889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/45 (Call 10/15/44)<sup>(b)</sup> | 586 | 401428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/34 (Call 01/15/34)<sup>(b)</sup> | 1195 | 983748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/25 (Call 10/15/25)<sup>(b)</sup> | 912 | 872182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/28 (Call 09/15/28)<sup>(b)</sup> | 1277 | 1163002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/44 (Call 01/15/44)<sup>(b)</sup> | 854 | 631738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/25/38 (Call 12/25/37)<sup>(b)(c)</sup> | 440 | 359814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/64 (Call 01/15/64)<sup>(b)</sup> | 541 | 388952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/25/48 (Call 12/25/47)<sup>(b)(c)</sup> | 445 | 358844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/30/35<sup>(b)</sup> | 685 | 620644 |
|  Bayer U.S. Finance LLC, 3.38%, 10/08/24<sup>(b)</sup> | 345 | 331628 |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 (Call 11/11/30) | 1005 | 771327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 (Call 02/20/30) | 540 | 450155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 (Call 04/06/24) | 567 | 550398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27) | 1111 | 1032130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 (Call 09/15/24) | 278 | 270049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/20/50 (Call 11/20/49) | 415 | 299867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/22/32 (Call 05/22/32) | 455 | 411620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 (Call 12/06/46) | 1020 | 851608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 (Call 06/15/44) | 329 | 276360 |
|  BellRing Brands Inc., 7.00%, 03/15/30 (Call 03/15/27)<sup>(b)</sup> | 550 | 520608 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%, 11/13/23 (Call 12/01/22) | 813 | 777472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 1234 | 1091461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27) | 465 | 386387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30) | 1180 | 903951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40) | 1020 | 664142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50) | 933 | 559557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 (Call 06/26/24) | 1391 | 1345973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 (Call 12/15/31) | 930 | 788612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 877 | 828072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/23 | 290 | 285804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/42 | 808 | 583247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29) | 1409 | 1280105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/27 (Call 08/15/27) | 1235 | 1150649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41) | 395 | 302100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 (Call 02/15/24) | 300 | 294348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 1055 | 783211 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 (Call 11/20/27) | $1118 | $1059652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 545 | 398580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 1528 | 1299090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | 1686 | 1372994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 703 | 583567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 933 | 796941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/44 (Call 11/15/43) | 350 | 304206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/45 (Call 02/15/45) | 145 | 132746 |
|  Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 (Call 04/15/24) | 871 | 838381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 (Call 03/15/27) | 967 | 885753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 450 | 433188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 06/15/25) | 769 | 735948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/47 (Call 12/15/46) | 269 | 197317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44 (Call 05/15/44) | 366 | 274851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/43 | 360 | 279014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/45 (Call 03/15/45) | 363 | 292200 |
|  Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)<sup>(b)</sup> | 400 | 331600 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 (Call 12/01/22) | 710 | 668415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26) | 445 | 388770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;1025 | 813911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 1182 | 961344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) | 997 | 893362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 (Call 09/15/39) | 255 | 181624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 540 | 515495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 803 | 739274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 (Call 09/15/49) | 1285 | 855630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 (Call 09/15/50) | 861 | 572246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 (Call 03/17/24) | 1025 | 998401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 (Call 04/15/47) | 542 | 390793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 1446 | 1396474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28) | 1205 | 1132555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25) | 707 | 690258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 1115 | 982482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 (Call 01/16/46) | 1115 | 929475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48) | 1572 | 1332522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/41 | 880 | 869387 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) | 2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 (Call 05/21/30) | 919 | 699497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30) | 1363 | 1034612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 (Call 06/15/31) | 815 | 623662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 (Call 07/15/24) | 914 | 875429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 (Call 02/21/40) | 1296 | 838927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26) | 1226 | 1128423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 625 | 572931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 (Call 05/15/29) | 1150 | 998556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 (Call 05/12/24) | 701 | 680741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27) | 452 | 420893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 1040 | 918268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 (Call 04/20/25) | 1518 | 1465538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/05/23 (Call 09/05/23) | 115 | 113888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 (Call 01/25/25) | 187 | 182529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39) | 1069 | 837412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 744 | 560954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 (Call 12/25/27) | 2479 | 2327459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37) | 3027 | 2624681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/20/35 (Call 01/20/35) | 1026 | 919778 |

---

S C H E D U L E O F I N V E S T M E N T S 107

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47) | $4553 | $3866271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | 904 | 775551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 (Call 06/05/43) | 1036 | 914757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 | 296 | 289950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/27 | 559 | 578833 |
|  Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28) | 587 | 529292 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49) | 615 | 368871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60) | 717 | 412870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/25 (Call 03/01/25) | 475 | 452742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/27 (Call 02/15/27) | 1310 | 1222780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 12/15/28) | 300 | 277530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 55 | 43819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/47 (Call 11/15/46) | 555 | 460589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48) | 200 | 167038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/59 (Call 09/15/58) | 260 | 210896 |
|  Embecta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/30 (Call 02/15/27)<sup>(b)(c)</sup> | 305 | 261803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/30 (Call 02/15/27)<sup>(b)</sup> | 205 | 187552 |
|  EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)<sup>(b)</sup> | 650 | 619398 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 | 448 | 434717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28 | 688 | 645550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/18/43 | 299 | 243494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/34 | 608 | 604662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38 | 1771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897290 |
|  GlaxoSmithKline Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 (Call 05/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;1009 | 979588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/29 (Call 03/01/29) | 755 | 681025 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 395 | 369222 |
|  Hikma Finance USA LLC, 3.25%, 07/09/25<sup>(d)</sup> | 400 | 368300 |
|  HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 370 | 277445 |
|  Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)<sup>(b)</sup> | 400 | 384752 |
|  Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)<sup>(b)</sup> | 985 | 873685 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 (Call 08/01/25) | 818 | 730818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27) | 508 | 430169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30) | 373 | 295181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40) | 883 | 578206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50) | 741 | 439250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25) | 621 | 580356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60) | 835 | 471274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24) | 524 | 502186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 (Call 10/15/27) | 839 | 771175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 853 | 794348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/05/23 | 635 | 626993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 808 | 658657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 376 | 288787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35) | 415 | 354638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36) | 1036 | 883843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 1329 | 1052701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46) | 545 | 435123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33) | 706 | 671166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 | 360 | 325764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/05/43 (Call 06/05/43) | 330 | 291895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/15/41 | 185 | 172979 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/33 | $122 | $122741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/38 | 476 | 499067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37 | 980 | 1046640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/01/29 | 59 | 66866 |
|  Lannett Co. Inc., 7.75%, 04/15/26 (Call 04/15/23)<sup>(b)</sup> | 195 | 53843 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/25 (Call 11/14/22)<sup>(b)(c)</sup> | 200 | 135192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/15/29 (Call 06/15/26)<sup>(b)</sup> | 200 | 112018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/15/28 (Call 06/15/27)<sup>(b)</sup> | 395 | 359999 |
|  McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 (Call 11/03/25) | 340 | 297048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/26 (Call 07/15/26) | 865 | 743718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 (Call 12/15/23) | 459 | 451032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/16/28 (Call 11/16/27) | 845 | 783214 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 08/15/25) | 1244 | 1201032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/44 (Call 12/01/43) | 375 | 312728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/01/39 | 223 | 221073 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26) | &nbsp;&nbsp;&nbsp;&nbsp;1094 | 958902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30) | 813 | 631311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27) | 955 | 832177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 (Call 10/10/28) | 900 | 754461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39) | 1206 | 794887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49) | 1083 | 654197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 (Call 11/10/24) | 1515 | 1447840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51) | 580 | 368607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 (Call 02/07/24) | 490 | 477628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 685 | 416590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 (Call 12/07/28) | 1126 | 1028207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 360 | 276876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44) | 1842 | 1427882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38) | 423 | 352279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 439 | 354466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43 | 830 | 695150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 | 800 | 871832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/37 | 275 | 301348 |
|  Merck Sharp & Dohme Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/36 | 123 | 126589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/28 | 165 | 173036 |
|  Mylan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/29/23 (Call 08/29/23) | 605 | 593596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28) | 734 | 658053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 (Call 10/15/47) | 645 | 437839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43 (Call 05/29/43) | 566 | 403417 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 (Call 01/14/25) | 359 | 336081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 370 | 330810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 (Call 05/14/30) | 711 | 588708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50) | 631 | 413602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 504 | 478588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) | 1048 | 976212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24 | 1240 | 1216018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/21/42 | 275 | 219447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45) | 1040 | 852582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 | 1208 | 1057048 |
|  Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)<sup>(b)</sup> | 300 | 258342 |

---

108 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 (Call 04/30/24)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1350 | $1188229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 (Call 04/30/26)<sup>(b)</sup> | 1243 | 1055394 |
|  Owens & Minor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/24 (Call 09/15/24)<sup>(c)</sup> | 620 | 594121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/29 (Call 03/31/24)<sup>(b)</sup> | 310 | 240820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/30 (Call 04/01/25)<sup>(b)</sup> | 345 | 288016 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 325 | 251397 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 430 | 409364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25) | 349 | 327121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 625 | 523519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 (Call 06/15/44) | 225 | 149587 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 (Call 04/28/25) | 772 | 701092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30) | 1100 | 877052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 (Call 05/18/31) | 573 | 445897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39) | 484 | 335330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 532 | 454413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49) | 293 | 190819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(c)</sup> | 1114 | 1041178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 (Call 02/15/24) | 1050 | 1025608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26 | 1288 | 1204821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 | 578 | 566111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 662 | 606445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 (Call 06/15/28) | 902 | 844299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 250 | 210265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 502 | 440962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48) | 476 | 391515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/38 (Call 03/15/38) | 595 | 515324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46 | 745 | 629480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48) | 959 | 811707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43 | 618 | 534045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 | 1016 | 889325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/15/40 | 442 | 441677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 1494 | 1751700 |
|  Pharmacia LLC, 6.60%, 12/01/28 | 218 | 233158 |
|  PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)<sup>(b)</sup> | 275 | 250044 |
|  Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 (Call 04/01/26)<sup>(b)</sup> | 371 | 298551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 340 | 315884 |
|  Sanofi, 3.63%, 06/19/28 (Call 03/19/28) | 604 | 563176 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26) | 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226773 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 (Call 12/31/29) | 1148 | 906507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 (Call 01/09/40) | 1051 | 725631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 (Call 01/09/50) | 1043 | 670941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 (Call 01/09/60) | 495 | 306935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/26/23 (Call 10/26/23) | 256 | 253468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 (Call 08/26/28) | 1543 | 1489535 |
|  Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36<sup>(c)</sup> | 512 | 420378 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 | 2265 | 1912181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/46 | 1295 | 787062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 (Call 02/09/27) | 1054 | 929649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/09/29 (Call 02/09/29)<sup>(c)</sup> | 415 | 357170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/24 (Call 01/15/24) | 800 | 792136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 (Call 12/01/27)<sup>(c)</sup> | $800 | $754360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 (Call 10/31/24) | 700 | 692923 |
|  Utah Acquisition Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 (Call 03/15/26) | 788 | 717584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 (Call 12/15/45) | 1090 | 753332 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 (Call 05/22/25) | 432 | 385357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27) | 705 | 576612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30) | 381 | 285304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 (Call 12/22/39) | 808 | 503093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 (Call 12/22/49) | 1109 | 645693 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 1476 | 1538922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/36 | 527 | 544660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 02/01/24 | 895 | 910492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34 | 811 | 879132 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30) | 619 | 487914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27) | 668 | 599644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/50 (Call 11/15/49) | 370 | 233844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 (Call 05/20/28) | 416 | 383843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 (Call 03/12/47) | 535 | 405466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/20/48 (Call 02/20/48) | 360 | 292403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25) | 495 | 484833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 (Call 08/01/42) | 769 | 655726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225018933 |
| **Pipelines — 1.0%** |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/02/29<sup>(d)</sup> | 600 | 543486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/02/47<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 1028964 |
|  Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)<sup>(d)</sup> | 250 | 196935 |
|  AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)<sup>(d)</sup> | 250 | 161320 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 451 | 411375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(b)</sup> | 385 | 366559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 385 | 364657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(b)</sup> | 365 | 372114 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(b)</sup> | 178 | 169805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 12/15/25 (Call 12/15/22)<sup>(b)</sup> | 360 | 356321 |
|  Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/31 (Call 11/15/30) | 420 | 338852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/32 (Call 06/01/32) | 45 | 35723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 (Call 04/15/27) | 370 | 342139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/03/29 (Call 02/03/29) | 404 | 367842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 (Call 09/15/24) | 255 | 250897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 (Call 03/01/26) | 318 | 318725 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26) | 455 | 398917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(b)</sup> | 345 | 324914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 335 | 290579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/24 (Call 07/15/24) | 301 | 287864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27)<sup>(b)</sup> | 405 | 352281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 (Call 04/15/44) | 212 | 158582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 (Call 05/15/43) | 325 | 245066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/33 | 210 | 185917 |

---

S C H E D U L E O F I N V E S T M E N T S 109

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/31 (Call 04/15/31)<sup>(b)</sup> | $678 | $553302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/35 (Call 09/15/34)<sup>(b)</sup> | 752 | 587891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37)<sup>(b)</sup> | 715 | 557257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/39 (Call 07/15/38)<sup>(b)</sup> | 725 | 545294 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 (Call 07/04/39) | 775 | 574229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 (Call 05/18/29) | 806 | 704299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27) | 788 | 769450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 (Call 10/02/24) | 1052 | 1053052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/24 (Call 01/01/24) | 1095 | 1108797 |
|  Cheniere Energy Inc., 4.63%, 10/15/28<br>(Call 10/15/23) | 1401 | 1292577 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 (Call 01/31/27) | 730 | 568137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 (Call 03/01/26) | 970 | 818534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24) | 995 | 878495 |
|  CNPC Global Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/23/25 (Call 05/23/25)<sup>(d)</sup> | 400 | 362204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/23/30 (Call 03/23/30)<sup>(d)</sup> | 1200 | 960540 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 255 | 209929 |
|  Colonial Enterprises Inc., 3.25%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 466 | 397204 |
|  Colonial Pipeline Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25)<sup>(b)</sup> | 80 | 76176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/43 (Call 10/15/42)<sup>(b)</sup> | 71 | 52913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/48 (Call 10/15/47)<sup>(b)</sup> | 545 | 408101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/15/32<sup>(b)</sup> | 15 | 16515 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 08/15/26 (Call 05/15/26)<sup>(b)</sup> | 563 | 529828 |
|  Columbia Pipeline Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 (Call 03/01/25) | 229 | 223976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/01/45 (Call 12/01/44) | 432 | 389504 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 820 | 727848 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(b)(c)</sup> | 360 | 338634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 365 | 356006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 405 | 380129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 330 | 333264 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/32 (Call 08/15/31) | 245 | 195255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/29 (Call 02/15/29) | 315 | 295423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25) | 500 | 488705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 410 | 362149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 04/15/27) | 498 | 483244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/36<sup>(b)</sup> | 195 | 183199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/37<sup>(b)</sup> | 285 | 277197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/16/30 | 190 | 203448 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/25<sup>(c)</sup> | 161 | 155674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/01/28 (Call 06/01/24)<sup>(b)</sup> | 260 | 235316 |
|  DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 655 | 566064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 (Call 06/15/26)<sup>(b)</sup> | 605 | 509743 |
|  Eastern Gas Transmission & Storage Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/29 (Call 08/15/29) | 584 | 494134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44 (Call 06/15/44) | 395 | 306804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/43 (Call 05/01/43) | 367 | 297490 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  EIG Pearl Holdings Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/31/36<sup>(d)</sup> | $800 | $614888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 11/30/46<sup>(d)</sup> | 865 | 587430 |
|  El Paso Natural Gas Co. LLC, 3.50%, 02/15/32 (Call 11/15/31)<sup>(b)</sup> | 720 | 588182 |
|  Enbridge Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/40 (Call 03/15/40) | 285 | 253405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/25 (Call 07/15/25) | 415 | 418913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/45 (Call 04/15/45) | 240 | 253913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.50%, 04/15/38 | 92 | 96825 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 (Call 09/04/26) | 870 | 747365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/24 | 120 | 115346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/25 (Call 12/15/24) | 433 | 405773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/14/25 | 115 | 107510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 (Call 05/01/33) | 650 | 486174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 (Call 08/15/29) | 459 | 391564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/51 (Call 02/01/51) | 310 | 202126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 (Call 03/10/24) | 184 | 178381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/27 (Call 04/15/27) | 411 | 377421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49) | 375 | 270893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 563 | 532418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/10/44 (Call 12/10/43) | 675 | 527972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 (Call 06/01/46) | 523 | 470208 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 (Call 04/15/25) | 535 | 496699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 (Call 02/15/30) | 938 | 797647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 (Call 02/15/24) | 840 | 815581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 (Call 04/15/26) | 750 | 692580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27) | 364 | 329602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 (Call 12/15/24) | 546 | 522779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/29 (Call 06/15/29) | 452 | 393204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 (Call 01/15/27) | 440 | 404923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 474 | 462567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 (Call 12/15/26) | 512 | 475976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 (Call 03/15/24) | 635 | 623830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 1000 | 959190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 (Call 11/01/23) | 138 | 136552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/35 (Call 09/15/34) | 480 | 401347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28) | 422 | 391333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 (Call 03/15/28) | 460 | 428826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/43 (Call 07/15/42) | 220 | 165211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/44 (Call 11/15/43) | 537 | 408233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49) | 931 | 707923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43 (Call 08/01/42) | 452 | 348099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 (Call 09/15/44) | 443 | 344907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 01/15/29) | 887 | 831234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/44 (Call 10/01/43) | 65 | 51126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 (Call 10/15/46) | 553 | 434282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 (Call 11/15/44) | 589 | 467425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47) | 1068 | 848195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27) | 512 | 498335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 (Call 10/15/23) | 465 | 465832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 (Call 09/01/25) | 785 | 780353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/43 (Call 04/01/43) | 320 | 273219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 605 | 510723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/41 (Call 12/01/40) | 255 | 224907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 02/15/42 | 294 | 250567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 (Call 06/15/45) | 682 | 583826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48) | 1167 | 1018639 |

---

110 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 (Call 08/01/41) | $765 | $702599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/36 | 242 | 228777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/38 | 550 | 550759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 122 | 104377 |
|  Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) | 105 | 103688 |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 03/01/29)<sup>(c)</sup> | 335 | 309168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup> | 300 | 287421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30 (Call 03/01/30)<sup>(b)</sup> | 420 | 412583 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 462 | 434770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26) | 288 | 270996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 (Call 10/01/44) | 305 | 221528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 (Call 12/01/46) | 350 | 265993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 236 | 185685 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 (Call 10/31/29) | 1040 | 868109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 (Call 04/30/29) | 650 | 558974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 (Call 08/15/51) | 558 | 345240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/53 (Call 08/15/52) | 380 | 238587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 99 | 93988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 (Call 07/31/50) | 619 | 418803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 (Call 11/15/24) | 897 | 863793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 (Call 11/15/23) | 652 | 639892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 (Call 11/15/26) | 428 | 403741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | &nbsp;&nbsp;&nbsp;&nbsp;1167 | 777315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 (Call 07/16/28) | 1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 704 | 517947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 (Call 08/15/47) | 951 | 708647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 (Call 08/15/42) | 980 | 775258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 732 | 591214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 (Call 02/15/42) | 532 | 441358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43) | 946 | 776704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 (Call 11/15/45) | 890 | 729764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 (Call 04/15/54) | 293 | 230254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 (Call 08/15/44) | 585 | 491833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/78 (Call 02/15/28), (3 mo. LIBOR US + 2.570%)<sup>(a)</sup> | 610 | 443067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/42 | 351 | 321481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 412 | 390897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/39 | 195 | 187791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/01/40 | 522 | 515042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/15/38 | 180 | 192863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.88%, 03/01/33 | 250 | 262373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 08/16/77 (Call 08/16/27),<br>(3 mo. LIBOR US + 3.033%)<sup>(a)</sup> | 260 | 202953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 6.65%, 10/15/34 | 330 | 336669 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24) | 280 | 265054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26) | 345 | 305718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 07/15/28)<sup>(b)</sup> | 505 | 429280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 (Call 07/15/30)<sup>(b)</sup> | 679 | 567264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 575 | 514608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(b)</sup> | 320 | 310170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(b)</sup> | 615 | 599539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/48 (Call 01/15/48)<sup>(c)</sup> | 380 | 292733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(b)</sup> | 330 | 326449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(b)</sup> | 325 | 316274 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  Fermaca Enterprises S de Real de CV, 6.38%, 03/30/38 (Call 09/30/37)<sup>(d)</sup> | $196 | $181538 |
|  Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/30/31 (Call 12/30/30)<sup>(b)</sup> | 287 | 217962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/39 (Call 06/30/39)<sup>(b)</sup> | 435 | 297627 |
|  FLNG Liquefaction 2 LLC, 4.13%, 03/31/38<sup>(b)</sup> | 93 | 79127 |
|  FLNG Liquefaction 3 LLC, 5.55%, 03/31/39<sup>(b)</sup> | 55 | 55640 |
|  Florida Gas Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/01/31 (Call 07/01/31)<sup>(b)</sup> | 205 | 152869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/01/30 (Call 04/01/30)<sup>(b)</sup> | 620 | 487983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 07/15/25 (Call 04/15/25)<sup>(b)</sup> | 186 | 179483 |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)<sup>(b)</sup> | 300 | 294843 |
|  Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/30/27<sup>(d)</sup> | 325 | 295119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 03/31/34<sup>(d)</sup> | 925 | 753603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/36<sup>(d)</sup> | 1400 | 1065722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 09/30/40<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/40<sup>(d)</sup> | 900 | 636381 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/24 (Call 12/01/22) | 229 | 223859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 340 | 318413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22) | 315 | 302589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 (Call 02/01/23)<sup>(c)</sup> | 445 | 424259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24) | 600 | 582510 |
|  Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 245 | 223028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/27 (Call 11/16/22) | 265 | 254154 |
|  GNL Quintero SA, 4.63%, 07/31/29<sup>(d)</sup> | 494 | 457177 |
|  Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 (Call 09/15/25)<sup>(b)</sup> | 165 | 148130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/27 (Call 08/15/27)<sup>(b)</sup> | 250 | 217613 |
|  Gulfstream Natural Gas System LLC, 4.60%, 09/15/25 (Call 06/15/25)<sup>(b)</sup> | 470 | 450974 |
|  Harvest Midstream I LP, 7.50%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 514 | 494653 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 411 | 351356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 425 | 391034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 (Call 10/15/25)<sup>(b)</sup> | 240 | 216355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 420 | 411789 |
|  Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(b)(c)</sup> | 395 | 359158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/15/27 (Call 04/15/24)<sup>(b)</sup> | 240 | 231792 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)<sup>(b)</sup> | 265 | 240458 |
|  ITT Holdings LLC, 6.50%, 08/01/29<br>(Call 08/01/24)<sup>(b)</sup> | 760 | 611762 |
|  KazTransGas JSC, 4.38%, 09/26/27<sup>(d)</sup> | 400 | 329136 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 (Call 11/01/23) | 418 | 410953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 (Call 06/01/24) | 346 | 338122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24) | 268 | 263149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/42 (Call 05/01/42) | 145 | 111241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/42 (Call 02/15/42) | 770 | 618626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/43 (Call 09/01/42) | 220 | 177168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/01/44 (Call 03/01/44) | 760 | 635801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/44 (Call 09/01/43) | 839 | 709400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/41 | 320 | 270704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/35 | 137 | 128044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 413 | 382760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/37 | 95 | 90714 |

---

S C H E D U L E O F I N V E S T M E N T S 111

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/39 | $235 | $222674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/40 | 235 | 220305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 | 672 | 668082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/33 | 305 | 316007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 03/15/31 | 114 | 119368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40 | 199 | 203300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/15/32 | 123 | 131510 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 (Call 10/15/26) | 510 | 439855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 770 | 578278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/50 (Call 02/01/50) | 305 | 185614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 (Call 08/15/50) | 425 | 275052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 (Call 03/01/25) | 1271 | 1236264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 (Call 12/01/27) | 775 | 724478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 (Call 11/01/32) | 500 | 448405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 (Call 08/15/45) | 331 | 267527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 (Call 09/01/47) | 733 | 600048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/34 (Call 06/01/34) | 732 | 659107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52) | 400 | 338348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44) | &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/23 (Call 08/15/23)<sup>(b)</sup> | 635 | 633730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32 | 673 | 732702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31 | 228 | 247248 |
|  Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)<sup>(b)</sup>  | 675 | 638185 |
|  Magellan Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 (Call 03/01/30) | 220 | 184116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/50 (Call 09/01/49) | 720 | 491162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/03/47 (Call 04/03/47) | 490 | 347488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/46 (Call 03/15/46) | 466 | 333274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/49 (Call 08/01/48) | 290 | 225153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 (Call 12/01/25) | 445 | 435619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43 (Call 04/15/43) | 320 | 260602 |
|  Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25 (Call 12/01/22)<sup>(b)(c)</sup> | 200 | 193164 |
|  Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/24 (Call 03/01/24)<sup>(b)</sup> | 338 | 325230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/29 (Call 01/01/29)<sup>(b)</sup> | 932 | 820272 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 1267 | 1105914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | 958 | 754377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 (Call 11/15/24) | 290 | 278803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 1149 | 1040086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 845 | 785208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 (Call 09/01/27) | 477 | 440314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 (Call 10/15/37) | 954 | 762685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 (Call 10/15/47) | 846 | 631294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 (Call 11/15/28) | 487 | 451113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 (Call 09/01/24) | 985 | 969073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 03/01/25) | 1295 | 1265176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/58 (Call 10/15/57) | 480 | 348182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 (Call 06/01/32) | 690 | 624995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 (Call 09/14/51) | 670 | 519089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 (Call 09/01/46) | 600 | 479544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/01/47 (Call 06/01/47) | 420 | 336004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 1319 | 1104742 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(b)</sup> | 945 | 916848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(b)</sup> | 740 | 726643 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)<sup>(b)</sup> | 1210 | 1095486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  NGL Energy Partners LP/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/25 (Call 12/01/22)<sup>(c)</sup> | $270 | $210622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/01/23 (Call 12/01/22)<sup>(c)</sup> | 280 | 273073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(c)</sup> | 245 | 178884 |
|  NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/31 (Call 04/15/31)<sup>(b)</sup> | 90 | 70315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/27 (Call 02/15/27)<sup>(b)</sup> | 613 | 570151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.77%, 12/15/37<sup>(b)</sup> | 455 | 452102 |
|  Northern Natural Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/16/51 (Call 04/16/51)<sup>(b)</sup> | 329 | 204760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/49 (Call 07/15/48)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 742900 |
|  Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)<sup>(b)</sup> | 305 | 288774 |
|  Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27) | 168 | 155766 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 340 | 315772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25) | 442 | 428652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 332 | 321738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 (Call 04/01/30)<sup>(c)</sup> | 385 | 356953 |
|  Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)<sup>(d)</sup> | 200 | 163754 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 (Call 08/15/25) | 15 | 13521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 (Call 08/01/24) | 480 | 455650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 (Call 12/15/29) | 461 | 372981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 (Call 06/01/29) | 658 | 550509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 (Call 04/13/27) | 420 | 380780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 (Call 12/15/28) | 417 | 370842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/49 (Call 03/01/49) | 360 | 247666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/50 (Call 09/15/49) | 515 | 356504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 (Call 04/15/28) | 453 | 411551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/47 (Call 01/06/47) | 638 | 484319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 (Call 01/15/48) | 503 | 392184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 (Call 12/15/25) | 193 | 192137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/35 | 138 | 125434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 (Call 10/15/30) | 490 | 483973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 (Call 07/15/50) | 305 | 286191 |
|  ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/25 (Call 12/15/24) | 335 | 326960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/41 (Call 08/01/40) | 352 | 311052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/43 (Call 03/15/43) | 428 | 368251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/01/36 | 345 | 324717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 10/15/37 | 145 | 138385 |
|  Peru LNG Srl, 5.38%, 03/22/30<sup>(d)</sup> | 600 | 473112 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 (Call 09/15/29) | 484 | 403821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/24 (Call 08/01/24) | 640 | 612838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 (Call 06/15/30) | 461 | 384875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/31/43 (Call 07/31/42) | 400 | 268696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26) | 343 | 322214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 (Call 07/15/25) | 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/44 (Call 12/15/43) | 340 | 240356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 (Call 08/15/44) | 485 | 352736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/42 (Call 12/01/41) | 369 | 280374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/37 | 370 | 349317 |
|  Rattler Midstream LP, 5.63%, 07/15/25 (Call 11/01/22)<sup>(b)</sup> | 225 | 231329 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(b)</sup> | 235 | 218019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 375 | 316369 |

---

112 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(b)</sup> | $385 | $338831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/40<sup>(b)</sup> | 365 | 300552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/38<sup>(b)</sup> | 195 | 172561 |
|  Sabal Trail Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 02/01/28)<sup>(b)</sup> | 488 | 446466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 05/01/38 (Call 11/01/37)<sup>(b)</sup> | 475 | 398625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 05/01/48 (Call 11/01/47)<sup>(b)</sup> | 333 | 264795 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 09/15/27) | 693 | 632563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 (Call 11/15/29) | 715 | 652101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 (Call 12/01/24) | 821 | 817273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 (Call 02/15/24) | 534 | 533477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 809 | 806080 |
|  Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 320 | 288179 |
|  Southern Gas Corridor CJSC, 6.88%, 03/24/26<sup>(d)</sup> | 1950 | 1922173 |
|  Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)<sup>(b)</sup> | 500 | 388465 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 373 | 341862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 (Call 12/15/24) | 240 | 228900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/45 (Call 09/15/44) | 751 | 587808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 (Call 12/15/23) | 185 | 183383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/25/43 (Call 03/25/43) | 285 | 262351 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22) | 205 | 172223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 425 | 408106 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 510 | 456843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(b)</sup> | 315 | 299118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 (Call 12/31/25)<sup>(b)</sup> | 450 | 408204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 (Call 09/01/26)<sup>(b)</sup> | 325 | 290940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup> | 370 | 374766 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 (Call 11/01/32) | 500 | 418520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 (Call 10/15/51) | 330 | 248206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 (Call 06/01/27) | 400 | 385552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/52 (Call 01/01/52) | 490 | 438256 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 (Call 07/15/26) | 810 | 667440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 780 | 689294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 (Call 01/15/23) | 590 | 544181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 675 | 622458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 (Call 12/01/22) | 360 | 357196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 440 | 438856 |
|  TC PipeLines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/27 (Call 02/25/27) | 92 | 85626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/13/25 (Call 12/13/24) | 136 | 131950 |
|  Tennessee Gas Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 585 | 478290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/27 | 35 | 36262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 | 50 | 51799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/01/37 | 50 | 51735 |
|  Texas Eastern Transmission LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27)<sup>(b)</sup> | 14 | 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/48 (Call 07/15/47)<sup>(b)</sup> | 472 | 347165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/15/32 | 55 | 57771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 (Call 09/12/24) | $95 | $87245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 (Call 07/12/31) | 320 | 245978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 (Call 01/15/30) | 498 | 446004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 (Call 02/15/28) | 730 | 678221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 (Call 12/01/33) | 976 | 853444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/38 (Call 11/15/37) | 350 | 294221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25) | 608 | 595360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 (Call 11/15/47) | 335 | 275859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/16/43 (Call 04/16/43) | 724 | 602049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 (Call 09/15/48) | 444 | 376250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/31/34 | 104 | 96922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/36 | 205 | 193502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40 | 253 | 241273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37 | 750 | 731827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/38 | 400 | 419108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39 | 1026 | 1120967 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 (Call 02/15/30) | 728 | 613355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/50 (Call 11/15/49) | 405 | 290021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/01/42 (Call 02/01/42) | 341 | 272452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/48 (Call 09/15/47) | 265 | 210662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/41 (Call 02/15/41) | 320 | 286854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 02/01/26 (Call 11/01/25) | 333 | 351015 |
|  TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 11/16/22)<sup>(c)</sup> | 230 | 196873 |
|  Transportadora de Gas del Peru SA, 4.25%, 04/30/28<sup>(d)</sup> | 600 | 551640 |
|  Transportadora de Gas del Sur SA, 6.75%, 05/02/25<sup>(d)</sup> . | 300 | 261423 |
|  Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)<sup>(c)(d)</sup> | 600 | 529812 |
|  Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27) | 582 | 549041 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 (Call 05/01/33)<sup>(b)</sup> | 775 | 621999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(b)</sup> | 764 | 660967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 02/15/31)<sup>(b)</sup> | 951 | 813029 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 480 | 456254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 365 | 346808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29) | 722 | 634652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 470 | 431333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 277 | 261867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | 450 | 416003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 (Call 09/01/47) | 465 | 371716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 (Call 10/01/43) | 450 | 364302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 (Call 02/15/48) | 310 | 251894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 (Call 08/01/49) | 652 | 512133 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30) | 25 | 19590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 (Call 08/15/30) | 1127 | 952349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 (Call 04/15/51) | 85 | 54499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27) | 601 | 551922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 (Call 10/15/24) | 460 | 443877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 06/15/25) | 675 | 648175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 (Call 12/04/23) | 689 | 678445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/23 (Call 08/15/23) | 276 | 273488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 (Call 03/24/24) | 748 | 735793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 525 | 473004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 (Call 09/01/47) | 718 | 574264 |

---

S C H E D U L E O F I N V E S T M E N T S 113

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/45 (Call 07/15/44) | $333 | $264868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 (Call 03/15/45) | 844 | 695161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 (Call 02/15/52) | 160 | 134998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/04/44 (Call 09/04/43) | 507 | 431574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/24/44 (Call 12/24/43) | 570 | 509375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43 (Call 05/15/43) | 434 | 388022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40 | 546 | 527223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 130 | 149503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.50%, 01/15/31 | 79 | 84020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185756774 |
| **Private Equity — 0.0%** |  |  |
|  Apollo Management Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/05/30 (Call 03/05/30)<sup>(b)(c)</sup> | 718 | 565274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/27/26 (Call 02/27/26)<sup>(b)</sup> | 165 | 155003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 02/15/29 (Call 11/15/28)<sup>(b)</sup> | 210 | 193439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/48 (Call 09/15/47)<sup>(b)(c)</sup> | 105 | 87935 |
|  Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)<sup>(b)</sup> | 395 | 331713 |
|  Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 06/19/29)<sup>(b)</sup> | 890 | 739421 |
|  Carlyle Holdings II Finance LLC, 5.63%, 03/30/43<sup>(b)</sup> | 5 | 4242 |
|  KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)<sup>(b)</sup> | 375 | 317464 |
|  KKR Group Finance Co. VI LLC, 3.75%, 07/01/29 (Call 04/01/29)<sup>(b)</sup> | 503 | 444411 |
|  KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)<sup>(b)</sup> | 495 | 323052 |
|  KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)<sup>(b)</sup> | 635 | 409524 |
|  KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)<sup>(b)</sup> | 125 | 76228 |
|  |  | 3647706 |
| **Real Estate — 0.2%** |  |  |
|  Agile Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/02/25 (Call 01/02/23)<sup>(d)</sup> | 200 | 48662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, (Call 07/31/24)<sup>(a)(d)(e)</sup> | 400 | 61660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, (Call 12/04/23)<sup>(a)(d)(e)</sup> | 400 | 67808 |
|  Aldar Sukuk Ltd., 4.75%, 09/29/25<sup>(d)</sup> | 200 | 193378 |
|  Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29<sup>(d)</sup> | 400 | 354300 |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(d)</sup> | 400 | 341568 |
|  Arabian Centres Sukuk Ltd., 5.38%, 11/26/24<sup>(d)</sup> | 600 | 554472 |
|  Aroundtown SA, 5.38%, 03/21/29 (Call 12/21/28)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 761590 |
|  Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24) | 535 | 518731 |
|  CBRE Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 (Call 01/01/31) | 683 | 512305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/26 (Call 12/01/25) | 1079 | 1057183 |
|  Central Plaza Development Ltd., 3.85%, 07/14/25<sup>(d)</sup> | 1000 | 600020 |
|  China Overseas Finance Cayman VI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/08/24<sup>(d)</sup> | 200 | 199036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/11/34<sup>(d)</sup> | 600 | 562746 |
|  China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28<sup>(d)</sup> | 1000 | 896230 |
|  China Overseas Finance Cayman VIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/02/25<sup>(d)</sup> | 400 | 363152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/02/30<sup>(d)</sup> | 400 | 302576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/15/29<sup>(d)</sup> | 250 | 203208 |
|  China Overseas Grand Oceans Finance IV Cayman Ltd., 2.45%, 02/09/26<br>(Call 11/09/25)<sup>(d)</sup> | 400 | 329512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate (continued)** |  |  |
|  China Resources Land Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/26/24<sup>(d)</sup> | $400 | $382872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, (Call 12/09/24)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203188 |
|  China SCE Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/02/25 (Call 05/02/23)<sup>(d)</sup> | 200 | 15960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/09/24<sup>(d)</sup> | 200 | 27730 |
|  CIFI Holdings Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/17/26 (Call 05/17/24)<sup>(d)(j)(k)</sup> | 200 | 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/20/25 (Call 07/20/23)<sup>(d)(j)(k)</sup> | 200 | 14166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/16/25<sup>(d)(j)(k)</sup> | 400 | 28560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/07/24<sup>(d)(j)(k)</sup> | 400 | 31696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/28/24<sup>(d)(j)(k)</sup> | 200 | 15926 |
|  CK Property Finance MTN Ltd., 1.38%, 06/30/26<sup>(d)</sup> | 400 | 350584 |
|  Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/22/25 (Call 09/22/25)<sup>(d)</sup> | 400 | 36016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/12/31 (Call 10/12/30)<sup>(d)</sup> | 400 | 30312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/22/30 (Call 07/22/30)<sup>(d)</sup> | 200 | 15836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/06/26 (Call 02/06/24)<sup>(d)</sup> | 400 | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/06/30 (Call 08/06/25)<sup>(d)</sup> | 400 | 33228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/17/25<sup>(d)</sup> | 200 | 20642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/27/25 (Call 05/27/23)<sup>(d)</sup> | 400 | 41488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/17/25 (Call 09/17/23)<sup>(d)</sup> | 400 | 40356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/08/24<sup>(d)</sup> | 600 | 89718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/08/26 (Call 04/08/23)<sup>(d)</sup> | 800 | 77400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/27/24 (Call 11/30/22)<sup>(d)</sup> | 900 | 151578 |
|  Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)<sup>(b)(c)</sup> | 508 | 483032 |
|  Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25<sup>(d)</sup> | 400 | 382164 |
|  DIFC Sukuk Ltd., 4.33%, 11/12/24<sup>(d)</sup> | 400 | 390088 |
|  Elect Global Investments Ltd., 4.10%, (Call 06/03/25)<sup>(a)(d)(e)</sup> | 400 | 297080 |
|  Emaar Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 09/15/26<sup>(d)</sup> | 600 | 552438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/06/31<sup>(d)</sup> | 200 | 170782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/17/29<sup>(d)</sup> | 400 | 361296 |
|  EMG Sukuk Ltd., 4.56%, 06/18/24<sup>(d)</sup> | 400 | 390288 |
|  Esic Sukuk Ltd., 3.94%, 07/30/24<sup>(d)</sup> | 400 | 377488 |
|  Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31) | 517 | 367261 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/22)<sup>(b)</sup> | 440 | 367127 |
|  Franshion Brilliant Ltd., 4.25%, 07/23/29<sup>(d)</sup> | 800 | 280128 |
|  Fuqing Investment management Co., 3.25%, 06/23/25<sup>(d)</sup> | 200 | 138400 |
|  GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/26 (Call 06/30/26)<sup>(b)</sup> | 120 | 109540 |
|  GLP Pte Ltd., 3.88%, 06/04/25<sup>(d)</sup> | 600 | 402228 |
|  Goodman HK Finance, 3.00%, 07/22/30 (Call 04/22/30)<sup>(d)</sup> | 435 | 344550 |
|  Greenland Global Investment Ltd., 5.88%, 07/03/24<sup>(d)</sup> | 250 | 39080 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)<sup>(b)</sup> | 345 | 334343 |
|  Hongkong Land Finance Cayman Islands Co. Ltd. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/15/31 (Call 04/15/31)<sup>(d)</sup> | 800 | 606904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/27/30 (Call 02/27/30)<sup>(d)</sup> | 200 | 165304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/16/24<sup>(d)</sup> | 400 | 397600 |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 455 | 360333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(b)</sup> | 385 | 288985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(b)</sup> | 490 | 422596 |
|  Huafa 2020 I Co. Ltd., 2.80%, 11/04/25<sup>(d)</sup> | 200 | 156162 |

---

114 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate (continued)** |  |  |
|  Huafa 2021 I Co. Ltd., 4.25%,<br>(Call 07/18/24)<sup>(a)(d)(e)</sup> | $400 | $314716 |
|  Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 395 | 321139 |
|  Hysan MTN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/04/29<sup>(d)</sup> | 400 | 338564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/02/27 (Call 03/02/27)<sup>(d)</sup> | 600 | 538398 |
|  Kennedy-Wilson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(c)</sup> | 385 | 311446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 360 | 282658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26) | 375 | 293741 |
|  KWG Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/10/24<sup>(d)</sup> | 200 | 24190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 08/30/24 | 200 | 31032 |
|  Longfor Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/16/29<sup>(d)</sup> | 600 | 114102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/16/28<sup>(d)</sup> | 600 | 120354 |
|  LOTTE Property & Development Co. Ltd., 4.50%, 08/01/25 | 200 | 192648 |
|  MAF Global Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/07/24<sup>(d)</sup> | 600 | 588264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, (Call 06/30/27)<sup>(a)(d)(e)</sup> | 200 | 192580 |
|  MAF Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/28/30<sup>(d)</sup> | 400 | 351640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/03/25<sup>(d)</sup> | 200 | 191834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/14/29<sup>(d)</sup> | 400 | 364132 |
|  Mirvac Group Finance Ltd., 3.63%, 03/18/27 (Call 12/18/26)<sup>(d)</sup> | 200 | 181460 |
|  Nan Fung Treasury Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/27/30<sup>(d)</sup> | 200 | 152482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/05/28<sup>(d)</sup> | 400 | 356696 |
|  Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) | 325 | 323840 |
|  Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/31 (Call 07/15/31)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1210 | 909726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/20/27 (Call 12/20/26)<sup>(b)</sup> | 1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 11/01/28)<sup>(b)</sup> | 726 | 654750 |
|  Panther Ventures Ltd., 3.80%, (Call 09/17/23)<sup>(d)(e)</sup> | 200 | 136660 |
|  Realogy Group LLC/Realogy Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 (Call 04/15/25)<sup>(b)</sup> | 620 | 430478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 550 | 394971 |
|  RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)<sup>(d)</sup> | 400 | 121544 |
|  Shui On Development Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/12/23 (Call 11/30/22)<sup>(d)</sup> | 200 | 140906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 08/24/24<sup>(d)</sup> | 400 | 236444 |
|  Sinochem Offshore Capital Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/23/24 (Call 08/23/24)<sup>(d)</sup> | 600 | 549078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/24/24 (Call 10/24/24)<sup>(d)</sup> | 600 | 550650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/23/26 (Call 08/23/26)<sup>(d)</sup> | 400 | 337236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/29/25 | 200 | 176252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/24/26 (Call 10/24/26)<sup>(d)</sup> | 600 | 517218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/23/31 (Call 06/23/31)<sup>(d)</sup> | 400 | 280268 |
|  Sinochem Overseas Capital Co. Ltd., 6.30%, 11/12/40<sup>(b)</sup> | 300 | 276054 |
|  Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24<sup>(d)</sup> | 200 | 34000 |
|  Sino-Ocean Land Treasure IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/13/25 (Call 12/13/24)<sup>(d)</sup> | 400 | 67276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/05/26 (Call 02/05/26)<sup>(d)</sup> | 200 | 23992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/05/29 (Call 05/05/29)<sup>(d)</sup> | 250 | 22495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/14/30 (Call 10/14/29)<sup>(d)</sup> | 400 | 35996 |
|  Sun Hung Kai Properties Capital Market Ltd. 2.75%, 05/13/30 (Call 02/13/30)<sup>(d)</sup> | 400 | 326512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/21/30<sup>(d)</sup> | $600 | $498936 |
|  Swire Properties MTN Financing Ltd., 3.63%, 01/13/26<sup>(d)</sup> | 600 | 572262 |
|  Times China Holdings Ltd., 6.75%, 07/08/25 (Call 07/08/23)<sup>(d)</sup> | 200 | 14104 |
|  Vanke Real Estate Hong Kong Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/12/29<sup>(d)</sup> | 200 | 74586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/09/27<sup>(d)</sup> | 800 | 353944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/07/24<sup>(d)</sup> | 400 | 240004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/11/24<sup>(d)</sup> | 600 | 450192 |
|  Wanda Properties International Co. Ltd., 7.25%, 01/29/24<sup>(d)</sup> | 200 | 85398 |
|  Westwood Group Holdings Ltd., 2.80%, 01/20/26<sup>(d)</sup> | 400 | 262396 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(b)</sup> | 150 | 81951 |
|  WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)<sup>(b)(c)</sup> | 325 | 162500 |
|  Wharf REIC Finance BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30<sup>(d)</sup> | 400 | 331352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/17/28<sup>(d)</sup> | 250 | 226907 |
|  Wuhan Urban Construction Group Co. Ltd., 2.25%, 07/09/24<sup>(d)</sup> | 200 | 187716 |
|  Xinhu BVI 2018 Holding Co. Ltd., 11.00%, 09/28/24 (Call 09/28/23)<sup>(d)</sup> | 200 | 165690 |
|  Yan Gang Ltd., 1.90%, 03/23/26<sup>(d)</sup> | 400 | 355744 |
|  Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)<sup>(d)</sup> | 200 | 100500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35776091 |
| **Real Estate Investment Trusts — 1.0%** |  |  |
|  Agree LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/28 (Call 04/15/28) | 380 | 303673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/33 (Call 03/15/33) | 15 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 (Call 07/01/30) | 206 | 161961 |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 (Call 11/01/32) | &nbsp;&nbsp;&nbsp;&nbsp;1008 | 698050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 (Call 02/18/32) | 605 | 436798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29 (Call 09/15/29) | 195 | 158670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33)<sup>(c)</sup> | 410 | 308058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 (Call 11/18/50) | 572 | 329323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 (Call 05/15/31) | 395 | 326337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/30/25 (Call 02/28/25) | 800 | 764688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 465 | 300692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 (Call 02/15/26) | 785 | 743144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/27 (Call 10/15/26) | 615 | 576304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 10/15/27) | 17 | 15539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 (Call 08/01/49) | 271 | 190188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25) | 186 | 178947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 (Call 04/30/29) | 646 | 590244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 (Call 04/01/30) | 383 | 352643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/15/49 (Call 10/15/48) | 75 | 59488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 (Call 09/15/30) | 335 | 313027 |
|  American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30) | 575 | 447126 |
|  American Finance Trust Inc./American Finance |  |  |
|  Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)<sup>(b)</sup> | 270 | 201355 |
|  American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 (Call 04/15/31) | 125 | 92424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/51 (Call 01/15/51) | 160 | 94010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/28 (Call 11/15/27) | 475 | 433361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 (Call 11/15/28) | 150 | 138495 |

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S C H E D U L E O F I N V E S T M E N T S 115

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24 | $645 | $609725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 (Call 08/15/25) | 297 | 261895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) | 715 | 602280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 (Call 11/30/27) | 245 | 194327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 (Call 03/15/26) | 500 | 431840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 (Call 07/15/30) | 402 | 296198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 531 | 403587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/31 (Call 06/15/31) | 860 | 640115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 (Call 02/15/25) | 896 | 828594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 (Call 01/15/31) | 555 | 431857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26) | 603 | 528234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 (Call 10/15/29) | 539 | 439172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 (Call 12/15/24) | 385 | 362909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 (Call 07/15/50) | 890 | 506962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 (Call 12/15/49) | 797 | 470923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 (Call 10/15/26) | 550 | 490121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) | 625 | 605694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 520 | 470922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27) | 414 | 370443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/28 (Call 10/15/27) | 864 | 766333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27) | 335 | 303168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/49 (Call 04/15/49) | 531 | 347991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 (Call 05/15/29) | &nbsp;&nbsp;&nbsp;&nbsp;1062 | 926945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 (Call 12/15/28) | 542 | 480017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 521 | 498248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 (Call 12/15/31) | 374 | 320080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 (Call 11/15/25) | 360 | 343451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 | 563 | 560117 |
|  Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 300 | 235980 |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 (Call 10/01/28) | 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 (Call 10/15/31) | 680 | 517759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 147 | 119046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/17/30) | 843 | 675378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/15/26 (Call 07/15/26) | 251 | 226658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/11/26 (Call 02/11/26) | 265 | 241977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/28 (Call 10/15/27) | 28 | 25099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/29 (Call 03/01/29) | 262 | 229790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 (Call 02/15/27) | 124 | 112952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 (Call 03/03/25) | 229 | 218741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 95 | 91796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/25 (Call 08/15/25) | 30 | 28297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46 (Call 04/15/46) | 215 | 156677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/47 (Call 01/01/47) | 200 | 150942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/23 (Call 09/16/23) | 20 | 19814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/48 (Call 10/18/47) | 121 | 94403 |
|  Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)<sup>(b)</sup> | 315 | 267999 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 (Call 07/01/33) | 600 | 414276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 (Call 01/01/32) | 652 | 469577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26) | 760 | 673178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/30 (Call 12/15/29) | 426 | 335628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 (Call 10/15/24) | 635 | 601955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 (Call 10/30/30) | 805 | 641440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 (Call 03/21/29) | 700 | 579810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 970 | 903759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/24 (Call 11/01/23) | 499 | 486300 |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;703 | $633895 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 (Call 08/15/27) | 185 | 159953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/24 (Call 07/01/24) | 50 | 47805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/01/29 (Call 07/01/29) | 257 | 222788 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 (Call 02/01/28) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/16/31 (Call 05/16/31) | 315 | 225949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 04/15/24) | 255 | 245861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24) | 290 | 276480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/27 (Call 12/15/26) | 555 | 497569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/30 (Call 04/01/30) | 884 | 735762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 (Call 03/15/26) | 410 | 377766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 165 | 141082 |
|  Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31) | 605 | 437022 |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(b)</sup> | 485 | 413695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(b)</sup> | 575 | 534842 |
|  Camden Property Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | 822 | 676942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/29 (Call 04/01/29) | 280 | 239921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/49 (Call 05/01/49) | 175 | 114693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/28 (Call 07/15/28) | 112 | 103050 |
|  Champion MTN Ltd., 2.95%, 06/15/30<sup>(d)</sup> | 200 | 163020 |
|  Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)<sup>(d)</sup> | 400 | 332464 |
|  CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)<sup>(d)</sup> | 400 | 249532 |
|  CMT MTN Pte Ltd., 3.61%, 04/04/29<sup>(d)</sup> | 200 | 180686 |
|  Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/29 (Call 11/15/28) | 205 | 152926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/26 (Call 02/15/26) | 40 | 34590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/31 (Call 01/15/31) | 60 | 43420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/33 (Call 09/01/33) | 200 | 134980 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26) | 955 | 805008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31) | 682 | 509454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30) | 635 | 484683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 (Call 10/01/40) | 895 | 568307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 (Call 07/01/24) | 526 | 506796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 (Call 07/15/50) | 386 | 236769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 (Call 04/01/30) | 432 | 360893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27) | 329 | 297587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 507 | 471236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 572 | 515898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/26) | 267 | 247464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 533 | 510966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/47 (Call 11/15/46) | 477 | 374917 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 (Call 06/15/25) | 465 | 415459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 (Call 04/15/31) | 195 | 150203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27) | 135 | 119317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 (Call 08/15/29) | 167 | 139093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49) | 475 | 331236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/50 (Call 01/01/50) | 280 | 199643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 (Call 11/15/28) | 910 | 828236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/49 (Call 08/15/48) | 464 | 386294 |
|  CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)<sup>(b)</sup> | 235 | 199463 |

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116 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
|  CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | $60 | $43804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/15/28 (Call 10/15/28) | 875 | 701706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/32 (Call 11/15/31) | &nbsp;&nbsp;&nbsp;&nbsp;650 | 476892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/30 (Call 11/15/29) | 85 | 68655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 06/01/26) | 250 | 226895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 450 | 428013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/29 (Call 11/15/28) | 67 | 60605 |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/29 (Call 04/01/29) | 864 | 745019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27) | 785 | 714656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/28 (Call 04/15/28) | 553 | 510513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 (Call 12/15/27) | 700 | 680442 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 (Call 09/01/30) | 300 | 199779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 (Call 11/01/23) | 585 | 506423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 08/15/27) | 332 | 226368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/25 (Call 12/01/22) | 301 | 284331 |
|  EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31 (Call 08/15/31) | 265 | 178944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 (Call 05/15/29) | 440 | 322586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25) | 330 | 307052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/27 (Call 03/01/27) | 525 | 436154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/26 (Call 09/15/26) | 490 | 423032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/28 (Call 01/15/28) | 400 | 327736 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 969 | 850482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 (Call 06/15/25) | 310 | 276046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 (Call 04/15/26) | 450 | 387099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 (Call 01/15/28) | 560 | 447849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/15/27 (Call 05/15/27) | 445 | 370494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/28 (Call 03/15/28) | 310 | 251491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 (Call 04/15/30) | 808 | 615753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 (Call 02/15/31) | 360 | 274338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 (Call 10/18/24) | 236 | 222265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 (Call 09/18/26) | 581 | 517927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 (Call 03/15/51) | 590 | 339008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 (Call 01/15/50) | 682 | 396344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 (Call 08/18/29) | 647 | 543085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 (Call 08/15/51) | 435 | 276712 |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31 (Call 05/01/31) | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/30 (Call 11/15/29) | 231 | 186075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/26 (Call 08/01/26) | 599 | 542335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 (Call 04/01/29) | 525 | 446344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/27 (Call 05/01/27) | 130 | 115723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/25 (Call 03/01/25) | 25 | 23706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 282 | 253005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 (Call 02/01/47) | 233 | 169547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 (Call 09/01/28) | 633 | 576771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/44 (Call 01/01/44) | 373 | 298225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/45 (Call 12/01/44) | 180 | 142673 |
|  Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 232 | 165087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/01/28 (Call 01/01/28) | 193 | 155023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31) | 140 | 107472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 559 | 424426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/50 (Call 03/01/50) | 185 | 96187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 235 | 191224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/26 (Call 01/15/26) | 230 | 212044 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 01/01/25) | $67 | $63989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/27 (Call 02/01/27) | 10 | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/24 (Call 02/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;285 | 277861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 240 | 213034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/48 (Call 09/15/47) | 215 | 160504 |
|  Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/15/32 (Call 12/15/31) | 185 | 133862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/31 (Call 03/01/31) | 295 | 223350 |
|  Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/15/26 (Call 01/15/26) | 271 | 235507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/29 (Call 03/15/29) | 105 | 88717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27) | 250 | 224887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30) | 745 | 621792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/24 (Call 10/15/23) | 40 | 39246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/44 (Call 06/01/44) | 311 | 230012 |
|  Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)<sup>(b)</sup> | 280 | 226027 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 (Call 10/15/31) | 250 | 185287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/24 (Call 08/01/24) | 497 | 465749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 (Call 10/15/29) | 595 | 490554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 (Call 10/15/30) | 565 | 457808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 (Call 03/01/25) | 838 | 811410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 (Call 10/15/28) | 592 | 535855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/23 (Call 08/01/23) | 1006 | 992902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26) | 1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 (Call 03/03/28) | 388 | 361934 |
|  Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 12/15/27)<sup>(b)</sup> | 500 | 444905 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(b)</sup> | 560 | 456635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/30<sup>(b)</sup> | 320 | 221510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 340 | 324139 |
|  Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/15/31 (Call 12/15/30) | 601 | 434445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 (Call 05/01/26) | 758 | 693032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/27 (Call 04/01/27)<sup>(c)</sup> | 225 | 204671 |
|  Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29) | 260 | 209456 |
|  Healthpeak Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/01/27 (Call 01/01/27) | 80 | 67326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/28 (Call 10/01/28) | 375 | 303934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/31 (Call 10/15/30)<sup>(c)</sup> | 560 | 447748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 585 | 482806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 (Call 05/15/26) | 629 | 578007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/25 (Call 11/01/24)<sup>(c)</sup> | 23 | 21942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/29 (Call 04/15/29) | 506 | 437083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 80 | 77071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/41 (Call 08/01/40) | 241 | 238238 |
|  Highwoods Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/31 (Call 11/01/30) | 727 | 527795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 (Call 11/15/29) | 820 | 635115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 107 | 94820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/29 (Call 01/15/29) | 215 | 181970 |
|  Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/24 (Call 02/01/24) | 199 | 192905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 06/15/25 (Call 03/15/25) | 415 | 390859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.50%, 02/01/26 (Call 11/01/25)<sup>(c)</sup> | 632 | 590414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.38%, 12/15/29 (Call 09/15/29) | 220 | 176568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.50%, 09/15/30 (Call 06/15/30) | 457 | 359581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.90%, 12/15/31 (Call 09/15/31) | 525 | 380079 |

---

S C H E D U L E O F I N V E S T M E N T S 117

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30 (Call 10/15/29) | $655 | $502038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/27 (Call 08/01/27) | 174 | 146270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/29 (Call 01/01/29) | 194 | 166394 |
|  Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 (Call 05/15/31) | 145 | 102038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28 (Call 09/15/28) | 285 | 226849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/34 (Call 10/15/33) | &nbsp;&nbsp;&nbsp;&nbsp;410 | 284220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32) | 680 | 565706 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 735 | 599554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(b)</sup> | 625 | 576644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 635 | 547243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 320 | 286141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(b)</sup> | 615 | 565923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 820 | 711178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(b)</sup> | 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357240 |
|  Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)<sup>(b)</sup> | 525 | 432805 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25) | 340 | 329290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24) | 435 | 431429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/26 (Call 12/01/22) | 330 | 329452 |
|  Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 (Call 08/15/32) | 575 | 399487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/33 (Call 08/15/33) | 400 | 270864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 (Call 11/15/29) | 340 | 265475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/24 (Call 09/15/24) | 170 | 160647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 (Call 05/15/29) | 222 | 192319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/25 (Call 07/01/25) | 9 | 8571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28 (Call 09/15/28) | 120 | 107857 |
|  Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/01/28 (Call 01/01/28) | 130 | 105496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/31 (Call 09/01/31) | 235 | 172932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/24 (Call 01/01/24) | 55 | 52960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/30 (Call 07/01/30) | 565 | 444966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/26 (Call 07/01/26) | 273 | 241758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/25 (Call 12/01/24) | 235 | 223335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/49 (Call 04/01/49) | 140 | 90546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/27 (Call 01/01/27) | 110 | 100559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/46 (Call 06/01/46) | 122 | 84867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/45 (Call 10/01/44) | 350 | 249935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/47 (Call 03/01/47) | 410 | 301428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/01/33 (Call 11/01/32) | 120 | 106304 |
|  Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26) | 185 | 167316 |
|  Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30) | 228 | 194272 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(b)</sup> | 395 | 333890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 405 | 323729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 11/16/22)<sup>(b)</sup> | 270 | 249013 |
|  Life Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 (Call 07/15/30) | 425 | 317908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/31 (Call 07/15/31) | 190 | 139954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27) | 345 | 312460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 (Call 03/15/29) | 278 | 242344 |
|  LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26) | 656 | 608368 |
|  Link Finance Cayman 2009 Ltd. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/32<sup>(d)</sup> | 200 | 158404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/26<sup>(d)</sup> | 200 | 185208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/01/31 (Call 07/01/31)<sup>(c)</sup> | $15 | $10862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 (Call 06/15/30) | 125 | 95790 |
|  Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/15/26 (Call 08/15/26) | 355 | 300113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30) | 320 | 236698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/30 (Call 12/15/29) | 248 | 203903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/51 (Call 03/15/51) | 120 | 69838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/27 (Call 03/01/27) | 284 | 260340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 (Call 03/15/24) | 75 | 73013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 (Call 12/15/28) | 315 | 283361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 661 | 635049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/28 (Call 03/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;622 | 571842 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26) | 880 | 608370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24) | 769 | 614377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22) | 880 | 752418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22) | 303 | 273594 |
|  National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30) | 543 | 374779 |
|  National Retail Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 (Call 01/15/30) | 112 | 88352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/52 (Call 10/15/51) | 50 | 28081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/50 (Call 10/15/49) | 380 | 221149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/27 (Call 07/15/27) | 135 | 120131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/51 (Call 10/15/50) | 120 | 74596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/26 (Call 09/15/26) | 442 | 403979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/24 (Call 03/15/24) | 82 | 79883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 115 | 109327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/28 (Call 07/15/28) | 20 | 18158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/48 (Call 04/15/48) | 283 | 221784 |
|  New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)<sup>(b)</sup> | 340 | 298296 |
|  Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/27 (Call 01/01/27) | 5 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/26 (Call 05/15/26) | 220 | 160838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/31 (Call 07/15/31) | 270 | 165248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/24 (Call 02/15/24) | 680 | 620575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/25 (Call 11/01/24) | 580 | 484149 |
|  Omega Healthcare Investors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/33 (Call 01/15/33) | 400 | 278944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 (Call 11/01/30) | 300 | 225762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 07/01/29) | 350 | 278848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/25 (Call 10/15/24) | 60 | 57833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 01/01/27) | 335 | 305071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 10/15/27) | 623 | 559223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/01/24 (Call 01/01/24) | 173 | 170293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 (Call 10/15/25) | 360 | 344455 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 440 | 376086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(b)</sup> | 450 | 408276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/25 (Call 12/01/22)<sup>(b)</sup> | 390 | 391026 |
|  Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31) | 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404088 |
|  Physicians Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/01/31 (Call 08/01/31) | 375 | 278719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 10/15/27) | 110 | 98518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/27 (Call 12/15/26) | 230 | 213622 |

---

118 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Piedmont Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/30 (Call 05/15/30) | $140 | $105718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/24 (Call 12/15/23) | 90 | 88267 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30) | 521 | 382008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/31 (Call 12/15/30) | 265 | 196683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/30 | 813 | 622847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/31 | 530 | 400023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/15/27 (Call 02/15/27) | 448 | 393339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/15/50 (Call 04/15/50) | 568 | 297155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30) | 631 | 507917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 | 555 | 419086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 | 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/50 (Call 10/15/49) | 278 | 175237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 | 172 | 109545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 | 147 | 136463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/26 (Call 07/01/26) | 230 | 213829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 | 255 | 232871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 06/15/28) | 610 | 561517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/28 | 212 | 195708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 11/01/28) | 310 | 289943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/48 (Call 03/15/48) | 205 | 164178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/33 (Call 10/15/32) | 310 | 287540 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 350 | 302676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26) | 480 | 418114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/28 (Call 03/01/28) | 645 | 535137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 (Call 09/09/28) | 470 | 386862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 (Call 08/09/31) | 505 | 387486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 (Call 02/01/31) | 540 | 424570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 (Call 06/15/27) | 495 | 448911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 (Call 02/01/29) | 395 | 349152 |
|  Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31) | 680 | 523675 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 (Call 02/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;1026 | 874952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/15/33 (Call 12/15/32) | 375 | 256635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/28 (Call 04/15/28) | 393 | 325895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 (Call 09/15/32) | 110 | 86056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 (Call 10/15/26) | 361 | 324904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 (Call 09/15/29) | 315 | 265035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/29 (Call 03/15/29) | 395 | 340676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30) | 455 | 378701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 (Call 11/15/27) | 459 | 411374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 (Call 10/15/27) | 265 | 240586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/24 (Call 04/15/24) | 385 | 376480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/25 (Call 02/15/25) | 115 | 111356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27) | 875 | 811177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26) | 495 | 467973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 (Call 11/06/23) | 477 | 473613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25) | 1045 | 1021122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/47 (Call 09/15/46) | 143 | 117645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26) | 368 | 358075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 270 | 264387 |
|  Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 245 | 199080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/27 (Call 11/01/26) | 195 | 178675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/30 (Call 03/15/30) | 170 | 143354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 220 | 199738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/01/47 (Call 08/01/46) | 155 | 112346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/49 (Call 09/15/48) | 290 | 216236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/30 (Call 09/01/30) | $355 | $265796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/31 (Call 06/01/31) | 375 | 275291 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 365 | 320116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22) | 414 | 382230 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 (Call 07/01/23)<sup>(b)</sup> | 310 | 283625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 310 | 259640 |
|  Sabra Health Care LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/31 (Call 09/01/31) | 560 | 403816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29 (Call 07/15/29) | 736 | 587630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/26 (Call 05/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364016 |
|  Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31) | 620 | 458496 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 (Call 02/01/24) | 1085 | 879154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 (Call 02/15/23) | 925 | 835987 |
|  Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/28/25<sup>(b)</sup> | 120 | 110036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/25<sup>(b)</sup> | 345 | 326197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/28/26 (Call 12/28/25)<sup>(b)</sup> | 285 | 262938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/23/27 (Call 12/23/26)<sup>(b)</sup> | 340 | 306408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/28/30 (Call 02/28/30)<sup>(b)</sup> | 875 | 758476 |
|  Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/24/80 (Call 06/24/26)<sup>(a)(b)</sup> | 875 | 742184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/24/80 (Call 06/24/30)<sup>(a)(b)</sup> | 590 | 451893 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 07/15/27) | 315 | 231538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | 506 | 464695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 08/15/29) | 320 | 228131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 (Call 09/15/24) | 285 | 251815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/24 (Call 09/15/23) | 207 | 197072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 408 | 332789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26) | 325 | 263406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 (Call 07/01/29) | 279 | 203823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/26 (Call 08/15/25) | 230 | 198925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27) | 435 | 374731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25) | 495 | 482516 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26)<sup>(c)</sup> | 455 | 385731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 (Call 11/01/27) | 357 | 292369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 (Call 06/13/24) | 825 | 775409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/01/31 (Call 11/01/30) | 335 | 252084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 (Call 10/15/31) | 320 | 234112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 (Call 06/13/29) | 1039 | 832613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 (Call 04/15/30) | 655 | 519356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 (Call 12/01/31) | 500 | 380090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 485 | 442335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49) | 700 | 423941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 926 | 864264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24) | 955 | 919187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 389 | 353998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27) | 224 | 200982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 06/01/25) | 574 | 545145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 275 | 269915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50) | 570 | 385274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/44 (Call 04/01/44) | 227 | 164725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 (Call 05/30/46) | 435 | 319451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 (Call 09/15/41) | 19 | 15183 |

---

S C H E D U L E O F I N V E S T M E N T S 119

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 (Call 11/01/39) | $472 | $469413 |
|  SITE Centers Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/25 (Call 11/01/24) | 385 | 358246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/26 (Call 11/01/25) | 125 | 116609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/27 (Call 03/01/27) | 750 | 691725 |
|  Spirit Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/15/28 (Call 01/15/28) | 315 | 248094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/32 (Call 11/15/31) | 15 | 10615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 (Call 11/15/26) | 212 | 183795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/31 (Call 11/15/30) | 95 | 72744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/30 (Call 10/15/29) | 250 | 199832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/29 (Call 04/15/29) | 205 | 173192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/15/26 (Call 06/15/26) | 395 | 371490 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(b)</sup> | 240 | 209323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(b)</sup> | 235 | 219852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(b)</sup> | 300 | 265176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 320 | 301894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/23 (Call 08/01/23)<sup>(b)</sup> | 130 | 128411 |
|  STORE Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/01/31 (Call 09/01/31) | 300 | 242679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/18/30 (Call 08/18/30) | 400 | 332000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 (Call 12/15/27) | 268 | 244132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/29 (Call 12/15/28) | 602 | 559180 |
|  Sun Communities Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/28 (Call 09/01/28) | 440 | 351124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/31 (Call 04/15/31) | 775 | 571159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 229 | 189028 |
|  Tanger Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 06/01/26) | 294 | 260578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/27 (Call 04/15/27) | 160 | 140405 |
|  Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 01/15/30 (Call 10/30/29)<sup>(d)</sup> | 1400 | 1058190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/24 (Call 09/15/24)<sup>(c)(d)</sup> | 400 | 379116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/26 (Call 10/30/25)<sup>(c)(d)</sup> | 200 | 179916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 01/15/50 (Call 07/15/49)<sup>(d)</sup> | 400 | 265872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/30/44 (Call 07/30/43)<sup>(d)</sup> | 200 | 145176 |
|  UDR Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/33 (Call 12/15/32) | 175 | 117981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/32 (Call 05/01/32) | 430 | 303640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 337 | 303307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/31 (Call 05/15/31) | 575 | 452122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/01/34 (Call 08/01/34) | 110 | 80661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/30 (Call 10/15/29) | 525 | 433891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 04/01/27) | 155 | 140952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27) | 250 | 220272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/26/29 (Call 10/26/28) | 483 | 438511 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 740 | 507559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238562 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 (Call 04/15/24)<sup>(b)</sup> | 335 | 275424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 735 | 529171 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 (Call 06/01/31) | 650 | 492297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/25 (Call 12/15/24) | 304 | 284194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 235 | 192002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 (Call 07/15/26) | 346 | 313116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 (Call 03/15/24) | $582 | $564784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 371 | 352313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 02/01/24) | 91 | 88436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/27 (Call 01/01/27) | 251 | 231859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 (Call 12/01/27) | 254 | 229540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 (Call 10/15/25) | 350 | 331940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/45 (Call 08/01/44) | 160 | 116768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/29 (Call 10/15/28) | 688 | 621691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30 (Call 08/15/30) | 600 | 540924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/49 (Call 10/15/48) | 540 | 431309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/30/43 (Call 03/30/43) | 125 | 107551 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/25 | 120 | 114419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 01/15/28) | 610 | 557003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 (Call 12/15/29) | 550 | 494494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 (Call 02/15/32) | 630 | 558489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 (Call 11/15/51) | 340 | 278008 |
|  VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25<sup>(b)</sup> | 586 | 545414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 (Call 02/15/23)<sup>(b)(c)</sup> | 835 | 732754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/29 (Call 11/15/28)<sup>(b)</sup> | 440 | 371356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 (Call 02/15/25)<sup>(b)</sup> | 1095 | 903714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 12/01/22)<sup>(b)</sup> | 921 | 838589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 (Call 06/01/26)<sup>(b)</sup> | 385 | 352056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/28 (Call 10/15/27)<sup>(b)</sup> | 775 | 680295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 (Call 03/15/25)<sup>(b)</sup> | 480 | 451637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 784 | 686659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24<sup>(b)</sup> | 623 | 615916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/27 (Call 11/01/26)<sup>(b)</sup> | 423 | 399595 |
|  Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 (Call 05/01/26)<sup>(c)</sup> | 120 | 99197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/31 (Call 03/01/31) | 240 | 177221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) | 310 | 288263 |
|  WEA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/27 (Call 11/15/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/29 (Call 03/15/29)<sup>(b)</sup> | 230 | 183648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/20/28 (Call 06/20/28)<sup>(b)</sup> | 110 | 93593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/20/48 (Call 03/20/48)<sup>(b)</sup> | 485 | 312398 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/17/24 (Call 06/17/24)<sup>(b)</sup> | 647 | 608808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/17/44 (Call 03/17/44)<sup>(b)(c)</sup> | 314 | 204477 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 (Call 11/15/28) | 205 | 161546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 (Call 12/15/26) | 385 | 340559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/31 (Call 10/15/30) | 270 | 207930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/32 (Call 10/15/31) | 850 | 642294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 (Call 03/01/31) | 577 | 445242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 (Call 10/15/29) | 345 | 282117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 (Call 02/15/24) | 387 | 376141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 (Call 03/15/32) | 269 | 222654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 1219 | 1165998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 (Call 12/15/28) | 300 | 266589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 (Call 01/01/26) | 656 | 622124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/28 (Call 01/15/28) | 585 | 536539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 (Call 10/15/23) | 63 | 62234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/48 (Call 03/01/48) | 280 | 222258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/41 (Call 09/15/40) | 207 | 196064 |
|  Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/09/33 (Call 12/09/32) | 125 | 99757 |

---

120 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 08/15/29) | $383 | $338840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30) | 453 | 395587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/09/52 (Call 09/09/51)<sup>(c)</sup> | 45 | 31549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/01/27 | 72 | 75697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/32 | 611 | 650299 |
|  WP Carey Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/33 (Call 01/01/33) | 762 | 528264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/31 (Call 11/01/30) | 310 | 233498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/32 (Call 11/01/31) | 240 | 175733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/29 (Call 04/15/29) | 220 | 190681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/25 (Call 11/01/24) | 116 | 111718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/24 (Call 01/01/24) | 400 | 393768 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 315 | 274239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 (Call 11/14/22)<sup>(b)</sup> | 342 | 336460 |
|  Yuexiu REIT MTN Co. Ltd., 2.65%, 02/02/26<sup>(d)</sup> | 400 | 300096 |
|  |  | 189162579 |
| **Retail — 0.9%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | 520 | 435500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 955 | 840171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 (Call 10/15/25)<sup>(b)</sup> | 1910 | 1558636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 507 | 445694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(b)</sup> | 292 | 291965 |
|  1375209 BC Ltd., 9.00%, 01/30/28<sup>(c)</sup> | 779 | 758216 |
|  7-Eleven Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 02/10/24 (Call 12/01/22)<sup>(b)</sup> | 5070 | 4782683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/10/26 (Call 01/10/26)<sup>(b)</sup> | 2301 | 1980356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/10/28 (Call 12/10/27)<sup>(b)(c)</sup> | 2775 | 2250525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/10/41<sup>(b)</sup> | 100 | 61040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/10/51<sup>(b)</sup> | 222 | 124813 |
|  99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)<sup>(b)(c)</sup> | 230 | 131792 |
|  AAG FH LP/AAG FH Finco Inc., 9.75%, 07/15/24 (Call 04/15/24)<sup>(b)</sup> | 32 | 30944 |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)<sup>(b)</sup> | 190 | 180012 |
|  Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)<sup>(b)(c)</sup> | 255 | 243267 |
|  Advance Auto Parts Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/27 (Call 08/01/27) | 305 | 249090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/32 (Call 12/15/31) | 285 | 225478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 (Call 01/15/30) | 311 | 263489 |
|  Alimentation Couche-Tard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/25/30 (Call 10/25/29)<sup>(b)</sup> | 453 | 369816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 05/13/41 (Call 11/13/40)<sup>(b)</sup> | 510 | 340920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/26/27 (Call 04/26/27)<sup>(b)</sup> | 480 | 429442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/51 (Call 11/13/50)<sup>(b)</sup> | 430 | 270762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/25/50 (Call 07/25/49)<sup>(b)</sup> | 474 | 310010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/26/47 (Call 01/26/47)<sup>(b)</sup> | 330 | 244259 |
|  Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 310 | 245635 |
|  Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 03/01/23) | 261 | 226454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 480 | 394714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25) | 313 | 256338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(b)</sup> | 360 | 290239 |
|  At Home Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/28 (Call 07/15/23)<sup>(b)(c)</sup> | 225 | 163469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/29 (Call 07/15/24)<sup>(b)(c)</sup> | 315 | 178155 |
|  AutoNation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/01/28 (Call 06/01/28) | 161 | 123569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/01/31 (Call 05/01/31) | $390 | $269697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 09/15/24) | 90 | 86459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/27 (Call 08/15/27) | 420 | 367311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/32 (Call 12/01/31) | 180 | 140411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/25 (Call 07/01/25) | 235 | 225760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/30 (Call 03/01/30) | 666 | 574871 |
|  AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 1043 | 772498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/18/24 (Call 03/18/24) | 325 | 314769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/21/26 (Call 01/21/26) | 318 | 296249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 145 | 137759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 (Call 03/15/25) | 1040 | 999513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/27 (Call 03/01/27) | 453 | 422844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/18/29 (Call 01/18/29) | 275 | 246260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30) | 328 | 294921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/32 (Call 05/01/32) | 270 | 251767 |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/28<sup>(c)</sup> | 300 | 265254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30 (Call 10/01/25)<sup>(b)</sup> | 625 | 559994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/27<sup>(c)</sup> | 220 | 207350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/36 | 421 | 347468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35<sup>(c)</sup> | 856 | 727900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/33<sup>(c)</sup> | 250 | 205143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 (Call 06/15/24)<sup>(c)</sup> | 325 | 308243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 07/15/37 | 185 | 147079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/25<sup>(b)</sup> | 185 | 192753 |
|  BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)<sup>(b)(c)(g)</sup> | 300 | 198579 |
|  Beacon Roofing Supply Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 05/15/24)<sup>(b)</sup> | 285 | 235954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/26 (Call 12/01/22)<sup>(b)</sup> | 345 | 317297 |
|  Bed Bath & Beyond Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/24 (Call 05/01/24) | 150 | 31895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 08/01/34 (Call 02/01/34) | 150 | 15816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/01/44 (Call 02/01/44) | 458 | 47971 |
|  Best Buy Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/01/30 (Call 07/01/30)<sup>(c)</sup> | 900 | 670671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/28 (Call 07/01/28)<sup>(c)</sup> | 471 | 436890 |
|  Bloomin' Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)<sup>(b)</sup> | 197 | 166924 |
|  BlueLinx Holdings Inc., 6.00%, 11/15/29<br>(Call 11/15/24)<sup>(b)</sup> | 245 | 201103 |
|  Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 445 | 430186 |
|  Carrols Restaurant Group Inc., 5.88%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 175 | 121973 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 (Call 09/01/24)<sup>(b)</sup> | 445 | 196904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(b)(c)</sup> | 390 | 188682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(b)(c)</sup> | 390 | 255450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(b)(c)</sup> | 415 | 191020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/01/30 (Call 05/01/27)<sup>(b)(c)</sup> | 2120 | 1271491 |
|  CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)<sup>(b)</sup> | 395 | 370909 |
|  Chengdu Communications Investment Group Co. Ltd., 2.20%, 12/01/24<sup>(d)</sup> | 600 | 552714 |
|  CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)<sup>(b)</sup> | 215 | 142898 |
|  CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)<sup>(b)</sup> | 60 | 41456 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 1053 | 907560 |

---

S C H E D U L E O F I N V E S T M E N T S 121

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 (Call 01/20/30) | $&nbsp;&nbsp;&nbsp;&nbsp;1092 | $871252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 (Call 01/20/32) | 1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 (Call 03/18/24) | 703 | 682845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27) | 652 | 607390 |
|  Darden Restaurants Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/27 (Call 02/01/27) | 664 | 619220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/48 (Call 08/15/47) | 300 | 214041 |
|  Dave & Buster's Inc., 7.63%, 11/01/25<br>(Call 12/01/22)<sup>(b)</sup> | 277 | 277000 |
|  Dick's Sporting Goods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/32 (Call 10/15/31) | 420 | 318541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/52 (Call 07/15/51) | 405 | 248358 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/03/30 (Call 01/03/30) | 466 | 407177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 (Call 01/15/27) | 410 | 384978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/28 (Call 02/01/28) | 127 | 118755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/03/50 (Call 10/03/49) | 363 | 274297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/25 (Call 08/01/25) | 180 | 174494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 (Call 10/01/27) | 465 | 448976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 (Call 08/01/32) | 570 | 543700 |
|  Dollar Tree Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/31 (Call 09/01/31) | 345 | 269159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/51 (Call 06/01/51) | 255 | 159860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 03/15/25) | 585 | 567362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 (Call 02/15/28) | 852 | 793357 |
|  eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(b)</sup> | 375 | 339990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(b)</sup> | 485 | 446370 |
|  El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26<sup>(d)</sup> | 200 | 186854 |
|  Falabella SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/32 (Call 10/15/31)<sup>(d)</sup> | 200 | 142746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/30/27 (Call 07/30/27)<sup>(d)</sup> | 600 | 521178 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 370 | 335790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 530 | 444442 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/25)<sup>(b)</sup> | 615 | 534761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 860 | 675005 |
|  FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 355 | 307632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 (Call 01/01/25)<sup>(b)</sup> | 340 | 304263 |
|  Foot Locker Inc., 4.00%, 10/01/29<br>(Call 10/01/24)<sup>(b)</sup> | 245 | 187376 |
|  Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 300 | 209898 |
|  Future Retail Ltd., 5.60%, 01/22/25<br>(Call 01/22/23)<sup>(d)(j)(k)</sup> | 200 | 3472 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(b)(c)</sup> | 505 | 354788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(b)</sup> | 610 | 420906 |
|  Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30) | 140 | 103778 |
|  Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)<sup>(b)</sup> | 450 | 370444 |
|  Guitar Center Inc., 8.50%, 01/15/26 (Call 01/15/23)<sup>(b)</sup> | 370 | 323339 |
|  GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 212 | 167480 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 (Call 01/15/28) | 1115 | 905469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 (Call 12/15/30) | 1060 | 793124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28)<sup>(c)</sup> | 200 | 165096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31) | 250 | 193148 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26) | $65 | $58685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50) | &nbsp;&nbsp;&nbsp;&nbsp;1183 | 670264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27) | 975 | 881946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | 300 | 285345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 1008 | 856881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 288 | 175887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27) | 1283 | 1167774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27) | 900 | 827406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 (Call 03/15/29) | 1318 | 1162608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26) | 330 | 310266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 1080 | 717725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32) | 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39) | 1146 | 858847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 534 | 512597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 966 | 669834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 390 | 265976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 1195 | 867116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 365 | 361003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28) | 470 | 443873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46) | 753 | 581316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25) | 75 | 73440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42) | 517 | 424690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 1282 | 1052945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44) | 901 | 746469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 200 | 189580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48) | 843 | 713970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43) | 593 | 528446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 430 | 386591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/40 (Call 03/15/40) | 543 | 524076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 1814 | 1865209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 147 | 149608 |
|  InRetail Consumer, 3.25%, 03/22/28<br>(Call 01/22/28)<sup>(d)</sup> | 400 | 318524 |
|  IRB Holding Corp., 7.00%, 06/15/25<br>(Call 12/01/22)<sup>(b)</sup> | 454 | 454182 |
|  JMH Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/09/31 (Call 01/09/31)<sup>(d)</sup> | 400 | 307528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/09/36 (Call 01/09/36)<sup>(d)</sup> | 400 | 290688 |
|  JSM Global Sarl, 4.75%, 10/20/30<sup>(d)</sup> | 400 | 277040 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 260 | 217703 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27<br>(Call 12/01/22)<sup>(b)</sup> | 369 | 352982 |
|  Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/31 (Call 02/01/31)<sup>(c)</sup> | 215 | 142061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/17/25 (Call 04/17/25) | 500 | 462655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/17/45 (Call 01/17/45) | 583 | 349952 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<br>(Call 01/15/24)<sup>(b)</sup> | 505 | 352788 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 612 | 517991 |
|  Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 480 | 388699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(b)(c)</sup> | 400 | 325508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)(c)</sup> | 345 | 311052 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 (Call 02/15/28) | 785 | 636227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 (Call 07/15/28) | 765 | 625479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 (Call 07/15/30) | 775 | 583660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26) | 1617 | 1481835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 (Call 01/01/31) | 750 | 600337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 (Call 03/15/41)<sup>(c)</sup> | 395 | 252235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 (Call 04/15/50) | 1138 | 682060 |

---

122 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | $938 | $856563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 (Call 06/15/24) | 791 | 763655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27) | 535 | 494864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 605 | 574502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/51 (Call 10/01/50) | 530 | 344956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 (Call 01/05/29) | 978 | 879740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 (Call 10/15/45) | 775 | 541260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 (Call 01/01/32) | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 (Call 03/15/25) | 973 | 949522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 (Call 11/03/46) | 1138 | 834837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 (Call 10/01/51) | 655 | 485309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 645 | 494115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 | 595 | 583677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61) | 622 | 453513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 (Call 01/15/30) | 468 | 436354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/05/49 (Call 10/05/48) | 30 | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/15/42 (Call 10/15/41) | 280 | 229359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 (Call 01/15/33) | 610 | 575596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 (Call 10/15/39) | 288 | 250730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/50 (Call 10/15/49) | 823 | 705089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35 | 15 | 14346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 870 | 784375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 800 | 716216 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)<sup>(b)</sup> | 520 | 473158 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/43 (Call 08/15/42) | 245 | 145363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 (Call 06/15/34) | 265 | 182339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/42 (Call 07/15/41) | 205 | 131071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 330 | 285810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | 245 | 206846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(b)(c)</sup> | 155 | 128861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/37<sup>(c)</sup> | 155 | 118567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 07/15/34<sup>(b)(c)</sup> | 116 | 90754 |
|  Marks & Spencer PLC, 7.13%, 12/01/37<sup>(b)</sup> | 225 | 193984 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/01/25 (Call 08/01/25) | 45 | 40930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 (Call 12/01/29)<sup>(c)</sup> | 120 | 97732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 (Call 06/01/29) | 820 | 700854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/10/24 | 143 | 139248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25 (Call 06/01/25) | 775 | 745418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 (Call 02/26/25) | 554 | 532172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 265 | 248514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27) | 862 | 802574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 (Call 04/01/30) | 1215 | 1089891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 | 120 | 87572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 521 | 368774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | 1264 | 1213554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/42 | 205 | 153153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28) | 766 | 716348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 903 | 707058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 (Call 09/01/46) | 481 | 392025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 (Call 03/01/48) | 247 | 201098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/26/45 (Call 11/26/44) | 228 | 188321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 (Call 06/09/35) | 468 | 426502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/40 | 607 | 535077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45) | 821 | 711446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 (Call 03/09/52) | 200 | 179708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/39 | 906 | 880270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37 | 580 | 597771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732330 |
|  Michaels Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (Call 11/01/23)<sup>(b)</sup> | 555 | 394810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (Call 05/01/24)<sup>(b)(c)</sup> | 891 | 499129 |
|  Murphy Oil USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(b)</sup> | 330 | 275504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/29 (Call 09/15/24) | 355 | 320870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 12/01/22) | 160 | 153602 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 650 | 618195 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/27 (Call 12/15/26)<sup>(c)</sup> | 247 | 210928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31) | 320 | 232259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(c)</sup> | 355 | 266701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 (Call 07/15/43) | 669 | 422942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/28 | 292 | 271207 |
|  O'Reilly Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 (Call 12/15/30) | 440 | 326920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 (Call 12/15/25) | 115 | 109069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27) | 691 | 637586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/29 (Call 03/01/29) | 369 | 333668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28) | 210 | 198139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/32 (Call 03/15/32) | 700 | 654822 |
|  Papa John's International Inc., 3.88%, 09/15/29 (Call 09/15/24)<sup>(b)(c)</sup> | 255 | 207606 |
|  Park River Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 265 | 168299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 215 | 141977 |
|  Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)<sup>(b)</sup> | 500 | 316360 |
|  Patrick Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 245 | 186075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 340 | 311457 |
|  Penske Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 12/01/22)<sup>(c)</sup> | 370 | 345221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 06/15/24) | 300 | 246330 |
|  PetSmart Inc./PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/24)<sup>(b)</sup> | 815 | 742905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 875 | 821502 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/28 (Call 06/01/28) | 323 | 234172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24) | 380 | 332234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26) | 415 | 328962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24 | 405 | 389132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/34 (Call 02/15/34) | 250 | 157408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/43 | 240 | 148085 |
|  Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 358 | 252243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/15/27<sup>(c)</sup> | 56 | 30052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(b)</sup> | 706 | 458582 |
|  Ross Stores Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 (Call 03/15/26) | 637 | 546998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 (Call 01/15/31) | 165 | 123194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 (Call 03/15/25) | 673 | 661148 |
|  Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) | 400 | 378976 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 12/01/22)<sup>(b)(c)</sup> | 225 | 197892 |
|  Sonic Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 439 | 345524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(b)</sup> | 300 | 228543 |

---

S C H E D U L E O F I N V E S T M E N T S 123

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/22)<sup>(b)</sup> | $500 | $404985 |
|  SRS Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 (Call 07/01/24)<sup>(b)</sup> | 480 | 422294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 490 | 399644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 (Call 07/01/24)<sup>(b)</sup> | 315 | 258766 |
|  Staples Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(b)</sup> | 1260 | 1095847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27 (Call 12/01/22)<sup>(b)(c)</sup> | 650 | 471932 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 (Call 01/12/27) | 765 | 666965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 (Call 12/12/29) | 418 | 338572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/26 (Call 03/15/26) | 645 | 588401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 (Call 08/15/30) | 1073 | 876265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 (Call 11/14/31)<sup>(c)</sup> | 830 | 687248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/50 (Call 09/12/49) | 180 | 118267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 432 | 397401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50) | 598 | 406664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 (Call 05/15/29) | 643 | 578848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 590 | 422092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 (Call 06/15/25) | 931 | 901999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 (Call 08/15/28) | 400 | 371276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/45 (Call 12/15/44)<sup>(c)</sup> | 115 | 91081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49) | 750 | 599437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 (Call 05/15/48) | 516 | 417939 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 (Call 06/01/26)<sup>(b)</sup> | 415 | 348671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/27 (Call 12/01/22) | 205 | 194631 |
|  Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 360 | 302731 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26) | 515 | 461512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 (Call 03/15/25) | 800 | 752608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 484 | 400326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 | 848 | 783832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/30 (Call 06/15/30) | 452 | 378514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 1010 | 654581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 01/15/29) | 820 | 740804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24 | 542 | 530445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/46 | 680 | 506981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/47 (Call 05/15/47) | 356 | 276391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42 | 195 | 160155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 900 | 848304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37 | 250 | 267033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/38 | 100 | 112430 |
|  TJX Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/28 (Call 03/15/28) | 700 | 565586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/15/31 (Call 02/15/31) | 355 | 265654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 495 | 447277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 587 | 533929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 380 | 319990 |
|  TPro Acquisition Corp., 11.00%, 10/15/24 (Call 12/01/22)<sup>(b)</sup> | 226 | 221530 |
|  Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30) | 335 | 249046 |
|  Victoria's Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 450 | 358065 |
|  Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 11/17/23 (Call 12/01/22) | 440 | 420724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/30 (Call 01/15/30) | 612 | 512960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26) | 587 | 549238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 (Call 10/15/49) | $941 | $651746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/18/34 (Call 05/18/34) | 205 | 173389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/46 (Call 12/01/45) | 160 | 121275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 (Call 05/18/44) | 30 | 23517 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/24/29 (Call 06/24/29) | 102 | 87231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41) | 1170 | 804808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51) | 1140 | 733989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/24/49 (Call 03/24/49) | 120 | 81959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26) | 385 | 365858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 (Call 04/08/29) | 610 | 557082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24) | 1121 | 1098311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 (Call 04/26/25) | 65 | 63264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/47 (Call 06/15/47) | 250 | 195038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 (Call 03/26/28) | 435 | 412341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/28/38 (Call 12/28/37) | 350 | 305543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47) | 853 | 713108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 (Call 06/09/32) | 600 | 568056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | 500 | 445050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/40 | 125 | 119870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 | 766 | 780654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/41 | 195 | 201109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/05/27 | 40 | 41944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38 | 430 | 466619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37 | 50 | 56702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 02/15/30 | 100 | 116081 |
|  White Cap Buyer LLC, 6.88%, 10/15/28 (Call 10/15/23)<sup>(b)</sup> | 485 | 412158 |
|  White Cap Parent LLC, 8.25%, 03/15/26 (Call 12/01/22), (9.00% PIK)<sup>(b)(g)</sup> | 300 | 258351 |
|  Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30) | 741 | 594912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/23 (Call 08/01/23)<sup>(c)</sup> | 200 | 197162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26) | 810 | 691651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(b)</sup> | 490 | 437776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 (Call 05/01/43) | 222 | 177083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27) | 620 | 554695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/37 | 205 | 202927 |
|  Zhongsheng Group Holdings Ltd., 3.00%, 01/13/26 (Call 12/13/25)<sup>(d)</sup> | 200 | 174282 |
|  |  | 158606891 |
| **Savings & Loans — 0.0%** |  |  |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/28/25<sup>(b)</sup> | 660 | 572075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/13/26<sup>(b)</sup> | 385 | 323643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/21/25<sup>(b)</sup> | 1087 | 1028976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 07/18/30 (Call 07/18/29),<br>(3 mo. LIBOR US + 1.855%)<sup>(a)(b)</sup> | 385 | 323473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/26<sup>(b)</sup> | 575 | 512457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/18/32 (Call 10/18/27)<sup>(a)(b)</sup> | 504 | 439649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/29 (Call 03/08/28),<br>(3 mo. LIBOR US + 1.452%)<sup>(a)(b)</sup> | 1575 | 1371762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/27/27<sup>(b)</sup> | 450 | 425565 |
|  New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)<sup>(a)</sup> | 475 | 466692 |
|  |  | 5464292 |
| **Semiconductors — 0.6%** |  |  |
|  Advanced Micro Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/32 (Call 03/01/32) | 360 | 321401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/01/52 (Call 12/01/51) | 585 | 473125 |

---

124 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
|  Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | $325 | $320804 |
|  ams-OSRAM AG, 7.00%, 07/31/25<br>(Call 12/01/22)<sup>(b)(c)</sup>  | 270 | 242031 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 (Call 08/01/28) | 445 | 367895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31) | 533 | 418453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41) | 310 | 213658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 03/01/25)<sup>(c)</sup> | 220 | 210481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | 280 | 180418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/27 | 85 | 79005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26) | 965 | 910410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/45 (Call 06/15/45) | 50 | 46480 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 (Call 03/01/30) | 680 | 537112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49) | 592 | 377187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 999 | 939210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 513 | 499872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46) | 661 | 558479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/01/35 (Call 04/01/35) | 760 | 736698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/41 | 496 | 504645 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/25 (Call 11/15/24) | 460 | 438766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27) | 550 | 484253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 (Call 11/15/23) | 180 | 176319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 1894 | 1741855 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 (Call 12/15/27)<sup>(b)(c)</sup> | 1218 | 996214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 (Call 11/15/30)<sup>(b)</sup> | 1770 | 1332881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 (Call 11/15/32)<sup>(b)</sup> | 750 | 533040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(b)</sup> | 800 | 554888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25) | 591 | 551113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 (Call 08/15/36)<sup>(b)</sup> | 165 | 112581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(b)</sup> | 1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26) | 953 | 875026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(b)</sup> | 2520 | 1886195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(b)</sup> | 2334 | 1557712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 (Call 09/15/24) | 100 | 96702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 (Call 08/15/50)<sup>(b)</sup> | 855 | 546901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(b)</sup> | 595 | 522172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 (Call 06/15/28) | 535 | 480714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 (Call 08/15/30) | 1171 | 1007411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 665 | 557882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32) | &nbsp;&nbsp;&nbsp;&nbsp;1229 | 1037104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 (Call 02/15/37)<sup>(b)</sup> | 3770 | 3107234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/30 (Call 01/15/30) | 65 | 59905 |
|  Entegris Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 (Call 01/15/29)<sup>(b)</sup> | 665 | 593812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/30 (Call 06/15/25)<sup>(b)</sup> | 515 | 470602 |
|  Entegris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 270 | 220744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(b)</sup> | 245 | 215362 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 (Call 06/12/28) | 510 | 420903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 (Call 05/12/31) | 564 | 431003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 1041 | 863707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26) | 698 | 645790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/17/24 (Call 04/17/24)<sup>(c)</sup> | 50 | 48253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 120 | 77303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 729 | 707283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51) | 93 | 56215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59) | $&nbsp;&nbsp;&nbsp;&nbsp;1120 | $635958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 635 | 586486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 340 | 196625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 1423 | 892563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 (Call 02/25/25) | 1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 730 | 708677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 1351 | 940350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27) | 610 | 578866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 405 | 381133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 (Call 12/25/29) | 764 | 692046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29) | 400 | 369364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32 | 616 | 543374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45) | 410 | 309025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 628 | 468067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32) | 650 | 581373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/42<sup>(c)</sup> | 646 | 507039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39) | 665 | 561945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49) | 1610 | 1307819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41 | 675 | 579568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45) | 430 | 367917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 600 | 499296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(c)</sup> | 970 | 784264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | 450 | 366759 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 (Call 08/28/49) | 355 | 239114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 (Call 12/15/28) | 835 | 785618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 (Call 08/01/24) | 222 | 220941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 (Call 04/15/32) | 430 | 408113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 800 | 697928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/49 (Call 09/15/48) | 521 | 457261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | 665 | 586789 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 (Call 03/15/30) | 368 | 288825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49) | 559 | 349079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/60 (Call 12/15/59) | 465 | 279986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 1293 | 1240698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 360 | 350546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 12/15/28) | 785 | 727954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48) | 586 | 517508 |
|  Marvell Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/15/26 (Call 03/15/26) | 449 | 387191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 (Call 02/15/28) | 966 | 787802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 (Call 01/15/31) | 552 | 428104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/28 (Call 03/22/28) | 399 | 366374 |
|  Microchip Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/24 | 730 | 686988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24 | 764 | 701169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 (Call 12/01/22) | 625 | 595975 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 (Call 01/15/32) | 525 | 384583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/41 (Call 05/01/41) | 350 | 221637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 11/01/51 (Call 05/01/51) | 345 | 202836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26) | 825 | 766103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 (Call 11/15/29) | 722 | 643901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 (Call 12/06/25) | 789 | 769267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/06/29 (Call 11/06/28) | 574 | 533367 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 85 | 79302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 (Call 04/15/28) | 1180 | 975258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 (Call 03/15/31) | 1034 | 804804 |

---

S C H E D U L E O F I N V E S T M E N T S 125

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 (Call 01/01/30) | $1282 | $1092110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26) | 465 | 438007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39) | 1029 | 781124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49) | 1193 | 846970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 (Call 10/01/59) | 460 | 313679 |
|  NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 02/01/24) | 395 | 390533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 (Call 01/01/26) | 663 | 650038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/01/28 (Call 09/01/28) | 617 | 593801 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/31 (Call 02/11/31) | 815 | 612334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 (Call 11/15/31) | 505 | 376664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 (Call 04/01/25) | 500 | 462225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42 (Call 08/15/41) | 465 | 292411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 03/01/27) | 399 | 353063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 (Call 11/11/40)<sup>(c)</sup> | 775 | 501479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/51 (Call 05/30/51) | 370 | 214922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 (Call 02/01/30) | 807 | 669221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26) | 510 | 474392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 (Call 03/18/29) | 683 | 613177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 (Call 05/01/27) | 70 | 65647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 (Call 10/15/32) | 525 | 472453 |
|  ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 440 | 387772 |
|  Qorvo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/24 (Call 12/15/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/31 (Call 04/01/26)<sup>(b)</sup> | 910 | 684666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 (Call 10/15/24) | 752 | 642907 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 (Call 02/20/28) | 818 | 669590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32) | 861 | 647377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 (Call 02/20/30) | 838 | 687822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 (Call 03/20/24) | 230 | 222957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27) | 833 | 773782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49) | 440 | 302997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 (Call 02/20/25) | 993 | 957887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/32 (Call 02/20/32)<sup>(c)</sup> | 165 | 154940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46) | 1365 | 1117880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51) | 810 | 671571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34) | 730 | 674863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44) | 980 | 866036 |
|  Renesas Electronics Corp., 2.17%, 11/25/26 (Call 10/25/26)<sup>(b)</sup> | 800 | 669392 |
|  SK Hynix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/19/24<sup>(d)</sup> | 400 | 376496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/19/26<sup>(d)</sup> | 800 | 689104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/31<sup>(d)</sup> | 600 | 427182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/17/24<sup>(d)</sup> | 200 | 189088 |
|  Skyworks Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/26 (Call 05/01/26) | 1065 | 909308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 (Call 03/01/31) | 470 | 349403 |
|  Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 240 | 198910 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 (Call 08/15/26) | 85 | 73975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 (Call 02/12/25) | 412 | 381261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 (Call 02/04/30) | 692 | 550811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 (Call 06/15/31) | 605 | 473261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 (Call 06/04/29) | 524 | 441192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/24 (Call 03/15/24) | 315 | 304655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51)<sup>(c)</sup> | 475 | 304698 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/27 (Call 08/03/27) | $865 | $788837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 (Call 05/16/32) | 270 | 242023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 627 | 522956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/16/52 (Call 02/16/52) | 160 | 131504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 1010 | 833250 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 (Call 09/25/26) | 400 | 345380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/25/31 (Call 07/25/31) | 65 | 50436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41 (Call 04/25/41) | 710 | 495402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 (Call 04/25/51) | 400 | 260392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 (Call 03/22/27) | 600 | 561654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 (Call 01/22/32) | 400 | 357196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/52 (Call 10/22/51) | 560 | 458422 |
|  TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/28/25 (Call 08/28/25)<sup>(d)</sup> | 800 | 699488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/28/27 (Call 07/28/27)<sup>(d)</sup> | 1000 | 804650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/23/26 (Call 03/23/26)<sup>(d)</sup> | 600 | 521400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/28/30 (Call 06/28/30)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 873312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/23/28<sup>(d)</sup> | 600 | 492678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/23/31 (Call 01/23/31)<sup>(d)</sup> | 600 | 457254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/22/27 (Call 06/22/27)<sup>(d)</sup> | 200 | 190882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/22/32 | 200 | 184560 |
|  Xilinx Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/30 (Call 03/01/30) | 856 | 697948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/24 (Call 04/01/24) | 423 | 409532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101175416 |
| **Shipbuilding — 0.0%** |  |  |
|  CSSC Capital 2015 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/27/26<sup>(d)</sup> | 200 | 173928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/30<sup>(d)</sup> | 400 | 306944 |
|  CSSC Capital Ltd. Co., 2.50%, 02/13/25<sup>(d)</sup> | 200 | 185430 |
|  Huntington Ingalls Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 08/16/28 (Call 06/16/28) | 260 | 208957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 12/01/27 (Call 09/01/27) | 960 | 856023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 05/01/25 (Call 04/01/25) | 640 | 609491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/30 (Call 02/01/30) | 534 | 471351 |
|  |  | 2812124 |
| **Software — 0.6%** |  |  |
|  ACI Worldwide Inc., 5.75%, 08/15/26 (Call 12/01/22)<sup>(b)</sup>  | 220 | 210804 |
|  Activision Blizzard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/15/30 (Call 06/15/30) | 598 | 454085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/50 (Call 03/15/50) | 979 | 581134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 1225 | 1151561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/27 (Call 03/15/27) | 605 | 559970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 726 | 613644 |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 (Call 01/01/25) | 256 | 240415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 694 | 623580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 (Call 11/01/29) | 1460 | 1213158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 738 | 713882 |
|  Autodesk Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 (Call 09/15/31) | 415 | 320376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/30 (Call 10/15/29) | 692 | 577446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/27 (Call 03/15/27) | 705 | 647895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/25 (Call 03/15/25) | 275 | 269481 |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)<sup>(b)</sup> | 520 | 452244 |
|  Boxer Parent Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25 (Call 12/01/22)<sup>(b)</sup> | 450 | 442962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26 (Call 11/14/22)<sup>(b)</sup> | 270 | 258312 |

---

126 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
|  Broadridge Financial Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 (Call 02/01/31) | $520 | $404721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 (Call 09/01/29) | 506 | 417146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/27/26 (Call 03/27/26) | 310 | 286744 |
|  Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24) | 60 | 59040 |
|  Camelot Finance SA, 4.50%, 11/01/26 (Call 12/01/22)<sup>(b)</sup> | 425 | 396861 |
|  Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 225 | 102024 |
|  Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)<sup>(b)</sup> | 610 | 582629 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 (Call 06/30/24)<sup>(b)(c)</sup> | 595 | 515365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 (Call 06/30/24)<sup>(b)</sup> | 550 | 458584 |
|  Consensus Cloud Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 190 | 170996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/28 (Call 10/15/26)<sup>(b)</sup> | 370 | 327269 |
|  CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)<sup>(b)(c)</sup> | 375 | 322418 |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)<sup>(b)</sup> | 275 | 233068 |
|  Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)<sup>(b)</sup> | 350 | 292467 |
|  Electronic Arts Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 (Call 11/15/30) | 700 | 539700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/51 (Call 08/15/50) | 740 | 460613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/26 (Call 12/01/25) | 811 | 803977 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(b)</sup> | 660 | 596917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(b)(c)</sup> | 270 | 266363 |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24 | 570 | 535680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 (Call 02/01/26) | 765 | 660424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 (Call 01/01/28) | 570 | 465131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 (Call 12/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 (Call 09/01/40) | 445 | 290839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/25 | 290 | 282228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/46 (Call 02/15/46) | 330 | 248490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/27 (Call 06/15/27) | 440 | 421010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 (Call 04/15/32) | 160 | 150525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/52 (Call 01/15/52) | 495 | 432516 |
|  Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 (Call 04/01/27) | 753 | 651322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30) | 706 | 571980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 (Call 06/01/24) | 1438 | 1375447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 1627 | 1493846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 (Call 04/01/29) | 1500 | 1303395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 (Call 03/01/25) | 1093 | 1048646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 (Call 07/01/28) | 309 | 286230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 (Call 01/01/49) | 1256 | 944839 |
|  Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 275 | 212149 |
|  Infor Inc., 1.75%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 985 | 883190 |
|  Intuit Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 (Call 06/15/25) | 782 | 703941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 (Call 05/15/27) | 844 | 712809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 (Call 04/15/30) | 756 | 584380 |
|  Micron Technology Inc., 6.75%, 11/01/29 | 500 | 500235 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26) | 2512 | 2324278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49) | 4293 | 2697635 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59) | $2624 | $1584634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 (Call 11/12/24) | 989 | 949747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 (Call 12/06/23) | 1637 | 1601592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 5237 | 3545816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | 1229 | 800669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25) | 1098 | 1056397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | 1900 | 1806938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 1117 | 957571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34) | 1974 | 1742608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 83 | 65855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/23 (Call 09/15/23) | 495 | 490297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 985 | 795624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/12/45 (Call 08/12/44)<sup>(c)</sup> | 275 | 223372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/56 (Call 02/08/56) | 90 | 71624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36) | 810 | 740210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/35 (Call 05/03/35) | 590 | 550004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46) | 550 | 482949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/40 | 100 | 92338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 265 | 234181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/03/55 (Call 05/03/55)<sup>(c)</sup> | 0 <sup>(l)</sup> | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/39 | 310 | 313497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/08/41 | 425 | 431077 |
|  MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)<sup>(b)(c)</sup> | 335 | 287145 |
|  Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185995 |
|  MSCI Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 (Call 08/15/27)<sup>(b)</sup> | 525 | 409710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 (Call 03/01/25)<sup>(b)</sup> | 660 | 551324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 (Call 11/01/26)<sup>(b)</sup> | 310 | 255487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 06/01/25)<sup>(b)</sup> | 675 | 568660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 11/15/24)<sup>(b)</sup> | 665 | 577406 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 550 | 471878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(b)</sup> | 540 | 427999 |
|  Open Text Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 590 | 469723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(b)</sup> | 418 | 315628 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26) | 1986 | 1745893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 (Call 01/25/28) | 1146 | 957334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 (Call 03/01/25) | 735 | 687085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26) | 1756 | 1579434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27) | 855 | 756008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 (Call 12/25/30) | 1510 | 1190575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 (Call 09/15/24) | 1399 | 1335457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 (Call 02/15/25) | 741 | 696770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 (Call 01/01/30) | 1875 | 1527206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 (Call 08/15/27) | 1509 | 1340188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 (Call 02/15/30) | 698 | 578272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24) | 1323 | 1283403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 1889 | 1276888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 2710 | 1668466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 (Call 09/25/40) | 1189 | 806178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 (Call 05/15/37) | 1332 | 971827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 (Call 01/15/36) | 854 | 639518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 2010 | 1212894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 (Call 11/15/34) | 1195 | 924583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 1814 | 1186537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 1821 | 1215463 |

---

S C H E D U L E O F I N V E S T M E N T S 127

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | $&nbsp;&nbsp;&nbsp;&nbsp;1825 | $1206161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 (Call 09/25/60)<sup>(c)</sup> | 958 | 600264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 (Call 11/15/44) | 1503 | 1028338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 973 | 800273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 (Call 11/15/54) | 870 | 589860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 (Call 01/08/44) | 574 | 421339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40 | 1110 | 926783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39 | 933 | 853592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057069 |
|  Picard Midco Inc., 6.50%, 03/31/29<br>(Call 09/30/25)<sup>(b)</sup> | 2670 | 2316492 |
|  Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 465 | 387257 |
|  PTC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(b)</sup> | 320 | 305267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 305 | 278224 |
|  Rackspace Technology Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 02/15/24)<sup>(b)</sup> | 325 | 215027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/28 (Call 12/01/23)<sup>(b)(c)</sup> | 390 | 163812 |
|  ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)<sup>(b)</sup> | 650 | 533552 |
|  Rocket Software Inc., 6.50%, 02/15/29 (Call 02/15/24)<sup>(b)(c)</sup> | 390 | 311442 |
|  Roper Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 572 | 506277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 (Call 07/15/27) | 450 | 369981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/31 (Call 11/15/30) | 771 | 566616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 (Call 03/30/30)<sup>(c)</sup> | 292 | 221599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 (Call 08/15/24) | 670 | 636098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 523 | 436234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 (Call 09/15/26) | 849 | 794036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 (Call 09/15/25) | 750 | 713820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 (Call 06/15/28) | 838 | 777019 |
|  RRD Parent Inc., 10.00%, 10/15/31<sup>(b)(c)</sup> | 415 | 667512 |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 (Call 05/15/28) | 500 | 418140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 (Call 04/15/31) | 960 | 750029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41) | 665 | 453670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51) | 695 | 447260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61) | 775 | 474036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28) | 1274 | 1202325 |
|  ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30) | 1415 | 1042388 |
|  Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)<sup>(b)(c)</sup> | 265 | 179638 |
|  SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)<sup>(b)(c)</sup> | 1343 | 1248144 |
|  Take-Two Interactive Software Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24 | 455 | 441750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25 | 360 | 343400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 (Call 03/14/27) | 390 | 360703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/14/32 (Call 01/14/32) | 335 | 288753 |
|  Twilio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24) | 300 | 247551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26) | 320 | 260720 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 1090 | 916526 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 (Call 12/01/22) | 260 | 239871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 (Call 07/15/26) | 15 | 12815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 (Call 06/15/28) | 250 | 197453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 (Call 05/15/31) | 15 | 10929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27) | 997 | 913571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 (Call 04/15/25) | 500 | 487950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 (Call 03/15/27) | 303 | 286693 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 (Call 02/15/30) | $976 | $874350 |
|  Workday Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 03/01/27) | 255 | 235304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 295 | 262898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 (Call 01/01/32)<sup>(c)</sup> | 400 | 342140 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 480 | 404280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116015261 |
| **Sovereign Debt Securities — 0.0%** |  |  |
|  AVI Funding Co.Ltd., 3.80%, 09/16/25<sup>(d)</sup> | 200 | 192514 |
|  State Agency of Roads of Ukraine, 6.25%, 06/24/30<sup>(d)</sup> | 400 | 51825 |
|  |  | 244339 |
| **Storage & Warehousing — 0.0%** |  |  |
|  GLP China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/29/26<sup>(d)</sup> | 400 | 224876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 02/26/24<sup>(d)</sup> | 400 | 264036 |
|  |  | 488912 |
| **Telecommunications — 1.4%** |  |  |
|  Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23)<sup>(b)(c)</sup> | 755 | 487836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 11/14/22)<sup>(b)</sup> | 969 | 754512 |
|  Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 1465 | 1116711 |
|  Altice France SA/France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 (Call 09/15/23)<sup>(b)</sup> | 335 | 255773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 04/15/24)<sup>(b)</sup> | 1695 | 1277725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 12/01/22)<sup>(b)</sup> | 630 | 499855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27 (Call 11/14/22)<sup>(b)</sup> | 1089 | 997513 |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30 (Call 02/07/30) | 497 | 409836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/29 (Call 01/22/29) | &nbsp;&nbsp;&nbsp;&nbsp;1235 | 1091122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/16/42 | 524 | 411062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/49 (Call 10/22/48)<sup>(c)</sup> | 765 | 598612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/32 (Call 04/21/32) | 50 | 45940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/04/32 (Call 01/04/32)<sup>(d)</sup> | 45 | 38216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37 | 632 | 608464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/30/40 | 1408 | 1351229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/35 | 738 | 744052 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 (Call 11/14/22) | 868 | 819948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 (Call 12/01/27) | 1541 | 1271402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 1973 | 1740127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 (Call 11/01/31) | 1707 | 1283903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 1781 | 1554332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33) | 2915 | 2150483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 (Call 03/01/31) | 1626 | 1301044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 (Call 04/15/26) | 495 | 452544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/52 (Call 08/01/51) | 595 | 375725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 2309 | 1631493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53) | 4637 | 2980478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/61 (Call 08/01/60) | 245 | 150227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 4982 | 3153307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50) | 1759 | 1172356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59) | 4009 | 2539140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 107 | 100152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57) | 3556 | 2342871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 (Call 12/01/59) | 940 | 621020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 10/15/25) | 240 | 230345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 (Call 11/15/27) | 715 | 668754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26) | 520 | 497323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 2072 | 1891384 |

---

128 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 (Call 06/15/42) | $460 | $356735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | 1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 (Call 12/15/44) | 470 | 360217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 2161 | 1865656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 (Call 09/09/47) | 835 | 644779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 (Call 09/09/48) | 605 | 469456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/44 (Call 12/01/43) | 379 | 302605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 (Call 11/15/45) | 990 | 808820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 92 | 74678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 (Call 09/01/38) | &nbsp;&nbsp;&nbsp;&nbsp;1011 | 865497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/45 (Call 01/15/45) | 501 | 408059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/37 (Call 02/14/37) | 745 | 651793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/42 | 651 | 560810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/46 (Call 05/15/46) | 475 | 403294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 (Call 08/14/49) | 511 | 434616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36) | 180 | 165056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/01/40 | 200 | 177696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 (Call 09/01/46) | 267 | 238615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/41 | 241 | 219247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46) | 450 | 414806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/57 (Call 09/01/56) | 342 | 312198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 05/15/40) | 355 | 339238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 01/15/38<sup>(c)</sup> | 10 | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 449 | 445758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 02/15/39 | 495 | 503841 |
|  Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 645 | 272887 |
|  Axiata SPV2 Bhd, 2.16%, 08/19/30<br>(Call 05/19/30)<sup>(d)</sup> | 1000 | 782520 |
|  Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)<sup>(d)</sup> | 600 | 351594 |
|  Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51) | 205 | 127383 |
|  Bell Telephone Co. of Canada or Bell Canada (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/52 (Call 02/15/52) | 210 | 141950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/29/49 (Call 01/29/49) | 744 | 568617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 (Call 10/01/47) | 581 | 461337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-3, 0.75%, 03/17/24 | 205 | 193079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-4, 3.65%, 03/17/51 (Call 09/17/50) | 461 | 311899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-5, 2.15%, 02/15/32 (Call 11/15/31) | 615 | 463077 |
|  Bharti Airtel International Netherlands BV, 5.35%, 05/20/24<sup>(d)</sup> | 600 | 594144 |
|  Bharti Airtel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/03/31 (Call 03/05/31)<sup>(d)</sup> | 1100 | 854249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/10/25<sup>(d)</sup> | 500 | 476665 |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/08/29 (Call 08/08/29)<sup>(b)</sup> | 1210 | 966633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/08/49 (Call 05/08/49)<sup>(b)</sup> | 677 | 467292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81 (Call 11/23/26)<sup>(a)(b)</sup> | 300 | 251436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/04/23 (Call 11/04/23) | 758 | 748108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81 (Call 08/23/31)<sup>(a)(b)</sup> | 332 | 264229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/04/28 (Call 09/04/28) | 735 | 674487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30 | 1427 | 1627722 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/11/22)<sup>(b)</sup> | 775 | 671274 |
|  Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)<sup>(b)(c)</sup> | 230 | 193255 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26) | 980 | 906304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 458 | 432357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 | 290 | 281709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24 | 640 | 630394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 1224 | 1201870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 985 | 1006749 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)<sup>(d)</sup> | $250 | $175340 |
|  CommScope Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 (Call 09/01/24)<sup>(b)(c)</sup> | 880 | 745017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(b)</sup> | 979 | 946732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 (Call 07/01/23)<sup>(b)(c)</sup> | 475 | 402795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(b)</sup> | 620 | 551645 |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(b)(c)</sup> | 470 | 381142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(b)</sup> | 814 | 766210 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259091 |
|  Consolidated Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(b)</sup> | 275 | 213172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(b)</sup> | 435 | 357374 |
|  Corning Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/49 (Call 05/15/49) | 212 | 144955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/57 (Call 05/15/57) | 758 | 548314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/15/37 | 406 | 350816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 | 724 | 600869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48 (Call 05/15/48) | 115 | 99965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 (Call 05/19/79) | 475 | 381487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/40 | 378 | 356499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/68 (Call 05/15/68) | 372 | 316866 |
|  CT Trust, 5.13%, 02/03/32 (Call 02/03/27)<sup>(d)</sup> | 400 | 320072 |
|  Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)<sup>(b)</sup> | 1020 | 675862 |
|  Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/19/27 (Call 10/19/26)<sup>(b)</sup> | 1228 | 1137398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/21/28 (Call 03/21/28)<sup>(b)</sup> | 645 | 605487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/21/38 (Call 12/21/37)<sup>(b)</sup> | 600 | 509634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/06/42<sup>(b)</sup> | 460 | 377669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/30 | 1900 | 2176355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/32 | 414 | 500480 |
|  Digicel International Finance Ltd./Digicel international Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/25/24<sup>(d)</sup> | 400 | 342076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/25/24 (Call 11/15/22)<sup>(d)</sup> | 400 | 341516 |
|  Embarq Corp., 8.00%, 06/01/36 | 1010 | 408737 |
|  Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24<sup>(d)</sup> | 400 | 389088 |
|  Empresa Nacional de Telecomunicaciones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/14/32 (Call 06/14/32)<sup>(d)</sup> | 400 | 292584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/26 (Call 05/03/26)<sup>(d)</sup> | 600 | 562272 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 1028 | 899366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 10/15/23)<sup>(b)</sup> | 760 | 704953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24) | 530 | 416601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 10/15/24)<sup>(b)</sup> | 665 | 519518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 (Call 05/01/24)<sup>(b)(c)</sup> | 650 | 535789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 (Call 05/15/25)<sup>(b)</sup> | 320 | 326710 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28 | 195 | 181543 |
|  Frontier North Inc., Series G, 6.73%, 02/15/28 | 520 | 487084 |
|  Globe Telecom Inc., 4.20%, (Call 08/02/26)<sup>(a)(d)(e)</sup> | 400 | 338068 |
|  HKT Capital No. 2 Ltd., 3.63%, 04/02/25<sup>(d)</sup> | 420 | 401785 |
|  HKT Capital No. 4 Ltd., 3.00%, 07/14/26<sup>(d)</sup> | 600 | 548610 |
|  HKT Capital No. 5 Ltd., 3.25%, 09/30/29<sup>(d)</sup> | 400 | 340572 |
|  HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)<sup>(d)</sup> | 400 | 314888 |

---

S C H E D U L E O F I N V E S T M E N T S 129

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 | $418 | $398952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26 | 520 | 489887 |
|  Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26 (Call 10/15/23)<sup>(b)</sup> | 715 | 662733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 (Call 10/15/24)<sup>(b)</sup> | 560 | 506542 |
|  Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760287 |
|  Intrado Corp., 8.50%, 10/15/25 (Call 12/01/22)<sup>(b)(c)</sup> | 420 | 367235 |
|  Juniper Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/25 (Call 11/10/25) | 693 | 604968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/10/30 (Call 09/10/30) | 450 | 325976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 (Call 05/15/29) | 622 | 533297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/41 | 424 | 362062 |
|  Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/30/22)<sup>(d)</sup> | 200 | 178418 |
|  Koninklijke KPN NV, 8.38%, 10/01/30 | 170 | 185490 |
|  KT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/01/25<sup>(d)</sup> | 400 | 353200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/18/26<sup>(b)(c)</sup> | 475 | 428806 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(b)</sup> | 1200 | 1034460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 550 | 419667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(b)</sup> | 550 | 419150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(b)</sup> | 555 | 456315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 725 | 597494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 589 | 512483 |
|  Ligado Networks LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.50%, 11/01/23, (15.50% PIK)<sup>(b)(g)</sup> | 1794 | 607603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.50%, 05/01/24, (17.50% PIK)<sup>(b)(g)</sup> | 323 | 76011 |
|  Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)<sup>(d)</sup> | 400 | 279876 |
|  LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)<sup>(b)</sup> | 633 | 368855 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 820 | 697943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 630 | 444994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(b)(c)</sup> | 795 | 680687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(b)(c)</sup> | 290 | 212860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/25 (Call 01/01/25) | 304 | 292287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39 | 355 | 245305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42 | 325 | 218059 |
|  Maxar Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.54%, 12/31/27 (Call 06/25/24)<sup>(b)</sup> | 90 | 83876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/15/27 (Call 06/15/24)<sup>(b)</sup> | 285 | 280594 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/27/31 (Call 04/27/26)<sup>(d)</sup> | 600 | 453252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/25/29 (Call 03/25/24)<sup>(d)</sup> | 360 | 314982 |
|  Motorola Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 (Call 08/15/30) | 842 | 629867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 (Call 02/24/31) | 670 | 512034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/24 | 59 | 57537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/23/28 (Call 11/23/27) | 476 | 446455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 (Call 02/23/29) | 655 | 602010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/44 | 288 | 238285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 (Call 03/01/32) | 450 | 423720 |
|  MTN Mauritius Investments Ltd., 6.50%, 10/13/26<sup>(d)</sup> | 600 | 572250 |
|  NBN Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/08/24 (Call 09/08/24)<sup>(b)</sup> | 208 | 190143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/05/26 (Call 04/05/26)<sup>(b)</sup> | 405 | 352565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/05/31 (Call 02/05/31)<sup>(b)</sup> | 1298 | 1009026 |
|  Network i2i Ltd., 3.98%, <sup>(d)(e)</sup> | 400 | 316796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Nokia OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/27<sup>(c)</sup> | $416 | $382787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/39 | 350 | 319330 |
|  NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 03/01/24<sup>(b)</sup> | 1470 | 1383138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 04/03/26 (Call 03/03/26)<sup>(b)</sup> | 2665 | 2312420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 04/03/28 (Call 02/03/28)<sup>(b)</sup> | 1567 | 1286084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 04/03/31 (Call 01/03/31)<sup>(b)</sup> | 1320 | 1015529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 07/26/24<sup>(b)</sup> | 200 | 196384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 07/25/25<sup>(b)</sup> | 350 | 340893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 07/27/27 (Call 06/27/27)<sup>(b)</sup> | 210 | 201913 |
|  Ooredoo International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/08/31<sup>(d)</sup> | 600 | 494490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/22/26<sup>(d)</sup> | 400 | 376896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/31/28<sup>(b)</sup> | 400 | 372236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/43<sup>(b)</sup> | 400 | 355044 |
|  Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/13/42 | 750 | 683872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 (Call 08/06/43) | 749 | 692720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547618 |
|  Oztel Holdings SPC Ltd., 6.63%, 04/24/28<sup>(d)</sup> | 250 | 245298 |
|  PLDT Inc., 3.45%, 06/23/50 (Call 03/23/50)<sup>(d)</sup> | 400 | 262300 |
|  Qwest Corp., 7.25%, 09/15/25 | 190 | 191978 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 (Call 08/15/26) | 420 | 376417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 03/15/23)<sup>(b)</sup> | 705 | 666049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 635 | 576307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 (Call 09/15/25) | 910 | 851423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 (Call 05/15/49)<sup>(c)</sup> | 736 | 481300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 865 | 735769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 (Call 08/15/47) | 605 | 438885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48) | 868 | 632043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 415 | 327875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/43 (Call 09/15/42) | 472 | 360650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 1125 | 868871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 (Call 09/15/43) | 809 | 652192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/82 (Call 03/15/27)<sup>(a)(b)</sup> | 245 | 213775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/01/43 (Call 04/01/43) | 520 | 446155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/38 | 405 | 439036 |
|  Saudi Telecom Co., 3.89%, 05/13/29<sup>(d)</sup> | 800 | 728920 |
|  SES Global Americas Holdings Inc., 5.30%, 03/25/44<sup>(b)</sup>. | 629 | 461114 |
|  SingTel Group Treasury Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/10/30 (Call 03/10/30)<sup>(d)</sup> | 600 | 475920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/28/29 (Call 05/28/29)<sup>(d)</sup> | 800 | 675408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/25<sup>(d)</sup> | 400 | 381012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/28/28 (Call 05/28/28)<sup>(d)</sup> | 400 | 374916 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | 1685 | 1738482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 1305 | 1531000 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 1615 | 1640242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24) | 1025 | 1058364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 1085 | 1130483 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/25 (Call 03/20/24)<sup>(b)</sup> | 641 | 630926 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(b)</sup> | 410 | 414104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 399 | 400389 |

---

130 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 | $660 | $481061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 | 741 | 568932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 | 790 | 619984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | 618 | 490241 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(b)</sup> | 885 | 833431 |
|  Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 11/10/22)<sup>(d)</sup> | 400 | 361868 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/08/27 | 942 | 862947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38 | 900 | 681228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48 | 726 | 520201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47 | 1691 | 1272427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 (Call 09/01/48) | 856 | 674040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36 | 1325 | 1293041 |
|  Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238008 |
|  Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)<sup>(d)</sup> | 350 | 263921 |
|  Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup> | 255 | 118068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/26 (Call 12/06/23)<sup>(b)(c)</sup> | 260 | 123469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27<sup>(b)</sup> | 340 | 118789 |
|  Telstra Corp. Ltd., 3.13%, 04/07/25<br>(Call 01/07/25)<sup>(b)</sup> | 535 | 510936 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 (Call 11/16/26) | 330 | 297320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/32 (Call 02/13/32) | 400 | 328248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 (Call 06/15/27) | 397 | 367809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/49 (Call 12/15/48) | 273 | 206956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 (Call 05/16/48) | 763 | 609645 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | 465 | 408442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 (Call 12/15/27) | 1015 | 841780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23) | 1335 | 1199244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 (Call 08/15/31) | 1030 | 779967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 (Call 01/15/29) | 148 | 120926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 2069 | 1635627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 675 | 609491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 (Call 02/15/24) | 635 | 526961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 (Call 12/15/31) | 335 | 262138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 825 | 664488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40) | 1380 | 926656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50) | 1587 | 1015870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 04/15/24) | 1325 | 1146827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52) | 1625 | 1052269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 03/15/25) | 2093 | 1996241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26) | 1535 | 1298917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | 1735 | 1114425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | 1997 | 1843291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 3937 | 3483694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 (Call 10/15/39) | 1403 | 1143571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 1841 | 1461349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 (Call 02/01/23) | 1046 | 992236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 (Call 10/15/32) | 350 | 335118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 11/14/22) | 360 | 356796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 (Call 07/15/52) | 400 | 369144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 310 | 284385 |
|  Total Play Telecomunicaciones SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/20/28 (Call 09/30/25)<sup>(d)</sup> | 400 | 277976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/12/25<sup>(d)</sup> | 400 | 340048 |
|  Tower Bersama Infrastructure, 2.80%, 05/02/27 (Call 11/02/26)<sup>(d)</sup> | 200 | 162122 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Tower Bersama Infrastructure Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/20/26 (Call 12/20/25)<sup>(d)</sup> | $200 | $169546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/21/25 (Call 01/21/23)<sup>(d)</sup> | 200 | 186532 |
|  Turk Telekomunikasyon AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/24<sup>(d)</sup> | 400 | 352424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/28/25<sup>(d)</sup> | 200 | 174306 |
|  Turkcell Iletisim Hizmetleri AS, 5.80%, 04/11/28 (Call 01/11/28)<sup>(d)</sup> | 600 | 478206 |
|  U.S. Cellular Corp., 6.70%, 12/15/33 | 393 | 373519 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24 | 515 | 486325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 (Call 10/20/25) | 1197 | 1052761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26) | &nbsp;&nbsp;&nbsp;&nbsp;1143 | 1007200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) | 440 | 326924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 (Call 07/30/30) | 1066 | 793434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30) | 2365 | 1758377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 (Call 01/22/28) | 1732 | 1455937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 (Call 12/15/31) | 3072 | 2326088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30) | 2742 | 2166043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26 | 956 | 869606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 (Call 05/20/40) | 1780 | 1129802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41) | 680 | 443714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 (Call 05/20/50) | 2303 | 1358724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56) | 2223 | 1278959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27) | 455 | 412835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 (Call 05/20/60) | 1575 | 880645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 (Call 12/22/29) | 1312 | 1112077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 | 812 | 783978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 2358 | 1672364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 (Call 08/01/24) | 596 | 578758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50) | 2465 | 1663752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60) | 2108 | 1376355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/42 (Call 05/01/42) | 1095 | 814581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28) | 925 | 840446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51) | 610 | 432136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 (Call 09/22/49) | 1360 | 995846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29) | 1963 | 1773472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27 | 2142 | 2038970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46 | 733 | 552858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36 | 1234 | 1037880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28 | 1972 | 1850860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 (Call 05/01/34) | 1304 | 1130855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33 | 1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48 | 269 | 216198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/15/55 | 35 | 28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/41 | 505 | 427745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | 1033 | 892150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | 1667 | 1391778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/15/49 | 275 | 237479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54 | 35 | 29893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37 | 285 | 264489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/16/47 | 575 | 526459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/15/35 | 100 | 96713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 09/15/33 | 175 | 179898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43 | 300 | 309465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/30 | 45 | 50165 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(b)</sup> | 480 | 442406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(b)</sup> | 445 | 411318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/23)<sup>(b)</sup> | 295 | 246744 |

---

S C H E D U L E O F I N V E S T M E N T S 131

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | $240 | $198814 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31 (Call 01/31/26)<sup>(b)</sup> | 885 | 712443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31 (Call 07/15/26)<sup>(b)</sup> | 980 | 795378 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(a)</sup> | 300 | 238518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/16/24 | 5 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25 | 1131 | 1101718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 (Call 03/04/31)<sup>(a)</sup> | 650 | 460928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50 | 1007 | 710076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28 | 1885 | 1773898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 577 | 431175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49 | 903 | 698805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38 | 984 | 835042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/19/59 | 1100 | 855184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/81 (Call 12/04/50)<sup>(a)(c)</sup> | 595 | 402446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;1923 | 1567822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37 | 981 | 926201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/30/32 | 300 | 296088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(a)</sup> | 1320 | 1259306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/30 | 290 | 314818 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)<sup>(b)(c)</sup> | 871 | 753964 |
|  Xiaomi Best Time International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/14/31 (Call 04/14/31)<sup>(d)</sup> | 400 | 251184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/29/30<sup>(d)</sup> | 800 | 558304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 07/14/51 (Call 01/14/51)<sup>(d)</sup> | 400 | 195148 |
|  Zayo Group Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/22)<sup>(b)</sup> | 910 | 702838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 (Call 03/01/23)<sup>(b)</sup> | 705 | 468705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246334510 |
| **Textiles — 0.0%** |  |  |
|  Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC, 7.50%, 05/01/25<sup>(d)</sup> | 200 | 155676 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 (Call 10/19/24) | 929 | 883024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/27 (Call 06/15/27) | 589 | 528528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 (Call 09/19/26) | 765 | 701260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/19/29 (Call 08/19/29) | 461 | 398544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/15/44 (Call 11/15/43) | 305 | 238287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/15/40<sup>(c)</sup> | 355 | 326224 |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> | 382 | 349866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29 (Call 04/01/24)<sup>(b)</sup> | 380 | 328833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 (Call 05/01/41)<sup>(c)</sup> | 210 | 165100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/27 (Call 12/15/22)<sup>(b)(c)</sup> | 365 | 354849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40 | 183 | 155828 |
|  |  | 4430343 |
| **Transportation — 0.6%** |  |  |
|  AP Moller - Maersk A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/28/25 (Call 06/28/25)<sup>(b)</sup> | 345 | 331152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/29 (Call 03/20/29)<sup>(b)</sup> | 465 | 424075 |
|  AVIC International Finance & Investment Ltd., 3.30%, 09/23/30 (Call 06/23/30)<sup>(d)</sup> | 400 | 306156 |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 (Call 12/15/51) | 110 | 68888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25) | 290 | 277391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 (Call 08/15/50) | 295 | 192060 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | $791 | $733257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 (Call 03/15/51) | 745 | 509073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 (Call 06/01/24) | 327 | 317291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | 408 | 293499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/25 (Call 06/01/25) | 230 | 221320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24) | 200 | 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 487 | 374303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 686 | 538819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 283 | 225548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 820 | 655959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 288 | 229951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/42 (Call 03/01/42) | 780 | 652072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/42 (Call 09/15/41) | 115 | 96538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 635 | 537223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52) | 750 | 629715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 323 | 274334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 (Call 03/01/45) | 636 | 545847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 615 | 550179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/41 (Call 03/15/41) | 155 | 140377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/41 (Call 09/01/40) | 388 | 355652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/01/43 (Call 03/01/43) | 270 | 249745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 (Call 12/01/40) | 285 | 271514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 520 | 514322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 225 | 235129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 08/15/36 | 183 | 192128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25 | 105 | 110919 |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/50 (Call 11/01/49) | 770 | 445283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 510 | 471265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/24 (Call 08/21/24) | 421 | 402425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/02/46 (Call 02/02/46) | 408 | 277554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/03/48 (Call 08/03/47) | 704 | 523318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/05/32 (Call 05/05/32) | 480 | 433522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/05/52 (Call 02/05/52) | 205 | 170599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/20/49 (Call 07/20/48) | 315 | 264370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/01/36 | 200 | 208316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/34 | 41 | 43162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37 | 20 | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/15/28 | 318 | 342263 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 (Call 11/02/26) | 645 | 561027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/30 (Call 12/05/29) | 245 | 194305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 (Call 09/02/31) | 690 | 547605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 (Call 11/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 (Call 06/02/41) | 245 | 169484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 (Call 06/02/51) | 525 | 333832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 (Call 03/01/28) | 480 | 448517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/35 (Call 03/15/35) | 285 | 255956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/45 (Call 02/01/45) | 357 | 304407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 555 | 551814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2115 (Call 03/15/15) | 528 | 480227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/31 | 373 | 402672 |
|  Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 385 | 343817 |
|  Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 205 | 152231 |
|  CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28) | 365 | 333763 |
|  CRCC Chengan Ltd., 3.97%, (Call 06/27/24)<sup>(a)(d)(e)</sup> | 1200 | 1148868 |
|  CSX Corp. 2.40%, 02/15/30 (Call 11/15/29) | 332 | 272137 |

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132 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/51 (Call 11/15/50)<sup>(c)</sup> | $650 | $368790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 (Call 08/01/26) | 405 | 367497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 (Call 03/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;1169 | 1071856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 (Call 08/01/25) | 230 | 218127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/49 (Call 03/15/49) | 278 | 188200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 (Call 05/01/24) | 1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | 1047 | 977113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 (Call 05/01/46) | 668 | 491828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/50 (Call 10/15/49) | 225 | 163357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/50 (Call 11/01/49) | 475 | 354478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/32 (Call 08/15/32) | 270 | 243300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 (Call 09/15/43) | 475 | 374252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 12/15/28) | 600 | 562296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/66 (Call 05/01/66) | 405 | 291843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 (Call 09/01/47) | 651 | 521145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/43 (Call 09/01/42) | 303 | 247542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 680 | 554309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/52 (Call 05/15/52) | 270 | 220730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/54 (Call 02/01/54) | 250 | 199820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/01/68 (Call 09/01/67) | 517 | 400603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/42 (Call 11/30/41) | 434 | 373218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 (Call 05/15/48) | 328 | 278895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/41 (Call 10/15/40) | 80 | 76075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | 145 | 145405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 432 | 442092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 04/30/40 | 330 | 338204 |
|  Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)<sup>(b)</sup> | 305 | 282534 |
|  Empresa de los Ferrocarriles del Estado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/18/50<sup>(d)</sup> | 400 | 221400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 09/14/61 (Call 03/14/61)<sup>(d)</sup> | 200 | 130148 |
|  Empresa de Transporte de Pasajeros Metro SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/07/30 (Call 02/07/30)<sup>(d)</sup> | 200 | 173118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 09/13/61 (Call 03/13/61)<sup>(d)</sup> | 400 | 233412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/07/50 (Call 11/07/49)<sup>(d)</sup> | 400 | 297360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/25/47 (Call 07/25/46)<sup>(d)</sup> | 600 | 457668 |
|  ENA Master Trust, 4.00%, 05/19/48<br>(Call 02/19/48)<sup>(d)</sup> | 200 | 149206 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31) | 380 | 295093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 (Call 05/05/29) | 585 | 499643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26) | 1000 | 942100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 (Call 11/15/40) | 740 | 494239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 (Call 11/15/27) | 305 | 275583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/42 | 180 | 129523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/35 | 774 | 631243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 (Call 08/15/47) | 863 | 609986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/43 | 360 | 261360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/45 | 260 | 187434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/17/28 (Call 07/17/28) | 340 | 313715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/30 (Call 02/15/30) | 432 | 389668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 (Call 07/15/46) | 630 | 469274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 (Call 10/01/45) | 694 | 531979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | 593 | 468861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/34 | 441 | 401619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 (Call 04/17/48) | 355 | 287923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 656 | 543909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49)<sup>(c)</sup> | 876 | 742848 |
|  FedEx Corp. Class AA Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35 | 165 | 131422 |
|  First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)<sup>(b)</sup> | 470 | 382448 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |
|  Guangzhou Metro Investment Finance BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 09/17/25<sup>(d)</sup> | $600 | $534414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 09/17/30 | 200 | 150416 |
|  Henan Railway Construction & Investment Group Co. Ltd., 2.20%, 01/26/25<sup>(d)</sup> | 200 | 184216 |
|  Indian Railway Finance Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/10/31<sup>(d)</sup> | 400 | 299892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/13/30<sup>(c)(d)</sup> | 600 | 480282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 01/21/32<sup>(d)</sup> | 200 | 156148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 03/29/24<sup>(d)</sup> | 300 | 291495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 12/13/27<sup>(d)</sup> | 600 | 535926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/13/50<sup>(d)</sup> | 200 | 128148 |
|  JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265444 |
|  Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 (Call 08/15/29) | 648 | 545396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 (Call 11/01/49) | 345 | 229411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/15/69 (Call 05/15/69) | 489 | 335909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 (Call 11/15/42) | 113 | 88158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/48 (Call 11/01/47) | 390 | 319437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/45 (Call 02/15/45) | 505 | 427225 |
|  Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42<sup>(d)</sup> | 400 | 391916 |
|  Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27) | 406 | 358705 |
|  Lima Metro Line 2 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/36<sup>(d)</sup> | 185 | 152605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/05/34<sup>(d)</sup> | 331 | 309713 |
|  Misc Capital Two Labuan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/25<sup>(d)</sup> | 200 | 189510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/06/27 (Call 03/06/27)<sup>(d)</sup> | 400 | 357768 |
|  MTR Corp. CI Ltd., 2.50%, 11/02/26<sup>(d)</sup> | 510 | 467063 |
|  MTR Corp. Ltd., 1.63%, 08/19/30<sup>(d)</sup> | 693 | 537830 |
|  MV24 Capital BV, 6.75%, 06/01/34<sup>(d)</sup> | 534 | 441680 |
|  Navios South American Logistics Inc./Navios Logistics |  |  |
|  Finance U.S. Inc., 10.75%, 07/01/25<br>(Call 11/30/22)<sup>(d)</sup> | 200 | 185068 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 987 | 785336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/01/29 (Call 08/01/29) | 1020 | 850303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 (Call 03/15/26) | 549 | 507111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/25/51 (Call 02/25/51) | 100 | 60320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | 660 | 546902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/50 (Call 11/15/49) | 529 | 334598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/27 (Call 03/01/27) | 480 | 437990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 (Call 11/15/54) | 687 | 421674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/01/49 (Call 05/01/49) | 245 | 165123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/25 (Call 06/01/25) | 88 | 84368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/53 (Call 09/15/52) | 375 | 262219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/01/28 (Call 05/01/28) | 588 | 544288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/24 (Call 10/15/23) | 355 | 349735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/01/47 (Call 05/01/47) | 263 | 197605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/42 (Call 04/01/42) | 140 | 108048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/15/52 (Call 02/15/52) | 313 | 233238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/49 (Call 11/15/48) | 453 | 344901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/2121 (Call 11/15/20) | 465 | 299985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/28/48 (Call 08/28/47) | 570 | 439117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/45 (Call 12/15/44) | 295 | 238971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 (Call 12/01/52) | 280 | 227584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/46 (Call 07/15/45) | 598 | 501770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 10/01/41 | 290 | 253698 |
|  Pelabuhan Indonesia II PT, 5.38%, 05/05/45<sup>(d)</sup> | 420 | 366337 |

---

S C H E D U L E O F I N V E S T M E N T S 133

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
|  Pelabuhan Indonesia Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/05/25<sup>(d)</sup> | $600 | $571908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24<sup>(d)</sup> | 200 | 194316 |
|  Polar Tankers Inc., 5.95%, 05/10/37<sup>(b)</sup> | 40 | 39680 |
|  Rumo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/18/32<sup>(d)</sup> | 400 | 304008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/10/28 (Call 01/10/24)<sup>(d)</sup> | 200 | 178404 |
|  Ryder System Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 (Call 08/01/26) | 570 | 495712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 764 | 722186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 (Call 02/01/27) | 130 | 115479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 (Call 10/01/26) | 433 | 387015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/25 (Call 08/01/25) | 420 | 394120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 (Call 02/18/24) | 885 | 863999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) | 165 | 162411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27) | 430 | 401267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/25 (Call 05/01/25) | 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718111 |
|  Seaspan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 500 | 386610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/29/26 (Call 04/29/25)<sup>(b)(d)</sup> | 200 | 193344 |
|  SF Holding Investment 2021 Ltd., 3.13%, 11/17/31<sup>(d)</sup> | 600 | 464958 |
|  SF Holding Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/17/26<sup>(d)</sup> | 600 | 530598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/20/30<sup>(d)</sup> | 600 | 475734 |
|  Simpar Europe SA, 5.20%, 01/26/31<br>(Call 01/26/26)<sup>(d)</sup> | 400 | 289764 |
|  TTX Co., 4.60%, 02/01/49 (Call 08/01/48)<sup>(b)</sup> | 255 | 209577 |
|  Ukraine Railways Via Rail Capital Markets PLC,<br>8.25%, 07/09/24<sup>(d)</sup> | 400 | 72000 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26) | 803 | 715104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/31 (Call 02/20/31) | 670 | 542834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 (Call 11/05/29) | 762 | 633915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 388 | 361298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31) | 745 | 617262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 04/06/36 (Call 01/06/36) | 200 | 152094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 385 | 243439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62) | 544 | 318294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27) | 180 | 165110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 (Call 02/01/24) | 758 | 740361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40) | 337 | 246549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/25 (Call 10/15/24) | 120 | 115745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 580 | 554051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 1006 | 687360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/15/46 (Call 02/15/46) | 115 | 79270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/35 (Call 08/01/34) | 400 | 321380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/14/42 (Call 08/14/41) | 325 | 242427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52) | 595 | 416244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/39 (Call 02/15/39) | 365 | 284320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 (Call 11/20/60) | 170 | 113329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/37 (Call 03/15/37) | 603 | 484456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 670 | 658731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28) | 569 | 523247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/24 (Call 12/15/23) | 570 | 560584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25) | 336 | 325792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69) | 963 | 642311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51) | 445 | 333812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70) | 274 | 185805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 1420 | 1011750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 (Call 08/14/71) | 270 | 184216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/55 (Call 08/01/54) | 276 | 203500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 (Call 06/10/28) | $801 | $754045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/59 (Call 02/15/59) | 420 | 305760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/47 (Call 10/15/46) | 1295 | 997228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/45 (Call 05/15/45) | 305 | 229927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/46 (Call 09/01/45) | 140 | 108975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/67 (Call 03/15/67) | 204 | 147792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 (Call 09/01/48) | 175 | 140774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 (Call 10/20/32) | 500 | 471460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/10/48 (Call 03/10/48) | 673 | 556389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/52 (Call 03/09/52) | 150 | 135323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/63 (Call 07/20/62) | 300 | 268548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/29 | 240 | 257172 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/01/24 (Call 08/01/24) | &nbsp;&nbsp;&nbsp;&nbsp;1215 | 1158758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 (Call 08/15/26) | 463 | 420557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 (Call 06/01/29) | 572 | 486435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24) | 292 | 279917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 (Call 08/15/27) | 1107 | 1017521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28) | 485 | 441922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/46 (Call 05/15/46) | 435 | 311421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/49 (Call 03/01/49) | 79 | 57035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/42 | 80 | 62527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47) | 364 | 282486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) | 679 | 664483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 353 | 292506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30) | 708 | 680388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/40 (Call 05/15/40) | 115 | 105477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/40 (Call 10/01/39) | 830 | 793671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49) | 1027 | 1004868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 | 1445 | 1531787 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26) | 490 | 426736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 (Call 07/22/28) | 420 | 350893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 (Call 06/22/31) | 1055 | 834980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) | 400 | 387308 |
|  Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)<sup>(b)</sup> | 345 | 325414 |
|  Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)<sup>(b)(c)</sup> | 290 | 244081 |
|  XPO CNW Inc., 6.70%, 05/01/34 | 215 | 192543 |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 | 185 | 184641 |
|  XPO Logistics Inc., 6.25%, 05/01/25 (Call 12/01/22)<sup>(b)(c)</sup> | 327 | 330633 |
|  Yunda Holding Investment Co., 2.25%, 08/19/25<sup>(d)</sup> | 800 | 702176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100637750 |
| **Trucking & Leasing — 0.1%** |  |  |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(b)</sup> | 306 | 279191 |
|  DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 08/01/24 (Call 07/01/24)<sup>(d)</sup> | 600 | 545238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/20/25 (Call 02/20/25)<sup>(d)</sup> | 200 | 181596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/20/28 (Call 01/20/28)<sup>(d)</sup> | 600 | 507354 |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 (Call 05/01/24)<sup>(b)</sup> | 605 | 516422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup> | 546 | 525197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(b)</sup> | 255 | 259687 |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/31 (Call 03/01/31) | 176 | 125279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | 225 | 125921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/25 (Call 12/30/24) | 120 | 113222 |

---

134 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Trucking & Leasing (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 (Call 06/15/26) | $&nbsp;&nbsp;&nbsp;&nbsp;1079 | $975038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 (Call 12/15/27) | 85 | 74627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 (Call 12/30/26) | 223 | 202230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 (Call 03/30/30) | 600 | 517338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/24 (Call 01/15/24) | 484 | 476551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/07/28 (Call 08/07/28) | 720 | 660571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/29 (Call 01/01/29) | 160 | 147114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/33 (Call 12/15/32) | 355 | 315776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 09/15/43) | 400 | 325308 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/25 (Call 10/15/25)<sup>(b)(c)</sup> | 843 | 728116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/26 (Call 05/15/26)<sup>(b)</sup> | 910 | 778969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/24 (Call 10/01/24)<sup>(b)</sup> | 380 | 355984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/29 (Call 08/01/29)<sup>(b)</sup> | 56 | 46176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/26 (Call 08/15/26)<sup>(b)</sup> | 352 | 318240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/24 (Call 06/01/24)<sup>(b)</sup> | 760 | 729304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/24 (Call 01/01/24)<sup>(b)</sup> | 892 | 870307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/10/25 (Call 01/10/25)<sup>(b)</sup> | 945 | 902456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 40 | 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/27 (Call 01/01/27)<sup>(b)</sup> | 225 | 208532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/27 (Call 06/01/27)<sup>(b)</sup> | 635 | 591877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/29/26 (Call 11/29/25)<sup>(b)</sup> | 478 | 453608 |
|  SMBC Aviation Capital Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 10/15/26 (Call 09/15/26)<sup>(b)</sup> | 705 | 585206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/28 (Call 04/15/28)<sup>(b)</sup> | 200 | 158090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13638525 |
| **Venture Capital — 0.0%** |  |  |
|  Hercules Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 08/16/26) | 30 | 24485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/20/27 (Call 12/20/26) | 30 | 24886 |
|  |  | 49371 |
| **Water — 0.1%** |  |  |
|  Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)<sup>(d)</sup> | 200 | 182736 |
|  American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/31 (Call 03/01/31) | 315 | 247294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/01/30 (Call 02/01/30) | 346 | 289474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/27 (Call 06/01/27) | 403 | 363216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/51 (Call 12/01/50) | 625 | 412519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/25 (Call 12/01/24) | 515 | 494596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/29 (Call 03/01/29) | 902 | 798189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/50 (Call 11/01/49) | 295 | 201405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/28 (Call 06/01/28) | 542 | 499681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/47 (Call 03/01/47) | 432 | 312664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/24 (Call 12/01/23) | 135 | 132438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 255 | 190934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | 545 | 420822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 225 | 176337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/42 (Call 06/01/42) | 326 | 262205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/01/45 (Call 03/01/45) | 287 | 226202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 (Call 03/01/32) | 400 | 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37 | 443 | 465026 |
|  Aquarion Co., 4.00%, 08/15/24 (Call 05/15/24)<sup>(b)</sup> | 405 | 392971 |
|  Essential Utilities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/31 (Call 02/01/31) | 823 | 641709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 746 | 605528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 283 | 178174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/01/29 (Call 02/01/29) | 650 | 568061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 05/01/49 (Call 11/01/48) | 350 | 257404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/01/52 (Call 11/01/51) | 275 | 240974 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Water (continued)** |  |  |  |
|  Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)<sup>(d)</sup> | $| 400 | $340868 |
|  Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)<sup>(b)</sup> |  | 240 | 229620 |
|  United Utilities PLC, 6.88%, 08/15/28<sup>(c)</sup> |  | 290 | 299347 |
|  Veolia Environnement SA, 6.75%, 06/01/38 |  | 75 | 78419 |
|  |  |  | 9878813 |
|  **Total Corporate Bonds & Notes — 32.7%<br>(Cost: $7,141,832,215)** | **Total Corporate Bonds & Notes — 32.7%<br>(Cost: $7,141,832,215)** | **Total Corporate Bonds & Notes — 32.7%<br>(Cost: $7,141,832,215)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939826503 |
| **Foreign Government Obligations<sup>(m)</sup>** | **Foreign Government Obligations<sup>(m)</sup>** | **Foreign Government Obligations<sup>(m)</sup>** | **Foreign Government Obligations<sup>(m)</sup>** |
| **Angola — 0.0%** |  |  |  |
|  Angolan Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/29<sup>(d)</sup> |  | 1000 | 817050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/09/28<sup>(d)</sup> |  | 1200 | 1013388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/14/32<sup>(d)</sup> |  | 1200 | 969336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/49<sup>(d)</sup> |  | 800 | 605312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 05/08/48<sup>(d)</sup> |  | 1000 | 758850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/25<sup>(d)</sup> |  | 600 | 585222 |
|  |  |  | 4749158 |
| **Argentina — 0.1%** |  |  |  |
|  Argentina Bonar Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/09/30<sup>(f)</sup> |  | 7531 | 1394870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 |  | 977 | 182387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/35<sup>(f)</sup> |  | 8340 | 1566859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/41<sup>(f)</sup> |  | 530 | 107045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/09/38<sup>(f)</sup> |  | 2136 | 474242 |
|  Argentine Republic Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/09/30 (Call 12/01/22)<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;11710 | 2470693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 (Call 12/01/22)<sup>(c)</sup> |  | 2800 | 574749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/35 (Call 12/01/22)<sup>(f)</sup> |  | 13261 | 2635470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/46 (Call 12/01/22)<sup>(f)</sup> |  | 3275 | 666692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/41 (Call 12/01/22)<sup>(c)(f)</sup> |  | 9600 | 2286624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/09/38 (Call 12/01/22)<sup>(f)</sup> |  | 10074 | 2606108 |
|  Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, 06/01/27<sup>(d)</sup> |  | 450 | 382477 |
|  Provincia de Buenos Aires/Government Bonds, 5.25%, 09/01/37<sup>(d)(f)</sup> |  | 3075 | 931756 |
|  Provincia de Cordoba |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/10/25<sup>(c)(d)(f)</sup> |  | 450 | 345002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 06/01/27<sup>(d)(f)</sup> |  | 302 | 185640 |
|  Provincia de Entre Rios Argentina, 5.75%, 08/08/28<sup>(d)(f)</sup> |  | 300 | 188739 |
|  Provincia de Mendoza Argentina, 4.25%, 03/19/29<sup>(d)(f)</sup> |  | 300 | 198564 |
|  Provincia del Chubut Argentina, 7.75%, 07/26/30<sup>(d)(f)</sup> |  | 351 | 264288 |
|  |  |  | 17462205 |
| **Azerbaijan — 0.0%** |  |  |  |
|  Republic of Azerbaijan International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32<sup>(d)</sup> |  | 800 | 644368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/18/24<sup>(d)</sup> |  | 400 | 392000 |
|  State Oil Co. of the Azerbaijan Republic, 6.95%, 03/18/30<sup>(d)</sup> |  | 222 | 216059 |
|  |  |  | 1252427 |
| **Bahrain — 0.1%** |  |  |  |
|  Bahrain Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/25/28<sup>(d)</sup> |  | 600 | 524844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/25/33<sup>(d)</sup> |  | 1000 | 783520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/16/32<sup>(d)</sup> |  | 200 | 161478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/30/31<sup>(d)</sup> |  | 600 | 501828 |

---

S C H E D U L E O F I N V E S T M E N T S 135

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Bahrain (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/18/34<sup>(d)</sup> | $600 | $472638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/19/44<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 703420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/51<sup>(d)</sup> | 800 | 565848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/20/29<sup>(d)</sup> | 800 | 749952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/26/26<sup>(d)</sup> | 800 | 798352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/28<sup>(d)</sup> | 400 | 383108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/14/30<sup>(d)</sup> | 700 | 666715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/20/47<sup>(d)</sup> | 400 | 319724 |
|  CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24<sup>(d)</sup> | 400 | 399364 |
|  CBB International Sukuk Co. 6 SPC, 5.25%, 03/20/25<sup>(d)</sup> | 800 | 788000 |
|  CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25<sup>(d)</sup> | 800 | 820288 |
|  CBB International Sukuk Programme Co. WLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/29<sup>(d)</sup> | 600 | 516180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/16/27<sup>(d)</sup> | 600 | 556632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/27<sup>(d)</sup> | 600 | 567162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/14/24<sup>(d)</sup> | 600 | 603474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10882527 |
| **Belarus — 0.0%** |  |  |
|  Republic of Belarus International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/24/26<sup>(d)</sup> | 400 | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/28/30<sup>(d)</sup> | 600 | 111000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 06/29/27<sup>(d)</sup> | 200 | 37000 |
|  Republic of Belarus Ministry of Finance, 6.38%, 02/24/31<sup>(d)</sup> | 600 | 111000 |
|  |  | 337000 |
| **Belgium — 0.0%** |  |  |
|  Belgium Government International Bond, 2.88%, 09/18/24<sup>(d)</sup> | 200 | 193600 |
| **Bermuda — 0.0%** |  |  |
|  Bermuda Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/20/30 (Call 05/20/30)<sup>(d)</sup> | 590 | 466248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/20/50 (Call 02/20/50)<sup>(d)</sup> | 740 | 469367 |
|  |  | 935615 |
| **Bolivia — 0.0%** |  |  |
|  Bolivian Government International Bond, 4.50%, 03/20/28<sup>(c)(d)</sup> | 1400 | 1101814 |
| **Brazil — 0.1%** |  |  |
|  Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/06/25 | 1000 | 938380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/31<sup>(c)</sup> | 800 | 658848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/12/30<sup>(c)</sup> | 2000 | 1689660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/07/25 | 1450 | 1412590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/30/29 (Call 02/28/29)<sup>(c)</sup> | 1400 | 1258544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/13/28 (Call 10/13/27)<sup>(c)</sup> | 2250 | 2114933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/14/50 (Call 07/14/49) | 3100 | 2081123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/27/45 | 2900 | 2099194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/07/41 | 700 | 564144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/21/47<sup>(c)</sup> | 1600 | 1218688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/07/26 | 2075 | 2125505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/20/37 | 691 | 691366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/20/34 | 1340 | 1452399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/04/25 | 300 | 320616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/15/24 | 600 | 635298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 05/15/27 | 1170 | 1361623 |
|  |  | 20622911 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Canada — 0.3%** |  |  |
|  Canada Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/19/26 | $590 | $518050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/22/25 | 4333 | 4070810 |
|  CDP Financial Inc., 0.88%, 06/10/25<sup>(b)</sup> | 295 | 267468 |
|  CPPIB Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/09/26<sup>(b)</sup> | 200 | 172938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/28/31<sup>(b)(c)</sup> | 1500 | 1151805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/27<sup>(b)</sup> | 250 | 228195 |
|  Export Development Canada, 2.63%, 02/21/24 | 1445 | 1408398 |
|  Hydro-Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 8.50%, 12/01/29 | 425 | 516188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HK, 9.38%, 04/15/30 | 120 | 154564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HQ, 9.50%, 11/15/30 | 8 | 10467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series IO, 8.05%, 07/07/24 | 185 | 194104 |
|  OMERS Finance Trust, 2.50%, 05/02/24<sup>(b)</sup> | 250 | 241710 |
|  Province of Alberta Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/20/25 | 1963 | 1791434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/22/30 | 3475 | 2727666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/13/24 | 1430 | 1352036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/17/26<sup>(b)(c)</sup> | 250 | 227158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/23/24 | 383 | 374915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/28 | 2010 | 1879752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/23 | 1470 | 1450508 |
|  Province of British Columbia Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 07/20/26<sup>(c)</sup> | 1590 | 1386830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/29/31<sup>(c)</sup> | 835 | 651809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/02/26 | 1425 | 1312510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/26 | 250 | 261275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/01/36 | 215 | 261612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10, 1.75%, 09/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046888 |
|  Province of Manitoba Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/25/28 | 5 | 4171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/22/26 | 1593 | 1451048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/14/24 | 575 | 560740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GX, 2.60%, 04/16/24 | 45 | 43683 |
|  Province of New Brunswick Canada, 3.63%, 02/24/28 | 645 | 613717 |
|  Province of Ontario Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/21/26 | 705 | 618821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 04/14/26 | 205 | 181111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 05/21/27 | 275 | 234721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/07/30 | 3015 | 2321248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 02/25/31 | 1360 | 1079446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/14/31 | 425 | 337399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/02/29 | 1688 | 1428791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/21/32<sup>(c)</sup> | 60 | 48740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/26 | 431 | 395891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/27/26 | 2222 | 2063283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/29/24 | 1592 | 1559316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/19/27<sup>(c)</sup> | 100 | 93696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/16/24 | 3523 | 3442429 |
|  Province of Quebec Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 07/23/25 | 2600 | 2331888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 05/28/30 | 1525 | 1210575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/21/31 | 155 | 126058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/26 | 2482 | 2306845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/12/27<sup>(c)</sup> | 3967 | 3675941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 7.13%, 02/09/24 | 187 | 192094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/29 | 698 | 813449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QO, 2.88%, 10/16/24 | 2687 | 2598114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QW, 2.50%, 04/09/24 | 730 | 707866 |

---

136 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Canada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QX, 1.50%, 02/11/25 | $1935 | $1805665 |
|  Province of Saskatchewan Canada, 3.25%, 06/08/27 | 100 | 94362 |
|  PSP Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/24<sup>(b)</sup> | 450 | 416205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/29/26<sup>(b)</sup> | 415 | 361901 |
|  |  | 56778304 |
| **Cayman Islands — 0.0%** |  |  |
|  Sharjah Sukuk Program Ltd., 3.89%, 04/04/30<sup>(d)</sup> | 400 | 336580 |
| **Chile — 0.1%** |  |  |
|  Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/31/31 (Call 10/31/30) | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 962400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/32 (Call 10/27/31) | 600 | 472830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/33 (Call 04/27/33)<sup>(c)</sup> | 1600 | 1196000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/27 (Call 12/31/26)<sup>(c)</sup> | 600 | 540816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/07/41 (Call 11/07/40) | 1870 | 1237772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/22/61 (Call 07/22/60) | 1604 | 901288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/27/25<sup>(c)</sup> | 200 | 191942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/21/26 | 800 | 746728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 02/06/28 (Call 11/06/27) | 1400 | 1262674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/21/71 (Call 03/21/71) | 600 | 331920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/34 (Call 10/31/33) | 800 | 647536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/25/50 (Call 07/25/49) | 1650 | 1089363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/53 (Call 10/15/52) | 1000 | 643550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/30/42 | 150 | 105217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 06/21/47 | 1050 | 752188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/52 (Call 07/31/51) | 800 | 567056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 (Call 09/07/41) | 1200 | 928764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12578044 |
| **China — 0.1%** |  |  |
|  China Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/27/25<sup>(d)</sup> | 200 | 178922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/27/30<sup>(d)</sup> | 1000 | 803520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 12/12/23, (3 mo. LIBOR US +<br>0.730%)<sup>(a)(d)</sup> | 1000 | 1003350 |
|  China Development Bank/Hong Kong, 0.63%, 01/12/24<sup>(d)</sup> | 400 | 381096 |
|  China Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/21/25<sup>(d)</sup> | 2200 | 1956834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/21/30<sup>(d)</sup> | 1800 | 1437624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/26/26<sup>(d)</sup> | 200 | 177988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/26/31<sup>(d)</sup> | 200 | 163670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/03/24<sup>(d)</sup> | 2050 | 1944117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/03/29<sup>(d)</sup> | 1200 | 1049628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/21/50<sup>(d)</sup> | 400 | 241908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/26/51<sup>(d)</sup> | 400 | 255128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/02/27<sup>(d)</sup> | 1200 | 1108284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/39<sup>(d)</sup> | 1900 | 1445083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/19/28<sup>(d)</sup> | 400 | 381472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/19/48<sup>(d)</sup> | 400 | 349908 |
|  Export-Import Bank of China (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/26/26<sup>(d)</sup> | 1200 | 1134792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/28/27<sup>(d)</sup> | 200 | 187496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/14/27<sup>(d)</sup> | 800 | 759664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/31/24<sup>(d)</sup> | 1000 | 980070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/28/47<sup>(d)</sup> | 600 | 488778 |
|  |  | 16429332 |
| **Colombia — 0.1%** |  |  |
|  Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/30/30 (Call 10/30/29) | 1025 | 726469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 (Call 01/15/31) | 2250 | 1546447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Colombia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/22/32 (Call 01/22/32)<sup>(c)</sup> | $1200 | $802152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/27 (Call 01/25/27) | 1262 | 1056067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/61 (Call 08/15/60)<sup>(c)</sup> | 1025 | 522248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/26/24 (Call 11/26/23) | 805 | 772438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/22/42 (Call 08/22/41) | 600 | 338490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 (Call 11/15/50)<sup>(c)</sup> | 1000 | 533910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/26 (Call 10/28/25) | 800 | 719896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 (Call 12/15/28) | 1800 | 1455354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 3400 | 2056150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/15/49 (Call 11/15/48)<sup>(c)</sup> | 1800 | 1096272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/26/44 (Call 08/26/43)<sup>(c)</sup> | 1425 | 925324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;1425 | 1019602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/18/37 | 825 | 696811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/21/24 | 500 | 502650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14770280 |
| **Costa Rica — 0.0%** |  |  |
|  Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/30/25<sup>(d)</sup> | 400 | 385520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/43<sup>(d)</sup> | 600 | 439584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/19/31<sup>(c)(d)</sup> | 800 | 748192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/44<sup>(d)</sup> | 800 | 682640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 03/12/45<sup>(d)</sup> | 600 | 520812 |
|  |  | 2776748 |
| **Croatia — 0.0%** |  |  |
|  Croatia Government International Bond, 6.00%, 01/26/24<sup>(d)</sup> | 1000 | 1007410 |
| **Denmark — 0.0%** |  |  |
|  Kommunekredit, 0.63%, 06/10/25<sup>(d)</sup> | 200 | 180596 |
| **Dominican Republic — 0.1%** |  |  |
|  Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(d)</sup> | 2400 | 1931040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(d)</sup> | 2350 | 1817584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/41<sup>(d)</sup> | 1350 | 932229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/27/25<sup>(d)</sup> | 900 | 884124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/22/29 (Call 12/22/28)<sup>(d)</sup> | 200 | 175604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/60<sup>(d)</sup> | 1950 | 1290237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(d)</sup> | 1100 | 1036002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/19/28<sup>(d)</sup> | 850 | 777155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/22/33 (Call 11/22/32)<sup>(d)</sup> | 600 | 502908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/05/49<sup>(d)</sup> | 950 | 683962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/48<sup>(d)</sup> | 650 | 475117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 01/27/45<sup>(d)</sup> | 1300 | 1004614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/29/26<sup>(d)</sup> | 1300 | 1279122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/30/44<sup>(d)</sup> | 900 | 756459 |
|  |  | 13546157 |
| **Ecuador — 0.0%** |  |  |
|  Ecuador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/31/30<sup>(d)(h)</sup> | 644 | 201614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/40<sup>(d)(f)</sup> | 2085 | 692704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/31/35<sup>(d)(f)</sup> | 5529 | 2054837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/30<sup>(d)(f)</sup> | 2396 | 1283544 |
|  |  | 4232699 |
| **Egypt — 0.1%** |  |  |
|  Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/16/26<sup>(d)</sup> | 1200 | 903420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/20/23<sup>(d)</sup> | 200 | 193738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/06/25<sup>(d)</sup> | 400 | 332588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/29/24<sup>(d)</sup> | 600 | 565530 |

---

S C H E D U L E O F I N V E S T M E N T S 137

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Egypt (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/30/27<sup>(d)</sup> | $800 | $581744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/11/25<sup>(d)</sup> | 1010 | 868893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/16/31<sup>(d)</sup> | 1200 | 734472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/24<sup>(d)</sup> | 600 | 574476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 02/21/28<sup>(d)</sup> | 200 | 142946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/40<sup>(d)</sup> | 400 | 228628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 01/15/32<sup>(d)</sup> | 600 | 379584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 09/30/33<sup>(d)</sup> | 400 | 248576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/31/27<sup>(d)</sup> | 1200 | 964008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(d)</sup> | 1000 | 552470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 03/01/29<sup>(d)</sup> | 1203 | 862322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(d)</sup> | 1400 | 895552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 02/21/48<sup>(d)</sup> | 800 | 447096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15%, 11/20/59<sup>(d)</sup> | 400 | 229380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(d)</sup> | 1600 | 935104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70%, 03/01/49<sup>(d)</sup> | 1000 | 591640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/30/51<sup>(d)</sup> | 600 | 354726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/29/50<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 710160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297053 |
| **El Salvador — 0.0%** |  |  |
|  El Salvador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/18/27<sup>(d)</sup> | 480 | 187819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 01/20/50<sup>(d)</sup> | 548 | 187005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/41<sup>(d)</sup> | 450 | 156834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 06/15/35<sup>(d)</sup> | 938 | 338355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/10/32<sup>(d)</sup> | 250 | 99788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 02/28/29<sup>(d)</sup> | 373 | 150341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/15/52 (Call 01/15/52)<sup>(d)</sup> | 600 | 226110 |
|  |  | 1346252 |
| **Finland — 0.0%** |  |  |
|  Finland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/20/30<sup>(b)</sup> | 450 | 351005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 02/15/26<sup>(c)</sup> | 935 | 993241 |
|  Finnvera OYJ, 1.63%, 10/23/24<sup>(b)</sup> | 64 | 60372 |
|  |  | 1404618 |
| **France — 0.0%** |  |  |
|  Caisse d'Amortissement de la Dette Sociale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/23/25<sup>(b)</sup> | 395 | 349559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/20/31<sup>(b)</sup> | 250 | 197440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/20/24<sup>(b)</sup> | 2175 | 2136481 |
|  |  | 2683480 |
| **Gabon — 0.0%** |  |  |
|  Gabon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/06/31<sup>(d)</sup> | 800 | 561560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/16/25<sup>(d)</sup> | 400 | 360128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/24/31 (Call 11/24/29)<sup>(d)</sup> | 400 | 279796 |
|  |  | 1201484 |
| **Georgia — 0.0%** |  |  |
|  Georgia Government International Bond, 2.75%, 04/22/26<sup>(d)</sup> | 600 | 510132 |
| **Germany — 0.0%** |  |  |
|  FMS Wertmanagement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/06/24<sup>(d)</sup> | 200 | 187522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/30/24 | 1525 | 1489254 |
|  Land Nordrhein Westfalen, 2.25%, 04/16/25<sup>(d)</sup> | 400 | 378192 |
|  |  | 2054968 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Ghana — 0.0%** |  |  |
|  Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/07/25<sup>(d)(h)</sup> | $600 | $170292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/11/27<sup>(d)</sup> | 400 | 120224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/16/29<sup>(d)</sup> | 600 | 166626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/07/29<sup>(d)</sup> | 825 | 237064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/26/27<sup>(d)</sup> | 600 | 183246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/11/35<sup>(d)</sup> | 600 | 168084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/18/26<sup>(d)</sup> | 400 | 146064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 03/26/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 290860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/07/34<sup>(d)</sup> | 600 | 172896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/16/49<sup>(d)</sup> | 600 | 161508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/11/61<sup>(d)</sup> | 400 | 112216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/07/42<sup>(d)</sup> | 400 | 108264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/26/51<sup>(d)</sup> | 800 | 226016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 10/14/30<sup>(d)</sup> | 700 | 456092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719452 |
| **Guatemala — 0.0%** |  |  |
|  Guatemala Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/07/33 (Call 07/07/33)<sup>(d)</sup> | 800 | 611736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/05/27<sup>(d)</sup> | 200 | 185194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/03/26<sup>(d)</sup> | 400 | 379360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/07/41 (Call 04/07/41)<sup>(d)</sup> | 200 | 148096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/13/28<sup>(d)</sup> | 800 | 739872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/30 (Call 03/01/30)<sup>(c)(d)</sup> | 400 | 362960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/24/32 (Call 01/24/32)<sup>(d)</sup> | 300 | 277095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/01/50 (Call 12/01/49)<sup>(d)</sup> | 800 | 687672 |
|  |  | 3391985 |
| **Honduras — 0.0%** |  |  |
|  Honduras Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/24/30 (Call 03/24/30)<sup>(d)</sup> | 150 | 102497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/19/27<sup>(d)</sup> | 650 | 513604 |
|  |  | 616101 |
| **Hong Kong — 0.1%** |  |  |
|  Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/04/31 (Call 11/04/30)<sup>(b)</sup> | 600 | 458172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/12/27 (Call 12/12/26)<sup>(b)(c)</sup> | 1000 | 888110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, (Call 03/08/26)<sup>(a)(d)(e)</sup> | 800 | 692040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, (Call 03/08/28)<sup>(a)(d)(e)</sup> | 400 | 319776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/12/32 (Call 10/12/31)<sup>(b)</sup> | 1000 | 798120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/04/51 (Call 08/04/50)<sup>(b)</sup> | 400 | 233740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/12/62 (Call 07/12/61)<sup>(b)</sup> | 200 | 133428 |
|  Airport Authority Hong Kong, 3.25%, 01/12/52 (Call 07/12/51)<sup>(b)</sup> | 600 | 397710 |
|  Hong Kong Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/02/26<sup>(b)(c)</sup> | 200 | 177152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/02/31<sup>(b)</sup> | 1200 | 943356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/24/31<sup>(d)</sup> | 200 | 159352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/02/51<sup>(b)</sup> | 400 | 236080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/24<sup>(b)</sup> | 800 | 773720 |
|  Hong Kong Sukuk 2017 Ltd., 3.13%, 02/28/27<sup>(d)</sup> | 600 | 564252 |
|  |  | 6775008 |
| **Hungary — 0.0%** |  |  |
|  Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/22/31<sup>(d)</sup> | 800 | 573256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/21/51<sup>(d)</sup> | 1400 | 768110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(d)</sup> | 1800 | 1659114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 | 1166 | 1154772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/22/23 | 500 | 499050 |

---

138 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Hungary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/29/41 | $1310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305834 |
|  |  | 5960136 |
| **India — 0.0%** |  |  |
|  Export-Import Bank of India |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/13/31<sup>(d)</sup> | 600 | 439470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 813060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/05/26<sup>(c)(d)</sup> | 650 | 590473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/12/24<sup>(d)</sup> | 200 | 195516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/28<sup>(d)</sup> | 800 | 710864 |
|  |  | 2749383 |
| **Indonesia — 0.2%** |  |  |
|  Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/31<sup>(c)</sup> | 800 | 609776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/28/31 (Call 04/28/31) | 800 | 623992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | 800 | 680392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51<sup>(c)</sup> | 1000 | 638070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/61 (Call 03/23/61)<sup>(c)</sup> | 400 | 245820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/71 | 600 | 360636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/18/29 | 540 | 472781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/11/28 | 850 | 776585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/50 | 950 | 642609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/31/32 (Call 12/31/31) | 600 | 514494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/49 | 1200 | 840612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/18/27<sup>(d)</sup> | 600 | 560430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/30 | 1600 | 1433168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/24/28 | 800 | 753160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/25<sup>(d)</sup> | 600 | 586176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/20/27 (Call 06/20/27) | 900 | 851940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/50 | 1650 | 1242202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/08/27<sup>(d)</sup> | 1500 | 1438665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/11/48 | 1250 | 974350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/11/24 | 400 | 397092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/70 | 1440 | 1078848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/43<sup>(c)(d)</sup> | 1000 | 840320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/32 (Call 06/20/32) | 1100 | 1015520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/08/26<sup>(d)</sup> | 1400 | 1373260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/11/29 | 1000 | 960850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/18/47<sup>(d)</sup> | 610 | 508502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/45<sup>(d)</sup> | 600 | 527892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/17/42<sup>(d)</sup> | 1200 | 1089408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/47<sup>(d)</sup> | 400 | 357692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/11/49 | 700 | 618317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/20/52 (Call 03/20/52)<sup>(c)</sup> | 375 | 337691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24<sup>(d)</sup> | 623 | 628626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/08/46<sup>(c)(d)</sup> | 1100 | 1064591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/17/37<sup>(d)</sup> | 600 | 620664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/44<sup>(d)</sup> | 400 | 413404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/17/38<sup>(d)</sup> | 1320 | 1462336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/12/35<sup>(d)</sup> | 850 | 999311 |
|  Lembaga Pembiayaan Ekspor Indonesia, 3.88%, 04/06/24<sup>(d)</sup> | 400 | 388708 |
|  Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/09/26<sup>(d)</sup> | 1200 | 1055100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/23/25<sup>(d)</sup> | 1000 | 929950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/09/31<sup>(d)</sup> | 630 | 505953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/23/30<sup>(c)(d)</sup> | 800 | 672600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/09/51<sup>(d)</sup> | 400 | 270520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/23/50<sup>(d)</sup> | 1000 | 706600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/24<sup>(d)</sup> | 200 | 196854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/29/27<sup>(d)</sup> | 1800 | 1712412 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Indonesia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 05/28/25<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1240 | $1218796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/10/24<sup>(d)</sup> | 800 | 792344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/06/27<sup>(d)</sup> | 600 | 573120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/28<sup>(c)(d)</sup> | 600 | 569076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/20/29<sup>(d)</sup> | 500 | 473600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/29/26<sup>(d)</sup> | 1600 | 1564848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/06/32<sup>(c)(d)</sup> | 600 | 563190 |
|  |  | 40733853 |
| **Iraq — 0.0%** |  |  |
|  Iraq International Bond, 5.80%, 01/15/28 (Call 12/15/22)<sup>(d)</sup> | 1247 | 1060443 |
| **Israel — 0.1%** |  |  |
|  Israel Government AID Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/18/23 | 250 | 251290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/18/33 | 70 | 74908 |
|  Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/03/30 | 1400 | 1217160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/16/26 | 600 | 561426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/17/28 | 600 | 554400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/50 | 1150 | 874414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/17/48 | 800 | 639088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/43 | 1150 | 1001121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, April 03, 2120 | 1000 | 758220 |
|  State of Israel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/30 | 600 | 516396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/50 | 1224 | 848489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60<sup>(d)</sup> | 2600 | 1864746 |
|  |  | 9161658 |
| **Italy — 0.1%** |  |  |
|  Republic of Italy Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/06/24 | 455 | 421421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/17/26 | 3205 | 2731974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/17/24 | 1857 | 1732637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/29 | 1326 | 1070771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/51 | 1420 | 908743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/17/49 | 1412 | 938938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/33 | 1300 | 1202838 |
|  |  | 9007322 |
| **Ivory Coast — 0.0%** |  |  |
|  Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/33<sup>(d)</sup> | 600 | 470172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/03/28<sup>(d)</sup> | 800 | 730520 |
|  |  | 1200692 |
| **Jamaica — 0.0%** |  |  |
|  Jamaica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/28/28<sup>(c)</sup> | 750 | 788633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/28/45 | 1200 | 1284684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/39<sup>(c)</sup> | 800 | 887256 |
|  |  | 2960573 |
| **Japan — 0.2%** |  |  |
|  Development Bank of Japan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/28/24<sup>(b)</sup> | 685 | 648791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/19/24<sup>(d)</sup> | 300 | 289656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/27<sup>(b)</sup> | 550 | 516340 |
|  Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25 | 2925 | 2612171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/21/31 | 1775 | 1355496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/17/24 | 705 | 664519 |

---

S C H E D U L E O F I N V E S T M E N T S 139

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Japan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/21/26 | $260 | $233483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;4945 | 3948088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/17/29<sup>(c)</sup> | 435 | 362612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/10/25 | 310 | 292132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/16/29 | 200 | 170854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/04/26 | 2032 | 1836318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/20/26 | 275 | 252983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/23/24 | 1275 | 1230209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/25 | 1365 | 1287291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/26<sup>(c)</sup> | 805 | 753730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/16/27 | 915 | 829036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/27 | 3208 | 2958706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/27 | 705 | 648515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/29/24 | 550 | 533912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/20/28 | 265 | 244492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/28 | 704 | 654959 |
|  Japan Finance Organization for Municipalities, 2.38%, 02/13/25<sup>(b)</sup> | 199 | 188529 |
|  Japan International Cooperation Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/22/30 | 1860 | 1416427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/20/26 | 250 | 225035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/27/27 | 1333 | 1223614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/25/27 | 50 | 46761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/12/28 | 65 | 60258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25484917 |
| **Jordan — 0.0%** |  |  |
|  Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/07/25<sup>(d)</sup> | 400 | 374156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/31/27<sup>(d)</sup> | 680 | 625131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/07/30<sup>(d)</sup> | 800 | 664392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/29/26<sup>(d)</sup> | 800 | 765520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/47<sup>(d)</sup> | 600 | 450018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/28<sup>(d)</sup> | 200 | 194498 |
|  |  | 3073715 |
| **Kazakhstan — 0.0%** |  |  |
|  Kazakhstan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/14/24<sup>(d)</sup> | 1000 | 993920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/14/44<sup>(d)</sup> | 800 | 611232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/21/25<sup>(d)</sup> | 1200 | 1227600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/21/45<sup>(d)</sup> | 1000 | 887680 |
|  |  | 3720432 |
| **Kenya — 0.0%** |  |  |
|  Kenya Government International Bond, 7.00%, 05/22/27<sup>(d)</sup> | 1000 | 795440 |
|  Republic of Kenya Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 01/23/34<sup>(d)</sup> | 600 | 381948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/24/24<sup>(d)</sup> | 1000 | 872250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/28/28<sup>(d)</sup> | 600 | 456156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/22/32<sup>(d)</sup> | 800 | 563936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/28/48<sup>(d)</sup> | 600 | 383286 |
|  |  | 3453016 |
| **Kuwait — 0.0%** |  |  |
|  Kuwait International Government Bond,<br>3.50%, 03/20/27<sup>(d)</sup> | 2700 | 2577852 |
| **Lebanon — 0.0%** |  |  |
|  Lebanon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/26/25<sup>(d)(j)(k)</sup> | 500 | 29820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/04/24<sup>(d)(j)(k)</sup> | 300 | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/12/25<sup>(d)(j)(k)</sup> | 300 | 18042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Lebanon (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, <sup>(d)(e)(j)(k)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1050 | $61982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/22/24<sup>(d)(j)(k)</sup> | 400 | 23900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/03/28<sup>(d)(j)(k)</sup> | 50 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, <sup>(d)(e)(j)(k)</sup> | 900 | 53496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, <sup>(d)(e)(j)(k)</sup> | 832 | 49645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 05/25/29<sup>(j)(k)</sup> | 595 | 35605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, <sup>(d)(e)(j)(k)</sup> | 830 | 49335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, <sup>(d)(e)(j)(k)</sup> | 1500 | 89610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/23/37<sup>(d)(j)(k)</sup> | 315 | 18913 |
|  |  | 451379 |
| **Malaysia — 0.0%** |  |  |
|  Export-Import Bank of Malaysia Bhd, 1.83%, 11/26/26 (Call 10/26/26)<sup>(d)</sup> | 200 | 174310 |
|  Malaysia Sovereign Sukuk Bhd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 04/22/25<sup>(d)</sup> | 800 | 769704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/22/45<sup>(d)</sup> | 200 | 176346 |
|  Malaysia Sukuk Global Bhd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 04/27/26<sup>(d)</sup> | 1650 | 1578258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/27/46<sup>(c)(d)</sup> | 750 | 643425 |
|  |  | 3342043 |
| **Mexico — 0.2%** |  |  |
|  Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 (Call 02/24/31) | 2233 | 1735086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/16/30 (Call 01/16/30)<sup>(c)</sup> | 1300 | 1095861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 (Call 11/12/33) | 2000 | 1534220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28 | 1200 | 1100508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/19/71 (Call 10/19/70) | 2000 | 1151820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/24/61 (Call 11/24/60) | 2300 | 1345086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/27/25 (Call 03/27/25)<sup>(c)</sup> | 1026 | 1006803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/26 | 1400 | 1350398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/28/27 | 1765 | 1686687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/41 (Call 02/14/41) | 2200 | 1601688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47 | 1600 | 1122320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/52 (Call 08/12/51) | 1600 | 1097680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/29 | 1850 | 1722257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 (Call 07/31/49) | 1655 | 1179833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/23/46 | 1600 | 1171792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/10/48 | 1300 | 940043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/32 (Call 01/27/32)<sup>(c)</sup> | 1835 | 1664767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/44 | 2604 | 1982894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 (Call 02/19/33) | 1200 | 1060260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/27/51 (Call 10/27/50) | 1600 | 1218064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/21/45 | 1335 | 1135244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, October 12, 2110 | 1800 | 1374390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/11/40 | 1080 | 998665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/27/34 | 1200 | 1206564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/08/33 | 680 | 736855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 08/15/31 | 675 | 757276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32977061 |
| **Mongolia — 0.0%** |  |  |
|  Mongolia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/07/27<sup>(d)</sup> | 200 | 136240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/07/31<sup>(d)</sup> | 400 | 262784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/07/26<sup>(d)</sup> | 400 | 306724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/09/24<sup>(d)</sup> | 600 | 561552 |
|  |  | 1267300 |
| **Morocco — 0.0%** |  |  |
|  Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/27<sup>(d)</sup> | 600 | 495192 |

---

140 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Morocco (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/32<sup>(d)</sup> | $600 | $432726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/50<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400 | 829794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/11/42<sup>(d)</sup> | 200 | 150360 |
|  |  | 1908072 |
| **Mozambique — 0.0%** |  |  |
|  Mozambique International Bond, 5.00%, 09/15/31<sup>(d)(f)</sup> | 600 | 406194 |
| **Namibia — 0.0%** |  |  |
|  Namibia International Bonds, 5.25%, 10/29/25<sup>(d)</sup> | 400 | 357724 |
| **Netherlands — 0.0%** |  |  |
|  BNG Bank NV, 0.88%, 05/18/26<sup>(b)</sup> | 500 | 439060 |
|  Nederlandse Waterschapsbank NV, 1.00%, 05/28/30<sup>(b)</sup>  | 55 | 43025 |
|  |  | 482085 |
| **Nigeria — 0.0%** |  |  |
|  Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/28/28<sup>(d)</sup> | 1000 | 657930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/27<sup>(d)</sup> | 1000 | 708320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 02/23/30<sup>(d)</sup> | 1100 | 721391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/28/33<sup>(d)</sup> | 1000 | 602810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/21/25<sup>(d)</sup> | 600 | 516294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(d)</sup> | 1000 | 566240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/23/38<sup>(d)</sup> | 600 | 351084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/16/32<sup>(d)</sup> | 1200 | 770340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/28/51<sup>(d)</sup> | 400 | 230580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(d)</sup> | 200 | 144130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/21/31<sup>(d)</sup> | 600 | 422280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/21/49<sup>(d)</sup> | 1000 | 647060 |
|  |  | 6338459 |
| **Norway — 0.0%** |  |  |
|  Kommunalbanken AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/21/24<sup>(b)</sup> | 100 | 92270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/12/25<sup>(b)</sup> | 460 | 422211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/14/30<sup>(b)</sup> | 400 | 314756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27<sup>(b)</sup> | 200 | 177390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/19/24<sup>(b)</sup> | 1000 | 958210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/11/25<sup>(b)(c)</sup> | 1074 | 1017250 |
|  |  | 2982087 |
| **Oman — 0.1%** |  |  |
|  Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/26<sup>(d)</sup> | 800 | 757224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/25<sup>(d)</sup> | 1000 | 971870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/08/27<sup>(d)</sup> | 200 | 190898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/17/28<sup>(d)</sup> | 1800 | 1717974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29<sup>(d)</sup> | 1400 | 1331918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/31<sup>(d)</sup> | 1465 | 1398181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/08/47<sup>(d)</sup> | 1250 | 1033025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/28/27<sup>(d)</sup> | 1600 | 1605792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/17/48<sup>(d)</sup> | 1600 | 1341744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/51<sup>(d)</sup> | 800 | 683560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/28/32<sup>(d)</sup> | 800 | 818272 |
|  Oman Sovereign Sukuk Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/24<sup>(d)</sup> | 1400 | 1369004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30<sup>(d)</sup> | 1200 | 1143684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/31/25<sup>(d)</sup> | 1100 | 1109427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15472573 |
| **Pakistan — 0.0%** |  |  |
|  Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/08/26<sup>(d)</sup> | 800 | 260080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/05/27<sup>(d)</sup> | 1000 | 312720 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pakistan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/08/31<sup>(d)</sup> | $1090 | $334641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/24<sup>(d)</sup> | 600 | 252138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/30/25<sup>(d)</sup> | 1000 | 347190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/08/51<sup>(d)</sup> | 600 | 182460 |
|  Pakistan Water & Power Development Authority, 7.50%, 06/04/31<sup>(d)</sup> | 200 | 59062 |
|  |  | 1748291 |
| **Panama — 0.1%** |  |  |
|  Banco Latinoamericano de Comercio Exterior SA, 2.38%, 09/14/25 (Call 08/14/25)<sup>(d)</sup> | 200 | 180560 |
|  Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/29/32 (Call 06/29/32) | &nbsp;&nbsp;&nbsp;&nbsp;2400 | 1672008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/30 (Call 10/23/29) | 600 | 489510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/19/33 (Call 10/19/32)<sup>(c)</sup> | 400 | 307072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/16/25 (Call 12/16/24) | 800 | 766488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/17/26<sup>(d)</sup> | 650 | 608719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/23/60 (Call 01/23/60) | 1800 | 1041228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 (Call 12/17/27) | 850 | 772777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/22/24 (Call 06/22/24) | 600 | 582126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/29/53 | 1050 | 685965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 | 800 | 557120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 (Call 10/16/49) | 1600 | 1093072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 (Call 10/01/55) | 1600 | 1053392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/19/63 (Call 07/19/62) | 1200 | 764040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 01/26/36 | 1300 | 1271868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/26<sup>(c)</sup> | 764 | 800435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/30/27 | 765 | 869820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 04/01/29 | 800 | 924576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440776 |
| **Paraguay — 0.0%** |  |  |
|  Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 01/29/33<sup>(d)</sup> | 600 | 446484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/28/33 (Call 03/28/33)<sup>(d)</sup> | 200 | 162452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/27/27<sup>(d)</sup> | 400 | 382432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/28/31 (Call 01/28/31)<sup>(d)</sup> | 200 | 182988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26<sup>(d)</sup> | 600 | 585918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/30/50 (Call 09/30/49)<sup>(d)</sup> | 600 | 458892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/13/48<sup>(d)</sup> | 400 | 313484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/11/44<sup>(d)</sup> | 830 | 725877 |
|  |  | 3258527 |
| **Peru — 0.1%** |  |  |
|  Corp. Financiera de Desarrollo SA, 2.40%, 09/28/27 (Call 07/28/27)<sup>(d)</sup> | 600 | 485868 |
|  Fondo MIVIVIENDA SA, 4.63%, 04/12/27 (Call 03/12/27)<sup>(d)</sup> | 400 | 368868 |
|  Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 (Call 09/01/32) | 1300 | 902551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/26 (Call 12/23/25) | 830 | 749847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 (Call 10/23/30) | 1490 | 1178217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/01/60 (Call 06/01/60) | 1575 | 837176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 06/20/30 | 455 | 369196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/34 (Call 10/15/33) | 1400 | 1046836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, July 28, 2121 (Call 01/28/21) | 1125 | 598084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/11/41 (Call 09/11/40) | 925 | 625559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 (Call 09/10/50)<sup>(c)</sup> | 1600 | 1052816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/72 (Call 07/15/71) | 600 | 354576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/25/27<sup>(c)</sup> | 1500 | 1412070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50 | 900 | 826542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/37 | 600 | 600840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/21/25 | 1000 | 1041080 |

---

S C H E D U L E O F I N V E S T M E N T S 141

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Peru (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/21/33 | $1155 | $1370130 |
|  |  | 13820256 |
| **Philippines — 0.1%** |  |  |
|  Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/10/31 | 800 | 598560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/06/32 | 225 | 170813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 05/05/30 | 1400 | 1155378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/45 | 800 | 486400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/45 | 1750 | 1133755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;2100 | 1897203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | 1400 | 917994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/29/32 | 400 | 343360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/41 | 1125 | 839295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/02/42 | 1725 | 1287885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/14/29 | 1500 | 1381620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/20/40 | 1200 | 922536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/21/24 | 800 | 786208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/29/47 | 1000 | 780200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/13/37 | 800 | 730512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/26 | 1400 | 1411032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/32 | 670 | 693316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34 | 1210 | 1248043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/25/24 | 200 | 202392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/14/31 | 1138 | 1285382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/02/30 | 1182 | 1421627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%, 03/16/25 | 480 | 536414 |
|  |  | 20229925 |
| **Poland — 0.0%** |  |  |
|  Republic of Poland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/26 | 1360 | 1277108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/24 | 1166 | 1148918 |
|  |  | 2426026 |
| **Portugal — 0.0%** |  |  |
|  Portugal Government International Bond, 5.13%, 10/15/24<sup>(b)</sup> | 300 | 300873 |
| **Qatar — 0.1%** |  |  |
|  Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/02/26<sup>(d)</sup> | 1800 | 1703520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/14/24<sup>(d)</sup> | 1000 | 981480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/16/25<sup>(d)</sup> | 1800 | 1737864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/16/30<sup>(d)</sup> | 3200 | 2980416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/14/29<sup>(d)</sup> | 2550 | 2425764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/16/50<sup>(d)</sup> | 3200 | 2697216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/23/28<sup>(d)</sup> | 2250 | 2202413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/02/46<sup>(d)</sup> | 1700 | 1503021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 03/14/49<sup>(d)</sup> | 3600 | 3213900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/23/48<sup>(d)</sup> | 3850 | 3584542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/20/42<sup>(b)</sup> | 400 | 408920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 01/20/40<sup>(b)</sup> | 750 | 818490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/30<sup>(b)(c)</sup> | 234 | 302000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24559546 |
| **Romania — 0.0%** |  |  |
|  Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/27/27<sup>(d)</sup> | 700 | 600509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/31<sup>(d)</sup> | 1980 | 1464804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/27/32<sup>(d)</sup> | 800 | 589568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/14/51<sup>(d)</sup> | 1350 | 790992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/22/24<sup>(c)(d)</sup> | 550 | 545726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/48<sup>(d)</sup> | 750 | 523013 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Romania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(d)</sup> | $200 | $183352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/25/34<sup>(d)</sup> | 300 | 254016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/22/44<sup>(d)</sup> | 600 | 480300 |
|  |  | 5432280 |
| **Rwanda — 0.0%** |  |  |
|  Rwanda International Government Bond, 5.50%, 08/09/31<sup>(d)</sup> | 400 | 298196 |
| **Saudi Arabia — 0.3%** |  |  |
|  KSA Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/17/31<sup>(d)</sup> | 400 | 323384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 10/29/29<sup>(d)</sup> | 1500 | 1309950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/20/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3374 | 3182762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/19/29<sup>(d)</sup> | 1800 | 1721322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 10/25/28 | 2200 | 2214278 |
|  Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/02/33<sup>(d)</sup> | 2200 | 1692592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/03/27<sup>(d)</sup> | 900 | 814563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/03/32<sup>(d)</sup> | 800 | 659928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/22/25<sup>(d)</sup> | 2000 | 1886960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/26/26<sup>(d)</sup> | 3400 | 3195320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/22/30<sup>(d)</sup> | 900 | 787248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/17/51<sup>(d)</sup> | 800 | 518736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/02/61<sup>(d)</sup> | 1600 | 1026816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/28<sup>(d)</sup> | 2650 | 2465268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/21/55<sup>(d)</sup> | 2400 | 1677600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25<sup>(d)</sup> | 2850 | 2781087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/16/29<sup>(d)</sup> | 1800 | 1721232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/17/30<sup>(d)</sup> | 2300 | 2202204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/26/46<sup>(d)</sup> | 4200 | 3346770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/60<sup>(d)</sup> | 1200 | 944472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/04/47<sup>(d)</sup> | 2910 | 2344965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/17/49<sup>(d)</sup> | 2200 | 1875324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/16/50<sup>(d)</sup> | 2400 | 2132256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/32 | 2800 | 2838892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43663929 |
| **Senegal — 0.0%** |  |  |
|  Senegal Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/23/33<sup>(d)</sup> | 800 | 599184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/48<sup>(d)</sup> | 600 | 382080 |
|  |  | 981264 |
| **Serbia — 0.0%** |  |  |
|  Serbia International Bond, 2.13%, 12/01/30<sup>(d)</sup> | 600 | 416532 |
| **Slovenia — 0.0%** |  |  |
|  Slovenia Government International Bond, 5.25%, 02/18/24<sup>(b)</sup> | 400 | 398884 |
| **South Africa — 0.1%** |  |  |
|  Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/28 | 1200 | 1025304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 01/17/24 | 700 | 688800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/27/27<sup>(c)</sup> | 1000 | 907480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/30/29 | 1400 | 1188572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/14/26<sup>(c)</sup> | 800 | 752872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/46 | 600 | 378348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/24/44 | 600 | 401172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/27/47 | 1000 | 668030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 | 1800 | 1198008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/16/25 | 1200 | 1189572 |

---

142 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **South Africa (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/22/30<sup>(c)</sup> | $1000 | $888550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/32 | 600 | 513960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/08/41 | 618 | 470724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 06/22/48 | 400 | 290520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/20/52 | 1000 | 783380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345292 |
| **South Korea — 0.2%** |  |  |
|  Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/29/24 | 400 | 372260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/09/26 | 800 | 694752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 882890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/29/26 | 200 | 170852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/18/25 | 1000 | 919740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/21/30 | 1200 | 890448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/20/25<sup>(d)</sup> | 400 | 366624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/09/31 | 600 | 441264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/27 | 1000 | 864840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/19/28 (Call 08/19/28)<sup>(d)</sup> | 600 | 486138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/12/25 | 400 | 372256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/18/32<sup>(c)</sup> | 400 | 304428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/25/24 | 1000 | 958760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/29/41 | 200 | 130752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/26/26 | 600 | 554682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/21/25<sup>(c)</sup> | 800 | 762104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/25 | 400 | 378728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/12/26 | 600 | 564384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/24 | 600 | 592848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/24 | 400 | 392124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 | 200 | 183006 |
|  Incheon International Airport Corp., 1.25%, 05/04/26<sup>(d)</sup>  | 200 | 174742 |
|  Industrial Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/17/24<sup>(d)</sup> | 200 | 184140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 06/22/25<sup>(d)</sup> | 200 | 178972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/23/24<sup>(d)</sup> | 400 | 377292 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/19/24 | 200 | 185678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/03/25<sup>(d)</sup> | 400 | 362560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/25/27 | 600 | 510210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/18/25 | 800 | 741840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/08/25 | 200 | 193482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/08/32 | 400 | 362116 |
|  Korea Electric Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/24/26<sup>(d)</sup> | 400 | 340136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/14/25<sup>(d)</sup> | 200 | 190968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/27<sup>(d)</sup> | 200 | 186920 |
|  Korea Expressway Corp., 1.13%, 05/17/26<sup>(c)(d)</sup> | 800 | 689376 |
|  Korea Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/18/26<sup>(d)</sup> | 600 | 538374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/20/27<sup>(d)</sup> | 200 | 180330 |
|  Korea Hydro & Nuclear Power Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/27/26<sup>(d)</sup> | 200 | 173562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/25/27<sup>(d)</sup> | 200 | 179890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25<sup>(d)</sup> | 600 | 568014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/27/27<sup>(d)</sup> | 200 | 188654 |
|  Korea International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/16/30<sup>(c)</sup> | 400 | 309224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/31 | 400 | 320516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/19/24 | 400 | 382552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/19/29 | 525 | 467008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/27 | 400 | 371032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **South Korea (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/28 | $400 | $375724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/20/48 | 400 | 336284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/10/44 | 1550 | 1380368 |
|  Korea Land & Housing Corp., 0.63%, 11/03/23<sup>(d)</sup> | 200 | 191770 |
|  Korea Mine Rehabilitation & Mineral Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/15/26<sup>(d)</sup> | 400 | 350624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/20/27<sup>(d)</sup> | 200 | 185302 |
|  Korea National Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/05/25<sup>(c)(d)</sup> | 600 | 524514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/07/26<sup>(d)</sup> | 800 | 695512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/05/30<sup>(d)</sup> | 400 | 301604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/07/31<sup>(d)</sup> | 400 | 316792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/24/26<sup>(d)</sup> | 200 | 179276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/27<sup>(d)</sup> | 200 | 183422 |
|  Korea SMEs and Startups Agency, 2.13%, 08/30/26<sup>(d)</sup> | 400 | 354596 |
|  Korea South-East Power Co. Ltd., 1.00%, 02/03/26<sup>(d)</sup> | 400 | 347516 |
|  Korea Water Resources Corp, 3.50%, 04/27/25<sup>(d)</sup> | 200 | 191390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25556162 |
| **Sri Lanka — 0.0%** |  |  |
|  Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/03/25<sup>(d)(j)(k)</sup> | 400 | 97244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 05/11/27<sup>(d)(j)(k)</sup> | 800 | 178480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/28/24<sup>(d)(j)(k)</sup> | 400 | 90548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/18/28<sup>(d)(j)(k)</sup> | 800 | 178080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 07/18/26<sup>(d)(j)(k)</sup> | 800 | 181952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/14/24<sup>(d)(j)(k)</sup> | 800 | 180608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/03/25<sup>(d)(j)(k)</sup> | 1000 | 227230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 03/28/30<sup>(d)(j)(k)</sup> | 800 | 177496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 03/14/29<sup>(d)(j)(k)</sup> | 824 | 182574 |
|  |  | 1494212 |
| **Supranational — 1.0%** |  |  |
|  Africa Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/16/25<sup>(d)</sup> | 1000 | 893440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/30/29<sup>(d)</sup> | 400 | 320048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/13/24<sup>(d)</sup> | 200 | 189368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/17/26<sup>(d)</sup> | 465 | 413134 |
|  African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/23/26 | 205 | 181265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/22/26 | 4623 | 4043692 |
|  African Export-Import Bank (The), 4.13%, 06/20/24<sup>(d)</sup> | 950 | 900524 |
|  Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;5058 | 4728370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/03/25 | 1295 | 1152200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/04/26 | 1060 | 931337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/08/24 | 2180 | 2021252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/29/25 | 2960 | 2688094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/30 | 2185 | 1668073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/26 | 1695 | 1505736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/09/28 | 20 | 16873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/18/24 | 2609 | 2458513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27 | 585 | 519895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/04/31<sup>(c)</sup> | 725 | 586213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/14/26 | 665 | 601353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/19/29 | 1669 | 1413309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/24/30 | 4141 | 3510409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25 | 810 | 766568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/24/26 | 672 | 617682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/19/25 | 10 | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/10/27 | 150 | 136967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/02/27 | 1467 | 1342730 |

---

S C H E D U L E O F I N V E S T M E N T S 143

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Supranational (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/30/24 | $2168 | $2114711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/12/27 | 794 | 740040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/28 | 865 | 798248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/26/28 | 398 | 371835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/27/32 | 425 | 387226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/27/24 | 2000 | 1981060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 06/16/28 | 300 | 319428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/27 | 593 | 631563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/28 | 300 | 328167 |
|  Asian Infrastructure Investment Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/30/24 | 1930 | 1777086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/28/25 | 1698 | 1525534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/16/24 | 4137 | 3984469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/29/25 | 100 | 96584 |
|  Banque Ouest Africaine de Developpement, 5.00%, 07/27/27<sup>(b)</sup> | 200 | 177674 |
|  Central American Bank for Economic Integration, 2.00%, 05/06/25<sup>(b)</sup> | 135 | 124802 |
|  Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/26/24 | 250 | 230840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/23/23 | 110 | 108369 |
|  Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/10/24 | 300 | 280518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/22/26 | 1205 | 1049410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/27/25 | 70 | 65133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/16/25 | 200 | 192308 |
|  European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/19/25 | 1621 | 1464509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/25 | 2043 | 1807606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/28/26 | 195 | 171306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/13/25 | 25 | 23361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316186 |
|  European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/06/26<sup>(h)</sup> | 230 | 192140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/15/25 | 2080 | 1832064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/26/26 | 1070 | 932323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/25/25 | 3475 | 3130384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/21/27 | 250 | 208873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/26 | 1288 | 1115318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/23/30 | 1446 | 1110123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/17/30 | 820 | 643134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/14/31<sup>(c)</sup> | 2475 | 1976782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/27 | 140 | 123623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/14/25 | 4058 | 3796827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/09/29 | 510 | 429716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/29 | 400 | 344032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/10/25 | 3521 | 3321183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/13/26 | 2400 | 2220768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/24/24 | 1375 | 1324551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/27 | 1155 | 1061919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24<sup>(c)</sup> | 585 | 562659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/24 | 4970 | 4839090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/23 | 2830 | 2782880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/29/24 | 3167 | 3113858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/36 | 1365 | 1427067 |
|  European Stability Mechanism, 0.38%, 09/10/25<sup>(b)</sup> | 385 | 341738 |
|  Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 | 3203 | 3060787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/23/24 | 950 | 879804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25<sup>(c)</sup> | 1282 | 1154761 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Supranational (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/16/27 | $755 | $631014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/03/25 | 885 | 810678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/26 | 1510 | 1334206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/20/28 | 963 | 804317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/13/31 | 3260 | 2554177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/27 | 270 | 240284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/14/25 | 2805 | 2629267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/02/26 | 1423 | 1304222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/26 | 1697 | 1551177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/25 | 3618 | 3434965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/18/29 | 1738 | 1527441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/07/27 | 1210 | 1107198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/16/24 | 1820 | 1777558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | 3390337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/18/28 | 2126 | 1983452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/07/42 | 230 | 183959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/28/41 | 670 | 596414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/24/44 | 958 | 913625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 | 200 | 211214 |
|  Inter-American Investment Corp., 1.75%, 10/02/24<sup>(d)</sup> | 515 | 486953 |
|  International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/24/23 | 2893 | 2761600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/28/25 | 2430 | 2171278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/28/25 | 2025 | 1798807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25 | 8565 | 7787726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/11/25 | 1985 | 1818081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/24/27 | 2308 | 1930388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/26/30 | 3015 | 2306505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/15/26 | 490 | 429705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/14/30 | 1948 | 1522459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/13/28 | 2615 | 2176648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/10/31<sup>(c)</sup> | 3135 | 2485240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/20/28 | 875 | 747276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/28/24 | 2660 | 2517211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/25 | 2136 | 2006537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/03/31 | 1887 | 1519280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/29<sup>(c)</sup> | 1619 | 1371520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/27/26 | 1875 | 1694625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/03/25 | 1030 | 976079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/19/24 | 3935 | 3824151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/25/24 | 3091 | 2965660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/29/25 | 3279 | 3107410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/22/27 | 2461 | 2251077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/29/32 | 550 | 476096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/20/25 | 690 | 662497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/35 | 1935 | 1971765 |
|  International Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/27/30 | 1165 | 892460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/16/24 | 1560 | 1467102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/07/26 | 2428 | 2244079 |
|  ISDB Trust Services No. 2 SARL, 1.26%, 03/31/26<sup>(d)</sup> | 2855 | 2541036 |
|  Nordic Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/11/25 | 500 | 444365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/21/24 | 363 | 350255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/04/25 | 75 | 71716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188373975 |
| **Suriname — 0.0%** |  |  |
|  Suriname Government International Bond, 9.25%, 10/26/26<sup>(d)(j)(k)</sup> | 200 | 142726 |

---

144 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Sweden — 0.0%** |  |  |
|  Svensk Exportkredit AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/30/24 | $65 | $60351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/10/23 | 800 | 766088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/26/25 | 1265 | 1125787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/07/24 | 285 | 263600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/14/25 | 2665 | 2409746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/22/27 | 400 | 363748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989320 |
| **Thailand — 0.0%** |  |  |
|  Export Import Bank of Thailand, 1.46%, 10/15/25<sup>(d)</sup> | 400 | 355076 |
| **Trinidad and Tobago — 0.0%** |  |  |
|  Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/04/26<sup>(c)(d)</sup> | 600 | 581124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/26/30 (Call 03/26/30)<sup>(d)</sup> | 800 | 728488 |
|  |  | 1309612 |
| **Tunisia — 0.0%** |  |  |
|  Tunisian Republic, 5.75%, 01/30/25<sup>(d)</sup> | 607 | 381056 |
| **Turkey — 0.2%** |  |  |
|  Hazine Mustesarligi Varlik Kiralama AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/25/24<sup>(d)</sup> | 800 | 739384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/22/26<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2600 | 2300610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/24/27<sup>(d)</sup> | 1000 | 926630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76%, 11/13/25<sup>(c)</sup> | 1800 | 1820070 |
|  Istanbul Metropolitan Municipality, 6.38%, 12/09/25<sup>(d)</sup> | 400 | 327716 |
|  Turkey Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/13/25<sup>(c)</sup> | 1200 | 1086984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/14/26<sup>(c)</sup> | 1000 | 853120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/26/26 | 1200 | 1050780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/09/26 | 2000 | 1703500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/16/43 | 2050 | 1202387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/17/28 | 1600 | 1291776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/13/30<sup>(c)</sup> | 2200 | 1642740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/14/24 | 1800 | 1720044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/22/24<sup>(c)</sup> | 1800 | 1771452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/11/47 | 2200 | 1356806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/26/31 | 1800 | 1355814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/31 | 1800 | 1381032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/25/27 | 2600 | 2264808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/14/41 | 1950 | 1257009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/24/28 | 1400 | 1165976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/10/24<sup>(c)</sup> | 1400 | 1368878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/14/25 | 1800 | 1670382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/20/33 | 1500 | 1130670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/17/45 | 1850 | 1257815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/30/40 | 1000 | 717840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/17/36 | 1431 | 1075024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/23/23<sup>(c)</sup> | 1000 | 1008950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/05/38 | 612 | 482354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/05/25 | 1920 | 1886189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/26/29<sup>(c)</sup> | 2600 | 2292784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/14/34 | 380 | 334210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.60%, 09/24/27 | 400 | 384252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 01/15/30 | 100 | 110059 |
|  Turkiye Ihracat Kredi Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/06/26<sup>(d)</sup> | 400 | 334884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/03/24<sup>(d)</sup> | 400 | 375920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/24/24<sup>(d)</sup> | 400 | 392612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Turkey (continued)** |  |  |
|  Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26<sup>(d)</sup> | $400 | $335524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42376985 |
| **Ukraine — 0.0%** |  |  |
|  Ukraine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/21/31<sup>(d)(j)(k)</sup> | 1600 | 231800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/35<sup>(d)(j)(k)</sup> | 1209 | 180443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/25/34<sup>(d)(j)(k)</sup> | 1200 | 179850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/25<sup>(d)(j)(k)</sup> | 981 | 205581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/26<sup>(d)(j)(k)</sup> | 821 | 135362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27<sup>(d)(j)(k)</sup> | 900 | 149513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/28<sup>(d)(j)(k)</sup> | 928 | 164720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/29<sup>(d)(j)(k)</sup> | 900 | 157387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99%, 02/01/26<sup>(d)(j)(k)</sup> | 600 | 110175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/01/30<sup>(d)(j)(k)</sup> | 1200 | 219975 |
|  |  | 1734806 |
| **United Arab Emirates — 0.2%** |  |  |
|  Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/02/28<sup>(d)</sup> | 1200 | 1016124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/02/31<sup>(d)</sup> | 1000 | 787900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31<sup>(d)</sup> | 1000 | 789610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24<sup>(d)</sup> | 1700 | 1619726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/16/25<sup>(d)</sup> | 2200 | 2094510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/30/29<sup>(d)</sup> | 1900 | 1650359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/02/70<sup>(d)</sup> | 1200 | 676860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/51<sup>(d)</sup> | 800 | 517288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/03/26<sup>(d)</sup> | 1400 | 1326150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/11/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3400 | 3173628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/16/30<sup>(d)</sup> | 1800 | 1617498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/30/49<sup>(d)</sup> | 2600 | 1752114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/16/50<sup>(d)</sup> | 2700 | 2092959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/11/47<sup>(d)</sup> | 1800 | 1463580 |
|  Dubai DOF Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/09/30<sup>(d)</sup> | 900 | 774297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/30/29<sup>(d)</sup> | 1200 | 1213680 |
|  Emirate of Dubai Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/09/50<sup>(d)</sup> | 1200 | 782820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/43<sup>(d)</sup> | 400 | 335924 |
|  Finance Department Government of Sharjah |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/10/33<sup>(d)</sup> | 400 | 300956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/28/50<sup>(d)</sup> | 700 | 406224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/10/51<sup>(d)</sup> | 400 | 238852 |
|  RAK Capital, 3.09%, 03/31/25<sup>(d)</sup> | 600 | 572502 |
|  Sharjah Sukuk Ltd., 3.76%, 09/17/24<sup>(d)</sup> | 400 | 382160 |
|  Sharjah Sukuk Program Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/10/27<sup>(d)</sup> | 800 | 684048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/13/31<sup>(d)</sup> | 400 | 314812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 10/23/29<sup>(d)</sup> | 800 | 654960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/03/26<sup>(d)</sup> | 800 | 726120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/14/28<sup>(d)</sup> | 600 | 528798 |
|  UAE International Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/19/31<sup>(d)</sup> | 200 | 158968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/19/41<sup>(d)</sup> | 1000 | 705930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/19/61<sup>(d)</sup> | 1400 | 920598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/07/32<sup>(d)</sup> | 1200 | 1117092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/07/52<sup>(d)</sup> | 800 | 727696 |
|  |  | 32124743 |
| **Uruguay — 0.1%** |  |  |
|  Uruguay Government International Bond 4.13%, 11/20/45<sup>(c)</sup> | 555 | 469602 |

---

S C H E D U L E O F I N V E S T M E N T S 145

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Uruguay (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | $1203 | $1191247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/23/31 (Call 10/23/30)<sup>(c)</sup> | 1922 | 1834953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/14/24<sup>(c)</sup> | 353 | 352588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/20/55 | 1930 | 1683963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp;&nbsp;2382 | 2145515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/28/34 | 400 | 407620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/21/36 | 600 | 710160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/33 | 274 | 323347 |
|  |  | 9118995 |
| **Uzbekistan — 0.0%** |  |  |
|  Republic of Uzbekistan International Bond, 5.38%, 02/20/29<sup>(d)</sup> | 200 | 167666 |
| **Vietnam — 0.0%** |  |  |
|  Vietnam Government International Bond, 4.80%, 11/19/24<sup>(d)</sup> | 800 | 770280 |
|  Zambia — 0.0% |  |  |
|  Zambia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/14/24<sup>(d)(j)(k)</sup> | 600 | 240018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.97%, 07/30/27<sup>(d)(j)(k)</sup> | 800 | 317376 |
|  |  | 557394 |
|  **Total Foreign Government Obligations — 4.6%<br>(Cost: $1,027,817,769)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845076514 |
| **Municipal Debt Obligations** |  |  |
| **Alabama — 0.0%** |  |  |
|  Alabama Federal Aid Highway Finance Authority, 2.65%, 09/01/37 (Call 09/01/31) | 520 | 368517 |
| **California — 0.2%** |  |  |
|  Bay Area Toll Authority RB, 3.13%, 04/01/55 (Call 04/01/31) | 565 | 352449 |
|  Bay Area Toll Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 6.26%, 04/01/49 | 1140 | 1230373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 7.04%, 04/01/50 | 150 | 174514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 6.91%, 10/01/50 | 775 | 891592 |
|  California Earthquake Authority, 5.60%, 07/01/27 | 200 | 198374 |
|  California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 06/01/37 (Call 06/01/32) | 55 | 46908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/41 (Call 06/01/32) | 80 | 67215 |
|  California State University RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 2.72%, 11/01/52<sup>(c)</sup> | 1055 | 618926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 2.98%, 11/01/51 (Call 05/01/51) | 680 | 440609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 2.90%, 11/01/51 (Call 11/01/30) | 100 | 63429 |
|  City of Los Angeles Department of Airports Customer Facility Charge Revenue RB, 4.24%, 05/15/48 (Call 05/15/32) (AGM) | 55 | 43540 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB, Series E, 2.83%, 11/01/41 (Call 11/01/30) | 980 | 659476 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50 | 50 | 57166 |
|  East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40 | 500 | 519936 |
|  Foothill-Eastern Transportation Corridor Agency RB, Series A, 4.09%, 01/15/49 (Call 01/15/30) | 350 | 235341 |
|  Golden State Tobacco Securitization Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 3.00%, 06/01/46 | 110 | 98908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 06/01/38 (Call 06/01/31) (SAP) | 500 | 366233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 3.29%, 06/01/42 (Call 06/01/31) | 315 | 219246 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 06/01/41 (Call 12/01/31) | $385 | $277632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/50 (Call 12/01/31) | 220 | 188523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 06/01/50 (Call 12/01/31) | 205 | 136538 |
|  Los Angeles Community College District/CA GO, 2.11%, 08/01/32 (Call 08/01/30) | 500 | 378828 |
|  Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49 | 535 | 621036 |
|  Los Angeles County Metropolitan Transportation Authority RB BAB, Series A, 5.74%, 06/01/39 | 500 | 510451 |
|  Los Angeles Department of Water & Power, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.72%, 07/01/39 | 445 | 455456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.60%, 07/01/50 | 355 | 400881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.57%, 07/01/45 | 100 | 111103 |
|  Los Angeles Unified School District/CA GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/34 | 1675 | 1694117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/01/29 | 400 | 405060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RY, 6.76%, 07/01/34 | 100 | 108084 |
|  Regents of the University of California Medical Center Pooled Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 3.71%, 05/15/20 (Call 11/15/19) | 100 | 57259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/32 (Call 02/15/32) | 105 | 94448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 05/15/53 | 175 | 141846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)<sup>(c)</sup> | 540 | 326073 |
|  Regents of the University of California Medical Center Pooled Revenue RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, Class H, 6.55%, 05/15/48 | 225 | 245012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.58%, 05/15/49 | 1260 | 1371516 |
|  San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48 | 160 | 164227 |
|  San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49 | 250 | 265314 |
|  San Joaquin Hills Transportation Corridor Agency RB, 3.49%, 01/15/50 (Call 01/15/32) | 250 | 172970 |
|  Santa Clara Valley Transportation Authority RB BAB, 5.88%, 04/01/32 | 700 | 712772 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/01/28 | 250 | 211155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/29 | 570 | 483823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/25 | 200 | 193076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/28 | 315 | 292551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/38 (Call 04/01/28) | 125 | 111338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.05%, 04/01/29 | 500 | 444613 |
|  State of California GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1155 | 1320032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/01/39 | 500 | 571149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/34 | 1900 | 2208480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/39 | 1630 | 1935061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 11/01/40 | 1350 | 1623496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/40 | 1200 | 1423435 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 4.86%, 05/15/12 | 110 | 84781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.60%, 05/15/31 | 100 | 96352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ, 4.77%, 05/15/15<sup>(c)</sup> | 500 | 378622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 3.06%, 07/01/25 (Call 04/01/25) | 50 | 47516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 1.61%, 05/15/30 (Call 02/15/30) | 720 | 554611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 3.07%, 05/15/51 (Call 05/15/31) | 1305 | 788566 |
|  University of California RB BAB, 5.77%, 05/15/43 | 330 | 333705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28225743 |
| **Connecticut — 0.0%** |  |  |
|  State of Connecticut GO, Series A, 5.85%, 03/15/32 | 840 | 870403 |

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146 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Connecticut (continued)** |  |  |
|  State of Connecticut GO BAB, Series D, 5.09%, 10/01/30 | $50 | $49843 |
|  |  | 920246 |
| **District of Columbia — 0.0%** |  |  |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 10/01/48 (Call 10/01/29) | 930 | 618766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 10/01/14 | 100 | 79399 |
|  |  | 698165 |
| **Florida — 0.0%** |  |  |
|  County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28) | 60 | 49712 |
|  County of Miami-Dade FL Transit System RB, Series B, 2.60%, 07/01/42 (Call 07/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 685656 |
|  State Board of Administration Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%, 07/01/25 | 967 | 867549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 07/01/27 | 500 | 419905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/01/30 | 925 | 722310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745132 |
| **Georgia — 0.0%** |  |  |
|  City of Atlanta GA Water & Wastewater Revenue RB, 2.26%, 11/01/35 (Call 11/01/30) | 120 | 88082 |
|  Municipal Electric Authority of Georgia RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Project J, Series 2010-A, 6.64%, 04/01/57 | 1015 | 1019543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project M, Series 2010-A, 6.66%, 04/01/57 | 318 | 324821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project P, Series 2010-A, 7.06%, 04/01/57 | 25 | 24067 |
|  |  | 1456513 |
| **Idaho — 0.0%** |  |  |
|  Idaho Energy Resources Authority RB, 2.86%, 09/01/46 | 85 | 55171 |
| **Illinois — 0.1%** |  |  |
|  Chicago O'Hare International Airport RB, Series C, 4.47%, 01/01/49 | 80 | 66404 |
|  Chicago O'Hare International Airport RB BAB, Series B, 6.40%, 01/01/40 | 500 | 538406 |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.90%, 12/01/40 | 805 | 867157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.90%, 12/01/40<sup>(c)</sup> | 290 | 315220 |
|  Chicago Transit Authority Sales Tax Receipts Fund RB BAB, Series B, 6.20%, 12/01/40 | 400 | 410106 |
|  Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34 | 180 | 187108 |
|  Sales Tax Securitization Corp. RB, 3.24%, 01/01/42 | 1000 | 709370 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/23 | 13 | 13595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/33 | 5250 | 4880914 |
|  State of Illinois GO BAB, Series 5, 7.35%, 07/01/35 | 743 | 761036 |
|  |  | 8749316 |
| **Indiana — 0.0%** |  |  |
|  Indiana Finance Authority RB, 3.05%, 01/01/51 | 100 | 68678 |
| **Kansas — 0.0%** |  |  |
|  Kansas Development Finance Authority RB, 2.77%, 05/01/51<sup>(c)</sup> | 420 | 264178 |
| **Louisiana — 0.0%** |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 02/01/29 | 700 | 678744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/39 | 520 | 472608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Louisiana (continued)** |  |  |
|  State of Louisiana Gasoline & Fuels Tax Revenue RB, 2.95%, 05/01/41 | $195 | $137734 |
|  |  | 1289086 |
| **Maryland — 0.0%** |  |  |
|  Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40) | 200 | 133456 |
| **Massachusetts — 0.0%** |  |  |
|  Commonwealth of Massachusetts GO, 4.91%, 05/01/29 | 805 | 798257 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 07/01/41 (Call 07/01/30) | 70 | 46850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 09/01/43 | 100 | 67657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/01/49 | 550 | 358049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.66%, 09/01/39 | 99 | 74112 |
|  Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39 | 145 | 142686 |
|  Commonwealth of Massachusetts RB, 3.77%, 07/15/29 | 805 | 752256 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/43 (Call 05/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;1765 | 1194335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/40 (Call 10/15/29) | 65 | 49087 |
|  Massachusetts Water Resources Authority RB, 2.82%, 08/01/41 (Call 08/01/31) | 130 | 88879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572168 |
| **Michigan — 0.0%** |  |  |
|  Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39 | 100 | 74997 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 12/01/34 | 350 | 275885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/40 | 55 | 40928 |
|  Michigan State University RB, 4.17%, 08/15/22 (Call 02/15/22) | 300 | 204777 |
|  Michigan Strategic Fund RB, 3.23%, 09/01/47 (Call 09/01/31) | 50 | 32340 |
|  University of Michigan RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/52 (Call 10/01/51)<sup>(c)</sup> | 153 | 110584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/52 (Call 10/01/51) | 119 | 85203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/22 (Call 10/01/21) | 846 | 630954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.44%, 04/01/40 (Call 10/01/39) | 238 | 160166 |
|  |  | 1615834 |
| **Minnesota — 0.0%** |  |  |
|  University of Minnesota RB, 4.05%, 04/01/52 Call | 268 | 213022 |
| **Missouri — 0.0%** |  |  |
|  Health & Educational Facilities Authority of the State of Missouri RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.23%, 05/15/50 (Call 11/15/49) | 500 | 339358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.65%, 08/15/57 (Call 02/15/57) | 225 | 159010 |
|  |  | 498368 |
| **Nebraska — 0.0%** |  |  |
|  University of Nebraska Facilities Corp. RB, Series A, Class A, 3.04%, 10/01/49 | 50 | 34298 |
| **New Jersey — 0.0%** |  |  |
|  New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC) | 1085 | 1153455 |
|  New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40 | 1055 | 1237644 |
|  New Jersey Transportation Trust Fund Authority RB, 4.13%, 06/15/42 | 845 | 637421 |

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S C H E D U L E O F I N V E S T M E N T S 147

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **New Jersey (continued)** |  |  |
|  New Jersey Transportation Trust Fund Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.56%, 12/15/40 | $210 | $214547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/28 | 50 | 49710 |
|  New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1435 | 1634603 |
|  Rutgers The State University of New Jersey RB 3.27%, 05/01/43 | 200 | 143954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 3.92%, 05/01/19 (Call 11/01/18) | 100 | 64673 |
|  Rutgers The State University of New Jersey RB BAB, Class H, 5.67%, 05/01/40 | 500 | 494743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630750 |
| **New York — 0.1%** |  |  |
|  City of New York NY, 5.26%, 10/01/52 | 75 | 71565 |
|  City of New York NY GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.21%, 10/01/31 | 135 | 132501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.52%, 10/01/37 | 450 | 441997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F1, 6.27%, 12/01/37 | 250 | 262502 |
|  Metropolitan Transportation Authority RB, Series C2, 5.18%, 11/15/49 | 700 | 575938 |
|  Metropolitan Transportation Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/15/39 | 525 | 610374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A, 6.67%, 11/15/39 | 250 | 247690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.87%, 11/15/39<sup>(c)</sup> | 100 | 93432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.81%, 11/15/40 | 265 | 269361 |
|  New York City Municipal Water Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 06/15/43 | 525 | 501485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/15/42<sup>(c)</sup> | 250 | 252533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/44 | 975 | 997837 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 11/01/38 | 260 | 256654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.77%, 08/01/36 | 995 | 1007140 |
|  New York City Water & Sewer System RB BAB, 5.95%, 06/15/42<sup>(c)</sup> | 225 | 232177 |
|  New York State Dormitory Authority RB 2.20%, 03/15/34 | 1800 | 1305319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.11%, 02/15/39 | 150 | 110494 |
|  New York State Dormitory Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.60%, 03/15/40 | 390 | 380441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.63%, 03/15/39 | 50 | 50086 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M, 2.90%, 01/01/35 | 100 | 78506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.50%, 01/01/42 (Call 01/01/30) | 490 | 359107 |
|  New York State Urban Development Corp. RB, Series B, 3.90%, 03/15/33 (Call 09/15/28) | 250 | 219192 |
|  New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39<sup>(c)</sup> | 175 | 177752 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 02/15/51 (Call 08/15/31) | 230 | 149945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 165, 5.65%, 11/01/40 | 255 | 254008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 168, 4.93%, 10/01/51 | 775 | 699978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 174, 4.46%, 10/01/62 | 2300 | 1864713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 181, 4.96%, 08/01/46 | 100 | 90482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 192, 4.81%, 10/15/65 | 145 | 124296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 225, 3.18%, 07/15/60 (Call 07/15/31) | 600 | 359717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 1.09%, 07/01/23 | 500 | 487316 |
|  |  | 12664538 |
| **North Carolina — 0.0%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority (The) RB, 3.20%, 01/15/51 (Call 01/15/50) | 435 | 284615 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Ohio — 0.0%** |  |  |
|  American Municipal Power Inc. RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;175 | $173104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.08%, 02/15/50 | 650 | 807378 |
|  JobsOhio Beverage System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/01/38 | 250 | 181621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.53%, 01/01/35 | 350 | 322173 |
|  Ohio State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.80%, 12/01/46 | 395 | 304767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.80%, 06/01/11 | 200 | 159257 |
|  Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40 | 175 | 163006 |
|  Ohio Turnpike & Infrastructure Commission RB, Series A, Class A, 3.22%, 02/15/48 (Call 02/15/30) | 160 | 109444 |
|  Ohio Water Development Authority Water Pollution |  |  |
|  Control Loan Fund RB, Series B-2, 4.88%, 12/01/34 . | 50 | 48936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269686 |
| **Oklahoma — 0.0%** |  |  |
|  Oklahoma Development Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/45 | 400 | 354664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 06/01/44 | 330 | 293965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 02/01/52 | 125 | 113347 |
|  |  | 761976 |
| **Oregon — 0.0%** |  |  |
|  Oregon School Boards Association RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.55%, 06/30/28 (NPFGC) | 100 | 100121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.68%, 06/30/28 (NPFGC) | 100 | 100488 |
|  Oregon State University RB, 3.42%, 03/01/60 (Call 03/01/30) (BAM) | 200 | 129109 |
|  State of Oregon Department of Transportation RB BAB, Series 2010-A, 5.83%, 11/15/34 | 200 | 208009 |
|  State of Oregon GO, 5.89%, 06/01/27 | 340 | 349153 |
|  |  | 886880 |
| **Pennsylvania — 0.0%** |  |  |
|  City of Philadelphia PA Water & Wastewater Revenue RB, 2.93%, 07/01/45 (Call 07/01/31) | 115 | 76807 |
|  Commonwealth Financing Authority RB, Class A, 2.99%, 06/01/42 | 710 | 479538 |
|  Pennsylvania State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/01/43 | 500 | 341846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/01/50 | 250 | 158571 |
|  Pennsylvania Turnpike Commission RB BAB, Series B, 5.51%, 12/01/45 | 250 | 241091 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education RB, 3.56%, 09/15/19 (Call 03/15/19) | 200 | 115518 |
|  |  | 1413371 |
| **Tennessee — 0.0%** |  |  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26) | 250 | 235511 |
| **Texas — 0.1%** |  |  |
|  City of San Antonio Texas Electric & Gas Systems Revenue RB BAB, 5.81%, 02/01/41 | 200 | 201558 |
|  Dallas Area Rapid Transit RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 12/01/48<sup>(c)</sup> | 525 | 488585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/44 | 50 | 52801 |
|  Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44 | 50 | 50171 |
|  Dallas Fort Worth International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 11/01/46 (Call 11/01/31) | 95 | 63088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/01/51 (Call 11/01/32) | 265 | 220152 |

---

148 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 3.14%, 11/01/45 | $250 | $173825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, 2.92%, 11/01/50 | 1150 | 758111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, 3.09%, 11/01/40 (Call 11/01/30) | 500 | 357950 |
|  Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30) | 855 | 547050 |
|  North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49 | 1248 | 1393411 |
|  Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27) | 100 | 77707 |
|  Permanent University Fund - University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 01/01/47) | 120 | 89791 |
|  State of Texas GO, 3.21%, 04/01/44 (Call 04/01/29) | 650 | 485270 |
|  State of Texas GO BAB, 5.52%, 04/01/39 | 1015 | 1023490 |
|  Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49 | 400 | 287033 |
|  Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30) | 500 | 308420 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/33 | 500 | 440596 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Class, 5.18%, 04/01/30 | 1115 | 1104866 |
|  University of Texas System (The) RB, Series B, 2.44%, 08/15/49 (Call 02/15/49) | 845 | 489618 |
|  University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46 | 155 | 144339 |
|  |  | 8757832 |
| **Virginia — 0.0%** |  |  |
|  University of Virginia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 09/01/50 (Call 03/01/50) | &nbsp;&nbsp;&nbsp;&nbsp;1120 | 625716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.18%, 09/01/17 (Call 03/01/17) | 50 | 35568 |
|  |  | 661284 |
| **Washington — 0.0%** |  |  |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB BAB, 5.49%, 11/01/39 | 30 | 30180 |
|  State of Washington GO BAB, Series F, 5.14%, 08/01/40 | 600 | 576823 |
|  |  | 607003 |
| **Wisconsin — 0.0%** |  |  |
|  State of Wisconsin RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.70%, 05/01/26 | 20 | 20251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.15%, 05/01/27 | 250 | 230264 |
|  |  | 250515 |
|  **Total Municipal Debt Obligations — 0.5%<br>(Cost: $112,958,310)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85331852 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 24.7%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/14/29<sup>(h)</sup> | 200 | 145154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/04/23 | 4120 | 3926072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/52 | 2813 | 2221163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/30 | 16 | 14960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/31 | 197 | 182802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 | 330 | 305947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 | 197 | 182901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 | 380 | 352079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 | 690 | 637150 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/19/23 | $700 | $691047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;17454 | 16825381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 | 34 | 31683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 | 19 | 18204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 | 44 | 41622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 | 457 | 429275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 | 13 | 11801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/31 | 13 | 12498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 | 9 | 8190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/46 | 1878 | 1628704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 | 140 | 121715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/46 | 790 | 684947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/46 | 613 | 535242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 | 1118 | 970077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/46 | 792 | 686477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/46 | 3090 | 2680575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/47 | 562 | 487537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 1351 | 1171803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/47 | 357 | 309344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/47 | 1100 | 954276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/47 | 118 | 102691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/47 | 463 | 401720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/47 | 328 | 284123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 53 | 50193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 | 38 | 35779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/33 | 114 | 108528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/34 | 484 | 461003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/38 | 336 | 311305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/38 | 3 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/42 | 638 | 579362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/43 | 19 | 17253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/43 | 20 | 17884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/44 | 50 | 45087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/44 | 86 | 77874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/44 | 469 | 422210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | 116 | 104279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/46 | 9 | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/46 | 3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/46 | 88 | 79324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/46 | 99 | 88185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/46 | 121 | 108364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/46 | 58 | 52142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/46 | 24 | 21352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/46 | 1252 | 1123900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/47 | 338 | 303201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | 328 | 294740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/47 | 60 | 53802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/47 | 55 | 49551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | 69 | 61560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/47 | 483 | 433472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/47 | 22 | 19710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/47 | 1196 | 1074249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/47 | 19 | 16805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/48 | 676 | 606825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/48 | 1039 | 930930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/48 | 750 | 672621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/48 | 448 | 401999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/49 | 790 | 704691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/49 | 221 | 197499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/49 | 264 | 235624 |

---

S C H E D U L E O F I N V E S T M E N T S 149

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 | $4300 | $3852886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 89 | 86595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/42 | 92 | 85724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/44 | 17 | 16058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/45 | 107 | 100197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/45 | 8 | 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/45 | 50 | 46705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/45 | 458 | 427733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/46 | 85 | 79673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 | 3 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/46 | 8 | 7777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 228 | 212979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 102 | 95679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/46 | 284 | 263750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 154 | 143003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 41 | 37739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/47 | 4 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 | 452 | 418949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/48 | 447 | 415303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/48 | 375 | 347273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/48 | 138 | 127498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/48 | 101 | 93604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | 357 | 330948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/49 | 250 | 231510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/41 | 54 | 52220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/42 | 70 | 67377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/45 | 42 | 40215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/46 | 55 | 53059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 | 9 | 8466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/46 | 6 | 6354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/46 | 2 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/46 | 576 | 554145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/47 | 46 | 43635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 | 27 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/48 | 294 | 280722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/48 | 142 | 135506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | 125 | 118404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/48 | 820 | 783713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | 198 | 189421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/49 | 243 | 232000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/52 | 15913 | 14981018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 294 | 293651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/47 | 24 | 23147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/48 | 77 | 75506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/48 | 468 | 457643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 59 | 57997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 114 | 111643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 | 61 | 59668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/32 | 2355 | 2663270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/31 | 1060 | 1221894 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/10/23 | 10000 | 9691700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/17/25 | 2000 | 1802260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/30 | 13630 | 10462115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/07/25 | 10100 | 9479456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/24 | 300 | 286401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/24/26 | 1025 | 931069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/37 | 2600 | 2282730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 | 10524 | 9239853 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/23 | $490 | $487829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/05/24 | 1220 | 1187987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/24 | 3005 | 2899164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 381 | 333614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;12100 | 10313999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/51 | 1319 | 1193539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 668 | 624096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/57 | 502 | 469181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/57 | 566 | 528348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | 2919 | 2773754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/52 | 11267 | 10646329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/29 | 650 | 716671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/30 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30 | 585 | 688697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M13, Class A2, 3.02%, 08/25/24<sup>(a)</sup> | 5 | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M7, Class A2, 2.96%, 02/25/27<sup>(a)</sup> | 4567 | 4248637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A2, 3.36%, 07/25/28<sup>(a)</sup> | 2750 | 2559242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M12, Class A2, 3.63%, 08/25/30<sup>(a)</sup> | 2950 | 2712002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M3, Class A2, 3.07%, 02/25/30<sup>(a)</sup> | 8679 | 7786868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M2, Class A2, 3.63%, 11/25/28<sup>(a)</sup> | 1852 | 1740059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M13, Class A2, 1.61%, 04/25/31<sup>(a)</sup> | 17050 | 13107694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | 5000 | 3861951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1, Class A2, 1.67%, 10/25/31<sup>(a)</sup> | 9890 | 7530945 |
|  Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 04/25/55 (Call 09/25/29)<sup>(a)</sup> | 15000 | 12804339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A1, 2.55%, 05/25/31 (Call 02/25/32) | 2248 | 1965105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A2, 2.25%, 02/25/32 (Call 02/25/32) | 3000 | 2404816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 2.28%, 07/25/26 (Call 08/25/26) | 9000 | 8223572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K036, Class A2, 3.53%, 10/25/23 (Call 11/25/23)<sup>(a)</sup> | 750 | 741303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24) | 3195 | 3101128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25) | 6240 | 5967854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)<sup>(a)</sup> | 1610 | 1546183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26) | 3000 | 2838532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27) | 3000 | 2813420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)<sup>(a)</sup> | 3000 | 2791363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28) | 1000 | 932743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)<sup>(a)</sup> | 3065 | 2895507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28) | 3600 | 3426848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)<sup>(a)</sup> | 1000 | 946545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29) | 2000 | 1860046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29) | 3000 | 2615208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30) | 2000 | 1723881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30) | 3170 | 2624114 |

---

150 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30) | $3000 | $2378882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30) | 660 | 519760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30) | 7091 | 5482611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31) | 5000 | 3961670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31) | 3500 | 2718084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K150, 3.71%, 09/25/32 | 11000 | 9935403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34) | 910 | 790993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34) | 720 | 598269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)<sup>(a)</sup> | 1998 | 1940172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27) | 2780 | 2372297 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/51 | 5846 | 4507432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/21/52<sup>(n)</sup> | 8600 | 6730508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/50 | 966 | 799227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17415640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/50 | 13361 | 11055738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/50 | 6481 | 5362608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/50 | 24392 | 20182987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/51 | 25002 | 20651064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 | 45565 | 37522502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/51 | 4808 | 3958003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/51<sup>(o)</sup> | 54428 | 44787572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/52 | 14354 | 11807034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/52 | 7934 | 6516360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/52 | 8891 | 7292337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/21/52<sup>(n)</sup> | 10492 | 8616555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/45 | 59 | 50779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 | 761 | 657740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/47 | 266 | 230066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/50 | 17282 | 14767107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/50 | 2880 | 2461008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/50 | 4221 | 3607099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/51 | 11885 | 10155628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/51 | 25693 | 21890200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/51 | 23276 | 19809149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 | 12095 | 10286010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/51 | 19963 | 16971320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | 41172 | 34964238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/51 | 31480 | 26733158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/52 | 14717 | 12488960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/52 | 7885 | 6679357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/52 | 6936 | 5874127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/52 | 4535 | 3840268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/52 | 1510 | 1281584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/52 | 3946 | 3344153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/21/52<sup>(n)</sup> | 30405 | 25758735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/43 | 633 | 562975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/43 | 8 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/43 | 21 | 18628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/43 | 25 | 22648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/45 | 1124 | 996315 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/45 | $1010 | $895330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/45 | 80 | 71021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/45 | 992 | 879592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/45 | 232 | 205406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/45 | 25 | 21795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/45 | 48 | 42687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/46 | 816 | 723045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/46 | 6468 | 5732448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/46 | 685 | 606658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/46 | 614 | 544008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/46 | 701 | 623278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/46 | 1024 | 906416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/46 | 1634 | 1448075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/46 | 1255 | 1112474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/46 | 437 | 386981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/46 | 687 | 605058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/46 | 1334 | 1181949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 958 | 843440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/47 | 609 | 539794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/47 | 143 | 126572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/47 | 447 | 396307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/47 | 39 | 34996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/47 | 1448 | 1283106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/47 | 876 | 776560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/48 | 307 | 271957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/49 | 2466 | 2177819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/49 | 255 | 224682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/49 | 930 | 814895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/49 | 1982 | 1746104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/50 | 13881 | 12228226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/50 | 2834 | 2495684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/50 | 1291 | 1134800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/51 | 9863 | 8621629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/51 | 9090 | 7943660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/51 | 44279 | 38683639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/51 | 21878 | 19106682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/51 | 4776 | 4169994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/52 | 17818 | 15546225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/52 | 3982 | 3461016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/52 | 7898 | 6872129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/52<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30347910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/42 | 513 | 471794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/42 | 9691 | 8908935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/42 | 554 | 509174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/42 | 420 | 386095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/43 | 443 | 408046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/44 | 66 | 61032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/44 | 129 | 118505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/45 | 626 | 575138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/45 | 484 | 442669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/45 | 2196 | 2008683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/45 | 7444 | 6806812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/45 | 57 | 52578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/45 | 470 | 430216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/45 | 463 | 423247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/46 | 1076 | 983732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/46 | 442 | 402628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/46 | 1883 | 1714800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/46 | 56 | 51196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/46 | 642 | 584628 |

---

S C H E D U L E O F I N V E S T M E N T S 151

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/47 | $177 | $160960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/47 | 816 | 743311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/47 | 1103 | 1003995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/47 | 189 | 172256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/47 | 11487 | 10451993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/47 | 206 | 187474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/47 | 1378 | 1253685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/47 | 2383 | 2168238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/47 | 9147 | 8324612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/47 | 960 | 873379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/47 | 1475 | 1337065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | 506 | 460776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/48 | 187 | 170287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/48 | 3027 | 2753941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/48 | 2101 | 1911444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/48 | 698 | 634686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/49 | 316 | 287813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/49 | 5816 | 5275200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/49 | 3641 | 3301868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/49 | 1928 | 1748202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/50 | 599 | 542933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/50 | 683 | 618959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/50 | 1462 | 1325689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/50 | 2072 | 1877059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65044628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/45 | 370 | 347399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/45 | 123 | 115162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/45 | 5 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/46 | 21 | 19663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/46 | 266 | 250083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/46 | 23 | 21893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/46 | 6 | 5602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/46 | 62 | 57850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/46 | 46 | 43235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/47 | 923 | 863908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/47 | 2197 | 2057027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/47 | 92 | 86472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 | 762 | 713811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/48 | 1258 | 1177845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/48 | 614 | 575048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/48 | 148 | 138870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/48 | 1224 | 1145275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/48 | 1195 | 1118024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/48 | 501 | 468334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/48 | 158 | 147721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/49 | 3459 | 3236084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/20/49 | 6074 | 5682648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/49 | 167 | 156363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/52 | 2206 | 2033545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/52 | 25063 | 23067850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/21/52<sup>(n)</sup> | 51056 | 47042518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/40 | 11 | 10658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/45 | 54 | 51944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/46 | 52 | 50289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/46 | 9 | 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/46 | 45 | 43470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/46 | 21 | 20723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/20/47 | 24 | 23113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/20/47 | 30 | 28454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/47 | 63 | 60265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/47 | $3028 | $2916677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/47 | 31 | 29476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/20/48 | 458 | 440391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/48 | 442 | 424855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/48 | 474 | 455572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/48 | 385 | 370639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/48 | 572 | 551096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/49 | 11901 | 11446353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/49 | 152 | 146462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/49 | 920 | 885100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/49 | 478 | 459361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/49 | 158 | 151928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/52 | 25342 | 24008142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36229846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/46 | 15 | 14562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/20/48 | 101 | 100300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 | 308 | 304435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/48 | 136 | 133672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/48 | 163 | 160962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 | 223 | 220187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/20/49 | 441 | 434903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/49 | 39 | 38249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 | 58 | 57593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/20/49 | 1561 | 1538815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/52 | 5812 | 5650399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/52<sup>(n)</sup> | 34923 | 33969438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/48 | 21 | 22032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/21/52<sup>(n)</sup> | 13000 | 12933914 |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/36 | 3516 | 2995356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/36 | 3477 | 2963527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/36 | 3264 | 2783796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 | 21991 | 18732755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 | 34075 | 29004659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/37 | 4697 | 3997699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/37 | 1340 | 1141612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/37<sup>(n)</sup> | 25574 | 21754192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/50 | 4667 | 3472805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/51 | 4778 | 3558160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/51 | 28215 | 21007582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/51 | 20883 | 15547220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/51 | 14337 | 10665678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/52<sup>(n)</sup> | 17075 | 12680189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 | 9274 | 8157076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/36 | 50951 | 44810103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/36 | 9753 | 8566261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 | 15067 | 13223926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/36 | 12520 | 10983250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/36 | 1252 | 1098376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/36 | 12140 | 10650392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/36 | 20375 | 17874144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/36 | 4149 | 3639804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/36 | 9796 | 8597873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/36 | 14362 | 12602335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/37 | 22840 | 20044455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/37 | 20970 | 18396849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 | 34823 | 30528428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/37 | 21297 | 18671049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/37 | 20036 | 17565530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/16/37<sup>(n)</sup> | 948 | 830016 |

---

152 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/50 | $14908 | $11857507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/50 | 12863 | 10199733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/50 | 6281 | 4979014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/50 | 21044 | 16675409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/50 | 19952 | 15810787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/50 | 7186 | 5692535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/50 | 5024 | 3981744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/51 | 23049 | 18247316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/51 | 27538 | 21790100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/51 | 31888 | 25228866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/51<sup>(o)</sup> | 56873 | 44987746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/51 | 29467 | 23301606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/51 | 32145 | 25423656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/51 | 41695 | 32911920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/51 | 19757 | 15615904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/51<sup>(o)</sup> | 51632 | 40801992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/51 | 2917 | 2302783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/51 | 93421 | 73771785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/51 | 100461 | 79321663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 | 68552 | 54139806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51<sup>(o)</sup> | 60142 | 47487346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/52 | 107656 | 85063424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/52 | 79242 | 62456686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/52 | 24001 | 18907573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/14/52<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94702679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 | 59 | 56001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/30 | 79 | 73906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/30 | 77 | 72088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/30 | 22 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/30 | 29 | 26623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/31 | 22 | 20805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/31 | 2244 | 2080404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 | 250 | 231807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 | 1706 | 1593702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 | 414 | 383884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/32 | 1750 | 1622854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 | 361 | 334480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/32 | 350 | 324192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/32 | 2320 | 2150451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/32 | 57 | 52596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 | 2510 | 2348273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/34 | 2488 | 2257960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/35 | 2871 | 2604673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/35 | 14399 | 13061312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/36 | 9000 | 8132520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/36 | 17576 | 15882355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/36 | 9245 | 8353660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/36 | 17045 | 15402543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/36 | 2525 | 2281515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/37 | 7795 | 7033636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/37 | 2259 | 2038244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/37 | 459 | 413887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/37<sup>(n)</sup> | 37087 | 33410840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/47 | 1015 | 849341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/50 | 1037 | 851435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/50 | 1863 | 1549012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/50 | 2427 | 2009056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/50 | 15085 | 12481523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/50 | 12398 | 10263583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/50 | 29168 | 24017998 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/50 | $30560 | $25108710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/51 | 12734 | 10482793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/51 | 2333 | 1924785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/51 | 11547 | 9511894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/51 | 2860 | 2346025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/51 | 24038 | 19787498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/51 | 45588 | 37672853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/51 | 51493 | 42326338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/51 | 27234 | 22376581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/51 | 32090 | 26371403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/10/51<sup>(n)</sup> | 112469 | 92032054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/51 | 89106 | 73197654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/52 | 82446 | 67705818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/52 | 13711 | 11264989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84399003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/52 | 52044 | 42660608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/52 | 979 | 804373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/27 | 45 | 43535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/30 | 10967 | 10530383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/30 | 67 | 62680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 | 57 | 53212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/30 | 212 | 198858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/30 | 290 | 271537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/30 | 129 | 121268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/30 | 26 | 24764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 | 67 | 63284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/31 | 1167 | 1094120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 | 441 | 413010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/31 | 136 | 127106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/31 | 47 | 43707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 | 294 | 276057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/31 | 111 | 103751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/31 | 28 | 26289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/32 | 340 | 318260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/32 | 1111 | 1040630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 | 43 | 40593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/32 | 356 | 333568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/32 | 218 | 204134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/32 | 356 | 333411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/32 | 570 | 534218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/33 | 411 | 385424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/33 | 314 | 293117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/34 | 202 | 187232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 | 9891 | 9180460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/34 | 245 | 227001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/34 | 1968 | 1826919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/35 | 582 | 540564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/35 | 468 | 434340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/35 | 2797 | 2593090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/35 | 3119 | 2831734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/37 | 201 | 182200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/37 | 4778 | 4398177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/37<sup>(n)</sup> | 35972 | 33077698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/42 | 95 | 83393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/42 | 243 | 212534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/43 | 251 | 219464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/43 | 236 | 206954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/44 | 329 | 287873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/44 | 3088 | 2702294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/45 | 105 | 91773 |

---

S C H E D U L E O F I N V E S T M E N T S 153

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/45 | $799 | $699551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/45 | 344 | 300846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/45 | 37 | 32243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 | 4513 | 3909943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/46 | 576 | 498325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 | 43 | 37033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/46 | 4666 | 4042493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/46 | 5324 | 4612680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/47 | 1677 | 1453075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 2431 | 2106257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/47 | 1667 | 1443822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/47 | 50 | 43608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/47 | 770 | 666897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/47 | 264 | 228635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/47 | 360 | 311557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/48 | 297 | 256835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/48 | 14341 | 12550693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24438600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/49 | 1993 | 1710725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/49 | 300 | 257165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/49 | 2144 | 1839607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/50 | 615 | 528104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 | 1293 | 1109643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/50 | 2640 | 2263117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/50 | 597 | 511708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/50 | 11730 | 10049782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/50 | 1434 | 1223321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/50 | 15242 | 13111286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/50 | 8413 | 7204843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/51 | 4491 | 3844105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/51 | 31919 | 27286154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/51 | 5172 | 4454124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/51 | 22274 | 19027455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/51 | 24510 | 20885149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/51 | 14875 | 12721223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/51 | 9009 | 7681959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/52 | 20077 | 17067578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/52 | 60469 | 51425191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/52 | 23407 | 19898066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52<sup>(n)</sup> | 103801 | 88206522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/27 | 3 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | 9 | 8870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/30 | 159 | 151720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 | 16 | 15228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/31 | 104 | 98830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 | 125 | 119103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/32 | 67 | 63987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 98 | 93887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/32 | 125 | 119106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/32 | 60 | 57471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/32 | 32 | 30059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 | 228 | 217427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/32 | 97 | 90824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/32 | 69 | 64523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/33 | 273 | 260743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/33 | 352 | 330867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/33 | 169 | 161116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/33 | 460 | 438495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/34 | 2173 | 2071174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/34 | 698 | 681971 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/34 | $516 | $490630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/35 | 343 | 326730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/37<sup>(n)</sup> | 32451 | 30488729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/44 | 459 | 415702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/45 | 341 | 309060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/45 | 110 | 99024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/45 | 48 | 43471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16789131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/45 | 231 | 207131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/45 | 140 | 127092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/45 | 62 | 55486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | 1106 | 992218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/46 | 541 | 489005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/46 | 232 | 207904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/46 | 1172 | 1057611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/46 | 15 | 13639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/46 | 34 | 30503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/46 | 40 | 35998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/46 | 141 | 126165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/46 | 111 | 99254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/46 | 299 | 267705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/46 | 377 | 337896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/46 | 70 | 62892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/46 | 2385 | 2137134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/47 | 2261 | 2027693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | 147 | 131204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/47 | 361 | 322920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | 252 | 226281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/47 | 353 | 316315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/47 | 3809 | 3413595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/47 | 484 | 433734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/47 | 25474 | 22830202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/47 | 10818 | 9696284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/47 | 7526 | 6746231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/47 | 361 | 323608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/48 | 2116 | 1897137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/48 | 9965 | 8930689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/48 | 132 | 118153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/48 | 756 | 676954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/48 | 108 | 97283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/48 | 541 | 484444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/48 | 1001 | 897676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/48 | 194 | 174165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/49 | 992 | 889111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/49 | 2918 | 2616054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/49 | 379 | 337456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/49 | 222 | 197457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/49 | 28143 | 25206805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/49 | 2158 | 1923041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/49 | 9928 | 8845109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 | 1353 | 1205058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 | 17697 | 15682080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/51 | 24517 | 21843475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/51 | 6244 | 5595193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/52 | 9877 | 8692376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/52 | 30917 | 27249945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/52 | 3802 | 3362171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/14/52<sup>(n)</sup> | 85820 | 75420138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 175 | 169607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/32 | 234 | 227002 |

---

154 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | $276 | $267366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/33 | 119 | 115160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/33 | 79 | 76839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/33 | 545 | 529175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/37<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/38 | 78 | 73806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/42 | 2192 | 2053023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/44 | 5 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/44 | 79 | 73628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/45 | 631 | 589712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/45 | 209 | 195181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/45 | 181 | 169012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/45 | 111 | 103769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/45 | 372 | 347269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/45 | 29 | 26683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/45 | 22 | 20314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/45 | 36 | 34016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/46 | 44 | 41011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/46 | 9 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/46 | 1100 | 1026662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 174 | 160765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/46 | 9 | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 209 | 194985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 121 | 112828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/47 | 144 | 131482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 | 398 | 369132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/47 | 209 | 193827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/47 | 223 | 206337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/47 | 1869 | 1730327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 | 477 | 440626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/47 | 2666 | 2470183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 1261 | 1171047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/47 | 371 | 343374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/47 | 420 | 390228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/48 | 1318 | 1221661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 | 262 | 242173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/48 | 16479 | 15253676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/48 | 5704 | 5281876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/48 | 34 | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/48 | 8164 | 7557653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/48 | 410 | 379223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/48 | 453 | 419110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | 250 | 231021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/49 | 229 | 211666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/49 | 145 | 133978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 | 763 | 705236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/49 | 783 | 723263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/49 | 576 | 532742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 | 1069 | 988706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/49 | 14557 | 13473839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/49 | 315 | 291270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 | 104 | 95967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/50 | 29815 | 27534552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 5674 | 5213225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | 10701 | 9743494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 | 13478 | 12274080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/52 | 9801 | 8924800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/52 | 36624 | 33348349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/52 | 5983 | 5447001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/14/52<sup>(n)</sup> | 77281 | 70239557 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/37<sup>(n)</sup> | $960 | $933075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/41 | 12 | 12185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/42 | 9 | 9318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/42 | 44 | 42102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/43 | 122 | 118254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 | 142 | 137023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 | 48 | 46803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/45 | 61 | 58714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 | 51 | 49197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/46 | 392 | 379248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/46 | 4 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/46 | 16 | 14747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/47 | 5 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/47 | 100 | 95340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/47 | 335 | 319924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 | 95 | 90569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/47 | 465 | 445171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/48 | 663 | 634520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/48 | 667 | 637586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/48 | 117 | 111858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 | 27 | 25922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/48 | 165 | 157468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/48 | 194 | 184881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | 72 | 68941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/48 | 782 | 746812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/48 | 865 | 826025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 | 297 | 283805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | 1194 | 1139318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/49 | 432 | 412267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/49 | 479 | 457423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/49 | 1024 | 978108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 736 | 701351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | 241 | 226097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 | 16780 | 15748210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/52 | 3352 | 3149624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/52 | 7385 | 6938927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/52 | 9054 | 8497586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/14/52<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82737285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37<sup>(n)</sup> | 293 | 291146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/39 | 8 | 7887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/41 | 24 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/41 | 375 | 374577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/41 | 12 | 12378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/42 | 46 | 45482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 26 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/47 | 21 | 20837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/48 | 208 | 203058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/48 | 614 | 600258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 87 | 84882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 166 | 162284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 122 | 119314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/49 | 296 | 289666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 | 653 | 638417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/52 | 222 | 216275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/52<sup>(n)</sup> | 72871 | 70266853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 | 662 | 671995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/47 | 527 | 538194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/52<sup>(n)</sup> | 42863 | 42275077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/41 | 92 | 95171 |

---

S C H E D U L E O F I N V E S T M E N T S 155

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/49 | $| 233 | $| 241463 |
|  |  |  |  | 4495036159 |
| **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** |
|  Federal Farm Credit Banks Funding Corp., 1.85%, 07/26/24 |  | 55 |  | 52389 |
|  Federal Home Loan Banks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/24 |  | 150 |  | 142065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/08/23 |  | 550 |  | 536684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/10/27 |  | 250 |  | 228123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/13/24 |  | 1140 |  | 1096019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/13/24 |  | 250 |  | 241997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/09/22 |  | 1520 |  | 1517857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/28 |  | 60 |  | 55873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/13/25 |  | 2805 |  | 2710836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/12/25 |  | 1075 |  | 1032419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/09/28 |  | 170 |  | 159996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28 |  | 1205 |  | 1132772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/08/23 |  | 200 |  | 197492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/36 |  | 3285 |  | 3484892 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/15/25 |  | 50 |  | 45442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/31 |  | 400 |  | 309128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/24 |  | 350 |  | 338621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/42 |  | 390 |  | 302831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/39 |  | 890 |  | 912197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/36 |  | 580 |  | 631835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/01/30 |  | 145 |  | 167904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.88%, 02/01/27 |  | 250 |  | 235203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.75%, 11/01/25 |  | 115 |  | 121722 |
|  |  |  |  | 15654297 |
| **U.S. Government Obligations — 35.7%** |  |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/23 |  | 33190 |  | 31788500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/23 |  | 78750 |  | 74892481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24 |  | 148120 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140251125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/24 |  | 28800 |  | 27181125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 |  | 24200 |  | 23127070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24 |  | 47100 |  | 44358633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24 |  | 69200 |  | 64702000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24 |  | 46100 |  | 42963039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25 |  | 3150 |  | 2829094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25 |  | 30000 |  | 26910937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25 |  | 30000 |  | 26786719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25 |  | 38250 |  | 34018594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25 |  | 51000 |  | 45278437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25 |  | 37800 |  | 33408703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24 |  | 85200 |  | 80088000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24 |  | 30300 |  | 28214508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24 |  | 28100 |  | 26073727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24 |  | 74700 |  | 69155859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25 |  | 21000 |  | 19018125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 |  | 73250 |  | 64774746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/25 |  | 124500 |  | 109832344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/26 |  | 127800 |  | 112284281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 |  | 29500 |  | 24459649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/30/23 |  | 10100 |  | 9661676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 |  | 88500 |  | 77845430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 |  | 13000 |  | 11003281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 |  | 3500 |  | 2953398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 |  | 22000 |  | 18414687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27 | $27600 | $22955437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/15/24 | 61500 | 57072480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 32000 | 27880000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/27 | 2000 | 1706719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 38500 | 32150508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27 | 64100 | 53378274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 | 11500 | 8937656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 | 20000 | 15453125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/31/23 | 2900 | 2771652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24 | 98360 | 91175110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26 | 30000 | 26550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26 | 33500 | 29563750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | 16500 | 14522578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | 28700 | 25060930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114932954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | 52000 | 45861563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26 | 37300 | 32654984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30 | 54825 | 43131855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24 | 93040 | 86541737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28 | 37100 | 30987195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25 | 129050 | 119966090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25 | 18600 | 17231156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 54000 | 47650782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/28 | 72400 | 61607875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | 43400 | 36411922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31 | 57000 | 45591094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 | 116600 | 69595625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/40 | 20800 | 12304500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/31/24 | 6950 | 6545217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26 | 36900 | 32668031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26 | 50500 | 44621484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | 57000 | 48739453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/28 | 34400 | 29350188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/28 | 45100 | 38426609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 | 86400 | 73413000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | 102900 | 86829915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31 | 64700 | 51466828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | 37200 | 19163812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/31/25 | 18800 | 17570656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26 | 5600 | 5012438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 36600 | 31064250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28 | 39580 | 33528589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 101850 | 81320859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | 27620 | 17059666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | 21000 | 11195625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/24 | 14400 | 13575938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24 | 7300 | 6864852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25 | 41500 | 38802500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26 | 15270 | 13740614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27 | 43140 | 38448525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | 79800 | 68135485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/23 | 11600 | 11257891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 35450 | 32428442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26 | 15300 | 13923000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 | 24600 | 20967656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31 | 81310 | 67233206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 42650 | 24397133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/24 | 13600 | 12977375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24 | 5400 | 5141602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/24 | 21300 | 20126836 |

---

156 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25 | $10000 | $9394531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/29 | 31500 | 27215508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/29 | 5100 | 4379625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/41 | 45700 | 29819250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/31/24 | 18800 | 17908469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/26 | 20000 | 18279688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27 | 28000 | 25335625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 | 31000 | 26977266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91457406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 | 63000 | 42613594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51 | 75000 | 45937500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 77900 | 47458141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24 | 39250 | 37672334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/24 | 7700 | 7376059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 | 32562 | 30803593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25 | 44200 | 41368437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 31850 | 29080543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 | 42240 | 28802400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50 | 23000 | 14630156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 64700 | 40771109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/23 | 7000 | 6814063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/24 | 9500 | 9190508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/24 | 12900 | 12457066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24 | 1500 | 1437539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/24 | 5000 | 4761328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25 | 24900 | 23495484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/31/26 | 3000 | 2775938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/23 | 30400 | 29577063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/31/24 | 5100 | 4951383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24 | 11300 | 10907590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24 | 3340 | 3194136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/24 | 9250 | 8822188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25 | 22250 | 20873281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 | 36050 | 33123754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 32050 | 29243121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 44730 | 40648387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 | 36000 | 25965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/46 | 55700 | 37701937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 | 26000 | 17663750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52 | 60630 | 40669467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24 | 45500 | 44177656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 22200 | 21346687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | 23880 | 21986391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 | 32350 | 28983578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 | 37500 | 33568359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 | 35900 | 26218219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 19000 | 13282187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/51 | 40000 | 27693750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/24 | 69500 | 67670196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24 | 5450 | 5281391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/24 | 41050 | 39735117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24 | 54000 | 52249219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/25 | 7300 | 6987469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26 | 14000 | 13172031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 | 38000 | 35259844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | 53850 | 38746758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | 47345 | 33844063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46 | 26163 | 18661863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/23 | 52000 | 50840156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/25 | 20000 | 19148438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/25 | $18100 | $17146922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/31/26 | 15100 | 14282477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/27 | 20000 | 18642188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22482421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/29 | 23470 | 21313694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24 | 49200 | 48012281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/25 | 9300 | 8946891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 | 20000 | 19182813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25 | 10000 | 9581250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25 | 13500 | 12891445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27 | 10000 | 9349219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 | 17700 | 16425047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/29 | 22410 | 20522658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | 41500 | 37161953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/42 | 9450 | 7303078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | 12800 | 9860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47 | 18800 | 14100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 17300 | 12977703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/23 | 5700 | 5593793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25 | 19900 | 19153750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25 | 20400 | 19601531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25 | 34480 | 33146594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 10000 | 9595313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25 | 16800 | 16055813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28 | 32000 | 29785000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 | 47650 | 44258660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 | 28460 | 26281031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | 73000 | 66179062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43 | 8800 | 6894250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 | 12950 | 9971500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 64050 | 49248445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 2000 | 1557188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52 | 62700 | 48690469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24 | 46000 | 44799687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 | 39700 | 38642367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25 | 23500 | 22635274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25 | 12100 | 11627344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25 | 38250 | 36714023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 | 5950 | 4819500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 23335 | 18449234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45 | 12200 | 9620844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 | 14300 | 11261250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 18950 | 14896477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 | 16950 | 13326937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48 | 16000 | 12632500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48 | 18150 | 14403727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52 | 22000 | 17627500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 46700 | 45101984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 | 31000 | 29508125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 500 | 469844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | 58500 | 54834609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41 | 7510 | 6229780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42 | 5850 | 4856414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43 | 9000 | 7371563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 | 6380 | 5163813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 | 4300 | 3487031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24<sup>(c)</sup> | 4000 | 3909063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/27 | 16000 | 15311250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | 37000 | 34941875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/42 | 8050 | 6808539 |

---

S C H E D U L E O F I N V E S T M E N T S 157

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/42 | $| 8400 | $7250250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/44 |  | 1870 | 1581027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25 |  | 46600 | 45435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/39 |  | 3750 | 3403125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 |  | 16500 | 14628281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44 |  | 3700 | 3265250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 |  | 9000 | 8247656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 |  | 7000 | 6317500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/29 |  | 7000 | 6877500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 |  | 3400 | 3193344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/29 |  | 10500 | 10403203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/27<sup>(c)</sup> |  | 33800 | 33615156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/24 |  | 15900 | 15819879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 |  | 3500 | 3452969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/38 |  | 1000 | 1016719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 |  | 3000 | 3022031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/40 |  | 3650 | 3669961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/41 |  | 7600 | 7607125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/36 |  | 3400 | 3539719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/38 |  | 2900 | 2986547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 |  | 10000 | 10254688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 |  | 2050 | 2129438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/41 |  | 4350 | 4574977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | 23351016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/28 |  | 10500 | 11000391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29 |  | 1700 | 1785398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 |  | 5500 | 5827852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/26 |  | 1700 | 1777297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27 |  | 3400 | 3690859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/26 |  | 1000 | 1076719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/27 |  | 2000 | 2171719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6490946572 |
| **Total U.S. Government & Agency<br> Obligations — 60.5%<br> (Cost: $12,548,409,066)** | **Total U.S. Government & Agency<br> Obligations — 60.5%<br> (Cost: $12,548,409,066)** | **Total U.S. Government & Agency<br> Obligations — 60.5%<br> (Cost: $12,548,409,066)** | 11001637028 |
|  **Common Stocks** |  |  |  |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quincy Health LLC<sup>(i)(j)</sup> |  | 0 <sup>(l)</sup> | 704 |
|  **Total Common Stocks — 0.0%<br>(Cost $49,536)** | **Total Common Stocks — 0.0%<br>(Cost $49,536)** | **Total Common Stocks — 0.0%<br>(Cost $49,536)** | 704 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $21,068,006,094)** | **Total Long-Term Investments — 99.5%<br>(Cost: $21,068,006,094)** | **Total Long-Term Investments — 99.5%<br>(Cost: $21,068,006,094)** | 18083713707 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 7.4%** |  |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(p)(q)</sup> |  | 1112967 | 1112744206 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(p)(q)(r)</sup> |  | 227938 | 227937785 |
|  **Total Short-Term Securities — 7.4%<br>(Cost: $1,340,780,981)** | **Total Short-Term Securities — 7.4%<br>(Cost: $1,340,780,981)** | **Total Short-Term Securities — 7.4%<br>(Cost: $1,340,780,981)** | 1340681991 |
|  **Total Investments Before TBA Sales Commitments — 106.9%<br>(Cost: $22,408,787,075)** | **Total Investments Before TBA Sales Commitments — 106.9%<br>(Cost: $22,408,787,075)** | **Total Investments Before TBA Sales Commitments — 106.9%<br>(Cost: $22,408,787,075)** | 19424395698 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | <br> *Par*<br> *(000)* | *Value* |
| **TBA Sales Commitments<sup>(n)</sup>** |  |  |  |
| **Mortgage-Backed Securities — (0.5)%** |  |  |  |
|  Government National Mortgage Association, 4.50%, 11/21/52 | $| (11750) | $(11134961) |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/14/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52825) | (41616195) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52 |  | (12100) | (10282164) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/14/52 |  | (12775) | (11226897) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/14/52 |  | (14186) | (13, 306025) |
|  **Total TBA Sales Commitments — (0.5)%<br>(Proceeds: $(87095038))** | **Total TBA Sales Commitments — (0.5)%<br>(Proceeds: $(87095038))** | **Total TBA Sales Commitments — (0.5)%<br>(Proceeds: $(87095038))** | (87566242) |
|  **Total Investments, Net of TBA Sales<br>Commitments — 106.4%<br>(Cost: $22,321,692,037)** | **Total Investments, Net of TBA Sales<br>Commitments — 106.4%<br>(Cost: $22,321,692,037)** | **Total Investments, Net of TBA Sales<br>Commitments — 106.4%<br>(Cost: $22,321,692,037)** | 19336 ,829456 |
|  **Liabilities in Excess of Other Assets — (6.4)%** | **Liabilities in Excess of Other Assets — (6.4)%** | **Liabilities in Excess of Other Assets — (6.4)%** | (1166613043) |
|  **Net Assets — 100.0%** |  |  | $18170216413 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Perpetual security with no stated maturity date.

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

<sup>(g)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(h)</sup> Zero-coupon bond.

<sup>(i)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(j)</sup> Non-income producing security.

<sup>(k)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(l)</sup> Rounds to less than 1,000.

<sup>(m)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(n)</sup> Represents or includes a TBA transaction.

<sup>(o)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

<sup>(p)</sup> Affiliate of the Fund.

<sup>(q)</sup> Annualized 7-day yield as of period end.

<sup>(r)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

158 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Total USD Bond Market ETF** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1419780921 | $— | $(305985421)<sup>(a)</sup> | $(859131) | $(192163) | $1112744206 | 1112967 | $10860410 | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 211172797 | 16764988 <sup>(a)</sup> |  |  |  | 227937785 | 227938 | 1188139 <sup>(b)</sup> |  |
|  |  |  |  | $(859131) | $(192163) | $1340681991 |  | $12048549 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $51583415 | $— | $51583415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collaterized Mortgage Obligations |  | 160257691 |  | 160257691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 5939826503 |  | 5939826503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 845076514 |  | 845076514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 85331852 |  | 85331852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations |  | 11001637028 |  | 11001637028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  | 704 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1340681991 |  |  | 1340681991 |
|  | 1340681991 | 18083713003 | 704 | 19424395698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments |  | (87566242) |  | (87566242) |
|  | $1340681991 | $17996146761 | $704 | $19336829456 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 159

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| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.1%** |  |  |
|  Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)</sup> | $75 | $67493 |
| **Aerospace & Defense — 1.9%** |  |  |
|  Boeing Co. (The), 2.20%, 02/04/26 (Call 02/04/23) | 220 | 195604 |
|  Bombardier Inc., 7.50%, 03/15/25<br>(Call 12/01/22)<sup>(a)</sup> | 100 | 98321 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32)<sup>(b)</sup> | 115 | 105193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 110 | 110354 |
|  Teledyne Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 04/01/24 (Call 12/01/22) | 500 | 468085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 (Call 02/01/28) | 80 | 66342 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup> | 100 | 98610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22) | 115 | 110779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22) | 50 | 49307 |
|  |  | 1302595 |
| **Agriculture — 2.8%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 (Call 11/04/31) | 240 | 170580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(b)</sup> | 155 | 148942 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 (Call 01/25/28) | 99 | 78343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 (Call 08/06/24) | 100 | 94563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 (Call 12/16/31)<sup>(b)</sup> | 140 | 117368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 (Call 01/02/30) | 29 | 25350 |
|  BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 343672 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 (Call 07/17/25) | 190 | 170382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 (Call 02/14/31)<sup>(b)</sup> | 110 | 86495 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(b)</sup> | 340 | 249720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 500 | 481415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966830 |
| **Airlines — 0.8%** |  |  |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)</sup> | 85 | 93031 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)</sup> | 90 | 85774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(a)</sup> | 165 | 150150 |
|  United Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(a)</sup> | 75 | 68621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(a)</sup> | 160 | 137363 |
|  |  | 534939 |
| **Auto Manufacturers — 2.5%** |  |  |
|  American Honda Finance Corp., 1.20%, 07/08/25 | 250 | 225535 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 120 | 110735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29) | 120 | 107210 |
|  General Motors Co., 5.40%, 10/02/23 | 35 | 34863 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 150 | 137044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/18/23 | 180 | 174249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | 100 | 78959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25 | 95 | 89858 |
|  Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)<sup>(a)</sup> | 285 | 201007 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 | 115 | 106604 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 | $330 | $289212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 | 170 | 163683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25 | 10 | 9746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728705 |
| **Auto Parts & Equipment — 0.0%** |  |  |
|  Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 33 | 29828 |
| **Banks — 23.8%** |  |  |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 163202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 210 | 179256 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)<sup>(c)</sup> | 210 | 202705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 10/24/24 (Call 10/24/23), (SOFR + 0.740%)<sup>(c)</sup> | 200 | 189756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)<sup>(c)</sup> | 230 | 213028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)<sup>(c)</sup> | 170 | 154476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)<sup>(c)</sup> | 100 | 88328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)<sup>(c)</sup> | 450 | 384655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)<sup>(c)</sup> | 100 | 80920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30),<br>(3 mo. LIBOR US + 0.990%)<sup>(c)</sup> | 125 | 98131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26),<br>(3 mo. LIBOR US + 1.060%)<sup>(c)</sup> | 150 | 138043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 (Call 04/25/24),<br>(SOFR + 1.110%)<sup>(c)</sup> | 100 | 96751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 120 | 113515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32),<br>(SOFR + 1.830%)<sup>(c)</sup> | 120 | 106519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(c)</sup> | 75 | 72915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(c)</sup> | 45 | 42926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31),<br>(SOFR + 1.220%)<sup>(c)</sup> | 100 | 77086 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 110 | 101676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 60 | 51044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25 | 120 | 114953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 100 | 95792 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(c)</sup> | 35 | 33979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 (Call 07/26/29)<sup>(c)</sup> | 50 | 46805 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | 115 | 105837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 330 | 286057 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(c)</sup> | 200 | 165462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 (Call 08/09/25)<sup>(c)</sup> | 200 | 190304 |
|  Canadian Imperial Bank of Commerce, 2.25%, 01/28/25 | 170 | 158505 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 10/30/24 (Call 10/30/23),<br> (SOFR + 0.686%)<sup>(c)</sup> | 530 | 501035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24),<br>(SOFR + 0.669%)<sup>(c)</sup> | 90 | 83022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(c)</sup> | 150 | 127430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31),<br>(SOFR + 1.167%)<sup>(c)</sup> | 120 | 91458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24),<br>(3 mo. LIBOR US + 0.897%)<sup>(c)</sup> | 365 | 350495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32),<br>(SOFR + 1.939%)<sup>(c)</sup> | 60 | 49646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29),<br>(3 mo. LIBOR US + 1.338%)<sup>(c)</sup> | 50 | 44068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26 | 100 | 95986 |
|  Cooperatieve Rabobank UA/NY, 1.38%, 01/10/25 | 250 | 229587 |
|  Deutsche Bank AG, 6.12%, 07/14/26<br>(Call 07/14/25)<sup>(c)</sup> | 150 | 143394 |
|  Deutsche Bank AG/New York NY, 2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)<sup>(c)</sup> | 150 | 120011 |

---

160 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Fifth Third Bancorp., 1.71%, 11/01/27<br>(Call 11/01/26), (SOFR + 0.685%)<sup>(c)</sup> | $55 | $46797 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)<sup>(c)</sup> | 105 | 93074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)<sup>(c)</sup> | 50 | 42787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(c)</sup> | 300 | 254931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)<sup>(c)</sup> | 145 | 107948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)<sup>(c)</sup> | 45 | 34380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)<sup>(c)</sup> | 50 | 39197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24),<br>(3 mo. LIBOR US + 1.201%)<sup>(c)</sup> | 115 | 109006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 335 | 320649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(c)</sup> | 100 | 90125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 194 | 182282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 120 | 111360 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)<sup>(c)</sup> | 400 | 363320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 (Call 03/29/32), (SOFR + 2.530%)<sup>(c)</sup> | 200 | 158980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(c)</sup> | 200 | 183400 |
|  HSBC USA Inc., 3.75%, 05/24/24 | 200 | 194256 |
|  ING Groep NV, 3.87%, 03/28/26 (Call 03/28/25),<br>(SOFR + 1.640%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187880 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(a)(c)</sup> | 100 | 67810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/42 (Call 06/01/41)<sup>(a)(c)</sup> | 50 | 29776 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25), (SOFR +<br>0.800%)<sup>(c)</sup> | 315 | 271385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)<sup>(c)</sup> | 120 | 109496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)<sup>(c)</sup> | 96 | 87551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)<sup>(c)</sup> | 49 | 44619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)<sup>(c)</sup> | 78 | 72281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26)<sup>(b)</sup> | 151 | 137963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24),<br>(3 mo. LIBOR US + 1.155%)<sup>(c)</sup> | 132 | 127486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(c)</sup> | 58 | 56397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23),<br>(3 mo. LIBOR US + 1.000%)<sup>(c)</sup> | 200 | 196402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)<sup>(c)</sup> | 300 | 287607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32), (SOFR + 1.800%)<sup>(c)</sup> | 120 | 107060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(c)</sup> | 225 | 213934 |
|  Lloyds Banking Group PLC, 4.72%, 08/11/26 (Call 08/11/25)<sup>(c)</sup> | 400 | 378116 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(c)</sup> | 360 | 303264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24 | 200 | 190532 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)<sup>(c)</sup> | 280 | 270822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)<sup>(c)</sup> | 300 | 283917 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)<sup>(c)</sup> | 145 | 142844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)<sup>(c)</sup> | 170 | 145600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)<sup>(c)</sup> | 110 | 100374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)<sup>(c)</sup> | 105 | 77906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)<sup>(c)</sup> | 260 | 202264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 85 | 77564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)<sup>(c)</sup> | 300 | 289791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)<sup>(c)</sup> | 70 | 59685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 100 | 94706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(c)</sup> | 110 | 106770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24),<br>(SOFR + 0.745%)<sup>(c)</sup> | 195 | 175968 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  NatWest Group PLC, 3.07%, 05/22/28 (Call 05/22/27)<sup>(c)</sup> | $200 | $169608 |
|  PNC Financial Services Group Inc., 5.67%, 10/28/25<sup>(b)</sup> | 95 | 95161 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 50 | 45761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 75 | 64735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 100 | 87309 |
|  Santander Holdings USA Inc., 3.45%, 06/02/25 (Call 05/02/25) | 85 | 79528 |
|  Santander UK Group Holdings PLC, 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)<sup>(c)</sup> | 330 | 302851 |
|  Sumitomo Mitsui Financial Group Inc., 1.47%, 07/08/25 | 500 | 446440 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 300 | 255876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 200 | 192066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 100 | 95815 |
|  Truist Financial Corp., 1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)<sup>(c)</sup> | 192 | 165784 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(c)</sup> | 170 | 161517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27) | 100 | 92000 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25),<br>(3 mo. LIBOR US + 0.750%)<sup>(c)</sup> | 150 | 137603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)<sup>(c)</sup> | 205 | 184814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)<sup>(c)</sup> | 500 | 475750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)<sup>(c)</sup> | 200 | 181120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(c)</sup> | 150 | 144300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(c)</sup> | 170 | 161218 |
|  Westpac Banking Corp., 3.74%, 08/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | 188126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546402 |
| **Beverages — 1.5%** |  |  |
|  Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29) | 200 | 168582 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 (Call 02/01/30) | 50 | 41352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 (Call 09/06/26) | 150 | 140409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27) | 50 | 47782 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 (Call 12/01/22) | 200 | 188428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 (Call 02/15/29) | 226 | 205782 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 50 | 43264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28) | 140 | 131743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32)<sup>(b)</sup> | 100 | 92634 |
|  |  | 1059976 |
| **Biotechnology — 0.8%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 (Call 01/21/25) | 150 | 140030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31) | 55 | 46849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 25 | 23063 |
|  Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) | 200 | 193880 |
|  Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30) | 210 | 158308 |
|  |  | 562130 |
| **Building Materials — 0.1%** |  |  |
|  Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25) | 57 | 53081 |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)<sup>(a)</sup> | 50 | 40660 |
|  |  | 93741 |

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S C H E D U L E O F I N V E S T M E N T S 161

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals — 1.1%** |  |  |
|  Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25) | $100 | $90690 |
|  Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32) | 65 | 59558 |
|  Cabot Corp., 5.00%, 06/30/32 (Call 03/30/32) | 140 | 125100 |
|  Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 (Call 07/05/26) | 40 | 32307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 | 20 | 19654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25 | 110 | 106999 |
|  Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 25 | 22377 |
|  EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25) | 100 | 91599 |
|  FMC Corp., 3.20%, 10/01/26 (Call 08/01/26) | 100 | 91392 |
|  PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26) | 100 | 86612 |
|  Sherwin-Williams Co. (The), 3.13%, 06/01/24 (Call 04/01/24) | 55 | 53265 |
|  |  | 779553 |
| **Commercial Services — 1.8%** |  |  |
|  Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28) | 40 | 34036 |
|  Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28) | 141 | 115805 |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/25 (Call 04/01/25) | 30 | 28952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 (Call 01/01/27) | 14 | 13206 |
|  Global Payments Inc., 4.95%, 08/15/27 (Call 07/15/27) | 75 | 71317 |
|  Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28<br>(Call 01/15/23)<sup>(a)(b)</sup> | 220 | 203740 |
|  Quanta Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | 80 | 72711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 (Call 10/15/31) | 35 | 25360 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(a)</sup> | 65 | 58222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(a)</sup> | 270 | 222267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26)<sup>(b)</sup> | 105 | 96090 |
|  United Rentals North America Inc., 3.88%, 11/15/27 (Call 12/01/22)<sup>(b)</sup> | 85 | 77327 |
|  Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25) | 208 | 200579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219612 |
| **Computers — 3.0%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 457680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 50 | 41420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32) | 150 | 132316 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 06/15/24) | 105 | 102472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 (Call 04/15/30) | 50 | 49026 |
|  Fortinet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/26 (Call 02/15/26) | 150 | 128830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/31 (Call 12/15/30) | 70 | 52761 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26) | 182 | 155697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29) | 68 | 59620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 20 | 16375 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) | 150 | 128967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25<sup>(b)</sup> | 395 | 384904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27)<sup>(b)</sup> | 270 | 258023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32) | 100 | 91540 |
|  Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28) | 10 | 7229 |
|  NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25) | 20 | 18151 |
|  |  | 2085011 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Cosmetics & Personal Care — 0.3%** |  |  |
|  Colgate-Palmolive Co., 3.25%, 08/15/32 (Call 05/15/32) | $90 | $79339 |
|  Coty Inc., 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)</sup> | 85 | 80966 |
|  Procter & Gamble Co. (The), 2.30%, 02/01/32<sup>(b)</sup> | 50 | 41162 |
|  |  | 201467 |
| **Diversified Financial Services — 2.9%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) | 150 | 121158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 08/15/27) | 150 | 134880 |
|  Air Lease Corp., 3.38%, 07/01/25 (Call 06/01/25) | 105 | 97316 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25) | 150 | 139321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 130 | 126095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) | 70 | 67215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29) | 38 | 34461 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/01/30 (Call 03/01/29), (SOFR + 1.790%)<sup>(c)</sup> | 50 | 41148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23) | 160 | 156856 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 195 | 168966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 100 | 89318 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 60 | 48331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 (Call 03/15/28) | 100 | 93638 |
|  Credit Acceptance Corp., 6.63%, 03/15/26 (Call 11/14/22) | 25 | 23661 |
|  Intercontinental Exchange Inc., 3.75%, 12/01/25 (Call 09/01/25) | 100 | 96056 |
|  LPL Holdings Inc., 4.00%, 03/15/29<br>(Call 03/15/24)<sup>(a)</sup> | 125 | 109422 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26) | 35 | 32563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 100 | 93829 |
|  Nomura Holdings Inc., 1.85%, 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 179860 |
|  StoneX Group Inc., 8.63%, 06/15/25<br>(Call 12/01/22)<sup>(a)</sup> | 100 | 98745 |
|  Visa Inc., 2.75%, 09/15/27 (Call 06/15/27) | 100 | 90905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043744 |
| **Electric — 4.5%** |  |  |
|  AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25) | 50 | 43303 |
|  Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) | 50 | 37710 |
|  Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24) | 100 | 94711 |
|  American Electric Power Co. Inc., 2.03%, 03/15/24 | 50 | 47719 |
|  Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31) | 15 | 11049 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 (Call 02/15/31) | 75 | 56160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25) | 60 | 58741 |
|  Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25) | 50 | 47510 |
|  CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31)<sup>(b)</sup> | 20 | 15862 |
|  Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)<sup>(b)</sup> | 25 | 19733 |
|  Consumers Energy Co., 3.60%, 08/15/32 (Call 02/15/32) | 30 | 26374 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 (Call 05/15/31) | 35 | 27024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 (Call 05/15/26) | 50 | 45223 |
|  DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28) | 80 | 67356 |
|  DTE Energy Co., Series H, 0.55%, 11/01/22 | 25 | 25000 |
|  Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26) | 130 | 120246 |
|  Duke Energy Corp., 4.50%, 08/15/32 (Call 05/15/32) | 10 | 9038 |
|  Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31) | 130 | 102095 |
|  Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31) | 40 | 30353 |
|  Entergy Louisiana LLC, 5.40%, 11/01/24 | 131 | 131487 |

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162 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | $70 | $62791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 30 | 25054 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 50 | 41567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 70 | 65388 |
|  Florida Power & Light Co., 2.45%, 02/03/32 (Call 11/03/31) | 60 | 48349 |
|  Georgia Power Co., 4.70%, 05/15/32 (Call 02/15/32) | 10 | 9392 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 25 | 21636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 (Call 12/15/28) | 40 | 35839 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) | 150 | 129805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) | 84 | 77502 |
|  Oncor Electric Delivery Co. LLC, 4.15%, 06/01/32 (Call 03/01/32)<sup>(a)</sup> | 50 | 45951 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/23 (Call 12/01/22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30) | 45 | 33595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28)<sup>(b)</sup> | 5 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 | 20 | 18020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31)<sup>(b)</sup> | 20 | 15567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30) | 40 | 35079 |
|  PG&E Corp., 5.25%, 07/01/30 (Call 07/01/25) | 200 | 177140 |
|  PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30) | 30 | 26699 |
|  Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31) | 20 | 15827 |
|  Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31) | 60 | 46415 |
|  Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31) | 50 | 42045 |
|  Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30) | 20 | 14874 |
|  Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28) | 10 | 8254 |
|  San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26) | 50 | 45613 |
|  Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27) | 50 | 44673 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 (Call 04/01/23) | 50 | 47060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 (Call 11/01/31)<sup>(b)</sup> | 30 | 23644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 (Call 05/01/29) | 25 | 20930 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/01/27 | 50 | 48621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | 30 | 29681 |
|  Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25) | 75 | 72830 |
|  Southwestern Electric Power Co., Series N, 1.65%, 03/15/26 (Call 02/15/26) | 90 | 79158 |
|  Tucson Electric Power Co., 3.25%, 05/15/32 (Call 02/15/32) | 40 | 32924 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 (Call 12/15/31) | 40 | 30590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27 (Call 03/15/27) | 40 | 36268 |
|  Virginia Electric & Power Co., Series B, 3.75%, 05/15/27 (Call 04/15/27) | 130 | 122008 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 (Call 05/01/24)<sup>(a)</sup> | 120 | 102845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(a)</sup> | 20 | 18450 |
|  WEC Energy Group Inc., 0.55%, 09/15/23 | 40 | 38386 |
|  Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32) | 40 | 38107 |
|  Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32) | 40 | 35464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Xcel Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 (Call 02/15/27) | $80 | $68641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 (Call 12/01/31) | 10 | 9222 |
|  |  | 3106065 |
| **Electronics — 0.5%** |  |  |
|  Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30) | 85 | 66377 |
|  Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24) | 25 | 23851 |
|  Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25) | 40 | 37275 |
|  Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31) | 26 | 19786 |
|  Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26) | 100 | 94540 |
|  Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26) | 75 | 65021 |
|  Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27) | 65 | 62228 |
|  |  | 369078 |
| **Engineering & Construction — 0.1%** |  |  |
|  AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 100 | 94631 |
| **Environmental Control — 0.4%** |  |  |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 (Call 10/15/25)<sup>(b)</sup> | 180 | 157842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 (Call 11/15/31)<sup>(b)</sup> | 40 | 29710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27 (Call 08/15/27) | 100 | 91006 |
|  Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29) | 40 | 35672 |
|  |  | 314230 |
| **Food — 1.6%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New |  |  |
|  Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(a)</sup> | 40 | 37099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)</sup> | 200 | 177460 |
|  General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25) | 200 | 194672 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26)<sup>(b)</sup> | 200 | 184312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 165 | 154674 |
|  McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 288747 |
|  Post Holdings Inc., 5.50%, 12/15/29<br>(Call 12/15/24)<sup>(a)</sup> | 100 | 90031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126995 |
| **Gas — 0.4%** |  |  |
|  Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/24 (Call 10/15/24) | 50 | 47301 |
|  National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30) | 30 | 22519 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 (Call 07/15/25) | 140 | 124005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30) | 30 | 22040 |
|  Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27) | 70 | 63287 |
|  Southwest Gas Corp., 4.05%, 03/15/32 (Call 12/15/31) | 35 | 29248 |
|  |  | 308400 |
| **Health Care - Products — 0.4%** |  |  |
|  Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30) | 150 | 115980 |
|  DH Europe Finance II Sarl, 2.05%, 11/15/22 | 145 | 144865 |
|  |  | 260845 |
| **Health Care - Services — 2.0%** |  |  |
|  DaVita Inc., 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)</sup> | 120 | 93562 |
|  Elevance Health Inc., 1.50%, 03/15/26 (Call 02/15/26)<sup>(b)</sup> | 110 | 97210 |
|  HCA Inc., 5.25%, 04/15/25 | 5 | 4918 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29) | 40 | 35604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 100 | 97997 |
|  Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26) | 65 | 56410 |
|  Molina Healthcare Inc., 3.88%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | 150 | 124978 |

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S C H E D U L E O F I N V E S T M E N T S 163

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(a)</sup> | $150 | $137478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 65 | 56356 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26)<sup>(b)</sup> | 50 | 44101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 80 | 64118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 135 | 127021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 100 | 93003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32) | 50 | 46105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30<sup>(b)</sup> | 300 | 300015 |
|  |  | 1378876 |
| **Holding Companies - Diversified — 1.2%** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | 293 | 242229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 (Call 04/15/28) | 95 | 74471 |
|  Barings BDC Inc., 3.30%, 11/23/26<br>(Call 10/13/26)<sup>(a)</sup> | 30 | 24804 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 25 | 20666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 (Call 11/15/24) | 60 | 55102 |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28) | 19 | 14513 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) | 120 | 96648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 95 | 83627 |
|  Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26) | 27 | 22463 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 08/01/28) | 100 | 83925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 100 | 97079 |
|  |  | 815527 |
| **Home Builders — 0.1%** |  |  |
|  NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) | 75 | 60833 |
| **Insurance — 1.7%** |  |  |
|  Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30) | 102 | 90626 |
|  Aon Corp., 2.80%, 05/15/30 (Call 02/15/30) | 50 | 41034 |
|  Assurant Inc., 2.65%, 01/15/32 (Call 10/15/31) | 50 | 36037 |
|  Brown & Brown Inc., 4.20%, 03/17/32 (Call 12/17/31)<sup>(b)</sup> | 185 | 155369 |
|  Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31) | 105 | 72610 |
|  Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30) | 30 | 23564 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 (Call 09/15/31)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | 536268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28) | 60 | 56671 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 50 | 44651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31) | 80 | 66168 |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 55 | 44654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 (Call 05/15/27) | 50 | 47106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214758 |
| **Internet — 0.7%** |  |  |
|  Amazon.com Inc., 3.30%, 04/13/27 (Call 03/13/27) | 200 | 187668 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(a)</sup> | 90 | 82683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(a)</sup> | 25 | 21316 |
|  VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 (Call 03/15/31) | 35 | 27186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 01/01/25) | 200 | 198080 |
|  |  | 516933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Iron & Steel — 0.6%** |  |  |
|  Mineral Resources Ltd., 8.50%, 05/01/30 (Call 05/01/25)<sup>(a)</sup> | $140 | $138791 |
|  Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32) | 40 | 32440 |
|  Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 (Call 07/15/25)<sup>(b)</sup> | 100 | 88933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 (Call 05/15/30) | 80 | 60382 |
|  Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30) | 100 | 81329 |
|  |  | 401875 |
| **Leisure Time — 0.3%** |  |  |
|  NCL Corp. Ltd., 5.88%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 100 | 81890 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 (Call 02/28/26)<sup>(a)</sup> | 100 | 81666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 (Call 08/15/24)<sup>(a)</sup> | 80 | 77742 |
|  |  | 241298 |
| **Lodging — 0.4%** |  |  |
|  Choice Hotels International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/29 (Call 09/01/29)<sup>(b)</sup> | 85 | 71213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/31 (Call 10/15/30) | 90 | 73779 |
|  Hilton Domestic Operating Co. Inc., 4.88%, 01/15/30 (Call 01/15/25) | 100 | 89909 |
|  Marriott International Inc./MD, 5.00%, 10/15/27 (Call 09/15/27) | 50 | 48143 |
|  |  | 283044 |
| **Machinery — 1.4%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25 | 90 | 79721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 120 | 114610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25 | 100 | 96527 |
|  IDEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 (Call 03/15/31) | 140 | 111717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 (Call 02/01/30) | 180 | 150680 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30 | 50 | 41825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | 190 | 183369 |
|  Westinghouse Air Brake Technologies Corp.,<br>3.20%, 06/15/25 (Call 05/15/25) | 195 | 181116 |
|  |  | 959565 |
| **Manufacturing — 0.4%** |  |  |
|  Carlisle Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/23 (Call 12/01/22) | 200 | 192246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 40 | 29432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/30 (Call 12/01/29) | 34 | 27404 |
|  |  | 249082 |
| **Media — 2.0%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.,<br>6.38%, 09/01/29 (Call 09/01/25)<sup>(a)</sup> | 160 | 148214 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 50 | 41777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25) | 150 | 145071 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)<sup>(a)</sup> | 110 | 99002 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 (Call 12/01/27)<sup>(a)</sup> | 70 | 56496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26 | 100 | 84478 |
|  FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201105 |
|  GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)<sup>(a)</sup> | 100 | 84450 |
|  Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 (Call 11/01/23)<sup>(a)</sup> | 90 | 78964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)</sup> | 55 | 51775 |
|  Sirius XM Radio Inc., 5.50%, 07/01/29<br>(Call 07/01/24)<sup>(a)</sup> | 150 | 138323 |

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164 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
|  Univision Communications Inc., 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)</sup> | $85 | $83887 |
|  Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)<sup>(a)</sup> | 200 | 160234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373776 |
| **Mining — 0.3%** |  |  |
|  FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)</sup> | 45 | 40389 |
|  FMG Resources August Pty. Ltd., 6.13%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 100 | 88595 |
|  Freeport-McMoRan Inc., 5.25%, 09/01/29 (Call 09/01/24) | 50 | 46505 |
|  Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 13 | 13962 |
|  |  | 189451 |
| **Office & Business Equipment — 0.2%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 100 | 86297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 (Call 12/01/22) | 25 | 22062 |
|  |  | 108359 |
| **Oil & Gas — 5.4%** |  |  |
|  Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)<sup>(b)</sup> | 160 | 142122 |
|  Burlington Resources LLC, 7.40%, 12/01/31 | 300 | 337041 |
|  Canadian Natural Resources Ltd., 2.05%, 07/15/25 (Call 06/15/25) | 200 | 183168 |
|  Chesapeake Energy Corp., 6.75%, 04/15/29 (Call 04/15/24)<sup>(a)</sup> | 140 | 137822 |
|  Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26) | 100 | 93865 |
|  Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27) | 80 | 75876 |
|  Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)<sup>(a)</sup> | 100 | 92185 |
|  CNX Resources Corp., 7.25%, 03/14/27 (Call 12/01/22)<sup>(a)</sup> | 10 | 9921 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23) | 100 | 94451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29 | 34 | 36952 |
|  Continental Resources Inc./OK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 (Call 03/01/24) | 50 | 48270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 10/15/27) | 75 | 67179 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 26 | 23786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 (Call 06/15/24) | 400 | 399688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 04/15/32 | 159 | 176100 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup> | 105 | 99316 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 20 | 17975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 25 | 25022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29) | 110 | 112850 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30) | 110 | 93141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | 240 | 229896 |
|  Hess Corp., 4.30%, 04/01/27 (Call 01/01/27) | 55 | 51530 |
|  Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25) | 100 | 97932 |
|  Murphy Oil Corp., 5.88%, 12/01/27 (Call 12/01/22) | 15 | 14572 |
|  Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279982 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30) | 150 | 150570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 70 | 80034 |
|  Ovintiv Inc., 7.20%, 11/01/31 | 50 | 51020 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25) | 50 | 43625 |
|  Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 12/01/22) | 140 | 137166 |
|  Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) | 185 | 196207 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Vermilion Energy Inc., 6.88%, 05/01/30 (Call 05/01/25)<sup>(a)(b)</sup> | $140 | $131624 |
|  |  | 3730888 |
| **Oil & Gas Services — 0.5%** |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | 100 | 87530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 (Call 08/07/29) | 60 | 50911 |
|  USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27 (Call 12/01/22) | 210 | 200349 |
|  |  | 338790 |
| **Packaging & Containers — 0.2%** |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)</sup> | 200 | 140588 |
| **Pharmaceuticals — 3.0%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 (Call 10/21/24) | 150 | 142597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29) | 60 | 52381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 400 | 386392 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 100 | 95713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 (Call 09/15/27)<sup>(b)</sup> | 158 | 144260 |
|  BellRing Brands Inc., 7.00%, 03/15/30 (Call 03/15/27)<sup>(a)</sup> | 305 | 288701 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 100 | 88449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30) | 60 | 45964 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) | 142 | 117734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30) | 50 | 37953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 150 | 137503 |
|  Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)<sup>(a)</sup> | 200 | 177398 |
|  McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25) | 55 | 48052 |
|  Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26) | 120 | 105181 |
|  Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | 133477 |
|  Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30) | 90 | 70941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072696 |
| **Pipelines — 5.4%** |  |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 (Call 05/18/29) | 185 | 161657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27) | 80 | 78117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/24 (Call 01/01/24) | 200 | 202520 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)<sup>(a)</sup> | 100 | 88762 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(a)</sup> | 100 | 93859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(a)</sup> | 75 | 75742 |
|  DCP Midstream Operating LP, 3.25%, 02/15/32 (Call 08/15/31) | 10 | 7970 |
|  Enbridge Inc., 0.55%, 10/04/23 | 175 | 167305 |
|  Energy Transfer LP, 5.88%, 01/15/24 (Call 10/15/23) | 200 | 200358 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)</sup> | 80 | 79139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(a)</sup> | 80 | 77852 |
|  Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24) | 75 | 68274 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 (Call 10/15/26) | 100 | 86246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32 | 30 | 32661 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 140 | 122200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | 650 | 511843 |

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S C H E D U L E O F I N V E S T M E N T S 165

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 (Call 09/01/24) | $185 | $182009 |
|  New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup>  | 200 | 194042 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 (Call 08/01/24) | 190 | 180361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 (Call 10/15/30) | 105 | 103709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/23 (Call 06/01/23) | 210 | 212249 |
|  Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29) | 50 | 41717 |
|  Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24) | 140 | 139863 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 140 | 123719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 (Call 12/01/22) | 100 | 99221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 121 | 120685 |
|  Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30) | 85 | 71614 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30) | 150 | 117540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 100 | 90096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731330 |
| **Real Estate — 0.3%** |  |  |
|  CBRE Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 (Call 01/01/31) | 130 | 97510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/26 (Call 12/01/25) | 150 | 146967 |
|  |  | 244477 |
| **Real Estate Investment Trusts — 5.5%** |  |  |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 283593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) | 60 | 50541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) | 50 | 48455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27) | 20 | 18100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 146 | 139624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 50 | 42792 |
|  Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30) | 20 | 16471 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27) | 90 | 81407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 12 | 10823 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 (Call 06/15/25) | 450 | 402057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 (Call 04/15/31) | 40 | 30811 |
|  Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24) | 85 | 80053 |
|  Extra Space Storage LP, 3.90%, 04/01/29 (Call 02/01/29) | 180 | 157682 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 (Call 03/01/25) | 175 | 169447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 (Call 03/03/28) | 100 | 93282 |
|  Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28) | 20 | 15919 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)</sup> | 90 | 82818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(a)</sup> | 150 | 129123 |
|  Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31) | 100 | 73660 |
|  Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26) | 110 | 92993 |
|  National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30) | 100 | 69020 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 (Call 09/09/28) | 215 | 176969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 (Call 02/01/31) | 280 | 220147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 (Call 02/01/29) | 190 | 167947 |
|  Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31) | 70 | 53908 |
|  Realty Income Corp., 0.75%, 03/15/26 (Call 02/15/26) | 100 | 85278 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29) | $30 | $23952 |
|  SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 125 | 101285 |
|  Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25) | 130 | 123465 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup> | 250 | 179990 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/25 | 100 | 95349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 (Call 02/15/32) | 100 | 88649 |
|  VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 (Call 02/15/23)<sup>(a)</sup> | 20 | 17551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 50 | 45526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 (Call 02/01/24)<sup>(a)</sup> | 50 | 49431 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 (Call 11/15/28) | 40 | 31521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 (Call 01/01/26) | 50 | 47418 |
|  Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30) | 120 | 104791 |
|  XHR LP, 6.38%, 08/15/25 (Call 11/14/22)<sup>(a)</sup> | 100 | 98380 |
|  |  | 3800228 |
| **Retail — 2.5%** |  |  |
|  1011778 BC ULC/New Red Finance Inc., 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | 435 | 354977 |
|  Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30) | 30 | 23936 |
|  FirstCash Inc., 5.63%, 01/01/30 (Call 01/01/25)<sup>(a)</sup> | 150 | 134234 |
|  Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23) | 315 | 291142 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | 200 | 190230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32) | 50 | 43079 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 (Call 01/01/31) | 120 | 96054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 (Call 06/15/24) | 150 | 144814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27) | 30 | 27749 |
|  McDonald's Corp., 1.45%, 09/01/25<br>(Call 08/01/25)<sup>(b)</sup> | 200 | 181912 |
|  Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24) | 100 | 90386 |
|  Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | 150 | 134013 |
|  |  | 1712526 |
| **Semiconductors — 1.8%** |  |  |
|  Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 100 | 89278 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 (Call 08/01/28) | 40 | 33069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31) | 100 | 78509 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23) | 100 | 97955 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25) | 350 | 326379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26) | 110 | 101000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)</sup> | 195 | 171132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 60 | 50335 |
|  Intel Corp., 3.70%, 07/29/25 (Call 04/29/25) | 200 | 194158 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 (Call 06/15/31) | 56 | 43806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 (Call 05/16/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 89638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275259 |
| **Software — 1.3%** |  |  |
|  Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30) | 100 | 77100 |
|  Micron Technology Inc., 6.75%, 11/01/29 | 40 | 40019 |
|  Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26) | 300 | 277581 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26) | 130 | 114283 |

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166 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24)<sup>(b)</sup> | $280 | $271619 |
|  Roper Technologies Inc., 3.85%, 12/15/25 (Call 09/15/25) | 35 | 33312 |
|  Take-Two Interactive Software Inc., 3.30%, 03/28/24 | 50 | 48544 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 (Call 12/01/22) | 50 | 46129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 (Call 04/15/25) | 30 | 29277 |
|  |  | 937864 |
| **Telecommunications — 4.5%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 (Call 11/14/22) | 200 | 188928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 210 | 183273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 100 | 91283 |
|  CommScope Inc., 8.25%, 03/01/27<br>(Call 12/01/22)<sup>(a)</sup> | 80 | 71180 |
|  Consolidated Communications Inc., 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)</sup> | 100 | 82155 |
|  Embarq Corp., 8.00%, 06/01/36 | 50 | 20235 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 10/15/24)<sup>(a)(b)</sup> | 100 | 78123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 (Call 05/15/25)<sup>(a)</sup> | 100 | 102097 |
|  Hughes Satellite Systems Corp., 6.63%, 08/01/26 | 50 | 47105 |
|  Level 3 Financing Inc., 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)</sup> | 90 | 78308 |
|  Lumen Technologies Inc., 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 100 | 73400 |
|  Motorola Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 (Call 02/24/31) | 140 | 106992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 180 | 169488 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 03/15/23)<sup>(a)</sup> | 100 | 94475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 55 | 49916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 50 | 42530 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | 150 | 154761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 150 | 175977 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | 100 | 87837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 292 | 235188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 03/15/25) | 100 | 95377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26)<sup>(b)</sup> | 88 | 74466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 (Call 10/15/32) | 125 | 119685 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30)<sup>(b)</sup> | 100 | 74350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27) | 55 | 49903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 | 300 | 289647 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup> | 100 | 92168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(a)</sup> | 100 | 92431 |
|  Vmed O2 UK Financing I PLC, 4.75%, 07/15/31 (Call 07/15/26)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 81161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102439 |
| **Toys, Games & Hobbies — 0.1%** |  |  |
|  Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24) | 50 | 47526 |
| **Transportation — 0.6%** |  |  |
|  Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32) | 100 | 90317 |
|  Union Pacific Corp., 3.75%, 07/15/25 (Call 05/15/25) | 100 | 96962 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) | 190 | 185938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30) | 10 | 9610 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Transportation (continued)** |  |  |  |  |
|  Walmart Inc., 1.50%, 09/22/28 (Call 07/22/28) | $| 75 | $| 62659 |
|  |  |  |  | 445486 |
| **Water — 0.0%** |  |  |  |  |
|  American Water Capital Corp., 4.45%, 06/01/32 (Call 03/01/32) |  | 25 |  | 23125 |
|  Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31) |  | 5 |  | 3899 |
|  |  |  |  | 27024 |
|  **Total Corporate Bonds & Notes — 93.7%<br>(Cost: $69,807,552)** | **Total Corporate Bonds & Notes — 93.7%<br>(Cost: $69,807,552)** | **Total Corporate Bonds & Notes — 93.7%<br>(Cost: $69,807,552)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65202768 |
|  **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 32.5%** | **Mortgage-Backed Securities — 32.5%** | **Mortgage-Backed Securities — 32.5%** | **Mortgage-Backed Securities — 32.5%** | **Mortgage-Backed Securities — 32.5%** |
|  Federal Home Loan Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 |  | 19 |  | 16390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 |  | 32 |  | 27783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |  | 262072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/47 |  | 62 |  | 53929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/47 |  | 46 |  | 40080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/43 |  | 10 |  | 8942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/44 |  | 8 |  | 7208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/46 |  | 7 |  | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/46 |  | 6 |  | 5560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/46 |  | 5 |  | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/47 |  | 5 |  | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/46 |  | 77 |  | 72135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/48 |  | 30 |  | 28140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/49 |  | 0 <sup>(d)</sup> |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 |  | 6 |  | 6160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 |  | 6 |  | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 |  | 4 |  | 3840 |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/57 |  | 56 |  | 52085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/57 |  | 57 |  | 52877 |
|  Government National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/20/51 |  | 594 |  | 490181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/21/52<sup>(e)</sup> |  | 1050 |  | 862312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 |  | 91 |  | 78887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/50 |  | 195 |  | 166843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/50 |  | 188 |  | 160692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/21/52<sup>(e)</sup> |  | 800 |  | 677756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/45 |  | 120 |  | 106630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/45 |  | 10 |  | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/46 |  | 6 |  | 4900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/46 |  | 67 |  | 59327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/46 |  | 64 |  | 56331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/50 |  | 138 |  | 121321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/50 |  | 74 |  | 65439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/52<sup>(e)</sup> |  | 675 |  | 587514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/42 |  | 84 |  | 77353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/45 |  | 25 |  | 23001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/46 |  | 39 |  | 35153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/48 |  | 496 |  | 451086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52<sup>(e)</sup> |  | 75 |  | 67118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/45 |  | 13 |  | 11751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/46 |  | 4 |  | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/47 |  | 128 |  | 120125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 |  | 35 |  | 32943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/48 |  | 29 |  | 26983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/21/52<sup>(e)</sup> |  | 327 |  | 302520 |

---

S C H E D U L E O F I N V E S T M E N T S 167

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | <br> *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/46 | $| 6 | $5399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52<sup>(e)</sup> |  | 200 | 190844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/52<sup>(e)</sup> |  | 160 | 155631 |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/37<sup>(e)</sup> |  | 877 | 745847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 |  | 78 | 68516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/16/37<sup>(e)</sup> |  | 1533 | 1342510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/14/52<sup>(e)</sup> |  | 6057 | 4772039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/37<sup>(e)</sup> |  | 747 | 672955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/10/51<sup>(e)</sup> |  | 4262 | 3487544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/37<sup>(e)</sup> |  | 480 | 441379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 |  | 144 | 124928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 |  | 312 | 270141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/47 |  | 79 | 68327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/48 |  | 122 | 105604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52<sup>(e)</sup> |  | 650 | 552348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/33 |  | 51 | 48201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/37<sup>(e)</sup> |  | 267 | 250855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/48 |  | 23 | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/49 |  | 22 | 19746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/14/52<sup>(e)</sup> |  | 1675 | 1472020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/33 |  | 24 | 22972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/33 |  | 10 | 9390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/33 |  | 38 | 36828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/37<sup>(e)</sup> |  | 80 | 76394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/46 |  | 14 | 12882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 |  | 6 | 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/47 |  | 6 | 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/47 |  | 7 | 6264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/14/52<sup>(e)</sup> |  | 978 | 888895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/47 |  | 5 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 |  | 3 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 |  | 16 | 15617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/14/52<sup>(e)</sup> |  | 708 | 664082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 |  | 9 | 8682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 |  | 12 | 12067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/52 |  | 222 | 216275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/52<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | 517799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/49 |  | 61 | 63263 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22642865 |
|  **Total U.S. Government Agency Obligations — 32.5%<br>(Cost: $23,585,289)** | **Total U.S. Government Agency Obligations — 32.5%<br>(Cost: $23,585,289)** | **Total U.S. Government Agency Obligations — 32.5%<br>(Cost: $23,585,289)** | 22642865 |
|  **Total Long-Term Investments — 126.2%<br>(Cost: $93,392,841)** |  |  | 87845633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/*<br> *Par*<br> *(000)* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 10.7%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup> | 7332 | $7330251 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(f)(g)</sup> | 100 | 100000 |
|  **Total Short-Term Securities — 10.7%<br>(Cost: $7,430,023)** | **Total Short-Term Securities — 10.7%<br>(Cost: $7,430,023)** | 7430251 |
|  **Total Investments Before TBA Sales<br>Commitments — 136.9%<br>(Cost: $100,822,864)** | **Total Investments Before TBA Sales<br>Commitments — 136.9%<br>(Cost: $100,822,864)** | 95275884 |
|  **TBA Sales Commitments<sup>(e)</sup>** |  |  |
| **Mortgage-Backed Securities — (3.3)%** |  |  |
|  Government National Mortgage Association, 2.00%, 11/21/52 | $(1000) | (821250) |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/16/37 | (800) | (700507) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52 | (600) | (509860) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/14/52 | (300) | (272667) |
|  **Total TBA Sales Commitments — (3.3)%<br>(Proceeds: $(2301984))** | **Total TBA Sales Commitments — (3.3)%<br>(Proceeds: $(2301984))** | (2304284) |
|  **Total Investments, Net of TBA Sales<br>Commitments — 133.6%<br>(Cost: $98,520,880)** | **Total Investments, Net of TBA Sales<br>Commitments — 133.6%<br>(Cost: $98,520,880)** | 92971600 |
|  **Liabilities in Excess of Other Assets — (33.6)%** | **Liabilities in Excess of Other Assets — (33.6)%** | (23371996) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69599604 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(d)</sup> Rounds to less than 1,000.

<sup>(e)</sup> Represents or includes a TBA transaction.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22*<br> *(000)* | *Income* | *Capital Gain*<br> *Distributions from*<br> *Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $13921087 | $— | $(6579333)<sup>(a)</sup> | $(9532) | $(1971) | $7330251 | 7332 | $38288 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 100000 | 0 <sup>(a)</sup> |  |  |  | 100000 | 100 | 942 |  |
|  |  |  |  | $(9532) | $(1971) | $7430251 |  | $39230 | $— |

---

168 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF** |

---

**Affiliates (continued)** 

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 6 | 12/20/22 | $664 | $(4647) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 33 | 12/30/22 | 3519 | (75997) |
|  |  |  |  | (80644) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. 10 Year Ultra Bond | (16) | 12/20/22 | 1860 | 120609 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | (16) | 12/20/22 | 1934 | 152880 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Bond | (29) | 12/20/22 | 3718 | 470359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | (3) | 12/30/22 | 613 | 606 |
|  |  |  |  | 744454 |
|  |  |  |  | $663810 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $744454 | $— | $744454 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $80644 | $— | $80644 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(1987679) | $— | $(1987679) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $642182 | $— | $642182 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6211965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $(5464102) |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E O F I N V E S T M E N T S 169

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **U.S. Fixed Income Balanced Risk Factor ETF** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $65202768 | $— | $65202768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 22642865 |  | 22642865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7430251 |  |  | 7430251 |
|  | 7430251 | 87845633 |  | 95275884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments |  | (2304284) |  | (2304284) |
|  | $7430251 | $85541349 | $— | $92971600 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $744454 | $— | $— | $744454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (80644) |  |  | (80644) |
|  | $663810 | $— | $— | $663810 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

170 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | iShares<br> Core Total USD<br> Bond Market<br> ETF | iShares<br> U.S. Fixed<br> Income<br> Balanced Risk<br> Factor ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $18083713707 | $87845633 |
|  Investments, at value — affiliated<sup>(c)</sup> | 1340681991 | 7430251 |
|  Cash | 178212 |  |
|  Foreign currency, at value<sup>(d)</sup> | 2590 |  |
|  Cash pledged for futures contracts |  | 253000 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 33403742 | 1073635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 168102 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 108811 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitments | 87095038 | 2301984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 67813037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2428729 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 246 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 124836940 | 641706 |
|  Total assets | 19740322334 | 99662221 |
|  **LIABILITIES** |  |  |
|  Bank overdraft |  | 21540 |
|  Cash received as collateral for TBA commitments | 560000 |  |
|  Collateral on securities loaned, at value | 227837785 | 4891918 |
|  TBA sales commitments, at value<sup>(e)</sup> | 87566242 | 2304284 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1253335229 | 22830308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 806665 | 14567 |
|  Total liabilities | 1570105921 | 30062617 |
|  NET ASSETS | $18170216413 | $69599604 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $21369432983 | $88652082 |
|  Accumulated loss | (3199216570) | (19052478) |
|  NET ASSETS | $18170216413 | $69599604 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 414500000 | 850000 |
|  Net asset value | $43.84 | $81.88 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $21068006094 | $93392841 |
|  <sup>(b) </sup>Securities loaned, at value | $217048972 | $4728529 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $1340780981 | $7430023 |
|  <sup>(d) </sup>Foreign currency, at cost | $2679 | $— |
|  <sup>(e) </sup>Proceeds from TBA sales commitments | $87095038 | $2301984 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 171

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Statements of Operations

Year Ended October 31, 2022

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| | | |
|:---|:---|:---|
|  | iShares<br> Core Total USD<br> Bond Market<br> ETF | iShares<br> U.S. Fixed<br> Income<br> Balanced Risk<br> Factor ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $10861966 | $25609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 383033556 | 2752677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1186583 | 13621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 326831 | 6753 |
|  Total investment income | 395408936 | 2798660 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 10405424 | 239667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |
|  Total expenses | 10405641 | 239884 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (1122924) | (5282) |
|  Total expenses after fees waived | 9282717 | 234602 |
|  Net investment income | 386126219 | 2564058 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (241001789) | (10386559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (859131) | (9532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1987679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (56360278) | (518564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments by affiliate | 5151 |  |
|  | (298216068) | (12902334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (3082741251) | (6845002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (192163) | (1971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (89) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 642182 |
|  | (3082933503) | (6204791) |
|  Net realized and unrealized loss | (3381149571) | (19107125) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(2995023352) | $(16543067) |

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<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

172 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

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| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Core Total USD Bond Market ETF | iShares<br>Core Total USD Bond Market ETF | iShares<br>U.S. Fixed Income Balanced Risk Factor<br>ETF | iShares<br>U.S. Fixed Income Balanced Risk Factor<br>ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $386126219 | $209312047 | $2564058 | $2153472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (298216068) | (7005871) | (12902334) | 295619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3082933503) | (166288012) | (6204791) | (1664661) |
|  Net increase (decrease) in net assets resulting from operations | (2995023352) | 36018164 | (16543067) | 784430 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (360863234) | (219116708) | (2327209) | (2338575) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 5565597002 | 10612987093 | (26528687) | (15239332) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 2209710416 | 10429888549 | (45398963) | (16793477) |
|  Beginning of year | 15960505997 | 5530617448 | 114998567 | 131792044 |
|  End of year | $18170216413 | $15960505997 | $69599604 | $114998567 |

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<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 173

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Financial Highlights

(For a share outstanding throughout each period)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core Total USD Bond Market ETF | iShares Core Total USD Bond Market ETF | iShares Core Total USD Bond Market ETF | iShares Core Total USD Bond Market ETF | iShares Core Total USD Bond Market ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $53.11 | $54.01 | $52.36 | $48.54 | $50.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.08 | 0.95 | 1.38 | 1.60 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (9.34) | (0.74) | 1.71 | 3.79 | (2.48) |
|  Net increase (decrease) from investment operations | (8.26) | 0.21 | 3.09 | 5.39 | (1.04) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.01) | (0.98) | (1.44) | (1.57) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.13) |  |  |  |
|  Total distributions | (1.01) | (1.11) | (1.44) | (1.57) | (1.36) |
|  **Net asset value, end of year** | $43.84 | $53.11 | $54.01 | $52.36 | $48.54 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (15.73)%<sup>(e)</sup> | 0.39% | 5.98% | 11.28% | (2.07)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
|  Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
|  Net investment income | 2.23% | 1.77% | 2.59% | 3.15% | 2.91% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $18170216 | $15960506 | $5530617 | $4115831 | $2286286 |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 141% | 223% | 180% | 172% | 253% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs").

*See notes to financial statements.* 

174 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Fixed Income Balanced Risk Factor ETF | iShares U.S. Fixed Income Balanced Risk Factor ETF | iShares U.S. Fixed Income Balanced Risk Factor ETF | iShares U.S. Fixed Income Balanced Risk Factor ETF | iShares U.S. Fixed Income Balanced Risk Factor ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $100.00 | $101.38 | $101.55 | $95.83 | $100.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.44 | 1.81 | 2.67 | 3.51 | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (18.32) | (1.22) | 0.11 | 5.73 | (4.88) |
|  Net increase (decrease) from investment operations | (15.88) | 0.59 | 2.78 | 9.24 | (1.73) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.24) | (1.97) | (2.87) | (3.52) | (3.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.08) |  |  |
|  Total distributions | (2.24) | (1.97) | (2.95) | (3.52) | (3.01) |
|  **Net asset value, end of year** | $81.88 | $100.00 | $101.38 | $101.55 | $95.83 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (16.04)% | 0.57% | 2.79% | 9.82% | (1.73)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Total expenses after fees waived | 0.24% | 0.25% | 0.24% | 0.25% | 0.24% |
|  Net investment income | 2.67% | 1.79% | 2.65% | 3.55% | 3.22% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $69600 | $114999 | $131792 | $142173 | $110203 |
|  Portfolio turnover rate<sup>(f)(g)</sup> | 550% | 546% | 703% | 504% | 633% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Includes mortgage dollar roll transactions ("MDRs").

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 175

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*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

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| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br> *Classification*  |
|  Core Total USD Bond Market | Diversified |
|  U.S. Fixed Income Balanced Risk Factor | Diversified |

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***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

176 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid
price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security

N O T E S T O F I N A N C I A L S T A T E M E N T S 177

------

*Notes to Financial Statements* (continued) 

will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Mortgage Dollar Roll Transactions:** Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

178 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  Core Total USD Bond Market |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $19510618 |  | $(19510618) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 18238489 |  | (18238489) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 953264 |  | (953264) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 18104243 |  | (18104243) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 9861947 |  | (9861947) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 1843226 |  | (1843226) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 10479890 |  | (10479890) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 3026610 |  | (3026610) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 7539544 |  | (7539544) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 25186235 |  | (25186235) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 1842496 |  | (1842496) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 68196630 |  | (68196630) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 4338443 |  | (4338443) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 4153112 |  | (4153112) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 677468 |  | (677468) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 3367780 |  | (3367780) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 737418 |  | (737418) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | 1926012 |  | (1926012) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 850994 |  | (850994) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 374420 |  | (374420) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 283638 |  | (283638) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank NA | 478793 |  | (478793) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 15077702 |  | (15077702) |  |  |  |  |
|  | $217048972 |  | $(217048972) | $— |  | $— |  |
|  U.S. Fixed Income Balanced Risk Factor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $860989 |  | $(860989) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 158296 |  | (158296) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 21338 |  | (21338) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1747294 |  | (1747294) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 471524 |  | (471524) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 94159 |  | (94159) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 116652 |  | (116652) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1011133 |  | (1011133) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 13889 |  | (13889) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 136583 |  | (136583) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 96672 |  | (96672) |  |  |  |  |
|  | $4728529 |  | $(4728529) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

N O T E S T O F I N A N C I A L S T A T E M E N T S 179

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*Notes to Financial Statements* (continued) 

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core Total USD Bond Market | 0.06% |
|  U.S. Fixed Income Balanced Risk Factor | 0.25 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares Core Total USD Bond Market ETF and the iShares U.S. Fixed Income Balanced Risk Factor ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  Core Total USD Bond Market | $1122924 |
|  U.S. Fixed Income Balanced Risk Factor | 5282 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

180 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core Total USD Bond Market | $&nbsp;&nbsp;&nbsp;&nbsp;379602 |
|  U.S. Fixed Income Balanced Risk Factor | 4930 |

---

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized* <br> *Gain (Loss)*  |
|  Core Total USD Bond Market | $1143751 | $1938317 | $(923083) |
|  U.S. Fixed Income Balanced Risk Factor | 80546 | 55624 | 3600 |

---

During the year ended October 31, 2022, iShares Core Total USD Bond Market ETF received a reimbursement of $5,151 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating error.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | *Purchases* | *Sales* | *Purchases* | *Sales* |
|  Core Total USD Bond Market | $25022507375 | $23356633806 | $841348901 | $899675900 |
|  U.S. Fixed Income Balanced Risk Factor | 616041022 | 673103941 | 67478187 | 38262574 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind* <br> *Sales*  |
|  Core Total USD Bond Market | $4837199805 | $726167681 |
|  U.S. Fixed Income Balanced Risk Factor | 1912707 | 16109229 |

---

***8.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 181

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*Notes to Financial Statements* (continued) 

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated* <br> *Earnings (Loss)*  |
|  Core Total USD Bond Market | $(56373821) | $56373821 |
|  U.S. Fixed Income Balanced Risk Factor | (518564) | 518564 |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | | *Year Ended<br>10/31/21* |
|  Core Total USD Bond Market |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $360863234 |  | $214502177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  | 4614531 |
|  | $360863234 |  | $219116708 |
|  U.S. Fixed Income Balanced Risk Factor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2327209 |  | $2338575 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed*<br> *Ordinary Income* | <br>| *Non-expiring*<br> *Capital Loss*<br> *Carryforwards* | *Net Unrealized*<br> *Gains (Losses)* | *Total* |
|  Core Total USD Bond Market | $42792193 |  | $(248294824) | $(2993713939) | $(3199216570) |
|  U.S. Fixed Income Balanced Risk Factor | 247149 |  | (13690143) | (5609484) | (19052478) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default and TBA transactions. 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Core Total USD Bond Market | $22418539758 | $6678127 | $(3001293391) | $(2994615264) |
|  U.S. Fixed Income Balanced Risk Factor | 100883068 | 784872 | (6394356) | (5609484) |

---

***9.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

182 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

N O T E S T O F I N A N C I A L S T A T E M E N T S 183

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*Notes to Financial Statements* (continued) 

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | | *Amount* | | *Shares* | | *Amount* |
|  Core Total USD Bond Market |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 134000000 |  | $6520212406 |  | 198100000 |  | $10612987093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20000000) |  | (954615404) |  |  |  |  |
|  | 114000000 |  | $5565597002 |  | 198100000 |  | $10612987093 |
|  U.S. Fixed Income Balanced Risk Factor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 50000 |  | $4968327 |  | 100000 |  | $10005380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (350000) |  | (31497014) |  | (250000) |  | (25244712) |
|  | (300000) |  | $(26528687) |  | (150000) |  | $(15239332) |

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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***11.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

184 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares Core Total USD Bond Market ETF

iShares U.S. Fixed Income Balanced Risk Factor ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 185

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation* <br> *Interest*  |
|  Core Total USD Bond Market | $77974655 |
|  U.S. Fixed Income Balanced Risk Factor | 1296 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  Core Total USD Bond Market | $364505686 |
|  U.S. Fixed Income Balanced Risk Factor | 2451787 |

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The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Interest-Related* <br> *Dividends*  |
|  Core Total USD Bond Market | $301346000 |
|  U.S. Fixed Income Balanced Risk Factor | 2123796 |

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186 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract

**iShares Core Total USD Bond Market ETF, iShares U.S. Fixed Income Balanced Risk Factor ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 187

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* |
|  Core Total USD Bond Market | $1.010985 | $— | $— | $1.010985 | 100% | —% | —% | 100% |
|  U.S. Fixed Income Balanced Risk Factor | 2.241008 |  |  | 2.241008 | 100 |  |  | 100 |

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**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

S U P P L E M E N T A L I N F O R M A T I O N 189

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52<sup>nd</sup> Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> <br> (65) | Trustee<br> (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup><br> (52) | Trustee<br> (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |

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<sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

<sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan<br> (67) | Trustee<br> (since 2005);<br> Independent Board Chair<br> (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D. Carlin<br> (66) | Trustee<br> (since 2015);<br> Risk Committee Chair<br> (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L. Fagnani<br> (67) | Trustee<br> (since 2017);<br> Audit Committee Chair<br> (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert<br> (73) | Trustee<br> (since 2005); Nominating and Governance and Equity Plus Committee Chairs<br> (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton<br> (63) | Trustee<br> (since 2017);<br> 15(c) Committee Chair<br> (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez<br> (61) | Trustee<br> (since 2003); Securities Lending Committee Chair<br> (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan<br> (58) | Trustee<br> (since 2011); Fixed-Income Plus Committee Chair<br> (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
| **Officers** | **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra<br> (51) | President<br> (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker<br> (48) | Treasurer and Chief Financial Officer<br> (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park<br> (55) | Chief Compliance Officer<br> (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland<br> (42) | Secretary<br> (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre<br> (40) | Executive Vice President<br> (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui<br> (46) | Executive Vice President<br> (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro<br> (52) | Executive Vice President<br> (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

---

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 191

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

192 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 193

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| GOL | General Obligation Limited |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| NPFGC | National Public Finance Guarantee Corp. |
| OJSC | Open Joint Stock Company |
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |
| SAP | Subject to Appropriations |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

194 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1013-1022

---

| | |
|:---|:---|
| ![LOGO](g397975gra001a.jpg)  | ![LOGO](g397975g24d97.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g397879g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**

**iShares Trust** 

· iShares 20+ Year Treasury Bond BuyWrite Strategy ETF \| TLTW \| Cboe BZX

· iShares High Yield Corporate Bond BuyWrite Strategy ETF \| HYGW \| Cboe BZX

· iShares Investment Grade Corporate Bond BuyWrite Strategy ETF \| LQDW \| Cboe
BZX

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

![LOGO](g397879sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g397879photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month<br>U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br>U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [The Markets in Review](#tx397879_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx397879_2) | 4 |
|  [Fund Summary](#tx397879_3) | 5 |
|  [About Fund Performance](#tx397879_4) | 8 |
|  [Disclosure of Expenses](#tx397879_5) | 8 |
|  [Schedules of Investments](#tx397879_6) | 9 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx397879_7) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx397879_8) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx397879_9) | 17 |
|  [Financial Highlights](#tx397879_10) | 19 |
|  [Notes to Financial Statements](#tx397879_11) | 22 |
|  [Report of Independent Registered Public Accounting Firm](#tx397879_12) | 28 |
|  [Important Tax Information](#tx397879_13) | 29 |
|  [Board Review and Approval of Investment Advisory Contract](#tx397879_14) | 30 |
|  [Supplemental Information](#tx397879_15) | 33 |
|  [Trustee and Officer Information](#tx397879_16) | 34 |
|  [General Information](#tx397879_17) | 37 |
|  [Glossary of Terms Used in this Report](#tx397879_18) | 38 |
|  [Additional Financial Information](#tx397879_19) | 39 |

---

------

Market Overview

**iShares Trust** 

**U.S. Bond Market Overview** 

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the "reporting period"). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve's (Fed's) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year's fourth calendar quarter. The inflation picture soon grew even more challenging following Russia's invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed's rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors' increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed's decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

4 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **20+ Year Treasury Bond BuyWrite Strategy ETF** |

---

**Investment Objective** 

The **iShares 20+YearTreasury Bond BuyWrite Strategy ETF (the "Fund"**) seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe TLT 2% OTM BuyWrite Index (the "Index").The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since*<br> *Inception* |
|  Fund NAV | (13.29)% |
|  Fund Market | (13.60) |
|  Index | (13.22) |
| For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.<br>The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.<br>Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See "About Fund Performance" for more information. | For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.<br>The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.<br>Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See "About Fund Performance" for more information. |

---

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(08/18/22)* *<br><sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $867.10 | $0.38 | $1000.00 | $1024.20 | $1.02 | 0.20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 74/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 99.4% |
|  Short-term Investments | 1.4 |
|  Options Written | (1.3) |
|  Other assets less liabilities | 0.5 |

---

**MATURITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Maturity* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  20-25 Years | 31.1% |
|  25-30 Years | 68.9 |

---

<sup>(a)</sup> Excludes money market funds.

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **High Yield Corporate Bond BuyWrite Strategy ETF** |

---

**Investment Objective** 

The **iShares High Yield Corporate Bond BuyWrite Strategy ETF (the "Fund"**) seeks to track the investment results of an index that reflects a strategy of holding the iShares iBoxx $ High Yield Corporate Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe HYG BuyWrite Index (the "Index").The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since*<br> *Inception* |
|  Fund NAV | (3.02)% |
|  Fund Market | (3.02) |
|  Index | (2.97) |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |
| *Beginning<br>Account Value<br>(08/18/22)* *<br><sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(b)</sup>*  | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $969.80 | $0.40 | $1000.00 | $1024.20 | $1.02 |  | 0.20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 74/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 100.7% |
|  Short-term Investments | 1.1 |
|  Options Written | (2.4) |
|  Other assets less liabilities | 0.6 |

---

**MATURITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Maturity* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  0-1 Year | 0.2% |
|  1-5 Years | 42.2 |
|  5-10 Years | 55.6 |
|  10-15 Years | 0.8 |
|  More than 20 Years | 1.2 |

---

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022<br>| **iShares**<sup>®</sup> **Investment Grade Corporate Bond BuyWrite Strategy ETF** |

---

**Investment Objective** 

The **iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (the "Fund"**) seeks to track the investment results of an index that reflects a strategy of holding the iShares iBoxx $ Investment Grade Corporate Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe LQD BuyWrite Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

**Performance** 

---

| | |
|:---|:---|
|  | Cumulative Total Returns |
|  | *Since*<br> *Inception* |
|  Fund NAV | (8.14)% |
|  Fund Market | (8.23) |
|  Index | (8.04) |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(08/18/22)* *<br><sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $918.60 | $0.39 | $1000.00 | $1024.20 | $1.02 | 0.20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 74/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 100.3% |
|  Short-term Investments | 2.4 |
|  Options Written | (2.1) |
|  Other assets less liabilities | (0.6) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment <br><sup>(b)</sup>* |
|  Aaa | 0.2% |
|  A | 0.3 |
|  Baa | 2.7 |
|  Ba | 45.0 |
|  B | 41.1 |
|  Caa | 10.0 |
|  Ca | 0.2 |
|  Not Rated | 0.5 |

---

<sup>(a)</sup> Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(b)</sup> Excludes money market funds.

F U N D S U M M A R Y 7

------

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at **iShares.com**. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **20+ Year Treasury Bond BuyWrite Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 99.4%** | **Exchange-Traded Funds — 99.4%** | **Exchange-Traded Funds — 99.4%** |
|  iShares 20+ Year Treasury Bond ETF<sup>(a)(b)</sup>  | 226126 | $21732970 |
|  **Total Investment Companies<br>(Cost: $24,062,187)** |  | 21732970 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.4%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(c)</sup>  | 310000 | 310000 |
|  **Total Short-Term Securities — 1.4%<br>(Cost: $310,000)** |  | 310000 |
|  **Total Investments Before Options Written — 100.8%<br>(Cost: $24,372,187)** | **Total Investments Before Options Written — 100.8%<br>(Cost: $24,372,187)** | 22042970 |
|  **Options Written — (1.3)%<br>(Premiums Received: $(345320))** |  | (286813) |
|  **Total Investments, Net of Options Written — 99.5%<br>(Cost: $24,026,867)** |  | 21756157 |
|  **Other Assets Less Liabilities — 0.5%** |  | 109678 |
|  **Net Assets — 100.0%** |  | $21865835 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security was pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *08/18/22* | <br> *<sup>(a)</sup>*  | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | <br> **<br>| *Shares*<br> *Held at<br>10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $310000 <sup>(b)</sup> | $— | $— | $— | $310000 |  | 310000 | $564 | $— |
|  iShares 20+ Year Treasury Bond ETF |  |  | 24072642 | (10039) | (416) | (2329217) | 21732970 |  | 226126 | 55121 |  |
|  |  |  |  |  | $(416) | $(2329217) | $22042970 |  |  | $55685 | $— |
|  <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). |  |  |  |  |  |  |  |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Exchange-Traded Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise<br>Price* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF | 2261 | 11/18/22 | USD 98.00 | USD 21,730 | $(286813) |

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | |
|:---|:---|:---|:---|
|  | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $58507 | $— | $(286813) |

---

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **20+ Year Treasury Bond BuyWrite Strategy ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $286813 | $— | $— | $— | $286813 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |  |  |  |  |  |  |
|  Options written | $— | $— | $331097 | $— | $— | $— | $331097 |
| **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Options written | $— | $— | $58507 | $— | $— | $— | $58507 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $286813 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $21732970 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21732970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 310000 |  |  | 310000 |
|  | $22042970 | $— | $— | $22042970 |
| Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written |  | (286813) |  | (286813) |
|  <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. | <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. | <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. | <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. | <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. |

---

*See notes to financial statements.* 

10 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **High Yield Corporate Bond BuyWrite Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 100.7%** | **Exchange-Traded Funds — 100.7%** | **Exchange-Traded Funds — 100.7%** |
|  iShares iBoxx $ High Yield Corporate Bond<br>ETF<sup>(a)(b)</sup>  | 128563 | $9440381 |
|  **Total Investment Companies<br>(Cost: $9,600,249)** |  | 9440381 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(c)</sup>  | 100000 | 100000 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $100,000)** |  | 100000 |
|  **Total Investments Before Options Written — 101.8%<br>(Cost: $9,700,249)** | **Total Investments Before Options Written — 101.8%<br>(Cost: $9,700,249)** | 9540381 |
|  **Options Written — (2.4)%<br>(Premiums Received: $(145421))** |  | (227371) |
|  **Total Investments, Net of Options Written — 99.4%<br>(Cost: $9,554,828)** | **Total Investments, Net of Options Written — 99.4%<br>(Cost: $9,554,828)** | 9313010 |
|  **Other Assets Less Liabilities — 0.6%** |  | 56659 |
|  **Net Assets — 100.0%** |  | $9369669 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security was pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>08/18/22* | *<br><sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $100000 <sup>(b)</sup> | $— | $— | $— | $100000 | 100000 | $311 |  | $— |
|  iShares iBoxx $ High Yield Corporate Bond ETF |  |  | 10592741 | (924169) | (68323) | (159868) | 9440381 | 128563 | 54965 |  |  |
|  |  |  |  |  | $(68323) | $(159868) | $9540381 |  | $55276 |  | $— |
|  <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). | <sup>(a)</sup> Commencement of operations.<br> <sup>(b)</sup> Represents net amount purchased (sold). |  |  |  |  |  |  |  |  |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Exchange-Traded Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise<br>Price* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 1285 | 11/18/22 | USD 72.00 | USD 9,436 | $(227371) |

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | |
|:---|:---|:---|:---|
|  | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $— | $(81950) | $(227371) |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **High Yield Corporate Bond BuyWrite Strategy ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $227371 | $— | $— | $— | $227371 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |  |  |  |  |  |  |
|  Options written | $— | $— | $152758 | $— | $— | $— | $152758 |
| **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Options written | $— | $— | $(81950) | $— | $— | $— | $(81950) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written<br>| $227371  |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $9440381 | $— | $— | $9440381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 100000 |  |  | 100000 |
|  | $9540381 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $9540381 |
| Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written |  | (227371) |  | (227371) |
|  <sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value. |  |  |  |  |

---

*See notes to financial statements.* 

12 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments <br> October 31, 2022 | **iShares**<sup>®</sup> **Investment Grade Corporate Bond BuyWrite Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Exchange-Traded Funds — 100.3%** |  |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)(b)</sup>  | 124294 | $12597197 |
|  **Total Investment Companies<br>(Cost: $13,291,093)** |  | 12597197 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.4%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(c)</sup>  | 300000 | 300000 |
|  **Total Short-Term Securities — 2.4%<br>(Cost: $300,000)** |  | 300000 |
|  **Total Investments Before Options Written — 102.7%** | **Total Investments Before Options Written — 102.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $13,591,093)** |  | 12897197 |
|  **Options Written — (2.1)%<br>(Premiums Received: $(209378))** |  | (262323) |
|  **Total Investments, Net of Options Written — 100.6%** | **Total Investments, Net of Options Written — 100.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $13,381,715)** |  | 12634874 |
|  **Liabilities in Excess of Other Assets — (0.6)%** |  | (76283) |
|  **Net Assets — 100.0%** |  | $12558591 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security was pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>08/18/22* | *<br><sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | <br> *<br>*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $300000 <sup>(b)</sup> | $— | $— | $— | $300000 | 300000 | $567 | $– |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF |  |  | 19944778 | (6306412) | (347273) | (693896) | 12597197 | 124294 | 55875 | – |
|  |  |  |  |  | $(347273) | $(693896) | $12897197 |  | $56442 | $– |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold). 

**Derivative Financial Instruments Outstanding as of Period End** 

**Exchange-Traded Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise<br>Price* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 1242 | 11/18/22 | USD 100.00 | USD 12,588 | $(262323) |

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | |
|:---|:---|:---|:---|
|  | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $— | $(52945) | $(262323) |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Investment Grade Corporate Bond BuyWrite Strategy ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $262323 | $— | $— | $— | $262323 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Options written | $— | $— | $150125 | $— | $— | $— | $150125 |
| **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Options written | $— | $— | $(52945) | $— | $— | $— | $(52945) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $262323 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $12597197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12597197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 300000 |  |  | 300000 |
|  | $12897197 | $— | $— | $12897197 |
| Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written |  | (262323) |  | (262323) |

---

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

*See notes to financial statements.* 

14 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> 20+ Year<br>Treasury<br>Bond<br>BuyWrite<br> Strategy ETF | iShares<br> High Yield<br> Corporate<br> Bond<br> BuyWrite<br> Strategy ETF | iShares<br> Investment<br> Grade<br>Corporate<br> Bond<br> BuyWrite<br> Strategy ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — affiliated<sup>(a)</sup>  | $22042970 | $9540381 | $12897197 |
|  Cash | 7590 | 5545 | 7404 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 90686 | 35663 | 21835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  |  | 18281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 14718 | 16777 | 16045 |
|  Total assets | 22155964 | 9598366 | 12960762 |
|  **LIABILITIES** |  |  |  |
|  Options written, at value<sup>(b)</sup>  | 286813 | 227371 | 262323 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | 136983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3316 | 1326 | 2865 |
|  Total liabilities | 290129 | 228697 | 402171 |
|  NET ASSETS | $21865835 | $9369669 | $12558591 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $24136961 | $9611487 | $13321712 |
|  Accumulated loss | (2271126) | (241818) | (763121) |
|  NET ASSETS | $21865835 | $9369669 | $12558591 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 650000 | 250000 | 350000 |
|  Net asset value | $33.64 | $37.48 | $35.88 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — affiliated | $24372187 | $9700249 | $13591093 |
|  <sup>(b) </sup>Premiums received | 345320 | 145421 | 209378 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 15

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> 20+ Year<br> Treasury<br> Bond<br> BuyWrite<br> Strategy ETF<br><sup>(a)</sup>  | iShares<br> High Yield<br> Corporate<br> Bond<br> BuyWrite<br>Strategy<br>ETF<br><sup>(a)</sup>  | iShares<br> Investment<br> Grade<br> Corporate<br> Bond<br> BuyWrite<br>Strategy<br>ETF<br><sup>(a)</sup>  |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $55685 | $55276 | $&nbsp;&nbsp;&nbsp;&nbsp;56442 |
|  Total investment income | 55685 | 55276 | 56442 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 9674 | 8516 | 7852 |
|  Total expenses | 9674 | 8516 | 7852 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (4146) | (6083) | (3365) |
|  Total expenses after fees waived | 5528 | 2433 | 4487 |
|  Net investment income | 50157 | 52843 | 51955 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (416) | (369) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(b)</sup>  |  | (67954) | (346943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 331097 | 152758 | 150125 |
|  | 330681 | 84435 | (197148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2329217) | (159868) | (693896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 58507 | (81950) | (52945) |
|  | (2270710) | (241818) | (746841) |
|  Net realized and unrealized loss | (1940029) | (157383) | (943989) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(1889872) | $(104540) | $(892034) |

---

<sup>(a)</sup> For the period from August 18, 2022 (commencement of operations) to October 31, 2022.

<sup>(b)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

16 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares<br>20+ Year<br>Treasury Bond<br>BuyWrite<br>Strategy ETF | iShares<br>High Yield<br>Corporate<br>Bond<br>BuyWrite<br>Strategy ETF |
|  | Period From<br> 08/18/22to 10/31/22<br><sup>(a)</sup>  | Period From<br> 08/18/22to 10/31/22<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $50157 | $52843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 330681 | 84435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2270710) | (241818) |
|  Net decrease in net assets resulting from operations | (1889872) | (104540) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (381254) | (205232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (28722) | (10822) |
|  Decrease in net assets resulting from distributions to shareholders | (409976) | (216054) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 24165683 | 9690263 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 21865835 | 9369669 |
|  Beginning of period |  |  |
|  End of period | $21865835 | $9369669 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 17

------

Statements of Changes in Net Assets (continued)

---

| | |
|:---|:---|
|  | iShares<br>Investment<br>Grade<br>Corporate<br>Bond BuyWrite<br>Strategy ETF |
|  | Period From<br> 08/18/22to 10/31/22<br><sup>(a)</sup>  |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $51955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (197148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (746841) |
|  Net decrease in net assets resulting from operations | (892034) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (218030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (33141) |
|  Decrease in net assets resulting from distributions to shareholders | (251171) |
|  **CAPITAL SHARE TRANSACTIONS** |  |
|  Net increase in net assets derived from capital share transactions | 13701796 |
|  *NET ASSETS* |  |
|  Total increase in net assets | 12558591 |
|  Beginning of period |  |
|  End of period | $12558591 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

18 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br>20+ Year<br>Treasury<br>Bond<br>BuyWrite<br>Strategy<br>ETF |
|  | Period<br>From<br> 08/18/22to<br> 10/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $40.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup>  | (5.35) |
|  Net increase from investment operations | (5.22) |
|  **Distributions<sup>(d)</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.08) |
|  Total distributions | (1.20) |
|  **Net asset value, end of period** | $33.64 |
|  **Total Return<sup>(e)</sup>**  |  |
|  Based on net asset value | (13.29)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |
|  Total expenses | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.20 %<sup>(h)</sup> |
|  Net investment income | 1.81 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $21866 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 19

------

Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares High<br> Yield<br> Corporate<br> Bond<br> BuyWrite<br>Strategy ETF |
|  | Period From<br> 08/18/22<sup>(a)</sup><br> to 10/31/22 |
|  **Net asset value, beginning of period** | $40.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (1.54) |
|  Net decrease from investment operations | (1.21) |
|  **Distributions<sup>(d)</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.07) |
|  Total distributions | (1.37) |
|  **Net asset value, end of period** | $37.48 |
|  **Total Return<sup>(e)</sup>**  |  |
|  Based on net asset value | (3.02)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |
|  Total expenses | 0.70 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.20 %<sup>(h)</sup> |
|  Net investment income | 4.25 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $9370 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

20 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br>Investment<br>Grade<br>Corporate<br>Bond<br>BuyWrite<br>Strategy<br>ETF |
|  | Period<br>From<br> 08/18/22to<br> 10/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $40.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup>  | (3.40) |
|  Net decrease from investment operations | (3.23) |
|  **Distributions<sup>(d)</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.13) |
|  Total distributions | (0.99) |
|  **Net asset value, end of period** | $35.88 |
|  **Total Return<sup>(e)</sup>**  |  |
|  Based on net asset value | (8.14)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |
|  Total expenses | 0.35 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.20 %<sup>(h)</sup> |
|  Net investment income | 2.32 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $12559 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0 %<sup>(j)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | <br> *Diversification<br>Classification* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy<sup>(a)</sup>  | <br> Diversified |
|  High Yield Corporate Bond BuyWrite Strategy<sup>(a)</sup>  | Diversified |
|  Investment Grade Corporate Bond BuyWrite Strategy<sup>(a)</sup>  | Diversified |

---

<sup>(a)</sup> The Fund commenced operations on August 18, 2022.

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on **iShares.com** and should be read in conjunction with the Funds' financial statements.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds each Fund's current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities
exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded equity options are valued by an independent pricing service using a mathematical model, which
incorporates a number of market data factors, such as trades and prices of the underlying instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Options:** The Funds will write European-style call options on its respective Underlying Fund to generate gains from options premiums.

A European-style call option gives the purchaser (holder) of the option the right (but not the obligation) to buy and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date. The Funds do not expect to physically settle outstanding option positions as they will generally purchase offsetting call options as necessary to close out the open call positions.

Premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the Statements of Assets and Liabilities. When a written option expires without being exercised, a realized gain is recorded in the Statements of Operations to the extent of the premiums received. When a written option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds or does not exceed the premiums received. Written call options will typically be "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. The Funds will seek to write call options up to (but not exceeding) the full amounts of shares of the underlying funds held in the Funds (i.e., the short positions in the call options are offset, or "covered," by the long positions the Funds hold in shares of the underlying funds).

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market.

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

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*Notes to Financial Statements* (continued)

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy | 0.35% |
|  High Yield Corporate Bond BuyWrite Strategy | 0.70 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 0.35 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares 20+ Year Treasury Bond ETF ("TLT"), after taking into account any fee waivers by TLT, plus 0.20%.

For the iShares High Yield Corporate Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ High Yield Corporate Bond ETF ("HYG"), after taking into account any fee waivers by HYG, plus 0.20%.

For the iShares Investment Grade Corporate Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF ("LQD"), after taking into account any fee waivers by LQD, plus 0.20%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy | $4146 |
|  High Yield Corporate Bond BuyWrite Strategy | 6083 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 3365 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6.***  ***PURCHASES AND SALES*** 

For the period ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy | $— | $&nbsp;&nbsp;&nbsp;&nbsp;10039 |
|  High Yield Corporate Bond BuyWrite Strategy |  | 7793 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 39301 | 7915 |

---

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

For the period ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind<br>Sales* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy | $&nbsp;&nbsp;&nbsp;&nbsp;24072642 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  High Yield Corporate Bond BuyWrite Strategy | 10592741 | 916376 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 19905477 | 6298497 |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  High Yield Corporate Bond BuyWrite Strategy | $(67954) | $67954 |
|  Investment Grade Corporate Bond BuyWrite Strategy | (346943) | 346943 |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended<br>10/31/22* |
|  20+ Year Treasury Bond BuyWrite Strategy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $381254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 28722 |
|  | $409976 |
|  High Yield Corporate Bond BuyWrite Strategy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $205232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 10822 |
|  | $216054 |
|  Investment Grade Corporate Bond BuyWrite Strategy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $218030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 33141 |
|  | $251171 |

---

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Net Unrealized*<br> *Gains (Losses* | *Total* |
|  20+ Year Treasury Bond BuyWrite Strategy | $(2271126) | $(2271126) |
|  High Yield Corporate Bond BuyWrite Strategy | (241818) | (241818) |
|  Investment Grade Corporate Bond BuyWrite Strategy | (763121) | (763121) |

---

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on straddles.

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

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*Notes to Financial Statements* (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  20+ Year Treasury Bond BuyWrite Strategy | $24372187 | $— | $(2329217) | $(2329217) |
|  High Yield Corporate Bond BuyWrite Strategy | 9700249 |  | (159868) | (159868) |
|  Investment Grade Corporate Bond BuyWrite Strategy | 13591093 |  | (693896) | (693896) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

**Covered Call Option Risk:** By writing covered call options in return for the receipt of premiums, the Funds will give up the opportunity to benefit from potential increases in the value of the underlying funds above the exercise prices of the written options but will continue to bear the risk of declines in the value of the underlying funds. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying funds. In addition, the Funds' ability to sell shares of the underlying funds will be limited while the options are in effect unless the Funds extinguish the option positions through the purchase of offsetting identical options prior to the expiration of the written options.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the underlying funds, which could reduce the Funds' returns. Exchanges may suspend the trading of options. As a result, the Funds may be unable to write or purchase options at times that may be advantageous to the Funds. If the Funds are unable to extinguish the option positions before exercise, the Funds may be required to deliver the corresponding shares of the underlying funds, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, the Funds use options which are struck once per month, and the timing of changes in the price of the underlying funds may affect the Funds' performance.

The Funds will be affected by movements in interest rates and the resulting share price of the underlying funds. In a falling interest rate environment, the underlying funds are generally expected to appreciate in price and the Funds may underperform the underlying funds as price appreciation for the Funds is limited to the exercise prices of the options written by the Funds.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period Ended<br> 10/31/22 | Period Ended<br> 10/31/22 |
| *iShares ETF* | *Shares* | *Amount* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 650000 | $24165683 |
|  High Yield Corporate Bond BuyWrite Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 275000 | $10621163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (25000) | (930900) |
|  | 250000 | $9690263 |
|  Investment Grade Corporate Bond BuyWrite Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 525000 | $19983269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (175000) | (6281473) |
|  | 350000 | $13701796 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period August 18, 2022 (commencement of operations) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period August 18, 2022 (commencement of operations) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

iShares High Yield Corporate Bond BuyWrite Strategy ETF

iShares Investment Grade Corporate Bond BuyWrite Strategy ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation<br>Interest* |
|  20+ Year Treasury Bond BuyWrite Strategy | $54749 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  20+ Year Treasury Bond BuyWrite Strategy | $55174 |
|  High Yield Corporate Bond BuyWrite Strategy | 39181 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 45314 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related*<br> *Dividends* |
|  20+ Year Treasury Bond BuyWrite Strategy | $55174 |
|  High Yield Corporate Bond BuyWrite Strategy | 33835 |
|  Investment Grade Corporate Bond BuyWrite Strategy | 45202 |

---

I M P O R T A N T T A X I N F O R M A T I O N 29

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Board Review and Approval of Investment Advisory Contract

**iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Contract.

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Contract.

**iShares High Yield Corporate Bond BuyWrite Strategy ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Contract.

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In

reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 31

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Board Review and Approval of Investment Advisory Contract (continued)

as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Contract.

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* | *Net*<br> *Investment*<br> *Income* | *Net Realized*<br> *Capital Gains* | *Return of*<br> *Capital* | *Total Per*<br> *Share* |
|  <br> 20+ Year Treasury Bond BuyWrite Strategy<sup>(a)</sup> | $0.556207 | $— | $0.644282 | $1.200489 | 46% | —% | 54% | 100% |
|  High Yield Corporate Bond BuyWrite Strategy<sup>(a)</sup>  | 0.585669 |  | 0.787438 | 1.373107 | 43 |  | 57 | 100 |
|  Investment Grade Corporate Bond BuyWrite Strategy<sup>(a)</sup> | 0.552376 |  | 0.435407 | 0.987783 | 56 |  | 44 | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

S U P P L E M E N T A L I N F O R M A T I O N 33

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52<sup>nd</sup> Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S.<br> Kapito<sup>(a)</sup> (65) | Trustee (since<br>2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
| Salim Ramji<sup>(b)</sup> <br> (52) | Trustee (since<br>2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
|  <br> <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <br> <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <br> <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <br> <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E.<br> Kerrigan (67) | Trustee (since<br> 2005);<br>Independent<br> Board Chair<br>(since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011);<br>Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). |
| Jane D.<br> Carlin (66) | Trustee (since<br>2015); Risk<br>Committee Chair<br>(since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
| Richard L.<br> Fagnani (67) | Trustee (since<br>2017); Audit<br>Committee Chair<br>(since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) | **Independent Trustees** (continued) |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since<br>2005); Nominating<br>and Governance<br>and Equity Plus<br>Committee Chairs<br>(since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since<br>2017); 15(c)<br>Committee Chair<br>(since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
| John E. Martinez (61) | Trustee (since<br>2003); Securities<br>Lending<br>Committee Chair<br>(since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). |
| Madhav V. Rajan (58) | Trustee (since<br>2011);<br>Fixed-Income<br>Plus Committee<br>Chair (since<br>2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
| **Officers** | **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Armando Senra (51) | President (since<br>2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent<br>Walker (48) | Treasurer and<br>Chief Financial<br>Officer (since<br>2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles<br>Park (55) | Chief Compliance<br>Officer (since<br>2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa<br>Rolland (42) | Secretary (since<br>2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel<br>Aguirre (40) | Executive Vice<br>President (since<br>2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer<br>Hsui (46) | Executive Vice<br>President (since<br>2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James<br>Mauro (52) | Executive Vice<br>President (since<br>2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 35

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

G E N E R A L I N F O R M A T I O N 37

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Glossary of Terms Used in this Report

---

| |
|:---|
| **Currency Abbreviations** |
| USD United States Dollar |

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38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2022

Statements of Assets and Liabilities (Unaudited)

October 31, 2022

**iShares Trust** 

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

iShares iBoxx $ High Yield Corporate Bond ETF \| HYG \| NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF \| LQD \| NYSE Arca

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **20+ Year Treasury Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | <br> *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 98.3%** | **U.S. Government Obligations — 98.3%** | **U.S. Government Obligations — 98.3%** |
|  U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | $357647 | $184286000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | 846066 | 451025889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 2858835 | 1634896037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51 | 4324457 | &nbsp;&nbsp;&nbsp;&nbsp;2647547433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 2203273 | 1342103325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50 | 1722225 | 1095563574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 2927895 | 1844459612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 | 1200282 | 815910234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52 | 399129 | 267665886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | 428 | 299115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | 89625 | 64498491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | 1496281 | 1070075066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46 | 1367925 | 976035569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | 340061 | 261993168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47 | 1956 | 1467150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 551951 | 414135885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43 | 1677786 | 1315161789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 | 680477 | 524126626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 507806 | 390594369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 123 | 95475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52 | 181151 | 140590159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 92756 | 73342854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 456945 | 359380184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48 | 1648417 | 1301669676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48 | 1855113 | 1472930745 |

---

---

| | | | |
|:---|:---|:---|:---|
| *<br>Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/49 | $| 2050356 | $1635959900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52 |  | 309065 | 247493457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43 |  | 743750 | 609613691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 |  | 1349655 | 1092535101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 |  | 1196650 | 970735490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 |  | 584341 | 518259894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 |  | 195461 | 176471908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23900923752 |
| **Total Long-Term Investments — 98.3%** |  |  |  |
| **(Cost: $33,026,418,644)** |  |  | 23900923752 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |  |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup>  |  | 143490 | 143490000 |
| **Total Short-Term Securities — 0.6%** |  |  |  |
| **(Cost: $143,490,000)** |  |  | 143490000 |
| **Total Investments — 98.9%** |  |  |  |
| **(Cost: $33,169,908,644)** |  |  | 24044413752 |
|  **Other Assets Less Liabilities — 1.1%** |  |  | 259050894 |
|  **Net Assets — 100.0%** |  |  | $24303464646 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $23900923752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $23900923752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 143490000 |  |  | 143490000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143490000 | $23900923752 | $— | $24044413752 |

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  <br> **Corporate Bonds & Notes** | <br> **Corporate Bonds & Notes** | <br> **Corporate Bonds & Notes** |
| **Advertising — 0.9%** | **Advertising — 0.9%** | **Advertising — 0.9%** |
|  Clear Channel Outdoor Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 16910 | 13292105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 17083 | 13940582 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/31 (Call 01/15/26)<sup>(b)</sup>  | 8057 | 6566455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup>  | 9343 | 8175125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 (Call 02/15/25)<sup>(b)</sup>  | 8667 | 7373450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup>  | 7132 | 6452320 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 7557 | 6215633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 7107 | 5871910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 9456 | 8534040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5391 | 5343320 |
|  Stagwell Global LLC, 5.63%, 08/15/29<br>(Call 08/15/24)<sup>(a)(b)</sup>  | 18111 | 15793698 |
|  Terrier Media Buyer Inc., 8.88%, 12/15/27<br>(Call 12/15/22)<sup>(a)(b)</sup>  | 15894 | 13470165 |
|  |  | 128268303 |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
|  Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 12988 | 11575555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(a)</sup>  | 18931 | 17891877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 4217 | 4212264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 19628 | 19329066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 31275 | 29700304 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28)<sup>(b)</sup>  | 12109 | 10079289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 15177 | 14987288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25)<sup>(b)</sup>  | 9226 | 9430909 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(a)</sup>  | 13458 | 11872646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 18398 | 16677051 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28)<sup>(b)</sup>  | 11986 | 8584373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 5921 | 5700443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  | 18434 | 17973150 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup>  | 18927 | 16154573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup>  | 12542 | 10692055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 (Call 12/01/22)<sup>(b)</sup>  | 43314 | 39253313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  | 68936 | 68010534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22)<sup>(b)</sup>  | 14616 | 14092747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22)<sup>(b)</sup>  | 8361 | 8256488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(a)</sup>  | 15368 | 15636940 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) | 8339 | 8145223 |
|  Triumph Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(a)</sup>  | 9124 | 8451105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 8918 | 6756723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup>  | 6236 | 6303099 |
|  |  | 379767015 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  Darling Ingredients Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 6131 | 5914116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup>  | 17919 | 17247038 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Agriculture (continued)** |  |  |  |  |
|  Vector Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12524 | $| 10958500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 7603 |  | 7502260 |
|  |  |  |  | 41621914 |
| **Airlines — 2.0%** | **Airlines — 2.0%** | **Airlines — 2.0%** | **Airlines — 2.0%** | **Airlines — 2.0%** |
|  Air Canada, 3.88%, 08/15/26<br>(Call 02/15/26)<sup>(a)</sup>  |  | 18710 |  | 16495236 |
|  American Airlines Group Inc., 3.75%,<br>03/01/25<sup>(a)(b)</sup>  |  | 9634 |  | 8448440 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)(b)</sup>  |  | 40197 |  | 44016016 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)</sup>  |  | 52683 |  | 50048850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(a)</sup>  |  | 48028 |  | 43705087 |
|  Delta Air Lines Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24)<sup>(b)</sup>  |  | 15037 |  | 14192791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29)<sup>(b)</sup>  |  | 9272 |  | 7650129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(b)</sup>  |  | 8865 |  | 7866801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25)<sup>(b)</sup>  |  | 13539 |  | 13830089 |
|  Hawaiian Brand Intellectual Property |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(a)</sup>  |  | 18996 |  | 17548928 |
|  United Airlines Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(a)</sup>  |  | 29998 |  | 27410786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(a)</sup>  |  | 32762 |  | 28093415 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279306568 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
|  Hanesbrands Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  |  | 12546 |  | 12172846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  |  | 15381 |  | 14112067 |
|  |  |  |  | 26284913 |
| **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** |
|  Allison Transmission Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31 (Call 01/30/26)<sup>(a)(b)</sup>  |  | 16595 |  | 13213082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27 (Call 11/14/22)<sup>(a)</sup>  |  | 6923 |  | 6360513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  |  | 8297 |  | 7736952 |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)<sup>(a)(b)</sup>  |  | 18263 |  | 17532480 |
|  Ford Motor Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 (Call 11/12/31)<sup>(b)</sup>  |  | 33537 |  | 25141532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(b)</sup>  |  | 19795 |  | 18454720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 (Call 05/19/32)<sup>(b)</sup>  |  | 25781 |  | 23654067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/22/30 (Call 01/22/30)<sup>(b)</sup>  |  | 5658 |  | 6329565 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25)<sup>(b)</sup>  |  | 15030 |  | 13594635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26)<sup>(b)</sup>  |  | 20567 |  | 17743768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 (Call 12/16/27)<sup>(b)</sup>  |  | 10641 |  | 8649710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 (Call 12/10/28) |  | 11458 |  | 8980207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/22 |  | 713 |  | 713000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 |  | 4991 |  | 4828793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25)<sup>(b)</sup>  |  | 29492 |  | 26786994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 (Call 03/17/31)<sup>(b)</sup>  |  | 13962 |  | 10833761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 |  | 10288 |  | 9773600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) |  | 5605 |  | 5431714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27) |  | 10608 |  | 9135256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 (Call 08/13/30) |  | 21099 |  | 17094410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24)<sup>(b)</sup>  |  | 17949 |  | 17206809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 |  | 17345 |  | 16130850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) |  | 16689 |  | 14825673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) |  | 11270 |  | 10199350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 |  | 15099 |  | 14027531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) |  | 9604 |  | 8839522 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Auto Manufacturers (continued)** | <br> **Auto Manufacturers (continued)** | <br> **Auto Manufacturers (continued)** | <br> **Auto Manufacturers (continued)** | <br> **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | $| 7746 | $| 7339335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21304 |  | 19517856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29)<sup>(b)</sup>  |  | 22129 |  | 19783326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25)<sup>(b)</sup>  |  | 22646 |  | 21848861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) |  | 18152 |  | 17929832 |
|  Jaguar Land Rover Automotive PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(a)(b)</sup>  |  | 7092 |  | 5123970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  |  | 7204 |  | 5068914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/28 (Call 01/15/24)<sup>(a)</sup>  |  | 10439 |  | 7730079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  |  | 11607 |  | 10727538 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448288205 |
| **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** |
|  American Axle & Manufacturing Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  |  | 8877 |  | 7226655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 11/14/22)<sup>(b)</sup>  |  | 475 |  | 451233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup>  |  | 8533 |  | 7867448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 (Call 07/01/23)<sup>(b)</sup>  |  | 6938 |  | 6295416 |
|  Clarios Global LP, 6.75%, 05/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup> |  | 8788 |  | 8762691 |
|  Clarios Global LP/Clarios US Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 14510 |  | 14081835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 33014 |  | 32415621 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  |  | 8273 |  | 8065248 |
|  Dana Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26)<sup>(b)</sup>  |  | 6497 |  | 5190063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22)<sup>(b)</sup>  |  | 5757 |  | 5256141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup>  |  | 6081 |  | 5503305 |
|  Goodyear Tire & Rubber Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(b)</sup>  |  | 12994 |  | 11823148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22)<sup>(b)</sup>  |  | 15183 |  | 14573403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 (Call 04/15/29)<sup>(b)</sup>  |  | 13361 |  | 11575022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 (Call 01/30/31)<sup>(b)</sup>  |  | 10433 |  | 8786919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 (Call 04/15/31)<sup>(b)</sup>  |  | 10447 |  | 8758939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 (Call 01/30/33)<sup>(b)</sup>  |  | 5070 |  | 4239968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) |  | 6783 |  | 7067809 |
|  Tenneco Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22)<sup>(b)</sup>  |  | 7043 |  | 7016589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 10777 |  | 10713685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  |  | 6227 |  | 6219995 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(a)</sup>  |  | 18878 |  | 17769201 |
|  |  |  |  | 209660334 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
|  Commerzbank AG, 8.13%, 09/19/23<sup>(a)</sup>  |  | 996 |  | 993417 |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup>  |  | 8664 |  | 8058040 |
|  Deutsche Bank AG/New York NY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 (Call 10/14/30),<br>(SOFR + 2.757%)<sup>(b)(c)</sup>  |  | 12830 |  | 9020968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 (Call 10/07/31),<br>(SOFR + 2.257%)<sup>(b)(c)</sup>  |  | 6365 |  | 4309719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 (Call 12/01/27)<sup>(b)(c)</sup>  |  | 5298 |  | 4219319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30),<br>(SOFR + 5.438%)<sup>(b)(c)</sup>  |  | 5595 |  | 4600715 |
|  Fifth Third Bancorp., Series H, 5.10%,<br>(Call 06/30/23)<sup>(b)(c)(d)</sup>  |  | 282 |  | 257012 |
|  Freedom Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup>  |  | 10585 |  | 7837311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(a)</sup>  |  | 9323 |  | 7350533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(a)</sup>  |  | 6858 |  | 6042789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 8650 |  | 7418298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Banks (continued)** |  |  |  |  |
|  Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(a)(c)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730 | $| 7997539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(a)</sup>  |  | 29452 |  | 28143215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(a)(b)</sup>  |  | 22349 |  | 20611329 |
|  UniCredit SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35 (Call 06/30/30)<sup>(a)(b)(c)</sup>  |  | 19832 |  | 14679274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)(c)</sup>  |  | 14982 |  | 12425418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(a)(b)(c)</sup>  |  | 16526 |  | 14312699 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158277595 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
|  Builders FirstSource Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(a)(b)</sup>  |  | 20578 |  | 16279770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  |  | 8533 |  | 7341111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(a)(b)</sup>  |  | 11409 |  | 10491945 |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)<sup>(a)</sup>  |  | 11341 |  | 9441382 |
|  Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)<sup>(a)(b)</sup>  |  | 7737 |  | 4835625 |
|  Griffon Corp., 5.75%, 03/01/28<br>(Call 03/01/23)<sup>(b)</sup>  |  | 18120 |  | 16598282 |
|  Jeld-Wen Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 7772 |  | 6467554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  |  | 6113 |  | 4559564 |
|  SRM Escrow Issuer LLC, 6.00%, 11/01/28<br>(Call 11/01/23)<sup>(a)</sup>  |  | 16949 |  | 14308588 |
|  Standard Industries Inc./NJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 (Call 07/15/25)<sup>(a)</sup>  |  | 16806 |  | 12569123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  |  | 26478 |  | 21407993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  |  | 14458 |  | 12675329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 12038 |  | 10952998 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)<sup>(a)</sup>  |  | 12140 |  | 11131166 |
|  |  |  |  | 159060430 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
|  ASP Unifrax Holdings Inc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/28 (Call 09/30/24)<sup>(a)(b)</sup>  |  | 13176 |  | 10536042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/29 (Call 09/30/24)<sup>(a)(b)</sup>  |  | 6199 |  | 4183292 |
|  Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 10465 |  | 10199887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(a)</sup>  |  | 11524 |  | 11021784 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29<br>(Call 02/15/24)<sup>(a)(b)</sup>  |  | 11082 |  | 9152693 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  |  | 7943 |  | 7256483 |
|  Chemours Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  |  | 10811 |  | 8432580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 (Call 02/15/27)<sup>(b)</sup>  |  | 7401 |  | 6622045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 (Call 11/15/23)<sup>(a)(b)</sup>  |  | 13315 |  | 11311092 |
|  Methanex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27)<sup>(b)</sup>  |  | 10728 |  | 9783936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29)<sup>(b)</sup>  |  | 11973 |  | 10285713 |
|  NOVA Chemicals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  |  | 8294 |  | 6739704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/24 (Call 03/03/24)<sup>(a)(b)</sup>  |  | 13723 |  | 13298874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 (Call 01/31/25)<sup>(a)(b)</sup>  |  | 7234 |  | 6872300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 03/03/27)<sup>(a)(b)</sup>  |  | 18956 |  | 16965620 |
|  Olin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 (Call 02/01/24)<sup>(b)</sup>  |  | 8267 |  | 7481635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/27 (Call 12/01/22) |  | 6170 |  | 5784375 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Chemicals (continued)** | <br> **Chemicals (continued)** | <br> **Chemicals (continued)** | <br> **Chemicals (continued)** | <br> **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10487 | $| 9855683 |
|  Olympus Water U.S. Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup>  |  | 13407 |  | 10836208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  |  | 5501 |  | 3817529 |
|  SCIH Salt Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup>  |  | 16272 |  | 14120842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  |  | 10348 |  | 8399048 |
|  Tronox Inc., 4.63%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup>  |  | 16541 |  | 12746577 |
|  Valvoline Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/31 (Call 06/15/26)<sup>(a)</sup>  |  | 8373 |  | 6606297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  |  | 5897 |  | 5698016 |
|  WR Grace Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  |  | 12300 |  | 10762500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  |  | 16890 |  | 13055632 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;251826387 |
| **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** |
|  ADT Security Corp. (The), 4.13%, 08/01/29<br>(Call 08/01/28)<sup>(a)(b)</sup>  |  | 14987 |  | 12845770 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  |  | 7379 |  | 6242634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  |  | 7787 |  | 6696041 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  |  | 14297 |  | 10022197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup>  |  | 29757 |  | 28455131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 16727 |  | 14542621 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)<sup>(a)(b)</sup>  |  | 32203 |  | 26801326 |
|  APX Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup>  |  | 12298 |  | 9717757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup>  |  | 11233 |  | 10797721 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup>  |  | 9938 |  | 8639369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  |  | 9418 |  | 8231332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 3866 |  | 3525792 |
|  Block Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup>  |  | 15563 |  | 13929055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31)<sup>(b)</sup>  |  | 16509 |  | 13286993 |
|  Brink's Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 10675 |  | 9805254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(a)</sup>  |  | 6842 |  | 6651177 |
|  Garda World Security Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup>  |  | 9461 |  | 8441046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  |  | 8241 |  | 6426332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/27 (Call 12/01/22)<sup>(a)</sup>  |  | 9072 |  | 8192016 |
|  Gartner Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  |  | 9159 |  | 7891051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  |  | 14644 |  | 12372716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  |  | 13096 |  | 12049411 |
|  Grand Canyon University |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24<sup>(b)</sup>  |  | 7048 |  | 6607500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28)<sup>(b)</sup>  |  | 5641 |  | 5102284 |
|  Herc Holdings Inc., 5.50%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  |  | 19560 |  | 18508650 |
|  Hertz Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 (Call 12/01/23)<sup>(a)</sup>  |  | 8592 |  | 7310360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  |  | 14954 |  | 11910487 |
|  MPH Acquisition Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/28 (Call 09/01/24)<sup>(a)(b)</sup>  |  | 16505 |  | 14196830 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Commercial Services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20528 | $| 15857880 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25<br>(Call 11/16/22)<sup>(a)(b)</sup>  |  | 6276 |  | 6263636 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(a)(b)</sup>  |  | 15156 |  | 13162759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(a)(b)</sup>  |  | 8732 |  | 8644243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(a)</sup>  |  | 21600 |  | 21065817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  |  | 21142 |  | 19567048 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 382 |  | 376808 |
|  RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)<sup>(a)</sup>  |  | 716 |  | 582134 |
|  Sabre GLBL Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 12037 |  | 11062003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)</sup>  |  | 12447 |  | 12121414 |
|  Service Corp. International/U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 (Call 08/15/25) |  | 13812 |  | 10983993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26)<sup>(b)</sup>  |  | 11800 |  | 9826121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup>  |  | 7536 |  | 7002710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24)<sup>(b)</sup>  |  | 10847 |  | 10029860 |
|  Sotheby's, 7.38%, 10/15/27<br>(Call 11/14/22)<sup>(a)(b)</sup>  |  | 13224 |  | 12794220 |
|  United Rentals North America Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 07/15/26)<sup>(b)</sup>  |  | 11656 |  | 9391205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25)<sup>(b)</sup>  |  | 17467 |  | 14465588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25)<sup>(b)</sup>  |  | 11534 |  | 9832850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23)<sup>(b)</sup>  |  | 24788 |  | 23052840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25)<sup>(b)</sup>  |  | 12854 |  | 11922085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup>  |  | 6437 |  | 6256700 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<br>(Call 12/01/22)<sup>(a)</sup>  |  | 17685 |  | 17732484 |
|  Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  |  | 9108 |  | 8229472 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;569422723 |
| **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** |
|  Booz Allen Hamilton Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)(b)</sup>  |  | 10764 |  | 9483945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(a)</sup>  |  | 7629 |  | 6702662 |
|  Condor Merger Sub Inc., 7.38%, 02/15/30<br>(Call 02/15/25)<sup>(a)(b)</sup>  |  | 32706 |  | 26979180 |
|  Diebold Nixdorf Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup>  |  | 5195 |  | 2656755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  |  | 9868 |  | 7374356 |
|  Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 9846 |  | 2699951 |
|  NCR Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  |  | 9816 |  | 8319060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 19355 |  | 16232773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/30 (Call 10/01/25)<sup>(a)</sup>  |  | 7808 |  | 6308585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 5110 |  | 4931150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  |  | 6350 |  | 6080347 |
|  Presidio Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup>  |  | 7484 |  | 6910726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  |  | 9811 |  | 8731790 |
|  Seagate HDD Cayman |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/29 (Call 01/15/24) |  | 7446 |  | 5517858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26)<sup>(b)</sup>  |  | 8284 |  | 5912705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) |  | 8187 |  | 6561321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) |  | 9039 |  | 6797328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25<sup>(b)</sup>  |  | 6160 |  | 5923148 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Computers (continued)** | <br> **Computers (continued)** | <br> **Computers (continued)** | <br> **Computers (continued)** | <br> **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27)<sup>(b)</sup>  |  | 7044 |  | 6498090 |
|  Vericast Corp., 11.00%, 09/15/26<br>(Call 09/15/23)<sup>(a)(b)</sup>  |  | 20434 |  | 20000151 |
|  |  |  |  | 174246963 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
|  Coty Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup>  |  | 15174 |  | 14292763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 7581 |  | 7219386 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(a)(b)</sup>  |  | 6473 |  | 5609178 |
|  Edgewell Personal Care Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  |  | 6541 |  | 5579473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  |  | 12923 |  | 12154469 |
|  |  |  |  | 44855269 |
| **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** |
|  American Builders & Contractors Supply Co. Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  |  | 5690 |  | 4673766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  |  | 10471 |  | 9240553 |
|  H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)<sup>(a)</sup>  |  | 18210 |  | 15387450 |
|  Wesco Aircraft Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/24 (Call 12/01/22)<sup>(a)</sup>  |  | 9609 |  | 5049930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 13712 |  | 8660499 |
|  |  |  |  | 43012198 |
| **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** |
|  AerCap Holdings NV, 5.88%, 10/10/79<br>(Call 10/10/24)<sup>(b)(c)</sup>  |  | 11996 |  | 10772308 |
|  AG Issuer LLC, 6.25%, 03/01/28<br>(Call 03/01/23)<sup>(a)(b)</sup>  |  | 8455 |  | 7919645 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)<sup>(a)</sup>  |  | 6998 |  | 7024243 |
|  Ally Financial Inc., 5.75%, 11/20/25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/21/25)<sup>(b)</sup>  |  | 15594 |  | 15094992 |
|  Coinbase Global Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup>  |  | 15134 |  | 9969645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  |  | 16219 |  | 9628491 |
|  Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  |  | 14449 |  | 8524910 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(a)</sup>  |  | 16538 |  | 12982826 |
|  LD Holdings Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup>  |  | 7289 |  | 4081840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 8158 |  | 5547440 |
|  LPL Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup>  |  | 14023 |  | 12240116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(a)(b)</sup>  |  | 6274 |  | 5475257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(a)</sup>  |  | 5903 |  | 5462985 |
|  Midcap Financial Issuer Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  |  | 7098 |  | 5465460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  |  | 14705 |  | 12504817 |
|  Nationstar Mortgage Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 (Call 12/15/25)<sup>(a)</sup>  |  | 9712 |  | 7307256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 08/15/23)<sup>(a)</sup>  |  | 13689 |  | 11101505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  |  | 10085 |  | 7733063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)(b)</sup>  |  | 10580 |  | 9422482 |
|  Navient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/28 (Call 06/15/27) |  | 9545 |  | 7611879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26)<sup>(b)</sup>  |  | 10727 |  | 9081283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 (Call 06/15/28)<sup>(b)</sup>  |  | 10963 |  | 8758615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 |  | 6744 |  | 6558506 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Diversified Financial Services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24<sup>(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12518466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 |  | 6813 |  | 6505461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 |  | 10516 |  | 9916062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/23 |  | 331 |  | 331430 |
|  NFP Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  |  | 8882 |  | 7733868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup>  |  | 32994 |  | 28297222 |
|  OneMain Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24)<sup>(b)</sup>  |  | 11116 |  | 9123568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) |  | 10344 |  | 8079647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25)<sup>(b)</sup>  |  | 13140 |  | 9920700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29)<sup>(b)</sup>  |  | 11475 |  | 9409500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) |  | 19101 |  | 18647414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup>  |  | 11963 |  | 10885134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 |  | 18239 |  | 17691830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26<sup>(b)</sup>  |  | 25921 |  | 24961923 |
|  PennyMac Financial Services Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  |  | 10935 |  | 8255925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(a)</sup>  |  | 9696 |  | 8762760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(a)</sup>  |  | 7718 |  | 5883808 |
|  Radian Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  |  | 420 |  | 399541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 (Call 09/15/24) |  | 391 |  | 385213 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup>  |  | 18288 |  | 15293340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  |  | 11266 |  | 8731150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  |  | 21742 |  | 16208298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(a)</sup>  |  | 12683 |  | 8838022 |
|  SLM Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26)<sup>(b)</sup>  |  | 7262 |  | 6369282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) |  | 7156 |  | 6638979 |
|  United Wholesale Mortgage LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 12924 |  | 11683942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 10162 |  | 7709401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup>  |  | 7619 |  | 6243771 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/30 (Call 02/01/25)<sup>(a)(b)</sup>  |  | 15822 |  | 13211370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/27 (Call 05/01/24)<sup>(a)(b)</sup>  |  | 6327 |  | 5732227 |
|  |  |  |  | 504638818 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
|  Calpine Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup>  |  | 14007 |  | 11498486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  |  | 20429 |  | 18360564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  |  | 9505 |  | 7950932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup>  |  | 13713 |  | 11555945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup>  |  | 22648 |  | 20041677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 7426 |  | 7072894 |
|  Clearway Energy Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  |  | 15086 |  | 12540237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup>  |  | 13344 |  | 12367419 |
|  DPL Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/25 (Call 04/01/25) |  | 6303 |  | 5940578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/29 (Call 01/15/29)<sup>(b)</sup>  |  | 6491 |  | 5549805 |
|  Electricite de France SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, (Call 01/29/23)<sup>(a)(c)(d)</sup>  |  | 265 |  | 247272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, (Call 01/22/24)<sup>(a)(b)(c)(d)</sup>  |  | 20136 |  | 17741715 |
|  Emera Inc., Series 16-A, 6.75%, 06/15/76<br>(Call 06/15/26)<sup>(b)(c)</sup>  |  | 17600 |  | 16362134 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Electric (continued)** | <br> **Electric (continued)** | <br> **Electric (continued)** | <br> **Electric (continued)** | <br> **Electric (continued)** |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29)<sup>(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9037 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 (Call 06/01/30)<sup>(b)</sup>  |  | 9131 |  | 6990658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) |  | 21390 |  | 20087563 |
|  NextEra Energy Operating Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(a)(b)</sup>  |  | 8621 |  | 7988111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 5863 |  | 5693552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 07/15/24)<sup>(a)</sup>  |  | 593 |  | 557238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup>  |  | 8512 |  | 7919086 |
|  NRG Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  |  | 7147 |  | 5988829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  |  | 16149 |  | 12850888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup>  |  | 17125 |  | 13538169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  |  | 10803 |  | 9776715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup>  |  | 13344 |  | 12701820 |
|  PG&E Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup>  |  | 13893 |  | 12523150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 (Call 07/01/25)<sup>(b)</sup>  |  | 16838 |  | 14936821 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  |  | 19098 |  | 16380546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 19774 |  | 18244811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 14841 |  | 14223450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 20506 |  | 19547960 |
|  |  |  |  | 354455082 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
|  Energizer Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/29 (Call 09/30/23)<sup>(a)(b)</sup>  |  | 11888 |  | 9614420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28 (Call 06/15/23)<sup>(a)</sup>  |  | 10420 |  | 8620360 |
|  WESCO Distribution Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 27420 |  | 27685974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  |  | 18462 |  | 18759238 |
|  |  |  |  | 64679992 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
|  Imola Merger Corp., 4.75%, 05/15/29<br>(Call 05/15/24)<sup>(a)(b)</sup>  |  | 32985 |  | 28449563 |
|  Sensata Technologies BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 17049 |  | 14372094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(a)(b)</sup>  |  | 9894 |  | 9607965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(a)(b)</sup>  |  | 6435 |  | 6412441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(a)(b)</sup>  |  | 7749 |  | 7315490 |
|  Sensata Technologies Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  |  | 12841 |  | 10224646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  |  | 7401 |  | 6346843 |
|  |  |  |  | 82729042 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
|  TerraForm Power Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  |  | 11736 |  | 10499913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 (Call 07/31/27)<sup>(a)</sup>  |  | 10463 |  | 9741942 |
|  |  |  |  | 20241855 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 14856 |  | 10696320 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
|  AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)<sup>(a)(b)</sup>  |  | 14522 |  | 9983875 |
|  Caesars Entertainment Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 (Call 10/15/24)<sup>(a)(b)</sup>  |  | 19161 |  | 15328800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(a)</sup>  |  | 52943 |  | 51685604 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Entertainment (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(a)(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27157296 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  |  | 15239 |  | 14858787 |
|  CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)<sup>(a)</sup>  |  | 19966 |  | 17938828 |
|  Cedar Fair LP, 5.25%, 07/15/29<br>(Call 07/15/24)<sup>(b)</sup>  |  | 8141 |  | 7164080 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22)<sup>(b)</sup>  |  | 6089 |  | 5750299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 11651 |  | 11578181 |
|  Churchill Downs Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  |  | 13753 |  | 12097826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 8244 |  | 7879450 |
|  Cinemark USA Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup>  |  | 10599 |  | 8134839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(a)(b)</sup>  |  | 6486 |  | 5447591 |
|  International Game Technology PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup>  |  | 12723 |  | 11804823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  |  | 11924 |  | 11063087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup>  |  | 11836 |  | 11726635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(a)(b)</sup>  |  | 7156 |  | 7162011 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  |  | 330 |  | 250467 |
|  Live Nation Entertainment Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 (Call 01/15/24)<sup>(a)(b)</sup>  |  | 7253 |  | 6335224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 14333 |  | 12756370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 6043 |  | 5869264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(a)(b)</sup>  |  | 17867 |  | 17777665 |
|  Mohegan Gaming & Entertainment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  |  | 2213 |  | 2227523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  |  | 19833 |  | 16722789 |
|  Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup>  |  | 6925 |  | 6189219 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  |  | 11400 |  | 8435082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup>  |  | 12011 |  | 8620295 |
|  Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)<sup>(a)(b)</sup>  |  | 15686 |  | 11589866 |
|  Scientific Games International Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 (Call 05/15/23)<sup>(a)</sup>  |  | 10683 |  | 10298412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  |  | 7883 |  | 7622467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 5326 |  | 5495354 |
|  Six Flags Entertainment Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 11869 |  | 11489647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 8604 |  | 7743600 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 278 |  | 279738 |
|  WMG Acquisition Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  |  | 12388 |  | 9724031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  |  | 8908 |  | 7462677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup>  |  | 7928 |  | 6728890 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 (Call 07/01/29)<sup>(a)(b)</sup>  |  | 11723 |  | 9323302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup>  |  | 8995 |  | 8723441 |
|  |  |  |  | 418427335 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
|  Covanta Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  |  | 12188 |  | 10420801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/25)<sup>(b)</sup>  |  | 6674 |  | 5564447 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Environmental Control (continued)** | <br> **Environmental Control (continued)** | <br> **Environmental Control (continued)** | <br> **Environmental Control (continued)** | <br> **Environmental Control (continued)** |
|  GFL Environmental Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 (Call 03/01/28)<sup>(a)(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11787 | $| 9995730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(a)</sup>  |  | 10756 |  | 10164420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  |  | 11537 |  | 9901491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 5259 |  | 5009197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  |  | 8354 |  | 7080015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  |  | 11950 |  | 10449827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  |  | 7019 |  | 6685597 |
|  Madison IAQ LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 (Call 06/30/24)<sup>(a)(b)</sup>  |  | 10949 |  | 9151577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 06/30/24)<sup>(a)(b)</sup>  |  | 16287 |  | 11217108 |
|  Stericycle Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 11/15/23)<sup>(a)(b)</sup>  |  | 9818 |  | 8518274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/24 (Call 11/16/22)<sup>(a)(b)</sup>  |  | 5104 |  | 5029820 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;109188304 |
| **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  |  | 12004 |  | 10803600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 09/15/23)<sup>(a)</sup>  |  | 21241 |  | 17576927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(a)</sup>  |  | 24390 |  | 22560750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  |  | 16443 |  | 14593162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 12119 |  | 11400454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(a)</sup>  |  | 5900 |  | 6043147 |
|  B&G Foods Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22)<sup>(b)</sup>  |  | 14773 |  | 13437949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup>  |  | 9011 |  | 7562572 |
|  Lamb Weston Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 (Call 01/31/25)<sup>(a)(b)</sup>  |  | 15020 |  | 13115945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(a)</sup>  |  | 11026 |  | 9503089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(a)(b)</sup>  |  | 7050 |  | 6576549 |
|  Performance Food Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  |  | 15202 |  | 12931885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 17043 |  | 16105635 |
|  Pilgrim's Pride Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 (Call 09/01/26)<sup>(a)(b)</sup>  |  | 13571 |  | 10446006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(a)(b)</sup>  |  | 16562 |  | 13814497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/27 (Call 12/01/22)<sup>(a)</sup>  |  | 14066 |  | 13756488 |
|  Post Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 (Call 09/15/26)<sup>(a)(b)</sup>  |  | 20935 |  | 17299262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 (Call 04/15/25)<sup>(a)</sup>  |  | 23459 |  | 19852179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 (Call 12/15/24)<sup>(a)</sup>  |  | 19188 |  | 17244256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 13401 |  | 12496432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  |  | 8633 |  | 8352427 |
|  U.S. Foods Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  |  | 10327 |  | 8971581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  |  | 12567 |  | 11154570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 12165 |  | 12123077 |
|  |  |  |  | 307722439 |
| **Food Service — 0.4%** | **Food Service — 0.4%** | **Food Service — 0.4%** | **Food Service — 0.4%** | **Food Service — 0.4%** |
|  Aramark Services Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 7659 |  | 7401091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  |  | 16930 |  | 15452011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  |  | 21728 |  | 21546028 |
|  TKC Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/28 (Call 05/15/24)<sup>(a)(b)</sup>  |  | 6449 |  | 5372017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  |  | 11225 |  | 7839259 |
|  |  |  |  | 57610406 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Forest Products & Paper — 0.1%** | <br> **Forest Products & Paper — 0.1%** | <br> **Forest Products & Paper — 0.1%** |
|  Mercer International Inc., 5.13%, 02/01/29<br>(Call 02/01/24)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708 | $11429045 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/25 (Call 02/20/25) | 9955 | 9555406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24)<sup>(b)</sup>  | 7572 | 7399646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 8075 | 7438229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | 12104 | 11326742 |
|  |  | 35720023 |
| **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** |
|  Avantor Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup>  | 13528 | 11447349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 26066 | 23421388 |
|  Hologic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 09/28/23)<sup>(a)(b)</sup>  | 16083 | 13667333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 7546 | 7042933 |
|  Mozart Debt Merger Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 (Call 10/01/24)<sup>(a)</sup>  | 71086 | 58077262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 40421 | 31289662 |
|  Teleflex Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  | 8425 | 7622940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22)<sup>(b)</sup>  | 7897 | 7403832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;159972699 |
| **Health Care - Services — 5.0%** | **Health Care - Services — 5.0%** | **Health Care - Services — 5.0%** |
|  Catalent Pharma Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 10815 | 8852294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 10426 | 8418995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 (Call 12/01/22)<sup>(a)</sup>  | 7317 | 6868834 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 23015 | 18929837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 19936 | 15276159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 11030 | 8434503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 21799 | 17521818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 15862 | 13185288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup>  | 29217 | 26952682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 32462 | 29396289 |
|  Charles River Laboratories International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 (Call 03/15/24)<sup>(a)</sup>  | 8159 | 7057535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  | 8648 | 7286264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 8192 | 7452262 |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 17095 | 11476301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 (Call 05/15/25)<sup>(a)(b)</sup>  | 23244 | 16084848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(a)(b)</sup>  | 30445 | 24246398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 14805 | 11029725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 20175 | 8271750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 8945 | 3221691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 25785 | 10743751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 33158 | 28598775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 11124 | 9018783 |
|  DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 23094 | 16760240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup>  | 43820 | 34016151 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 (Call 02/01/23)<sup>(b)</sup>  | 12963 | 11575959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 (Call 04/01/26) | 7738 | 6383850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 02/01/25)<sup>(b)</sup>  | 11632 | 9916280 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | $13853 | $13227444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 15620 | 14842935 |
|  Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8902 | 7001227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8102 | 7170270 |
|  Lifepoint Health Inc., 5.38%, 01/15/29<br>(Call 01/15/24)<sup>(a)</sup>  | 7922 | 4956399 |
|  ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 7229 | 6184337 |
|  ModivCare Inc.,<br>5.88%, 11/15/25 (Call 12/01/22)<sup>(a)</sup>  | 10354 | 9867614 |
|  Molina Healthcare Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 (Call 08/17/30)<sup>(a)(b)</sup> | 9309 | 7961057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(a)(b)</sup>  | 11006 | 9175152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 8843 | 7947646 |
|  Radiology Partners Inc., 9.25%, 02/01/28<br>(Call 02/01/23)<sup>(a)(b)</sup>  | 10751 | 5724908 |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 22459 | 17904932 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25<br>(Call 12/15/22)<sup>(a)</sup>  | 11843 | 8964796 |
|  Select Medical Corp., 6.25%, 08/15/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 18236 | 17366143 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 22253 | 18698083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 (Call 12/01/24)<sup>(a)(b)</sup>  | 22623 | 18918484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22)<sup>(b)</sup>  | 9928 | 9615367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(a)(b)</sup>  | 8185 | 7918988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 8445 | 7427378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(a)</sup>  | 33587 | 31739715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(a)</sup>  | 22946 | 21024502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 38631 | 33367275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup>  | 32319 | 30056670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 24958 | 23963224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718001808 |
| **Holding Companies - Diversified — 0.7%** |  |  |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 15469 | 13303959 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.38%, 02/01/29<br>(Call 08/01/28)<sup>(b)</sup>  | 11563 | 9655105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 19250 | 18630907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 23153 | 21388741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 21625 | 20770812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 12043 | 11690742 |
|  |  | 95440266 |
| **Home Builders — 0.6%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30<br>(Call 04/01/25)<sup>(a)</sup>  | 6161 | 4566841 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  | 6951 | 5318384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10353 | 9032992 |
|  Century Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)(b)</sup> | 7207 | 5675801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 9058 | 8636350 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup>  | 9830 | 7738317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 6803 | 5816633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Home Builders (continued)** |  |  |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 (Call 10/15/28)<sup>(a)(b)</sup>  | $7138 | $5753674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 5790 | 5616300 |
|  Taylor Morrison Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 (Call 02/01/30)<sup>(a)</sup>  | 8548 | 7158950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(a)(b)</sup>  | 6302 | 5784543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(a)(b)</sup>  | 7708 | 7228177 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24<sup>(b)</sup>  | 6443 | 6363268 |
|  |  | 84690230 |
| **Home Furnishings — 0.1%** |  |  |
|  Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 (Call 10/15/26)<sup>(a)(b)</sup>  | 13618 | 10247545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 11875 | 9577829 |
|  |  | 19825374 |
| **Household Products & Wares — 0.3%** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 (Call 10/15/25)<sup>(b)</sup>  | 6839 | 5668915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31 (Call 04/30/26)<sup>(a)</sup>  | 7130 | 5970805 |
|  Kronos Acquisition Holdings Inc./KIK Custom<br>Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 (Call 06/30/23)<sup>(a)</sup>  | 7676 | 6958064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/27 (Call 12/31/23)<sup>(a)(b)</sup>  | 8192 | 6934528 |
|  Spectrum Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup>  | 8997 | 6635288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup>  | 6930 | 6834747 |
|  |  | 39002347 |
| **Housewares — 0.5%** |  |  |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | 30839 | 28659324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25)<sup>(b)</sup>  | 7442 | 7167464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27)<sup>(b)</sup>  | 6853 | 6701353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29)<sup>(b)</sup>  | 8803 | 8604933 |
|  Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 (Call 04/01/26)<sup>(b)</sup> | 8625 | 6572250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 (Call 08/01/26)<sup>(b)</sup>  | 6119 | 4660074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (Call 10/15/24)<sup>(b)</sup>  | 6482 | 5250420 |
|  |  | 67615818 |
| **Insurance — 1.0%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 10390 | 8494344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  | 7817 | 6428411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 13801 | 13059416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 4986 | 4929908 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings<br>Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 10230 | 9251330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 7269 | 6163073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 18812 | 17165950 |
|  AssuredPartners Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/29 (Call 12/15/23)<sup>(a)(b)</sup>  | 7631 | 6276497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6070 | 5810507 |
|  Enstar Finance LLC, 5.50%, 01/15/42<br>(Call 01/15/27)<sup>(b)(c)</sup>  | 6560 | 5130161 |
|  Global Atlantic Fin Co., 4.70%, 10/15/51<br>(Call 07/15/26)<sup>(a)(b)(c)</sup> | 9621 | 7206129 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 6170 | 5839134 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | $8819 | $7559537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 26077 | 25751037 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51 (Call 09/15/26)<sup>(a)(b)(c)</sup>  | 6188 | 4641000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61 (Call 02/01/26)<sup>(a)(b)</sup>  | 11303 | 6621439 |
|  |  | 140327873 |
| **Internet — 1.7%** |  |  |
|  Arches Buyer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 12/01/23)<sup>(a)</sup>  | 14222 | 11660618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | 6941 | 5331555 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 12209 | 10106162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10328 | 9724328 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  | 7339 | 5560320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 (Call 05/01/25)<sup>(a)(b)</sup>  | 7593 | 6157164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup>  | 8025 | 7131256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 6739 | 6049937 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup>  | 16265 | 15828688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)(b)</sup>  | 12625 | 12604039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(a)(b)</sup>  | 11185 | 11039595 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 12911 | 8470055 |
|  Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (Call 04/22/26)<sup>(a)(b)(c)(d)</sup>  | 12035 | 8974891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, (Call 04/22/31)<sup>(a)(b)(c)(d)</sup>  | 15427 | 10539378 |
|  Twitter Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup>  | 8478 | 8552182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 12/01/29)<sup>(a)(b)</sup>  | 15110 | 15238758 |
|  Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 22864 | 19599021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 8824 | 8459081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(a)</sup>  | 16134 | 16129966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 19336 | 19354907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | 24441 | 24531432 |
|  |  | 241043333 |
| **Iron & Steel — 0.4%** |  |  |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup>  | 8589 | 7987770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 11604 | 11516970 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(a)</sup>  | 9932 | 9783020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 10338 | 10286310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(a)</sup>  | 10554 | 10385136 |
|  U.S. Steel Corp., 6.88%, 03/01/29<br>(Call 03/01/24)<sup>(b)</sup>  | 720 | 661906 |
|  |  | 50621112 |
| **Leisure Time — 0.8%** |  |  |
|  Life Time Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 15144 | 14083920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 8263 | 7248341 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/24 (Call 11/14/22)<sup>(a)</sup>  | 8671 | 7475486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(a)</sup>  | 22215 | 18083010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup>  | 16051 | 14317492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 11/15/28)<sup>(a)(b)</sup>  | 9082 | 7208837 |
|  NCL Finance Ltd., 6.13%, 03/15/28<br>(Call 12/15/27)<sup>(a)(b)</sup>  | 7770 | 5998440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Leisure Time (continued)** |  |  |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | $12263 | $9805290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 8158 | 6526910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 10347 | 11123025 |
|  VOC Escrow Ltd., 5.00%, 02/15/28<br>(Call 02/15/23)<sup>(a)</sup>  | 10454 | 8716441 |
|  |  | 110587192 |
| **Lodging — 3.0%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 (Call 12/01/22)<sup>(b)</sup>  | 15104 | 13829222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31 (Call 06/15/26)<sup>(a)(b)</sup>  | 12726 | 10769377 |
|  Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32 (Call 08/15/26)<sup>(a)</sup>  | 23022 | 18288101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 13701 | 11666950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(a)(b)</sup>  | 17353 | 14437214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25)<sup>(b)</sup>  | 14596 | 13081665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(a)</sup>  | 4363 | 4297555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup>  | 7298 | 7039577 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 (Call 07/01/26)<sup>(a)</sup>  | 8261 | 6753367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 13997 | 12054916 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27<br>(Call 11/16/22)<sup>(b)</sup>  | 6863 | 6503837 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25)<sup>(b)</sup>  | 7122 | 6444698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 23402 | 22223007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 15241 | 13254640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29) | 11516 | 9295571 |
|  Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 7866 | 6558606 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 14772 | 10608142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 7390 | 4718515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 (Call 12/04/24)<sup>(a)(b)</sup>  | 17524 | 9769630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 8527 | 5182455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 (Call 07/21/23)<sup>(a)(b)</sup>  | 12495 | 7209615 |
|  MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/27 (Call 02/01/24)<sup>(a)</sup>  | 11078 | 8308500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 8270 | 6618812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/24 (Call 11/11/22)<sup>(a)</sup>  | 9833 | 8310114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/26 (Call 11/11/22)<sup>(a)(b)</sup>  | 10819 | 8299471 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 (Call 06/01/26)<sup>(b)</sup>  | 5723 | 5202064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 (Call 07/15/28)<sup>(b)</sup>  | 10576 | 9180788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27)<sup>(b)</sup>  | 10694 | 9849709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25)<sup>(b)</sup>  | 9214 | 8931130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup>  | 11872 | 11722413 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 10560 | 9087514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 (Call 06/01/31)<sup>(a)(b)</sup>  | 8287 | 6689266 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 17234 | 7315833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 6732 | 3250719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 6502 | 2936466 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29 (Call 09/01/29)<sup>(a)(b)</sup>  | 11799 | 9615005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 5638 | 5264483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(a)</sup>  | 10213 | 9970441 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Lodging (continued)** |  |  |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup>  | $14672 | $12782980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(a)(b)</sup>  | 27755 | 26146598 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 11/11/22)<sup>(a)(b)</sup>  | 8308 | 6480240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/29 (Call 12/15/24)<sup>(a)(b)</sup>  | 15213 | 9203865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 16335 | 11352825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 11441 | 7376814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28 (Call 08/26/23)<sup>(a)(b)</sup>  | 21614 | 13184540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431067250 |
| **Machinery — 0.2%** |  |  |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(a)</sup>  | 11209 | 9175127 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28<br>(Call 07/15/23)<sup>(a)(b)</sup>  | 7126 | 5817928 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23426 | 20977006 |
|  |  | 35970061 |
| **Manufacturing — 0.1%** |  |  |
|  FXI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 7025 | 6101212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 12486 | 10851458 |
|  Hillenbrand Inc., 5.75%, 06/15/25<br>(Call 12/01/22)<sup>(b)</sup>  | 4423 | 4401234 |
|  |  | 21353904 |
| **Media — 10.5%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 18379 | 14620002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup>  | 33657 | 26504888 |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup>  | 17478 | 13494108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup>  | 11510 | 10546038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 5537 | 5404112 |
|  Audacy Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/27 (Call 11/16/22)<sup>(a)</sup>  | 5201 | 1523893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/31/29 (Call 03/31/24)<sup>(a)</sup>  | 6623 | 1880932 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 (Call 07/01/25)<sup>(a)</sup>  | 42525 | 33594750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(a)(b)</sup>  | 31488 | 23064960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 02/15/25)<sup>(a)</sup>  | 42230 | 34364663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 (Call 05/01/26) | 45020 | 35284425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(a)</sup>  | 26287 | 19951833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(a)(b)</sup>  | 44742 | 37214158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(a)(b)</sup>  | 19348 | 15503278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 11/16/22)<sup>(a)(b)</sup>  | 39974 | 36104017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 50404 | 46655202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 06/01/24)<sup>(a)</sup>  | 23523 | 20912229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 10962 | 10520322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(a)(b)</sup>  | 23522 | 21719951 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 15976 | 11590588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 17466 | 13638763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(a)</sup>  | 23993 | 18733494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 35763 | 25786643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup>  | 8050 | 5705438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(b)</sup>  | 10027 | 9726190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup>  | 15229 | 14048753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 21281 | 19982859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/30 (Call 01/15/25)<sup>(a)</sup>  | 35718 | 27614182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 28172 | 26499288 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | $16498 | $14244850 |
|  Diamond Sports Group LLC/Diamond Sports<br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/26 (Call 11/16/22)<sup>(a)(b)</sup>  | 32305 | 6461000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/27 (Call 11/16/22)<sup>(a)</sup>  | 14249 | 730261 |
|  Directv Financing LLC/Directv Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Co-Obligor Inc., 5.88%, 08/15/27<br>(Call 08/15/23)<sup>(a)</sup>  | 58022 | 52098923 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 (Call 06/01/26)<sup>(a)</sup>  | 42726 | 37118212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 (Call 12/01/27)<sup>(a)</sup>  | 39953 | 32012341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24<sup>(b)</sup>  | 30681 | 28341574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 (Call 07/01/23) | 15617 | 11868920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26<sup>(b)</sup>  | 31173 | 26384048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29<sup>(b)</sup>  | 22882 | 15500248 |
|  Gray Escrow II Inc., 5.38%, 11/15/31<br>(Call 11/15/26)<sup>(a)(b)</sup>  | 20162 | 16172444 |
|  Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup>  | 13763 | 10859282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 10252 | 9657865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 13032 | 12412980 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 8562 | 7470345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 11657 | 10538511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 12840 | 12289147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(b)</sup>  | 21172 | 19055558 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup>  | 14629 | 12366479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup>  | 16948 | 15804010 |
|  McGraw-Hill Education Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  | 14666 | 12913413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup>  | 11318 | 9634448 |
|  News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 15966 | 13722777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup>  | 8151 | 7311447 |
|  Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 17659 | 15497538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25879566 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/28/57 (Call 02/28/27)<sup>(b)(c)</sup>  | 10571 | 8926707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(c)</sup>  | 16072 | 13708947 |
|  Radiate Holdco LLC/Radiate Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup>  | 15276 | 12970596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup>  | 15787 | 9945810 |
|  Scripps Escrow II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 7808 | 6448159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup>  | 6258 | 5084625 |
|  Scripps Escrow Inc., 5.88%, 07/15/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8333 | 7549281 |
|  Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup>  | 12872 | 9911440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 12/01/24)<sup>(a)(b)</sup>  | 7709 | 5804877 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)(b)</sup>  | 14922 | 13334299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup>  | 24113 | 19230118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup>  | 33266 | 28673835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(a)(b)</sup>  | 22977 | 18735044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 22441 | 20769704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 19264 | 17767187 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23)<sup>(b)</sup>  | 15370 | 14630242 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(a)</sup>  | $8561 | $8444776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup>  | 17611 | 16802977 |
|  Telenet Finance Luxembourg Notes Sarl, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/28 (Call 12/01/22)<sup>(a)</sup>  | 13800 | 12058900 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 16801 | 14057397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(a)</sup>  | 23215 | 22404107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)(b)</sup>  | 25208 | 24855088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 (Call 06/30/25)<sup>(a)(b)</sup>  | 14568 | 14165764 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<br>(Call 07/15/26)<sup>(a)</sup>  | 21396 | 17713748 |
|  UPC Holding BV, 5.50%, 01/15/28<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 6759 | 5917572 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 9618 | 8115476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 9340 | 8794731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(a)(b)</sup>  | 4136 | 4099423 |
|  Virgin Media Finance PLC, 5.00%, 07/15/30<br>(Call 07/15/25)<sup>(a)(b)</sup>  | 15712 | 12742432 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 08/15/25)<sup>(a)(b)</sup>  | 16935 | 14065534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 22520 | 20493200 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)</sup>  | 7566 | 6395792 |
|  VZ Secured Financing BV, 5.00%, 01/15/32<br>(Call 01/15/27)<sup>(a)</sup> | 25344 | 20186509 |
|  Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 7782 | 6136963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 9501 | 8493894 |
|  Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)<sup>(a)(b)</sup>  | 15609 | 13147086 |
|  |  | 1491118386 |
| **Mining — 1.0%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup>  | 593 | 504349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 06/15/23)<sup>(a)(b)</sup>  | 678 | 634864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup>  | 299 | 283900 |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 10159 | 10030123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 15291 | 14333478 |
|  Constellium SE, 3.75%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup>  | 6986 | 5462214 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(a)(b)</sup>  | 23736 | 18865373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup>  | 8923 | 7967347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup>  | 6265 | 6136506 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(a)(b)</sup>  | 12280 | 10898500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(a)(b)</sup>  | 11841 | 10406957 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup>  | 10453 | 8407871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 6331 | 5526013 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 (Call 11/15/23)<sup>(a)(b)</sup>  | 11758 | 10348862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 (Call 08/15/26)<sup>(a)(b)</sup>  | 11158 | 8614869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 (Call 01/30/25)<sup>(a)(b)</sup>  | 26175 | 22286965 |
|  |  | 140708191 |
| **Office & Business Equipment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes Inc., 6.88%, 03/15/27<br>(Call 03/15/24)<sup>(a)(b)</sup>  | 144 | 92340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Office & Business Equipment (continued)** |  |  |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(a)</sup>  | $11695 | $10583975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(a)(b)</sup>  | 12044 | 9514760 |
|  |  | 20191075 |
| **Oil & Gas — 5.9%** |  |  |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup>  | 10818 | 10010977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 5153 | 5258207 |
|  Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)<sup>(b)</sup>  | 10144 | 9064475 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 6093 | 5394608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup>  | 9663 | 9518055 |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup>  | 11390 | 10818222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup>  | 9934 | 9884529 |
|  Calumet Specialty Products Partners LP/Calumet<br>Finance Corp., 11.00%, 04/15/25<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 7110 | 7403090 |
|  Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 (Call 02/05/23)<sup>(a)(b)</sup>  | 6177 | 5967600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/05/24)<sup>(a)(b)</sup>  | 7575 | 7156860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup>  | 14704 | 14444895 |
|  Citgo Holding Inc., 9.25%, 08/01/24 (Call 12/01/22)<sup>(a)</sup>  | 16915 | 16952213 |
|  CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 06/15/23)<sup>(a)(b)</sup>  | 11971 | 11763136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 (Call 12/01/22)<sup>(a)</sup>  | 17344 | 17079504 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 7324 | 6820475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/27 (Call 12/01/22)<sup>(a)</sup>  | 945 | 937516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup>  | 8761 | 8695468 |
|  Colgate Energy Partners III LLC, 5.88%, 07/01/29<br>(Call 07/01/24)<sup>(a)</sup>  | 10185 | 9500262 |
|  Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 16481 | 14935906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup>  | 19546 | 18715295 |
|  CrownRock LP/CrownRock Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/24)<sup>(a)</sup>  | 5280 | 4824819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 17551 | 16941254 |
|  CVR Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/25 (Call 11/16/22)<sup>(a)(b)</sup>  | 8056 | 7766387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 6557 | 5998016 |
|  Endeavor Energy Resources LP/EER Finance Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/30/28 (Call 01/30/23)<sup>(a)(b)</sup>  | 14980 | 14496895 |
|  Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/24 (Call 12/30/23)<sup>(a)(e)</sup>  | 9036 | 8638697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/26 (Call 12/30/25)<sup>(a)(e)</sup>  | 8668 | 7810051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/30/28 (Call 09/30/27)<sup>(a)(e)</sup>  | 7750 | 6823836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/30/31 (Call 09/30/30)<sup>(a)(e)</sup>  | 8561 | 7256543 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 69 | 62218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 558 | 501898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 437 | 436255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29)<sup>(b)</sup>  | 444 | 454972 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 9984 | 9095082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 8477 | 7720512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 (Call 02/01/26)<sup>(a)</sup>  | 10453 | 9461463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 8224 | 7743750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 (Call 05/15/27)<sup>(a)</sup>  | 8402 | 7698719 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Laredo Petroleum Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/29 (Call 07/31/24)<sup>(a)(b)</sup>  | $5930 | $5661173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/15/25 (Call 12/01/22)<sup>(b)</sup>  | 8613 | 8629149 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/30/25 (Call 03/30/25)<sup>(a)(e)</sup>  | 8800 | 8371000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/27 (Call 12/30/26)<sup>(a)(e)</sup>  | 8006 | 7448182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/30/30 (Call 12/30/29)<sup>(a)(e)</sup>  | 6801 | 6089262 |
|  Matador Resources Co., 5.88%, 09/15/26<br>(Call 11/16/22)<sup>(b)</sup>  | 4847 | 4762177 |
|  MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 10062 | 9609210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup>  | 11849 | 12056950 |
|  Moss Creek Resources Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 11342 | 10434640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(a)</sup>  | 7605 | 7321613 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup>  | 5311 | 5266919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22)<sup>(b)</sup>  | 8090 | 7868334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/24)<sup>(b)</sup>  | 6338 | 6194825 |
|  Nabors Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(b)</sup>  | 6922 | 6644255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(a)</sup>  | 11893 | 11729471 |
|  Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 9550 | 9193785 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24)<sup>(b)</sup>  | 6801 | 6546144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25)<sup>(b)</sup>  | 8777 | 8797857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 15505 | 15718194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 11096 | 11179220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30)<sup>(b)</sup>  | 19908 | 19910190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/28 (Call 03/01/28)<sup>(b)</sup>  | 9411 | 9526567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 (Call 03/01/30)<sup>(b)</sup>  | 24990 | 26005094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24<sup>(b)</sup>  | 6318 | 6451626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31<sup>(b)</sup>  | 13179 | 14167425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31 | 8523 | 9287257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 5953 | 6284046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27)<sup>(b)</sup>  | 7943 | 8636027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 15548 | 17788467 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 13613 | 11377065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30 (Call 05/01/25)<sup>(a)(b)</sup>  | 11937 | 9937814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6221 | 5884106 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23) | 14242 | 12864977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/25 (Call 12/01/22) | 10055 | 9954450 |
|  Puma International Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/24/26 (Call 11/11/22)<sup>(a)</sup>  | 9555 | 8539781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/06/24 (Call 11/11/22)<sup>(a)</sup>  | 8343 | 7836422 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30 (Call 02/15/25)<sup>(a)</sup>  | 9471 | 8361330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25)<sup>(b)</sup>  | 9448 | 9138767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 01/15/24) | 7223 | 7455039 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/24)<sup>(b)</sup>  | 6486 | 6228181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22)<sup>(b)</sup>  | 5881 | 5752794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22)<sup>(b)</sup>  | 5911 | 5820118 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(b)</sup>  | 18166 | 15669810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 (Call 02/01/24)<sup>(b)</sup>  | 10268 | 9537945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 (Call 03/15/25)<sup>(b)</sup>  | 19173 | 17765153 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24)<sup>(b)</sup>  | $664 | $655093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22)<sup>(b)</sup>  | 3195 | 3278869 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 (Call 05/15/24) | 12516 | 10765324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 (Call 04/30/25)<sup>(b)</sup>  | 13344 | 11342400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 (Call 03/15/23) | 6116 | 5841544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 (Call 12/01/22)<sup>(b)</sup>  | 9472 | 9280666 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24<br>(Call 12/01/22)<sup>(a)</sup>  | 1628 | 1583037 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 5162 | 4502296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 11/11/22)<sup>(a)</sup>  | 9791 | 8352213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup>  | 8264 | 6746626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(a)</sup>  | 10134 | 10195865 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25<br>(Call 12/01/22)<sup>(a)</sup> | 275 | 264649 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27<br>(Call 12/01/22)<sup>(a)</sup>  | 5411 | 5180733 |
|  |  | 841744786 |
| **Oil & Gas Services — 0.5%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup>  | 12879 | 11976182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 (Call 12/01/22)<sup>(a)</sup>  | 6832 | 6529870 |
|  USA Compression Partners LP/USA Compression<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | 11316 | 10861889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22)<sup>(b)</sup>  | 11025 | 10528875 |
|  Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/24)<sup>(a)(b)</sup>  | 7474 | 7191358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 (Call 10/30/24)<sup>(a)(b)</sup>  | 24892 | 23435818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 526 | 541835 |
|  |  | 71065827 |
| **Packaging & Containers — 2.6%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 (Call 05/15/24)<sup>(a)</sup>  | 9528 | 7794952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 17700 | 13474125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup>  | 8522 | 8182398 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings<br>USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(a)(b)</sup>  | 18887 | 16242820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(a)</sup>  | 9842 | 9297175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)</sup>  | 12172 | 8550830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 16363 | 11495007 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(b)</sup>  | 20383 | 15847782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31)<sup>(b)</sup>  | 14468 | 11081765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 4714 | 4621794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 13192 | 12658120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(b)</sup>  | 14371 | 14184321 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 516 | 484653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 7053 | 6682718 |
|  Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 8032 | 7589276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 17798 | 15640526 |
|  Crown Americas LLC, 5.25%, 04/01/30<br>(Call 01/01/30)<sup>(a)(b)</sup>  | 7562 | 6916944 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
|  Crown Americas LLC/Crown Americas Capital Corp. V,<br>4.25%, 09/30/26 (Call 03/31/26)<sup>(b)</sup>  | $5567 | $5163393 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI,<br>4.75%, 02/01/26 (Call 12/01/22)<sup>(b)</sup>  | 13958 | 13343947 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(a)</sup>  | 6436 | 5599809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(a)(b)</sup>  | 5524 | 4750640 |
|  LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 (Call 11/01/24)<sup>(a)(b)</sup>  | 7513 | 6557346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(a)</sup>  | 10971 | 10443271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/29 (Call 11/01/24)<sup>(a)</sup>  | 7248 | 5821231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 11716 | 10683527 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(a)(b)</sup>  | 24953 | 24439385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 21466 | 19353263 |
|  OI European Group BV, 4.75%, 02/15/30<br>(Call 11/15/24)<sup>(a)(b)</sup>  | 6212 | 5246228 |
|  Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)(b)</sup>  | 10240 | 9833298 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 15680 | 13876800 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)<sup>(a)(b)</sup>  | 7308 | 6394500 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(a)(b)</sup>  | 7725 | 6836625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup>  | 5927 | 5400979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(a)(b)</sup>  | 3539 | 3510836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup>  | 4612 | 4527699 |
|  Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/22)<sup>(b)</sup>. | 7367 | 6740805 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup>  | 16885 | 15539097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(a)(b)</sup>  | 10944 | 10381260 |
|  |  | 365189145 |
| **Pharmaceuticals — 2.9%** |  |  |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 8438 | 7186476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 (Call 03/01/25)<sup>(a)</sup>  | 10227 | 8871923 |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/28 (Call 06/01/24)<sup>(a)(b)</sup>  | 26785 | 16405812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/30 (Call 01/30/25)<sup>(a)</sup>  | 5069 | 1964238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 2730 | 1073027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(a)</sup>  | 28960 | 23218005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 7885 | 5019197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(a)(b)</sup>  | 15792 | 10346820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 47114 | 36631135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30 | 8478 | 4853507 |
|  Herbalife Nutrition Ltd./HLF Financing Inc.,<br>7.88%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8807 | 8307252 |
|  HLF Financing Sarl LLC/Herbalife International Inc.,<br>4.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 9607 | 7205689 |
|  Jazz Securities DAC, 4.38%, 01/15/29<br>(Call 07/15/24)<sup>(a)(b)</sup>  | 25001 | 22123652 |
|  Mallinckrodt International Finance SA/Mallinckrodt<br>CB LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/25 (Call 11/16/22)<sup>(a)</sup>  | 8220 | 7418550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/15/28 (Call 06/15/27)<sup>(a)(b)</sup>  | 10238 | 9265390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 (Call 04/30/24)<sup>(a)(b)</sup>  | $37481 | $33014014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 (Call 04/30/26)<sup>(a)(b)</sup>  | 31534 | 26667005 |
|  Owens & Minor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup>  | 7200 | 5580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup>  | 9530 | 7957550 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 9158 | 8724002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25)<sup>(b)</sup>  | 16022 | 15018863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 10849 | 9067160 |
|  Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 (Call 04/01/26)<sup>(a)(b)</sup>  | 8822 | 7087154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup>  | 5807 | 5396271 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/21/23<sup>(b)</sup>  | 406 | 394751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26<sup>(b)</sup>  | 53076 | 44849220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 (Call 02/09/27)<sup>(b)</sup>  | 18963 | 16687440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/09/29 (Call 02/09/29)<sup>(b)</sup>  | 16065 | 13798320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/24 (Call 01/15/24)<sup>(b)</sup>  | 16756 | 16588440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 (Call 12/01/27)<sup>(b)</sup>  | 20386 | 19239667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 (Call 10/31/24) | 16909 | 16761046 |
|  |  | 416721576 |
| **Pipelines — 5.0%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 12209 | 11138271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)</sup>  | 10492 | 9991532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 10512 | 9928704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup>  | 6705 | 6834071 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26)<sup>(b)</sup>  | 9357 | 8207960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(a)(b)</sup>  | 6005 | 5659773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 6134 | 5307216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/23 (Call 04/01/23) | 488 | 482271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27)<sup>(a)(b)</sup>  | 8888 | 7751669 |
|  Cheniere Energy Inc., 4.63%, 10/15/28<br>(Call 10/15/23)<sup>(b)</sup>  | 31799 | 29334577 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 (Call 01/31/27) | 18878 | 14689100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 (Call 03/01/26) | 23441 | 19807645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)</sup>  | 22879 | 20217028 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,<br>06/15/31 (Call 06/15/26)<sup>(a)(b)</sup>  | 23120 | 20519000 |
|  Crestwood Midstream Partners LP/Crestwood<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(a)(b)</sup>  | 10112 | 9537582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 7423 | 7237425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(a)</sup>  | 11525 | 10817173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 6361 | 6401892 |
|  DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 17641 | 15153619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 (Call 06/15/26)<sup>(a)</sup>  | 16155 | 13732558 |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 03/01/29)<sup>(b)</sup>  | 7830 | 7232258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 07/15/27)<sup>(a)(b)</sup>  | 7355 | 7049400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30 (Call 03/01/30)<sup>(a)(b)</sup>  | 10580 | 10375541 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 6273 | 5919516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26)<sup>(b)</sup>  | 8122 | 7648894 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24)<sup>(b)</sup>  | $757 | $716955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26)<sup>(b)</sup>  | 6905 | 6129339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 07/15/28)<sup>(a)(b)</sup>  | 11563 | 9819052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 (Call 07/15/30)<sup>(a)(b)</sup>  | 17623 | 14670936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 13681 | 12251062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(a)(b)</sup>  | 4974 | 4823785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(a)(b)</sup>  | 12848 | 12507528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)(b)</sup>  | 8178 | 8075775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(a)(b)</sup>  | 9504 | 9245016 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup>  | 6506 | 6214857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup>  | 11768 | 11223730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24) | 15889 | 15432191 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 12809 | 10942857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup>  | 8563 | 7859550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 (Call 10/15/25)<sup>(a)</sup>  | 6475 | 5843299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/26 (Call 12/01/22)<sup>(a)</sup>  | 13123 | 12870645 |
|  ITT Holdings LLC, 6.50%, 08/01/29<br>(Call 08/01/24)<sup>(a)</sup>  | 19020 | 15139920 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<br>(Call 06/15/25)<sup>(a)(b)</sup>  | 16035 | 15147787 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup>  | 25029 | 24278130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(a)</sup>  | 17788 | 17392217 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup>  | 32985 | 29851425 |
|  NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)<sup>(b)</sup>  | 6134 | 5980650 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 8049 | 7442642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25)<sup>(b)</sup>  | 8448 | 8192110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 9771 | 9468936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 (Call 04/01/30)<sup>(b)</sup>  | 9469 | 8780588 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(a)</sup>  | 3944 | 3681302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(a)(b)</sup>  | 7924 | 6957272 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 01/15/23)<sup>(a)</sup>  | 11403 | 10219699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(a)(b)</sup>  | 6977 | 6613403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 (Call 12/31/25)<sup>(a)(b)</sup>  | 13289 | 12043156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup>  | 7371 | 6576743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8880 | 8988158 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 323 | 285387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 371 | 341906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 237 | 237209 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 (Call 05/01/33)<sup>(a)(b)</sup>  | 18037 | 14434897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)(b)</sup>  | 19261 | 16581313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 02/15/31)<sup>(a)(b)</sup>  | 19882 | 16894729 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 8986 | 8540923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 644 | 610692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29) | 20582 | 18108044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 6875 | 6317231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 7288 | 6895282 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | $6018 | $5532385 |
|  |  | 711135388 |
| **Real Estate — 0.5%** |  |  |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup>  | 10445 | 8275337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup>  | 10436 | 7835050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup>  | 11191 | 9515987 |
|  Kennedy-Wilson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(b)</sup>  | 9464 | 7573566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 9900 | 7771500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26)<sup>(b)</sup>  | 9853 | 7706229 |
|  Realogy Group LLC/Realogy Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup>  | 15627 | 10845919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 13151 | 9352827 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(a)</sup>  | 8058 | 4340240 |
|  WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)<sup>(a)(b)</sup>  | 6349 | 3174500 |
|  |  | 76391155 |
| **Real Estate Investment Trusts — 3.5%** |  |  |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR |  |  |
|  Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)(b)</sup>  | 12319 | 10440353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)(b)</sup>  | 16652 | 15429452 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 (Call 09/01/30) | 8486 | 5633855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 08/15/27)<sup>(b)</sup>  | 7123 | 4887446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/25 (Call 12/01/22)<sup>(b)</sup>  | 8282 | 7825496 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup>  | 16664 | 13497840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4613 | 4397711 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup>  | 17791 | 14468993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 14335 | 13198712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(a)</sup>  | 17952 | 15416280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 7578 | 6783243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)(b)</sup>  | 12270 | 11295982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(a)</sup>  | 19842 | 17193627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(a)</sup>  | 9160 | 7893630 |
|  Iron Mountain Information Management Services Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 07/15/27)<sup>(a)(b)</sup>  | 10678 | 8779452 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup>  | 4838 | 4686813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24)<sup>(b)</sup>  | 9982 | 9879884 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(a)</sup>  | 11324 | 9529146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 9904 | 7903703 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26) | 19212 | 13232586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup>  | 14224 | 11272900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(b)</sup>  | 22669 | 19378368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22)<sup>(b)</sup>  | 7371 | 6651222 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup>  | 11777 | 10068157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 12431 | 11281132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/25 (Call 12/01/22)<sup>(a)</sup>  | 10839 | 10866097 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |  |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | $9272 | $8121941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup>  | 10549 | 9737149 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 (Call 07/01/23)<sup>(a)</sup>  | 8905 | 8142198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 (Call 09/15/24)<sup>(a)(b)</sup>  | 7204 | 6005058 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup>  | 25807 | 20903670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 (Call 02/15/23)<sup>(b)</sup>  | 22055 | 19959775 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 07/15/27)<sup>(b)</sup>  | 7063 | 5183959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | 14941 | 13736382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 08/15/29)<sup>(b)</sup>  | 5808 | 4138200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 7119 | 5801985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26)<sup>(b)</sup>  | 6366 | 5148503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 (Call 07/01/29) | 7600 | 5551709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27)<sup>(b)</sup>  | 6234 | 5360617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25)<sup>(b)</sup>  | 12293 | 12001041 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)</sup>  | 7456 | 6488584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)(b)</sup>  | 5040 | 4712400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup>  | 8450 | 7406425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 6681 | 6253008 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 11089 | 7662499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/25 (Call 12/01/22)<sup>(a)</sup>  | 36349 | 36039670 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup>  | 7686 | 6320480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 17694 | 12605206 |
|  VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 557 | 514947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup>  | 591 | 511716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 (Call 06/01/26)<sup>(a)</sup>  | 602 | 549165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 (Call 03/15/25)<sup>(a)</sup>  | 387 | 364367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 (Call 02/01/24)<sup>(a)</sup>  | 584 | 577056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/27 (Call 11/01/26)<sup>(a)</sup>  | 330 | 311220 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 7503 | 6501213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 5161 | 5075229 |
|  |  | 503577452 |
| **Retail — 4.8%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup>  | 11731 | 9824712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(a)(b)</sup>  | 24614 | 21649736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup>  | 46266 | 37764622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 12896 | 11344289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4307 | 4308260 |
|  1375209 BC Ltd., 9.00%, 01/30/28 | 26537 | 25873575 |
|  Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 03/01/23)<sup>(b)</sup>  | 5181 | 4473431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 12326 | 10154056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25)<sup>(b)</sup>  | 7049 | 5798155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(a)(b)</sup>  | 9026 | 7277213 |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/28<sup>(b)</sup>  | 7527 | 6647909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup>  | 15812 | 14056868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 (Call 06/15/24)<sup>(b)</sup>  | 9165 | 8658817 |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | $11975 | $5298938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup>  | 8490 | 4084013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 9183 | 6014865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 8600 | 3956000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/01/30 (Call 05/01/27)<sup>(a)(b)</sup>  | 51204 | 30722400 |
|  eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(a)(b)</sup>  | 10713 | 9707148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(a)</sup>  | 10453 | 9719025 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 10774 | 9777405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 14049 | 11800282 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/25)<sup>(a)(b)</sup>  | 15340 | 13327611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup>  | 20113 | 15788705 |
|  FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/28 (Call 09/01/23)<sup>(a)</sup>  | 7773 | 6730307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 (Call 01/01/25)<sup>(a)</sup>  | 8321 | 7394357 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup>  | 11358 | 7991375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup>  | 12250 | 8434330 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 8061 | 7674314 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<br>(Call 01/15/24)<sup>(a)(b)</sup> | 12269 | 8581920 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 15003 | 12658781 |
|  Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup>  | 12264 | 10005891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(a)(b)</sup>  | 9709 | 7900699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 7040 | 6354515 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 7613 | 6592925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 6640 | 5604949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(a)(b)</sup>  | 6459 | 5353849 |
|  Michaels Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (Call 11/01/23)<sup>(a)(b)</sup>  | 11929 | 8409945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 19724 | 10996130 |
|  Murphy Oil USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)</sup>  | 8363 | 6985196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/29 (Call 09/15/24)<sup>(b)</sup>  | 7364 | 6676847 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)<sup>(a)</sup>  | 19958 | 18964690 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31)<sup>(b)</sup>  | 6472 | 4685404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(b)</sup>  | 9149 | 7052572 |
|  Penske Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup>  | 5196 | 4846430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 06/15/24)<sup>(b)</sup>  | 7488 | 6025968 |
|  PetSmart Inc./PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/24)<sup>(a)</sup>  | 18825 | 17103689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup>  | 18037 | 16920465 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/28 (Call 06/01/28) | 8035 | 5825375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24)<sup>(b)</sup>  | 9991 | 8738328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26)<sup>(b)</sup>  | 8860 | 7019246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24<sup>(b)</sup>  | 9147 | 8741102 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(a)</sup>  | $7453 | $5239707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)(b)</sup>  | 14073 | 9146127 |
|  Sonic Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 9348 | 7349865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup>  | 9346 | 7110044 |
|  SRS Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 (Call 07/01/24)<sup>(a)(b)</sup>  | 10448 | 9194240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 14350 | 11669779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup>  | 6600 | 5393368 |
|  Staples Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(a)</sup>  | 29984 | 26086080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 16984 | 12340659 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31<br>(Call 06/01/26)<sup>(a)(b)</sup> . | 10547 | 8868058 |
|  Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30)<sup>(b)</sup>  | 15468 | 12386001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26)<sup>(b)</sup>  | 19804 | 16853204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup>  | 12462 | 11137912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27)<sup>(b)</sup>  | 15642 | 13969088 |
|  |  | 685041766 |
| **Semiconductors — 0.2%** |  |  |
|  Entegris Escrow Corp., 5.95%, 06/15/30<br>(Call 06/15/25)<sup>(a)(b)</sup> | 15610 | 14238193 |
|  Entegris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 6701 | 5467765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(a)</sup>  | 6474 | 5689027 |
|  |  | 25394985 |
| **Software — 2.5%** |  |  |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28<br>(Call 09/01/23)<sup>(a)(b)</sup>  | 17716 | 15397101 |
|  Central Parent Inc./CDK Global Inc.,<br>7.25%, 06/15/29 (Call 06/15/25)<sup>(a)(b)</sup>  | 9076 | 8674932 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 (Call 06/30/24)<sup>(a)(b)</sup>  | 15512 | 13424732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 (Call 06/30/24)<sup>(a)(b)</sup>  | 14454 | 12051022 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(a)(b)</sup>  | 15742 | 14243991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup>  | 5052 | 4920648 |
|  Minerva Merger Sub Inc., 6.50%, 02/15/30<br>(Call 02/15/25)<sup>(a)(b)</sup>  | 37592 | 29321760 |
|  MSCI Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 (Call 08/15/27)<sup>(a)(b)</sup>  | 8992 | 7011818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 (Call 03/01/25)<sup>(a)(b)</sup>  | 15502 | 12943550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 (Call 11/01/26)<sup>(a)(b)</sup>  | 9422 | 7775977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 06/01/25)<sup>(a)(b)</sup>  | 15802 | 13352532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup>  | 15837 | 13720564 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(a)</sup>  | 14093 | 12084747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup>  | 13231 | 10485568 |
|  Open Text Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup>  | 14775 | 11764594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(a)</sup>  | 11581 | 8764153 |
|  Picard Midco Inc., 6.50%, 03/31/29<br>(Call 09/30/25)<sup>(a)(b)</sup> . | 63514 | 55098395 |
|  PTC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 4947 | 4692259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 8632 | 7871125 |
|  Rackspace Technology Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup>  | 7870 | 5152391 |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup>  | $9548 | $3962420 |
|  ROBLOX Corp., 3.88%, 05/01/30<br>(Call 11/01/24)<sup>(a)(b)</sup>  | 15150 | 12441937 |
|  SS&C Technologies Inc., 5.50%, 09/30/27<br>(Call 12/01/22)<sup>(a)(b)</sup>  | 30288 | 28143149 |
|  Twilio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup>  | 8187 | 6697171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(b)</sup>  | 8737 | 7132188 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd.,<br>7.50%, 09/01/25 (Call 12/01/22)<sup>(a)</sup>  | 28598 | 23950825 |
|  |  | 351079549 |
| **Telecommunications — 6.4%** |  |  |
|  Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup>  | 19556 | 12655349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 11/14/22)<sup>(a)</sup>  | 25787 | 20078790 |
|  Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)<sup>(a)</sup>  | 31275 | 23769000 |
|  Altice France SA/France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 (Call 09/15/23)<sup>(a)</sup>  | 7232 | 5416768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 04/15/24)<sup>(a)</sup>  | 40143 | 30048015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 12/01/22)<sup>(a)</sup>  | 17175 | 13716462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27 (Call 11/14/22)<sup>(a)</sup>  | 28910 | 26510470 |
|  Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup> | 13230 | 5695515 |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81 (Call 11/23/26)<sup>(a)(c)</sup>  | 7549 | 6347796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81 (Call 08/23/31)<sup>(a)(b)(c)</sup>  | 8075 | 6450360 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27<br>(Call 11/11/22)<sup>(a)(b)</sup>  | 16737 | 14555332 |
|  CommScope Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup>  | 20293 | 17143679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(a)</sup>  | 22260 | 21547680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 12400 | 10490400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 15617 | 13862152 |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(a)(b)</sup>  | 13989 | 11348576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(a)(b)</sup>  | 17565 | 16450501 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)<sup>(a)</sup>  | 33761 | 31735340 |
|  Consolidated Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 6239 | 4812141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup>  | 12122 | 9978467 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup>  | 24060 | 21036459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup>  | 17533 | 16178576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(b)</sup>  | 11783 | 9220197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 10/15/24)<sup>(a)(b)</sup>  | 14958 | 11671428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup>  | 17203 | 14170971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 (Call 05/15/25)<sup>(a)</sup>  | 19509 | 19759365 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26<sup>(b)</sup>  | 12942 | 12346150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup>  | 13367 | 12598397 |
|  Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup>  | 18618 | 17254418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 (Call 10/15/24)<sup>(a)</sup>  | 13453 | 12174965 |
|  Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup>  | 45943 | 42193592 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup>  | 12935 | 11141996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 12754 | 9734490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(a)(b)</sup>  | 14685 | 11162068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 12202 | 10044804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup>  | 18683 | 15362097 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *<br>Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup>  | $13890 | $12065905 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)</sup>  | 18344 | 15589124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(a)</sup>  | 15523 | 10948023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup>  | 12377 | 10597806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup>  | 7192 | 5235776 |
|  Nokia OYJ, 4.38%, 06/12/27<sup>(b)</sup>  | 7110 | 6512760 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 35274 | 35609103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24) | 20728 | 21390964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 23956 | 24997846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/23<sup>(b)</sup>  | 21493 | 21849283 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(a)</sup>  | 6879 | 6947790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup>  | 5860 | 5874455 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)</sup> | 22698 | 21392865 |
|  Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 6569 | 2964261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/26 (Call 12/06/23)<sup>(a)(b)</sup>  | 5832 | 2721017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 (Call 11/16/22)<sup>(a)</sup>  | 249 | 87590 |
|  T-Mobile USA Inc., 2.25%, 02/15/26<br>(Call 02/15/23) | 834 | 748934 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup>  | 8571 | 7905033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(a)</sup>  | 10992 | 10161005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup>  | 6902 | 5767484 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31 (Call 01/31/26)<sup>(a)</sup>  | 20571 | 16421984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31 (Call 07/15/26)<sup>(a)</sup>  | 21482 | 17360678 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(c)</sup>  | 7239 | 5803224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 (Call 03/04/31)<sup>(c)</sup>  | 13706 | 9776362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(c)</sup>  | 32413 | 30967471 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28<br>(Call 08/15/23)<sup>(a)(b)</sup>  | 23669 | 20471022 |
|  Zayo Group Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup>  | 22426 | 17324085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup>  | 18300 | 12151200 |
|  |  | 908305816 |
| **Toys, Games & Hobbies — 0.2%** |  |  |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup>  | 8877 | 8117871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup>  | 9108 | 7871930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup>  | 9004 | 8758101 |
|  |  | 24747902 |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(b)(c)</sup>  | $7227 | $6603166 |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup>  | 15637 | 13096769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(a)</sup>  | 9493 | 9125146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(a)</sup>  | 7257 | 7382691 |
|  |  | 36207772 |
|  **Total Long-Term Investments — 96.8%<br>(Cost: $15,757,706,751)** |  | 13775577516 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 20.1%** | **Money Market Funds — 20.1%** | **Money Market Funds — 20.1%** |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup>  | 2583015 | 2582498282 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup>  | 273430 | 273430000 |
|  **Total Short-Term Securities — 20.1%<br>(Cost: $2,856,062,855)** |  | 2855928282 |
|  **Total Investments — 116.9%<br>(Cost: $18,613,769,606)** |  | 16631505798 |
|  **Liabilities in Excess of Other Assets — (16.9)%** |  | (2402611864) |
|  **Net Assets — 100.0%** |  | $14228893934 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(d)</sup> Perpetual security with no stated maturity date.

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $13775577516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13775577516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2855928282 |  |  | 2855928282 |
|  | $2855928282 | $13775577516 | $— | $16631505798 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** |  |  |  |  |
|  Omnicom Group Inc., 2.60%, 08/01/31<br>(Call 05/01/31)<sup>(a)</sup>  | $| 13193 | $| 10315736 |
|  Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26<br>(Call 01/15/26) |  | 12335 |  | 11575153 |
|  |  |  |  | 21890889 |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) |  | 49550 |  | 44107730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26)<sup>(a)</sup>  |  | 12921 |  | 11222423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) |  | 9643 |  | 8696016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 (Call 11/01/29)<sup>(a)</sup>  |  | 11625 |  | 9316186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 (Call 12/01/28) |  | 14764 |  | 12281472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 (Call 12/01/27)<sup>(a)</sup>  |  | 10341 |  | 8969665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 (Call 11/01/34) |  | 11162 |  | 7888934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 (Call 02/01/34) |  | 9449 |  | 7041469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 (Call 11/01/30)<sup>(a)</sup>  |  | 16247 |  | 13476133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 (Call 08/01/49)<sup>(a)</sup>  |  | 14804 |  | 9503567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 (Call 11/01/48)<sup>(a)</sup>  |  | 8981 |  | 5794385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) |  | 12589 |  | 7815607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27)<sup>(a)</sup>  |  | 20110 |  | 19414025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  |  | 49532 |  | 45732182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39)<sup>(a)</sup>  |  | 33253 |  | 28908991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49)<sup>(a)</sup>  |  | 61154 |  | 52552378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) |  | 37916 |  | 32023319 |
|  General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27)<sup>(a)</sup>  |  | 8554 |  | 8037314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  |  | 11919 |  | 10831775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 (Call 02/15/28) |  | 13264 |  | 12372695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39)<sup>(a)</sup>  |  | 6860 |  | 5900423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) |  | 9659 |  | 8060417 |
|  L3Harris Technologies Inc., 4.40%, 06/15/28<br>(Call 03/15/28)<sup>(a)</sup> |  | 21013 |  | 19662453 |
|  Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49)<sup>(a)</sup>  |  | 8431 |  | 5387444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  |  | 7702 |  | 7394588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44)<sup>(a)</sup>  |  | 13691 |  | 10642124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32)<sup>(a)</sup>  |  | 10500 |  | 9582173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42<sup>(a)</sup>  |  | 14953 |  | 12285940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52)<sup>(a)</sup>  |  | 16194 |  | 12935662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) |  | 12981 |  | 10403977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) |  | 15153 |  | 13357660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27<sup>(a)</sup>  |  | 5530 |  | 5540756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 |  | 8602 |  | 8613880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 |  | 4698 |  | 4744081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 |  | 3786 |  | 3846244 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26)<sup>(a)</sup>  |  | 4767 |  | 4380785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) |  | 27165 |  | 24577072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 (Call 04/15/47) |  | 24212 |  | 19022216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  |  | 10721 |  | 10076641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43<sup>(a)</sup>  |  | 14150 |  | 12255076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 (Call 11/01/49)<sup>(a)</sup>  |  | 10279 |  | 9509933 |
|  Raytheon Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 (Call 06/01/31) |  | 15529 |  | 11771153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 (Call 04/01/30) |  | 15668 |  | 12629635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/32 (Call 12/15/31)<sup>(a)</sup>  |  | 13817 |  | 10784468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 (Call 03/01/51) |  | 11884 |  | 7230680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/15/52 (Call 09/15/51)<sup>(a)</sup>  |  | 16521 |  | 10540768 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *<br>Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | $| 11878 | $| 10830587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 (Call 01/01/50) |  | 11544 |  | 7601274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26)<sup>(a)</sup>  |  | 9353 |  | 8726452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 (Call 05/01/46) |  | 12499 |  | 9146087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 (Call 08/16/28) |  | 34061 |  | 31707606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/16/44) |  | 10754 |  | 8419618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 (Call 10/15/46) |  | 9617 |  | 7754335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 (Call 05/16/38)<sup>(a)</sup>  |  | 9905 |  | 8449024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42<sup>(a)</sup>  |  | 36241 |  | 30709964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48)<sup>(a)</sup>  |  | 17186 |  | 14467113 |
|  Teledyne Technologies Inc., 2.75%, 04/01/31<br>(Call 01/01/31) |  | 12850 |  | 10033700 |
|  |  |  |  | 774968275 |
| **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** |
|  Altria Group Inc. | Altria Group Inc. | Altria Group Inc. | Altria Group Inc. | Altria Group Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 (Call 11/04/31)<sup>(a)</sup>  |  | 17326 |  | 12301781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 (Call 02/06/30) |  | 11311 |  | 9175997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 (Call 08/04/40) |  | 17292 |  | 10600404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 (Call 08/04/50)<sup>(a)</sup>  |  | 13301 |  | 7777873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 (Call 03/16/46)<sup>(a)</sup>  |  | 18288 |  | 11263354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 (Call 08/04/60)<sup>(a)</sup>  |  | 10089 |  | 6046196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 |  | 9829 |  | 6652014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(a)</sup>  |  | 10533 |  | 10124215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 (Call 11/14/28)<sup>(a)</sup>  |  | 19846 |  | 18271275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44<sup>(a)</sup>  |  | 20056 |  | 16015258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38) |  | 21577 |  | 18397648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) |  | 28257 |  | 23017002 |
|  Archer-Daniels-Midland Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 (Call 05/11/26)<sup>(a)</sup>  |  | 9848 |  | 9002766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) |  | 9496 |  | 5936881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(a)</sup>  |  | 10498 |  | 8745422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 (Call 12/27/29) |  | 11216 |  | 9869945 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 (Call 01/25/28) |  | 21739 |  | 17207745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 (Call 12/25/30) |  | 16916 |  | 12343052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26)<sup>(a)</sup>  |  | 12177 |  | 10841313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) |  | 40476 |  | 35440223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 (Call 03/25/40) |  | 7773 |  | 4899149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 (Call 03/25/50)<sup>(a)</sup>  |  | 11029 |  | 6613373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 (Call 02/15/37)<sup>(a)</sup>  |  | 29412 |  | 21280226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 (Call 02/15/47)<sup>(a)</sup>  |  | 28253 |  | 18272503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27)<sup>(a)</sup>  |  | 10407 |  | 9642937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 (Call 12/16/31)<sup>(a)</sup>  |  | 11332 |  | 9486640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 (Call 03/06/49) |  | 11501 |  | 7664621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 (Call 01/02/30) |  | 9565 |  | 8337540 |
|  BAT International Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 (Call 02/25/26)<sup>(a)</sup>  |  | 14125 |  | 12133371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 (Call 02/16/28) |  | 13270 |  | 11733143 |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/31<br>(Call 02/14/31)<sup>(a)</sup>  |  | 11565 |  | 9068916 |
|  Philip Morris International Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) |  | 8424 |  | 7203853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(a)</sup>  |  | 11162 |  | 8158381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  |  | 9601 |  | 7318885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25)<sup>(a)</sup>  |  | 9042 |  | 8285737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  |  | 9457 |  | 8077073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 |  | 9816 |  | 6517377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 |  | 7715 |  | 5270063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 |  | 10450 |  | 7233679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41<sup>(a)</sup>  |  | 9378 |  | 6770879 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43<sup>(a)</sup>  | $9033 | $6906673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 19013 | 17690747 |
|  Reynolds American Inc.<br>5.70%, 08/15/35 (Call 02/15/35) | 8393 | 7079299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 (Call 02/15/45) | 25947 | 20258766 |
|  |  | 494934195 |
| **Airlines — 0.1%** |  |  |
|  Southwest Airlines Co., 5.13%, 06/15/27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/27)<sup>(a)</sup>  | 21164 | 20640333 |
| **Apparel — 0.2%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 12395 | 11290598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 12417 | 11375107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 (Call 12/27/29)<sup>(a)</sup>  | 18857 | 16339830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39) | 9912 | 7525853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(a)</sup>  | 16729 | 12150841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45)<sup>(a)</sup>  | 9957 | 7924392 |
|  VF Corp., 2.95%, 04/23/30 (Call 01/23/30)<sup>(a)</sup>  | 12826 | 10345617 |
|  |  | 76952238 |
| **Auto Manufacturers — 1.3%** |  |  |
|  American Honda Finance Corp.<br>1.30%, 09/09/26<sup>(a)</sup>  | 7195 | 6242669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28<sup>(a)</sup>  | 10709 | 9005427 |
|  Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)<sup>(a)</sup>  | 8302 | 6317494 |
|  General Motors Co.<br>4.20%, 10/01/27 (Call 07/01/27)<sup>(a)</sup>  | 9318 | 8508814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 07/01/28)<sup>(a)</sup>  | 10817 | 10019130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35<sup>(a)</sup>  | 5329 | 4424775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 (Call 10/01/37) | 12778 | 10429598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45<sup>(a)</sup>  | 15565 | 11952468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 (Call 08/15/29)<sup>(a)</sup>  | 8728 | 8085099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 (Call 10/01/47)<sup>(a)</sup>  | 8788 | 6909255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32)<sup>(a)</sup>  | 13459 | 12198172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 (Call 10/01/48)<sup>(a)</sup>  | 9990 | 8449598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43<sup>(a)</sup>  | 17275 | 15151797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 (Call 10/01/35)<sup>(a)</sup>  | 12873 | 12122850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 (Call 10/01/45) | 7736 | 7135722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27)<sup>(a)</sup>  | 13533 | 13693250 |
|  General Motors Financial Co. Inc.<br>1.25%, 01/08/26 (Call 12/08/25)<sup>(a)</sup>  | 17042 | 14560910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 14425 | 12141372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27)<sup>(a)</sup>  | 12012 | 10167955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 (Call 10/08/30)<sup>(a)</sup>  | 12784 | 9341104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 (Call 02/10/28)<sup>(a)</sup>  | 12113 | 9812798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | 9553 | 7535968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27)<sup>(a)</sup>  | 14111 | 11880548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 (Call 03/10/31) | 14485 | 10771670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 (Call 10/12/31)<sup>(a)</sup>  | 13796 | 10489240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 (Call 03/21/30)<sup>(a)</sup>  | 12362 | 10127744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26)<sup>(a)</sup>  | 10564 | 9700359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/29 (Call 02/06/29)<sup>(a)</sup>  | 10669 | 9374031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26) | 15512 | 14284416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27)<sup>(a)</sup>  | 15662 | 14794618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 12935 | 12531916 |
|  Honda Motor Co. Ltd.<br>2.53%, 03/10/27 (Call 02/10/27)<sup>(a)</sup>  | 9447 | 8453700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 (Call 12/10/31)<sup>(a)</sup>  | 12913 | 10683955 |
|  Mercedes-Benz Finance North America LLC,<br>8.50%, 01/18/31<sup>(a)</sup>  | 19449 | 22681721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
|  Toyota Motor Corp., 1.34%, 03/25/26<br>(Call 02/25/26)<sup>(a)</sup> . | $9284 | $8199332 |
|  Toyota Motor Credit Corp.<br>1.13%, 06/18/26 | 13577 | 11793918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27<sup>(a)</sup>  | 10143 | 8894647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28<sup>(a)</sup>  | 3654 | 3092635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30<sup>(a)</sup>  | 10141 | 8289589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 17048 | 15622821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27<sup>(a)</sup>  | 7638 | 7062351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30<sup>(a)</sup>  | 8897 | 7898611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29<sup>(a)</sup>  | 10422 | 10006212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | 11048 | 10744706 |
|  |  | 451584965 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) | 18638 | 10382480 |
|  Aptiv PLC/Aptiv Corp.<br>3.25%, 03/01/32 (Call 12/01/31)<sup>(a)</sup>  | 11213 | 8934770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/52 (Call 11/01/51)<sup>(a)</sup>  | 11048 | 7408367 |
|  BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27) | 11112 | 9673306 |
|  Magna International Inc., 2.45%, 06/15/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/15/30)<sup>(a)</sup>  | 7736 | 6211399 |
|  |  | 42610322 |
| **Banks — 23.7%** |  |  |
|  Australia & New Zealand Banking Group<br>Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NY, 3.70%, 11/16/25<sup>(a)</sup>  | 2721 | 2610393 |
|  Banco Santander SA<br>1.72%, 09/14/27 (Call 09/14/26)<sup>(a)(b)</sup>  | 19946 | 16267646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 10037 | 8570822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30<sup>(a)</sup>  | 19661 | 13589318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31<sup>(a)</sup>  | 13555 | 10032581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29<sup>(a)</sup>  | 10627 | 8865017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 13052 | 10295381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28<sup>(a)</sup>  | 12825 | 10913670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(b)</sup>  | 27171 | 23906605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27<sup>(a)</sup>  | 11854 | 10647794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28<sup>(a)</sup>  | 9783 | 8605955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 7462 | 6867200 |
|  Bank of America Corp.<br>1.73%, 07/22/27 (Call 07/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%)<sup>(b)</sup>  | 51007 | 43603900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 (Call 07/23/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%)<sup>(b)</sup>  | 24633 | 18248018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 (Call 10/24/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%)<sup>(b)</sup>  | 23099 | 16946838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%)<sup>(b)</sup>  | 29602 | 23971629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 (Call 07/21/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%)<sup>(b)</sup>  | 36671 | 27151051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.990%)<sup>(b)</sup>  | 32280 | 25365446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%)<sup>(b)</sup>  | 20274 | 17535431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 (Call 10/20/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%)<sup>(b)</sup>  | 28145 | 21215124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%)<sup>(b)</sup>  | 31226 | 24575015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%)<sup>(a)(b)</sup>  | 48686 | 30839100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%)<sup>(b)</sup>  | 39809 | 30727874 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%)<sup>(a)(b)</sup>  | $10832 | $6300897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 (Call 10/22/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.190%)<sup>(b)</sup>  | 18793 | 15301078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 (Call 02/04/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%)<sup>(b)</sup>  | 33607 | 26064682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%)<sup>(a)(b)</sup>  | 21423 | 12727115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 (Call 07/23/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.180%)<sup>(b)</sup>  | 23257 | 19440998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26)<sup>(a)</sup>  | 22295 | 19872853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%)<sup>(b)</sup>  | 30834 | 21335938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.040%)<sup>(a)(b)</sup>  | 57105 | 50392758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 18690 | 17467508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.060%)<sup>(a)(b)</sup>  | 26051 | 23985711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.370%)<sup>(b)</sup>  | 19069 | 17084201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.512%)<sup>(b)</sup>  | 19608 | 17722138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.575%)<sup>(b)</sup>  | 22727 | 20752078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.19%)<sup>(b)</sup>  | 12544 | 9097959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 (Call 03/05/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | 22500 | 20262366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 (Call 02/07/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.210%)<sup>(b)</sup>  | 27223 | 24081760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.32%)<sup>(a)(b)</sup>  | 18873 | 14714448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.15%)<sup>(a)(b)</sup>  | 50952 | 37844226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.814%)<sup>(b)</sup>  | 20524 | 16563510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 19432 | 18396749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 (Call 07/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.310%)<sup>(a)(b)</sup>  | 26225 | 23799229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.520%)<sup>(a)(b)</sup>  | 24903 | 19367897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%)<sup>(b)</sup>  | 15973 | 14870298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.990%)<sup>(a)(b)</sup>  | 21008 | 16565884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 11666 | 11190767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%)<sup>(a)(b)</sup>  | 35309 | 31228124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(b)</sup>  | 27764 | 26482786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 19852 | 16950291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(b)</sup>  | 48376 | 44282384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42<sup>(a)</sup>  | 13651 | 13069914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 19700 | 18882641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38 | 14563 | 16100439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 (Call 11/25/26) | 18621 | 17071785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.910%)<sup>(b)</sup>  | 27109 | 23447759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%)<sup>(b)</sup>  | 17711 | 13667205 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52 (Call 03/13/51), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.650%)<sup>(b)</sup>  | $8812 | $5833232 |
|  Bank of America NA, 6.00%, 10/15/36<sup>(a)</sup>  | 13052 | 12693418 |
|  Bank of Montreal<br>0.95%, 01/22/27 (Call 01/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.603%)<sup>(a)(b)</sup>  | 15225 | 13107659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 19524 | 16586675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27<sup>(a)</sup>  | 13540 | 11997839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 9870 | 9447068 |
|  Bank of New York Mellon Corp. (The)<br>2.05%, 01/26/27 (Call 12/26/26)<sup>(a)</sup>  | 6894 | 6064837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26)<sup>(a)</sup>  | 9355 | 8456270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26)<sup>(a)</sup>  | 10107 | 9358342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27)<sup>(a)</sup>  | 8855 | 8188073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29)<sup>(a)</sup>  | 7293 | 6309148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 9949 | 9051718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28<sup>(a)</sup>  | 7656 | 7106443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28<sup>(a)</sup>  | 2705 | 2720581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 | 8945 | 8943924 |
|  Bank of Nova Scotia (The)<br>1.05%, 03/02/26<sup>(a)</sup>  | 12015 | 10411857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26<sup>(a)</sup>  | 14199 | 12094242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26<sup>(a)</sup>  | 10759 | 9320531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27<sup>(a)</sup>  | 13185 | 11370581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32 | 5222 | 3919738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26<sup>(a)</sup>  | 18480 | 16655854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25<sup>(a)</sup>  | 8832 | 8489393 |
|  Barclays PLC<br>2.28%, 11/24/27 (Call 11/24/26)<sup>(a)(b)</sup>  | 22750 | 18809545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 (Call 06/24/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.900%)<sup>(b)</sup>  | 13861 | 10144372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 (Call 03/10/31)<sup>(b)</sup>  | 11797 | 8405107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 (Call 11/24/31)<sup>(a)(b)</sup>  | 13307 | 9442658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 (Call 11/24/41)<sup>(b)</sup>  | 9519 | 5811501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 (Call 01/10/27)<sup>(a)</sup>  | 12732 | 11176900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26<sup>(a)</sup>  | 18062 | 16763340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 23471 | 19917944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47 | 16776 | 12515591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 (Call 05/16/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.902%)<sup>(a)(b)</sup>  | 20229 | 17986350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 24857 | 22863767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45<sup>(a)</sup>  | 18248 | 14601544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 (Call 08/09/27)<sup>(a)(b)</sup>  | 21115 | 19508959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 (Call 08/09/32)<sup>(a)(b)</sup>  | 12933 | 11480272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 | 4000 | 3980919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 | 2500 | 2488652 |
|  Canadian Imperial Bank of Commerce<br>1.25%, 06/22/26 | 5243 | 4487227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27<sup>(a)</sup>  | 13317 | 12153109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 (Call 03/07/32)<sup>(a)</sup>  | 11323 | 9326849 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.765%)<sup>(b)</sup>  | 27613 | 23536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%)<sup>(b)</sup>  | 27624 | 23421080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 (Call 11/03/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%)<sup>(b)</sup>  | 19452 | 14546676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%)<sup>(b)</sup>  | 33402 | 25441528 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%)<sup>(a)(b)</sup>  | $39770 | $31100808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 (Call 01/29/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%)<sup>(a)(b)</sup>  | 29119 | 23124394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%)<sup>(a)(b)</sup>  | 16987 | 10779120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 (Call 11/05/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%)<sup>(b)</sup>  | 27151 | 22177637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.351%)<sup>(b)</sup>  | 32487 | 25320436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.280%)<sup>(b)</sup>  | 27836 | 24538486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 32670 | 29749178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26<sup>(a)</sup>  | 19303 | 17909047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.151%)<sup>(b)</sup>  | 25708 | 22783340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.390%)<sup>(b)</sup>  | 29910 | 26834633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 19865 | 18668259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%)<sup>(b)</sup>  | 33100 | 27406307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 (Call 01/24/38), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.168%)<sup>(b)</sup>  | 13783 | 10674378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.563%)<sup>(b)</sup>  | 31549 | 28899269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.338%)<sup>(a)(b)</sup>  | 31601 | 27822538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 (Call 04/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.192%)<sup>(b)</sup>  | 21695 | 19564159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28<sup>(a)</sup>  | 22217 | 20009917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.839%)<sup>(b)</sup>  | 12625 | 9638858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26<sup>(a)</sup>  | 13783 | 13002998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%)<sup>(b)</sup>  | 42562 | 37983444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27<sup>(a)</sup>  | 39547 | 36742904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26<sup>(a)</sup>  | 14531 | 13937253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45<sup>(a)</sup>  | 10589 | 8441570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48)<sup>(a)</sup>  | 28497 | 22923406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.887%)<sup>(a)(b)</sup>  | 17934 | 16907790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 21515 | 16672810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 (Call 05/24/32)<sup>(a)(b)</sup>  | 33309 | 30250135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44<sup>(a)</sup>  | 11351 | 9647377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%)<sup>(a)(b)</sup>  | 14608 | 12999988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42<sup>(a)</sup>  | 9986 | 9347270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32<sup>(a)</sup>  | 15637 | 15815956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43<sup>(a)</sup>  | 11240 | 11203996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39<sup>(a)</sup>  | 24129 | 28016452 |
|  Citizens Bank NA, 4.58%, 08/09/28<br>(Call 08/09/27)<sup>(b)</sup>  | 12327 | 11646926 |
|  Citizens Financial Group Inc., 3.25%, 04/30/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 01/30/30)<sup>(a)</sup>  | 7755 | 6333220 |
|  Cooperatieve Rabobank UA<br>3.75%, 07/21/26<sup>(a)</sup>  | 20027 | 18181912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41 | 18247 | 16960594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45<sup>(a)</sup>  | 13220 | 10802900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43<sup>(a)</sup>  | 12499 | 11033065 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Credit Suisse AG/New York NY<br>1.25%, 08/07/26 | $20862 | $16649693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 14257 | 12835886 |
|  Credit Suisse Group AG<br>4.55%, 04/17/26<sup>(a)</sup>  | 25937 | 22842488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/45 | 15178 | 10002580 |
|  Deutsche Bank AG/New York NY<br>1.69%, 03/19/26<sup>(a)</sup>  | 12639 | 10893133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25),<br>(SOFR + 1.870%)<sup>(b)</sup>  | 23163 | 19470829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%)<sup>(b)</sup>  | 23391 | 18655071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27),<br>(SOFR + 1.318%)<sup>(b)</sup>  | 16088 | 12855599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 (Call 05/28/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.718%)<sup>(a)(b)</sup>  | 6673 | 4675561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 (Call 09/18/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%)<sup>(a)(b)</sup>  | 17536 | 13036655 |
|  Discover Bank<br>3.45%, 07/27/26 (Call 04/27/26) | 9924 | 8894275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/13/28 (Call 06/13/28) | 13647 | 12190836 |
|  Fifth Third Bancorp.<br>2.55%, 05/05/27 (Call 04/05/27) | 12432 | 10870136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 (Call 07/28/29)<sup>(b)</sup>  | 19384 | 17604310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 | 4000 | 4014086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/38 | 12397 | 14022088 |
|  Fifth Third Bank NA, 3.85%, 03/15/26<br>(Call 02/15/26)<sup>(a)</sup> . | 5870 | 5470051 |
|  Goldman Sachs Group Inc. (The)<br>1.09%, 12/09/26 (Call 12/09/25), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.789%)<sup>(b)</sup>  | 23539 | 20282033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.798%)<sup>(b)</sup>  | 31877 | 27283065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.818%)<sup>(a)(b)</sup>  | 32146 | 26952798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.913%)<sup>(b)</sup>  | 49245 | 41826423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 (Call 01/27/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.090%)<sup>(b)</sup>  | 30959 | 22580228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.248%)<sup>(b)</sup>  | 46499 | 34576698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29) | 22034 | 17499707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.281%)<sup>(b)</sup>  | 42130 | 32152335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.114%)<sup>(b)</sup>  | 35253 | 30486886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 (Call 10/21/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.264%)<sup>(b)</sup>  | 31843 | 24060440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.472%)<sup>(b)</sup>  | 20132 | 12677805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.410%)<sup>(a)(b)</sup>  | 44333 | 34605994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.513%)<sup>(a)(b)</sup>  | 27468 | 18250495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.632%)<sup>(b)</sup>  | 22116 | 15080945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25)<sup>(a)</sup>  | 28830 | 26319685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.846%)<sup>(b)</sup>  | 37208 | 33556812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.510%)<sup>(b)</sup>  | 28597 | 25713244 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | $14564 | $13678818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29)<sup>(a)</sup>  | 29136 | 25084645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 (Call 04/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.158%)<sup>(b)</sup>  | 29261 | 25988248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 33237 | 30932769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.373%)<sup>(b)</sup>  | 26704 | 20755508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 (Call 05/01/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.301%)<sup>(b)</sup>  | 40418 | 36640073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.430%)<sup>(a)(b)</sup>  | 17415 | 14119560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(b)</sup>  | 28942 | 26930580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45)<sup>(a)</sup>  | 20774 | 16777907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 19881 | 16216568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 22283 | 18061708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27<sup>(a)</sup>  | 13855 | 13978980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(a)</sup>  | 14649 | 14570547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 29914 | 29161893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | 60486 | 60191469 |
|  HSBC Holdings PLC<br>1.59%, 05/24/27 (Call 05/24/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%)<sup>(b)</sup>  | 20868 | 17147713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 (Call 09/22/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%)<sup>(a)(b)</sup>  | 21888 | 17208256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 (Call 08/17/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%)<sup>(b)</sup>  | 21952 | 16649448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%)<sup>(b)</sup>  | 26814 | 22068651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 (Call 08/18/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.947%)<sup>(b)</sup>  | 14302 | 10144430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 (Call 05/24/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%)<sup>(b)</sup>  | 33925 | 24260521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 (Call 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.387%)<sup>(b)</sup>  | 15512 | 11517725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 (Call 11/22/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.410%)<sup>(b)</sup>  | 19695 | 13971131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 26630 | 24259523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.610%)<sup>(b)</sup>  | 35567 | 29247918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.546%)<sup>(b)</sup>  | 24278 | 21252410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26<sup>(a)</sup>  | 26598 | 25037357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26<sup>(a)</sup>  | 16538 | 14998598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.535%)<sup>(b)</sup>  | 31144 | 27061112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(a)(b)</sup>  | 28059 | 25314184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30<sup>(a)</sup>  | 27581 | 24685668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(b)</sup>  | 15585 | 14264308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/44<sup>(a)</sup>  | 14882 | 11430032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(a)(b)</sup>  | 16200 | 14023261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42<sup>(a)</sup>  | 10037 | 9191004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36 | 6074 | 5497433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37<sup>(a)</sup>  | 1844 | 1647673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | 29588 | 26291139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38 | 3355 | 3056958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 | 25400 | 25318969 |
|  Huntington Bancshares Inc., 4.44%, 08/04/28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/04/27)<sup>(b)</sup>  | 11349 | 10560650 |
|  Huntington Bancshares Inc./OH, 2.55%, 02/04/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/04/29) | 7428 | 5887015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Huntington National Bank (The), 4.55%, 05/17/28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/17/27)<sup>(a)(b)</sup>  | $6508 | $6207498 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26),<br>(SOFR + 1.005%)<sup>(a)(b)</sup>  | 11811 | 10060170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 (Call 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.316%)<sup>(b)</sup>  | 9279 | 6935108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27<sup>(a)</sup>  | 18828 | 17084785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%)<sup>(b)</sup>  | 19739 | 17739303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29<sup>(a)</sup>  | 8852 | 7735266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 (Call 03/28/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.070%)<sup>(b)</sup>  | 11932 | 9908853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28<sup>(a)</sup>  | 14152 | 12751643 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(b)</sup>  | 20452 | 17411090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.800%)<sup>(b)</sup>  | 26297 | 22643069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.765%)<sup>(b)</sup>  | 26892 | 22572169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.885%)<sup>(b)</sup>  | 33765 | 29017310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 (Call 11/19/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%)<sup>(a)(b)</sup>  | 14399 | 10467326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 (Call 02/04/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.065%)<sup>(b)</sup>  | 27172 | 19934629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 (Call 06/01/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%)<sup>(b)</sup>  | 20623 | 16671157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.890%)<sup>(b)</sup>  | 17829 | 15084035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 (Call 04/22/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%)<sup>(a)(b)</sup>  | 35482 | 27920591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%)<sup>(b)</sup>  | 16373 | 10088823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 (Call 11/08/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.180%)<sup>(b)</sup>  | 28908 | 21814014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%)<sup>(b)</sup>  | 39859 | 30646919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%)<sup>(b)</sup>  | 37602 | 30425248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 31422 | 28692352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%)<sup>(b)</sup>  | 16503 | 14518623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%)<sup>(a)(b)</sup>  | 33985 | 26504086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.460%)<sup>(b)</sup>  | 16411 | 11221865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.440%)<sup>(a)(b)</sup>  | 23956 | 14949291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.460%)<sup>(b)</sup>  | 22819 | 15553446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  | 17859 | 16518768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 19289 | 17993161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%)<sup>(a)(b)</sup>  | 34135 | 22087939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 (Call 01/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.945%)<sup>(b)</sup>  | 22398 | 19782279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.380%)<sup>(a)(b)</sup>  | 26420 | 23766145 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10530634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 (Call 05/06/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.160%)<sup>(a)(b)</sup>  | 23656 | 20584264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.337%)<sup>(a)(b)</sup>  | 28057 | 25619254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.360%)<sup>(a)(b)</sup>  | 21833 | 16866506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.220%)<sup>(b)</sup>  | 20131 | 14643591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.245%)<sup>(b)</sup>  | 21872 | 20495311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.380%)<sup>(b)</sup>  | 35119 | 25903954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 (Call 04/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.120%)<sup>(b)</sup>  | 22215 | 20027995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.460%)<sup>(b)</sup>  | 17477 | 13051186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26<sup>(a)</sup>  | 19695 | 18670519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 (Call 07/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.260%)<sup>(a)(b)</sup>  | 24310 | 22028876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27<sup>(a)</sup>  | 15190 | 14262294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.580%)<sup>(b)</sup>  | 22236 | 17282284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%)<sup>(b)</sup>  | 29583 | 27536972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 (Call 12/05/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.330%)<sup>(a)(b)</sup>  | 24081 | 21970288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 (Call 03/24/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.790%)<sup>(b)</sup>  | 28418 | 25639180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 (Call 06/14/29)<sup>(a)(b)</sup>  | 23210 | 21246037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.800%)<sup>(b)</sup>  | 22828 | 20340022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup>  | 34971 | 33233172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44<sup>(a)</sup>  | 9705 | 8287833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(a)(b)</sup>  | 50003 | 45654734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45<sup>(a)</sup>  | 18435 | 15202544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42<sup>(a)</sup>  | 11363 | 10364684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40<sup>(a)</sup>  | 13749 | 12706251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41<sup>(a)</sup>  | 18128 | 16983206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43 | 12526 | 11253380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38<sup>(a)</sup>  | 25329 | 26080965 |
|  KeyBank NA/Cleveland OH, 4.90%, 08/08/32<sup>(a)</sup>  | 10613 | 9398160 |
|  KeyCorp<br>2.25%, 04/06/27<sup>(a)</sup>  | 9475 | 8133545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29 | 9186 | 7390337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28<sup>(a)</sup>  | 6737 | 6198054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 (Call 06/01/32)<sup>(a)(b)</sup>  | 9459 | 8516759 |
|  Lloyds Banking Group PLC<br>1.63%, 05/11/27 (Call 05/11/26)<sup>(a)(b)</sup>  | 12328 | 10322534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.205%)<sup>(a)(b)</sup>  | 22389 | 19148824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 17887 | 15989164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(a)(b)</sup>  | 18046 | 15907908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48<sup>(a)</sup>  | 16086 | 10741846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 17257 | 15369554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 14747 | 13154893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 11003 | 10102294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 15427 | 14177378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(a)(b)</sup>  | 10148 | 8671374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45<sup>(a)</sup>  | 10166 | 7767724 |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
|  Mitsubishi UFJ Financial Group Inc.<br>1.54%, 07/20/27 (Call 07/20/26)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)(b)</sup>  | 16702 | 14055424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30<sup>(a)</sup>  | 16271 | 12169416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(b)</sup>  | 20415 | 14833278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(b)</sup>  | 17266 | 14763193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 (Call 10/13/31)<sup>(b)</sup>  | 6105 | 4483431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | 13784 | 10850234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26<sup>(a)</sup>  | 12034 | 10715845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 (Call 01/19/32)<sup>(b)</sup>  | 12266 | 9203482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29<sup>(a)</sup>  | 18759 | 15721168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27<sup>(a)</sup>  | 11800 | 10572124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27<sup>(a)</sup>  | 9237 | 8451065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 14961 | 13084485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39<sup>(a)</sup>  | 15999 | 11881534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 17701 | 16641009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28<sup>(a)</sup>  | 14955 | 13642558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28<sup>(a)</sup>  | 8427 | 7605769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(b)</sup>  | 9567 | 8790337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(b)</sup>  | 16420 | 15599870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(b)</sup>  | 17910 | 16217854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(b)</sup>  | 15932 | 15353041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 09/13/33 (Call 09/13/32)<sup>(b)</sup>  | 10482 | 9768753 |
|  Mizuho Financial Group Inc.<br>1.23%, 05/22/27 (Call 05/22/26)<sup>(b)</sup> | 15303 | 12854722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(a)(b)</sup>  | 11573 | 9806209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 (Call 09/08/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.532%)<sup>(b)</sup>  | 7815 | 5623944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 (Call 07/10/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.772%)<sup>(b)</sup>  | 17485 | 12827508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31 | 12800 | 9162255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26<sup>(a)</sup>  | 10375 | 9228149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 (Call 07/16/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.130%)<sup>(a)(b)</sup>  | 10190 | 8336812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27<sup>(a)</sup>  | 4773 | 4174552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28<sup>(a)</sup>  | 11039 | 9931624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 (Call 09/11/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.270%)<sup>(b)</sup>  | 11983 | 10643665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(b)</sup>  | 10377 | 10017113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 (Call 09/13/32)<sup>(b)</sup>  | 9269 | 8635912 |
|  Morgan Stanley<br>0.99%, 12/10/26 (Call 12/10/25), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.720%)<sup>(b)</sup>  | 27033 | 23150691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.858%)<sup>(b)</sup>  | 34831 | 29538534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%)<sup>(b)</sup>  | 35227 | 30155126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 (Call 02/13/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%)<sup>(b)</sup>  | 31282 | 22597882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 (Call 04/28/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%)<sup>(b)</sup>  | 34283 | 24821235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.178%)<sup>(a)(b)</sup>  | 36905 | 27273946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.000%)<sup>(b)</sup>  | 29373 | 25398096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 (Call 10/20/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.200%)<sup>(b)</sup>  | 28435 | 21390579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 (Call 01/22/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%)<sup>(b)</sup>  | 42655 | 34124691 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 (Call 01/25/51), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%)<sup>(a)(b)</sup>  | 29581 | 23003955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26<sup>(a)</sup>  | 36176 | 33010350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%)<sup>(a)(b)</sup>  | 24202 | 16477924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.340%)<sup>(b)</sup>  | 36477 | 32692165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%)<sup>(b)</sup>  | 32889 | 27947510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27<sup>(a)</sup>  | 33534 | 30899901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 (Call 01/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.140%)<sup>(a)(b)</sup>  | 35649 | 31855323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 27304 | 25953470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27<sup>(a)</sup>  | 24222 | 22379803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.455%)<sup>(a)(b)</sup>  | 25540 | 19994804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%)<sup>(a)(b)</sup>  | 23551 | 21796783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45<sup>(a)</sup>  | 29291 | 22575698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26<sup>(a)</sup>  | 25421 | 24191551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47<sup>(a)</sup>  | 24846 | 19322933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 (Call 01/23/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.628%)<sup>(b)</sup>  | 32410 | 29580030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.408%)<sup>(b)</sup>  | 13265 | 10873888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 (Call 07/20/32)<sup>(a)(b)</sup>  | 25135 | 22842954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25<sup>(a)</sup>  | 13252 | 13041077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.480%)<sup>(b)</sup>  | 22578 | 20938361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 | 20259 | 20434804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 31046 | 31464606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42<sup>(a)</sup>  | 24134 | 24563378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32<sup>(a)</sup>  | 13648 | 14732637 |
|  National Australia Bank Ltd., 3.91%, 06/09/27 | 12991 | 12264962 |
|  National Australia Bank Ltd./New York<br>2.50%, 07/12/26<sup>(a)</sup>  | 11002 | 9998676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26<sup>(a)</sup>  | 4014 | 3794705 |
|  NatWest Group PLC<br>1.64%, 06/14/27 (Call 06/14/26)<sup>(a)(b)</sup>  | 20023 | 16629156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 (Call 05/22/27)<sup>(a)(b)</sup>  | 11650 | 9864811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 (Call 05/08/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.871%)<sup>(b)</sup>  | 11949 | 10178192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26<sup>(a)</sup>  | 14367 | 13543341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.754%)<sup>(a)(b)</sup>  | 21945 | 19547812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.905%)<sup>(a)(b)</sup>  | 18542 | 16494207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 (Call 09/30/27)<sup>(b)</sup>  | 12044 | 11223382 |
|  Northern Trust Corp.<br>1.95%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  | 8436 | 6590491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25<sup>(a)</sup>  | 1073 | 1041354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27)<sup>(a)</sup>  | 11904 | 11377850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 | 7670 | 7658582 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 | 10977 | 8905084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27)<sup>(a)</sup>  | 17052 | 15404639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28<sup>(a)</sup>  | 13615 | 12369353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
|  PNC Financial Services Group Inc. (The)<br>2.31%, 04/23/32 (Call 04/23/31), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.979%)<sup>(a)(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 (Call 10/24/29)<sup>(a)</sup>  | 23794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19314582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26)<sup>(a)</sup>  | 9259 | 8359722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27)<sup>(a)</sup>  | 12337 | 11100866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 (Call 01/23/29) | 16687 | 14671321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 | 1183 | 1185340 |
|  Royal Bank of Canada<br>0.88%, 01/20/26 | 13336 | 11503175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 11646 | 9936686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 20834 | 17999801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 13348 | 11354850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31 | 11188 | 8488461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(a)</sup>  | 16474 | 15188904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32 | 11041 | 9511987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27<sup>(a)</sup>  | 16255 | 15267154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 10113 | 9759021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 6391 | 6428953 |
|  Santander Holdings USA Inc.<br>2.49%, 01/06/28 (Call 01/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%)<sup>(a)(b)</sup>  | 11859 | 9814896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26)<sup>(a)</sup>  | 12657 | 11183140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 14648 | 13233301 |
|  Santander UK Group Holdings PLC<br>1.67%, 06/14/27 (Call 06/14/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.989%)<sup>(a)(b)</sup>  | 17717 | 14481344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%)<sup>(b)</sup>  | 14554 | 12022768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/03/28 (Call 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.400%)<sup>(a)(b)</sup>  | 13631 | 11565466 |
|  State Street Corp.<br>2.20%, 03/03/31 | 10684 | 8181873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30<sup>(a)</sup>  | 8717 | 7116447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26<sup>(a)</sup>  | 6721 | 6223448 |
|  Sumitomo Mitsui Financial Group Inc.<br>0.95%, 01/12/26<sup>(a)</sup>  | 8224 | 7077414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26<sup>(a)</sup>  | 20460 | 17319351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28<sup>(a)</sup>  | 29291 | 23229412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30<sup>(a)</sup>  | 15635 | 11723272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30 | 12357 | 9051830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31<sup>(a)</sup>  | 10175 | 7431201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26<sup>(a)</sup>  | 17509 | 15682943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30<sup>(a)</sup>  | 15882 | 12677195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41 | 12484 | 7755184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26<sup>(a)</sup>  | 16322 | 14719005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29<sup>(a)</sup>  | 30451 | 25116688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27<sup>(a)</sup>  | 11991 | 10656800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27<sup>(a)</sup>  | 18579 | 16699279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27<sup>(a)</sup>  | 13137 | 11961964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28<sup>(a)</sup>  | 10384 | 9271834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26<sup>(a)</sup>  | 16132 | 15188588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 11324 | 10187154 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26<sup>(a)</sup>  | 10501 | 9059025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 14548 | 12523153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 23839 | 20332355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27<sup>(a)</sup>  | 11430 | 9909343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31 | 11263 | 8320715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 16076 | 14318692 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 20079 | 18787406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 21826 | 19552916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 14805 | 14158359 |
|  Truist Bank<br>2.25%, 03/11/30 (Call 12/11/29)<sup>(a)</sup>  | 14154 | 11013693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26)<sup>(a)</sup>  | 9595 | 8832343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26)<sup>(a)</sup>  | 11750 | 10935062 |
|  Truist Financial Corp.<br>1.13%, 08/03/27 (Call 06/03/27)<sup>(a)</sup>  | 6523 | 5287184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.609%)<sup>(a)(b)</sup>  | 8273 | 7141137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 (Call 06/07/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%)<sup>(a)(b)</sup>  | 13089 | 10500841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 (Call 03/05/30)<sup>(a)</sup>  | 5193 | 3993766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)(b)</sup>  | 10190 | 9412480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33<sup>(a)</sup>  | 12000 | 12017329 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 (Call 04/22/30) | 10581 | 7801530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%)<sup>(a)(b)</sup>  | 20333 | 17737147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 (Call 01/27/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%)<sup>(a)(b)</sup>  | 12737 | 9984823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 (Call 04/30/29) | 18707 | 15786985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26)<sup>(a)</sup>  | 13174 | 12216626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 (Call 03/24/28)<sup>(a)</sup>  | 10674 | 9951507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25)<sup>(a)</sup>  | 4290 | 4138290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(b)</sup>  | 22622 | 21505534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 | 8180 | 8148317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26)<sup>(a)</sup>  | 16132 | 14619752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27)<sup>(a)</sup>  | 7411 | 6819407 |
|  Wachovia Corp., 5.50%, 08/01/35<sup>(a)</sup>  | 16083 | 14656380 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%)<sup>(b)</sup>  | 37218 | 31795955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 (Call 02/11/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.262%)<sup>(a)(b)</sup>  | 31899 | 25431449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 (Call 10/30/29), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.432%)<sup>(a)(b)</sup>  | 38727 | 31733593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26<sup>(a)</sup>  | 36375 | 33277636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26<sup>(a)</sup>  | 38685 | 35023155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%)<sup>(a)(b)</sup>  | 39570 | 26799985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.170%)<sup>(b)</sup>  | 27531 | 24938728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%)<sup>(a)(b)</sup>  | 42661 | 34361913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%)<sup>(b)</sup>  | 37062 | 33413105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.310%)<sup>(a)(b)</sup>  | 36460 | 32858441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 23182 | 16770893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26<sup>(a)</sup>  | 26959 | 25493476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 28211 | 25641116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 | 26633 | 24907096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46<sup>(a)</sup>  | 23314 | 17085355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.032%)<sup>(b)</sup>  | 25143 | 22734632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(b)</sup>  | 33660 | 26873760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 25037 | 19486475 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19027328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup>  | 37783 | 35780339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(b)</sup>  | 47525 | 43348912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 24208 | 19248250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.502%)<sup>(b)</sup>  | 60713 | 51472688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 22266 | 18885460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 28671 | 24973284 |
|  Wells Fargo Bank NA<br>5.85%, 02/01/37<sup>(a)</sup>  | 12073 | 11502022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38<sup>(a)</sup>  | 17456 | 17845274 |
|  Westpac Banking Corp.<br>1.15%, 06/03/26 | 13151 | 11417789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 10448 | 8656280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31<sup>(a)</sup>  | 10685 | 8413154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30<sup>(a)</sup>  | 10968 | 9194731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26<sup>(a)</sup>  | 12754 | 11652121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26<sup>(a)</sup>  | 19288 | 17844185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40 | 7951 | 4785669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41 | 13670 | 8379925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27<sup>(a)</sup>  | 11372 | 10529416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28<sup>(a)</sup>  | 10266 | 9416221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27<sup>(a)</sup>  | 11155 | 10592950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39 | 16158 | 12258590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255432068 |
| **Beverages — 3.0%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch<br>InBev Worldwide Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/01/25)<sup>(a)</sup>  | 38115 | 36532999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 62008 | 56077282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106141 | 91996321 |
|  Anheuser-Busch InBev Finance Inc.<br>4.00%, 01/17/43 | 10237 | 7852379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44 | 10911 | 9118051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45)<sup>(a)</sup>  | 13181 | 11295082 |
|  Anheuser-Busch InBev Worldwide Inc.<br>3.50%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 21152 | 18898189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/42 | 10675 | 8048035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 (Call 01/13/28)<sup>(a)</sup>  | 29163 | 27556679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 (Call 12/01/39)<sup>(a)</sup>  | 11875 | 9918793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 (Call 10/15/37)<sup>(a)</sup>  | 21003 | 17924487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 (Call 04/06/48)<sup>(a)</sup>  | 18918 | 15279719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 26924 | 22023719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 (Call 10/15/47)<sup>(a)</sup>  | 28919 | 23840263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/60 (Call 12/01/59)<sup>(a)</sup>  | 10037 | 7931507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 (Call 10/23/28) | 45030 | 43780751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 (Call 10/15/57)<sup>(a)</sup>  | 18016 | 14609137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 (Call 10/23/30)<sup>(a)</sup>  | 9644 | 9408922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42<sup>(a)</sup>  | 18452 | 16327833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 (Call 07/23/38)<sup>(a)</sup>  | 22783 | 21535392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48)<sup>(a)</sup>  | 45714 | 43045057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58)<sup>(a)</sup>  | 22553 | 21438235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39 | 13259 | 15803548 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28<sup>(a)</sup>  | 15148 | 12448117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31<sup>(a)</sup>  | 18404 | 13992033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 15850 | 13758594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28<sup>(a)</sup>  | 7902 | 6683595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30<sup>(a)</sup>  | 17585 | 13951137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 8429 | 6769474 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32<sup>(a)</sup>  | 18490 | 14920892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 12095 | 8359073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51<sup>(a)</sup>  | 17178 | 10505785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50<sup>(a)</sup>  | 17500 | 11077015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60<sup>(a)</sup>  | 10746 | 6523093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | 7338 | 5302268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51<sup>(a)</sup>  | 18533 | 12670944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27<sup>(a)</sup>  | 11174 | 10615967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | 14170 | 12818563 |
|  Constellation Brands Inc.<br>2.25%, 08/01/31 (Call 05/01/31)<sup>(a)</sup>  | 15804 | 12106472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 (Call 05/01/29) | 10421 | 8924557 |
|  Diageo Capital PLC<br>2.00%, 04/29/30 (Call 01/29/30)<sup>(a)</sup>  | 15298 | 12180636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 (Call 01/29/32)<sup>(a)</sup>  | 4905 | 3754227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 (Call 07/24/29) | 12863 | 10640716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | 3525 | 3537950 |
|  Keurig Dr Pepper Inc.<br>3.20%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  | 14057 | 11889964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 (Call 11/01/49) | 9164 | 6392922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 (Call 02/15/29)<sup>(a)</sup>  | 16835 | 15255427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 (Call 01/15/32)<sup>(a)</sup>  | 6158 | 5385351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 (Call 10/15/51)<sup>(a)</sup>  | 16063 | 12573548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/25/28 (Call 02/25/28) | 8234 | 7854337 |
|  Molson Coors Beverage Co.<br>3.00%, 07/15/26 (Call 04/15/26) | 22221 | 20249880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 (Call 01/15/46)<sup>(a)</sup>  | 20978 | 15441967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42<sup>(a)</sup>  | 12754 | 10663608 |
|  PepsiCo Inc.<br>1.40%, 02/25/31 (Call 11/25/30)<sup>(a)</sup>  | 9778 | 7501837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | 14380 | 11419808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | 11265 | 8888745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 6101 | 5585135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29)<sup>(a)</sup>  | 9819 | 8505002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 12387 | 8537236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 19449 | 16794964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51)<sup>(a)</sup>  | 10281 | 6669218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 9248 | 8702648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 10713 | 7268985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 14603 | 13475378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 11674 | 8773219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28)<sup>(a)</sup>  | 20051 | 18848808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 10532 | 8236208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32)<sup>(a)</sup>  | 17264 | 15966950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 (Call 10/14/45)<sup>(a)</sup>  | 6698 | 5848767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038470924 |
| **Biotechnology — 1.6%** |  |  |
|  Amgen Inc.<br>1.65%, 08/15/28 (Call 06/15/28) | 13697 | 11268751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 (Call 10/15/31)<sup>(a)</sup>  | 15173 | 11536584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) | 18646 | 16548651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 (Call 11/25/30)<sup>(a)</sup>  | 11730 | 9373016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 (Call 11/21/29)<sup>(a)</sup>  | 14485 | 11925211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26)<sup>(a)</sup>  | 16534 | 15123809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 (Call 03/01/53)<sup>(a)</sup>  | 7480 | 4300466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 (Call 02/15/41) | 15006 | 10055030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 (Call 12/22/28) | 9996 | 8755332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51)<sup>(a)</sup>  | 12967 | 7974258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 (Call 08/21/39) | 21042 | 14987198 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Biotechnology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 (Call 08/02/27)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10447767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31) | 10844 | 9228314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49)<sup>(a)</sup>  | 25795 | 17146091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 16450 | 15177824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 (Call 12/01/32) | 11590 | 10416457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 (Call 08/22/51) | 12186 | 9312734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) | 26312 | 21192466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 (Call 08/22/61)<sup>(a)</sup>  | 16004 | 12155985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 (Call 12/15/47) | 16376 | 13346250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50)<sup>(a)</sup>  | 38885 | 32139413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 (Call 09/01/52)<sup>(a)</sup>  | 15443 | 13126125 |
|  Biogen Inc.<br>2.25%, 05/01/30 (Call 02/01/30)<sup>(a)</sup>  | 20875 | 16361257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 (Call 11/01/49) | 25530 | 15720539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/45 (Call 03/15/45)<sup>(a)</sup>  | 7038 | 6082340 |
|  Gilead Sciences Inc.<br>1.20%, 10/01/27 (Call 08/01/27) | 10807 | 8885915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 (Call 07/01/30)<sup>(a)</sup>  | 14441 | 11131803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 (Call 04/01/40)<sup>(a)</sup>  | 17526 | 11578233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 (Call 04/01/50)<sup>(a)</sup>  | 18931 | 11551265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26)<sup>(a)</sup>  | 14699 | 13370369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 28316 | 26818820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 (Call 03/01/36)<sup>(a)</sup>  | 7046 | 5896171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 (Call 09/01/46) | 17761 | 13866855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44)<sup>(a)</sup>  | 19989 | 16526505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 (Call 03/01/35) | 10237 | 9236121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45)<sup>(a)</sup>  | 26934 | 23071864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) | 20048 | 17244780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 (Call 06/01/41) | 10557 | 10118530 |
|  Regeneron Pharmaceuticals Inc.<br>1.75%, 09/15/30 (Call 06/15/30) | 17739 | 13370931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 (Call 03/15/50)<sup>(a)</sup>  | 8225 | 4819509 |
|  Royalty Pharma PLC<br>1.75%, 09/02/27 (Call 07/02/27)<sup>(a)</sup>  | 11006 | 9071871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 (Call 06/02/30) | 12740 | 9652353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 (Call 03/02/40) | 13033 | 8657445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 (Call 03/02/50)<sup>(a)</sup>  | 11583 | 7099923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555671131 |
| **Building Materials — 0.2%** |  |  |
|  Carrier Global Corp.<br>2.49%, 02/15/27 (Call 12/15/26)<sup>(a)</sup>  | 7096 | 6249904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 (Call 11/15/30)<sup>(a)</sup>  | 10181 | 8146951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 25798 | 21173920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 (Call 10/05/39)<sup>(a)</sup>  | 19290 | 13773500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 (Call 10/05/49)<sup>(a)</sup>  | 20602 | 13833664 |
|  Martin Marietta Materials Inc.<br>2.40%, 07/15/31 (Call 04/15/31)<sup>(a)</sup>  | 13242 | 10148445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/51 (Call 01/15/51) | 8862 | 5533423 |
|  |  | 78859807 |
| **Chemicals — 1.1%** |  |  |
|  Air Products and Chemicals Inc.<br>2.05%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 12485 | 10084715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 7315 | 5070806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 12835 | 8205518 |
|  Celanese U.S. Holdings LLC<br>6.17%, 07/15/27 (Call 06/15/27) | 24786 | 23384582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 (Call 05/15/29) | 7253 | 6738618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 (Call 04/15/32)<sup>(a)</sup>  | 12769 | 11596340 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Chemicals (continued)** |  |  |
|  CF Industries Inc.<br>4.95%, 06/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34<sup>(a)</sup>  | 10445 | 9422831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 8082 | 6862775 |
|  Dow Chemical Co. (The)<br>2.10%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 7479 | 5710590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 (Call 05/15/50)<sup>(a)</sup>  | 11506 | 7511386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 (Call 05/15/42)<sup>(a)</sup>  | 11712 | 8952551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 (Call 05/15/41)<sup>(a)</sup>  | 10929 | 9433713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 (Call 05/30/48) | 10582 | 9181992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 | 2224 | 2250722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29<sup>(a)</sup>  | 13843 | 14978512 |
|  DuPont de Nemours Inc.<br>4.49%, 11/15/25 (Call 09/15/25)<sup>(a)</sup>  | 16074 | 15729762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 (Call 08/15/28)<sup>(a)</sup>  | 28690 | 27430457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 (Call 05/15/38)<sup>(a)</sup>  | 20748 | 18859849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 (Call 05/15/48)<sup>(a)</sup>  | 21870 | 19168670 |
|  Eastman Chemical Co., 4.65%, 10/15/44 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/44) | 11721 | 8877918 |
|  Ecolab Inc.<br>2.70%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 4721 | 4319239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51)<sup>(a)</sup>  | 12224 | 7363618 |
|  International Flavors & Fragrances Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%,09/26/48 (Call 03/26/48)<sup>(a)</sup>  | 5575 | 4455836 |
|  LYB International Finance BV<br>4.88%, 03/15/44 (Call 09/15/43)<sup>(a)</sup>  | 13198 | 10333494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43<sup>(a)</sup>  | 7987 | 6562747 |
|  LYB International Finance III LLC<br>3.38%, 10/01/40 (Call 04/01/40)<sup>(a)</sup>  | 10080 | 6710241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 (Call 10/01/50)<sup>(a)</sup>  | 11115 | 6928595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 (Call 04/15/49)<sup>(a)</sup>  | 10854 | 7489408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 (Call 11/01/49) | 12147 | 8366125 |
|  LyondellBasell Industries NV,<br>4.63%, 02/26/55 (Call 08/26/54) | 11507 | 8202978 |
|  Nutrien Ltd.<br>4.20%, 04/01/29 (Call 01/01/29) | 9354 | 8564272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 (Call 10/01/48)<sup>(a)</sup>  | 8208 | 6972140 |
|  Sherwin-Williams Co. (The)<br>2.95%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 10668 | 9042140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  | 15931 | 14637653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 (Call 12/01/46)<sup>(a)</sup>  | 15273 | 12041340 |
|  Westlake Corp., 3.60%, 08/15/26<br>(Call 05/15/26)<sup>(a)</sup>  | 6765 | 6233408 |
|  |  | 366718330 |
| **Commercial Services — 0.8%** |  |  |
|  Automatic Data Processing Inc.<br>1.25%, 09/01/30 (Call 06/01/30)<sup>(a)</sup>  | 14850 | 11352323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 (Call 03/15/28) | 9599 | 8160921 |
|  Equifax Inc.<br>2.35%, 09/15/31 (Call 06/15/31)<sup>(a)</sup>  | 13206 | 9763299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) | 10170 | 9800922 |
|  Global Payments Inc.<br>1.20%, 03/01/26 (Call 02/01/26) | 12840 | 10953509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26)<sup>(a)</sup>  | 11359 | 9691602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 11948 | 9524868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 (Call 08/15/31) | 11379 | 8699022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 16855 | 14003225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 (Call 02/15/49)<sup>(a)</sup>  | 7621 | 5146043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26)<sup>(a)</sup>  | 8886 | 8516274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 (Call 05/15/32) | 4830 | 4457406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) | 8768 | 7574642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Commercial Services (continued)** |  |  |
|  Massachusetts Institute of Technology, 5.60%,<br>07/01/2111 | $7626 | $7240936 |
|  PayPal Holdings Inc.<br>2.30%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | 11050282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 11680 | 10659077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 (Call 07/01/29) | 17496 | 14884050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 10908 | 7103155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 (Call 03/01/32)<sup>(a)</sup>  | 12584 | 11539298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51)<sup>(a)</sup>  | 12362 | 10705700 |
|  Quanta Services Inc., 2.90%, 10/01/30<br>(Call 07/01/30) | 15434 | 12164690 |
|  RELX Capital Inc.<br>3.00%, 05/22/30 (Call 02/22/30)<sup>(a)</sup>  | 9841 | 8189370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 (Call 12/18/28) | 10764 | 9783466 |
|  S&P Global Inc.<br>2.45%, 03/01/27 (Call 02/01/27)<sup>(a)(c)</sup>  | 15166 | 13585286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(a)(c)</sup>  | 19146 | 16410115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(a)(c)</sup>  | 19385 | 15924820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(a)(c)</sup>  | 14384 | 10477615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 (Call 02/01/29)<sup>(a)(c)</sup>  | 10630 | 9912575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287274491 |
| **Computers — 3.2%** |  |  |
|  Apple Inc.<br>0.70%, 02/08/26 (Call 01/08/26) | 22494 | 19700511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 14795 | 11360693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 19627 | 16256854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 19292 | 15417802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 34316 | 26874912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31)<sup>(a)</sup>  | 13525 | 10499409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 22990 | 20785452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29)<sup>(a)</sup>  | 19107 | 16142774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40)<sup>(a)</sup>  | 16044 | 10761410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | 16080 | 9517538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 24274 | 22338967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60)<sup>(a)</sup>  | 19475 | 11128257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 27944 | 17506388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50)<sup>(a)</sup>  | 33686 | 20852756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51)<sup>(a)</sup>  | 19927 | 12501554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 22540 | 13348278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 15718 | 9405282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27)<sup>(a)</sup>  | 16539 | 15179211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49)<sup>(a)</sup>  | 17268 | 11629925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27)<sup>(a)</sup>  | 10240 | 9542270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27)<sup>(a)</sup>  | 12566 | 11616992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27)<sup>(a)</sup>  | 21295 | 19948458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25)<sup>(a)</sup>  | 30768 | 29309501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 19269 | 17529601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26)<sup>(a)</sup>  | 24502 | 23235060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32)<sup>(a)</sup>  | 19719 | 17362136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45<sup>(a)</sup>  | 22636 | 17146086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 10510 | 8245077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 13689 | 10742096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43<sup>(a)</sup>  | 34501 | 28077804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 22012 | 17578876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | 21214 | 16819762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 19115 | 14871153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46)<sup>(a)</sup>  | 10647 | 9135740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45<sup>(a)</sup>  | 23305 | 20295327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 | 9173 | 8193013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35)<sup>(a)</sup>  | 12471 | 11914399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45)<sup>(a)</sup>  | 46358 | 41695804 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Computers (continued)** |  |  |  |  |
|  Dell International LLC/EMC Corp.<br>3.38%, 12/15/41 (Call 06/15/41)<sup>(a)(c)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13023 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 (Call 06/15/51)<sup>(a)(c)</sup>  |  | 12736 |  | 7212064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) |  | 20247 |  | 19433449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 (Call 07/01/29) |  | 19882 |  | 18601939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  |  | 46385 |  | 46299754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 (Call 04/15/30)<sup>(a)</sup>  |  | 7136 |  | 6984314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 (Call 01/15/36) |  | 14723 |  | 15613855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 (Call 01/15/46)<sup>(a)</sup>  |  | 10952 |  | 11619576 |
|  Hewlett Packard Enterprise Co.<br>1.75%, 04/01/26 (Call 03/01/26)<sup>(a)</sup>  |  | 6403 |  | 5666396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 (Call 04/15/35)<sup>(a)</sup>  |  | 10016 |  | 9678017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 (Call 04/15/45)<sup>(a)</sup>  |  | 18050 |  | 16307731 |
|  HP Inc.<br>1.45%, 06/17/26 (Call 05/17/26)<sup>(a)</sup>  |  | 10651 |  | 9111834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 (Call 03/17/31) |  | 12412 |  | 9100591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27)<sup>(a)</sup>  |  | 11430 |  | 10065188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 (Call 03/17/30)<sup>(a)</sup>  |  | 6258 |  | 5095905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)</sup>  |  | 12903 |  | 11294889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) |  | 14130 |  | 11540540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27)<sup>(a)</sup>  |  | 9882 |  | 9230168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32)<sup>(a)</sup>  |  | 11490 |  | 10222617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41<sup>(a)</sup>  |  | 14980 |  | 13319776 |
|  International Business Machines Corp.<br>1.70%, 05/15/27 (Call 03/15/27)<sup>(a)</sup>  |  | 14806 |  | 12719515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 (Call 02/15/30) |  | 7949 |  | 6263930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  |  | 10337 |  | 6272656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26<sup>(a)</sup>  |  | 30656 |  | 28747952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26<sup>(a)</sup>  |  | 14597 |  | 13848621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 |  | 34729 |  | 31021759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42<sup>(a)</sup>  |  | 11426 |  | 8806409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27)<sup>(a)</sup>  |  | 14629 |  | 13975408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 |  | 21823 |  | 17757340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49<sup>(a)</sup>  |  | 32220 |  | 24947891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32)<sup>(a)</sup>  |  | 17506 |  | 16001146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52)<sup>(a)</sup>  |  | 11493 |  | 9683641 |
|  Leidos Inc.<br>2.30%, 02/15/31 (Call 11/15/30) |  | 13183 |  | 9748263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 (Call 02/15/30) |  | 6136 |  | 5350776 |
|  Western Digital Corp., 4.75%, 02/15/26 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/15/25)<sup>(a)</sup>  |  | 17794 |  | 16447026 |
|  |  |  |  | 1100527216 |
| **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 |  | 21571 |  | 19508954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/29 |  | 10457 |  | 9119650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 |  | 21242 |  | 17895944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/24/52 |  | 10175 |  | 7295158 |
|  Procter & Gamble Co. (The)<br>1.00%, 04/23/26<sup>(a)</sup>  |  | 10237 |  | 9054987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 |  | 21262 |  | 16211050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27<sup>(a)</sup>  |  | 8661 |  | 7765922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31<sup>(a)</sup>  |  | 9528 |  | 7666121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32<sup>(a)</sup>  |  | 7430 |  | 6118413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26<sup>(a)</sup>  |  | 12609 |  | 11619712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27<sup>(a)</sup>  |  | 9541 |  | 8781803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30<sup>(a)</sup>  |  | 20266 |  | 18079124 |
|  Unilever Capital Corp.<br>1.75%, 08/12/31 (Call 05/12/31)<sup>(a)</sup>  |  | 12504 |  | 9518628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 (Call 06/06/29)<sup>(a)</sup>  |  | 10176 |  | 8397356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| <br> **Cosmetics & Personal Care (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27)<sup>(a)</sup>  | $| 11214 | $| 10246337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 (Call 12/22/27)<sup>(a)</sup>  |  | 13145 |  | 12124105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32<sup>(a)</sup>  |  | 11356 |  | 11820289 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191223553 |
| **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
|  AerCap Ireland Capital DAC/AerCap Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) |  | 4354 |  | 3712325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42018 |  | 35544640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) |  | 45434 |  | 36689550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 (Call 10/30/31)<sup>(a)</sup>  |  | 40342 |  | 30209849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) |  | 21945 |  | 15832995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) |  | 14089 |  | 12251390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 (Call 04/29/41)<sup>(a)</sup>  |  | 18340 |  | 12158087 |
|  Air Lease Corp.<br>1.88%, 08/15/26 (Call 07/15/26)<sup>(a)</sup>  |  | 17364 |  | 14565008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26)<sup>(a)</sup>  |  | 12446 |  | 10411318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25)<sup>(a)</sup>  |  | 8348 |  | 7422457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/32 (Call 10/15/31) |  | 8353 |  | 6218419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 (Call 09/01/30)<sup>(a)</sup>  |  | 11592 |  | 8993497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) |  | 12087 |  | 10958379 |
|  Ally Financial Inc.<br>2.20%, 11/02/28 (Call 09/02/28)<sup>(a)</sup>  |  | 9463 |  | 7275533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27)<sup>(a)</sup>  |  | 9886 |  | 9022754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31<sup>(a)</sup>  |  | 22318 |  | 22858319 |
|  American Express Co.<br>1.65%, 11/04/26 (Call 10/04/26)<sup>(a)</sup>  |  | 14498 |  | 12470289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) |  | 29517 |  | 25933438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26)<sup>(a)</sup>  |  | 16396 |  | 15174352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27)<sup>(a)</sup>  |  | 10100 |  | 9143622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29)<sup>(a)</sup>  |  | 8402 |  | 7578407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42<sup>(a)</sup>  |  | 10438 |  | 8023992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25)<sup>(a)</sup>  |  | 4382 |  | 4244305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 |  | 4960 |  | 4956429 |
|  Brookfield Finance Inc.<br>3.50%, 03/30/51 (Call 09/30/50) |  | 8992 |  | 5374196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27)<sup>(a)</sup>  |  | 12560 |  | 11244717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  |  | 11087 |  | 9748826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) |  | 10212 |  | 7621494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 (Call 12/29/28) |  | 13393 |  | 12364094 |
|  Capital One Financial Corp.<br>3.65%, 05/11/27 (Call 04/11/27)<sup>(a)</sup>  |  | 14550 |  | 13195724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26)<sup>(a)</sup>  |  | 20349 |  | 18601235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27)<sup>(a)</sup>  |  | 17271 |  | 15737283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 (Call 12/31/27) |  | 14028 |  | 12537849 |
|  Charles Schwab Corp. (The)<br>0.90%, 03/11/26 (Call 02/11/26)<sup>(a)</sup>  |  | 12322 |  | 10663796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) |  | 7998 |  | 6933650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30)<sup>(a)</sup>  |  | 9808 |  | 7267854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) |  | 11787 |  | 8811305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28)<sup>(a)</sup>  |  | 16457 |  | 14029653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31)<sup>(a)</sup>  |  | 12619 |  | 9861171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) |  | 19780 |  | 17646759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 (Call 12/03/31) |  | 12695 |  | 10297895 |
|  CME Group Inc.<br>2.65%, 03/15/32 (Call 12/15/31) |  | 11367 |  | 9138444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43)<sup>(a)</sup>  |  | 11344 |  | 10777502 |
|  Discover Financial Services, 4.10%, 02/09/27 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/09/26) |  | 13394 |  | 12182260 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Diversified Financial Services (continued)** | <br> **Diversified Financial Services (continued)** | <br> **Diversified Financial Services (continued)** |
|  Intercontinental Exchange Inc.<br>1.85%, 09/15/32 (Call 06/15/32)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21737 | $15723798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 14310 | 11328625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 (Call 03/15/40)<sup>(a)</sup>  | 16684 | 10923520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49)<sup>(a)</sup>  | 14902 | 9313476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 (Call 03/15/60)<sup>(a)</sup>  | 16224 | 9429392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25)<sup>(a)</sup>  | 8709 | 8359446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27)<sup>(a)</sup>  | 22076 | 20913425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 (Call 03/21/48) | 14037 | 10916071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 (Call 04/15/29)<sup>(a)</sup>  | 13945 | 13192737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32)<sup>(a)</sup>  | 18964 | 17390460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51)<sup>(a)</sup>  | 19229 | 16687828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 (Call 12/15/61)<sup>(a)</sup>  | 10580 | 9426316 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 (Call 07/15/31) | 8176 | 5796518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30<sup>(a)</sup>  | 16199 | 13698113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27<sup>(a)</sup>  | 12537 | 11762751 |
|  Mastercard Inc.<br>2.00%, 11/18/31 (Call 08/18/31) | 10250 | 8054501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26)<sup>(a)</sup>  | 6444 | 5986589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 (Call 03/01/29)<sup>(a)</sup>  | 13223 | 11707451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 12303 | 11525821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 (Call 12/26/29)<sup>(a)</sup>  | 19045 | 17104619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 10271 | 7791756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49)<sup>(a)</sup>  | 17343 | 13590375 |
|  Nomura Holdings Inc.<br>1.65%, 07/14/26<sup>(a)</sup>  | 14074 | 11955942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28<sup>(a)</sup>  | 14832 | 11727484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27<sup>(a)</sup>  | 17166 | 14628010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31 | 14032 | 10193082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30<sup>(a)</sup>  | 13299 | 10008044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32 | 9097 | 6753827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30<sup>(a)</sup>  | 18175 | 14327047 |
|  Raymond James Financial Inc.<br>3.75%, 04/01/51 (Call 10/01/50) | 9697 | 6611525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46 | 9672 | 8217116 |
|  Synchrony Financial<br>2.88%, 10/28/31 (Call 07/28/31)<sup>(a)</sup>  | 5671 | 3992111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 8611 | 7405733 |
|  Visa Inc.<br>1.10%, 02/15/31 (Call 11/15/30) | 10909 | 8145407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27)<sup>(a)</sup>  | 18864 | 16633547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50)<sup>(a)</sup>  | 17755 | 9836140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 15686 | 12929847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39)<sup>(a)</sup>  | 11659 | 8268429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27)<sup>(a)</sup>  | 9001 | 8171321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | 37358 | 35601778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 9227 | 7014462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35)<sup>(a)</sup>  | 16575 | 14947791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45)<sup>(a)</sup>  | 40244 | 34255970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077933262 |
| **Electric — 2.8%** |  |  |
|  AES Corp. (The)<br>1.38%, 01/15/26 (Call 12/15/25) | 2062 | 1782365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/15/30) | 15346 | 11604906 |
|  Ameren Corp., 3.50%, 01/15/31<br>(Call 10/15/30) | 6434 | 5459944 |
|  Avangrid Inc., 3.80%, 06/01/29<br>(Call 03/01/29)<sup>(a)</sup>  | 10690 | 9359789 |
|  Berkshire Hathaway Energy Co.<br>2.85%, 05/15/51 (Call 11/15/50)<sup>(a)</sup>  | 19324 | 11594680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 (Call 04/15/30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | 7750 | 5655404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50)<sup>(a)</sup>  | 9546 | 7408363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 11976 | 9630532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 8161 | 6638679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(a)(c)</sup>  | 13504 | 11118148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 7497 | 6621745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 16920 | 17148049 |
|  Commonwealth Edison Co., 4.00%, 03/01/48<br>(Call 09/01/47)<sup>(a)</sup>  | 8395 | 6450928 |
|  Connecticut Light & Power Co. (The),<br>4.00%, 04/01/48 (Call 10/01/47) | 7391 | 5762497 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/15/31)<sup>(a)</sup>  | 12008 | 9457972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60)<sup>(a)</sup>  | 11623 | 7696254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43)<sup>(a)</sup>  | 9681 | 7763729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54)<sup>(a)</sup>  | 7468 | 5931060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50<br>(Call 10/01/49)<sup>(a)</sup>  | 9072 | 6716891 |
|  Constellation Energy Generation LLC<br>5.60%, 06/15/42 (Call 12/15/41) | 7393 | 6482626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39<sup>(a)</sup>  | 12441 | 11960888 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 (Call 05/15/31)<sup>(a)</sup>  | 16171 | 12463561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 16449 | 14111114 |
|  Duke Energy Carolinas LLC<br>3.20%, 08/15/49 (Call 02/15/49) | 6046 | 3972274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 8658 | 8068283 |
|  Duke Energy Corp.<br>2.45%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 9085 | 7241524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31)<sup>(a)</sup>  | 12357 | 9675745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26)<sup>(a)</sup>  | 11385 | 10293259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 5897 | 5315047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/41 (Call 12/15/40)<sup>(a)</sup>  | 8226 | 5587802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50)<sup>(a)</sup>  | 7981 | 5194400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 16989 | 11683162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28)<sup>(a)</sup>  | 9937 | 9321601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 (Call 05/15/32) | 15699 | 14155281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52)<sup>(a)</sup>  | 14656 | 12102895 |
|  Duke Energy Florida LLC, 6.40%, 06/15/38 | 10524 | 10921577 |
|  Emera U.S. Finance LP<br>3.55%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  | 8671 | 8003875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/46 (Call 12/15/45)<sup>(a)</sup>  | 12764 | 9500001 |
|  Entergy Corp., 2.95%, 09/01/26<br>(Call 06/01/26)<sup>(a)</sup>  | 13261 | 12056987 |
|  Entergy Louisiana LLC, 4.20%, 09/01/48<br>(Call 03/01/48)<sup>(a)</sup> | 9881 | 7625453 |
|  Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) | 7225 | 5958359 |
|  Exelon Corp.<br>3.40%, 04/15/26 (Call 01/15/26)<sup>(a)</sup>  | 9584 | 8959536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 (Call 01/15/30) | 15006 | 13455678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 (Call 10/15/45) | 8421 | 6600234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49)<sup>(a)</sup>  | 9328 | 7513478 |
|  Florida Power & Light Co.<br>2.45%, 02/03/32 (Call 11/03/31)<sup>(a)</sup>  | 18339 | 14752986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51)<sup>(a)</sup>  | 13107 | 8343900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 11062 | 7441503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 10852 | 8442624 |
|  Georgia Power Co.<br>4.30%, 03/15/42<sup>(a)</sup>  | 14611 | 11771506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 (Call 11/15/51)<sup>(a)</sup>  | 9356 | 8383530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 (Call 09/15/50)<sup>(a)</sup>  | 10811 | 6952664 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Electric (continued)** |  |  |  |  |
|  MidAmerican Energy Co.<br>3.65%, 04/15/29 (Call 01/15/29)<sup>(a)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7537078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) |  | 9738 |  | 7771049 |
|  NextEra Energy Capital Holdings Inc.<br>1.88%, 01/15/27 (Call 12/15/26) |  | 11850 |  | 10328027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) |  | 18004 |  | 14871509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  |  | 26454 |  | 20991381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 (Call 10/15/31)<sup>(a)</sup>  |  | 13267 |  | 10237794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 (Call 08/01/29) |  | 9901 |  | 8278099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27)<sup>(a)</sup>  |  | 17320 |  | 15940166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27)<sup>(a)</sup>  |  | 14111 |  | 13564900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 04/15/32)<sup>(a)</sup>  |  | 14298 |  | 13608633 |
|  Pacific Gas and Electric Co.<br>2.10%, 08/01/27 (Call 06/01/27)<sup>(a)</sup>  |  | 9760 |  | 8023647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30)<sup>(a)</sup>  |  | 19770 |  | 14747433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28)<sup>(a)</sup>  |  | 7816 |  | 6443720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26<sup>(a)</sup>  |  | 16097 |  | 14507940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31)<sup>(a)</sup>  |  | 6249 |  | 4865457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  |  | 13777 |  | 11672273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 (Call 02/01/40)<sup>(a)</sup>  |  | 12086 |  | 7867105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50)<sup>(a)</sup>  |  | 19112 |  | 11667876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28<sup>(a)</sup>  |  | 8995 |  | 7662952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47)<sup>(a)</sup>  |  | 9783 |  | 6418687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) |  | 21821 |  | 16172166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30)<sup>(a)</sup>  |  | 34524 |  | 30270642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) |  | 35365 |  | 26385307 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp, 2.90%, 06/15/52 (Call 12/15/51) |  | 11599 |  | 7068355 |
|  Public Service Co. of Colorado, 1.88%, 06/15/31 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/15/30) |  | 6184 |  | 4759512 |
|  Public Service Enterprise Group Inc., 2.45%, 11/15/31 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/15/31)<sup>(a)</sup>  |  | 10629 |  | 8128172 |
|  San Diego Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 (Call 07/01/30)<sup>(a)</sup>  |  | 9206 |  | 7026233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51)<sup>(a)</sup>  |  | 10041 |  | 6319211 |
|  Sempra Energy<br>3.25%, 06/15/27 (Call 03/15/27)<sup>(a)</sup>  |  | 11747 |  | 10620157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 (Call 11/01/27) |  | 12168 |  | 10854410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 (Call 08/01/37) |  | 11505 |  | 8730412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 (Call 08/01/47) |  | 9140 |  | 6500610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39<sup>(a)</sup>  |  | 7602 |  | 7220032 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49)<sup>(a)</sup>  |  | 14574 |  | 9783159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46)<sup>(a)</sup>  |  | 20212 |  | 14489126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43)<sup>(a)</sup>  |  | 9369 |  | 7561721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50)<sup>(a)</sup>  |  | 4372 |  | 2570058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) |  | 14692 |  | 10683859 |
|  Southern Co. (The)<br>3.25%, 07/01/26 (Call 04/01/26)<sup>(a)</sup>  |  | 18174 |  | 16811739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 (Call 01/01/46) |  | 18240 |  | 14155172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/30 (Call 01/30/30) |  | 13051 |  | 11392254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/51 (Call 10/15/25)<sup>(a)(b)</sup>  |  | 14886 |  | 12984314 |
|  Virginia Electric & Power Co.<br>2.45%, 12/15/50 (Call 06/15/50)<sup>(a)</sup>  |  | 10545 |  | 5892313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) |  | 10002 |  | 6194908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) |  | 4472 |  | 4180443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26)<sup>(a)</sup>  |  | 11002 |  | 10218244 |
|  |  |  |  | 962207383 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co.<br>0.88%, 10/15/26 (Call 09/15/26)<sup>(a)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8671 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 (Call 10/21/28)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12643236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 (Call 09/21/31)<sup>(a)</sup>  | 9543 | 7497910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) | 13535 | 8315336 |
|  |  | 35859727 |
| **Electronics — 0.3%** |  |  |
|  Amphenol Corp.<br>2.20%, 09/15/31 (Call 06/15/31) | 5902 | 4506848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 (Call 11/15/29) | 12234 | 10162513 |
|  Honeywell International Inc.<br>1.10%, 03/01/27 (Call 02/01/27)<sup>(a)</sup>  | 11086 | 9489630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 (Call 06/01/31)<sup>(a)</sup>  | 14526 | 11231666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 14220 | 11524396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26)<sup>(a)</sup>  | 17618 | 16114672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 (Call 05/15/29) | 10521 | 9157607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 6132 | 4123098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/33 | 16000 | 15842880 |
|  |  | 92153310 |
| **Entertainment — 0.6%** |  |  |
|  Magallanes Inc.<br>3.76%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup>  | 45555 | 40499447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 (Call 01/15/29)<sup>(a)(c)</sup>  | 16709 | 14139632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 (Call 12/15/31)<sup>(a)(c)</sup>  | 52874 | 42651949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(c)</sup>  | 47492 | 34649379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(c)</sup>  | 74064 | 51684400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(c)</sup>  | 29441 | 20547928 |
|  |  | 204172735 |
| **Environmental Control — 0.2%** |  |  |
|  Republic Services Inc.<br>1.75%, 02/15/32 (Call 11/15/31)<sup>(a)</sup>  | 7645 | 5668148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 (Call 02/15/28) | 8370 | 7778039 |
|  Waste Connections Inc.<br>2.95%, 01/15/52 (Call 07/15/51) | 10837 | 6727933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/33 (Call 10/15/32) | 9520 | 8595570 |
|  Waste Management Inc.<br>1.50%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 17322 | 13132861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 (Call 08/15/27)<sup>(a)</sup>  | 6354 | 5793475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)</sup>  | 11757 | 10813262 |
|  |  | 58509288 |
| **Food — 1.3%** |  |  |
|  Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27) | 10447 | 9798647 |
|  Conagra Brands Inc.<br>1.38%, 11/01/27 (Call 09/01/27) | 11023 | 8900109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25)<sup>(a)</sup>  | 5789 | 5623334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 (Call 08/01/28)<sup>(a)</sup>  | 19108 | 18042622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 (Call 05/01/38) | 8686 | 7587138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 (Call 05/01/48)<sup>(a)</sup>  | 14257 | 12243608 |
|  Diageo Capital PLC, 5.50%, 01/24/33 | 4936 | 4976179 |
|  General Mills Inc.<br>2.88%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 10359 | 8729244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26)<sup>(a)</sup>  | 7197 | 6659273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 (Call 01/17/28)<sup>(a)</sup>  | 17851 | 16895861 |
|  Hormel Foods Corp.<br>1.70%, 06/03/28 (Call 04/03/28)<sup>(a)</sup>  | 9166 | 7715858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 (Call 03/11/30)<sup>(a)</sup>  | 12231 | 9709138 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.<br>2.50%, 01/15/27 (Call 12/15/26)<sup>(c)</sup>  | 7384 | 6304090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/32 (Call 01/15/27)<sup>(a)(c)</sup>  | 6049 | 4736570 |
|  Kellogg Co., 3.25%, 04/01/26<sup>(a)</sup>  | 4288 | 4015570 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Food (continued)** |  |  |
|  Kraft Heinz Foods Co.<br>3.00%, 06/01/26 (Call 03/01/26)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17342560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27)<sup>(a)</sup>  | 13302 | 12414624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45)<sup>(a)</sup>  | 37034 | 28936916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 (Call 04/01/49)<sup>(a)</sup>  | 17597 | 14620467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42<sup>(a)</sup>  | 18233 | 15688063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45)<sup>(a)</sup>  | 23511 | 20543912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 8922 | 8149411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39 | 10128 | 10449249 |
|  Kroger Co. (The)<br>2.65%, 10/15/26 (Call 07/15/26) | 9616 | 8610257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 (Call 07/15/49)<sup>(a)</sup>  | 6893 | 4983591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 (Call 08/01/46)<sup>(a)</sup>  | 11597 | 9135492 |
|  McCormick & Co. Inc./MD,<br>3.40%, 08/15/27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/15/27) | 9129 | 8302501 |
|  Mondelez International Inc.<br>2.63%, 03/17/27 (Call 02/17/27) | 5735 | 5108015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/04/50 (Call 03/04/50) | 12356 | 7215421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 (Call 01/13/30)<sup>(a)</sup>  | 11722 | 9745258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/32 (Call 12/17/31) | 10343 | 8458073 |
|  Sysco Corp.<br>3.15%, 12/14/51 (Call 06/14/51)<sup>(a)</sup>  | 12106 | 7523234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 8531 | 7716627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26)<sup>(a)</sup>  | 12565 | 11621845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 14181 | 14410636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 (Call 10/01/49)<sup>(a)</sup>  | 12629 | 12959423 |
|  Tyson Foods Inc.<br>3.55%, 06/02/27 (Call 03/02/27)<sup>(a)</sup>  | 14997 | 13808377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26)<sup>(a)</sup>  | 10204 | 9754279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28)<sup>(a)</sup>  | 15631 | 14648531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 (Call 12/02/46)<sup>(a)</sup>  | 10864 | 8845231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 (Call 03/28/48)<sup>(a)</sup>  | 17075 | 15007834 |
|  |  | 437937068 |
| **Gas — 0.2%** |  |  |
|  Atmos Energy Corp., 4.13%, 10/15/44 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/44)<sup>(a)</sup>  | 6062 | 4689564 |
|  NiSource Inc.<br>1.70%, 02/15/31 (Call 11/15/30)<sup>(a)</sup>  | 11404 | 8358389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 (Call 06/01/29)<sup>(a)</sup>  | 10668 | 8937351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 (Call 02/15/27)<sup>(a)</sup>  | 13227 | 12094499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 (Call 02/01/30) | 11450 | 9872250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 (Call 09/30/47)<sup>(a)</sup>  | 7856 | 5641859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 (Call 11/15/46)<sup>(a)</sup>  | 12621 | 9709243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 (Call 08/15/43) | 6783 | 5534701 |
|  |  | 64837856 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 (Call 12/15/29) | 12702 | 10174501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) | 9542 | 5431673 |
|  |  | 15606174 |
| **Health Care - Products — 0.9%** |  |  |
|  Abbott Laboratories<br>3.75%, 11/30/26 (Call 08/30/26)<sup>(a)</sup>  | 19022 | 18242790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36)<sup>(a)</sup>  | 15008 | 14333308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) | 38398 | 35770770 |
|  Baxter International Inc.<br>1.92%, 02/01/27 (Call 01/01/27) | 18543 | 15937987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/28 (Call 10/01/28)<sup>(a)</sup>  | 15442 | 12695579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31)<sup>(a)</sup>  | 20645 | 15751260 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 (Call 05/15/26)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 (Call 06/01/51) | 11101 | 6747264 |
|  Boston Scientific Corp., 2.65%, 06/01/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/01/30)<sup>(a)</sup>  | 12999 | 10719533 |
|  Danaher Corp.<br>2.60%, 10/01/50 (Call 04/01/50) | 11946 | 7177123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51)<sup>(a)</sup>  | 15029 | 9362424 |
|  DH Europe Finance II Sarl<br>2.60%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 10336 | 8781367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39)<sup>(a)</sup>  | 9601 | 7097901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49)<sup>(a)</sup>  | 9781 | 6890446 |
|  Medtronic Inc.<br>4.38%, 03/15/35 | 20418 | 18673374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45<sup>(a)</sup>  | 21451 | 18799832 |
|  PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29) | 11898 | 9993603 |
|  Stryker Corp.<br>1.95%, 06/15/30 (Call 03/15/30)<sup>(a)</sup>  | 15312 | 12012690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25)<sup>(a)</sup>  | 4256 | 4052855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25)<sup>(a)</sup>  | 7607 | 7204701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 (Call 09/15/45) | 12810 | 10776313 |
|  Thermo Fisher Scientific Inc.<br>2.00%, 10/15/31 (Call 07/15/31)<sup>(a)</sup>  | 17385 | 13604161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 (Call 07/01/29)<sup>(a)</sup>  | 11346 | 9719882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41)<sup>(a)</sup>  | 13463 | 9284817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47)<sup>(a)</sup>  | 11054 | 9004712 |
|  Zimmer Biomet Holdings Inc.,<br>2.60%, 11/24/31 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/24/31)<sup>(a)</sup>  | 11476 | 8874021 |
|  |  | 307213350 |
| **Health Care - Services — 2.9%** |  |  |
|  Aetna Inc.<br>3.88%, 08/15/47 (Call 02/15/47)<sup>(a)</sup>  | 11103 | 7984762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36 | 12506 | 12574901 |
|  Ascension Health<br>3.95%, 11/15/46 | 10360 | 8103197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.53%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 11880 | 9884800 |
|  Centene Corp.<br>2.45%, 07/15/28 (Call 05/15/28) | 13411 | 11030548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 14065 | 10777447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 12683 | 9698532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 12916 | 10381752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 5217 | 4336631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 14115 | 13021088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 7773 | 7038918 |
|  CommonSpirit Health<br>3.35%, 10/01/29 (Call 04/01/29) | 6887 | 5774432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 4420 | 3129499 |
|  Elevance Health Inc.<br>1.50%, 03/15/26 (Call 02/15/26)<sup>(a)</sup>  | 7090 | 6255440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 (Call 02/15/30) | 17350 | 13944369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 7932 | 6389497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 (Call 06/15/29) | 10608 | 9004352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 12989 | 8317679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 12376 | 8691979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 (Call 09/01/27) | 17502 | 16167373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 (Call 03/15/49) | 8875 | 6333723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 (Call 12/01/27) | 16727 | 15693648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 (Call 06/01/47) | 15187 | 12196403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 (Call 09/01/47) | 11704 | 9624796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 11493 | 9733779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43<sup>(a)</sup>  | 10677 | 8979553 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 (Call 02/15/44)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 | 1995 | 2026630 |
|  HCA Inc.<br>2.38%, 07/15/31 (Call 04/15/31)<sup>(a)</sup>  | 9385 | 6989876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup>  | 11860 | 10494040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 (Call 03/01/30) | 30314 | 25113524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51)<sup>(a)</sup>  | 15694 | 9722850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 (Call 12/15/31)<sup>(a)(c)</sup>  | 21843 | 17740515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 03/15/29)<sup>(a)</sup>  | 23131 | 20400466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 14137 | 13239580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(a)(c)</sup>  | 22972 | 16872718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 11844 | 9848147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25)<sup>(a)</sup>  | 14535 | 14094043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48)<sup>(a)</sup>  | 22604 | 18322158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26)<sup>(a)</sup>  | 10237 | 9955552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 (Call 12/15/46) | 16778 | 14026264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 (Call 03/01/28)<sup>(a)</sup>  | 15320 | 14738347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25)<sup>(a)</sup>  | 13772 | 13631714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 08/01/28)<sup>(a)</sup>  | 16804 | 16419383 |
|  Humana Inc.<br>1.35%, 02/03/27 (Call 01/03/27) | 7615 | 6383111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 (Call 11/03/31)<sup>(a)</sup>  | 15264 | 11475474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29) | 9674 | 8576759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 (Call 04/01/44)<sup>(a)</sup>  | 8425 | 7205292 |
|  Kaiser Foundation Hospitals<br>4.15%, 05/01/47 (Call 11/01/46)<sup>(a)</sup>  | 11468 | 9034303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 9680 | 6401799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40)<sup>(a)</sup>  | 14817 | 9904988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50)<sup>(a)</sup>  | 11714 | 7220630 |
|  Laboratory Corp. of America Holdings, 4.70%, 02/01/45 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/01/44)<sup>(a)</sup>  | 12671 | 10244064 |
|  Quest Diagnostics Inc., 2.95%, 06/30/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/30/30)<sup>(a)</sup>  | 13520 | 11292687 |
|  UnitedHealth Group Inc.<br>1.15%, 05/15/26 (Call 04/15/26)<sup>(a)</sup>  | 12089 | 10615448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 18478 | 14811983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31)<sup>(a)</sup>  | 16777 | 13437253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 16219 | 11132918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 13408 | 11606576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49) | 15517 | 9929754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27<sup>(a)</sup>  | 12633 | 11395147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | 17449 | 12332252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26<sup>(a)</sup>  | 8494 | 7993587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59)<sup>(a)</sup>  | 9641 | 5973148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 24750 | 16755329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 9290 | 8708995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 16468 | 12636377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49)<sup>(a)</sup>  | 14888 | 11055564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 11462 | 8599973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28<sup>(a)</sup>  | 12305 | 11451520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28<sup>(a)</sup>  | 5600 | 5209444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59) | 12961 | 9430862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 9230 | 8578812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32)<sup>(a)</sup>  | 17717 | 16316429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 10386 | 8400935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 9026 | 7461440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47)<sup>(a)</sup>  | 14785 | 12028872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48)<sup>(a)</sup>  | 13067 | 10882723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 9654 | 8902177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45<sup>(a)</sup>  | 21176 | 18516144 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23282 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20332159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61)<sup>(a)</sup>  |  | 9078 |  | 7996157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 |  | 4990 |  | 4999416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 |  | 11800 |  | 12617656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 |  | 16935 |  | 16951976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36<sup>(a)</sup>  |  | 10614 |  | 10704465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 |  | 23180 |  | 23635220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63<sup>(a)</sup>  |  | 17341 |  | 17812642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 |  | 13353 |  | 14619733 |
|  Universal Health Services Inc., 2.65%, 10/15/30 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 07/15/30)<sup>(a)(c)</sup>  |  | 9428 |  | 7043170 |
|  |  |  |  | 994996613 |
| **Holding Companies - Diversified — 0.3%** |  |  |  |  |
|  Ares Capital Corp.<br>2.15%, 07/15/26 (Call 06/15/26)<sup>(a)</sup>  |  | 14653 |  | 12105683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 (Call 04/15/28) |  | 16031 |  | 12532226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) |  | 9910 |  | 8883365 |
|  Blackstone Private Credit Fund<br>2.63%, 12/15/26 (Call 11/15/26) |  | 10931 |  | 9044151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27)<sup>(a)</sup>  |  | 12776 |  | 10744690 |
|  Blackstone Secured Lending Fund, 3.63%, 01/15/26 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/15/25)<sup>(a)</sup>  |  | 7780 |  | 7029446 |
|  FS KKR Capital Corp.<br>3.13%, 10/12/28 (Call 08/12/28)<sup>(a)</sup>  |  | 10758 |  | 8274592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) |  | 4964 |  | 4372241 |
|  Owl Rock Capital Corp.<br>2.88%, 06/11/28 (Call 04/11/28)<sup>(a)</sup>  |  | 9597 |  | 7232325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26)<sup>(a)</sup>  |  | 15320 |  | 13068109 |
|  |  |  |  | 93286828 |
| **Home Builders — 0.0%** |  |  |  |  |
|  Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)<sup>(a)</sup> |  | 11287 |  | 10431382 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
|  Kimberly-Clark Corp., 3.10%, 03/26/30 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/26/29)<sup>(a)</sup>  |  | 10212 |  | 8934547 |
| **Insurance — 1.8%** |  |  |  |  |
|  American International Group Inc.<br>3.90%, 04/01/26 (Call 01/01/26)<sup>(a)</sup>  |  | 7911 |  | 7535357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 (Call 12/30/49)<sup>(a)</sup>  |  | 13432 |  | 10458597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 (Call 10/01/47) |  | 9622 |  | 7970874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 (Call 01/10/45)<sup>(a)</sup>  |  | 9807 |  | 8085974 |
|  Aon Corp.<br>2.80%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  |  | 17437 |  | 14246805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 (Call 02/02/29)<sup>(a)</sup>  |  | 5836 |  | 5192008 |
|  Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 08/28/51)<sup>(a)</sup>  |  | 11774 |  | 8295621 |
|  Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25) |  | 7289 |  | 6935527 |
|  Arch Capital Group Ltd., 3.64%, 06/30/50 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/30/49) |  | 12650 |  | 8102720 |
|  Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)<sup>(a)</sup>. |  | 14078 |  | 12530189 |
|  Berkshire Hathaway Finance Corp.<br>1.45%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  |  | 10128 |  | 7759951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 (Call 02/15/27)<sup>(a)</sup>  |  | 8755 |  | 7886847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) |  | 11594 |  | 6635484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50)<sup>(a)</sup>  |  | 24317 |  | 14958780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31)<sup>(a)</sup>  |  | 7555 |  | 6263862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) |  | 30331 |  | 22269885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) |  | 24846 |  | 20061880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48)<sup>(a)</sup>  |  | 21312 |  | 17267773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268401 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 25628 | 24291300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43<sup>(a)</sup>  | 10878 | 9322458 |
|  Brighthouse Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/22/27 (Call 03/22/27)<sup>(a)</sup> | 3937 | 3556209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 (Call 12/22/46) | 11493 | 7945984 |
|  Chubb Corp. (The), 6.00%, 05/11/37 | 10472 | 10732654 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 (Call 06/15/30)<sup>(a)</sup> | 5800 | 4305088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61)<sup>(a)</sup>  | 11763 | 6970683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 17487 | 16463537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45)<sup>(a)</sup>  | 16475 | 13432870 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(c)</sup> | 15304 | 13868301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 (Call 02/05/29)<sup>(a)(c)</sup>  | 12866 | 11235871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 (Call 01/05/32)<sup>(a)(c)</sup>  | 16720 | 13957642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 (Call 10/05/51)<sup>(a)(c)</sup>  | 16003 | 11668808 |
|  Equitable Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 (Call 01/20/28) | 16739 | 15532548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 (Call 10/20/47) | 16109 | 12844223 |
|  Everest Reinsurance Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 (Call 04/15/52)<sup>(a)</sup>  | 11651 | 6767197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 (Call 04/15/50) | 11828 | 7462018 |
|  Fairfax Financial Holdings Ltd., 5.63%, 08/16/32<br>(Call 05/16/32)<sup>(c)</sup>  | 8304 | 7538967 |
|  Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)<sup>(a)</sup>  | 9045 | 6116287 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 (Call 12/16/31)<sup>(a)</sup>  | 3701 | 3157571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26<sup>(a)</sup>  | 8788 | 8453518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46 | 6908 | 6260544 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 5848 | 4583414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 15211 | 14335093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48)<sup>(a)</sup>  | 15862 | 13507391 |
|  MetLife Inc.<br>4.05%, 03/01/45<sup>(a)</sup>  | 11941 | 9121179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42<sup>(a)</sup>  | 10161 | 7956429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 (Call 12/23/29)<sup>(a)</sup>  | 7602 | 7223607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45)<sup>(a)</sup>  | 8473 | 7050836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 8521 | 7347844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52)<sup>(a)</sup>  | 12560 | 10964939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35<sup>(a)</sup>  | 11887 | 11740921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 8350 | 7990173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34<sup>(a)</sup>  | 11781 | 12288974 |
|  Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)<sup>(a)</sup>  | 8906 | 6950070 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50)<sup>(a)</sup>  | 17528 | 12438498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47)<sup>(a)</sup>  | 9623 | 7085464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49) | 12039 | 8837996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49)<sup>(a)</sup>  | 12187 | 9669124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44<sup>(a)</sup>  | 3505 | 2881402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36<sup>(a)</sup>  | 12263 | 11962400 |
|  Travelers Companies Inc. (The)<br>3.05%, 06/08/51 (Call 12/08/50)<sup>(a)</sup>  | 11063 | 7013579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40<sup>(a)</sup>  | 6219 | 5829628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | 13060 | 13576920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588100 |
|  |  | 634554794 |
| **Internet — 2.3%** |  |  |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27)<sup>(a)</sup>  | 13816 | 11614936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 (Call 05/15/30)<sup>(a)</sup>  | 25500 | 19570391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 13910 | 8786812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26)<sup>(a)</sup>  | 20564 | 18710848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50)<sup>(a)</sup>  | 27066 | 15477708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60)<sup>(a)</sup>  | 25726 | 14081834 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 31599 | 27653634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 14936 | 12696541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 (Call 03/03/30) | 25030 | 19548325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 (Call 03/12/28) | 26771 | 22590098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 34342 | 27471316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49)<sup>(a)</sup>  | 25675 | 15283765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59)<sup>(a)</sup>  | 24152 | 13694660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40) | 22948 | 16277221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50)<sup>(a)</sup>  | 39764 | 26891936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 38569 | 35708573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 21212 | 13720887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27)<sup>(a)</sup>  | 23618 | 22166360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 (Call 02/13/29)<sup>(a)</sup>  | 16794 | 15414275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32)<sup>(a)</sup>  | 28903 | 25854875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | 34489 | 29296105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51)<sup>(a)</sup>  | 27947 | 21906678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47)<sup>(a)</sup>  | 39031 | 31587777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 16221 | 12417435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57)<sup>(a)</sup>  | 24309 | 19550336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34)<sup>(a)</sup>  | 13457 | 13072519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44)<sup>(a)</sup>  | 17669 | 16484636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25)<sup>(a)</sup>  | 3590 | 3639294 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 14142 | 13347139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 (Call 01/13/30)<sup>(a)</sup>  | 17018 | 16011812 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 11074 | 9635770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 (Call 02/10/31)<sup>(a)</sup>  | 6769 | 5307261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 (Call 12/11/29)<sup>(a)</sup>  | 13888 | 11294447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 (Call 03/05/27)<sup>(a)</sup>  | 11260 | 10360830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 (Call 11/10/50)<sup>(a)</sup>  | 10073 | 6636739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 (Call 01/15/42)<sup>(a)</sup>  | 11758 | 8623251 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 7785 | 5901595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 14665 | 11813552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 11022 | 9797985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 7994 | 7478031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25)<sup>(a)</sup>  | 6130 | 5923823 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(c)</sup>  | 35263 | 32351038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(c)</sup>  | 34289 | 29166467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(c)</sup>  | 32243 | 23978371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(c)</sup>  | 17449 | 12864394 |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26<sup>(a)</sup>  | 11985 | 11441970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/28 | 18644 | 17721681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28<sup>(a)</sup>  | 22627 | 22457298 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29<sup>(a)</sup>  | $5113 | $5201966 |
|  |  | 808485195 |
| **Lodging — 0.2%** |  |  |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 11273 | 10857112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 (Call 03/15/30)<sup>(a)</sup>  | 15912 | 14297612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 7899 | 6311255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 11025 | 8560662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 6093 | 5566845 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 2400 | 1954248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/28 (Call 05/08/28)<sup>(a)</sup>  | 18615 | 14781985 |
|  |  | 62329719 |
| **Machinery — 0.4%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25<sup>(a)</sup>  | 2318 | 2052323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26<sup>(a)</sup>  | 10447 | 9154818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27<sup>(a)</sup>  | 10269 | 8547287 |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 (Call 01/09/30)<sup>(a)</sup>  | 12550 | 10595129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 12669 | 8961743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49)<sup>(a)</sup>  | 11607 | 8219214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42<sup>(a)</sup>  | 21162 | 17041993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 9719 | 9388621 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(a)</sup>  | 10148 | 7899397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41)<sup>(a)</sup>  | 15803 | 13103868 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26<sup>(a)</sup>  | 7382 | 6454747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 7822 | 7514336 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 15409 | 12540028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 (Call 08/15/39)<sup>(a)</sup>  | 10653 | 7359429 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26)<sup>(a)</sup>  | 3831 | 3429097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 (Call 06/15/28)<sup>(a)</sup>  | 12623 | 11762465 |
|  |  | 144024495 |
| **Manufacturing — 0.7%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29)<sup>(a)</sup>  | 9196 | 7584917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 (Call 07/15/27)<sup>(a)</sup>  | 9820 | 8839974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49)<sup>(a)</sup>  | 11346 | 7487871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(a)</sup>  | 6720 | 6009314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(a)</sup>  | 12920 | 9763743 |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 (Call 12/15/32) | 15449 | 13694517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42<sup>(a)</sup>  | 12684 | 10198832 |
|  GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)<sup>(a)</sup>  | 7604 | 7001864 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35<sup>(a)</sup>  | 79799 | 70300980 |
|  General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38<sup>(a)</sup>  | 10765 | 10612381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | 28737 | 31271408 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26)<sup>(a)</sup>  | 11012 | 10109300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42)<sup>(a)</sup>  | 12172 | 9716465 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 (Call 03/14/29) | 14604 | 12652790 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Manufacturing (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 (Call 12/14/48)<sup>(a)</sup>  | $8194 | $6044553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 14355 | 13609144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 (Call 07/15/29) | 13291 | 12433732 |
|  Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)<sup>(a)</sup>  | 9881 | 8808619 |
|  |  | 256140404 |
| **Media — 4.2%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 (Call 11/15/28) | 18707 | 14722207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 (Call 11/01/31) | 11269 | 8027116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 (Call 01/01/31) | 17548 | 13295446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 18838 | 11919485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 (Call 09/01/41) | 15425 | 9656928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 (Call 10/01/50)<sup>(a)</sup>  | 24190 | 14518458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 13432 | 11823103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 22061 | 12729662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 (Call 12/01/51)<sup>(a)</sup>  | 27393 | 16928217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 (Call 12/30/61) | 16881 | 9906078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 12/15/27)<sup>(a)</sup>  | 18248 | 16341646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 (Call 01/01/33)<sup>(a)</sup>  | 9554 | 7931948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 (Call 06/01/61) | 16666 | 10593556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49)<sup>(a)</sup>  | 31227 | 22064436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 (Call 12/30/28) | 12834 | 11809611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 (Call 01/01/49) | 13922 | 10253229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 (Call 10/01/52)<sup>(a)</sup>  | 17745 | 13375691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 (Call 10/01/37)<sup>(a)</sup>  | 11674 | 9410422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46)<sup>(a)</sup>  | 28889 | 22214402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 (Call 10/01/62) | 10134 | 7654042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47)<sup>(a)</sup>  | 27051 | 21614506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 21904 | 19974095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45)<sup>(a)</sup>  | 37385 | 32903223 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30)<sup>(a)</sup>  | 21752 | 16204050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 19424 | 15022964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26)<sup>(a)</sup>  | 12743 | 11382504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52)<sup>(a)</sup>  | 17774 | 9696115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 15237 | 12744666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62)<sup>(a)</sup>  | 15980 | 8356457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50) | 23404 | 13897796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 58450 | 35135172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56)<sup>(a)</sup>  | 66103 | 38179414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 41285 | 23272813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 23184 | 21785008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 18017 | 16250428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36)<sup>(a)</sup>  | 9903 | 7527346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 17135 | 12418113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26)<sup>(a)</sup>  | 16923 | 15671336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 7102 | 6584875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30) | 16323 | 14267765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46)<sup>(a)</sup>  | 16522 | 11204353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49)<sup>(a)</sup>  | 21370 | 14451559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 10025 | 9170593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39) | 19776 | 15206207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 15292 | 12313571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47)<sup>(a)</sup>  | 23045 | 17132335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 11653 | 8754468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47)<sup>(a)</sup>  | 11430 | 8588030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49)<sup>(a)</sup>  | 20454 | 15051299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52)<sup>(a)</sup>  | 8991 | 6657861 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42932463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 10822 | 9455639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 18586 | 17035565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 21674 | 19549009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 (Call 02/15/35)<sup>(a)</sup>  | 7211 | 6326176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38)<sup>(a)</sup>  | 12447 | 10746822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 10153 | 8256968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 19583 | 16380032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58)<sup>(a)</sup>  | 10643 | 8952779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 8630 | 8626116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | 10000 | 9936800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | 11232 | 11024434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 9807 | 10636599 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | 14461 | 11664746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 (Call 12/20/27)<sup>(a)</sup>  | 20321 | 17626771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 (Call 03/15/55)<sup>(a)</sup>  | 14117 | 8078353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29)<sup>(a)</sup>  | 9150 | 7750758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 (Call 11/15/49) | 12238 | 8058089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 (Call 03/20/47)<sup>(a)</sup>  | 14937 | 10634506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 (Call 11/15/48) | 10927 | 7845508 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 (Call 10/25/28)<sup>(a)</sup>  | 22066 | 20519162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 (Call 07/25/38) | 15789 | 13526130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 (Call 07/25/48)<sup>(a)</sup>  | 17576 | 14678215 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  | 6938 | 6505665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 (Call 02/19/32)<sup>(a)</sup>  | 12479 | 9981937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 | 17563 | 11730552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 12160 | 10603041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 (Call 11/19/49)<sup>(a)</sup>  | 13588 | 9527300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 (Call 03/01/43)<sup>(a)</sup>  | 12106 | 9834793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36<sup>(a)</sup>  | 11336 | 10541913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30 | 12758 | 13273266 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | 11206 | 11863277 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 11458 | 7833071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 (Call 03/01/41)<sup>(a)</sup>  | 13403 | 10461454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 (Call 05/15/40) | 15248 | 12357333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37<sup>(a)</sup>  | 16653 | 14934472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 16914 | 15025834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38<sup>(a)</sup>  | 16609 | 15491462 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26<sup>(a)</sup>  | 12897 | 11483958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(a)</sup>  | 10281 | 9345036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26<sup>(a)</sup>  | 9090 | 8500244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44<sup>(a)</sup>  | 13596 | 10991012 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26<sup>(a)</sup>  | 16630 | 15055713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 (Call 06/01/29)<sup>(a)</sup>  | 22906 | 18686321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28<sup>(a)</sup>  | 10568 | 9153955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31<sup>(a)</sup>  | 24404 | 20191767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49)<sup>(a)</sup>  | 25282 | 15452338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39)<sup>(a)</sup>  | 24638 | 18798725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50)<sup>(a)</sup>  | 28098 | 20406206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30<sup>(a)</sup>  | 12565 | 11429725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 13280 | 9492398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 11697 | 10304527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49)<sup>(a)</sup>  | 21140 | 18378112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34<sup>(a)</sup>  | 14066 | 14657442 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12027961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37<sup>(a)</sup>  | 16403 | 17745876 |
|  |  | 1448902931 |
| **Mining — 0.5%** |  |  |
|  Barrick Gold Corp., 5.25%, 04/01/42<sup>(a)</sup>  | 9037 | 8013445 |
|  Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41<sup>(a)</sup>  | 11221 | 10517444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43 | 5999 | 5611969 |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39<sup>(a)</sup>  | 11660 | 11171284 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42<sup>(a)</sup>  | 14989 | 12295487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43 | 24733 | 22626505 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 (Call 08/01/25)<sup>(a)</sup> | 7610 | 6750153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 (Call 05/14/34)<sup>(a)</sup>  | 9736 | 8668353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 (Call 09/15/42)<sup>(a)</sup>  | 19063 | 15768265 |
|  Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30) | 16453 | 12704798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/15/32 (Call 04/15/32) | 5444 | 4164519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 (Call 09/15/41)<sup>(a)</sup>  | 13757 | 11644504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39<sup>(a)</sup>  | 9264 | 9099508 |
|  Rio Tinto Alcan Inc., 6.13%, 12/15/33<sup>(a)</sup>  | 8256 | 8551195 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 14280 | 8825308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40<sup>(a)</sup>  | 11102 | 10551424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28 | 10664 | 11444840 |
|  Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)<sup>(a)</sup>  | 11216 | 9146524 |
|  |  | 187555525 |
| **Office & Business Equipment — 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 10068 | 8667811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 (Call 09/01/31) | 8194 | 6443114 |
|  |  | 15110925 |
| **Oil & Gas — 3.9%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30)<sup>(a)</sup>  | 12698 | 9831195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31)<sup>(a)</sup>  | 27185 | 22011814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50)<sup>(a)</sup>  | 17720 | 10671838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50)<sup>(a)</sup>  | 25755 | 15983950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49)<sup>(a)</sup>  | 23004 | 14520932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51)<sup>(a)</sup>  | 17696 | 11013955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 10657 | 9746474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40)<sup>(a)</sup>  | 17938 | 12519824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26)<sup>(a)</sup>  | 11292 | 10522633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60)<sup>(a)</sup>  | 18538 | 11779370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25)<sup>(a)</sup>  | 10731 | 10157660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30)<sup>(a)</sup>  | 14625 | 13086100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28)<sup>(a)</sup>  | 11495 | 10660083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 21818 | 20540999 |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | 15804 | 14431424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 (Call 08/28/28) | 9831 | 8982022 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  | 12138 | 11166960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 (Call 12/01/46)<sup>(a)</sup>  | 7711 | 6454980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38 | 12704 | 12229071 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Cenovus Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/52 (Call 08/15/51)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 (Call 12/15/46)<sup>(a)</sup>  | 11878 | 10100470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39<sup>(a)</sup>  | 13116 | 12913439 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27)<sup>(a)</sup>  | 13556 | 11990443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 (Call 02/11/30)<sup>(a)</sup>  | 18886 | 15650503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 25989 | 24401259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49)<sup>(a)</sup>  | 8938 | 6105471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25)<sup>(a)</sup>  | 3495 | 3368935 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27)<sup>(a)</sup>  | 8998 | 7554145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50)<sup>(a)</sup>  | 7401 | 4367471 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 16423 | 12838692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51)<sup>(a)</sup>  | 12671 | 9442552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | 16115 | 11894357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 7141 | 5886224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 14755 | 15879048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29<sup>(a)</sup>  | 12562 | 13626705 |
|  Continental Resources Inc./OK, 4.38%, 01/15/28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 10/15/27)<sup>(a)</sup>  | 12334 | 11049249 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 (Call 11/15/41) | 9789 | 8013198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 4604 | 3844542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 (Call 01/15/41)<sup>(a)</sup>  | 15470 | 14111808 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 (Call 12/24/30)<sup>(a)</sup>  | 18172 | 14868098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 (Call 10/01/26)<sup>(a)</sup>  | 4157 | 3811252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 (Call 09/01/29)<sup>(a)</sup>  | 7850 | 6779022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 11126 | 8047115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 5333 | 5337032 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 4091 | 3969311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 11646 | 11051309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49)<sup>(a)</sup>  | 8323 | 7566835 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 13449 | 12096819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29)<sup>(a)</sup>  | 11409 | 11690927 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25)<sup>(a)</sup>  | 4753 | 4285348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30 (Call 02/22/30)<sup>(a)</sup>  | 7786 | 6436556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30 (Call 01/06/30)<sup>(a)</sup>  | 14744 | 12901112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49 (Call 05/18/49) | 8380 | 5798192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/28 (Call 06/10/28)<sup>(a)</sup>  | 7609 | 7051613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 11358 | 8541253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 | 9905 | 7860923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43 | 7499 | 6662557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/17/40 | 7256 | 6760501 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26)<sup>(a)</sup>  | 14049 | 12784576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 (Call 05/16/29)<sup>(a)</sup>  | 14696 | 12569902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  | 22673 | 19150203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 11175 | 8176295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 22886 | 21536742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49)<sup>(a)</sup>  | 15202 | 10325130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27)<sup>(a)</sup>  | 8588 | 8063516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50)<sup>(a)</sup>  | 32995 | 23541316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29)<sup>(a)</sup>  | 23701 | 21473028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44)<sup>(a)</sup>  | 11560 | 8546907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23288247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 24963 | 21321013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49)<sup>(a)</sup>  | 29295 | 24333561 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  | 11756 | 11039608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41<sup>(a)</sup>  | 17285 | 15483053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40<sup>(a)</sup>  | 4177 | 3933237 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 12190 | 11370101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37 | 7561 | 7451452 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 8782 | 6917802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 (Call 09/01/40)<sup>(a)</sup>  | 14311 | 13945627 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 (Call 09/15/30)<sup>(a)</sup>  | 12270 | 9497454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 (Call 09/15/51)<sup>(a)</sup>  | 10259 | 6630401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 (Call 12/15/27)<sup>(a)</sup>  | 8725 | 8053065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 (Call 05/15/34) | 12603 | 11289969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 (Call 05/15/44) | 18948 | 16198410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42<sup>(a)</sup>  | 18033 | 17447290 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 (Call 12/15/25) | 4337 | 3782627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 (Call 05/15/30) | 11639 | 8946064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 5994 | 4641740 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29)<sup>(a)</sup>  | 18185 | 15302948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26<sup>(a)</sup>  | 11910 | 10866628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30)<sup>(a)</sup>  | 20966 | 17923993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26<sup>(a)</sup>  | 21325 | 19871550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51) | 12117 | 7839488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 13150 | 8715395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49) | 22610 | 15541099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 14334 | 10690557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 (Call 08/13/28)<sup>(a)</sup>  | 18400 | 17215075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 23671 | 18572174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35<sup>(a)</sup>  | 18094 | 15935851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45<sup>(a)</sup>  | 35162 | 29008130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 12353 | 10537997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40 | 10800 | 10521743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38<sup>(a)</sup>  | 31397 | 33042526 |
|  Suncor Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 (Call 09/04/50)<sup>(a)</sup>  | 5177 | 3527200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 5543 | 4031582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38 | 14839 | 14560055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38<sup>(a)</sup>  | 11253 | 11252249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39 | 9484 | 9530877 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 (Call 10/10/29)<sup>(a)</sup>  | 13945 | 11961778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40)<sup>(a)</sup>  | 10562 | 7425284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | 27660 | 18281382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 9341 | 6075345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/29 (Call 11/19/28)<sup>(a)</sup>  | 14948 | 13551707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 13784 | 9705194 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28<sup>(a)</sup>  | 12842 | 11983682 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 (Call 06/01/51) | 11635 | 7721554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28)<sup>(a)</sup>  | 5186 | 4874378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37<sup>(a)</sup>  | 18873 | 18891073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32<sup>(a)</sup>  | 9103 | 9850565 |
|  |  | 1373628764 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil & Gas Services — 0.4%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | $13962 | $11961742 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 (Call 09/15/27)<sup>(a)</sup>  | 17396 | 15588660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 (Call 06/15/47)<sup>(a)</sup>  | 13759 | 9938625 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 (Call 12/01/29)<sup>(a)</sup>  | 17468 | 14691867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 (Call 02/01/43)<sup>(a)</sup>  | 9370 | 7506143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 (Call 05/15/35) | 10318 | 9119110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 (Call 05/15/45)<sup>(a)</sup>  | 20680 | 17110111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38 | 11529 | 11525431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39 | 12794 | 13701480 |
|  Schlumberger Investment SA, 2.65%, 06/26/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/26/30)<sup>(a)</sup>  | 17636 | 14720744 |
|  |  | 125863913 |
| **Packaging & Containers — 0.1%** |  |  |
|  Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31) | 3472 | 2659716 |
|  Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)<sup>(a)</sup>  | 13559 | 11751623 |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26)<sup>(a)</sup>  | 6210 | 6014335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 11632 | 10921004 |
|  |  | 31346678 |
| **Pharmaceuticals — 7.2%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26)<sup>(a)</sup>  | 39995 | 36528869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 25411 | 23679418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29)<sup>(a)</sup>  | 56570 | 49347482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39)<sup>(a)</sup>  | 44348 | 35573806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 (Call 08/14/28)<sup>(a)</sup>  | 19555 | 18407442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49)<sup>(a)</sup>  | 66319 | 51435683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 (Call 11/14/35)<sup>(a)</sup>  | 17927 | 15442440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42<sup>(a)</sup>  | 30368 | 24753339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 (Call 11/14/45) | 25457 | 20420534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 (Call 11/14/34) | 28433 | 25232201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 (Call 09/15/34) | 17946 | 15960264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 27217 | 22607042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 (Call 09/15/44)<sup>(a)</sup>  | 12198 | 10241497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 (Call 12/15/43) | 16569 | 14112064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 (Call 05/14/48)<sup>(a)</sup>  | 18470 | 15752797 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30) | 10822 | 8617872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 (Call 09/15/27)<sup>(a)</sup>  | 11298 | 10300291 |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26)<sup>(a)</sup>  | 10113 | 8817183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 (Call 03/28/28) | 16282 | 13627723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 (Call 02/28/31)<sup>(a)</sup>  | 8822 | 7102238 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26)<sup>(a)</sup>  | 14197 | 12188000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30)<sup>(a)</sup>  | 17170 | 13117727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 10569 | 7020862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | 9302 | 8558986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25<sup>(a)</sup>  | 17115 | 16306941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 (Call 10/17/28)<sup>(a)</sup>  | 12050 | 11314703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42<sup>(a)</sup>  | 11979 | 9817705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 9319 | 7861672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 9569 | 8093029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 32066 | 34335381 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 (Call 11/11/30)<sup>(a)</sup> | $14874 | $11390048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 (Call 02/20/30)<sup>(a)</sup>  | 9766 | 8147467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27)<sup>(a)</sup>  | 18223 | 16920356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 (Call 12/06/46)<sup>(a)</sup>  | 18111 | 15145786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 (Call 06/15/44)<sup>(a)</sup>  | 11569 | 9711989 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25)<sup>(a)</sup>  | 5599 | 4948537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27)<sup>(a)</sup>  | 15396 | 12772114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30)<sup>(a)</sup>  | 14640 | 11196938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40)<sup>(a)</sup>  | 11754 | 7652215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50)<sup>(a)</sup>  | 18634 | 11198046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 (Call 12/15/31)<sup>(a)</sup>  | 19735 | 16640919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 19178 | 18187669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29)<sup>(a)</sup>  | 24988 | 22669768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41)<sup>(a)</sup>  | 14283 | 10916296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51)<sup>(a)</sup>  | 25177 | 18698855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 (Call 11/20/27) | 19740 | 18711984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 12101 | 8888704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 25314 | 21445841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49)<sup>(a)</sup>  | 40833 | 33278732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 14068 | 11675396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 11006 | 9392936 |
|  Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27) | 14624 | 13380065 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26)<sup>(a)</sup>  | 12173 | 10622547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 15982 | 12659139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 20858 | 16966669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 (Call 09/15/39) | 10295 | 7321404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 17216 | 15853259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 (Call 09/15/49)<sup>(a)</sup>  | 17272 | 11470662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 (Call 09/15/50)<sup>(a)</sup>  | 18529 | 12313536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 (Call 04/15/47) | 9887 | 7120750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 17625 | 17032190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28) | 41648 | 39204087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25)<sup>(a)</sup>  | 12360 | 12062876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 25796 | 22713654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 (Call 01/16/46) | 15173 | 12652580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48)<sup>(a)</sup>  | 34535 | 29302540 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27)<sup>(a)</sup>  | 23576 | 19520204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 (Call 05/21/30) | 19694 | 14975836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30)<sup>(a)</sup>  | 13341 | 10109929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 (Call 06/15/31)<sup>(a)</sup>  | 9583 | 7325032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 (Call 02/21/40)<sup>(a)</sup>  | 17850 | 11522985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26)<sup>(a)</sup>  | 20939 | 19259148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 9641 | 8832310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 19359 | 16780319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27)<sup>(a)</sup>  | 7415 | 6904801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 21286 | 18819106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39)<sup>(a)</sup>  | 12695 | 9939079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49)<sup>(a)</sup>  | 10339 | 7796907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 (Call 12/25/27) | 53311 | 50048202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37)<sup>(a)</sup>  | 53923 | 46784695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47)<sup>(a)</sup>  | 91603 | 77873771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | 38023 | 32629190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 (Call 06/05/43)<sup>(a)</sup>  | 11079 | 9787618 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 12868 | 7703948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60)<sup>(a)</sup>  | 9901 | 5672513 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | $14102 | $13004884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48)<sup>(a)</sup>  | 11744 | 9792766 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28<sup>(a)</sup>  | 22856 | 21466463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38<sup>(a)</sup>  | 30049 | 32123691 |
|  GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)<sup>(a)</sup>  | 9622 | 8667213 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27) | 20444 | 17273694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30)<sup>(a)</sup>  | 21229 | 16768447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40)<sup>(a)</sup>  | 11066 | 7265733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50)<sup>(a)</sup>  | 11738 | 6959268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25)<sup>(a)</sup>  | 18555 | 17307759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60)<sup>(a)</sup>  | 12256 | 6894007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 (Call 10/15/27)<sup>(a)</sup>  | 17631 | 16225783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 11575 | 10770176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 12914 | 10523337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 8710 | 6668677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35)<sup>(a)</sup>  | 9271 | 7922374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36) | 16324 | 13908312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 21243 | 16955736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46)<sup>(a)</sup>  | 11993 | 9573903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33)<sup>(a)</sup>  | 10266 | 9762607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37<sup>(a)</sup>  | 12214 | 13093148 |
|  Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | 4420 | 4270526 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26)<sup>(a)</sup>  | 5793 | 5069975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30)<sup>(a)</sup>  | 17553 | 13614939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27)<sup>(a)</sup>  | 16887 | 14709166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 (Call 10/10/28)<sup>(a)</sup>  | 13494 | 11310006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 23311 | 18495057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39)<sup>(a)</sup>  | 11493 | 7586262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49)<sup>(a)</sup>  | 14823 | 8931409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51)<sup>(a)</sup>  | 24356 | 15460122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 14649 | 8877807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 (Call 12/07/28)<sup>(a)</sup>  | 23621 | 21544936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44)<sup>(a)</sup>  | 23255 | 18003877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38)<sup>(a)</sup>  | 13954 | 11627176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 15711 | 12711611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43<sup>(a)</sup>  | 14563 | 12131883 |
|  Mylan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28)<sup>(a)</sup>  | 10517 | 9407310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 (Call 10/15/47) | 8567 | 5712371 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 16529 | 14770772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 (Call 05/14/30)<sup>(a)</sup>  | 18507 | 15322232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50)<sup>(a)</sup>  | 11834 | 7736611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25)<sup>(a)</sup>  | 13314 | 12633958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27)<sup>(a)</sup>  | 11918 | 11079496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45)<sup>(a)</sup>  | 11819 | 9676624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 | 23527 | 20553535 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30)<sup>(a)</sup>  | 11838 | 9429168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 (Call 05/18/31)<sup>(a)</sup>  | 10392 | 8102410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39)<sup>(a)</sup>  | 11972 | 8275373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 18442 | 15752852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49)<sup>(a)</sup>  | 13823 | 8986363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(a)</sup>  | 12703 | 11866035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26<sup>(a)</sup>  | 18416 | 17193373 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | $17066 | $15622687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 (Call 06/15/28)<sup>(a)</sup>  | 10756 | 10050618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 9217 | 7753441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 6370 | 5591682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48)<sup>(a)</sup>  | 11519 | 9497852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46<sup>(a)</sup>  | 16616 | 14009044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48) | 12528 | 10626078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43<sup>(a)</sup>  | 9486 | 8192525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44<sup>(a)</sup>  | 12513 | 10909385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 30444 | 35658747 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)<sup>(a)</sup>  | 36278 | 33365272 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 (Call 12/31/29) | 30249 | 23848254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 (Call 01/09/40)<sup>(a)</sup>  | 17172 | 11833689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 (Call 01/09/50) | 22932 | 14730790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 (Call 01/09/60)<sup>(a)</sup>  | 12867 | 7962035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 (Call 08/26/28)<sup>(a)</sup>  | 20323 | 19602983 |
|  Utah Acquisition Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 (Call 03/15/26)<sup>(a)</sup>  | 25340 | 23088419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 (Call 12/15/45) | 13039 | 8965088 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27)<sup>(a)</sup>  | 8647 | 7072081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30)<sup>(a)</sup>  | 17334 | 12959741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 (Call 12/22/39)<sup>(a)</sup>  | 17325 | 10804069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 (Call 12/22/49) | 22803 | 13277870 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 24618 | 25644046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34<sup>(a)</sup>  | 11277 | 12180016 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 11371 | 8931709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27)<sup>(a)</sup>  | 7985 | 7158351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25)<sup>(a)</sup>  | 5113 | 4990460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 (Call 08/01/42)<sup>(a)</sup>  | 13344 | 11369346 |
|  |  | 2508594829 |
| **Pipelines — 3.1%** |  |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 (Call 05/18/29) | 20930 | 18276909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27)<sup>(a)</sup>  | 14884 | 14511900 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 (Call 05/01/33)<sup>(a)</sup>  | 14793 | 11050325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 (Call 08/15/29)<sup>(a)</sup>  | 12132 | 10333907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/51 (Call 02/01/51) | 10853 | 7023089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 6821 | 6455607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 (Call 06/01/46)<sup>(a)</sup>  | 8874 | 7980167 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 20581 | 17479871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27)<sup>(a)</sup>  | 9300 | 8427785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 7894 | 7572814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28)<sup>(a)</sup>  | 9545 | 8839564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 (Call 03/15/28)<sup>(a)</sup>  | 8274 | 7704075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 23735 | 18032842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 (Call 09/15/44)<sup>(a)</sup>  | 12353 | 9613463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 01/15/29) | 16716 | 15648409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 (Call 10/15/46) | 8683 | 6811906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 (Call 11/15/44)<sup>(a)</sup>  | 9007 | 7119595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47)<sup>(a)</sup>  | 14935 | 11862360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27)<sup>(a)</sup>  | 11065 | 10767535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 11449 | 9660572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 (Call 06/15/45) | 12722 | 10915591 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48)<sup>(a)</sup>  | $18882 | $16487668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 (Call 08/01/41)<sup>(a)</sup>  | 13032 | 12019639 |
|  Enterprise Products Operating LLC<br>2.80%, 01/31/30 (Call 10/31/29) | 15714 | 13090813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 (Call 04/30/29) | 18179 | 15602145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 (Call 08/15/51)<sup>(a)</sup>  | 12070 | 7462952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/53 (Call 08/15/52)<sup>(a)</sup>  | 13060 | 8183312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 6275 | 5948716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 (Call 07/31/50) | 13757 | 9281123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | 9481 | 6290021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 (Call 07/16/28) | 14482 | 13342313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 13572 | 9984398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 (Call 08/15/47) | 13944 | 10367713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 (Call 08/15/42)<sup>(a)</sup>  | 12690 | 10014872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 13066 | 10475145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 (Call 02/15/42) | 8115 | 6747179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43)<sup>(a)</sup>  | 14500 | 11931605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 (Call 11/15/45) | 11872 | 9702371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 (Call 08/15/44) | 12947 | 10874616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 9401 | 8867829 |
|  Kinder Morgan Energy Partners LP<br>5.50%, 03/01/44 (Call 09/01/43) | 8875 | 7492222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 | 12267 | 12176170 |
|  Kinder Morgan Inc. 2.00%, 02/15/31 (Call 11/15/30) | 5810 | 4344648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 (Call 08/15/50) | 13017 | 8414283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 (Call 12/01/27)<sup>(a)</sup>  | 15751 | 14720680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 (Call 11/01/32)<sup>(a)</sup>  | 11270 | 10090908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 (Call 08/15/45) | 9738 | 7860520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 (Call 09/01/47) | 7969 | 6510131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/34 (Call 06/01/34) | 9110 | 8221770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52) | 9904 | 8400248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44)<sup>(a)</sup>  | 21458 | 18532159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32 | 11266 | 12235110 |
|  Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)<sup>(a)</sup>  | 7692 | 5240560 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 11368 | 9918022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | 17965 | 14125096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 14964 | 13529608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 12478 | 11590543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 (Call 10/15/37) | 20378 | 16265127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 (Call 10/15/47) | 15006 | 11263906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 (Call 11/15/28) | 7313 | 6767765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 (Call 06/01/32) | 15017 | 13580948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 (Call 09/14/51) | 15370 | 11858922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 (Call 09/01/46) | 13450 | 10757506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 22467 | 18751282 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 (Call 12/15/29)<sup>(a)</sup>  | 9824 | 7948390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 (Call 06/01/29)<sup>(a)</sup>  | 8603 | 7194961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 (Call 04/15/28) | 9326 | 8477290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 (Call 01/15/48)<sup>(a)</sup>  | 12885 | 10031934 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 (Call 09/15/29)<sup>(a)</sup>  | 14755 | 12283425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 (Call 06/15/30)<sup>(a)</sup>  | 7385 | 6158196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26)<sup>(a)</sup>  | 8695 | 8170170 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 09/15/27)<sup>(a)</sup>  | 18641 | 17012280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 (Call 11/15/29)<sup>(a)</sup>  | 18896 | 17188115 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| <br> **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | $16720 | $16113032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 15288 | 15220430 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 (Call 11/01/32)<sup>(a)</sup>  | 6271 | 5238454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 (Call 10/15/51)<sup>(a)</sup>  | 8439 | 6353802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 (Call 06/01/27) | 9710 | 9361702 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 (Call 07/15/26) | 11794 | 9699162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 13588 | 12005677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 11199 | 10320771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 (Call 12/01/22)<sup>(a)</sup>  | 10632 | 10551941 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 (Call 07/12/31) | 13086 | 10053704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 14943 | 13355892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 (Call 02/15/28) | 17012 | 15770241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 (Call 12/01/33) | 14434 | 12603001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup>  | 3552 | 3470508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 (Call 11/15/47)<sup>(a)</sup>  | 8711 | 7174832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 (Call 09/15/48) | 9267 | 7869908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40 | 9431 | 8955132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37 | 11359 | 11029478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39<sup>(a)</sup>  | 14575 | 15906165 |
|  Transcontinental Gas Pipe Line Co. LLC,<br>7.85%, 02/01/26 (Call 11/01/25) | 10063 | 10605011 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30)<sup>(a)</sup>  | 17251 | 13505539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 14401 | 12152203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27)<sup>(a)</sup>  | 15853 | 14557398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 11407 | 10278087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 (Call 09/01/47)<sup>(a)</sup>  | 7554 | 6055325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 (Call 03/15/45)<sup>(a)</sup>  | 11295 | 9288676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 (Call 02/15/52)<sup>(a)</sup>  | 11535 | 9725116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40 | 13429 | 12958464 |
|  |  | 1080055262 |
| **Real Estate Investment Trusts — 1.8%** |  |  |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 (Call 11/01/32) | 8597 | 5943288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 (Call 02/18/32) | 10095 | 7264045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33)<sup>(a)</sup>  | 13076 | 9824562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 (Call 11/18/50)<sup>(a)</sup>  | 11798 | 6784974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 (Call 05/15/31) | 7877 | 6503582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 11738 | 7577873 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 (Call 07/15/30) | 8804 | 6496729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30)<sup>(a)</sup>  | 8705 | 6620921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26)<sup>(a)</sup>  | 10453 | 9159002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 (Call 10/15/29)<sup>(a)</sup>  | 8946 | 7293077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 (Call 07/15/50) | 11962 | 6848409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 (Call 12/15/49)<sup>(a)</sup>  | 13810 | 8150927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26)<sup>(a)</sup>  | 13928 | 12606847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27)<sup>(a)</sup>  | 9996 | 8943812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 16966 | 14792235 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 (Call 07/01/33)<sup>(a)</sup>  | 15391 | 10570271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 (Call 01/01/32) | 9234 | 6659576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26)<sup>(a)</sup>  | 13243 | 11738529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 (Call 10/30/30)<sup>(a)</sup>  | 13433 | 10689449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 (Call 03/21/29) | 15247 | 12631275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 4144 | 3839312 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7704376 |
|  Brixmor Operating Partnership LP<br>4.05%, 07/01/30 (Call 04/01/30)<sup>(a)</sup>  | 9110 | 7565333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 3498 | 2990522 |
|  Crown Castle Inc.<br>1.05%, 07/15/26 (Call 06/15/26)<sup>(a)</sup>  | 13328 | 11224679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31)<sup>(a)</sup>  | 13926 | 10391456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 14188 | 10805674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 (Call 10/01/40)<sup>(a)</sup>  | 16042 | 10174788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 (Call 07/15/50)<sup>(a)</sup>  | 10383 | 6374961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 (Call 04/01/30)<sup>(a)</sup>  | 10035 | 8384879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27)<sup>(a)</sup>  | 13420 | 12129008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 6128 | 5694972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 11231 | 10120994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 10901 | 10440632 |
|  Crown Castle International Corp.<br>2.50%, 07/15/31 (Call 04/15/31)<sup>(a)</sup>  | 7425 | 5704292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27)<sup>(a)</sup>  | 11604 | 10252759 |
|  Digital Realty Trust LP<br>3.60%, 07/01/29 (Call 04/01/29)<sup>(a)</sup>  | 13294 | 11458185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27)<sup>(a)</sup>  | 12590 | 11458478 |
|  Equinix Inc. 2.15%, 07/15/30 (Call 04/15/30)<sup>(a)</sup>  | 10198 | 7753313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 (Call 02/15/31)<sup>(a)</sup>  | 14459 | 10997220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 (Call 08/18/29)<sup>(a)</sup>  | 14816 | 12410599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 (Call 01/15/32)<sup>(a)</sup>  | 13494 | 11339830 |
|  ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44) | 8937 | 7049032 |
|  GLP Capital LP/GLP Financing II Inc. 3.25%, 01/15/32 (Call 10/15/31) | 8716 | 6478722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 (Call 10/15/28) | 6658 | 5999976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26)<sup>(a)</sup>  | 6346 | 6058062 |
|  Healthcare Realty Holdings LP, 2.00%, 03/15/31<br>(Call 12/15/30)<sup>(a)</sup>  | 6910 | 4984647 |
|  Healthpeak Properties Inc., 3.00%, 01/15/30<br>(Call 10/15/29) | 6511 | 5360259 |
|  Prologis LP<br>1.25%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  | 11016 | 8062738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 10428 | 8383299 |
|  Realty Income Corp.<br>3.25%, 01/15/31 (Call 10/15/30)<sup>(a)</sup>  | 10648 | 8847685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 3878 | 3780846 |
|  Simon Property Group LP<br>1.75%, 02/01/28 (Call 11/01/27)<sup>(a)</sup>  | 12481 | 10211660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 (Call 06/13/29) | 14025 | 11194026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 (Call 04/15/30)<sup>(a)</sup>  | 10292 | 8153722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 10749 | 9808705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49)<sup>(a)</sup>  | 17726 | 10730962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 6663 | 6217367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 8998 | 8195225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27)<sup>(a)</sup>  | 7694 | 6894463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50)<sup>(a)</sup>  | 7518 | 5081318 |
|  Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)<sup>(a)</sup>  | 10980 | 9913650 |
|  VICI Properties LP<br>4.75%, 02/15/28 (Call 01/15/28) | 14832 | 13530112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 (Call 12/15/29)<sup>(a)</sup>  | 10649 | 9572599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 (Call 02/15/32) | 17690 | 15644286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 (Call 11/15/51)<sup>(a)</sup>  | 9045 | 7329471 |
|  Welltower Inc.<br>2.80%, 06/01/31 (Call 03/01/31)<sup>(a)</sup>  | 12304 | 9479713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 (Call 10/15/29) | 4410 | 3599250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| <br> **Real Estate Investment Trusts (continued)** | <br> **Real Estate Investment Trusts (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/28 (Call 01/15/28)<sup>(a)</sup>  | $10743 | $9846374 |
|  Weyerhaeuser Co.<br>4.00%, 11/15/29 (Call 08/15/29) | 13173 | 11670946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 11106 | 9688487 |
|  |  | 618083247 |
| **Retail — 3.3%** |  |  |
|  AutoZone Inc.<br>4.00%, 04/15/30 (Call 01/15/30) | 15772 | 14149337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/32 (Call 05/01/32) | 4144 | 3853438 |
|  Costco Wholesale Corp.<br>1.38%, 06/20/27 (Call 04/20/27) | 14691 | 12628577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 (Call 01/20/30)<sup>(a)</sup>  | 20666 | 16501084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 (Call 01/20/32)<sup>(a)</sup>  | 11740 | 8978912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27)<sup>(a)</sup>  | 10468 | 9751554 |
|  Dollar General Corp., 3.50%, 04/03/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 01/03/30)<sup>(a)</sup>  | 12247 | 10683243 |
|  Dollar Tree Inc.<br>2.65%, 12/01/31 (Call 09/01/31)<sup>(a)</sup>  | 7120 | 5554227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 (Call 02/15/28)<sup>(a)</sup>  | 16541 | 15388319 |
|  Home Depot Inc. (The)<br>1.38%, 03/15/31 (Call 12/15/30) | 17538 | 13117523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28)<sup>(a)</sup>  | 12880 | 10628630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31)<sup>(a)</sup>  | 11282 | 8690805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26)<sup>(a)</sup>  | 13643 | 12295859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50)<sup>(a)</sup>  | 14558 | 8213721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(a)</sup>  | 9231 | 8343697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 20564 | 17427171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 12794 | 7780102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27)<sup>(a)</sup>  | 13603 | 12360332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27)<sup>(a)</sup>  | 9012 | 8278535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 (Call 03/15/29)<sup>(a)</sup>  | 22171 | 19552776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26)<sup>(a)</sup>  | 12089 | 11366605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 14430 | 9613557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32)<sup>(a)</sup>  | 13370 | 11519018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39)<sup>(a)</sup>  | 14366 | 10751216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 16046 | 11117243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 10252 | 6991634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51)<sup>(a)</sup>  | 20190 | 14635121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28)<sup>(a)</sup>  | 9851 | 9283740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46)<sup>(a)</sup>  | 13280 | 10255592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42)<sup>(a)</sup>  | 10927 | 8984928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 17666 | 14506024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44)<sup>(a)</sup>  | 13782 | 11404051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 11005 | 10419568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48)<sup>(a)</sup>  | 17136 | 14532180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43)<sup>(a)</sup>  | 12214 | 10885483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 13973 | 12523311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 34728 | 35651678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 10420 | 10569402 |
|  Lowe's Companies Inc.<br>1.30%, 04/15/28 (Call 02/15/28)<sup>(a)</sup>  | 12574 | 10182140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 (Call 07/15/28)<sup>(a)</sup>  | 12587 | 10304707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 (Call 07/15/30)<sup>(a)</sup>  | 15503 | 11697652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26)<sup>(a)</sup>  | 13215 | 12098849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 (Call 01/01/31)<sup>(a)</sup>  | 18955 | 15189716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 (Call 03/15/41)<sup>(a)</sup>  | 15454 | 9815494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 (Call 04/15/50)<sup>(a)</sup>  | 18018 | 10804728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 14815 | 13527553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27)<sup>(a)</sup>  | 7480 | 6914522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 (Call 01/05/29)<sup>(a)</sup>  | 17688 | 15893807 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 (Call 10/15/45) | $15992 | $11157769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 (Call 01/01/32)<sup>(a)</sup>  | 17091 | 14739514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 (Call 11/03/46) | 19975 | 14657849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 (Call 10/01/51)<sup>(a)</sup>  | 15366 | 11419728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61)<sup>(a)</sup>  | 15798 | 11515180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 (Call 01/15/30)<sup>(a)</sup>  | 16368 | 15244350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 (Call 01/15/33)<sup>(a)</sup>  | 11829 | 11145413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 15602 | 14058148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 11085 | 9915052 |
|  McDonald's Corp.<br>2.13%, 03/01/30 (Call 12/01/29)<sup>(a)</sup>  | 9470 | 7703399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 (Call 06/01/29)<sup>(a)</sup>  | 9862 | 8445299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 11048 | 10361264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27)<sup>(a)</sup>  | 12267 | 11414408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 (Call 04/01/30)<sup>(a)</sup>  | 12206 | 10947548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 19828 | 13976634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | 16873 | 16199480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28)<sup>(a)</sup>  | 14522 | 13603611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49)<sup>(a)</sup>  | 6768 | 5291591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 (Call 09/01/46) | 13360 | 10928298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 (Call 03/01/48) | 9588 | 7786677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/09/32 (Call 06/09/32) | 7817 | 7413710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 (Call 06/09/35) | 9100 | 8280413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45)<sup>(a)</sup>  | 24111 | 20939883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 (Call 03/09/52) | 4787 | 4298821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37<sup>(a)</sup>  | 12268 | 12662503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38<sup>(a)</sup>  | 9702 | 9990104 |
|  O'Reilly Automotive Inc.<br>3.60%, 09/01/27 (Call 06/01/27)<sup>(a)</sup>  | 8905 | 8177856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/32 (Call 03/15/32)<sup>(a)</sup>  | 10155 | 9487563 |
|  Starbucks Corp. 2.25%, 03/12/30<br>(Call 12/12/29)<sup>(a)</sup>  | 9172 | 7423207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 (Call 08/15/30)<sup>(a)</sup>  | 14959 | 12208158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 (Call 11/14/31)<sup>(a)</sup>  | 13428 | 11105955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50)<sup>(a)</sup>  | 14032 | 9534048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 (Call 05/15/29)<sup>(a)</sup>  | 11048 | 9940005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 (Call 08/15/28)<sup>(a)</sup>  | 8639 | 8013910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49)<sup>(a)</sup>  | 13016 | 10343520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 (Call 05/15/48) | 9456 | 7633653 |
|  Target Corp. 1.95%, 01/15/27 (Call 12/15/26)<sup>(a)</sup>  | 11866 | 10614231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 10301 | 8520593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26<sup>(a)</sup>  | 12818 | 11848312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51)<sup>(a)</sup>  | 14431 | 9368607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 01/15/29)<sup>(a)</sup>  | 13615 | 12277754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42<sup>(a)</sup>  | 11616 | 9527779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 12352 | 11625692 |
|  TJX Companies Inc. (The), 2.25%, 09/15/26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/15/26)<sup>(a)</sup>  | 12497 | 11271660 |
|  Walgreens Boots Alliance Inc.<br>3.45%, 06/01/26 (Call 03/01/26)<sup>(a)</sup>  | 5954 | 5573417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 (Call 10/15/49)<sup>(a)</sup>  | 7667 | 5305717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 (Call 05/18/44)<sup>(a)</sup>  | 2000 | 1569868 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41)<sup>(a)</sup>  | 22525 | 15461313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51)<sup>(a)</sup>  | 23723 | 15278549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26)<sup>(a)</sup>  | 9480 | 9021376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 (Call 03/26/28)<sup>(a)</sup>  | 20297 | 19238936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47)<sup>(a)</sup>  | 19345 | 16194483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 (Call 06/09/32) | 8872 | 8392823 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | $8554 | $7599433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35<sup>(a)</sup>  | 15923 | 16195903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38 | 4652 | 5058248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37<sup>(a)</sup>  | 3312 | 3755201 |
|  |  | 1167281777 |
| **Semiconductors — 3.3%** |  |  |
|  Analog Devices Inc.<br>1.70%, 10/01/28 (Call 08/01/28) | 12171 | 10060986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31)<sup>(a)</sup>  | 14440 | 11356133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41)<sup>(a)</sup>  | 5661 | 3899668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | 15364 | 9887630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26)<sup>(a)</sup>  | 10397 | 9815065 |
|  Applied Materials Inc.<br>1.75%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 15386 | 12122882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 7471 | 4772226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup>  | 10620 | 9982896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46)<sup>(a)</sup>  | 11543 | 9748764 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd.<br>3.50%, 01/15/28 (Call 10/15/27) | 14205 | 12489922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 33199 | 30509921 |
|  Broadcom Inc.<br>1.95%, 02/15/28 (Call 12/15/27)<sup>(a)(c)</sup>  | 9932 | 8112763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 (Call 11/15/30)<sup>(a)(c)</sup>  | 29859 | 22436306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 (Call 11/15/32)<sup>(c)</sup>  | 18395 | 13070225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(c)</sup>  | 36331 | 25143973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25)<sup>(a)</sup>  | 6415 | 5980484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 (Call 08/15/36)<sup>(c)</sup>  | 30050 | 20445097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(c)</sup>  | 24648 | 18778207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26)<sup>(a)</sup>  | 13494 | 12399248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(c)</sup>  | 34936 | 26106412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(c)</sup>  | 33749 | 22190015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 (Call 08/15/50)<sup>(a)(c)</sup>  | 21605 | 13810975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)(c)</sup>  | 12477 | 10912827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 (Call 06/15/28) | 13540 | 12167007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 (Call 08/15/30) | 24858 | 21340081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)(c)</sup>  | 14434 | 12083591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32)<sup>(a)</sup>  | 22930 | 19302921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 (Call 01/15/29)<sup>(a)</sup>  | 5481 | 5090996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 (Call 02/15/37)<sup>(c)</sup>  | 36692 | 30210538 |
|  Intel Corp.<br>1.60%, 08/12/28 (Call 06/12/28) | 12064 | 9955417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 (Call 05/12/31)<sup>(a)</sup>  | 14620 | 11146077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 21979 | 18192842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26)<sup>(a)</sup>  | 10049 | 9292723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 10295 | 6632369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51)<sup>(a)</sup>  | 11956 | 7232046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59)<sup>(a)</sup>  | 14021 | 7975847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27)<sup>(a)</sup>  | 12583 | 11623422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 8505 | 4918395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 21565 | 13499291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 25030 | 17413391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27)<sup>(a)</sup>  | 7378 | 6996691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27)<sup>(a)</sup>  | 9365 | 8802289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 (Call 12/25/29) | 13981 | 12677955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29)<sup>(a)</sup>  | 9881 | 9108582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32<sup>(a)</sup>  | 5918 | 5225919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45)<sup>(a)</sup>  | 16119 | 12177513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 11147 | 8292166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32)<sup>(a)</sup>  | 16342 | 14579499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39)<sup>(a)</sup>  | 7017 | 5942585 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23370256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41<sup>(a)</sup>  | 7171 | 6173991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45)<sup>(a)</sup>  | 8103 | 6892417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 18949 | 15696044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(a)</sup>  | 7201 | 5851600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | 15378 | 12484606 |
|  KLA Corp.<br>3.30%, 03/01/50 (Call 08/28/49)<sup>(a)</sup>  | 5621 | 3785995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 7031 | 6595910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 (Call 04/15/32)<sup>(a)</sup>  | 14888 | 14128894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 15805 | 13815885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | 11762 | 10388514 |
|  Lam Research Corp.<br>1.90%, 06/15/30 (Call 03/15/30) | 10945 | 8572722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49)<sup>(a)</sup>  | 11418 | 7140984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 6753 | 6474719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 12875 | 11913212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48)<sup>(a)</sup>  | 8004 | 7030052 |
|  Marvell Technology Inc.<br>2.45%, 04/15/28 (Call 02/15/28)<sup>(a)</sup>  | 9504 | 7776825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 (Call 01/15/31)<sup>(a)</sup>  | 10881 | 8420380 |
|  Micron Technology Inc.<br>2.70%, 04/15/32 (Call 01/15/32) | 13636 | 9983430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26)<sup>(a)</sup>  | 13170 | 12219339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 (Call 11/15/29)<sup>(a)</sup>  | 11198 | 9993679 |
|  NVIDIA Corp.<br>1.55%, 06/15/28 (Call 04/15/28) | 15556 | 12846425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 (Call 03/15/31)<sup>(a)</sup>  | 16717 | 12993783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 18955 | 16118306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26)<sup>(a)</sup>  | 11399 | 10711326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39)<sup>(a)</sup>  | 10811 | 8200136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49)<sup>(a)</sup>  | 23578 | 16658274 |
|  NXP BV/NXP Funding LLC/NXP USA Inc.<br>2.50%, 05/11/31 (Call 02/11/31) | 11816 | 8898471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 (Call 11/15/31)<sup>(a)</sup>  | 12536 | 9332702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 (Call 11/11/40) | 12414 | 8054180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 (Call 02/01/30) | 11278 | 9336505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26)<sup>(a)</sup>  | 11181 | 10397673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 (Call 03/18/29)<sup>(a)</sup>  | 11416 | 10252764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 (Call 10/15/32)<sup>(a)</sup>  | 11570 | 10338957 |
|  Qorvo Inc., 4.38%, 10/15/29<br>(Call 10/15/24)<sup>(a)</sup>  | 11429 | 9773281 |
|  QUALCOMM Inc.<br>1.30%, 05/20/28 (Call 02/20/28) | 10996 | 9000209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32)<sup>(a)</sup>  | 11210 | 8385786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 (Call 02/20/30)<sup>(a)</sup>  | 18764 | 15363374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27)<sup>(a)</sup>  | 21980 | 20417569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49)<sup>(a)</sup>  | 8853 | 6098129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46)<sup>(a)</sup>  | 17398 | 14230804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51)<sup>(a)</sup>  | 11286 | 9356145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34)<sup>(a)</sup>  | 12138 | 11206759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44)<sup>(a)</sup>  | 19398 | 17182572 |
|  Texas Instruments Inc.<br>1.75%, 05/04/30 (Call 02/04/30) | 11542 | 9187693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 (Call 06/04/29) | 10147 | 8529024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 9769 | 8122616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 18194 | 14979571 |
|  Xilinx Inc., 2.38%, 06/01/30<br>(Call 03/01/30) | 11304 | 9230850 |
|  |  | 1149826116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Software — 3.4%** |  |  |
|  Activision Blizzard Inc.<br>2.50%, 09/15/50 (Call 03/15/50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 11669 | 10994859 |
|  Adobe Inc.<br>2.15%, 02/01/27 (Call 12/01/26) | 8279 | 7430831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 (Call 11/01/29) | 13653 | 11326122 |
|  Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)<sup>(a)</sup>  | 11210 | 8647743 |
|  Broadridge Financial Solutions Inc.<br>2.60%, 05/01/31 (Call 02/01/31)<sup>(a)</sup>  | 13404 | 10417082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 (Call 09/01/29) | 9144 | 7540194 |
|  Fidelity National Information Services Inc.<br>1.15%, 03/01/26 (Call 02/01/26)<sup>(a)</sup>  | 7725 | 6669962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 (Call 01/01/28)<sup>(a)</sup>  | 9370 | 7639763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 (Call 12/01/30)<sup>(a)</sup>  | 19334 | 14839570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 (Call 09/01/40) | 13261 | 8652338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 (Call 04/15/32)<sup>(a)</sup>  | 8254 | 7779027 |
|  Fiserv Inc.<br>2.25%, 06/01/27 (Call 04/01/27)<sup>(a)</sup>  | 7310 | 6321523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30)<sup>(a)</sup>  | 16112 | 13049193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 25030 | 22966847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 (Call 04/01/29)<sup>(a)</sup>  | 36022 | 31252734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 (Call 07/01/28)<sup>(a)</sup>  | 10966 | 10102714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 (Call 01/01/49)<sup>(a)</sup>  | 25787 | 19366269 |
|  Microsoft Corp.<br>2.40%, 08/08/26 (Call 05/08/26)<sup>(a)</sup>  | 44845 | 41484558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49)<sup>(a)</sup>  | 75577 | 47463278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59)<sup>(a)</sup>  | 44667 | 26964566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 70369 | 47578036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | 24667 | 16067731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25)<sup>(a)</sup>  | 16884 | 16234035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26)<sup>(a)</sup>  | 45259 | 43015348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 18176 | 15565165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34)<sup>(a)</sup>  | 17899 | 15803888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 19356 | 15612002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36)<sup>(a)</sup>  | 9926 | 9070984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46)<sup>(a)</sup>  | 13523 | 11898259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 (Call 05/03/45)<sup>(a)</sup>  | 8308 | 7453694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 7666 | 6762325 |
|  Oracle Corp.<br>1.65%, 03/25/26 (Call 02/25/26)<sup>(a)</sup>  | 26066 | 22908498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 (Call 01/25/28)<sup>(a)</sup>  | 24749 | 20670768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26)<sup>(a)</sup>  | 33173 | 29817866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27)<sup>(a)</sup>  | 24024 | 21231251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 (Call 12/25/30)<sup>(a)</sup>  | 36081 | 28386709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 (Call 01/01/30) | 36129 | 29378499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 (Call 08/15/27)<sup>(a)</sup>  | 29876 | 26507194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 34177 | 23165936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 51567 | 31680630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 (Call 09/25/40)<sup>(a)</sup>  | 23651 | 15921673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 (Call 05/15/37) | 21955 | 15977962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 (Call 01/15/36)<sup>(a)</sup>  | 14674 | 10962402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 36286 | 21879943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 (Call 11/15/34)<sup>(a)</sup>  | 14321 | 11074700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 35287 | 23038279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 34680 | 23150065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 25874 | 17107418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 (Call 09/25/60)<sup>(a)</sup>  | 15138 | 9487275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 (Call 11/15/44) | 22777 | 15571726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 20694 | 16841963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 (Call 11/15/54) | 13939 | 9439329 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 (Call 01/08/44)<sup>(a)</sup>  | $11397 | $8426040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40 | 24509 | 20467603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39 | 14786 | 13519121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38<sup>(a)</sup>  | 14006 | 13473195 |
|  Roper Technologies Inc.<br>1.75%, 02/15/31 (Call 11/15/30) | 9773 | 7164561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 (Call 06/15/28) | 10221 | 9461224 |
|  salesforce.com Inc.<br>1.50%, 07/15/28 (Call 05/15/28)<sup>(a)</sup>  | 12946 | 10813925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 (Call 04/15/31)<sup>(a)</sup>  | 19127 | 14962216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41)<sup>(a)</sup>  | 13627 | 9289046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51)<sup>(a)</sup>  | 24304 | 15627956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61)<sup>(a)</sup>  | 14890 | 9098954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28)<sup>(a)</sup>  | 15524 | 14637119 |
|  VMware Inc.<br>1.40%, 08/15/26 (Call 07/15/26)<sup>(a)</sup>  | 14872 | 12702160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 (Call 06/15/28)<sup>(a)</sup>  | 9743 | 7699201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 (Call 05/15/31) | 16022 | 11650279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27)<sup>(a)</sup>  | 14109 | 12927872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 11066 | 9919775 |
|  Workday Inc.<br>3.50%, 04/01/27 (Call 03/01/27)<sup>(a)</sup>  | 11929 | 11000658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 6873 | 6100915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 (Call 01/01/32)<sup>(a)</sup>  | 14981 | 12808207 |
|  |  | 1192103510 |
| **Telecommunications — 6.9%** |  |  |
|  AT&T Inc.<br>1.65%, 02/01/28 (Call 12/01/27)<sup>(a)</sup>  | 25297 | 20889989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 33052 | 29170267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 (Call 11/01/31) | 29186 | 21876124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 28420 | 24805280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33)<sup>(a)</sup>  | 44994 | 33168636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 (Call 03/01/31)<sup>(a)</sup>  | 31937 | 25504138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/52 (Call 08/01/51)<sup>(a)</sup>  | 9852 | 6199715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 30731 | 21777059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53)<sup>(a)</sup>  | 80181 | 51436472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 81913 | 52054213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50)<sup>(a)</sup>  | 35459 | 23624264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59)<sup>(a)</sup>  | 72426 | 45907561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 6930 | 6486549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57)<sup>(a)</sup>  | 65022 | 42884629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 (Call 12/01/59)<sup>(a)</sup>  | 16733 | 11072390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 (Call 11/15/27)<sup>(a)</sup>  | 21312 | 19945762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26)<sup>(a)</sup>  | 16476 | 15765894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 35043 | 31940514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 (Call 06/15/42) | 15368 | 11889655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | 32343 | 30037956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 (Call 12/15/44) | 17514 | 13392481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 28824 | 24881171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 (Call 09/09/47) | 21570 | 16674192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 (Call 09/09/48)<sup>(a)</sup>  | 15608 | 12211356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 (Call 11/15/45) | 23102 | 18895620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 (Call 09/01/38) | 12168 | 10420884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36)<sup>(a)</sup>  | 11194 | 10204384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46)<sup>(a)</sup>  | 9808 | 9090692 |
|  Bell Telephone Co. of Canada or Bell Canada (The)<br>3.65%, 08/15/52 (Call 02/15/52) | 9334 | 6300383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 (Call 10/01/47)<sup>(a)</sup>  | 13824 | 10804274 |
|  British Telecommunications PLC, 9.63%, 12/15/30 | 31641 | 36057593 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Cisco Systems Inc.<br>2.50%, 09/20/26 (Call 06/20/26)<sup>(a)</sup>  | $17743 | $16388258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 2976 | 2812791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 23716 | 23193560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 22271 | 22750216 |
|  Corning Inc.<br>4.38%, 11/15/57 (Call 05/15/57)<sup>(a)</sup>  | 8452 | 6095669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 (Call 05/19/79) | 11806 | 9487097 |
|  Deutsche Telekom International Finance BV,<br>8.75%, 06/15/30<sup>(a)</sup>  | 40664 | 46484942 |
|  Motorola Solutions Inc.<br>2.30%, 11/15/30 (Call 08/15/30) | 14042 | 10497707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 (Call 02/24/31) | 9937 | 7592893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 (Call 02/23/29)<sup>(a)</sup>  | 10362 | 9516997 |
|  Orange SA<br>5.38%, 01/13/42 | 12927 | 11752546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 (Call 08/06/43)<sup>(a)</sup>  | 5869 | 5419134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31 | 31099 | 37122540 |
|  Rogers Communications Inc.<br>3.20%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup>  | 13430 | 12198278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 (Call 05/15/49)<sup>(a)</sup>  | 9373 | 6140388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(c)</sup>  | 19837 | 16861018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 (Call 08/15/47) | 10936 | 7965117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48)<sup>(a)</sup>  | 16544 | 12088463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 (Call 09/15/41)<sup>(a)(c)</sup>  | 10259 | 8093237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 (Call 09/15/51)<sup>(a)(c)</sup>  | 23056 | 17650846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 (Call 09/15/43)<sup>(a)</sup>  | 9542 | 7738980 |
|  Telefonica Emisiones SA<br>4.10%, 03/08/27<sup>(a)</sup>  | 17447 | 15965914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38<sup>(a)</sup>  | 12073 | 9130402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48<sup>(a)</sup>  | 13469 | 9604211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47<sup>(a)</sup>  | 30355 | 22746264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 (Call 09/01/48)<sup>(a)</sup>  | 16107 | 12637290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36<sup>(a)</sup>  | 23092 | 22343207 |
|  Telefonica Europe BV, 8.25%, 09/15/30<sup>(a)</sup>  | 15216 | 16626230 |
|  TELUS Corp.<br>3.40%, 05/13/32 (Call 02/13/32) | 15480 | 12697874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 (Call 05/16/48)<sup>(a)</sup>  | 8059 | 6429919 |
|  T-Mobile USA Inc.<br>1.50%, 02/15/26 (Call 01/15/26) | 13415 | 11774781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 (Call 12/15/27) | 20996 | 17401886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23)<sup>(a)</sup>  | 8439 | 7578237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 (Call 08/15/31) | 11441 | 8657468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 32129 | 25409766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 18232 | 16467750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 (Call 02/15/24) | 18259 | 15101807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 (Call 12/15/31) | 12792 | 9997571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 13153 | 10574012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40)<sup>(a)</sup>  | 28755 | 19273591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50)<sup>(a)</sup>  | 35632 | 22882710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 04/15/24) | 29173 | 25270703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52)<sup>(a)</sup>  | 32046 | 20787083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26)<sup>(a)</sup>  | 28487 | 24051967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | 21078 | 13540718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | 45196 | 41675516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 77788 | 68689643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 (Call 10/15/39)<sup>(a)</sup>  | 23132 | 18822138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49)<sup>(a)</sup>  | 35408 | 28097756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 (Call 02/01/23) | 19526 | 18516701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 (Call 10/15/32) | 11407 | 10904290 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 (Call 07/15/52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 8345 | 7662438 |
|  Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)<sup>(a)</sup>  | 12350 | 10846575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26)<sup>(a)</sup>  | 17701 | 15602260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) | 12364 | 9163752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 (Call 07/30/30) | 19790 | 14715274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30)<sup>(a)</sup>  | 26911 | 19923774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 (Call 01/22/28) | 32176 | 27048729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 (Call 12/15/31) | 51179 | 38711770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30)<sup>(a)</sup>  | 45945 | 36238774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26<sup>(a)</sup>  | 19567 | 17792011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 (Call 05/20/40)<sup>(a)</sup>  | 37815 | 24012170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41) | 16110 | 10482234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 (Call 05/20/50) | 33943 | 19953186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56)<sup>(a)</sup>  | 40695 | 23413632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27)<sup>(a)</sup>  | 10275 | 9314414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 (Call 05/20/60) | 23130 | 12927281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 (Call 12/22/29) | 17342 | 14705211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 41923 | 29787172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50)<sup>(a)</sup>  | 51176 | 34448567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60)<sup>(a)</sup>  | 37911 | 24726703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28) | 14511 | 13167659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51)<sup>(a)</sup>  | 13734 | 9724506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 (Call 09/22/49)<sup>(a)</sup>  | 15371 | 11263666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29)<sup>(a)</sup>  | 45103 | 40667751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27<sup>(a)</sup>  | 31968 | 30422411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46<sup>(a)</sup>  | 11925 | 8978347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36<sup>(a)</sup>  | 20356 | 17072425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28<sup>(a)</sup>  | 46775 | 43889081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 (Call 05/01/34)<sup>(a)</sup>  | 22160 | 19136676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33<sup>(a)</sup>  | 25370 | 22569801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48<sup>(a)</sup>  | 15568 | 12388898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | 13859 | 12053724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | 24883 | 20728114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54<sup>(a)</sup>  | 4554 | 3861131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37 | 12984 | 12027561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43<sup>(a)</sup>  | 9728 | 10025367 |
|  Vodafone Group PLC<br>4.25%, 09/17/50 | 18828 | 13230230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28<sup>(a)</sup>  | 34045 | 31978533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 18706 | 13978029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49<sup>(a)</sup>  | 16948 | 13112278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38 | 11473 | 9723719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | 34623 | 28203487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37<sup>(a)</sup>  | 20272 | 19109506 |
|  |  | 2386133508 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc., 3.90%, 11/19/29<br>(Call 08/19/29) | 15197 | 13103891 |
| **Transportation — 1.8%** |  |  |
|  Burlington Northern Santa Fe LLC<br>3.30%, 09/15/51 (Call 03/15/51) | 11389 | 7781923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | 10352 | 7450591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 7103 | 5469809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 9514 | 7531018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 8786 | 7033976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 10904 | 8723861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 8131 | 6476439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 8079 | 6836383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13933795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 7704 | 6538548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 12183 | 10855784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 8156 | 8067553 |
|  Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)<sup>(a)</sup>  | 7637 | 6888928 |
|  Canadian Pacific Railway Co.<br>1.75%, 12/02/26 (Call 11/02/26) | 13439 | 11667099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 (Call 09/02/31)<sup>(a)</sup>  | 21953 | 17401858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 (Call 06/02/41)<sup>(a)</sup>  | 9867 | 6868876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 (Call 06/02/51)<sup>(a)</sup>  | 22869 | 14552482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2115 (Call 03/15/2115) | 7530 | 6852975 |
|  CSX Corp.<br>3.25%, 06/01/27 (Call 03/01/27) | 8948 | 8199042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | 11163 | 10400122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 (Call 05/01/46)<sup>(a)</sup>  | 8463 | 6225225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/32 (Call 08/15/32)<sup>(a)</sup>  | 13551 | 12210348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 (Call 09/15/43)<sup>(a)</sup>  | 9540 | 7504632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 11581 | 10845386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 (Call 09/01/47) | 14171 | 11313110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/52 (Call 05/15/52)<sup>(a)</sup>  | 10352 | 8439251 |
|  FedEx Corp.<br>2.40%, 05/15/31 (Call 02/15/31)<sup>(a)</sup>  | 9614 | 7449802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 (Call 05/05/29)<sup>(a)</sup>  | 9694 | 8265434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26)<sup>(a)</sup>  | 3197 | 3007322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 (Call 11/15/40) | 8487 | 5643942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 (Call 08/15/47) | 8643 | 6156316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/30 (Call 02/15/30)<sup>(a)</sup>  | 6422 | 5780941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 (Call 07/15/46) | 3342 | 2491238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 (Call 10/01/45)<sup>(a)</sup>  | 10101 | 7698291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | 11048 | 8720212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 (Call 04/17/48) | 8973 | 7273952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 9243 | 7658768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 13618 | 11534520 |
|  Norfolk Southern Corp.<br>3.05%, 05/15/50 (Call 11/15/49)<sup>(a)</sup>  | 5791 | 3655763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 (Call 11/15/54) | 11230 | 6912249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 (Call 12/01/52) | 10151 | 8251734 |
|  Union Pacific Corp.<br>2.38%, 05/20/31 (Call 02/20/31)<sup>(a)</sup>  | 10858 | 8777062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 (Call 11/05/29)<sup>(a)</sup>  | 12801 | 10634907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31)<sup>(a)</sup>  | 11632 | 9627199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 8033 | 5070678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62)<sup>(a)</sup>  | 12681 | 7418830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40)<sup>(a)</sup>  | 8731 | 6383574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 20608 | 14073473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52)<sup>(a)</sup>  | 14929 | 10481724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28)<sup>(a)</sup>  | 7006 | 6434785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69) | 9081 | 6099928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51)<sup>(a)</sup>  | 11588 | 8693277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70)<sup>(a)</sup>  | 11837 | 8035577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59)<sup>(a)</sup>  | 20194 | 14369176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 (Call 06/10/28) | 10499 | 9891964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 (Call 10/20/32)<sup>(a)</sup>  | 14420 | 13557365 |
|  United Parcel Service Inc.<br>3.05%, 11/15/27 (Call 08/15/27)<sup>(a)</sup>  | 13706 | 12590003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28)<sup>(a)</sup>  | 10281 | 9367380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47)<sup>(a)</sup>  | 15390 | 11940855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 6360 | 5302813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30)<sup>(a)</sup>  | 8467 | 8128895 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49)<sup>(a)</sup>  | $12993 | $12712946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 | 19190 | 20361716 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26)<sup>(a)</sup>  | 17955 | 15626380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 (Call 07/22/28)<sup>(a)</sup>  | 13608 | 11376284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 (Call 06/22/31)<sup>(a)</sup>  | 29764 | 23490969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) | 7220 | 6985990 |
|  |  | 614003248 |
| **Water — 0.1%** |  |  |
|  American Water Capital Corp.<br>3.75%, 09/01/47 (Call 03/01/47) | 7360 | 5345329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 (Call 03/01/32)<sup>(a)</sup>  | 10994 | 10131675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37 | 9089 | 9527366 |
|  |  | 25004370 |
| **Total Long-Term Investments — 97.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $41,905,960,299)** |  | 33963971361 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 9.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares, 3.29%<sup>(d)(e)(f)</sup>  | 2692241 | 2691702704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br> *(000)* | *Value* |
| **Money Market Funds (continued)** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438754 | $438754000 |
|  **Total Short-Term Securities — 9.0%<br>(Cost: $3,130,589,424)** | **Total Short-Term Securities — 9.0%<br>(Cost: $3,130,589,424)** | 3130456704 |
|  **Total Investments — 106.6%<br>(Cost: $45,036,549,723)** | **Total Investments — 106.6%<br>(Cost: $45,036,549,723)** | 37094428065 |
|  **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | (2281886575) |
|  **Net Assets — 100.0%** |  | $34812541490 |

---

---

| |
|:---|
|  <sup>(a) </sup>All or a portion of this security is on loan. |
|  <sup>(b) </sup>Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
|  <sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|  <sup>(d) </sup>Affiliate of the Fund. |
|  <sup>(e) </sup>Annualized 7-day yield as of period end. |
|  <sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33963971361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33963971361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3130456704 |  |  | 3130456704 |
|  | $3130456704 | $33963971361 | $— | $37094428065 |

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

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Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | iShares<br> 20+ Year Treasury<br> Bond ETF | iShares<br> iBoxx $ High Yield<br>Corporate Bond<br> ETF | iShares<br> iBoxx $ Investment<br>Grade Corporate<br>Bond ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $23900923752 | $13775577516 | $33963971361 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 143490000 | 2855928282 | 3130456704 |
|  Cash | 3292 |  |  |
|  Foreign currency, at value<sup>(d)</sup>  |  | 14173 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 88477530 | 64558968 | 337776010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 31 | 1307253 | 604153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 171217 | 4741331 | 1220148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 345436 | 560969 | 908664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 241838206 | 225255389 | 380292756 |
|  Total assets | 24375249464 | 16927943881 | 37815229796 |
|  **LIABILITIES** |  |  |  |
|  Bank overdraft |  | 921244 | 761679 |
|  Collateral on securities loaned, at value |  | 2583158577 | 2692084530 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 67373444 | 107526978 | 305911147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1381824 | 2122426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3029550 | 5320722 | 3930950 |
|  Total liabilities | 71784818 | 2699049947 | 3002688306 |
|  NET ASSETS | $24303464646 | $14228893934 | $34812541490 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $35041232125 | $18347364647 | $44501759261 |
|  Accumulated loss | (10737767479) | (4118470713) | (9689217771) |
|  NET ASSETS | $24303464646 | $14228893934 | $34812541490 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 253600000 | 193700000 | 344200000 |
|  Net asset value | $95.83 | $73.46 | $101.14 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $33026418644 | $15757706751 | $41905960299 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $2472758148 | $2595594979 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $143490000 | $2856062855 | $3130589424 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $14707 | $— |

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

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T

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**Want to know more?** 

iShares.com \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cboe Global Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above

<sup>©</sup>2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1025-1022

---

| | |
|:---|:---|
| ![LOGO](g397879g24u50.jpg)  | ![LOGO](g397879g48v93.jpg) |

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(b) Not Applicable

**Item 2. Code of Ethics.** 

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock's General Counsel, and retains the alternative option of anonymous reporting following "whistleblower" policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

**Item 3. Audit Committee Financial Expert.** 

The registrant's Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant's audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

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**Item 4. Principal Accountant Fees and Services.** 

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the sixty-five series of the registrant for which the fiscal year-end is October 31, 2022 (the "Funds"), and whose annual financial statements are reported in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal
years were $817,050 for the fiscal year ended October 31, 2021 and $852,550 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended October 31, 2021 and
October 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services
rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $601,400 for the fiscal year ended October 31, 2021 and $630,500 for the fiscal year ended October 31, 2022. These services related to
the review of the Funds' tax returns and excise tax calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended October 31,
2021 and October 31, 2022 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The registrant's audit committee charter, as amended, provides that the audit committee is responsible
for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the
engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser
("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the Funds' financial
statements for the fiscal year ended October 31, 2022 were attributable to work performed by persons other than the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal
accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $601,400 for the fiscal year ended
October 31, 2021 and $630,500 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the
principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

------

**Item 5. Audit Committee of Listed Registrants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant's audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to the registrant.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable to the registrant.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to the registrant.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The President (the registrant's Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant's Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to the registrant.

------

**Item 13. Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.](#item2389142_1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Section 302 Certifications are attached.](d389142dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Change in Registrant's independent public accountant – Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d389142dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

---

| |
|:---|
| By: /s/ Armando Senra |
| Armando Senra, President (Principal Executive Officer) |

---

Date: December 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By: /s/ Armando Senra |
| Armando Senra, President (Principal Executive Officer) |

---

Date: December 22, 2022

---

| |
|:---|
| By: /s/ Trent Walker |
| Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

Date: December 22, 2022

## Ex-99.Cert

**EX-99.CERT** 

**N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** 

I, Armando Senra, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the
following sixty-five series: iShares 0-5 Year High Yield Corporate Bond ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year TIPS Bond ETF, iShares 1-3 Year International Treasury Bond ETF, iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares Aaa - A Rated Corporate Bond ETF,
iShares BB Rated Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares CMBS ETF, iShares Convertible Bond ETF, iShares Core 1-5 Year USD Bond ETF, iShares Core International Aggregate
Bond ETF, iShares Core Total USD Bond Market ETF, iShares ESG Advanced High Yield Corporate Bond ETF, iShares Fallen Angels USD Bond ETF, iShares Floating Rate Bond ETF, iShares GNMA Bond ETF, iShares High Yield Corporate Bond BuyWrite Strategy ETF,
iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and
Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2022 Term Muni
Bond ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec
2024 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Corporate ETF,
iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term
Corporate ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds
Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Corporate ETF, iShares iBonds Dec 2031 Term Treasury ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares iBonds Mar 2023 Term Corporate ETF,
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares International Treasury Bond ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ETF, iShares J.P. Morgan USD Emerging Markets Bond
ETF, iShares TIPS Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Fixed Income Balanced Risk Factor ETF, iShares U.S. Treasury Bond ETF and iShares USD Green Bond ETF (Formerly, iShares Global Green Bond ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 22, 2022 | /s/ Armando Senra | President<br> (Principal Executive Officer) |
|  | Armando Senra<br> [Signature] | [Title] |

---

------

**EX-99.CERT** 

**N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** 

I, Trent Walker, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the
following sixty-five series: iShares 0-5 Year High Yield Corporate Bond ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year TIPS Bond ETF, iShares 1-3 Year International Treasury Bond ETF, iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares Aaa - A Rated Corporate Bond ETF,
iShares BB Rated Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares CMBS ETF, iShares Convertible Bond ETF, iShares Core 1-5 Year USD Bond ETF, iShares Core International Aggregate
Bond ETF, iShares Core Total USD Bond Market ETF, iShares ESG Advanced High Yield Corporate Bond ETF, iShares Fallen Angels USD Bond ETF, iShares Floating Rate Bond ETF, iShares GNMA Bond ETF, iShares High Yield Corporate Bond BuyWrite Strategy ETF,
iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and
Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2022 Term Muni
Bond ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec
2024 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Corporate ETF,
iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term
Corporate ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds
Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Corporate ETF, iShares iBonds Dec 2031 Term Treasury ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares iBonds Mar 2023 Term Corporate ETF,
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares International Treasury Bond ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ETF, iShares J.P. Morgan USD Emerging Markets Bond
ETF, iShares TIPS Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Fixed Income Balanced Risk Factor ETF, iShares U.S. Treasury Bond ETF and iShares USD Green Bond ETF (Formerly, iShares Global Green Bond ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: December 22, 2022 | /s/ Trent Walker | Treasurer and Chief Financial Officer (Principal Financial Officer) |
|  | Trent Walker<br> [Signature] | [Title] |

---

## Exhibit 99.906

**Ex.99.906 CERT** 

**N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the "Registrant"), each certify, to his knowledge, that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: December 22, 2022 | /s/ Armando Senra | President<br> (Principal Executive Officer) |
|  | Armando Senra<br> [Signature] | [Title] |
| Date: December 22, 2022 | /s/ Trent Walker | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
|  | Trent Walker<br> [Signature] | [Title] |

---